Document:

REGISTRATION RIGHTS AGREEMENT

 

EXHIBIT 10.2

REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of May 20, 2019, between by and among Dolphin Entertainment, Inc., a Florida corporation (the “Company”), and Lincoln Park Capital Fund, LLC, an Illinois limited liability company (the “Investor”).

In connection with the Securities Purchase Agreement, dated as of May 20, 2019, entered into by the Company and the Investor (the “Securities Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities Purchase Agreement, to issue and sell to the Investor a senior convertible note in the original principal amount of $1,100,000, in the form attached to the Securities Purchase Agreement as Exhibit A (the “Note”), which Note shall be convertible into shares of Common Stock (as defined below) (as converted, collectively, the “Conversion Shares”), in accordance with the terms of the Note, together with warrants to purchase Common Stock.

To induce the Investor to consummate the transactions contemplated by the Securities Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws.

The Company and the Investor hereby agrees as follows:

Section 1

Definitions.  Capitalized terms used and not otherwise defined herein that are defined in the Securities Purchase Agreement shall have the respective meanings given such terms in the Securities Purchase Agreement.  As used in this Agreement, the following terms shall have the following meanings:

“Common Stock” means (i) the Company’s shares of common stock, par value $0.015 per share, and (ii) any capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of such common stock.

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

“Prospectus” means the prospectus included in a Registration Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated by the SEC pursuant to the 1933 Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by a Registration Statement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be incorporated by reference in such Prospectus.

 

“Registrable Securities” means, as of any date of determination, (a) all Conversion Shares then issuable upon conversion in full of the Note (assuming on such date the Note is converted in full without regard to any conversion limitations therein), and (b) any securities issued or then issuable upon any stock split, dividend or other distribution, recapitalization or similar event with respect to the foregoing; provided, however, that any such Registrable Securities shall cease to be Registrable Securities for so long as (x) a Registration Statement with respect to the sale of such Registrable Securities is declared effective by the SEC under the 1933 Act and such Registrable Securities have been disposed of in accordance with such effective Registration Statement, (y) such Registrable Securities have been previously sold in accordance with Rule 144 or otherwise or (z) such Registrable Securities are, as of the applicable date of determination of Registrable Securities status, then eligible for resale without volume or manner-of-sale restrictions and without the need for current public information pursuant to Rule 144(c)(1) as set forth in a written opinion letter to such effect from counsel to the Company, addressed, delivered and acceptable to the company’s transfer agent and to the Investor (assuming that such securities and any securities issuable upon exercise, conversion or exchange of which, or as a dividend upon which, such securities were issued or are issuable, were at no time held by any Affiliate of the Company), as reasonably determined by the Company, upon the advice of counsel to the Company.

“Registration Statement” means any registration statement covering the resale of any Registrable Securities, including (in each case) the Prospectus, amendments and supplements to any such registration statement or Prospectus, including pre- and post-effective amendments, all exhibits thereto, and all material incorporated by reference or deemed to be incorporated by reference in any such registration statement.

“Rule 144” means Rule 144 promulgated by the SEC pursuant to the 1933 Act, as such rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same effect as such rule.

“Rule 415” means Rule 415 promulgated by the SEC pursuant to the 1933 Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the SEC having substantially the same purpose and effect as such Rule.

“SEC” means the United States Securities and Exchange Commission.

Section 2

Registration Statement Requirements.

(a)

If, from date hereof until 180 days after the date hereof, there is not an effective Registration Statement covering all of the Registrable Securities and the Company shall determine to prepare and file with the SEC a Registration Statement relating to an offering for the account of others under the 1933 Act of any of the Company’s equity securities, other than on Form S-4 or Form S-8 (each as promulgated under the 1933 Act) or their then equivalents relating to equity securities to be issued solely in connection with any acquisition of any entity or business or equity securities issuable in connection with the Company’s stock option or other employee benefit plans, then the Company shall deliver to the Investor a written notice of such 

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determination and, if within fifteen (15) days after the date of the Investor’s receipt of such notice, the Investor shall so request in writing, the Company shall include in such Registration Statement all or any part of such Registrable Securities the Investor requests to be registered; provided, however, that the Company shall not be required to register any Registrable Securities pursuant to this Section 2 that are the subject of a then effective Registration Statement. Following the effective date of each Registration Statement filed in accordance herewith, the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final Prospectus to be used in connection with sales pursuant to such Registration Statement.

(b)

If the staff of the SEC (the “Staff”) or the SEC seeks to characterize any offering pursuant to a Registration Statement filed pursuant to this Agreement as constituting an offering of securities that does not permit such Registration Statement to become effective and be used for resales by the Investor on a delayed or continuous basis under Rule 415 at then-prevailing market prices (and not fixed prices) (or as otherwise may be reasonably acceptable to the Investor), or if after the filing of a Registration Statement with the SEC pursuant to this Section 2, the Company is otherwise required by the Staff or the SEC to reduce the number of Registrable Securities included in such Registration Statement, then the Company shall reduce the number of Registrable Securities to be included in such Registration Statement (with the prior consent, not to be unreasonably withheld, of the Investor as to the specific Registrable Securities to be removed therefrom) until such time as the Staff and the SEC shall so permit such Registration Statement to become effective and be used as aforesaid.

(c)

In addition, in the event that the Staff or the SEC requires the Investor seeking to resell securities under a Registration Statement filed pursuant to this Agreement to be specifically identified as an “underwriter” in order to permit such Registration Statement to become effective, and the Investor does not consent to being so named as an underwriter in such Registration Statement, then, in each such case, the Company shall reduce the total number of Registrable Securities to be registered on behalf of the Investor, until such time as the Staff or the SEC does not require such identification or until the Investor accepts such identification and the manner thereof.  If notwithstanding any such reduction, the Staff or the SEC still requires that the Investor be specifically identified as an “underwriter” in order to permit such Registration Statement to be declared effect, the Investor may, at its option, elect to have no Registrable Securities of the Investor be included in such Registration Statement.

Section 3

Registration Procedures.

(a)

If and whenever the Company is required by the provisions of Section 2 to effect the registration of any Registrable Securities under the 1933 Act, the Company will, as expeditiously as possible:

(i)

subject to the timelines provided in this Agreement, prepare and file the Registration Statement with the SEC, with respect to such Registrable Securities and use its reasonable best efforts to cause such Registration Statement to become and remain effective for the period of the distribution contemplated thereby (determined as herein provided), respond as promptly as commercially practicable to any comments received from the SEC with respect to a Registration Statement or any amendment thereto 

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and file any pre-effective amendments with respect to a Registration Statement as promptly as reasonable possible, and promptly provide to the Investor copies of all filings and SEC letters of comment (provided that the Company shall excise any information contained therein which would constitute material non-public information regarding the Company or any subsidiary) and notify the Investor (by telecopier or by e-mail address provided by the Investor) on or before the second business day thereafter that the Company receives notice that (i) the SEC has no comments or no further comments on the registration statement, and (ii) the registration statement has been declared effective;

(ii)

prepare and file with the SEC such amendments and supplements to such Registration Statement and the prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and prepare and file with the SEC such additional Registration Statements as may be required hereunder and to keep each additional Registration Statement effective;

(iii)

furnish to the Investor such number of copies of the Registration Statement and the prospectus included therein (including each preliminary prospectus) as the Investor reasonably may request in order to facilitate the public sale or their disposition of the securities covered by such Registration Statement or make them electronically available;

(iv)

use its reasonable best efforts to register or qualify the Registrable Securities covered by such Registration Statement under the securities or “Blue Sky” laws of such jurisdictions as the Investor shall reasonably request in writing, provided, however, that the Company shall not for any such purpose be required to qualify to transact business as a foreign corporation in any jurisdiction where it is not so qualified or to consent to service of process in any such jurisdiction;

(v)

if applicable, list the Registrable Securities covered by such Registration Statement with the principal market or exchange on which the Common Stock is then listed;

(vi)

promptly notify the Investor of the Company’s becoming aware that a prospectus relating thereto is required to be delivered under the 1933 Act, of the happening of any event or passage of time of which the Company has knowledge as a result of which the prospectus contained in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing or the financial statements included therein ineligible for inclusion or which becomes subject to a SEC, state or other governmental order suspending the effectiveness of the Registration Statement covering any of the Registrable Securities; and

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(vii)

reasonably cooperate with any broker-dealer through which the Investor proposes to resell its Registrable Securities in effecting a filing with the FINRA Corporate Financing Department pursuant to FINRA Rule 5110, as requested by the Investor.

(b)

The Investor hereby covenants that it will not sell any Registrable Securities pursuant to such prospectus during the period commencing at the time at which the Company gives the Investor notice of the suspension of the use of such prospectus in accordance with this Section 3(b) and ending at the time the Company gives the Investor notice that the Investor may thereafter effect sales pursuant to the prospectus, or until the Company delivers to the Investor or files with the SEC an amended or supplemented prospectus.

Section 4

Provision of Documents. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the Registrable Securities of the Investor that the Investor shall furnish to the Company such information regarding itself, the Registrable Securities held by it and the intended method of disposition of the Registrable Securities held by it, as shall be reasonably required to effect and maintain the effectiveness of the registration of such Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request.

Section 5

Expenses.  All expenses incurred by the Company in complying with Section 2, including, without limitation, all registration and filing fees, printing expenses (if required), fees and disbursements of counsel and independent public accountants for the Company, fees and expenses (including reasonable counsel fees) incurred by the Company in connection with complying with state securities or “Blue Sky” laws, fees of the Financial Industry Regulatory Authority, Inc. (“FINRA”) in connection with any filing with FINRA pursuant to FINRA Rule 5110 that may be required to be made by any broker through which the Investor intends to make sales of Registrable Securities, transfer taxes, and fees of transfer agents and registrars, are called “Registration Expenses.”  The Company will pay all Registration Expenses in connection with any Registration Statement described in Section 2.

Section 6

Indemnification.

(a)

In the event any Registrable Securities are included in any Registration Statement under this Agreement, to the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend the Investor, each of its directors, officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) and each Person, if any, who controls the Investor within the meaning of Section 15 of the 1933 Act or Section 20 of the Securities Exchange Act of 1934 Act, as amended (the “1934 Act”) and each of the directors, officers, shareholders, members, partners, employees, agents, advisors, representatives (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding the lack of such title or any other title) of such controlling Persons (each, an “Investor Party” and collectively, the “Investor Parties”), against any losses, obligations, claims, damages, liabilities, contingencies, judgments, fines, penalties, charges, costs (including, without limitation, court costs, reasonable attorneys’ fees, costs of defense and investigation), amounts paid in settlement or expenses, joint or several, 

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(collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, lawsuit, inquiry, proceeding, investigation or appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an Investor Party is or may be a party thereto (“Indemnified Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other “Blue Sky” laws of any jurisdiction in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) any untrue statement or alleged untrue statement of a material fact contained in any prospectus (as amended or supplemented) or in any prospectus supplement or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the statements therein were made, not misleading (the matters in the foregoing clauses (i) and (ii) being, collectively, “Violations”). Subject to Section 6(c), the Company shall reimburse the Investor Parties, promptly as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them in connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a) shall not apply to a Claim by an Investor Party arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by the Investor or such Investor Party for such Investor Party expressly for use in connection with the preparation of such Registration Statement, prospectus or prospectus supplement or any such amendment thereof or supplement thereto. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of an Investor Party and shall survive the transfer of any of the Registrable Securities by the Investor pursuant to Section 8(f).

(b)

In connection with any Registration Statement in which the Investor is participating, the Investor agrees to indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act (each, an “Company Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each case, to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information relating to the Investor or any Investor Party furnished to the Company by the Investor or any Investor Party expressly for use in connection with such Registration Statement; and, subject to Section 6(c) and the below provisos in this Section 6(b), the Investor will reimburse a Company Party any legal or other expenses reasonably incurred by such Company Party in connection with investigating or defending any such Claim; provided, however, the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of the Investor, which consent shall not be unreasonably withheld, conditioned or delayed, provided further that the Investor shall be liable 

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under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to the Investor as a result of the applicable sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of such Company Party and shall survive the transfer of any of the Registrable Securities by the Investor pursuant to Section 8(f).

(c)

Promptly after receipt by an Investor Party or Company Party (as the case may be) under this Section 6 of notice of the commencement of any action or proceeding (including, without limitation, any governmental action or proceeding) involving a Claim, such Investor Party or Company Party (as the case may be) shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and such Investor Party or Company Party (as the case may be); provided, however, an Investor Party or Company Party (as the case may be) shall have the right to retain its own counsel with the fees and expenses of such counsel to be paid by the indemnifying party if: (i) the indemnifying party has agreed in writing to pay such fees and expenses; (ii) the indemnifying party shall have failed promptly to assume the defense of such Claim and to employ counsel reasonably satisfactory to such Investor Party or Company Party (as the case may be) in any such Claim; or (iii) the named parties to any such Claim (including, without limitation, any impleaded parties) include both such Investor Party or Company Party (as the case may be) and the indemnifying party, and such Investor Party or Company Party (as the case may be) shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Investor Party or Company Party and the indemnifying party (in which case, if such Investor Party or Company Party (as the case may be) notifies the indemnifying party in writing that it elects to employ separate counsel at the expense of the indemnifying party, then the indemnifying party shall not have the right to assume the defense thereof on behalf of the indemnified party and such counsel shall be at the expense of the indemnifying party, provided further that in the case of clause (iii) above the indemnifying party shall not be responsible for the reasonable fees and expenses of more than one (1) separate legal counsel for all Investor Parties or Company Parties (as the case may be). The Company Party or Investor Party (as the case may be) shall reasonably cooperate with the indemnifying party in connection with any negotiation or defense of any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to such Company Party or Investor Party (as the case may be) which relates to such action or Claim. The indemnifying party shall keep the Company Party or Investor Party (as the case may be) reasonably apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or proceeding effected without its prior written consent; provided, however, the indemnifying party shall not unreasonably withhold, delay or condition its consent.  No indemnifying party shall, without the prior written consent of the Company Party or Investor Party (as the case may be), consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Company Party or Investor Party (as the case may be) of a release from all liability in respect to such Claim or litigation, and such settlement shall not include any admission as to fault on the part of the Company Party. For the avoidance of doubt, the immediately preceding sentence shall 

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apply to Sections 6(a) and 6(b) hereof. Following indemnification as provided for hereunder, the indemnifying party shall be subrogated to all rights of the Company Party or Investor Party (as the case may be) with respect to all third parties, firms or corporations relating to the matter for which indemnification has been made. The failure to deliver written notice to the indemnifying party promptly following the commencement of any such action shall not relieve such indemnifying party of any liability to such Investor Party or Company Party (as the case may be) under this Section 6, except to the extent that the indemnifying party is materially and adversely prejudiced in its ability to defend such action.

(d)

No Person involved in the sale of Registrable Securities who is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to indemnification from any Person involved in such sale of Registrable Securities who is not guilty of fraudulent misrepresentation.

(e)

The indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred; provided that the Investor shall promptly reimburse the Company for all such payments to the extent a court of competent jurisdiction determines that any Investor Party was not entitled to such payments.

(f)

The indemnity and contribution agreements contained herein shall be in addition to (i) any cause of action or similar right of the Company Party or Investor Party against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law; provided, however, that the Company shall not be obligated to pay an Investor Party for Indemnified Damages associated with a particular Claim under this Section 6 if the Company has already paid such Investor Party such Indemnified Damages under Section 7 of the Securities Purchase Agreement.

Section 7

Contribution. To the extent any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however: (i) no contribution shall be made under circumstances where the maker would not have been liable for indemnification under the fault standards set forth in Section 6 of this Agreement, (ii) no Person involved in the sale of Registrable Securities which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale shall be entitled to contribution from any Person involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (iii) contribution by any seller of Registrable Securities shall be limited in amount to the amount of net proceeds received by such seller from the applicable sale of such Registrable Securities pursuant to such Registration Statement. Notwithstanding the provisions of this Section 7, the Investor shall not be required to contribute, in the aggregate, any amount in excess of the amount by which the net proceeds actually received by the Investor from the applicable sale of the Registrable Securities subject to the Claim exceeds the amount of any damages that the Investor has otherwise been required to pay, or would otherwise be required to pay under Section 6(b), by reason of such untrue or alleged untrue statement or omission or alleged omission.

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Section 8

Miscellaneous.

(a)

Remedies.  In the event of a breach by the Company or by the Investor of any of their respective obligations under this Agreement, the Investor or the Company, as the case may be, in addition to being entitled to exercise all rights granted by law and under this Agreement, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement.  Each of the Company and the Investor agrees that monetary damages would not provide adequate compensation for any losses incurred by reason of a breach by it of any of the provisions of this Agreement and hereby further agrees that, in the event of any action for specific performance in respect of such breach, it shall not assert or shall waive the defense that a remedy at law would be adequate.

(b)

Compliance. The Investor covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to a Registration Statement.

(c)

Amendments and Waivers. No provision of this Agreement may be (i) amended other than by a written instrument signed by both parties hereto or (ii) waived other than in a written instrument signed by the party against whom enforcement of such waiver is sought. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall not operate as a waiver thereof.

(d)

Notices. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be delivered as set forth in the Securities Purchase Agreement.

(e)

Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of each of the parties. The Company may not assign (except by merger) its rights or obligations hereunder without the prior written consent of the Investor. The Investor may assign its rights hereunder if: (i) the Investor agrees in writing with such transferee or assignee (as the case may be) to assign all or any portion of such rights, and a copy of such agreement is furnished to the Company within a reasonable time after such transfer or assignment (as the case may be); (ii) the Company is, within a reasonable time after such transfer or assignment (as the case may be), furnished with written notice of (a) the name and address of such transferee or assignee (as the case may be), and (b) the securities with respect to which such registration rights are being transferred or assigned (as the case may be); (iii) immediately following such transfer or assignment (as the case may be) the further disposition of such securities by such transferee or assignee (as the case may be) is restricted under the 1933 Act or applicable state securities laws if so required; (iv) at or before the time the Company receives the written notice contemplated by clause (ii) of this sentence such transferee or assignee (as the case may be) agrees in writing with the Company to be bound by all of the provisions contained herein; (v) such transfer or assignment (as the case may be) shall have been made in accordance with the applicable requirements of the Securities Purchase Agreement and the Note; and (vi) such transfer or assignment (as the case may be) shall have been conducted in accordance with all applicable federal and state securities laws. The term “Investor” in this Agreement shall also include all such permitted transferees and assignees.

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(f)

Execution and Counterparts. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file (or similar data file), such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” (or similar format) signature page were an original thereof.

(g)

Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined in accordance with the provisions of the Securities Purchase Agreement.

(h)

Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their reasonable best efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

(i)

Headings. The headings in this Agreement are for convenience only, do not constitute a part of the Agreement and shall not be deemed to limit or affect any of the provisions hereof.

(Signature Pages Follow)

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

	
	COMPANY:

	DOLPHIN ENTERTAINMENT, INC.

By:

/s/ William O’Dowd, IV

Name: William O’Dowd, IV

Title:  Chief Executive Officer

	 

 

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

		
	 
	INVESTOR:

LINCOLN PARK CAPITAL FUND, LLC

BY: LINCOLN PARK CAPITAL, LLC

BY: ROCKLEDGE CAPITAL CORPORATION

By:

/s/ Joshua Scheinfeld

Name: Joshua Scheinfeld

Title: PresidentEMPLOYMENT AGREEMENT

    

    

    THIS AGREEMENT, dated
        as of May 22, 2019 (the "Effective Date") by and between Protective Insurance Corporation, an Indiana corporation (together with its successors and assigns,
        the "Company"), and Jeremy D. Edgecliffe-Johnson (the "Executive");

    

    

    WITNESSETH:

    

    

    WHEREAS, the Company desires to employ the Executive as its Chief Executive Officer and to have the Executive serve as a member of the Board of Directors of the Company (the "Board"); and

    

    

    WHEREAS, the
        Executive desires to accept employment with the Company, and to serve on the Board, subject to the terms and provisions of this Agreement.

    

    

    NOW, THEREFORE, in
        consideration of the premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, the Company and the Executive (collectively, the "Parties") agree as follows:

    

    

    1. Definitions.  Capitalized terms not otherwise defined herein shall have the meanings set forth in Exhibit A.

    

    

    2. Term.  The Company hereby agrees to employ the Executive, and the Executive hereby accepts employment with the Company subject to the terms and conditions set forth in this Agreement.  Executive's employment under this Agreement shall commence as of May 22, 2019 (the "Effective
            Date") and shall terminate on the earlier of the (i) the fifth (5th) anniversary of the Effective Date, and (ii) termination of the Executive's employment under Section 8 of this Agreement  (the “Initial Term”); provided that the Executive’s employment under this Agreement will be automatically extended for additional 12-month periods unless either Party gives written
        notice to the other not to extend the Term at least ninety (90) days prior to the commencement of the next scheduled extension.  The Initial Term and any extensions shall be referred to herein as the “Term.”

    

    

    3. Positions, Duties and Location.

    

    

    (a) During the Term, the Executive shall serve as the Chief Executive Officer of the Company (“CEO"), as
        well as similar position(s) with the Company's Subsidiaries.  The Executive shall (i) have all authorities, duties and responsibilities customarily exercised by a chief executive officer serving at an entity of the size and nature of the Company
        and the Company's Subsidiaries (as applicable); and (ii) have such additional duties and responsibilities, consistent with the foregoing, as may from time to time be assigned by the Board.  In his capacity as CEO, the Executive shall report
        directly to the Board or a duly authorized committee of the Board.  During the Term, the Executive agrees to serve as a member of the Board without any fees or additional compensation, pursuant to the Board’s compensation policy for employee
        Directors. The terms and conditions of this Agreement shall remain in full force and effect regardless of whether additional titles or roles currently held by the Executive (either for the Company or any of its Subsidiaries) change by reason of
        position elimination, reassignment, removal, or otherwise.

    

    

    
      - 1 -

      
        

    

    (b) During the Term, the Executive shall devote substantially all of his business time and efforts to the business and affairs of the Company. However, nothing in this Agreement
        shall preclude the Executive from: (i) serving on the boards of a reasonable number of business entities, trade associations and charitable organizations; (ii) engaging in charitable activities and community affairs; (iii) accepting and fulfilling
        a reasonable number of speaking engagements; and (iv) managing his personal investments and affairs; provided that such activities do not either individually or in the aggregate materially interfere with the proper performance of his duties and
        responsibilities hereunder, or in any way create or present an actual or potential conflict of interest.  If, during the Term, the Executive chooses to serve on the board of another business entity, trade association, or charitable organization,
        the Executive must receive prior written approval from the Board's Nominating & Governance Committee to ensure no potential conflict of interest is present.

    

    

    (c) During the Term, the Executive's principal office, and principal place of employment, shall be in Carmel, Indiana, or within 40 miles thereof; provided, however, that the
        Executive understands and agrees that he will be required to travel from time to time for business reasons.

    

    

    (d) During the Term, the Executive agrees to serve as a member of the Board.  At each annual meeting of the Company's stockholders during the Term, the Board will nominate the
        Executive to serve as a member of the Board.  The Executive's service as a member of the Board will be subject to any required stockholder approval.

    

    

    4. Base Salary.  During the Term, the Executive shall receive an annualized Base Salary of $600,000, payable in biweekly installments in accordance with the Company's regular payroll practices.  The Base Salary
        shall be reviewed no less frequently than annually by the Compensation Committee of the Board (the "Compensation Committee") and may be increased, but not
        decreased in the sole discretion of the Compensation Committee.

    

    

    5. Annual and Long-Term Incentives

    

    

    (a) The Executive shall be eligible to receive an annual incentive award under the Company's Annual Incentive Plan, as amended from time to time (the "STIP") in respect of each calendar year ending during the Term in a target amount equal to at least $600,000 (the "Target STIP"); provided that the Executive’s Target STIP for 2019 will be $350,136. Each STIP award shall be (i) determined by the Compensation Committee in accordance with the terms of the STIP and (ii) paid in a cash lump
        sum, as soon as reasonably practicable following the close of the calendar year to which they relate, but no later than March 15 of the calendar year following the year to which the STIP relates.  With the exception of the 2019 STIP, the resulting
        payout of any STIP award will be calculated based upon a combination of the Company's achievement of certain Company performance targets, as set annually by the Board and/or Compensation Committee, and the Compensation Committee’s evaluation of the
        Executive's individual performance; provided, that for 2019 the STIP award will be paid at the Target amount.  STIP awards shall otherwise be subject to the terms of the STIP and any applicable award agreements.

    

    

    
      - 2 -

      
        

    

    (b) During the Term, the Executive shall be eligible for equity-based and other long-term incentive awards under the Company's Long-Term Incentive Plan, as amended from time to time
        (the “LTIP”), with a target annual value of at least $900,000 (the "Target
            LTIP"); provided that the Executive’s Target LTIP for 2019 will be $525,204.  The resulting payout of any LTIP award will be calculated based upon a combination of the Company's achievement of certain Company performance targets, as
        set annually by the Board and/or Compensation Committee, and the Compensation Committee’s evaluation of the Executive's individual performance. LTIP awards shall otherwise be subject to the terms of the LTIP and any applicable award agreements.

    6. Stock Grant.    In connection with the execution of this Agreement, the Executive shall receive 70,000 restricted shares of the Company’s Class B Common Stock
        (the “Stock Grant’) under the Company’s Long-Term Incentive Plan.  The Stock Grant shall vest subject to the Executive’s continuing employment according to the following schedule unless otherwise provided within this Agreement or the applicable
        award agreement: (i) 35,000 shares shall vest as of June 1, 2022; (ii) 21,000 shares shall vest as of June 1, 2023; and (iii) the remaining 14,000 shares will vest as of June 1, 2024.   The Executive shall be eligible to receive all dividends
        earned on the shares during the applicable vesting period.

    

    

    7. Other Benefits.

    

    

    (a) Employee Benefits.  During the Term, the Executive shall be eligible to participate in all employee benefit plans, programs and arrangements, and all fringe benefit arrangements, made available generally to
        other senior executives of the Company, in each case in accordance with their terms; provided, that the Company reserves the right to unilaterally revise, amend, suspend or terminate any employee benefit and fringe plans, programs, and arrangements
        the Company makes available from time to time to other senior executives generally.

    

    

    (b) Paid Time Off. During the Term, the Executive shall be entitled to
        paid time off, in accordance with the Company’s vacation policies and procedures in effect from time to time, provided that the Executive shall schedule the timing and duration of his time off in a reasonable manner taking into account the needs of
        the business of the Company.

    

    

    (c) Reimbursement of Business and Other Expenses.  During the Term, the Executive shall be promptly reimbursed for all expenses reasonably incurred by him in connection with his service under this Agreement, subject
        to documentation in accordance with standard policies and procedures adopted by the Company.

    

    

    

    

    (d) Relocation/Temporary Housing Expenses.  The Company shall pay Executive a cash relocation package equal to $150,000, subject to applicable withholding and deductions.  The cash relocation package will be
        payable in a lump sum in accordance with the Company’s first regular payroll after the Effective Date.  If, prior to December 31, 2019, the Executive’s employment hereunder is terminated by the Company for Cause or by the Executive without Good
        Reason, then the Executive shall repay to the Company the full $150,000 amount of the relocation package.

     

    

    
      - 3 -

      
        

    

    (e) Key Man Life Insurance.  During the Term, the Company shall procure and maintain key man life insurance for the Executive in such amounts and with such terms as may be determined by the Board, in its sole
        discretion, and the Executive shall assist and cooperate with the Company in procuring, maintaining and renewing such key man life insurance, including submitting to an annual physical exam. All of the premiums for any such insurance policy shall
        be paid solely by the Company. The Company shall be the sole beneficiary of any such key man life insurance policy, and neither the Executive nor his heirs or personal representatives shall have any interest in or to any proceeds, cash surrender
        value or other payments associated with any such key man life insurance policy. The Executive represents that to his knowledge he is in good physical and mental condition and has no reason to believe that his life is uninsurable..

    

    

    (f) Annual Physical.  During the Term, the Executive shall be entitled to reimbursement for the expense of
        an annual physical up to a maximum of $5,000 in accordance with the Company's business expense reimbursement policy.

    

    

    

    

    8. Termination of Employment. The Company may terminate the Executive's employment hereunder at any time, and for any reason, by delivering written notice to the Executive.  The Executive may terminate his
        employment hereunder by delivering at least sixty (60) days advance written notice to the Company (or thirty (30) days advance written notice in the case of a termination with Good Reason).  During any such notice period, the Company reserves the
        right to suspend any or all of the Executive's duties or responsibilities and limit the Executive's communications with any customers, suppliers, agents, or employee of the Company, as the Company determines in its sole discretion.  Upon any
        termination of employment, the Executive shall be entitled to receive (1) payment of any Base Salary earned but unpaid through the Termination Date, and (2) any vested amounts or benefits required to be paid in accordance with the terms of any
        applicable plan, program, agreement, corporate governance document or other arrangement of the Company and its Affiliates.

    

    

    (a) Termination Due to Death or Disability. Subject to the terms and
        conditions of this Agreement, in the event that the Executive's employment hereunder is terminated due to his death or Disability, the Term shall expire and he or his estate or his beneficiaries (as the case may be) shall be entitled to the
        following:

    

    

    (i) a Pro-Rata STIP;

    

    

    (ii) a Pro-Rata LTIP;

    

    

    (iii) full vesting for any unvested restricted stock, restricted stock unit award, or any other award granted under the LTIP (the vesting described in this clause (iii) being the “Award Vesting”); and

    

    

    (iv) the cash payment of any annual, long-term, or other incentive award earned in respect to the performance period ending prior to the Termination Date and payable (but not yet
        paid) on or prior to the Termination Date; provided, with respect to any such performance-based award, the award amount shall be determined based solely on the achievement of Company-wide performance goals through the performance period without any
        exercise of discretion for individual performance (the "Accrued Awards").

    

    

    
      - 4 -

      
        

    

    (b) Termination for Cause. Subject to the terms and conditions of this
        Agreement, in the event that the Executive’s employment hereunder is terminated by the Company for Cause, the Term shall expire on the Termination Date.

    

    

    (c) Termination Without Cause or Resignation for Good Reason. Subject
        to the terms and conditions of this Agreement, in the event that the Executive’s employment hereunder is terminated due to his resignation for Good Reason or the Executive’s employment hereunder is terminated by the Company other than (x) for death
        or Disability in accordance with Section 8(a), or (y) for Cause in accordance with Section 8(b), the Term shall expire and the Executive shall receive:

    

    

    (i) a Pro-Rata STIP;

    

    

    (ii) a Pro-Rata LTIP;

    

    

    (iii) an amount, payable in a cash lump sum by the sixty-fifth (65th) day following the Termination Date, equal to the sum of his annualized Base Salary in effect at the
        time plus his Target STIP plus his Target LTIP bonuses applicable to the year in which the Termination Date occurs;

    

    

    (iv) the Award Vesting;

    

    

    (v) if the Executive timely elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall provide the
        Executive with a reimbursement of the premiums associated with the continuation of his medical, dental and vision benefits under COBRA for a period equal to the earliest of (1) twelve (12) months following the Termination Date, (2) the date the
        Executive first becomes eligible to receive health benefits under another employer-provided plan or (3) the date the Executive is no longer eligible for continuation benefits under COBRA.  Notwithstanding the forgoing, if the Company’s making
        payments under this Section 8(c)(v) would violate the nondiscrimination rules applicable to non-grandfathered plans under the Affordable Care Act or any successor law (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 8(c)(v) in a manner as is necessary to comply with the
        ACA; and

    

    

    (vi) the Accrued Awards.

    

    

    (d) Non-Extension of Term by the Company. Subject to the terms and
        conditions of this Agreement, in the event that the Term expires after the Company delivers a notice of non-extension as described in Section 2, the Executive's employment shall be terminated on the last day of the Term and the Executive shall have
        the same entitlements as provided under Section 8(c) in the case of a termination without Cause.

    

    

    
      - 5 -

      
        

    

    (e) Resignation without Good Reason; Separation after Non-Renewal by Executive. 
        Subject to the terms and conditions of this Agreement, in the event the Executive terminates his employment hereunder during the Term, other than for Good Reason, the Term will expire on the Termination Date.  In the event that the Executive's
        employment hereunder terminates upon expiration of the Term pursuant to a notice of non-extension from the Executive as described in Section 2, (i) the Executive shall be entitled to the Award Vesting by reason of his separation from the Company,
        and (ii) all STIP and LTIP bonus awards for the last performance year of the Term will be determined and paid based on the actual Company performance attained for the relevant performance period (as applicable) and without the exercise of
        discretion for the Executive's individual performance; provided, however, that such Award Vesting and award payments shall be forfeited if the Executive has  materially violated his obligations under Section 11, and such violation (if curable)
        remains uncured for ten (10) days after the Executive receives written notice of the breach from the Company.

    

    

    (f) Change in Control. Subject to the terms and conditions of this
        Agreement, in the event that (i) the Executive's employment hereunder is terminated (x) by the Company without Cause (in accordance with Section 8(c)) and in anticipation of a Change in Control to be effectuated within one hundred twenty (120) days
        prior to the Termination Date or (y) by either Party on or before the twenty-four (24) month anniversary of the occurrence of a Change of Control, and (ii) such termination is governed by Section 8(c) (relating to terminations without Cause or
        resignation for Good Reason), then the Executive shall receive, in lieu of the amount provided for in Section 8(c):

    

    

    
      	
              a.

            	
              If the Change in Control is effectuated on or before the twenty-four (24) month anniversary of the Effective Date, a cash lump-sum
                  amount, paid on the sixty-fifth (65th) day following the Termination Date, equal to the sum of his annualized Base Salary in effect at the time, plus his Target STIP, plus his Target LTIP bonuses applicable to the year in which
                  the Termination Date occurs.  In addition, 35,000 shares of the Stock Grant shall immediately vest on the Termination Date, with forfeiture of the remaining unvested shares under the Stock Grant.

            

    

    

    

    
      	
              b.

            	
              If the Change in Control is effectuated after the twenty-four (24) month anniversary of the Effective Date, a cash lump-sum amount,
                  paid on the sixty-fifth (65th) day following the Termination Date, equal to two times the sum of his annualized Base Salary in effect at the time, plus his Target STIP, plus his Target LTIP bonuses applicable to the year in
                  which the Termination Date occurs.  In addition, any unvested shares of the Stock Grant outstanding as of the Termination Date shall immediately vest on the Termination Date.

            

    

    

    

    (g) No Mitigation; No Offset. In the event of any termination of the
        Executive's employment hereunder, the Executive shall be under no obligation to seek other employment or otherwise mitigate the obligations of the Company under this Agreement, and there shall be no offset against amounts or benefits due the
        Executive under this Agreement or otherwise on account of (x) any Claim that the Company may have against him except for any outstanding loans to the extent then due and payable by him to the Company or (y) any remuneration or other benefit earned
        or received by the Executive after such termination.  There shall also be no reduction of, or offset against, any amount due under any provision of this Agreement by any amount due under any other provision of this Agreement.  Any amounts due under
        this Section 8 are considered to be reasonable by the Company and are not in the nature of a penalty.

    

    

    
      - 6 -

      
        

    

    (h) General Waiver and Release. The Executive shall not be entitled to
        the payments and benefits described in Sections 8(c)(i)-(v) unless (x) he first timely executes and delivers the Company's standard mutual release of claims (the "
            Release"), within the time period set forth in the Release, containing a general waiver and release of the Company and its employees, officers, directors, owners and members from any and all claims, obligations and liabilities of any
        kind whatsoever, including those arising from or in connection with the Executive’s employment or termination of employment with the Company or this Agreement (including, without limitation, civil rights claims), (y) such Release has become
        irrevocable by him in accordance with its terms, and (z) within fourteen  (14) days of the Termination Date, Executive delivers to Company a notice of resignation from his role as a director of the Company and all other capacities and positions
        with the Company, as applicable.

    

    

    9. Section 280G Parachute Payment.

    

    

    (a) If (i) the aggregate of all amounts and benefits due to the Executive, under this Agreement or under any Company plan, program, agreement or arrangement, would, if received by
        the Executive in full and valued under Section 280G of the Code, constitute "parachute payments" as such term is defined in and under Section 280G of the Code (collectively, "280G Benefits"), and if (ii) such aggregate would, if reduced by all federal, state and local taxes applicable thereto, including the excise tax imposed pursuant to Section 4999 of the Code, be less than the amount the
        Executive would receive, after all taxes, if the Executive received aggregate 280G Benefits equal (as valued under Section 280G of the Code) to only three times the Executive's "base amount", as defined in and under Section 280G of the Code, less
        $1.00, then (iii) such cash 280G Benefits (in reverse order of maturity, to the extent that the reduction of such cash 280G Benefits can achieve the intended result) shall be reduced or eliminated to the extent necessary so that the 280G Benefits
        received by the Executive will not constitute parachute payments.  The determinations with respect to this Section 9(a) shall be made by an independent auditor (the "Auditor")
        paid by the Company.  The Auditor shall be the Company's regular independent auditor unless the Executive reasonably objects to the use of that firm, in which event the Auditor will be a nationally recognized firm chosen by the Parties.

    

    

    (b) It is possible that after the determinations and selections made pursuant to Section 9(a) the Executive will receive 280G Benefits that are, in the aggregate, either more or
        less than the amount provided under Section 9(a) (hereafter referred to as an "Excess Payment" or "Underpayment", respectively).  If it is established, pursuant to a final determination of a court or an Internal Revenue Service proceeding that has been finally and conclusively resolved, that an Excess
        Payment has been made, such Excess Payment shall be deemed for all purposes to be a loan to the Executive made on the date the Executive received the Excess Payment and the Executive shall promptly repay the Excess Payment to the Company, together
        with interest on the Excess Payment at the applicable federal rate (as defined in and under Section 1274(d) of the Code) from the date of the Executive's receipt of such Excess Payment until the date of such repayment.  In the event that it is
        determined (x) by arbitration pursuant to Section 14, (y) by a court or (z) by the Auditor upon request by any of the Parties, that an Underpayment has occurred, the Company shall promptly pay an amount equal to the Underpayment to the Executive,
        together with interest on such amount at the applicable federal rate from the date such amount would have been paid to the Executive had the provisions of Section 9(a) not been applied until the date of payment.

    

    

    
      - 7 -

      
        

    

    10. Indemnification.  If the Executive is made a party, is threatened to be made a party, or reasonably anticipates being made a party, to any Proceeding by reason of the fact that he is or was a director,
        officer, member, employee, agent, manager, trustee, consultant or representative of the Company or any of its Affiliates or is or was serving at the request of the Company or any of its Affiliates, or in connection with his service hereunder, as a
        director, officer, member, employee, agent, manager, trustee, consultant or representative of another Person, or if any Claim is made, is threatened to be made, or is reasonably anticipated to be made, that arises out of or relates to the Executive's service in any of the foregoing capacities, then the Executive shall promptly be indemnified and held harmless (and advanced
        expenses) to the fullest extent permitted or authorized by the Certificate of Incorporation or Bylaws of the Company.

    

    

    11. Restrictive Covenants.

    

    

    (a) Confidentiality. The Executive acknowledges and agrees that he shall maintain the confidentiality of this Agreement and shall not disclose it to any other employee of the Company or other person;
        provided, however, he may disclose it to his spouse and/or legal counsel or as required by law and he may disclose or discuss any items of this Agreement which the Company has disclosed in its annual proxy statement filed in accordance with
        applicable law.

    

    

    The Executive acknowledges and agrees that the Confidential Information, and all physical embodiments thereof, are valuable, special and
        unique assets of the business of the Company and its Subsidiaries (the "Company Group") and have been developed by the Company Group at considerable time and
        expense. Such Confidential Information is the sole property of the Company Group and the Executive has no individual right or ownership interest in any of the Confidential Information. The Executive further acknowledges that access to Confidential
        Information will be needed in connection with the performance of his duties and responsibilities during his employment with the Company. Therefore, the Executive agrees that, except as necessary in regard to his assigned duties and responsibilities
        with the Company, he shall hold in confidence all Confidential Information and will not reproduce, use, distribute, disclose, publish, or otherwise disseminate any Confidential Information, in whole or in part, and will take no action causing, or
        fail to take any reasonable action necessary to prevent causing, any Confidential Information to lose its character as Confidential Information, nor willfully make use of such information for his/her own purposes or for the benefit of any person,
        firm, corporation, association, or other entity (except the Company Group) under any circumstances.

    

    

    Notwithstanding the above, the Executive may disclose Confidential Information pursuant to a court order, subpoena, or other legal process,
        provided that, at least ten (10) days (or such lesser period as is practicable given the terms of any order, subpoena or other legal process) in advance of any legal disclosure, he shall furnish the Company with a copy of the judicial or
        administrative order requiring that such information be disclosed together with a written description of the information to be disclosed (which description shall be in sufficient detail to allow the Company to determine the nature and scope of the
        information proposed to be disclosed), and the Executive agrees to cooperate with the Company Group to deliver the minimum amount of information necessary to comply with such order.

    

    

    Executive agrees to maintain in trust, as the Company's property, all documents, information and Confidential Information, both in tangible
        and intangible form, concerning the Company's Business or the Executive's role for the Company. The Executive agrees to return to the Company all documents or other property belonging to the Company, including any and all copies thereof (whether in
        tangible or intangible form) in the possession or under the control of the Executive upon separation of employment or at any other time upon request of the Company.

    

    

    
      - 8 -

      
        

    

    The provisions of this Section 11(a) shall apply to Confidential Information during the Term and at all times thereafter, and shall survive
        the termination of the Executive's employment. This Agreement supplements and does not supersede Executive's obligations under all statute(s) and common law(s) that protect the Company's trade secrets and/or property. However, nothing in this
        Agreement or elsewhere shall prohibit the Executive from making disclosures of Confidential Information (w) when requested to do so by a governmental or quasi-governmental agency with apparent jurisdiction, or when disclosure is protected by law
        (e.g., by whistleblower statutes), (x) in the course of any proceeding under Section 11(c) or 14 of this Agreement, (y) in confidence to an attorney for the purpose of securing legal advice, or (z) retaining (for personal use only) copies of
        documents relating to his personal rights, obligations and tax liabilities.

    

    

    (b) Unless otherwise determined by the Board in writing, the Executive shall not, for his own benefit or the benefit of any other Person, without the prior written consent of the
        Company and other than in connection with his services hereunder during the Term:

    

    

    (i) During the Term and for a period of twelve (12) months thereafter, serve as an executive officer of any Competitor, or in any other position with a Competitor in which the
        executive would provide services or perform duties in competition with the Company;

    

    

    (ii) During the Term and for a period of twelve (12) months thereafter, personally solicit, aid in the solicitation of, induce or otherwise encourage (whether directly or indirectly)
        any individual who is or was, at the time of such encouragement or within the six (6) months prior to such encouragement, employed as an executive, highly-compensated employee, or managerial/supervisory employee of the Company or a Subsidiary, to
        cease such employment or interfere in any way with the relationship between the Company or a Subsidiary and such employee; or

    

    

    (iii) During the Term and for a period of twelve (12) months thereafter, directly or indirectly solicit, aid in the solicitation of, induce, or otherwise encourage (whether directly
        or indirectly) any Customer for the purpose of (a) selling Competitive Services or Products to such Person in competition with the Company or (b) inducing such Person to cancel, transfer or cease doing their business with the Company; provided,
        that the restrictions set forth in clauses (i), (ii) and (iii) of this Section 11(b) shall immediately expire in the event that the Company, or any of its Affiliates, shall have materially breached, on or after the Termination Date, any of their
        material obligations to the Executive under this Agreement or otherwise, which breach shall have continued uncured for ten (10) days after the Executive has given written notice requesting cure.

    

    

    (c) The Executive acknowledges and agrees that the business of the Company is highly competitive, and that the restrictions contained in this Section 11 are reasonable and necessary
        to protect the Company's legitimate business interests. The Executive further acknowledges that any actual or prospective breach may irreparably cause damage to the Company for which money damages may not be adequate. Therefore, in the event of any
        actual or threatened breach by the Executive of any of the provisions of Section 11(a) or 11(b) above, the Company shall each be entitled to seek, through arbitration in accordance with Section 14 or from any court with jurisdiction over the matter
        and the Executive, temporary, preliminary and permanent equitable/injunctive relief restraining the Executive from violating such provision and to seek money damages, together with any and all other remedies available under applicable law.

    

    

    
      - 9 -

      
        

    

    (d) The Executive agrees that he will not make or cause to be made any oral or written statements that defame or disparage the Company, its policies or programs, or its past or
        present officers, directors, employees, agents, or business associates, including but not limited to its past or present suppliers or vendors, or take any actions that are harmful to the business affairs of the Company or its employees.  Similarly,
        Company, as to its Board of Directors and executive management employees only, will not make or cause to be made any oral or written statements that defame or disparage the Executive or take any actions that are harmful to his business affairs.

    

    

    (e) The purpose of this Section 11, among other things, is to protect the Company from unfair or inappropriate competition, to protect its confidential information and trade
        secrets, and to prevent competitors from raiding employees of the Company. If the scope or enforcement of this Section 11 is ever disputed, a court, arbitrator or other trier of fact may modify and enforce its provisions to the extent it believes
        is lawful and appropriate. If any provision of this Section 11 is construed to be invalid, illegal or unenforceable, then the remaining provisions therein shall not be affected thereby and shall be enforceable without regard thereto.

    

    

    12. Assignability; Binding Nature.

    

    

    (a) This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, heirs (in the case of the Executive) and assigns.

    

    

    (b) No rights or obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights and obligations may be assigned or transferred
        pursuant to a merger, consolidation or other combination in which the Company is not the continuing entity, or a sale or liquidation of all or substantially all of the business and assets of the Company.  In the event of any merger, consolidation,
        other combination, sale of business and assets, or liquidation as described in the preceding sentence, the Company shall use its best reasonable efforts to cause such assignee or transferee to promptly and expressly assume the liabilities,
        obligations and duties of the Company hereunder.

    

    

    (c) No rights or obligations of the Executive under this Agreement may be assigned or transferred by the Executive other than his rights to compensation and benefits, which may be
        transferred only by will or by operation of law, or as otherwise provided in Section 18(e).

    

    

    
      - 10 -

      
        

    

    13. Representations.

    

    

    (a) The Company represents and warrants that (i) it is fully authorized by action of its Board (and of any other Person or body whose action is required) to enter into this
        Agreement and to perform its obligations under this Agreement, (ii) the execution, delivery and performance of this Agreement by it does not violate any applicable law, regulation, order, judgment or decree or any agreement, arrangement, plan or
        corporate governance document to which it is a party or by which it is bound, and (iii) upon the execution and delivery of this Agreement by the Parties, this Agreement shall be its valid and binding obligation, enforceable against the Company in
        accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally.

    

    

    (b) The Executive represents and warrants that (i) the  delivery and performance of this Agreement by him does not violate any law or regulation applicable to the Executive, (ii)
        delivery and performance of this Agreement by him does not violate any applicable order, judgment or decree or any agreement to which the Executive is a party or by which he is bound and (iii) upon the execution and delivery of this Agreement by
        the Parties, this Agreement shall be a valid and binding obligation of the Executive, enforceable against him in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws
        affecting the enforcement of creditors' rights generally.

    

    

    14. Resolution of Disputes. Any dispute, controversy, or claim arising out of or relating to this Agreement, any other agreement between the Executive and the Company or its Affiliates, the Executive's
        employment with the Company, or any termination thereof shall (except to the extent otherwise provided in Section 11(c) with respect to certain requests for injunctive relief) be resolved by binding confidential arbitration, to be held in
        Indianapolis, Indiana, in accordance with the Commercial Arbitration Rules (and not the National Rules for Resolution of Employment Disputes) of the American Arbitration Association and this Section 14. This Agreement is intended to benefit and
        bind certain third party non-signatories.  The interpretation and enforcement of this provision shall be governed exclusively by the Federal Arbitration Act.  Judgment upon the award rendered by the arbitrator(s) may be entered in any court having
        jurisdiction thereof.

    

    

    15. Tax Matters.  Notwithstanding anything anywhere to the contrary, this Agreement is intended to be interpreted and applied so that the payment and the benefits set forth herein shall either be exempt from the
        requirements of Section 409A of the Code or any regulations or guidance thereunder ("Section 409A") or shall comply with the requirements of Section 409A. To
        the extent that any amounts payable in accordance with this Agreement are subject to Section 409A, this Agreement shall be interpreted and administered in such a way as to comply with Section 409A to the maximum extent possible. Notwithstanding
        anything anywhere to the contrary, if the Executive is a "specified employee" (within the meaning of Section 409A), any payments or arrangements due upon a termination of the Executive's employment under any arrangement that constitutes a "deferral
        of compensation" (within the meaning of Section 409A), and which do not otherwise qualify under the exemptions under Treas. Reg. Section 1.409A, shall be delayed and paid or provided on the earlier of (i) the date which is six months after the
        Executive's "separation from service" (as such term is defined in Section 409A) for any reason other than death, and (ii) the date of the Executive's death. Each series of payments under this Agreement or otherwise shall be treated as separate
        payments for purposes of Section 409A. "Termination of employment," "resignation" or words of similar import, as used in this Agreement shall mean with respect to any payments subject to Section 409A, the Executive's "separation from service" as
        defined by Section 409A. If any payment subject to Section 409A is contingent on the delivery of a release by the Executive and could occur in
        either of two calendar years, the payment will occur in the second calendar year. To the extent that reimbursements or other in-kind benefits under this Agreement constitute "nonqualified deferred compensation" subject to Section 409A, (x) all such
        expenses or other reimbursements hereunder shall be paid on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (y) no such reimbursement, expenses eligible for
        reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to provided, in any other taxable year, and (z) the Executive's right to such reimbursement or
        in-kind benefits shall not be subject to liquidation or exchange for any other benefit. Nothing in this Agreement shall be construed as a guarantee of any particular tax treatment to the Executive. The Executive shall be solely responsible for the
        tax consequences with respect to all amounts payable under this Agreement, and in no event shall the Company have any responsibility or liability if this Agreement does not meet any applicable requirements of Section 409A.

    

    

    
      - 11 -

      
        

    

    16. Notices. Any notice, consent, demand, request, or other communication given to a Person in connection with this Agreement shall be in writing and shall be deemed to have been given to such Person (x) when
        delivered personally to such Person, (y) provided that a written acknowledgment of receipt is obtained, five (5) days after being sent by prepaid certified or registered mail, or two days after being sent by a nationally recognized overnight
        courier, to the address (if any) specified below for such Person (or to such other address as such Person shall have specified by ten days' advance notice given in accordance with this Section 16), or (z), on the first business day after it is sent
        by portable document format ("pdf") to the email address set forth below (or to such other email address as shall have specified by ten days' advance notice given in accordance with this Section 16).

    

    

    If to the Company: Protective Insurance Corporation

    111 Congressional Blvd., Suite 500

    Carmel, IN 46032

    Attention: General Counsel

    Email: swignall@protectiveinsurance.com

    

    

    
      
        	If to the Executive:	
                The address of the Executive’s principal residence (or his personal email address) as it appears in the Company’s records, with a copy to him (during the
                    Term) at the Company’s office in Carmel, IN.

              

      

    

    

    

    

    

    17. Recoupment/Clawback. Notwithstanding any other provisions in this
        Agreement to the contrary, any incentive-based compensation, or any other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company or any of its affiliates, which may be subject to
        recovery under any law, government regulation, or stock exchange listing requirement, as may be amended from time to time, will be subject to such deductions and clawback as may be required to be made pursuant to such law, government regulation, or
        stock exchange listing requirement (either in existence on the Effective Date or adopted thereafter), as may be amended from time to time, to the extent reasonably required by any such law, government regulation, or stock exchange listing
        requirement, as determined by the Board in its sole and absolute discretion.

     

      

    
      - 12 -

      
        

    

    18. Miscellaneous.

    

    

    (a) Entire Agreement. This Agreement contains the entire understanding and agreement among the Parties concerning the subject matter hereof and supersedes in its entirety, as of the Effective Date, any prior
        agreement (written or oral) between the Executive and the Company with respect to its subject matter.

    

    

    (b) Amendment or Waiver. No provision in this Agreement may be amended unless such amendment is set forth in a writing that expressly refers to the provision of this Agreement that is being amended and that is
        signed by the Executive and by an authorized officer of the Company. No waiver by any Party of any breach of any condition or provision contained in this Agreement shall be deemed a waiver of any similar or dissimilar condition or provision at the
        same or any prior or subsequent time. To be effective, any waiver must be set forth in a writing signed by the waiving Party.

    

    

    (c) Inconsistencies. In the event of any inconsistency between any provision of this Agreement and any provision of any company plan, program, agreement or arrangement, the provisions of this Agreement shall
        control unless the Executive otherwise agrees in a writing that expressly refers to the provision of this Agreement whose control he is waiving.

    

    

    (d) Headings. The headings of the Sections and sub-sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of
        this Agreement.

    

    

    (e) Survivorship. Except as otherwise set forth in this Agreement, the respective rights and obligations of the Parties hereunder shall survive any termination of the Executive's employment.

    

    

    (f) Severability. To the extent that any provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, in whole or in part, the remaining provisions of this Agreement
        shall remain in full force and effect so as to achieve the intentions of the Parties, as set forth in this Agreement, to the maximum extent possible.

    

    

    
      - 13 -

      
        

    

    (g) Withholding Taxes. The Company may withhold from any amount or benefit payable under this Agreement taxes that it is required to withhold pursuant to any applicable law or regulation.

    

    

    (h)  Cooperation. During the Term and thereafter, the Executive agrees to cooperate with the Company and be available to the Company with respect to continuing and/or future matters related to his employment with
        the Company (if occurring after termination of employment, to the extent not interfering with the Executive's other business endeavors or personal commitments), whether such matters are business-related, legal, regulatory or otherwise (including,
        without limitation, the Executive appearing at the Company's request to give testimony without requiring service of a subpoena or other legal process, volunteering to the Company all pertinent information and turning over to the Company all
        relevant documents which are or may come into the Executive's possession). Following the Term, the Company shall reimburse the Executive for all reasonable out of pocket expenses incurred by the Executive in rendering such services that are
        approved by the Company.

    

    

    (i) Governing Law. This Agreement shall be governed, construed, performed and enforced in accordance with its express terms, and otherwise in accordance with the laws of the State of Indiana, without reference to
        principles of conflict of laws.

    

    

    (j) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall be deemed to be one and the same instrument. Signatures
        delivered by facsimile (including, without limitation, by "pdf") shall be effective for all purposes.

    

    

    [signature page follows]

    
      - 14 -

      
        

    

    IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first set forth above.

    

    

    Protective Insurance Corporation

    

    

    By:  _________________________

    

    

    Name: Otto N. Frenzel, IV

    

    

    Title: Director, Nominating & Governance

              Committee Chairman

    

    

    

    

    The Executive

    

    

    _______________________________

    Jeremy D. Edgecliffe-Johnson

    

    

    
      - 15 -

      
        

    

    EXHIBIT A

    

    

    DEFINITIONS

    

    

    (a) "Affiliate" of a Person shall mean any Person that directly or indirectly controls, is controlled by, or is under common
        control with, such Person.

    

    

    (b) “Agreement” shall mean this Employment Agreement, which includes for all purposes its Exhibits.

    

    

    (c) "Cause" shall mean, for purposes of this Agreement, the occurrence of any of the following events:

    

    

    (i) the Executive commits, is convicted of, or pleads guilty or nolo contendere to, any crime;

    

    

    (ii) the Executive's perpetration of an act of fraud, embezzlement, theft or any other material violation of law that occurs in the course of the Executive's employment with the
        Company;

    

    

    (iii) the Executive's intentional damage to the assets of the Company or any of its Affiliates;

    

    

    (iv) the Executive's intentional and material disclosure of Confidential Information contrary to this Agreement or any agreements between the Executive and the Company or any of its
        Affiliates;

    

    

    (v) the Executive's material breach of his obligations under this Agreement or any agreement between the Executive and the Company or any of its Affiliates;

    

    

    (vi) the Executive's engagement in any competitive activity which would constitute a breach of the Executive's duty of loyalty or of his obligations under this Agreement or any
        agreement between the Executive and the Company or any of its Affiliates;

    

    

    (vii) the Executive's material breach of any of the Company's written policies;

    

    

    (viii) the Executive's willful and continued failure to substantially perform his duties under this Agreement (other than as a result of incapacity due to physical or mental illness);

    

    

    (ix) any regulatory agency recommends or determines that Executive is ineligible, unauthorized, or unfit to hold any director or officer position with the Company or any of its
        subsidiaries or Affiliates; or

    

    

    (x) any misconduct or omission by the Executive that is materially injurious to the business or financial reputation of the Company or any of its Affiliates.

    

    

    
      - 16 -

      
        

    

    For purposes of determining whether an event of Cause has occurred, an act, or a failure to act, shall not be deemed willful or intentional,
        as those terms are defined herein, unless it is done, or omitted to be done, by the Executive in bad faith or without a reasonable belief that his action or omission was in the best interest of the Company. "Cause" also includes any of the above
        grounds for dismissal regardless of whether the Company learns of it before or after terminating the Executive's employment.

    

    

    (d) “Change in Control” shall mean the occurrence of any of the following events:

    

    

    (i) Any Person (as defined below)acquires ownership of the Class A Common Stock that, together with Class A Common Stock previously held by the acquirer, constitutes more than fifty
        percent (50%) of the total market value or Voting Securities of the Company's outstanding stock  If any Person is considered to own more than fifty percent (50%) of the total market value or Voting Securities of the Company's outstanding stock, the
        acquisition of additional stock by the same Person does not cause such a change in ownership.  An increase in the percentage of stock owned by any Person as a result of a transaction in which the Company acquires its stock in exchange for property,
        is treated as an acquisition of stock; 

    

    

    (ii) Any Person acquires ownership of the Company's stock possessing at least thirty percent (30%) of the Company's Voting Securities;

    

    

    (iii) The Company combines with another entity and is the surviving entity, or (y) all or substantially all of the assets or business of the Company is disposed of pursuant to a sale,
        merger, consolidation, liquidation, dissolution or other transaction or series of transactions (each of (x) and (y) being a "Triggering Event") unless the holders of Voting Securities of the Company immediately prior to such Triggering Event own,
        directly or indirectly, more than two-thirds of the Voting Securities (measured both by number of Voting Securities and by voting power) of  (1) in the case of a combination in which the Company is the surviving entity, the surviving entity and (2)
        in any other case, the entity (if any) that succeeds to all or substantially all of the Company's business and assets; or

    

    

    (iv) Any Person acquires (assets from a corporation that have a total gross fair market value equal to at least forty percent (40%) of the total gross fair market value of all the
        Company's assets immediately prior to the acquisition or acquisitions.  Gross fair market value means the value of the Company's assets, or the value of the assets being disposed of, without regard to any liabilities associated with these assets.

    

    

    In determining whether a Change of Control occurs, the attribution rules of Code Section 318 apply to determine stock ownership.  For
        purposes of the definition of Change of Control, a "Person" shall mean any person, entity or "group" within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended, except that such term shall not
        include (a) the Company or any of its subsidiaries, (b) a trustee or other fiduciary holding securities under an employee benefit plan of any member of the Company Group, (c) an underwriter temporarily holding securities pursuant to an offering of
        such securities or (d) an entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of shares of the Company.

    

    

    
      - 17 -

      
        

    

    (e) “Claim” shall include, without limitation, any claim, demand, request, investigation, dispute, controversy, threat,
        discovery request, or request for testimony or information.

    

    

    (f) "Code" shall mean the Internal Revenue Code of 1986, as amended. Any reference to a particular section of the Code shall
        include any provision that modifies, replaces or supersedes such section.

    

    

    (g) "Competitive Services or Products" shall mean those products offered by or in development by the Company, as provided in a
        list of Competitive Services and Products to be provided to Executive no later than seven (7) days after the Effective Date, which list may be updated during the Term by the Company.

    

    

    (h) "Competitor" shall mean any existing or newly-formed Person or entity, including divisions or subsidiaries thereof that
        offers, markets or administers Competitive Products or Services, in any geographic area in which the Company offers such products or services.

    

    

    (i) "Confidential Information" shall mean all confidential or proprietary information developed or used by the Company or its
        Affiliates relating to their business, operations, employees, customers, suppliers or distributors including, but not limited to: confidential or proprietary customer lists, purchase orders, financial data, pricing information and price lists;
        confidential or proprietary business plans and market strategies and arrangements; confidential or proprietary books, records, manuals, advertising materials, catalogues, correspondence, mailing lists, production data, sales materials, sales
        records, purchasing materials, purchasing records, personnel records and quality control records; confidential or proprietary trademarks, copyrights and patents, and applications therefor; trade secrets; confidential or proprietary inventions,
        processes, procedures, research records, market surveys and marketing know-how; and confidential or proprietary technical papers, software, computer programs, data bases and documentation thereof, including but not limited to source codes,
        algorithms, processes, formulae and flow charts. The term "Confidential Information" shall not include any document, record, data compilation, or other
        information that (x) has previously been disclosed to the public, or is in the public domain, other than as a result of the Executive's breach of Section 10(a), or (y) is known or generally available to the public or within any trade or industry of
        the Company or any of its Affiliates.

    

    

    (j) "Customer" shall mean any Person to whom the Company or a Subsidiary sold or distributed products or services during the
        two years prior to the Termination Date, and any prospective customer who the Company has provided a proposal for products or services at the time of Termination (or within the prior six (6) month period).

    

    

    (k) “Disability” shall mean the Executive's inability, with or without reasonable accommodation and due to physical or mental
        incapacity, to substantially perform his duties and responsibilities hereunder such that Executive is eligible for benefits under the Company's then-current long-term disability plan.

    

    

    
      - 18 -

      
        

    

    (l) “Good Reason” shall mean, for purposes of this Agreement, the occurrence of any of the following events without the
        Executive's prior written consent:

    

    

    (i) any material diminution in the Executive's responsibilities or authorities; or any change in the reporting structure so that the Executive is required to report, in his role as
        Chief Executive Officer of the Company, to any person other than the Board or a duly authorized committee of the Board; or

    

    

    (ii) any relocation of the Executive's principal office, or principal place of employment, to a location that is more than 40 miles from its location in Carmel, Indiana; provided, however, that no event or condition described in sub
        clauses (i) or (ii) above shall constitute Good Reason unless (A) the Executive gives the Company written notice of his objection to such event or condition within 90 days following the occurrence of such event or condition, (B) such event or
        condition is not corrected, in all material respects, by the Company within 30 days following the Company’s receipt of such notice (or if such event or condition is not susceptible to correction within such 30-day period, the Company has taken all
        reasonable steps within such 30-day period to correct such event or condition) and (C) the Executive resigns from his employment with the Company not more than 30 days following the expiration of the 30-day period described in the foregoing
        clause (B).

    

    

    (iii) Individuals who are Continuing Independent Directors cease for any reason to constitute a 1/2 majority of the independent members of the Board;

    

    

    
      	
              a.

            	
              “Continuing Independent Director” means an individual (i) who is as of the Effective Date, an independent director of the Company, or
                  (ii) who becomes an independent director of the Company after the Effective Date and whose initial election, or nomination for election by the Company’s shareholders, was vetted and recommended by the Nominating & Governance Committee
                  and approved by at least a 1/2 majority of the then Continuing Independent Directors, but excluding, for the purposes of this clause (ii), an individual whose initial assumption of office occurs as a result of an actual or threatened
                  proxy contest relating to the election of directors.

            

    

    

    

    (m)  "Person" shall mean any individual, corporation, partnership, limited liability company, joint venture, trust, estate,
        board, committee, agency, body, employee benefit plan, or other person or entity.

    

    

    (n) "Proceeding" shall include, without limitation, any actual, threatened or reasonably anticipated action, suit or
        proceeding, whether civil, criminal, administrative, investigative, appellate, formal, informal or other.

    

    

    (o) “Pro-Rata STIP” shall mean an amount equal to the product obtained by multiplying (x) the aggregate amount of the Target
        STIP that the Executive would have been eligible to receive for the calendar year in which his employment hereunder terminated, if his employment hereunder had continued times (y) a fraction, the numerator of which is 365 minus the number of days
        remaining in such year after the Termination Date and the denominator of which is 365.  Any Pro-Rata STIP shall be paid in a cash lump sum by the sixty-fifth (65th) day following the Termination Date.

    

    

    
      - 19 -

      
        

    

    (p) “Pro-Rata LTIP” shall mean an amount equal to the product obtained by multiplying (x) the aggregate amount of the Target
        LTIP that the Executive would have been eligible for the calendar year in which his employment hereunder terminated, if his employment hereunder had continued times (y) a fraction, the numerator of which is 365 minus the number of days remaining in
        such year after the Termination Date and the denominator of which is 365.  Any Pro-Rata LTIP shall be paid in a cash lump sum by the sixty-fifth (65th) day following the Termination Date.

    

    

    (q) "Subsidiary" shall mean any entity for which the Company owns a majority of the entity's Voting Securities.

    

    

    (r) "Termination Date" shall mean the date on which the Executive's employment hereunder terminates in accordance with this
        Agreement.

    

    

    (s) "Voting Securities" shall mean issued and outstanding securities of any class or classes having general voting power, under
        ordinary circumstances in the absence of contingencies, to elect, the members of the board of directors (or similar governing body) of the issuer.

    

    

    

    

    - 20 -

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