Document:

Exhibit 10.7 

 

NOTE

 

	$489,899.00	December
15, 2014

 

FOR
VALUE RECEIVED, the undersigned (the “Borrower”), promises to pay to the order of ROBERT LEE PRIEST JR., a Virginia
resident whose primary resident is at 4285 Beamers Ridge, Williamsburg, Virginia 23188 (the “Lender”), at such place
as Lender may direct from time to time in writing, the principal sum of FOUR HUNDRED EIGHTY NINE THOUSAND EIGHT HUNDRED NINETY
NINE AND 00/100 DOLLARS ($489,899.00), or so much thereof as shall have been disbursed from time to time and remains unpaid, together
with interest thereon at the rate or rates per annum designated herein computed on the basis of a 366-366-day year for the actual
number of days in each interest period.

 

1.             Interest
Rate: This Note shall bear interest from the date hereof at a rate per annum equal of five percent (5.00%).

 

2.             Repayment
Terms: The Note shall be paid in full by June 30, 2016, with all principal and interest payments due at that time.

 

3.             Application
of Payments: All payments on this Note shall be applied, first to accrued interest, then to fees, then to principal due, and
then to late charges. Any remaining funds shall be applied to the further reduction of principal. Notwithstanding the foregoing,
upon the occurrence of a default hereunder, payments shall be applied as determined by Lender in its sole discretion.

 

4.            Prepayment: Except as may be otherwise
herein specifically provided, the Borrower shall have the privilege to prepay the principal and any accrued but unpaid interest
in full or in part at anytime without premium. Any prepayment shall be applied in the manner provided herein, except that any amount
thereof applied to reduction of outstanding principal shall be applied to installments of principal in inverse order of maturities.

 

5.             Late
Charge: Time is of the essence of this Note. There is no Late Charge for this Note.

 

6.            Events of Default; Acceleration:
The following shall constitute defaults or events of default hereunder (“Events of Default”):

 

(a) Failure by the Borrower
to keep, perform or observe any agreement, covenant, or condition contained herein; or (b)
Failure by the Borrower to pay any installment required to be paid by this Note when due; or (c) A default by one or more of any
guarantors under any agreement, covenant or condition contained in any guaranty agreement executed by the guarantors in connection
with the loan evidenced by this Note. After a thirty (30) day notice to cure any default, the remaining unpaid principal of this
Note and all accrued and unpaid interest thereon shall immediately become due and payable, at the option of the holder hereof,
upon the occurrence of an Event of Default. The Lender shall be entitled to recover all expenses, including reasonable attorneys’
fees and expenses of legal counsel, incurred by the Lender in any way arising from or relating to the enforcement or attempted
enforcement of this Note and any related guaranty, or other document and the collection or attempted collection, whether by litigation
or otherwise, of this Note. 

 

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7.             Governing
Law; Changes: This Note may not be changed orally and shall be governed by and construed in accordance with the laws of the
Commonwealth of Virginia without regard to principles of conflict of laws.

 

8.             Jurisdiction;
Venue: The Borrower (a) submits to personal jurisdiction in the Commonwealth of Virginia,
the courts thereof and the United States District Courts sitting therein, for the enforcement of this Note, (b) waives any and
all personal rights under the law of any jurisdiction to object on any basis (including, without limitation, inconvenience of forum)
to jurisdiction or venue within the Commonwealth of Virginia for the purpose of litigation
to enforce this Note, and (c) agrees that service of process may be made upon the Borrower in any manner prescribed by applicable
federal rules of civil procedure or by applicable local rules or laws of civil procedure for the giving of notice to the Borrower.
Nothing herein contained, however, shall prevent the Lender from bringing any action or exercising any rights against any security
and against the Borrower personally, and against any assets of the Borrower, within any other state or jurisdiction.

 

9.             Payments
Not to Violate Law: Nothing herein contained nor any transaction related thereto shall be construed or so operate as to require
the Borrower to pay interest at a rate greater than it is now lawful in such case to contract for under applicable law, or to make
any payment or to do any act contrary to applicable law, and the Lender shall reimburse the Borrower for any interest paid in excess
of the highest rate allowed by applicable law or any other payment which may inadvertently be required by the Lender to be paid
contrary to applicable law; and if any clauses or provisions herein contained operate or would prospectively operate to invalidate
this Note or the Security Instrument, in whole or in part, then such clauses and provisions only shall be held for naught, as though
not herein contained, and the remainder of this Note and the Security Instrument shall remain operative and in full force and effect.

 

10.           Miscellaneous: Except as otherwise
provided herein, the Borrower and all endorsers, sureties, and guarantors, if any, hereby waive presentment for payment, demand,
protest, notice of nonpayment or dishonor and of protest, and any and all other notices and demands whatsoever, and agree to remain
bound under this Note until the principal and interest are paid in full, notwithstanding any extensions of time for payment which
may be granted even though the period or periods of extension be indefinite and notwithstanding any inaction by, or failure to
assert any legal rights available to the holder of this Note. Borrower acknowledges that Lender may reproduce (by electronic means
or otherwise) any of the documents evidencing and/or securing this Note and thereafter may destroy the original documents. Borrower
does hereby agree that any document so reproduced shall be the binding obligation of Borrower enforceable and admissible in evidence
against it to the same extent as if the original documents had not been destroyed.

 

The Borrower and all endorsers,
sureties, and guarantors, if any, hereby waive all exemptions, whether homestead or otherwise, as to the obligations evidenced
by this Note. The Borrower and each other party waive any rights to require the Lender to proceed against any other party or person
or any collateral before proceeding against the undersigned or any of them, or any other party, and agree that without notice to
any party and without affecting any party’s liability, the Lender, at any time or times may grant extensions of the time
for payment or other indulgences to any party or permit the renewal or modification of this Note, or permit the substitution, exchange
or release of any collateral for this Note and may add or release any party primarily or secondarily liable. The Borrower agrees
that the Lender may apply all monies made available to it from any part of the proceeds of the disposition of any collateral or
by exercise of the right of setoff either to the obligations under this Note or to any other obligations of any party to the Lender,
as the Lender may elect from time to time. All endorsers, sureties and guarantors also waive any rights afforded by sections 49-25
and 49-26 of the Code of Virginia, as amended.

 

IN
WITNESS WHEREOF, this Note has been executed under seal the day and year first above written.

 

	 	Tempus Applied Solutions, LLC
	 	 	 
	 	By: 	/s/ Benjamin Scott Terry
	 	 	
        Benjamin Scott Terry

        Chief Executive Officer

 

 2Exhibit 10.1

 

AMENDMENT AND RELEASE AGREEMENT 

 

		1)	This Amendment and Release Agreement, dated December 26, 2014 when signed below where indicated
(this “Amendment and Release Agreement”) amends that certain Severance and Change in Control Agreement between Thilo
Semmelbauer (“Semmelbauer”) and Shutterstock Images LLC, predecessor-in-interest to Shutterstock, Inc. (“Shutterstock”),
with an effective date of September 24, 2012 and that certain Amended and Restated Restricted Stock Agreement between Semmelbauer
and Shutterstock, Inc., effective as of October 5, 2012.

 

		2)	The parties acknowledge that on or about August 6, 2014, Semmelbauer gave notice of his decision to resign from his position
as President and Chief Operating Officer of Shutterstock, and Shutterstock accepted such resignation. Semmelbauer’s resignation
will be effective on January 15, 2015, but he will make himself available as a consultant to Shutterstock on an as needed basis
through April 15, 2015. In consideration, among other things, for agreeing to stay in the employ of Shutterstock through the effective
date of his resignation, for agreeing to be available as a consultant through April 15, 2015, and for signing this Amendment and
Release Agreement, the parties have agreed to the terms and conditions as set forth herein.

 

		3)	Amendment of Severance and Change in Control Agreement (the “Severance Agreement”).

 

		a)	Paragraph 3(d) of the Severance Agreement is hereby deemed deleted in its entirety and replaced with the following:

 

“(d) If Executive voluntarily terminates Executive's
employment with the Company, all of Executive's unvested and outstanding equity awards that would have become vested had Executive
remained in the employ of the Company for the ninety (90) day period following the date of the Executive's termination of employment
shall vest as of the later of (x) the date of Executive's termination and (y) the business day following the day on which any release
required by Company is signed by Executive and becomes irrevocable. For the purposes of this Paragraph 3(d), the term, “equity
awards”, includes Restricted Shares as said term is defined in the Amended and Restated Restricted Stock Agreement between
Semmelbauer and Shutterstock, Inc., effective as of October 5, 2012. In addition, within thirty (30) days of the effective date
of his resignation, Executive will (i) receive his or her earned but unpaid base salary through the date of termination of employment
and (ii) receive all accrued PTO, expense reimbursements and any other benefits due to Executive through the date of termination
of employment in accordance with established Company provided or paid plans, policies and arrangements. Additionally, within thirty
(30) days of the expiration of the Revocation Period, Executive will receive a lump-sum severance payment equal to one hundred
percent (100%) of Executive's target bonus in effect for the 2014 fiscal year, If Executive elects continuation coverage pursuant
to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA") for Executive and Executive's eligible
dependents, within the time period prescribed pursuant to COBRA, the Company will reimburse Executive for the COBRA premiums for
such coverage (at the coverage levels in effect immediately prior to Executive's resignation) until the earlier of (A) a period
of twelve (12) months from the last date of employment of Executive with the Company, or (B) the date upon which Executive and/or
Executive's eligible dependents become covered under similar plans. COBRA reimbursements will be made by the Company to Executive
consistent with the Company's normal expense reimbursement policy and will be taxable to the extent required to avoid adverse consequences
to Executive or the Company under either Code Section 105(h) or the Patient Protection and Affordable Care Act of 2010. Executive
shall not be entitled to any other compensation or benefits from the Company except to the extent required by law.

 

    	 

    	 

    

 

		b)	For purposes of clarity, the parties acknowledge and agree that Semmelbauer’s resignation as set forth in this Amendment
and Release Agreement is a voluntary termination by an Executive for purposes of the Severance Agreement (including without limitation
paragraph 3(d)).

 

		4)	Semmelbauer hereby releases and forever discharges Shutterstock and its parent, subsidiaries and affiliated companies, and
its and their officers, directors, shareholders, members, trustees, employees, agents, representatives, administrators, attorneys,
insurers, fiduciaries, predecessors, successors and assigns, in their individual and/or representative capacities (collectively,
the “Company”), from any and all claims, causes of action, debts, obligations, liabilities, promises, agreements, liens,
demands, complaints, damages or injuries of any kind or nature, whether arising under equity or law, whether known or unknown,
and whether asserted or unasserted, arising out of or relating to Semmelbauer’s employment with Shutterstock, or the termination
thereof, that Semmelbauer or his heirs, executors, administrators, legal representatives, successors and assigns ever had, now
have or may have, including but not limited to all claims for breach of contract – whether express or implied, written or
oral - wrongful discharge, fraud, fraudulent inducement, misrepresentation, quantum meruit, intentional or negligent infliction
of emotional distress, humiliation, defamation, interference with present or prospective economic advantage or contract and all
claims for discrimination in employment under any federal, state or local law, regulation or ordinance, including, but not limited
to, the Age Discrimination in Employment Act of 1967, the Older Workers’ Benefit Protection Act; Title VII of the Civil Rights
Act of 1964; the Equal Pay Act; the Americans with Disabilities Act of 1990; the Employee Retirement Income Security Act of 1984;
the Family and Medical Leave Act; the Sarbanes-Oxley Act of 2002; the New York State Human Rights Law; the New York City Human
Rights Law; and the New York Labor Law (all as amended). This Amendment and Release Agreement specifically includes any
and all claims or causes of action whether or not now known or suspected to exist by me, and whether or not specifically or particularly
described herein. Except as set forth herein, this Amendment and Release Agreement also applies to any claim for any and all forms
of compensation, including, but not limited to, any wages, bonuses, incentive compensation, additional salary, sick pay, vacation
pay, contributions, fringe or retirement benefits, any other benefit, reward or entitlement of the employment relationship, any
compensation in damages for personal injury and any claim for liquidated or punitive damages. Semmelbauer hereby expressly agrees
and acknowledges that as of the date of this Amendment and Release Agreement, he has been paid all wages due and owing to him except
as set forth herein. This releases the Company as to all conduct and claims that arise up to the date this Amendment and Release
Agreement is executed by Semmelbauer. It is intended that this release shall discharge the Company to the maximum extent permitted
by law. Notwithstanding anything in this Amendment and Release Agreement to the contrary, nothing contained herein shall be a waiver
of any rights (and Semmelbauer’s released claims shall not be deemed to include any rights) (a) to indemnification that Semmelbauer
has against the Company by virtue of his service as an officer thereof, whether by agreement, common law, statute or pursuant to
the Company’s bylaws and/or certificate or articles of incorporation, as amended to date, and (b) under this Amendment and
Release Agreement, and the Amended and Restated Restricted Stock Agreement. The parties further agree that neither this release
nor the furnishing of the consideration for this release shall be deemed or construed at anytime for any purpose as an admission
by either party of any liability or of any unlawful conduct of any kind.

 

    	 

    	 

    

 

		5)	This Amendment and Release Agreement shall be of no force or effect unless Semmelbauer signs and returns it in a timely manner
and does not revoke same as herein provided. Shutterstock is hereby authorized to sell that number of shares necessary to comply
with its withholding tax obligations. Semmelbauer acknowledges that other than as set out in this Amendment and Release Agreement,
no additional equity or benefits will become vested after the date his employment ends.

 

		6)	This Amendment and Release Agreement may not be modified except pursuant to a written instrument signed by Semmelbauer and
the Chief Executive Officer of Shutterstock.

 

		7)	The parties acknowledge that this Amendment and Release Agreement may be signed in counterparts and/or in facsimile form and
that such counterparts and/or facsimiles shall have the same force and effect as an executed original.

 

		8)	Except as expressly or by necessary implication modified hereby, all provisions of the Restricted Stock Agreement and the Severance
Agreement shall remain in full force and effect in accordance with their terms but in the event of any inconsistencies between
the provisions of either or both of those agreements and the provisions hereof, the terms of this Amendment and Release Agreement.

 

		9)	This Amendment and Release Agreement is made under and shall be governed by and construed in accordance with the laws of the
State of New York, without giving effect to its choice of law provisions. Any dispute arising out of this Amendment and Release
Agreement shall be subject to the jurisdiction of the New York state and federal courts.

 

		10)	Semmelbauer further acknowledges and agrees that he has entered into this Amendment and Release Agreement voluntarily and of
his own free will and that no promises or representations have been made to him by any person to induce Semmelbauer to enter into
this Amendment and Release Agreement, other than the express terms set forth herein. Semmelbauer further acknowledges and agrees
that he has read this Amendment and Release Agreement and understands all of its terms, including without limitation the waiver
and release of claims set forth in Paragraph 4 hereof.

 

		11)	By executing this Amendment and Release Agreement, Semmelbauer acknowledges that (i) he has been advised by Shutterstock –
and is hereby again advised – that he should consult with an attorney of his own selection prior to execution of this Amendment
and Release Agreement, and that this Amendment and Release Agreement affects substantial rights and provides for the waiver and
release of any and all claims against Shutterstock; (ii) he has been provided with an at least twenty one (21) calendar day period
to review and consider whether to sign this Amendment and Release Agreement and that by executing and delivering this Amendment
and Release Agreement to the Chief Executive Officer of Shutterstock, he is waiving any remaining portion of such twenty one (21)
calendar day period; (iii) he has been advised that he has seven (7) calendar days following execution of this Amendment and Release
Agreement to revoke this Amendment and Release Agreement (the “Revocation Period”).

 

This Amendment and Release Agreement will not be
effective or enforceable until the Revocation Period has expired. A revocation of this Amendment and Release Agreement shall only
be effective if an originally executed written notice thereof is received by the Chief Executive Officer of Shutterstock on or
before 5:00 p.m. on the seventh calendar day after Semmelbauer’s execution of this Amendment and Release Agreement.
Placing a written revocation in the mail to Shutterstock does not constitute “receipt by” Shutterstock. If so revoked,
this Amendment and Release Agreement shall be deemed to be void and of no force and effect.

 

    	 

    	 

    

 

THIS AMENDMENT AND RELEASE AGREEMENT IS A LEGAL AND BINDING
CONTRACT. BEFORE SIGNING THIS AMENDMENT AND RELEASE AGREEMENT, SEMMELBAUER ACKNOWLEDGES THAT HE HAS HAD A REASONABLE TIME PERIOD
TO REVIEW THIS AMENDMENT AND RELEASE AGREEMENT CAREFULLY WITH COUNSEL OF HIS OWN CHOICE; THAT HE HAS READ THIS AMENDMENT AND RELEASE
AGREEMENT AND UNDERSTANDS ALL OF THE TERMS AND THE MEANING AND SIGNIFICANCE OF THE AMENDMENT AND RELEASE AGREEMENT, INCLUDING,
BUT NOT LIMITED TO, THE GENERAL RELEASE CONTAINED THEREIN; THAT HE HAS NOT BEEN PRESSURED IN ANY MANNER WHATSOEVER TO SIGN THIS
AMENDMENT AND RELEASE AGREEMENT AND THAT HE VOLUNTARILY AGREES TO BE LEGALLY BOUND BY ITS TERMS. SEMMELBAUER UNDERSTANDS THAT HE
MAY REVOKE THIS AMENDMENT AND RELEASE AGREEMENT AND THE RELEASE CONTAINED HEREIN WITHIN SEVEN (7) CALENDAR DAYS FOLLOWING HIS SIGNING,
AND THIS AMENDMENT AND RELEASE AGREEMENT WILL NOT BECOME ENFORCEABLE OR EFFECTIVE UNTIL THAT SEVEN (7) CALENDAR DAY PERIOD HAS
EXPIRED. SHOULD SEMMELBAUER REVOKE THIS RELEASE AGREEMENT OR BREACH ANY OF ITS TERMS AND CONDITIONS, OR THE TERMS AND CONDITIONS
OF ANY OTHER AGREEMENT BETWEEN SEMMELBAUER AND SHUTTERSTOCK, SEMMELBAUER UNDERSTANDS THAT HEWILL NOT BE ENTITLED TO ANY OF THE
PAYMENTS OR BENEFITS SET FORTH IN THE AGREEMENT. 

 

IN WITNESS WHEREOF I have signed this Amendment
and Release Agreement on this

 

27 day of December, 2014.

 

SIGNED AND DELIVERED

 

/s/ Thilo Semmelbauer               

Thilo Semmelbauer

 

 

AGREED AND ACCEPTED:

 

SHUTTERSTOCK, INC.

 

	By:	/s/ Timothy Bixby	 
	 	Timothy Bixby, CFO
	 	 
	Date:	1-5-15

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