Document:

EX-10.3

 Exhibit 10.3 

SECOND AMENDMENT TO 

EMPLOYMENT AGREEMENT 
 This
Second Amendment to Employment Agreement (the “Amendment”) is made as of the 16th day of November, 2015 by and between IDI, Inc., a Delaware corporation
(“Company”), and James Reilly (“Employee”). Capitalized terms used herein but not otherwise defined shall have the meaning ascribed to them in the Employment Agreement (defined below). 

WHEREAS, The Best One, Inc., a Florida corporation (“Best One”), and Employee entered into that certain Employment Agreement
made by and between Best One and Employee, dated September 30, 2014, as amended by that certain Amendment to Employment Agreement made by and between Best One and Employee, dated March 17, 2015 (as amended, the “Employment
Agreement”). 
 WHEREAS, the Employment Agreement was assumed by Company pursuant to certain transactions involving Best One. 

WHEREAS, Company and Employee desire to amend the Employment Agreement in accordance with the terms and provisions hereof. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, Company
and Employee hereby adopt this Amendment effective as of the date hereof. 
  

	 	1.	Paragraph 6 to Exhibit A to the Agreement (“Exhibit A”) is deleted in its entirety and the following substituted in lieu thereof: 

“Term: Commencing on the Effective Date and ending September 30, 2017; provided, that, upon September 30, 2017, this
Agreement shall automatically renew for successive one (1) year terms, unless either party provides written notice to the other no less than thirty (30) days prior to the commencement of each such renewal setting forth a desire to terminate this
Agreement.” 
  

	 	2.	Paragraph 7 to Exhibit A is deleted in its entirety and the following substituted in lieu thereof: 

“Base Salary: $264,000 per annum.” 
  

	 	3.	The following is inserted as Paragraph 10 to Exhibit A. 

 “Additional
Equity: 500,000 RSUs pursuant to the IDI, Inc. 2015 Stock Incentive Plan or such other equity plan or arrangement as may be in effect from time to time (such plan or arrangement hereinafter referred to as the “Plan”);
provided, that, the grant of the RSUs will only be awarded once sufficient shares have been approved for issuance by the stockholders pursuant to the Plan in order to issue the shares underlying the RSUs. The RSUs shall be documented
on an award agreement which shall conform to the terms and 

 
conditions set forth in this paragraph (the “Award Agreement”). The RSUs shall be subject to ratable annual vesting over a three (3) year period pursuant to the terms of the
Award Agreement; provided however that no portion of the RSUs shall vest unless and until Company has, for any fiscal year in which the RSUs are outstanding, gross revenue determined in accordance with Company’s audited financial statements in
excess of $100 million for such fiscal year and positive EBITDA (also as determined based on Company’s audited finance statements) for such fiscal year, after subtracting all charges for equity compensation paid to executives or other service
providers to Company. In addition, the RSUs shall vest immediately upon: (i) a Change in Control, (ii) a termination of Employee’s employment by Company Without Cause, (iii) a termination of employment by Employee for Good Reason, or (iv)
Employee’s death or Disability. Shares of Company’s Common Stock shall generally be issued with respect to the vested RSUs upon the earlier of: (i) a Change in Control, or (ii) Employee’s “separation from service” as defined
for purposes of Code Section 409A (the “Delivery Event”); provided, however, that the delivery of shares shall be delayed until the earlier of (A) six (6) months following separation from service, or (B) Employee’s death, if
necessary to comply with the requirements of Code Section 409A. All shares underlying vested RSUs shall be delivered to Employee upon a Delivery Event regardless as to the reason triggering such Delivery Event (including the reason the
Employee’s employment is terminated). This Paragraph 10 shall be in addition to and shall not in any way modify, amend or restate any other grant of RSUs made pursuant to this Agreement or to any grant agreement previously executed by Employee.

 For purposes hereof, a “Change in Control” shall mean: 

(i) any one (1) person, or more than one (1) person acting as a group, acquires ownership of common stock of Company that,
together with common stock held by such person or group, possesses more than 50% of the total fair market value or total voting power of the common stock of Company; provided, however, that if any one (1) person, or more than one (1) person acting
as a group, is considered to own more than 50% of the total fair market value or total voting power of the common stock of Company, the acquisition of additional common stock by the same person or persons will not be considered a Change in Control
under this Agreement. Notwithstanding the foregoing, an increase in the percentage of common stock of Company owned by any one (1) person, or persons acting as a group, as a result of a transaction in which Company acquires its common stock in
exchange for property will be treated as an acquisition of common stock of Company for purposes of this clause (i); 
 (ii)
during any period of twelve (12) consecutive months, individuals who at the beginning of such period constituted the Board of Directors of Company (the “Board”) (together with any new or replacement directors whose election by the
Board, or whose nomination for election by Company’s shareholders, was approved by a vote of at least a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for
election was previously so approved) cease for any reason to constitute a majority of the directors then in office; or 

 (iii) any one (1) person, or more than one (1) person acting as a group,
acquires (or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by the person or persons) assets from Company, outside of the ordinary course of business, that have a gross fair market value equal to
or more than 40% of the total gross fair market value of all of the assets of Company immediately prior to such acquisition or acquisitions. For purposes of this Section, “gross fair market value” means the value of the assets of Company,
or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. Notwithstanding anything to the contrary in this Agreement, the following shall not be treated as a Change in Control under this:

 (A) a transfer of assets from Company to a shareholder of Company (determined immediately before the asset transfer);

 (B) a transfer of assets from Company to an entity, 50% or more of the total value or voting power of which is owned,
directly or indirectly, by Company; 
 (C) a transfer of assets from Company to a person, or more than one (1) person acting
as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding capital stock of Company; or 

(D) a transfer of assets from Company to an entity, at least 50% of the total value or voting power of which is owned,
directly or indirectly, by a person described in clause (iii) above. 
  

	 	4.	Except as specifically amended hereby, all terms and provisions of the Employment Agreement shall remain in full force and effect. 

[Signatures on following page.] 

 IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.

  

			
	 COMPANY:
  

IDI, Inc., a Delaware corporation

		
	By:	 	/s/ Michael Brauser
		 	Michael Brauser, Chairman

  

	
	EMPLOYEE:
	
	/s/ James Reilly
	James Reilly

 [Signature Page to Second Amendment to Employment Agreement]Exhibit

Exhibit 10.1

FIRST AMENDMENT TO
EXECUTIVE EMPLOYMENT AGREEMENT

This First Amendment (this “Amendment”) to Executive Employment Agreement is entered into as of November 16, 2015, by and between The Hershey Company, a Delaware corporation (together with its permitted successors and assigns, the “Employer”), and John P. Bilbrey (the “Executive”).

WHEREAS, the Employer and the Executive are parties to an Executive Employment Agreement, dated as of August 7, 2012 (the “Employment Agreement”), which sets forth the terms and conditions of the Executive’s employment with the Employer;

WHEREAS, the Executive was elected to serve as the Chairman of the Board of Directors of the Employer, effective April 2, 2015; and

WHEREAS, the Employer and the Executive wish to amend certain provisions of the Employment Agreement to reflect such election.

NOW, THEREFORE, in light of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Employer and the Executive do hereby agree as follows:

1.    Position and Title.

Section 2(a) of the Employment Agreement is hereby amended and restated in its entirety as follows:

“(a)    Executive’s Positions and Titles.  The Executive’s position and title shall be Chairman of the Board, President and Chief Executive Officer of Employer.”

2.    Duties.

Section 2(b) of the Employment Agreement is hereby amended by inserting the phrase “Chairman of the Board,” immediately prior to the phrase “President and Chief Executive Officer of Employer”.

3.    Annual Bonus Programs.

Section 3(b) of the Employment Agreement is hereby amended by inserting “(one hundred fifty percent (150%) for years beginning on or after January 1, 2015)” after the phrase “one hundred twenty percent (120%)”. 

4.    Supplemental Retirement Benefit.

Section 3(f) of the Employment Agreement is hereby amended by inserting the following sentences at the end thereof:

“For purposes of determining the benefit payable to or on behalf of Executive under paragraph 4 of the SERP Program, “Final Average Compensation” shall mean the sum of (i) the average of the highest three (3) calendar years of Base Salary paid to Executive over his last ten (10) years of employment with Employer and (ii) the average of the highest three (3) annual awards under the AIP of the EICP for Executive’s last ten (10) years of employment with Employer, whether received or deferred.  In addition, for purposes of determining the lump sum cash payment payable to or on behalf of Executive under the SERP Program, the interest rate shall be equal to the Lump Sum Interest Rate (as defined in the SERP Program) as of October 31, 2015.”  See Exhibit A attached hereto, modeling the SERP calculation methodology.  

5.    Good Reason.

Section 4(c)(i)(A) of the Employment Agreement is hereby amended in its entirety to read as follows:

“(A)    The assignment to the Executive of any duties materially inconsistent with his position (including status, offices, titles and reporting relationships), authority, duties or responsibilities, all as contemplated by Section 2(a) and (b) above, or any other action by Employer which results in a diminution in any respect in such title, position, authority, duties or responsibilities (other than Executive’s position of, or authority, duties or responsibilities as Chairman of the Board, it being understood that Executive’s ceasing to hold the position of Chairman of the Board or changes to his authority, duties or responsibilities with respect thereto will not constitute Good Reason hereunder), excluding for this purpose any action not taken in bad faith and which is remedied by Employer promptly after receipt of notice thereof given by the Executive”.

6.    Effect of Certain Terminations or Transitions of Employment.

If, at any time prior to the three (3) year anniversary of this Amendment, Executive’s employment is terminated by Employer for Cause, or if Executive voluntarily terminates his employment without Good Reason, then the modifications to the Employment Agreement set forth in Section 4 of this Amendment shall be null and void, and the terms of Section 3(f) of the Employment Agreement, as in effect prior to the date of this Amendment, shall be reinstated with full force and effect.  For the sake of clarity, in the event Executive’s employment is terminated as a result of his Disability or is terminated, whether voluntarily or otherwise, in connection with his transition to a position as a non-employee member of the Board at any point prior to the three (3) year anniversary of this Amendment, then the modifications to Section 3(f) of the Employment Agreement set forth in Section 4 of this Amendment shall remain in full force and effect.  

7.    No Other Changes.

Except as modified by this Amendment, the Employment Agreement shall remain in full force and effect.

IN WITNESS THEREOF, each of the parties hereto has duly executed this First Amendment to Executive Employment Agreement effective as of the date first set forth above.

EXECUTIVE:

 /s/ John P. Bilbrey                                             
John P. Bilbrey

EMPLOYER:
The Hershey Company

 /s/ Leslie M. Turner                                          
By:  Leslie M. Turner    
Its:  Senior Vice President, General Counsel
and Secretary

EXHIBIT A -  First Amendment to Executive Employment Agreement

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