Document:

Exh. 10.2 KS RSA 21MAR14

Exhibit 10.2
RESTRICTED STOCK AWARD AGREEMENT

THIS RESTRICTED STOCK AWARD AGREEMENT (this Agreement) is entered into as of this 21st day of March, 2014 (the Effective Date) by and between UNITED INSURANCE HOLDINGS CORP., a Delaware corporation (the Company), and KIMBERLY A. SALMON, an individual residing in the State of Florida (the Participant).

RECITALS
WHEREAS, the Company is a Delaware corporation with authorized capital stock as follows:
50,000,000 shares of Common Stock, par value $0.0001 per share (Common Stock), and 1,000,000 shares of Preferred Stock, par value $0.0001 per share, of which 125,000 shares are designated as Series A Junior Participating Preferred Stock;
WHEREAS, the Company and the Participant entered into that certain Employment Agreement, dated as of February 5, 2014 (the Employment Agreement), whereby the Participant shall serve as the General Counsel and Chief Legal Officer of the Company; and
WHEREAS, both the Company and the Participant wish to enter into this Agreement to memorialize, and set forth in the specific terms of, the grant of restricted Common Stock described in the Employment Agreement.
NOW, THEREFORE, in consideration of the foregoing recitals and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
		
	1.
	Grant of Restricted Shares.  The Company hereby grants to the Participant 1,270 shares of restricted Common Stock (the Restricted Shares), subject to the terms and conditions of this Agreement.

2.Vesting.

		
	a.
	Subject to Section 2.c. of this Agreement, the Restricted Shares will fully vest on March 21, 2015 (the Vesting Date); provided that the Participant is continuously employed by the Company from the Effective Date through the Vesting Date.

		
	b.
	If the Participant's employment with the Company terminates for any reason, other than those reasons provided in Section 2.c., before the Vesting Date, the Restricted Shares as of the date of such termination will immediately be forfeited as of the date of such termination.

		
	c.
	Notwithstanding Section 2.b. above, in the event that the Participant's employment with the Company terminates due to the Company's termination of the Participant's employment without Cause (as defined in the Employment Agreement) (a Covered Termination), the Restricted Shares that would vest on the Vesting Date, if not already vested, automatically and immediately vest (the Termination Payment) as of the later of (A) the date of the termination of the Participant's employment with the Company as a result of the events described in this Section 2.c. or (B) the date on which the release described in Section 4.7 of the Employment Agreement becomes effective.

		
	3.
	Issuance of Certificates/Escrow.

		
	a.
	The Company will issue in the Participant's name certificate(s) evidencing the Restricted Shares as soon as practicable following the Participant's execution of this Agreement.  In addition to any other legends placed on the certificate(s), such certificate(s) will bear the following legend:

“The sale or other transfer of the shares of common stock represented by this certificate, whether voluntary or by operation of law, is subject to the restrictions set forth in the Restricted Stock Award Agreement, dated as of March 21, 2014, by and between United Insurance Holdings Corp. and the registered owner hereof.  A copy of such agreement may be obtained from the Secretary of United Insurance Holdings Corp.”

		
	b.
	Upon the vesting of the Restricted Shares, the Participant will be entitled to a new certificate for the shares that have vested, without the foregoing legend, upon making a request for such certificate to the Secretary of the Company.

		
	c.
	The certificates representing the Restricted Shares will be held in escrow by the Company, as escrow agent.  The Company will give the Participant a receipt for the Restricted Shares held in escrow that will state that the Company holds such shares in escrow for the Participant's account, subject to the terms of this Agreement, and the Participant will give the Company a stock power for such Restricted Shares duly endorsed in blank which will be used in the event any of such shares are forfeited in whole or in part.  As soon as practicable after each Vesting Date, the Restricted Shares that have vested upon such Vesting Date will cease to be held in escrow, and certificate(s) for such number of Restricted Shares will be delivered to the Participant or, in the case of the Participant's death, to the Participant's estate. 

		
	4.
	Status of Participant.  This Agreement shall not confer upon the Participant any right to continue in the employ of the Company, nor to interfere in any way with the right of the Company to terminate the employment of the Participant at any time.

		
	5.
	Nontransferability.  The Participant may not sell, transfer, assign, pledge, alienate, or hypothecate any of the Participant's Restricted Shares until they are vested, other than as set forth herein and any such attempted sale, transfer, assignment, pledge, alienation, or hypothecation will be null and void.

		
	6.
	Voting and Dividends.  The Participant may exercise full voting rights and will receive all dividends and other distributions paid with respect to the Restricted Shares, whether or not vested, in each case so long as the applicable record date occurs before any forfeiture of such shares.  If, however, any such dividends or distributions are paid in shares of Company capital stock, such shares will be subject to the same risk of forfeiture, restrictions on transferability and other terms of this Agreement as are the Restricted Shares with respect to which they were paid. 

		
	7.
	Tax Matters.

		
	a.
	The Participant (and not the Company) shall be responsible for the Participant's federal, state, local or foreign tax liability and any of the Participant's other tax consequences that may arise as a result of the transactions contemplated by this Agreement.  The Participant shall rely solely on the determinations of the Participant's tax advisors or the Participant's own determinations, and not on any statements or representations by the Company or any of its agents, with regard to all such tax matters.

		
	b.
	To the extent that the receipt of the Restricted Shares or the vesting of the Restricted Shares results in income to the Participant for federal, state or local income tax purposes, the Participant shall deliver to the Company at the time the Company is obligated to withhold taxes in connection with such receipt or vesting, as the case may be, such amount as the Company requires to meet its withholding obligation under applicable tax laws or regulations, and if the Participant fails to do so, the Company has the right and authority to deduct or withhold from other compensation payable to the Participant an amount sufficient to satisfy its withholding obligations.  The Participant may satisfy the withholding requirement, in whole or in part, by electing to have the Company withhold for its own account that number of Restricted Shares otherwise deliverable to the Participant from escrow hereunder on the date the tax is to be determined having an aggregate fair market value on the date the tax is to be determined equal to the minimum statutory total tax that the Company must withhold in connection with the vesting of such Restricted Shares.  The Participant's election must be irrevocable, in writing, and submitted to the Secretary of the Company before the applicable Vesting Date.  The fair market value of any fractional Restricted Shares not used to satisfy the withholding obligation (as determined on the date the tax is determined) will be paid to the Participant in cash.

		
	8.
	Certain Code Consequences.

		
	a.
	Notwithstanding any other provision of this Agreement, if any portion of the Termination Payment or any other payment under this Agreement, or under any other agreement with or plan of the Company, including, without limitation, the Employment Agreement or any subsequently adopted equity incentive plan (the Incentive Stock Plans) or any stock option agreement (the Stock Option Agreements) between the Company and the Participant entered into pursuant to an Incentive Stock Plan (in the aggregate 

Total Payments), would constitute an “excess parachute payment,” then the Total Payments to be made to the Participant shall be either (A) delivered in full or (B) delivered in an amount such that the value of the aggregate Total Payments that the Participant is entitled to receive shall be One Dollar ($1.00) less than the maximum amount that the Participant may receive without becoming subject to the tax imposed by Section 4999 of the Code (or any successor provision) (the Excise Tax), whichever of the foregoing results in the receipt by the Participant of the greatest benefit on an after-tax basis (taking into account the applicable federal, state and local income taxes, including any Section 409A Tax, and the Excise Tax).  If the provisions of Sections 280G and 4999 (or any successor provisions) are repealed without succession, then this Section 8(a) shall be of no further force and effect.

		
	b.
	For purposes of this Agreement, the terms “excess parachute payment” and “parachute payments” shall have the meanings assigned to them in Section 280G of the Code (or any successor provision) and such “parachute payments” shall be valued as provided therein.  Present value for purposes of this Agreement shall be calculated in accordance with Section 1274(b)(2) of the Code (or any successor provision).  Within 40 days following a Covered Termination or notice by one party to the other of its belief that there is a payment or benefit due the Participant that will result in an “excess parachute payment”, the Participant and the Company, at the Company's expense, shall obtain the opinion (which need not be unqualified) of nationally recognized tax counsel (the National Tax Counsel) selected by the Company's independent auditors and acceptable to the Participant in the Participant's sole discretion (which may be regular outside counsel to the Company), which opinion sets forth (A) the amount of the Base Period Income, (B) the amount and present value of Total Payments, (C) the amount and present value of any excess parachute payments, and (D) the net after-tax proceeds to the Participant, taking into account the tax imposed under Code Section 4999, if (x) the Total Payments were delivered in accordance with clause (A) of Section 8(a) or (y) the Total Payments were delivered in accordance with clause (B) of Section 8(a).  As used in this Section 8(b), the term “Base Period Income” means an amount equal to the Participant's “annualized includible compensation for the base period” as defined in Section 280G(d)(1) of the Code (or any successor provision).  For purposes of such opinion, (x) the value of any noncash benefits or any deferred payment or benefit shall be determined by the Company's independent auditors in accordance with the principles of Sections 280G(d)(3) and (4) of the Code (or any successor provisions), which determination shall be evidenced in a certificate of such auditors addressed to the Company and the Participant, and (y) the Participant shall be deemed to pay federal income tax and employment taxes at the highest marginal rate of federal income and employment taxation, and state and local income taxes at the highest marginal rate of taxation in the state or locality of Participant's domicile (in both cases determined in the calendar year in which the Covered Termination occurs or notice described above is given, whichever is earlier), net of the maximum reduction in federal income taxes that may be obtained from the deduction of such state and local taxes.  The opinion of the National Tax Counsel shall be dated as of the Termination Date and addressed to the Company and the Participant and shall be binding upon the Company and the Participant.  If such opinion determines that the Total Payments should be delivered in accordance with clause (B) of Section 8(a), then the Total Payments shall be reduced or eliminated as specified by the Participant in writing delivered to the Company within 30 days of the Participant's receipt of such opinion so that under the bases of calculations set forth in such opinion no portion of such Total Payments would be subject to the Excise Tax; provided that if Participant's exercise of the right to specify the payments or benefits to be reduced or eliminated would result in additional tax being due under Section 409A of the Code or, if the Participant fails to so notify the Company, then the payments or benefits included in the Total Payments shall be reduced or eliminated so that under the bases of calculations set forth in such opinion no portion of such Total Payments would be subject to the Excise Tax by applying the following principles, in order: (x) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (y) the payment or benefit with the later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (z) cash payments shall be reduced prior to non-cash benefits; provided further that if the foregoing order of reduction or elimination would result in additional tax being due under Section 409A of the Code, then the reduction shall be made pro rata among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments).  If the National Tax Counsel so requests in connection with the opinion required by this Section 8(b), the Participant and the Company shall obtain, at the Company's expense, and the National Tax Counsel may rely on, in providing the opinion, the advice of a firm of recognized executive compensation consultants as to the reasonableness of any item of compensation to be received by the Participant solely with respect to its status under Section 280G 

of the Code (or any successor provision) and the regulations thereunder.  Notwithstanding the foregoing, the provisions of this Section 8(b), including the calculations, notices and opinions provided for herein, shall be based upon the conclusive presumption that the following are reasonable: (1) the compensation and benefits provided for in the Employment Agreement and this Agreement and (2) any other compensation earned prior to the Termination Date by the Participant pursuant to the Company's compensation programs if such payments would have been made in the future in any event, even though the timing of such payment is triggered by the Covered Termination or the Termination Date. 
 
		
	c.
	In the event that, upon any audit by the Internal Revenue Service, or by a state or local taxing authority, of the Total Payments it is finally determined that the Participant owes more Excise Tax than was contemplated in the opinion of the National Tax Counsel with respect to the amount of Total Payments delivered to the Participant, then the Participant and the Company, at the Company's expense, shall direct the National Tax Counsel to re-issue its opinion taking into account the audit findings.  Thereafter, appropriate adjustments shall be made under this Agreement, in the manner determined by the National Tax Counsel, such that the net amount that is payable to the Participant reflects the intent of the parties as expressed in this Section 8.  If the Company is required to make a payment to the Participant, then such payment shall be paid following the date of the final determination by a court or the Internal Revenue Service and within 30 days after the date the Participant provides the Company a written request for reimbursement thereof (accompanied by proof of taxes paid), but in no event shall the reimbursement be made later than the end of the calendar year following the year in which the Participant remits the excise tax to the Internal Revenue Service.

		
	d.
	The Company will bear all costs associated with the National Tax Counsel and will indemnify and hold harmless the National Tax Counsel of and from any and all claims, damages, and expenses resulting from or relating to the National Tax Counsel's determinations pursuant to this Section 8, except for claims, damages or expenses resulting from the gross negligence or willful misconduct of such firm.

		
	9.
	Miscellaneous.

		
	a.
	Each party to this Agreement (i) consents to the personal jurisdiction of the state and federal courts having jurisdiction in Pinellas County, Florida, (ii) stipulates that the proper, exclusive, and convenient venue for any legal proceeding arising out of this Agreement is in the state or federal courts located in Pinellas County, Florida, and (iii) waives any defense, whether asserted by a motion or pleading, that any such court is an improper or inconvenient venue.

		
	b.
	No legal action or proceeding may be brought with respect to this Agreement more than one year after the later of (i) the last date on which the act or omission giving rise to the legal action or proceeding occurred, or (ii) the date on which the individual bringing such legal action or proceeding had knowledge or should have had knowledge of such act or omission.  At the Company's election, such action or other legal proceeding shall be heard pursuant to a bench trial and, if so elected, the parties to such proceeding shall waive their rights to a trial by jury. 

		
	c.
	This Agreement shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company's assets and business, and upon the Participant's estate or any individual who obtains a right hereunder by will or the laws of descent and distribution.

		
	10.
	Investment Representation Statement.  The Participant must complete the Investment Representation Statement attached hereto as Exhibit A to receive the award described herein.

		
	11.
	Certain Definitions.  For purposes of this Agreement:

		
	a.
	Code.  The term Code means the Internal Revenue Code of 1986, including any amendments thereto or successor tax codes thereof.

		
	b.
	Employer.  The term Employer means the Company and/or any subsidiary of the Company that employed the Executive immediately prior to the Termination Date.

		
	c.
	Section 409A Tax.  The term Section 409A Tax means the sum of (i) the 20 percent additional income tax described in Code Section 409A(a)(1)(B)(I)(ii) to the extent such additional tax is incurred by the Executive as a result of a Section 409A Violation, (ii) the interest determined to be due under Code Section 409A(a)(1)(B)(I)(i) in connection with the same Section 409A Violation, and (iii) any penalties incurred by the Executive in connection with the same Section 409A Violation, provided that the Executive pays such additional income tax and related interest and penalties promptly upon being notified that such amount is due.  Section 409A Tax does not include any interest or penalties assessed by the Internal Revenue Service on the Executive that are attributable to Executive's willful misconduct or negligence.

		
	d.
	Section 409A Violation.  The term Section 409A Violation means a violation of Section 409A of the Code that occurs in connection with any payment or benefit (or any acceleration of any payment or benefit) in connection with this Agreement or the fact that a provision of any benefit plan or program of the Company or the Employment Agreement fails to comply with Code Section 409A, and the Executive incurs additional tax under Section 409A of the Code as a result of such violation.

		
	e.
	Termination Date.  The term Termination Date means the effective date of the Executive's termination of employment pursuant to the Employment Agreement.  

	
		
	COMPANY:
	PARTICIPANT:

	 
	 

	UNITED INSURANCE HOLDINGS CORP., a Delaware corporation

By:  /s/ John L. Forney                    
Print Name: John Forney
Print Title: Chief Executive Officer
	KIMBERLY SALMON
/s/ Kimberly Salmon                                                     
KIMBERLY SALMON

	 
	 

EXHIBIT A

UNITED INSURANCE HOLDINGS CORP.
INVESTMENT REPRESENTATION STATEMENT

	
		
	TRANSFEREE:
	Kimberly Salmon, a resident of Florida (“Transferee”)

	ISSUER:
	United Insurance Holdings Corp., a Delaware corporation (the “Issuer”)

	SECURITY:
	1,270 shares of Common Stock (the “Shares”)

	DATE:
	March 21, 2014

In connection with the Restricted Stock Award Agreement, dated March 21, 2014, between Transferee and the Issuer, Transferee represents and warrants to the Issuer as of the date hereof:
1.Transferee understands that an investment in the Shares is speculative.  Transferee is aware of the Issuer’s business affairs and financial condition and has acquired sufficient information about the Issuer to reach an informed and knowledgeable decision to acquire the Shares.  Transferee is acquiring the Shares not with a view to, or for resale in connection with, any “distribution,” within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).

2.Transferee understands that the Shares have not been registered under the Securities Act and are being transferred to the Transferee by reason of a specific exemption therefrom, which exemption depends upon, among other things, the accuracy of Transferee’s representations and warranties as set forth herein.

3.Transferee understands that the Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available.  Transferee further acknowledges and understands that the Issuer is under no obligation to register the Shares.  Transferee understands that the instrument evidencing the Shares will be imprinted with a legend which prohibits the transfer of the Shares unless they are registered or such registration is not required in the opinion of counsel satisfactory to the Issuer.

4.Transferee is aware of the adoption of Rule 144 by the Securities and Exchange Commission, promulgated under the Securities Act, which permits limited public resale of shares acquired in a non-public offering subject to the satisfaction of certain conditions.  Transferee understands that if the Issuer is not satisfying the current public information requirement of Rule 144 at the time Transferee wishes to sell the Shares, Transferee would be precluded from selling the Shares under Rule 144 even if the minimum holding period has been satisfied.

5.Transferee is capable of bearing the economic risk and burden of the investment and the possibility of complete loss of all of the investment, and the lack of a public market such that it may not be possible to readily liquidate the investment whenever desired.

Very truly yours,

By:                    
Transfereeex10-5.htm

Exhibit 10.5

Glenn E. Fuller

 Executive Vice President, Chief Legal and

Administrative Officer and Secretary

Direct Line:  949.862.1392

Facsimile:   949.797.0484

glennf@autobytel.com

March 31, 2013

William Ferriolo

[Personal Information Redacted]

Re: Amended and Restated Employment Agreement

Dear William:

This agreement confirms, updates and restates the terms and conditions upon which you are employed by Autobytel Inc., a Delaware corporation (“Company”), as of March 31, 2013 (“Amendment Effective Date”).

 

1.           Employment.

 

(a)           As of the Amendment Effective Date you are employed as the Company’s Senior Vice President, Consumer Acquisitions. In such capacity, you will report to the Company’s President and Chief Executive Officer or such other senior executive officer as designated by the Company from time to time.

 

(b)           This agreement shall govern your employment for the period commencing as of the Amendment Effective Date and continuing until September 30, 2015.  Notwithstanding the foregoing governing period, your employment is at will and not for a specified term and may be terminated by the Company or you at any time, with or without cause or good reason and with or without prior, advance notice. This “at-will” employment status will remain in effect throughout the term of your employment by the Company and cannot be modified except by a written amendment to this offer letter that is executed by both parties (which in the case of the Company, must be executed by the Company’s Chief Legal Officer) and that expressly negates the “at-will” employment status.

 

(c)           Upon any termination of your employment by either party, whether with or without cause or good reason, you will be entitled to receive only such severance benefits, if any, as are set forth in that certain Severance Benefits Agreement dated as of September 17, 2010 between you and the Company, as amended by that certain Amendment No. 1 to Severance Benefits Agreement dated as of November 30, 2012 (the original Severance Benefits Agreement, as amended, is referred to herein as the “Severance Benefits Agreement”), as the Severance Benefits Agreement may be further amended, modified or terminated by agreement of the parties.  Receipt of any such severance benefits is subject to your compliance with the terms and conditions of the Severance Benefits Agreement.  You agree to assist and cooperate (including, but not limited to, providing information to the Company and/or testifying in a proceeding) in the investigation and handling of any internal investigation, legislative matter, or actual or threatened court action, arbitration, administrative proceeding, or other claim involving any matter that arose during the period of your employment.  You shall be reimbursed for reasonable expenses actually incurred in the course of rendering such assistance and cooperation.  Your agreement to assist and cooperate shall not affect in any way the content of information or testimony provided by you.

 

(d)           You will be governed by and will comply with by Company policies and procedures, as such policies and procedures may exist from time to time, generally applicable to all Company employees, including the Company’s Employee Handbook, Securities Trading Policy, Code of Conduct and Ethics for Employees, Officer and Directors, and Sexual Harassment Policy, copies of which you acknowledge have been provided to you.

  

  

  

William Ferriolo

Amended and Restated Employment Agreement

Page 2

2.           Compensation, Benefits and Expenses.

 

(a)           As compensation for the services to be rendered by you pursuant to this agreement, the Company hereby agrees to pay you at a Semi-Monthly Rate equal to Ten Thousand Four Hundred Sixteen Dollars and Sixty-Seven Cents ($10,416.67).  The Semi-Monthly Rate shall be paid in accordance with the normal payroll practices of the Company.

 

(b)           You shall be entitled to participate in annual incentive compensation plans, if any, that may be adopted by the Company from time to time and that are afforded generally to persons employed by the Company at your position level (subject to the terms and conditions of any such annual incentive compensation plans). Should such an annual incentive bonus plan be adopted for any annual period, your target annual incentive compensation opportunity will be as established by the Company for each annual period, which may be up to 55% of your annualized rate (i.e., 24 X Semi-Monthly Rate) based on achievement of objectives specified by the Company each annual incentive compensation period (which may include Company-wide performance objectives, divisional or department performance objectives, individual performance objectives and/or subjective performance evaluations, allocated between and among such performance objectives and evaluations as the Company may determine in its sole discretion). Specific annual incentive compensation plan details, target incentive compensation opportunity and objectives for each annual compensation plan period will be set forth in written documents provided to you by the Company. Awards under annual incentive plans may be prorated for a variety of factors, including time employed by the Company during the year, adjustments in base compensation or target award percentage changes during the year, and unpaid leaves.  You understand that the Company’s annual incentive compensation plans, their structure and components, specific target incentive compensation opportunities and objectives, and the achievement of objectives and payouts, if any, thereunder are subject to the sole discretion of the Company’s Board of Directors, or a committee thereof.

 

(c)           You shall be entitled to participate in such ordinary and customary benefits plans afforded generally to persons employed by the Company at your level (subject to the terms and conditions of such benefit plans, your making of any required employee contributions required for your participation in such benefits, your ability to qualify for and satisfy the requirements of such benefits plans).

 

(d)           You are solely responsible for the payment of any tax liability that may result from any compensation, payments or benefits that you receive from the Company. The Company shall have the right to deduct or withhold from the compensation due to you hereunder any and all sums required by applicable federal, state, local or other laws, rules or regulations, including, without limitation federal and state income taxes, social security or FICA taxes, and state unemployment taxes, now applicable or that may be enacted and become applicable during your employment by the Company.

3.           Other Employment Documents.  You acknowledge and agree that you continue to be subject to and bound by the terms and conditions of the following agreements: (i) Employee Confidentiality and Non-Compete Agreement dated as of September 17, 2010; and (ii) Mutual Agreement to Arbitrate dated as of September 17, 2010.

 

4.           Prior Employment Requirements or Obligations. The Company requires that you comply with all terms and conditions of any employment or other agreements or legal obligations or requirements you may have with or owe to your current or former employers. In particular, the Company requires that you comply with the terms and conditions of any confidentiality or non-disclosure agreements, policies or other obligations You may owe your former employers, and Employee shall not disclose to the Company or provide the Company with copies of any confidential or proprietary information or trade secrets of any former employer. The Company expects that you will comply with any notification requirements relating to the termination of your employment with your current employer and will adjust the anticipated Commencement Date accordingly to accommodate any required notice period.  By execution below, you represent and warrant to Company that your employment with the Company will not violate the terms and conditions of any agreement entered into by you prior to your employment with Company.

 

  

  

  

William Ferriolo

Amended and Restated Employment Agreement

Page 3

5.           Amendments and Waivers.  This agreement may be amended, modified, superseded, or cancelled, and the terms and conditions hereof may be waived, only by a written instrument signed by the parties hereto or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power, or privilege hereunder will operate as a waiver thereof, nor will any waiver on the part of any party of any right hereunder, nor any single or partial exercise of any rights hereunder, preclude any other or further exercise thereof or the exercise of any other right hereunder.

 

6.           Notices.  Any notice required or permitted under this agreement will be considered to be effective in the case of (i) certified mail, when sent postage prepaid and addressed to the party for whom it is intended at its address of record, three (3) days after deposit in the mail; (ii) by courier or messenger service, upon receipt by recipient as indicated on the courier's receipt; or (iii) upon receipt of an Electronic Transmission by the party that is the intended recipient of the Electronic Transmission. The record addresses, facsimile numbers of record, and electronic mail addresses of record for you are set forth on the signature page to this agreement and for the Company as set forth in the letterhead above and may be changed from time to time by notice from the changing party to the other party pursuant to the provisions of this Section 6. For purposes of this Section 6, "Electronic Transmission” means a communication (i) delivered by facsimile, telecommunication or electronic mail when directed to the facsimile number of record or electronic mail address of record, respectively, which the intended recipient has provided to the other party for sending notices pursuant to this Agreement and (ii) that creates a record of delivery and receipt that is capable of retention, retrieval, and review, and that may thereafter be rendered into clearly legible tangible form.

 

7.           Choice of Law.  This agreement, its construction and the determination of any rights, duties or remedies of the parties arising out of or relating to this agreement will be governed by, enforced under and construed in accordance with the laws of the State of Florida, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws of such state.

8.           Severability.  Each term, covenant, condition, or provision of this agreement will be viewed as separate and distinct, and in the event that any such term, covenant, condition or provision will be deemed to be invalid or unenforceable, the arbitrator or court finding such invalidity or unenforceability will modify or reform this agreement to give as much effect as possible to the terms and provisions of this agreement.  Any term or provision which cannot be so modified or reformed will be deleted and the remaining terms and provisions will continue in full force and effect.

9.           Interpretation.  Every provision of this agreement is the result of full negotiations between the parties, both of whom have either been represented by counsel throughout or otherwise been given an opportunity to seek the aid of counsel. No provision of this agreement shall be construed in favor of or against any of the parties hereto by reason of the extent to which any such party or its counsel participated in the drafting thereof. Captions and headings of sections contained in this agreement are for convenience only and shall not control the meaning, effect, or construction of this agreement. Time periods used in this Agreement shall mean calendar periods unless otherwise expressly indicated.

 

10.           Entire Agreement.  This agreement, together with the Company policies and procedures referenced above in Section 1(d) and the agreements referenced above in Sections 1(c) and 3, is intended to be the final, complete and exclusive agreement between the parties relating to your employment by the Company and all prior or contemporaneous understandings, representations and statements, oral or written, are merged herein.  No modification, waiver, amendment, discharge or change of this agreement shall be valid unless the same is in writing and signed by the party against which the enforcement thereof is or may be sought.

11.             Counterparts; Facsimile or PDF Signature.  This agreement may be executed in counterparts, each of which will be deemed an original hereof and all of which together will constitute one and the same instrument. This agreement maybe executed by facsimile or PDF signature by either party and such signature shall be deemed binding for all purposes hereof, without delivery of an original signature being thereafter required.

  

  

  

William Ferriolo

Amended and Restated Employment Agreement

Page 4

This offer shall expire seven (7) calendar days from the date of this offer letter. Should you wish to accept this offer and its terms and conditions, please confirm your understanding of, agreement to, and acceptance of the foregoing by signing and returning to the undersigned the duplicate copy of this offer letter enclosed herewith.

 

	 	Autobytel Inc., a Delaware corporation
	 	 	 
	 	By:	/s/ Glenn E. Fuller 
	 	 	Glenn E. Fuller
	 	 	EVP, Chief Legal and Administrative Officer and Secretary

 

 

Accepted and Agreed as of the date first written above:

 

/s/ William Ferriolo                                       

William Ferriolo

[Personal Information Redacted]

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