Document:

Exhibit 10.5

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (this “Agreement”)
dated as of April 1, 2018 (the “Commencement Date”) is between DANIELLA NABORS, residing at the address on file with
the Company (as defined below) (“Executive”), and PROPEL MEDIA, INC., a Delaware corporation having its principal office
at 2010 Main Street, Suite 900, Irvine, CA 92614 (the “Company”).

 

WHEREAS, Executive is currently employed
as Chief Revenue Officer of the Company; and

 

WHEREAS, the Company and Executive desire
to continue Executive’s employment with the Company on the terms, conditions and provisions hereinafter set forth.

 

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

 

1. Employment,
Duties and Acceptance.

 

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

 

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

 

     

     

    

 

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

 

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

 

3. Compensation
and Benefits.

 

3.1 Salary.
The Company shall pay to Executive a salary (“Base Salary”) at the annual rate of $350,000. Executive’s compensation
shall be paid in equal, periodic installments in accordance with the Company’s normal payroll procedures. Amounts in excess
of Executive’s current salary that are payable in respect of the period from the Commencement Date through the execution
of this Agreement shall be paid at the first normal payroll date after the execution of this Agreement.

 

3.2 Performance
Bonus.  Executive will be eligible to earn, for each year during the course of his employment with the Company, an
annual performance target bonus as set by the Board in its reasonable discretion (but not less than $100,000), pro-rated for the
portion of the current fiscal year commencing on the Commencement Date, based upon the Company and Executive meeting certain performance
objectives as established by the Board in its reasonable discretion, which may include revenue, net income, EBITDA, Adjusted EBITDA
or such other measure as the Board shall reasonably determine; provided that, depending on such performance, Executive’s
actual bonus may be higher or lower than the target. The bonuses will be distributed quarterly within the time period set
forth in the Company’s Incentive Cash Bonus Plan as currently in effect. For the avoidance of doubt, no bonus pursuant to
this Section 3.2 shall be paid in respect of any period ending prior to the Commencement Date.

 

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

 

3.4 Vacation;
Personal Days. Executive shall be entitled to two hundred (200) hours of paid time off in each full calendar year during the
Term. Paid time off shall be accrued in accordance with the Company’s time off policies (including as to any maximum accrual)
as in effect from time to time. Executive shall be entitled to a reasonable number of other days off for religious and personal
reasons, which shall not accrue or be paid off in the event Executive’s employment is terminated.

 

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

 

3.6 Incentive
Awards. During the Term, Executive shall be eligible to receive long-term incentive awards from the Company, including awards
under the Company’s long-term incentive equity plans, as in effect from time to time, as determined by the Board, in its
sole discretion.

 

3.7 Commission.
During the Term, Executive shall be eligible to receive a monthly commission bonus in accordance with the Propel Media Discretionary
Bonus Plan, subject to Propel Media’s right to modify, amend or terminate such bonus or such plan, for any reason, in its
sole discretion.

 

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4. Termination.

 

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

 

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

 

4.3 By
Company for “Cause”. The Company, by written notice to Executive, may terminate Executive’s employment hereunder
for “Cause”. As used herein, “Cause” shall mean: (a) the refusal or failure by Executive to carry out specific
directions of the Board which are of a material nature and consistent with his status as Chief Revenue Officer (or whichever positions
Executive holds at such time), or the refusal or failure by Executive to perform a material part of Executive’s duties hereunder;
(b) the commission by Executive of a material breach of any of the provisions of this Agreement; (c) fraud or dishonest action
by Executive in his relations with the Company or any of its subsidiaries or affiliates (“dishonest” for these purposes
shall mean Executive’s knowingly or recklessly making a material misstatement or omission for his personal benefit); or (d)
the conviction of Executive of a felony under federal or state law. Notwithstanding the foregoing, no “Cause” for termination
shall be deemed to exist with respect to Executive’s acts described in clauses (a) or (b) above, unless the Company shall
have given written notice to Executive within a period not to exceed ten (10) calendar days of the initial existence of the occurrence,
specifying the “Cause” with reasonable particularity and, within thirty (30) calendar days after such notice, Executive
shall not have cured or eliminated the problem or thing giving rise to such “Cause;” provided, however, no more than
two cure periods need be provided during any twelve-month period. Executive, upon thirty (30) days’ written notice to the
Company, may terminate Executive’s employment hereunder without “Good Reason” (as defined in Section 4.4). Upon
such termination by the Company or by Executive, the Company shall pay to Executive the amount set forth in Section 4.6(b).

 

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

 

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

 

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

 

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

 

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(b) Payment
Upon Termination by the Company For “Cause” or by Executive without “Good Reason”. In the event that
the Company terminates Executive’s employment hereunder pursuant to Section 4.3, or Executive terminates Executive’s
employment hereunder without “Good Reason”, the Company shall have no further obligations to the Executive hereunder,
except for: (i) the Base Salary due Executive pursuant to Section 3.1 hereof through the date of termination; (ii) all valid expense
reimbursements; and (iii) all unused paid time off through the date of termination required by law to be paid.

 

(c) Payment
Upon Termination by Company Without Cause or by Executive for Good Reason. In the event that Executive’s employment is
terminated pursuant to Sections 4.4 or 4.5, the Company shall have no further obligations to Executive hereunder except for: (i)
(a) an aggregate amount equal to 100% of the Base Salary of Executive pursuant to Section 3.1 hereof, payable over the course of
12 months in accordance with Section 3.1, (b) an aggregate amount equal to 100% of the total performance bonuses Executive earned
pursuant to Section 3.2 in the four full quarters immediately prior to Executive’s termination, payable in four equal installments
on the 30th day after the end of each of the first four quarters following termination of employment, and (c) an aggregate amount
equal to 100% of the total commission bonuses Executive earned pursuant to Section 3.7 in the 12 full calendar months immediately
prior to Executive’s termination, payable in twelve equal installments by the 15th day after the end of each of the first
twelve calendar months following termination of employment, in each case, subject to the Executive executing a general release
in the form attached hereto as Exhibit A; (ii) all valid expense reimbursements; (iii) all accrued but unused paid time off; and
(iv) all equity awards subject to vesting shall fully vest and, if applicable, be exercisable at any time by Executive for a period
of one year following termination.

 

(d) In
the event that Executive’s employment is terminated pursuant to Sections 4.4 or 4.5, if Executive timely and properly elects
health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”), the Company
shall reimburse the Executive for the monthly COBRA premium paid by Executive for himself and his dependents. Such reimbursement
shall be paid to the Executive in accordance with the Company’s policies and procedures for the reimbursement of expenses.
The Executive shall be eligible to receive such reimbursement for the period ending on the earliest of: (i) the twelve-month anniversary
of the termination date; (ii) the date the Executive is no longer eligible to receive COBRA continuation coverage; and (iii) the
date on which the Executive becomes eligible to receive substantially similar coverage from another employer or other source. Notwithstanding
the foregoing, if the Company’s making payments under this Section 5.2(c) would violate the nondiscrimination rules applicable
to non-grandfathered plans under the Affordable Care Act (the “ACA”), or result in the imposition of penalties under
the ACA and the related regulations and guidance promulgated thereunder), the parties agree to reform this Section 5.2(c) in a
manner as is necessary to comply with the ACA.

 

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

 

5. Protection
of Confidential Information.

 

5.1 Acknowledgment.
Executive acknowledges that:

 

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

 

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

 

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

 

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

 

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

 

For purposes of this Section 5, the term “Company”
shall be deemed to include the Company and all of its subsidiaries.

 

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

 

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6. Miscellaneous
Provisions.

 

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

 

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

 

	 	If to Executive:	Daniella Nabors
	 	 	at the address on file with the Company
	 	 	 
	 	If to the Company:	Propel Media, Inc.
	 	 	2010 Main St., Suite #900
	 	 	Irvine, California 92614
	 	 	Attention: General Counsel
	 	 	 
	 	With a copy in either case to:	Graubard Miller
	 	 	405 Lexington Avenue
	 	 	New York, NY 10174
	 	 	Attn: David Alan Miller; Jeffrey M. Gallant

 

6.3 Entire
Agreement; Waiver. This Agreement, together with the Company employee handbook, any indemnification, equity award or assignment
of invention agreement and the Propel Media Discretionary Bonus Plan and any bonuses awarded thereunder, sets forth the entire
agreement of the parties relating to the employment of Executive and is intended to supersede all prior negotiations, understandings
and agreements between Executive and the Company or any of its subsidiaries. For the avoidance of doubt, the Propel Media Performance
Bonus, effective as of January 1, 2016, and the Severance Payment Agreement, dated as of March 25, 2015, by and between the Company
and Executive, are hereby terminated in their entirety effective as of the Commencement Date, and Executive shall not be entitled
to any amount thereunder accruing on or after the Commencement Date. No provisions of this Agreement may be waived or changed except
by a writing by the party against whom such waiver or change is sought to be enforced. The failure of any party to require performance
of any provision hereof or thereof shall in no manner affect the right at a later time to enforce such provision.

 

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

 

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

 

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

 

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

 

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

 

	 	PROPEL MEDIA, INC.
	 	 
	 	/s/ Marv Tseu
	 	By: Marv Tseu, Chief Executive Officer
	 	 
	 	/s/ Daniella Nabors
	 	Daniella Nabors

 

     

     

    

 

Exhibit A

 

SETTLEMENT
AND GENERAL RELEASE agreement

 

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

 

1. Severance.
In consideration for the agreements and releases by Executive set forth below, Company agrees that the Company shall pay Executive
the amounts required by Section 4.6(c) (“Severance Payments”) of the Employment Agreement by and between Company and
Executive dated as of April 1 2018 (“Employment Agreement”). Executive acknowledges and agrees that, but for the execution
of this Agreement, Executive would not be entitled to the Severance Payments described above.

 

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

 

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

 

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

 

     

     

    

 

4.  Acknowledgement
and Waiver.

 

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

 

“A GENERAL RELEASE DOES NOT EXTEND
TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE WHICH IF KNOWN
BY HIM MUST HAVE MATERIALLY AFFECTED THIS SETTLEMENT WITH THE DEBTOR.”

 

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

 

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

 

6. Miscellaneous.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

[Signature Page Next]

 

    A-2

     

    

 

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

 

	 	PROPEL MEDIA, INC.
	 	 
	 	 
	 	By: Marv Tseu, Chief Executive Officer
	 	 
	 	 
	 	Daniella Nabors

 

    A-3Exhibit 10.6

 

PROPEL MEDIA, INC.

 

INCENTIVE CASH BONUS PLAN

 

Effective as of April 1, 2018

 

		1.	Purpose

 

This Incentive Cash Bonus Plan (the “Plan”)
is intended to provide an incentive for superior performance and to motivate eligible executives of Propel Media, Inc. (the “Company”)
and its subsidiaries toward even higher achievement and business results, to tie their goals and interests to those of the Company
and its stockholders and to enable the Company to attract and retain highly qualified executives. The Plan is for the benefit of
Covered Executives (as defined below).

 

		2.	Covered Executives

 

From time to time, the Board of Directors of the Company (the
“Board”) may select certain key executives (the “Covered Executives”) to be eligible to receive
bonuses hereunder.

 

		3.	Administration

 

The Board shall have the sole discretion and authority to administer
and interpret the Plan.

 

		4.	Bonus Determinations

 

(a) Definitions.
As used in this Plan, the following terms shall have the respective meanings indicated below.

 

“Budgeted” with respect
to any fiscal measure in any fiscal period shall mean the amount set forth for such fiscal measure in such fiscal period in the
budget approved by the Board at the time of the adoption of this Plan or no later than sixty (60) days after the end of the most
recently completed fiscal year preceding such fiscal period.

 

“EBITDA” shall mean Consolidated
Adjusted EBITDA as defined in the Financing Agreement.

 

“Financial Measure” shall
mean revenue, net income or any other financial measure of the Company or any of its subsidiaries, divisions or segments, as determined
in accordance with GAAP, or EBITDA or a comparable measure for any of the Company’s subsidiaries, divisions or segments.

 

“Financing Agreement” shall
mean that certain Financing Agreement, dated as of May 30, 2018, by and among the Company, each subsidiary of the Company listed
as a “Borrower” on the signature pages thereto, each subsidiary of the Company listed as a “Guarantor”
on the signature pages thereto, the lenders from time to time party thereto, and MGG California LLC, as collateral agent and administrative
agent for the lenders.

 

     

     

    

 

“GAAP” shall mean generally
accepted accounting principles in effect from time to time in the United States, applied on a consistent basis.

 

“Percentage of Year Completed”
shall mean, with respect to any fiscal quarter, the number of fiscal quarters completed during the YTD Period divided by four (4).

 

“State of Noncompliance”
shall mean a material Event of Default set forth in Section 9.01 of the Financing Agreement has occurred and is continuing, and
such Event of Default has not been waived.

 

“YTD Period” shall mean,
with respect to any fiscal quarter, the period commencing on the first day of the fiscal year of which such fiscal quarter is a
part (or April 1, 2018 for the fiscal year ending December 31, 2018) and ending on the last day of such fiscal quarter, inclusive.

 

(b) Threshold.
Notwithstanding anything herein to the contrary, no cash bonuses shall be payable pursuant to this Plan in respect of any fiscal
period if (i) the Company’s EBITDA for the applicable YTD Period is less than 80% of the Budgeted EBITDA for the Company
for such YTD Period, or (ii) the Company is in a State of Noncompliance, or would be in a State of Noncompliance if such cash bonuses
were paid in accordance with this Plan, and the Company is unable to remedy such State of Noncompliance as set forth Section 5.

 

(c) Target
Bonus. Each Covered Executive shall have an annual target bonus as established by the Board (the “Target Bonus”),
which shall be earned based on one or more Financial Measures as established by the Board (each, a “Target Financial Measure”).
The Board shall allocate a percentage of the Target Bonus to each such Financial Measure (each, a “Target Financial Measure
Percentage”).

 

(d) Quarterly
Bonus. Each Covered Executive shall be entitled to receive a quarterly bonus with respect to each fiscal quarter commencing
with the second fiscal quarter of 2018 for each Target Financial Measure established by the Board for such Covered Executive (the
“Quarterly Bonus”) equal to (i) the product of (A) the applicable Target Financial Measure Percentage, multiplied
by (B) the Target Bonus, multiplied by (C) the Percentage of Year Completed, multiplied by (D) the quotient of (x) the actual Target
Financial Measure performance for the applicable YTD Period, divided by (y) the Budgeted Target Financial Measure performance for
the applicable YTD Period, less (ii) all bonuses paid pursuant to this paragraph (d) in respect of such Target Financial Measure
in prior fiscal quarters, if any, in the applicable YTD Period, but in no event less than zero. The aggregate Quarterly Bonus for
a fiscal quarter shall be the sum of the bonuses calculated in accordance with the preceding sentence for each Target Financial
Measure established by the Board for such Covered Executive. For the avoidance of doubt, except as set forth in Section 6(a), no
Quarterly Bonus earned with respect to a fiscal quarter shall be held back, refunded or otherwise repaid based on the performance
of the Company or any of its subsidiaries, divisions or segments in subsequent fiscal quarters.

 

    2

     

    

 

(e) Annual
Bonus. In addition to any Quarterly Bonuses payable pursuant to paragraph (d), if the Company’s actual EBITDA is more
than one hundred ten percent (110%) of the Budgeted EBITDA for the Company for a fiscal year, each Covered Executive designated
by the Board shall be entitled to receive an annual bonus with respect to such fiscal year (the “Annual Bonus,”
and together with the Quarterly Bonus, the “Bonuses”) equal to the product of (A) the quotient of the EBITDA
Target Bonus for the Covered Executive for such fiscal year divided by the aggregate EBITDA Target Bonuses for all Covered Executives
designated by the Board to receive an Annual Bonus for such fiscal year, multiplied by (B) fifteen percent (15%) of the amount
of (x) the actual EBITDA for the Company for such fiscal year, in excess of (y) one hundred ten percent (110%) of the Budgeted
EBITDA for the Company for such fiscal year.

 

		5.	Timing of Payment

 

The Bonuses shall be paid in a cash lump sum, in accordance
with the Company’s normal payroll practices, as soon as practicable but not later than sixty (60) days after the end of the
applicable fiscal quarter and not later than one hundred five (105) days after the applicable fiscal year; provided, however, that
no payment may be made during a State of Noncompliance; and provided, further, that the Company shall use reasonable efforts to
remedy any State of Noncompliance prior to the completion of such 60- or 105-day period.

 

		6.	Miscellaneous

 

(a) In
the event the Board determines that a significant restatement of the Company’s financial results or other metrics for any
fiscal year or portion thereof covered by this Plan is required and (i) such restatement is the result of fraud or willful misconduct
and (ii) the Bonus pursuant to this Plan would have been lower had the results or metrics been properly calculated, if required
by applicable law, the Board has the authority to obtain reimbursement from Executive if he is responsible for the fraud or willful
misconduct resulting in the restatement. Such reimbursement shall consist of any portion of any Bonus previously paid pursuant
to this Plan that is greater than it would have been if calculated based upon the restated financial results or metrics.

 

(b) Subject
to any additional terms contained in a written agreement between the Covered Executive and the Company, (i) the payment of a Bonus
to a Covered Executive with respect to any fiscal period shall be conditioned upon the Covered Executive’s employment by
the Company on the last day of the applicable fiscal period, and (ii) if a Covered Executive’s employment commences after
the first day of any fiscal period, the Board in its sole discretion may pro rate the Bonus for such fiscal period based on the
number of days employed during such fiscal period.

 

(c) The
Plan is not to be construed as constituting a contract of employment. No person shall, because of the Plan, acquire any right to
an accounting or to examine the books or the affairs of the Company.

 

(d) The
Company reserves the right to amend or terminate the Plan at any time in its sole discretion.

 

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