Document:

Exhibit 10.11

 

BOARD SERVICES AND
CONSULTING AGREEMENT

 

THIS BOARD SERVICES AND
CONSULTING AGREEMENT is made as of September 30, 2020 (this “Agreement”), by and between Direct Digital Holdings, LLC,
a Texas limited liability company (the “Company”) and Keith W. Smith (“Consultant”).

 

STATEMENT OF PURPOSE

 

WHEREAS, the Company wishes
to enter into this Agreement with the Consultant, and the Consultant wishes to enter into this Agreement with the Company, to provide
for the terms and conditions under which the Consultant will serve as a member of the Board of Managers of the Company (the “Board”)
and perform other services for the Company; and

 

WHEREAS, terms used but
not otherwise defined herein shall have the meanings ascribed in the Amended and Restated Limited Liability Company Agreement of the Company,
dated as of the date hereof (as amended, restated or otherwise modified from time to time in accordance with its terms, the “LLCA”).

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, the parties hereto, intending to be legally bound, agree as follows:

 

		1.	Position. During the Term (as defined in Section 7 hereof), subject to the terms and conditions of this Agreement and
the LLCA, at the option of Direct Digital Management, LLC, a Delaware limited liability company (“DDM”), the Consultant
shall serve as a DDH Manager (as such term is defined in the LLCA) of the Board. Consultant shall also serve as the President of the Company
and be an Officer of the Company under the LLCA. For the avoidance of doubt, the Consultant shall be required to serve as a DDH Manager
and any replacement Consultant shall be subject to the same approval rights applicable to a DDH Manager pursuant to Section 5.2 of the
LLCA.

 

		2.	Duties; Meetings. During the Term:

 

		a.	At the option of DDM (but subject to Section 5.2 of the LLCA), the Consultant shall serve as the DDH Manager of the Board, and for
so long as the Consultant is a DDH Manager of the Board, shall make reasonable business efforts to (i) attend all Board meetings in person
or by conference telephone, videoconference or any other means of communication that allow all persons participating in the meeting to
simultaneously hear each other during the meeting, (ii) serve as a director (or in an equivalent position) of any subsidiary and/or affiliate
of the Company if requested by the Company, and (iii) answer questions and provide reasonable strategic advice to the Company’s
officers as requested from time to time. The Company expects to have four (4) regular quarterly meetings of the Board each year.

 

		b.	Consultant shall provide insights regarding commercial and economic issues that could impact the Company and its subsidiaries, giving
context to strategic decisions.

 

		c.	Consultant shall use his reasonable efforts to promote the interests of the Company and its subsidiaries.

 

		d.	Consultant may perform services under this Agreement from any location and shall use Consultant’s own equipment in the performance
of services hereunder.

 

    1

     

    

 

		3.	Compensation; Benefits.

 

		a.	Consultant will be available to the Company to provide services to the Company under this Agreement
                                                                                                       for $450,000 per year paid on a bi-weekly basis calculated on an hourly basis as $216.35 per hour for eighty (80) hours for 26
                                                                                                       bi-weekly pay periods. Any services of Consultant over the
above-referenced amount will be approved in writing by the Board. Based on the performance of the Company and its subsidiaries, the Board
shall meet annually, unless otherwise agreed by the Board, to (i) review and possibly increase the compensation payable hereunder and
(ii) pay to Consultant a performance-based bonus, if any, as determined by the Board in their sole discretion.

  

		b.	During the Term, the Consultant and his direct family members shall be eligible to participate in and be covered under all employee
benefit plans and programs maintained by the Company and/or its subsidiaries. To the extent the Company cannot provide and maintain coverage
for the Consultant on the Company’s health insurance, dental insurance, short term disability insurance, long term disability insurance
and life insurance plans (“Plans”) on the day of Closing, the Company shall provide for, or reimburse Consultant for
all out-of-pocket costs incurred for the purchase of insurance coverage that provides comparable benefit levels to the Consultant and
his direct family members to the Company’s Plans at no greater cost.

 

		c.	During the Term, the Company shall reimburse Consultant for all reasonable out-of-pocket expenses incurred by the Consultant in connection
with Consultant’s services under this Agreement; provided, that Consultant complies with the generally applicable policies, practices
and procedures of the Company for submission of expense reports, receipts or similar documentation of such expenses.

 

		4.	Independent Contractor. Consultant’s status during the Term shall be that of an independent contractor and not, for any
purpose, that of an employee or agent with authority to bind the Company or its subsidiaries in any respect; provided, however, that (a)
during the USDM Control Period (as defined in the LLCA), the Consultant will have the agency with authority to bind the Company or its
subsidiaries pursuant to and subject to the terms and conditions of the LLCA, and (b) during such period that the Consultant is also an
Officer (as defined in the LLCA) of the Company, the Consultant, as an Officer, shall have such agency and authority to bind the Company
or its subsidiaries pursuant to the rights and obligations of such Officer position held by the Consultant, subject to the terms and conditions
of the LLCA. Except to the extent required by applicable law, all payments and other consideration made or provided to Consultant under
Section 3 hereof shall be made or provided without withholding or deduction of any kind and Consultant shall assume sole responsibility
for discharging all tax or other obligations associated therewith.

 

		5.	Legal and Tax Matters. Consultant should consult his own legal counsel, tax advisor, accountant, and/or business advisor as
to legal, tax and related matters concerning his compensation and services provided pursuant to this Agreement.

 

		6.	Consultant’s Representation and Acknowledgment. Consultant represents to the Company that his execution and performance
of this Agreement shall not be in violation of any agreement or obligation (whether or not written) that he may have with or to any person
or entity, including without limitation, any current or prior employment agreement or obligation. Consultant hereby acknowledges and agrees
that this Agreement (and any other agreement or obligation referred to herein) shall be an obligation solely of the Company, and Consultant
shall have no recourse whatsoever against any member of the Company or any of their respective affiliates with regard to this Agreement.

 

    2

     

    

 

		7.	Term. Subject to the terms and conditions set forth in the LLCA, the term of this Agreement (the “Term”)
shall mean the period commencing on the date hereof and terminating on the earliest of the following to occur:

 

		a.	the death of the Consultant;

 

		b.	the date on which Consultant terminates this Agreement (provided however that the termination of the Consultant’s service as
a Manager on the Board for any or no reason shall not be a termination by Consultant of this Agreement);

 

		c.	the date on which the Company terminates this Agreement pursuant to a Termination Event.

 

As used herein, a “Termination
Event” shall mean (i) Consultant’s fraud.

 

For the avoidance of doubt, if the
Term would be terminable pursuant to Section 7.a., then the Consultant’s heirs shall be entitled to receipt of any payments
payable hereunder.

 

		8.	Indemnification. The Company agrees to indemnify the Consultant for his activities as a Board member and for the services provided
under this Agreement to the fullest extent permitted under the LLCA and/or applicable law whichever provides greater protection. The Company
agrees that Consultant shall be a Covered Person (as defined in the LLCA) and shall have coverage under the Company’s D&O insurance
policy that the Company is required to maintain pursuant to Section 5.4(f) of the LLCA.

 

		9.	Non-Waiver of Rights. The failure to enforce at any time the provisions of this Agreement or to require at any time performance
by the other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either
the validity of this Agreement or any part hereof, or the right of either party to enforce each and every provision in accordance with
its terms. No waiver by any party hereto of any breach by another party hereto of any provision of this Agreement to be performed by such
other party shall be deemed a waiver of similar or dissimilar provisions at that time or at any prior or subsequent time.

 

		10.	Notices. Every notice relating to this Agreement shall be in writing and shall be given by personal delivery, electronic mail
or by registered or certified mail, postage prepaid, return receipt requested; to:

 

To the Company:

 

Direct Digital Holdings, LLC

10219 Piping Rock Lane

Houston, TX 77042

Attention: Keith Smith and Mark Walker

Email:      ksmith@directdigitalholdings.com

mwalker@directdigitalholdings.com

 

with copies (which shall not constitute
notice) to:

 

McGuireWoods LLP

2000 McKinney Avenue, Suite 1400

Dallas, TX 75201

Attention: Phyllis Y. Young

Email: pyoung@mcguirewoods.com

 

To the Consultant

 

Keith Smith

1705 Monarch Oaks Street

Houston, Texas 77055

Email: ksmith@directdigitalholdings.com

 

    3

     

    

 

Any party hereto may change its
address for purposes of notice hereunder by giving notice in writing to the other party pursuant to this Section 10.

 

		11.	Binding Effect; Assignment; Third-Party Beneficiary. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective heirs, executors, personal representatives, estates, successors (including, without limitation, by way of
merger) and permitted assigns. Notwithstanding the provisions of the immediately preceding sentence, neither Consultant nor the Company
shall assign all or any portion of this Agreement without the prior written consent of the other party.

 

		12.	Entire Agreement. This Agreement (together with any other agreement referred to herein) sets forth the entire understanding
of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements, written or oral, between them as
to such subject matter.

 

		13.	Severability. If any provision of this Agreement, or any application thereof to any circumstances, is invalid, in whole or
in part, such provision or application shall to that extent be severable and shall not affect other provisions or applications of this
Agreement.

 

		14.	Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Texas,
without reference to the principles of conflict of laws. Any and all claims, counterclaims, disputes and other matters in question arising
out of or relating to this Agreement or the breach hereof will be resolved by the parties hereto in accordance with Section 12.16 of the
LLCA.

 

		15.	Modifications. Neither this Agreement nor any provision hereof may be modified, altered, amended or waived except by an instrument
in writing duly signed by the parties hereto.

 

		16.	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but
all of which together shall constitute one and the same instrument. Transmission of images of signed signature pages by facsimile, e-mail
or other electronic means shall have the same effect as the delivery of manually signed documents in person.

 

		17.	Conflict. In the event of a conflict between this Agreement and the LLCA, the LLCA shall control. In the event of a conflict
between this Agreement and any agreement other than the LLCA, this Agreement shall control.

 

[Signature Page Follows]

 

    4

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be signed as of the date first above written.

 

	 	COMPANY
	 	 	 
	 	DIRECT DIGITAL HOLDINGS, LLC
	 	 	 
	 	By:	/s/ Mark Walker
	 	Name:	Mark Walker
	 	Title:	Manager
	 	 	 
	 	CONSULTANT
	 	 	 
	 	/s/ Keith W. Smith
	 	Keith W. Smith

 

[Signature Page to
Board Services and Consulting Agreement – Keith Smith]Exhibit 10.12

 

EXECUTIVE EMPLOYMENT
AGREEMENT

 

This
EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of March 3rd, 2021 (the “Effective
Date”) by and between Direct Digital Holdings, LLC (the “Company”), and Anu Pillai (“Executive”).

 

WHEREAS, Executive has a
current employment agreement that is in effect and controls the employment relationship through the remainder of calendar year 2020;

 

WHEREAS, the Company desires
to employ Executive as its Chief Technical Officer (“CTO”), and Executive desires to continue to be employed by the Company,
in each case, upon the terms and conditions set forth herein;

 

WHEREAS, Executive acknowledges
that, in the course of Executive’s employment with the Company, Executive will be provided with access to and will use the Company’s
Confidential Information (as defined below) in the performance of job duties;

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
and intending to be legally bound hereby, the Company and Executive hereby agree as follows:

 

		1.	Employment.

 

1.1       Position
and Duties. Subject to the terms and provisions set forth in this Agreement, during the Term of Employment (as defined below) Executive
shall be employed as the Company’s Chief Digital Officer. Executive shall have the duties, responsibilities and authorities normally
associated with such position and such other positions and other duties and responsibilities consistent with the position of CDO as are
assigned by the CEO of Direct Digital Holdings, LLC and the Board of Managers of Direct Digital Holdings, LLC (the “Board”)
from time to time.

 

1.2       Time
and Efforts. During the Term of Employment, Executive shall devote Executive’s reasonable best efforts and Executive’s
full business time and attention to the business and affairs of the Company. Executive shall not engage, directly or indirectly, in any
other business, investment or commercial activity that (a) interferes with the performance of Executive’s duties under this Agreement,
(b) is contrary to the interests of the Company, or (c) requires any portion of Executive’s business time.

 

1.3       Term.
The term of employment under this Agreement shall commence on the Effective Date and shall continue for a period of one year (“Initial
Term”). At the end of the Initial Term and every year thereafter, this Agreement shall be automatically extended for one year (“Renewal
Term”) unless, not later than sixty (“60”) days prior to the expiration of such term, either party shall have given
notice that it does not wish to extend the Agreement or the Agreement is otherwise terminated pursuant to Section 3.

 

2.       Compensation
and Other Benefits.

 

2.1       Base
Salary. Beginning in calendar year 2021, during the Term of employment, Executive shall receive a base salary per annum, payable in
accordance with the Company’s normal payroll practices as in effect from time to time, of One Hundred and Sixty Thousand Dollars
and Zero Cents ($160,000.00) (“Base Salary”), less all applicable withholdings and deductions.

 

    1 

     

    

 

2.2       Performance
Bonus. In addition to Executive’s base salary, Executive will be eligible to participate in an executive compensation bonus
program based on achieving the agreed EBITDA goals laid out in the annual budget. Executive’s annual bonus will have the following
components to it:

 

		(a.)	If Company achieves 2021 EBITDA base budget target of $8.3 million (“Budget EBITDA”), Executive will receive a bonus equal
to 20% of base salary.

		(b.)	There will also be a second bonus component. If Company exceeds 2021 EBITDA in excess of $10.5million Executive will be paid an additional
bonus equal to 10% of base salary.

		(c.)	Bonuses will be paid as targets are met throughout the year. In order for Executive to receive payment, Executive needs to be employed
by the Company when the bonuses are deemed earned.

 

2.3       Benefit
Plans. During the Term of employment, Executive shall be eligible to participate in and be covered on the same basis as other similarly
situated employees of the Company, under all employee benefit plans and programs maintained by the Company. Nothing herein shall obligate
the Company to offer any specific benefit plans, programs or arrangements to Executive or to continue benefits formerly offered by the
Company or any of its subsidiaries, provided, however, that a health insurance program will be provided.

 

2.4       Expenses.
During the Term of employment, the Company shall pay or reimburse Executive for reasonable and necessary expenses directly incurred by
Executive in the course of Executive’s employment in accordance with the Company’s standard policies and practices as in effect
from time to time.

 

3.       Termination.
 “Termination Date” means the date Executive’s employment with the Company ends regardless of the reason. On the
Termination Date, Executive shall be deemed to have immediately ceased all of his positions with the Company, including any and all Board,
officer, director or other positions Executive then holds with the Company.

 

3.1       Termination
by the Company for Cause. The Company may terminate Executive’s employment, with cause, effective immediately, by providing
written notice to Executive. For purposes of this Agreement, the term “for cause” shall mean the following: (a) Executive’s
commission of fraud in connection with his employment with the Company, or theft, misappropriation or embezzlement of Company funds; (b)
conviction of any felony crime, the effect of which shall be deemed to adversely affect the Company; (c) failure to follow a reasonable
and lawful directive of the Board or an authorized Company officer or director following five business days’ notice that such failure
shall constitute grounds for termination for cause and twenty days in which to cure such failure; or (d) drug or alcohol abuse that adversely
affects the performance of duties hereunder, provided that Executive has been given 30 days’ prior written notice by the Company
of its intent to terminate Executive pursuant to this provision, during which time Executive has not demonstrated cessation of such drug
or alcohol abuse.

 

3.2       Termination
by the Company Without Cause. The Company may terminate Executive’s employment without cause by providing written notice to
the Executive, provided, however, in the event employment is terminated without cause, the Company shall be obligated to pay Executive’s
salary and continue existing benefits for the balance of the Term.

 

3.3       Termination
by Executive. Executive may terminate Executive’s employment by providing sixty (60) days written notice to the Company; provided,
however, the Company, in its sole discretion, may choose to accept Executive’s resignation effective immediately, provided that
in this event Company will continue to pay Executive for the balance of the notice period. If the Company is sold or changes ownership,
the stipulation requiring the Executive to provide sixty (60) days written notice to the Company will be considered void.

 

    2 

     

    

 

4.       Successors
and Assigns. This Agreement is personal to Executive and, without the prior express written consent of the Company, shall not be assignable
by Executive. This Agreement shall inure to the benefit of and be enforceable by Executive’s heirs, beneficiaries and/or legal representatives.
This Agreement shall be fully assignable by the Company and its respective successors, purchasers and assigns.

 

5.       Restrictive
Covenants. As an inducement and as essential consideration for the Company to enter into this Agreement with Executive, Executive
hereby agrees to the restrictive covenants contained in this Section 5. The Parties agree that the Company would not have entered
into this Agreement without Executive’s consent to the restrictive covenants set forth in this Section 5.

 

5.1       Non-Competition.
During the period commencing 30 days after the Effective Date and ending on the one (1) year anniversary of the Termination Date, Executive
shall not, without the advance written consent of the Company, such consent to be granted or withheld in the Company’s sole discretion,
either directly or indirectly, anywhere within the geographic boundaries of the State of California as a proprietor, partner, stockholder
(except as the holder of not more than one percent (1%) of the outstanding stock of a publicly held company), owner, member, director,
employee, executive, consultant, independent contractor, joint venturer, investor or in any other capacity, become employed by, engage
in, affiliate with, own, manage, operate or control, or participate in the ownership, management, operation or control of, any entity
that engages in any business activity conducted by the Company.

 

5.2       Non-Solicitation.
During the period commencing on the Effective Date and ending on the one (1) year anniversary of the Termination Date, Executive shall
not (except on behalf of the Company):

 

5.2.1       directly
or indirectly, on Executive’s own behalf or on behalf of any Person (as defined below), solicit, divert, induce, call on, take away,
do business with or otherwise harm the Company’s relationship with, or attempt to contact, divert, induce, call on, take away, do
business with or otherwise harm the Company’s relationship with, (a) any past or present client, customer or business relation of
the Company, or (b) any Person which has, as of the Termination Date, a business relationship with the Company, including, without limitation,
a sales representative, supplier, lender, borrower, guarantor, landlord, tenant, lessor or lessee, and employees; or

 

5.2.2       directly
or indirectly, on Executive’s own behalf or on behalf of any other Person, solicit, employ, interfere with or attempt to entice
away from the Company, any individual who is: employed by the Company at the time of such solicitation, employment, interference or enticement.

 

5.2.3       “Person”
means any individual or corporation, association, partnership, limited liability company, joint venture, joint stock or other company,
business trust, trust, organization, governmental authority or other entity of any kind.

 

    3 

     

    

 

5.3       Confidentiality.
Executive shall not, during the Term of Employment and at any time thereafter, without the prior express written consent of the
Company, directly or indirectly divulge, disclose or make available or accessible any Confidential Information (as defined below) to
any Person, firm, partnership, corporation, trust or any other entity or third party (other than when required to do so in good
faith to perform Executive’s duties and responsibilities or when required to do so by a lawful order of a court of competent
jurisdiction, any governmental authority or agency or any recognized subpoena power). In addition, Executive shall not create any
derivative work or other product based on or resulting from any Confidential Information (except in the good faith performance of
Executive’s duties under this Agreement). Executive shall also proffer to the Company’s designee, no later than the
effective date of any termination of Executive’s employment with the Company for any reason, and without retaining any copies,
notes or excerpts thereof, all memoranda, computer disks or other media, computer programs, diaries, notes, records, data, customer,
or client lists, marketing plans and strategies and any other documents consisting of Confidential Information that are in
Executive’s actual possession or which are subject to Executive’s control at such time. For purposes of this Agreement,
 “Confidential Information” shall mean all information respecting the business and activities of the Company,
including, without limitation, the terms and provisions of this Agreement, any information relating to the clients, customers,
suppliers, employees, consultants, computer or other files, projects, products, computer disks or other media, computer hardware or
computer software programs, marketing plans, financial information, methodologies, know-how, processes, practices, approaches,
projections, forecasts, formats, systems, data gathering methods, trade secrets and/or strategies of the Company. Notwithstanding
the immediately preceding sentence, Confidential Information shall not include any information that is, or becomes, generally
available to the public (unless such availability occurs as a result of Executive’s breach of any portion of this Section
5.3).

 

5.3.1       Defend
Trade Secrets Act Notice. An individual shall not be held criminally or civilly liable under any federal or state trade secret law
for the disclosure of a trade secret that is made in confidence to a federal, state, or local government official or to an attorney solely
for the purpose of reporting or investigating a suspected violation of law. An individual shall not be held criminally or civilly liable
under any federal or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in
a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for
reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information
in the court proceeding, if the individual files any document containing the trade secret under seal; and does not disclose the trade
secret, except pursuant to court order.

 

5.3.2       Confidentiality
Notice. Executive understands and acknowledges that Executive’s duty of confidentiality, non-disclosure and non-disparagement
(as set forth below) pursuant to this Agreement does not limit or restrict Executive’s ability to communicate directly with the
U.S. Securities and Exchange Commission about a possible securities law violation, nor limit nor restrict Executive’s Section 7
rights under the National Labor Relations Act, nor limit nor restrict Executive’s right to communicate with the Equal Opportunity
Employment Commission or any other federal, state, or local government agency, office, or official.

 

5.3.3       Non-Disparagement.
During and after the Term of Employment, the parties agree not to criticize, denigrate or otherwise disparage each other or any of the
other parties’ employees, products, processes, policies, practices, or standards of business conduct; provided, however, nothing
in this Agreement will prohibit Executive from complying with any valid subpoena or court order or from exercising any legal rights to
which Executive is entitled.

 

5.4       Ownership
of Inventions. Each Invention (as defined below) made, conceived or first actually reduced to practice by Executive, whether alone
or jointly with others, during the Term of Employment and each Invention made, conceived or first actually reduced to practice by Executive,
within two (2) years after the Termination Date, which relates in any way to work performed for the Company during the Term of Employment,
shall be promptly disclosed in writing to the Company. As used in this Agreement, “Invention” means any invention,
discovery, improvement or innovation with regard to any facet of the business of the Company, whether or not patentable, made, conceived
or first actually reduced to practice by Executive, alone or jointly with others, in the course of, in connection with, or as a result
of service as an employee of the Company, including any art, method, process, machine, manufacture, design or composition of matter or
any improvement thereof. Each Invention shall be the sole and exclusive property of the Company. Executive agrees to execute an assignment
to the Company or its nominee of Executive’s entire right, title and interest in and to any Invention, without compensation beyond
that provided in this Agreement.

 

    4 

     

    

 

5.5       Works
for Hire. Executive also acknowledges and agrees that all works of authorship, in any format or medium, created wholly or in
part by Executive, whether alone or jointly with others, in the course of performing Executive’s duties for the Company, or
while using the facilities or money of the Company, whether or not during Executive’s work hours, are works made for hire
(“Works”), as defined under United States copyright law, and that the Works (and all copyrights arising in the
Works) are owned exclusively by the Company. To the extent any such Works are not deemed to be works made for hire, Executive
agrees, without compensation beyond that provided in this Agreement, to execute an assignment to the Company or its nominee of all
right, title and interest in and to such Works, including all rights of copyright arising in or related to such Works.

 

5.6       Injunctive
Relief. Executive acknowledges and agrees that the Company will have no adequate remedy at law and would be irreparably harmed, if
Executive actually breaches or threatens to breach any of the provisions of this Section 5. Executive agrees that the Company shall
be entitled to equitable and/or injunctive relief to prevent any actual breach or threatened breach of this Section 5, and to specific
performance of each of the terms of such Section in addition to any other legal or equitable remedies that the Company may have pursuant
to this Section 5. In the event of breach or threatened breach by Executive of any provision of this Section 5, the Company
shall also be entitled to recovery of all attorneys’ fees and costs incurred by the Company in obtaining such relief.

 

5.7       Special
Severability. The terms of Section 5.1 through Section 5.6 are intended to be separate and divisible provisions and
if, for any reason, any one or more of them is held to be invalid or unenforceable, neither the validity nor the enforceability of any
other provision of this Agreement shall thereby be affected. It is the intention of the parties to this Agreement that the potential restrictions
on Executive’s future employment imposed by this Section 5 be reasonable in both duration and geographic scope and in all
other respects. If for any reason any court of competent jurisdiction shall find any provisions of this Section 5 unreasonable
in duration or geographic scope or otherwise, the restrictions and prohibitions contained herein that have not become null, void and of
no effect shall be effective to the fullest extent allowed under applicable law in such jurisdiction and the court shall modify any unduly
restrictive provision to the point of greatest restriction permissible by law.

 

6.       Miscellaneous.

 

6.1       Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, applied without reference
to principles of conflict of laws.

 

6.2       Amendments.
This Agreement may not be amended or modified otherwise than by a written agreement executed by the parties hereto or their respective
successors and legal representatives.

 

6.3       Notices.
All notices and other communications hereunder shall be in writing and shall be given by hand-delivery to the other party by reputable
overnight courier, by facsimile or registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

 

	if to the Company:	Direct Digital Holdings, LLC
	 	1233 West Loop South
	 	Suite 1170
	 	Houston, TX 77027
	 	 
	with a copy, which shall not constitute notice, to:	McGuireWoods LLP Attn: Stuart M.
		Rasley
	 	2000 McKinney Ave,, Suite 1400
	 	Dallas, TX 75201

 

	if to Executive:	Anu Pillai
	 	758 Division Street
	 	Barrington, IL 60010

 

or to such other address as any party shall
have furnished to the other in writing in accordance herewith. All such notices shall be deemed to have been duly given: (a) when delivered
personally to the recipient; (b) one (1) business day after being sent to the recipient by reputable overnight courier service (charges
prepaid); (c) upon transmission by facsimile if a customary confirmation of transmission is received during normal business hours and,
if not, the next business day after transmission; or (d) four (4) business days after being mailed to the recipient by certified or registered
mail, return receipt requested and postage prepaid.

 

    5 

     

    

 

6.4       Section
409A Compliance. This Agreement is intended to comply with Section 409A (to the extent applicable), and the parties hereto agree to
interpret, apply and administer this Agreement in the least restrictive manner necessary to comply therewith and without resulting in
any increase in the amounts owed hereunder by the Company. Notwithstanding anything herein to the contrary, the Company shall have no
liability to Executive or to any other Person if the payments and benefits provided in this Agreement that are intended to be exempt from
or compliant with Section 409A are not so exempt or compliant.

 

6.5       Severability.
Except as set forth in Section 5.7, the invalidity or unenforceability of any provision of this Agreement shall not affect the
validity or enforceability of any other provision of this Agreement.

 

6.6       Captions.
The captions of this Agreement are not part of the provisions hereof and shall have no force or effect.

 

6.7       Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall be deemed an original instrument, but all of which together
shall constitute but one and the same Agreement.

 

6.8       Entire
Agreement. This Agreement contains the entire agreement between the parties, including their respective affiliates, concerning the
subject matter hereof and supersedes all prior agreements, understandings, discussions, negotiations and undertakings, whether written
or oral, between the parties with respect thereto.

 

6.9       Survivorship.
The respective rights and obligations of the parties hereunder shall survive any termination of this Agreement hereunder for any reason
to the extent necessary to the intended provision of such rights and the intended performance of such obligations.

 

[ Signature page to follow
]

 

    6 

     

    

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the Effective Date.

 

	 	COMPANY:
	 	 	 
	 	Direct Digital Holdings, LLC
	 	 	 
	 	By:	/s/ Mark D. Walker
	 	Name:	Mark D. Walker
	 	Title:	CEO
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	/s/ Anu Pillai
	 	Anu Pillai

 

    7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00336-of-00352.parquet"}]]