Document:

a416mdserviceagreementam

                                                                      Exhibit 4.16             [Bindende deutsche Fassung.             [Englische Obersetzung nur zu            Binding German version.]         Informationszwecken. English translation for infor­                                                     mation purposes only.]      Anderungsvereinbarung                    Amendment Agreement                    zwischen                                 between                                  Spark Networks SE    mit Sitz in Mtinchen (ktinftig: Berlin), vertre­ registered in Munich (in the future: Berlin),   ten <lurchden  Verwaltungsrat, dieser vertreten represented by the administrative board ( Ver­    <lurchden  Verwaltungsratsvorsitzenden  waltungsrat), the latter represented by the                                               chairman of the administrative board         (nachfolgenddie  ,,Gesellschaft")         (hereinafter the "Company")                      und                                     and                                Michael Schrezenmaier                            Strafle 132 Nr. 20, 13158 Berlin               (nachfolgend der                          (hereinafter the         ,,Geschaftsflihrende Direktor")             "Managing Director")    (Gesellschaft und GeschaftsflihrenderDirektor  (Company and Managing Director      nachfolgend zusammen die ,,Parteien"          collectively hereinafter       und einzeln j eweils eine ,,Partei").    the "Parties", and each a "Party").   Praambel                                 Preamble   Der Geschaftsflihrende Direktor ist <lurch The Managing Director has been  appointed  Beschluss des Verwaltungsrats der Gesell- as managing director of the Company by      EU-181957 v2a417thirdamendedandresta

                                                                                           Exhibit 4.17                        THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT   This Third Amended and Restated Employment Agreement (this “Agreement”) is effective as of December______ __,22  2018 (the  “Effective Date”) by and between Spark Networks, Inc., a Delaware corporation (the “Company”), and Robert O’Hare, an  individual resident in New York (“Executive”).                                                 WITNESSETH:   WHEREAS, the Company and Executive entered into a Second Amended and Restated Employment Agreement effective as  of June 23, 2017 (the “Employment Agreement”); and    WHEREAS, the Company and Executive desire to make certain amendments to the Employment Agreement as set forth in  this Agreement.    NOW THEREFORE, in consideration of the mutual obligations herein contained, the parties hereto, intending to be legally  bound hereby, covenant and agree as follows:     1.   EMPLOYMENT (a) The Company is employing Executive to render services to the Company in the position of Chief Executive Officer. Executive is also separately serving as the Chief Financial Officer of the Company’s parent corporation, Spark Networks SE, a European stock corporation (“Spark Networks SE”).  Executive shall perform such duties commensurate with his position, subject to the control of the Board of Directors of the Company (the “Board”) and the Board of Directors of Spark Networks SE, as applicable, for the overall strategic direction and leadership of the Company and Spark Networks SE. Executive shall report to the Board in his capacity as Chief Executive Officer of the Company.  (b) Throughout the Term (as defined below), Executive shall devote his full business time and undivided attention to the business and affairs of the Company and its affiliates (including Spark Networks SE) and subsidiaries, except for reasonable vacations and except for illness or incapacity, but nothing in the Agreement shall preclude Executive from engaging in charitable and public service activities provided such activities do not materially interfere with the performance of his duties and responsibilities under this Agreement.   2.   TERM The term of this Agreement (the “Term”) shall commence on the Effective Date and shall continue until terminated pursuant  to Section 4 hereof.     3.   COMPENSATION For services rendered by Executive during the Term of this Agreement, and for his performance of all additional obligations  of employment, the Company agrees to pay Executive and Executive agrees to accept the following salary, other  compensation, and benefits:    (a) Base Salary. During the Term, the Company shall pay Executive a base salary at the annual rate of $305,000 (the “Annual Base Salary”) to be paid evenly over the course of the year in accordance with the Company’s standard payroll policies. During the Term, the Annual Base Salary will not be increased or decreased.  (b) Annual Bonus. In addition to the Annual Base Salary, Executive is currently eligible to receive an annual bonus with a target amount of 30% of his Annual Base Salary for calendar year 2018 and subsequent calendar years based on the achievement of individual and Company performance goals for such years to be determined by the Board or the Compensation Committee, or the Board of Directors or the Compensation Committee of the Board of Directors of Spark Networks SE, as applicable.  Any annual bonus payment shall be made at the same time that annual bonus payments are made to other employees of the Company and Spark Networks SE, but in no event later than March 15 of the year following the year in which such bonus payment is earned.  Subject to the terms of Section 4 below, Executive must be employed by                                                      1  sf-3951095  

 

the Company on the date on which such bonus is earned in order to be eligible to receive such bonus.   (c) Benefits. Executive shall be entitled to participate, as long as he is an employee of the Company, in any and all of the  Company’s present or future employee benefit plans, including without limitation pension plans, thrift and savings plans,  insurance plans, and other benefits that are generally applicable to the Company’s executives; provided, however, that the  accrual and/or receipt by Executive of benefits under and pursuant to any such present or future employee benefit plan shall  be determined by the provisions of such plan.    (d) Business Expenses. Executive shall be reimbursed for all reasonable expenses incurred in connection with the conduct of  the Company’s business upon presentation of evidence of such expenditures, including but not limited to travel expenses  incurred by Executive in the performance of his duties and professional organization dues.    (e) Relocation Expenses. If Executive’s employment is terminated by the Company without Cause, Executive resigns from  employment with the Company for Good Reason or Executive voluntarily resigns during the Retention Period (defined  below), Executive shall be reimbursed for reasonable out of pocket relocation expenses of up to $35,000 for his relocation  back to California within six months following any such termination of employment, provided that Executive submits to the  Company such expenses for reimbursement within four months of such relocation (and the Company shall promptly  reimburse Executive for such expenses, but in no event later than one month after Executive’s submission thereof).    (f) Housing Stipend. Executive shall receive a stipend for housing in New York of $100,000 per year (the “Housing  Stipend”), paid on a monthly basis on or about the first business day of each month so long as he remains employed by the  Company and continues to live in New York.      4. TERMINATION OF EMPLOYMENT. Subject to the terms and conditions of this Section 4, either the Company or  Executive may terminate Executive’s employment at any time, with or without Cause (as defined in Section 4(f)), during the  Term. Any termination of Executive’s employment during the Term shall be communicated by written notice of termination  from the terminating party to the other party (“Notice of Termination”). The Notice of Termination shall indicate the specific  provision(s) of this Agreement relied upon in effecting the termination and a written statement of the reason(s) for the  termination. A Notice of Termination provided by either party shall not be effective for a period of thirty (30) days after  receipt of such Notice of Termination by the other party. In the event the Executive’s employment terminates under Section  4(a) (Severance upon Involuntary Termination without Cause, Termination by Executive with Good Reason or Termination  by Executive after Retention), Section 4(b) (Effect of Death or Disability) or Executive is terminated by Company for Cause,  the Company shall pay to Executive upon Executive’s termination of employment: (i) the prorated Annual Base Salary  earned as of the date of Executive’s termination of employment, plus (ii) the accrued but unused vacation as of the date of  Executive’s termination of employment. Any unvested equity interests held by Executive shall be forfeited upon the  employment termination date, except as otherwise provided herein. Except as otherwise provided in this Section 4 or in any  other agreement between the Company and Executive, the Company shall have no further obligation to make or provide to  Executive, and Executive shall have no further right to receive or obtain from the Company, any payments or benefits in  respect of the termination of Executive’s employment with the Company during the Term of Employment.    (a) Severance upon Involuntary Termination without Cause, Termination by Executive with Good Reason or Termination by  Executive during Retention Period    (i) In addition to any payments set forth above in Section 4, in the event that the Company causes to occur an involuntary  termination without Cause (as defined in Section 4(f)), Executive resigns from employment with the Company for Good  Reason (as defined in Section 4(f)) or Executive voluntarily resigns after June 30, 2019 but prior to August 31, 2019 (such  period, the “Retention Period”), Executive shall be entitled to a “Severance Package” that consists of the following:  (i) a  single cash lump sum “Severance Payment” equal to 100% of Executive’s Aggregate Annual Compensation (as defined  below) but not to exceed $500,000 in the aggregate, payment to be made on the sixtieth (60th) day following such termination  or, in the event the legally required revocation period for Executive’s release as contemplated pursuant to Section 4(a)(i)  expires prior to such sixtieth (60th) day, as soon as reasonably practicable following the expiration of such revocation period,  and (ii) reimbursement of any COBRA payments paid by Executive in the twelve (12) month period following Executive’s  termination of employment to the extent Executive is not eligible for similar coverage through another employer.  “Aggregate  Annual Compensation” shall be calculated as the sum of the following: (A) 100% of Executive’s Annual Base Salary, plus  (B) 100% of Executive’s annual bonus target amount for the year in which such termination occurs (or, if annual bonuses  have not yet been paid for the prior year, the target amount of such prior year annual bonus),  plus (C) 100% of the annual  amount paid to Executive by Spark Networks SE for serving as a managing director of Spark Networks SE, plus (D) the                                                                                                            2  sf-3951095   

 

Housing Stipend of $100,000 per year. For the avoidance of doubt, the term “Aggregate Annual Compensation” excludes the  value of any equity in Spark Networks SE held by Executive at the time of the termination of employment.    (ii) If any plan pursuant to which severance welfare benefits are provided is not, or ceases prior to the expiration of the period  of continuation coverage to be, exempt from the application of Section 409A under Treasury Regulation Section 1.409A- 1(a)(5) or the Company is otherwise unable to continue to cover Executive under its group health plans without substantial  adverse tax consequences, then an amount equal to each remaining premium payment shall thereafter be paid to Executive as  currently taxable compensation in substantially equal monthly installments over the continuation coverage period (or the  remaining portion thereof). Executive’s eligibility for any Severance Package will be conditional on Executive executing a  Separation Agreement that includes a general mutual release by the Company and Executive in favor of the other and their  successors, affiliates and estates to the fullest extent permitted by law, drafted by and in a form reasonably satisfactory to the  Company and Executive, and Executive not revoking the mutual general release within any legally required revocation  period, if applicable, within the fifty-two (52)-day period following termination. All legally required and authorized  deductions and tax withholdings shall be made from the Severance Payment, including for wage garnishments, if applicable,  to the extent required or permitted by law. Effective immediately upon termination of employment, Executive shall no longer  be eligible to contribute to or to receive additional Company contributions as an active participant in any retirement or benefit  plan covering employees of the Company, but shall continue to have all rights under each such plan that are afforded to  terminated employees and inactive participants.    (b) Effect of Death or Disability. In the event that Executive dies or terminates employment by reason of a Disability (as  defined in Section 4(f)) during the Term of Employment, Executive shall be entitled to (i) payment of the unpaid prorated  Annual Base Salary earned as of the date of Executive’s death or Disability (the “Measurement Date”), (ii) a pro rata amount  of Executive’s annual target bonus amount for the year in which Executive’s employment terminates based on the number of  days Executive was employed by the Company during such year and (iii) reimbursement of any COBRA payments paid by  Executive or his estate or beneficiaries in the twelve (12) month period following the Measurement Date; provided, however,  that if any plan pursuant to which severance welfare benefits are provided is not, or ceases prior to the expiration of the  period of continuation coverage to be, exempt from the application of Section 409A under Treasury Regulation Section  1.409A-1(a)(5) or the Company is otherwise unable to continue to cover Executive under its group health plans without  substantial adverse tax consequences, then an amount equal to each remaining premium payment shall thereafter be paid to  Executive or his estate or beneficiaries as currently taxable compensation in substantially equal monthly installments over the  continuation coverage period (or the remaining portion thereof). All legally required and authorized deductions and tax  withholdings shall be made from the payments described in the previous sentence, including for wage garnishments, if  applicable, to the extent required or permitted by law. Payment under this Section 4(b) shall be made not more than once, if  at all.    (c) Statement Regarding Termination of Employment. In the event Executive’s employment is terminated without Cause, or  Executive resigns for Good Reason, Executive and the Company will negotiate in good faith to reach an agreement on a  statement reflecting a benign reason for termination or resignation.       (d) Ineligibility for Severance. Notwithstanding anything to the contrary in this Agreement, Executive shall not be entitled to  any Severance Package under this Agreement if at any time during the Term of Employment, (a) Executive voluntarily  resigns or otherwise terminates employment with the Company other than (i) during the Retention Period or (ii) for Good  Reason, or (b) the Company properly terminates Executive’s employment with Cause. Effective immediately upon  termination of employment, Executive shall no longer be eligible to contribute to or to be an active participant in any  retirement or benefit plan covering employees of the Company.    (e) Taxes and Withholdings. The Company may withhold from any amounts payable under this Agreement, including any  benefits or Severance Payment, such federal, state or local taxes as may be required to be withheld pursuant to applicable law  or regulations, which amounts shall be deemed to have been paid to Executive.    (f) Definitions.   (i) “Cause” shall mean the occurrence during the Term of any of the following: (i) formal admission to (including a plea of  guilty or nolo contendere to), or conviction of a felony, or any criminal offense involving Executive’s moral turpitude under  any applicable law, (ii) gross negligence or willful misconduct by Executive in the performance of Executive’s material  duties required by this Agreement and such negligence or misconduct has been communicated to Executive in the form of a  written notice from the Board, and that Executive has not substantially cured within thirty (30) days following receipt by                                                                                                             3  sf-3951095   

 

Executive of such written notice; or (iii) material breach of this Agreement by Executive which breach has been  communicated to Executive in the form of a written notice from the Board, and that Executive has not substantially cured  within thirty (30) days following receipt by Executive of such written notice.    (ii) “Disability” shall mean, to the extent consistent with applicable federal and state law (including, without limitation  Section 409A), Executive’s inability by reason of physical or mental illness to fulfill his obligations hereunder for ninety (90)  consecutive days or for a total of one hundred and eighty (180) days in any twelve (12) month period which, in the  reasonable opinion of an independent physician selected by the Company or its insurers and reasonably acceptable to  Executive or Executive’s legal representative, renders Executive unable to perform the essential functions of his job, even  after reasonable accommodations are made by the Company. The Company is not, however, required to make unreasonable  accommodations for Executive or accommodations that would create an undue hardship on the Company.    (iii) “Good Reason” shall mean the occurrence during the Term of Employment of any of the following: (i) a material breach  of this Agreement by the Company which is not cured by the Company within thirty (30) days following the Company’s  receipt of written notice by Executive to the Company describing such alleged breach; (ii) Executive’s Annual Base Salary is  reduced by the Company; (iii) a reduction in Executive’s title, or a material reduction in Executive’s duties, authorities,  and/or responsibilities, whether at the Company or at Spark Networks SE; or (iv) a requirement by the Company, without  Executive’s consent, that Executive relocate to a location that is greater than thirty-five (35) miles from Executive’s place of  residence.  Notwithstanding the above, the occurrence of any of the events described in the foregoing sentence shall not  constitute Good Reason unless Executive gives the Company written notice, within thirty (30) calendar days after Executive  has knowledge of the occurrence of any of the events described in the foregoing sentence, that such circumstances constitute  Good Reason and the Company thereafter fails to cure such circumstances within thirty (30) days after receipt of such notice,  and Executive terminates his employment hereunder within ninety (90) days after such event occurs.     (iv) “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended, (“Code”) and all applicable  guidance promulgated thereunder.    (g) Nonduplication of Benefits. Notwithstanding any provision in this Agreement or in any other Company or Spark  Networks SE benefit plan or compensatory arrangement to the contrary, (i) any payments due under either Section 4(a) or  Section 4(b) shall be made not more than once, if at all, (ii) payments may be due under either Section 4(a)  or Section 4(b),  but under no circumstances shall payments be made under more than one of the following: Section 4(a) and Section 4(b), and  (iii) Executive shall not be entitled to severance benefits from the Company other than as contemplated under this  Agreement, unless such other severance benefits provide for larger benefits than under this Agreement.       5.   NON-SOLICIT   (a) During Executive’s employment with the Company, and for a period of twelve (12) months thereafter, Executive will not  knowingly, separately or in association with others, materially and substantially interfere with, impair, disrupt or damage the  Company’s or Spark Networks SE’s relationship with any of the customers of the Company or Spark Networks SE with  whom Executive has had contact by contacting them for the purpose of inducing or encouraging any of them to divert or take  away business from the Company or Spark Networks SE and to an enterprise that is in direct competition with the Company  Business; provided, however, that none of the foregoing restrictions shall preclude Executive from being employed by a  consulting, financial or advisory firm that provides any advice or services to a person, enterprise or business that is in  competition with the Company or Spark Networks SE so long as Executive does not personally provide such advice or  services to the competing person, enterprise or business.    (b) During Executive’s employment with the Company, and for a period of twelve (12) months thereafter, Executive will not,  knowingly, separately or in association with others, materially and substantially, interfere with, impair, disrupt or damage the  Company’s or Spark Networks SE’s business by directly contacting any Company or Spark Networks SE officers or key  employees for the purpose of inducing or encouraging them to discontinue their employment with the Company or Spark  Networks SE; provided, however, that the foregoing provisions shall not (i) restrict Executive from directly or indirectly  making any general solicitation for employees, making a public advertising or participating in any job fairs or recruiting  workshops or (ii) preclude Executive from soliciting and/or hiring any officer, key employee or other person at any time (A)  in the case of voluntary terminations, later than six (6) months after such person’s termination of employment from the  Company or Spark Networks SE and (B) in the case of all other terminations, after such person’s termination of employment  from the Company or Spark Networks SE.                                                                                                                4  sf-3951095   

 

 6.   INDEMNIFICATION; INSURANCE   (a) During the Term of this Agreement and thereafter, the Company shall indemnify Executive to the fullest extent permitted  under applicable  law from and against any expenses (including but not limited to attorneys’ fees, expenses of investigation  and preparation and fees and disbursements of Executive’s accountants or other experts), judgments, fines, penalties and  amounts paid in settlement actually and reasonably incurred by Executive in connection with any proceeding in which  Executive was or is made party or was or is involved (for example, as a witness) by reason of the fact Executive was or is  employed by or serving as an officer or director of the Company or any of its affiliates, including Spark Networks SE. Such  indemnification shall continue as to Executive during the Term of this Agreement and for so long thereafter as Executive  may have exposure with respect to acts or omissions which occurred prior to his cessation of employment with the Company  and shall inure to the benefit of Executive’s heirs, executors and administrators. The Company shall advance to Executive all  costs and expenses incurred by him in connection with any proceeding covered by this provision within 20 calendar days  after receipt by the Company of a written request for such advance. Such request shall include an undertaking by Executive to  repay the amount of such advance if it shall ultimately be determined that he is not entitled to be indemnified against such  costs and expenses.    (b) The Company agrees to purchase and maintain adequate Directors’ and Officers’ liability insurance from a reputable,  nationally recognized and financially sound insurer with provisions that will provide coverage for Executive as a director,  officer and employee as well as coverage as a former director, officer and employee following any termination of this  Agreement or Executive’s employment and service on the Board. Such insurance shall inure to the benefit of Executive’s  heirs, executors and administrators.         7.   MISCELLANEOUS   (a) Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the Company and its  successors and assigns. Executive shall not be entitled to assign any of Executive’s rights or obligations under this  Agreement without the Company’s written consent, provided that upon Executive’s death, Executive’s named beneficiaries,  estate or heirs, as the case may be, shall succeed to all of Executive’s rights under this Agreement.    (b) Nonexclusivity Rights. Executive is not prevented from continuing or future participation in any Company or Spark  Networks SE benefit, bonus, incentive or other plans, programs, policies or practices provided by the Company or Spark  Networks SE subject to the terms and conditions of such plans, programs, or practices.    (c) Entire Agreement. This Agreement supersedes any prior agreements or understandings, oral or written, with respect to  employment of Executive and constitutes the entire Agreement with respect thereto. This Agreement cannot be altered or  terminated orally and may be amended only by a subsequent written agreement executed by both of the parties hereto or their  legal representatives, and any material amendment must be approved by a majority of the voting shareholders of the  Company.    (d) Waiver. Either party’s failure to enforce any provision of this Agreement shall not in any way be construed as a waiver of  any such provision, or prevent that party thereafter from enforcing each and every other provision of this Agreement    (e) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New  York.    (f) Litigation Costs and Expenses. In any action to enforce the terms of this Agreement, the prevailing party shall be  reimbursed by the non-prevailing party for such prevailing party’s reasonable attorneys’ fees and costs, including the costs of  enforcing a judgment.    (g) Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or  enforceability of any other provisions, which shall remain in full force and effect.    (h) Interpretation; Construction. The headings set forth in this Agreement are for convenience only and shall not be used in  interpreting this Agreement. This Agreement has been drafted by legal counsel representing the Company, but Executive has  participated in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has had an opportunity to  review and revise the Agreement and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of  construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the                                                                                                            5  sf-3951095   

 

interpretation of this Agreement.      (i) Arbitration. Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination,  enforcement, interpretation or validity thereof, including the determination of the scope or applicability of this agreement to  arbitrate, shall be determined by arbitration in New York City, New York, before three arbitrator(s). The arbitration shall be  administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures. Judgment on the Award may be  entered in any court having jurisdiction. This clause shall not preclude parties from seeking provisional remedies in aid of  arbitration from a court of appropriate jurisdiction, in which case each party consents to the jurisdiction and venue of the state  and federal courts located in New York, New York. All forum costs related to such arbitration shall be borne by the  Company.    (j) Notices. Any notices, requests or other communications provided for by this Agreement shall be sufficient if in writing  and if sent by registered or certified mail to Executive at the last address he has filed in writing with the Company or, in the  case of the Company, at its principal offices.    (k) Cooperation. If Executive is no longer employed by the Company for any reason, Executive and the Company shall in  good faith negotiate future cooperation by Executive as reasonably requested by the Company at a reasonable rate for a  period of no less than six (6) months.       8.   COMPLIANCE WITH CODE SECTION 409A   With respect to any compensation payable or benefits to be provided under this Agreement that are subject to Section 409A,  this Agreement is intended to comply with the provisions of Section 409A. In furtherance of this intent, to the extent that any  compensation payable or benefits to be provided under this Agreement are subject to Section 409A, this Agreement shall be  interpreted, operated, and administered in a manner consistent with these intentions, and the parties agree to amend this  Agreement further (if necessary) in order to avoid the adverse tax consequences of Section 409A. Notwithstanding any other  provision of this Agreement to the contrary, no severance pay or benefits to be paid or provided to Executive, if any, pursuant  to this Agreement that, when considered together with any other severance payments or separation benefits, are considered  deferred compensation under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until  Executive has had a “separation from service” within the meaning of Section 409A. Similarly, no severance payable to  Executive, if any, that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A- 1(b)(9) will be payable until Executive has had a “separation from service” within the meaning of Section 409A. Each  payment and benefit payable under this Agreement is intended to constitute a separate payment and the right to a series of  installment payments under this Agreement will be treated as a right to a series of separate payments. If Executive is a  “specified employee” within the meaning of Section 409A at the time of his “separation from service” (within the meaning of  Section 409A), then the Deferred Payments that would otherwise be payable within the six (6) month period following his  separation from service will be paid in a lump sum on the date six (6) months and one (1) day following the date of his  separation from service (or the next business day if such date is not a business day). All subsequent Deferred Payments, if  any, will be payable in accordance with the payment schedule applicable to each payment or benefit. If Executive dies  following his separation from service, but prior to the six (6) month anniversary of his separation from service, then any  payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable  after the date of his death and all other Deferred Payments will be payable in accordance with the payment schedule  applicable to each payment or benefit.       9.   COMPLIANCE WITH CODE SECTION 280G   In the event that it is determined by the Company in its sole discretion that any payment or benefit to the Executive under this  Agreement, or otherwise, either cash or non-cash, that the Executive has the right to receive from the Company, including,  but not limited to, accelerated vesting or payment of any deferred compensation, restricted stock or any benefits payable to  Executive under any plan for the benefit of employees, would constitute an “excess parachute payment” (as defined in  Section 280G of the Code), then such payments or other benefits will be either (a) delivered in full, or (b) delivered as to such  lesser extent which would result in no portion of such payments or benefits being subject to excise tax under Section 4999 of  the Code, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and  the excise tax imposed by Section 4999 of the Code, results in the receipt by Executive on an after-tax basis of the greatest  amount of payments and benefits, notwithstanding that all or some portion of such payments or benefits may be taxable under  Section 4999 of the Code. The order in which the payment will be reduced are (i) cash payments; (ii) equity-based payments  that are taxable; (iii) equity-based payments that are not taxable; (iv) equity-based acceleration; and (v) other non-cash forms                                                                                                            6  sf-3951095   

 

of benefits. Within any such category of payments and benefits (that is, (i), (ii), (iii), (iv) or (v)), a reduction shall occur first  with respect to amounts that are not “deferred compensation” within the meaning of Section 409A of the Code and then with  respect to amounts that are. In no event will Executive have any discretion with respect to the ordering of payment  reductions.                                             [Signature Page Follows]                                                                                                                  7  sf-3951095   

 

IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year first above written.                                                                                                                                                                                  SPARK NETWORKS, INC.                                                                                                               By:                                                             Name:    Cristina  Ceballos                                                      Title:   VP  Finance, Spark Networks Inc                                                                                                               ROBERT O’HARE                                                                                                                                                                                                                                                                                                                                        8  sf-3951095

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