Document:

Exhibit 1034

		

			EXHIBIT 10.34

		

		
			Rosenthal & Rosenthal, Inc.
		

		
			1370 Broadway
		

		
			New York, NY  10018
		

		
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			Date:  March 24, 2017
		

		
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			Stillwater Trust LLC
		

		
			655 Madison Avenue, 20th Floor
		

		
			New York, New York 10065
		

		
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			RE: eMAGIN CORPORATION
		

		
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			Ladies and Gentlemen:
		

		
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			Rosenthal & Rosenthal, Inc. (together with its successors and assigns, the “Senior Creditor”) has entered into a Financing Agreement (the “Financing Agreement”) and related agreements with eMagin Corporation (the “Borrower”) pursuant to which it makes loans and advances to the Borrower (the Financing Agreement and all related agreements, as they may be amended, supplemented, refinanced or otherwise modified from time to time, the “Senior Loan Documents”), each of which is secured by a security interest in substantially all of the now owned and hereafter acquired assets of the Borrower. 
		

		
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			Senior Creditor understands that Stillwater Trust LLC (the “Junior Creditor”) has entered and/or intends to enter into financing arrangements with the Borrower (the “Junior Loan Documents”, and all indebtedness now or hereafter due to Junior Creditor from the Borrower, and all interest accrued or that may hereafter accrue thereon, together with all fees, charges and expenses payable by the Borrower to the Junior Creditor pursuant to the Junior Loan Documents are hereinafter referred to as the “Junior Indebtedness”).
		

		
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			Please sign below to confirm Junior Creditor’s agreement that, as an inducement to Senior Creditor continuing to finance the Borrower pursuant to the Financing Agreement,  (i) so long as Senior Creditor has a security interest or other interest in any assets of the Borrower,  (ii) until indefeasible payment in full of the Obligations (as defined in the Financing Agreement)  of Borrower to Senior Creditor (the “Senior Indebtedness”) and (iii) until the irrevocable termination of the Senior Loan Documents,  notwithstanding anything in the Junior Loan Documents to the contrary, Junior Creditor agrees to the following:
		

		
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				 (1)
			

			
	
			
			Lien Subordination.  Any security interest or lien Junior Creditor may now or hereafter have in any of the assets of the Borrower shall be subject and subordinate in all respects to Senior Creditor’s interest therein.

			
	
			
				 (2)
			

			
	
			
			Payment Subordination.  All Junior Indebtedness now or hereafter due to Junior Creditor shall not be payable, and no payment on account of the Junior Indebtedness, shall be received, accepted or retained by Junior Creditor (other than the accumulation of PIK interest), without the prior written consent of Senior Creditor.    

		
			Should any payment or distribution or security or proceeds on or for the Junior Indebtedness be received by Junior for or on account of the Junior Indebtedness, prior to the satisfaction of the Obligations, Junior Creditor will forthwith assign, endorse and 
		

		 

		

			[Subordination Agreement]

		

 

		deliver same to Senior Creditor, in precisely the form received (except for Junior Creditor's endorsement where necessary), for application to payment of the Obligations, and until so delivered, same shall be held in trust by Junior Creditor as the property of Senior Creditor; in the event of the failure of Junior Creditor to endorse or assign any security or instrument for the payment of money so received by Junior Creditor or payable to Junior Creditor's order, Senior Creditor or any officer or employee thereof is hereby irrevocably constituted and appointed attorney-in-fact for Junior Creditor, with full power to make any such endorsement or assignment and with full power of substitution.
		

			
	
			
				 (3)
			

			
	
			
			Limitation on Acceleration and Remedies.  No holder of Junior Indebtedness shall be entitled to (i) exercise any remedies as a lender or commence any other action or proceeding to recover any amounts due or to become due with respect to the Junior Indebtedness, and/or (ii) contest, protest, or object, and will be deemed to have consented, including, without limitation, pursuant to section 363(f) of the Bankruptcy Code, to a sale, transfer or other disposition (or process resulting in the foregoing) of any of the Borrower’s assets if Senior Creditor consents to such disposition, and agrees that to the extent the proceeds thereof are used to pay the Senior Indebtedness, such disposition shall be free and clear of any liens or other interests of any holder of Junior Indebtedness.

			
	
			
				 (4)
			

			
	
			
			Information.  Junior Creditor will render to Senior Creditor upon demand from time to time a statement of the unpaid balance of the Junior Indebtedness.

			
	
			
				 (5)
			

			
	
			
			Transfers.  Any transferee from Junior Creditor of any Junior Indebtedness shall, prior to acquiring such interest, execute and deliver a counterpart of this agreement to Senior Creditor.

			
	
			
				 (6)
			

			
	
			
			Additional Agreements.  In the event that the indebtedness owing under the Senior Loan Documents is refinanced in full or in part by another party, Junior Creditor agrees at the request of such refinancing party to enter into a subordination and intercreditor agreement on terms substantially similar to this agreement.

		
			The priorities and provisions referred to above shall apply at all times, whether before, during or after the pendency of any bankruptcy, reorganization or other insolvency proceeding relating to the Borrower, and notwithstanding the priorities that ordinarily would result under the Uniform Commercial Code and other applicable law from the order of granting or perfecting of any security interests referred to herein.
		

		
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			Notwithstanding the provisions of paragraphs 2 and 3 above (but subject to the other provisions of this agreement), provided that no Default under and as defined in the Senior Loan Documents has occurred and is continuing or would result therefrom,  Borrower may pay, and Junior Creditor may receive and retain, (i) the Origination Fee, the Anniversary Fee and the Draw Fee (as those terms are defined in the Junior Loan Documents) and (ii) the costs, expenses and charges payable under the Junior Loan Documents, together in each case with any amounts thereof previously due and payable which were unpaid due to the restriction on payments contained in this sentence.  In addition, notwithstanding anything to the contrary, provided that no Default under and as defined in the Senior Loan Documents has occurred and is continuing or would result therefrom, Borrower may repay all or any portion of the Junior Indebtedness with the proceeds of an Equity Event (as defined in the Junior Loan Documents).  Further, Junior Creditor may at any time, (i) file a proof of claim or statement of interest, vote on a plan of reorganization (including a vote to accept or reject a plan of partial or complete liquidation, reorganization, arrangement, 
		

		 

		

			[Subordination Agreement]2

		

 

		composition, or extension), and make other filings, arguments, and motions, with respect to any assets of the Borrower in any Insolvency Proceeding (as defined below) commenced by or against the Borrower; (ii) [intentionally omitted]; (iii) file necessary pleadings in opposition to a claim objecting to or otherwise seeking the disallowance of any lien Junior Creditor may have on any assets of the Borrower; (iv) join (but not exercise any control over) a judicial foreclosure or lien enforcement proceeding with respect to any assets of the Borrower initiated by Senior Creditor, to the extent that such action could not reasonably be expected to interfere materially therewith (but Junior Creditor may not receive any proceeds thereof unless expressly permitted herein); (v) bid for or purchase any assets of the Borrower at any public, private, or judicial foreclosure upon any such assets of the Borrower initiated by Senior Creditor, or any sale of any assets of the Borrower during an Insolvency Proceeding; (vi) exercise any rights and remedies that could be exercised by an unsecured creditor against Borrower, provided that any judgment lien obtained by Junior Creditor as a result of such exercise of rights will be subject to this Agreement for all purposes. Further, notwithstanding anything set forth contained in this agreement, nothing shall prohibit the Junior Creditor from receiving payments of principal, interest or amounts otherwise due it under the Junior Loan Documents in PIK notes, common or preferred stock or any other securities of the Borrower (including equity-linked securities or instruments convertible into equity securities), or converting the obligations under the Junior Loan Documents to stock or  other securities of the Borrower (including equity-linked securities or instruments convertible into equity securities), or setting off against amounts due it under the Junior Loan Documents any amounts it may owe to the Borrower, whether with respect to its purchase of any stock or other securities of the Borrower (including equity-linked securities or instruments convertible into equity securities) or otherwise.
		

		
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			Insolvency Proceeding means (i) a voluntary or involuntary case or proceeding under the Bankruptcy Code with respect to the Borrower, (ii) any other voluntary or involuntary insolvency, reorganization, or bankruptcy case or proceeding, or any receivership, liquidation, reorganization, or other similar case or proceeding with respect to the Borrower or a material portion of its property, (iii) a liquidation, dissolution, reorganization, or winding up of the Borrower, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy, or (iv) an assignment for the benefit of creditors.
		

		
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			JUNIOR CREDITOR AND BORROWER AGREE THAT THEIR BOOKS AND RECORDS WILL APPROPRIATELY SHOW THAT THE JUNIOR INDEBTEDNESS IS SUBJECT TO THIS AGREEMENT.  JUNIOR CREDITOR AND BORROWER WAIVE A TRIAL BY JURY AND A RIGHT TO INTERPOSE ANY COUNTERCLAIM OR OFFSET OF ANY NATURE OR DESCRIPTION IN ANY LITIGATION ARISING OUT OF OR RELATING TO THIS SUBORDINATION.  In the event Senior Creditor shall retain or engage an attorney or attorneys to enforce or protect our interests with respect to this agreement, all of the costs and expenses of such enforcement or protection, including reasonable attorneys' fees, shall be additional Senior Indebtedness subject to this agreement.
		

		
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			Junior Creditor agrees that it shall not assign or transfer any of the Junior Indebtedness without (i) prior notice being given to Senior Creditor and (ii) such assignment or transfer being made expressly subject to the terms of this agreement.  Junior Creditor agrees Junior Creditor further warrants to Senior Creditor that it has full right, power and authority to enter into this agreement.
		

		
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			In the event of a breach by either Junior Creditor or the Borrower in the performance of any of the terms of this agreement, all of the Obligations shall, any other agreement to the 
		

		 

		

			[Subordination Agreement]3

		

 

		contrary notwithstanding and without notice or demand, become immediately due and payable, at our option.
		

		
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			No waiver shall be deemed to be made by Senior Creditor of any of its rights hereunder unless same shall be in writing and each waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair Senior Creditor’s rights and/or the obligations of Borrower to it in any other respect or at any other time, nor shall same establish a course of conduct.  This agreement may not be modified or amended without the prior written consent of Senior Creditor.
		

		
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			Each of Junior Creditor and Borrower hereby irrevocably consents to the jurisdiction of the Courts of the State of New York located in the County of New York and of any Federal Court located in such State or County in connection with any action or proceeding arising out of or relating to this agreement or the Junior Indebtedness.  In any such litigation such Junior Creditor or Borrower, as the case may be, waives personal service of any summons, complaint or other process and agrees that the service thereof may be made by certified or registered mail directed to such party at the last known address appearing on the records of Senior Creditor.  Within 30 days after such mailing, the party so served shall appear or answer to such summons, complaint or other process.  Should the party so served fail to appear or answer within said 30-day period, such party shall be deemed in default and judgment may be entered by Senior Creditor against such party for the amount as demanded in any summons, complaint or other process so served.
		

		
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			This agreement is entered into solely for the purposes set forth herein, and except as expressly provided herein, neither of Senior Creditor or Junior Creditor assumes any duties or responsibilities to the other regarding the financial condition of the Borrower, or regarding any collateral, or regarding any other circumstance bearing upon the risk of nonpayment of the obligations of the Borrower to either of them and neither of them shall be deemed to be the agent of the other for any purpose.  Junior Creditor waives any and all notice of the creation, modification, renewal or extension or accrual of any Obligations.  Junior Creditor hereby consents that, without notice to or further assent by Junior Creditor, the Obligations may from time to time, in whole or in part, be renewed, extended, modified, compromised or released by Senior Creditor, as it may deem advisable, and that any collateral for the Obligations may from time to time, in whole or in part, be exchanged, sold, surrendered or released by Senior Creditor, as it may deem advisable, all without impairing, abridging, affecting or releasing the subordination contained in this agreement.  
		

		
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			This agreement (i) is entered into solely for the mutual benefit of, and shall be binding upon, Senior Creditor and Junior Creditor and the benefit of their respective heirs, legal representatives, successors and assigns, and neither the Borrower nor any other persons or entities whatsoever shall have any right, benefit, priority or interest under or because of the existence of this agreement; (ii) may be amended, modified or terminated only by a written instrument signed by all parties hereto and no waiver of any term or provision of this agreement shall be effective unless it is in writing and signed by the party against whom such waiver is sought to be enforced; (iii) constitutes the entire agreement between the parties hereto with respect to the subject matter hereof; and (iv) shall be governed by and construed in accordance with the laws of the State of New York, without regard to principles of conflicts of laws of such state.
		

		
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			Very truly yours
		

		
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			ROSENTHAL & ROSENTHAL, INC.
		

		
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			[Subordination Agreement]4

		

 

		By: ____________________
		

		
			Title: ____________________
		

		
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			AGREED: 
		

		
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			STILLWATER TRUST LLC
		

		
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			By: ____________________
		

		
			Title: ____________________
		

		
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			ACKNOWLEDGED AND AGREED:
		

		
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			eMAGIN CORPORATION
		

		
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			By: ____________________
		

		
			Title: ____________________
		

		
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			[Subordination Agreement]5Exhibit
10.1

 

EXECUTIVE
EMPLOYMENT AGREEMENT

 

THIS
AGREEMENT (this “Agreement”) is made and entered into as of March 29, 2017 by and between Ballantyne Strong, Inc.,
a Delaware corporation (the “Company”), and Lance V. Schulz (the “Executive”).

 

The
Company desires to employ Executive as its Chief Financial Officer, and the parties desire to enter into this Agreement with respect
to such employment.

 

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

 

1.       Employment.
The Company hereby agrees to employ the Executive and the Executive hereby agrees to be employed by the Company upon the terms
and conditions hereinafter set forth.

 

2.       Duties
and Services.

 

2.1       Title
and Duties. The Executive shall serve as Chief Financial Officer of the Company and shall perform such duties as are customary
for the chief financial and accounting officer of a publicly traded company registered with the SEC and listed for trading on
a national securities exchange and such other duties as otherwise may be assigned to him from time to time by the Audit Committee
or the Chief Executive Officer of the Company, which services may include serving as an officer of any subsidiary or affiliate
of the Company.

 

2.2       Time.
The Executive shall devote his full business time and attention to the business of the Company and to the promotion of the Company’s
best interest, subject to vacations, holidays, normal illnesses and a reasonable amount of time for civic, community and industry
affairs. Executive shall at all times comply with Company policies, including but not limited to the Company’s Code of Ethics.

 

2.3       Travel.
The Executive shall undertake such travel as may be necessary and desirable to promote the business and affairs of the Company,
consistent with Executive’s position with the Company.

 

3.       Term
of Employment. The Executive’s employment will be “at-will,” meaning that either the Executive or the Company
may terminate the Executive’s employment at any time and for any reason, with or without cause.

 

4.       Compensation.

 

4.1       Base
Salary. For all of the services to be rendered by the Executive under this Agreement, the Company shall pay the Executive
a base salary equal to $250,000 (“Base Salary”). The compensation paid hereunder to the Executive shall be paid in
accordance with the normal payroll practices of the Company and shall be subject to the customary withholding taxes and other
employment taxes as required with respect to compensation paid by a corporation to an employee. The Base Salary will be subject
to annual review and adjustment by the Compensation Committee of the Company’s Board of Directors (“Compensation Committee”)
based upon the Executive’s performance.

 

    	 

    	 

    

 

4.2       Additional
Compensation. In addition to the Base Salary set forth in subparagraph 4.1 above, the Company shall pay the Executive additional
compensation as set forth below.

 

4.2.1       Signing
Bonus. The Compensation Committee, within thirty (30) days after the date of this Agreement, shall grant to the Executive
an option to purchase 40,000 shares of common stock of the Company pursuant to the Company’s 2010 Long Term Incentive Plan,
with an exercise price equal to the closing sale price of the common stock on the date of grant as reported by the NYSE MKT, vesting
over a period of four years from the date of grant, and being a nonqualified option under the federal tax laws. The option grant
shall be evidenced by and subject to the terms and conditions of an Award Agreement under the 2010 Long Term Incentive Plan.

 

4.2.2       Annual
Bonus. Commencing with respect to the Company’s 2017 fiscal year, the Executive will be eligible to receive a bonus
targeted at $150,000, payable partly in cash and partly through equity awards as determined by the Compensation Committee. The
bonus will be subject to the achievement of performance metrics and other criteria as determined by the Compensation Committee.
Any stock options will be valued based on the Black Scholes option pricing model as determined by the Company’s auditors,
and any restricted or unrestricted stock will be value based on the closing price of the Company’s common stock on the date
of grant as reported by the NYSE MKT. Any options granted will have an exercise price equal to the closing sale price of the common
stock on the date of grant as reported by the NYSE MKT, will vest over a period of four years from the date of grant, and will
be nonqualified options under the federal tax laws. Any equity award shall be evidenced by and subject to the terms and conditions
of an Award Agreement under the 2010 Long Term Incentive Plan.

 

5.       Expenses
and Vacation.

 

5.1       Travel
and Entertainment Expense. The Company shall reimburse the Executive for all reasonable and necessary travel and entertainment
expenses incurred by Executive in the performance of the Executive’s duties hereunder upon submission of vouchers and receipts
evidencing such expenses in accordance with applicable Company policies.

 

5.2       Vacation.
The Executive shall be entitled to vacation of four (4) weeks per calendar year, pursuant to the applicable Company policy. All
vacations shall be in addition to recognized national holidays. During all vacations, the Executive’s compensation and other
benefits as stated herein shall continue to be paid in full. Such vacations shall be taken only at times convenient for the Company,
as approved by the Chief Executive Officer.

 

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6.       Company
Benefit Programs. In addition to the compensation and to the rights provided for elsewhere in this Agreement, the Executive
shall be entitled to participate in each plan of the Company now or hereafter adopted and in effect from time to time for the
benefit of executive employees of the Company, to the extent permitted by such plans and by applicable law. Nothing in this Agreement
shall limit the Company’s right to amend, modify and/or terminate any benefit plan, policies or programs at any time for
any reason.

 

7.       Restrictive
Covenants.

 

7.1       Need
for Protection. Executive acknowledges that, because of his senior executive position with the Company, he has or will develop
knowledge of the affairs of the Company and its subsidiaries and their relationships with dealers, distributors and customers
such that he could do serious damage to the financial welfare of the Company and/or its subsidiaries should he compete or assist
others in competing with the business of the Company and/or its subsidiaries. Consequently, and in consideration of his employment
with the Company, and for the benefits he is to receive under this Agreement, and for other good and valuable consideration, the
receipt of which he hereby acknowledges, the Executive agrees as follows:

 

7.2       Confidential
Information.

 

7.2.1       Non-disclosure.
Except as the Company may permit or direct in writing, during the term of this Agreement and thereafter, the Executive agrees
that he will never disclose to any person or entity any confidential or proprietary information, knowledge or data of the Company
or any of its subsidiaries which he may have obtained while in the employ of the Company, relating to any customers, customer
lists, methods, distribution, sales, prices, profits, costs, contracts, inventories, suppliers, dealers, distributors, business
prospects, business methods, manufacturing ideas, formulas, plans or techniques, research, trade secrets, or know-how of the Company
or any of its subsidiaries. Nothing contained in this Agreement shall limit the Executive’s ability to respond to a lawful
subpoena; to make a report to or cooperate with any government agency, including without limitation the ability to participate
in an investigation, provide information, and recover any remuneration awarded for doing so; and to comply with any other legal
obligations.

 

7.2.2       Return
of Records. All records, documents, software, computer disks and any other form of information relating to the business of
the Company or any of its subsidiaries , which are or were prepared or created by the Executive, or which may or did come into
his possession during the term of his employment with the Company, including any and all copies thereof, shall immediately be
returned to or, as the case may be, shall remain in the possession of the Company, as of the termination of the Executive’s
employment with the Company.

 

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7.3       Covenant
Not to Compete. During the Executive’s employment and for a period of one (1) year thereafter, the Executive agrees
that he will not participate in or finance, directly or indirectly, for himself or on behalf of any third party, anywhere in the
world, as principal, agent, employee, employer, consultant, investor or partner, or assist in the management of, or own any stock
or any other ownership interest in, any business that is directly competitive with the business of the Company and/or any of its
subsidiaries , as conducted at any time during the twelve-month period prior to the time in question. Notwithstanding the foregoing,
the ownership of not more than two percent (2%) of the outstanding securities of any company listed on any public exchange or
regularly traded in the over-the-counter market, provided that the Executive’s involvement with any such company is solely
that of a passive security holder and the Executive discloses such ownership in advance to the Company’s Board of Directors,
shall not constitute a violation of this paragraph.

 

7.4       Covenant
Not to Solicit. The Executive agrees that he will not, during the Executive’s employment and for a period of one (1)
year thereafter:

 

(a)       directly
or indirectly, request or advise any of the customers, distributors or dealers of the Company or any of its subsidiaries to terminate
or curtail their business with the Company or any of its subsidiaries, or to patronize another business which is in competition
with the Company or any of its subsidiaries; or

 

(b)       directly
or indirectly, on behalf of himself or any other person or entity, request, advise or solicit any employee of the Company or any
of its subsidiaries to leave such employment for any reason.

 

7.5       Judicial
Modification. In the event that any court of law or equity shall consider or hold any aspect of this Section 7 to be unreasonable
or otherwise unenforceable, the parties hereto agree that the aspect of this Section so found may be reduced or modified by appropriate
order of the court and shall thereafter continue, as so modified, in full force and effect.

 

7.6       Injunctive
Relief. The parties hereto acknowledge that the remedies at law for breach of this Section 7 will be inadequate, and that
the Company shall be entitled to injunctive relief for violation thereof; provided, however, that nothing herein contained shall
be construed as prohibiting the Company from pursuing any other remedies available for such breach or threatened breach, including
the recovery of damages from the Executive.

 

8.       Inventions
and Discoveries. The Executive hereby sells, transfers and assigns to the Company or to any person or entity designated by
the Company, all of Executive’s right, title and interest in and to all inventions, ideas, disclosures and improvements,
whether patented or unpatented, and copyrightable material made or conceived by the Executive, solely or jointly, during the term
hereof which relate to the products and services provided by the Company or any of its subsidiaries or which otherwise relate
or pertain to the business, functions or operations of the Company or any of its subsidiaries. The Executive agrees to communicate
promptly and to disclose to the Company in such form as the Executive may be required to do so, all information, details and data
pertaining to such inventions, ideas, disclosures and improvements and to execute and deliver to the Company such formal transfers
and assignments and such other papers and documents as may be required of the Executive to permit the Company or any person or
entity designated by the Company to file and prosecute the patent applications, and, as to copyrightable material, to obtain copyrights
thereof.

 

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9.       Tax
Withholding. All payments made and benefits provided by the Company under this Agreement shall be reduced by any tax or other
amounts required to be withheld by the Company under applicable law.

 

10.       Survival
of Obligations. All obligations of the Company and the Executive that by their nature involve performance, in any particular,
after the termination of the Executive’s employment or the term of this Agreement, or that cannot be ascertained to have
been fully performed until after the termination of Executive’s employment or the term of this Agreement, will survive the
expiration or termination of the term of this Agreement.

 

11.       Officer
Resignation. Upon termination of his employment with the Company for any reason, the Executive shall resign, as of the date
of such termination, from any corporate office or director position held with the Company or any of their subsidiaries or affiliates.

 

12.       Miscellaneous.
The following miscellaneous sections shall apply to this Agreement:

 

12.1       Modifications
and Waivers. No provision of this Agreement may be modified, waived or discharged unless that modification, waiver or discharge
is agreed to in writing by the Executive and the Company. No waiver by either party at any time of any breach by the other party
of, or compliance with, any condition or provision of this Agreement to be performed by that other party shall be deemed a waiver
of similar or dissimilar provisions or conditions at the time, or at any prior or subsequent time.

 

12.2       Construction
of Agreement. This Agreement supercedes any oral or written agreements between the Executive and the Company and any oral
representations by the Company to the Executive with respect to the subject matter of this Agreement.

 

12.3       Governing
Law. The validity, interpretation, construction and performance of this Agreement will be governed by the laws of the State
of Nebraska.

 

12.4       Severability.
If any one or more of the provisions of this Agreement, including but not limited to Section 7 hereof, or any word, phrase, clause,
sentence or other portion of a provision is deemed illegal or unenforceable for any reason, that provision or portion will be
modified or deleted in such a manner as to make this Agreement as modified legal and enforceable to the fullest extent permitted
under applicable laws. The validity and enforceability of the remaining provisions or portions will remain in full force and effect.

 

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12.5       Counterparts.
This Agreement may be executed in two or more counterparts, each of which will take effect as an original and all of which will
evidence one and the same agreement.

 

12.6       Successors
and Assigns. This Agreement shall be binding upon, and shall inure to the benefit of the parties hereto and their respective
heirs, beneficiaries, personal representatives, successors and assigns.

 

12.7       Notices.
Any notice, request or other communication required to be given pursuant to the provisions of this Agreement shall be in writing
and shall be deemed to have been given when delivered in person, on the next business day after being delivered to a nationally-recognized
overnight courier service (for such next-day delivery) or five (5) days after being deposited in the United States mail, certified
or registered, postage prepaid, return receipt requested and addressed to the other party at the respective addressees set forth
below or to the other addresses of either party may have furnished to the other in writing in accordance with this Section 12.7,
except that notice of change of address will be effective only upon receipt.

 

	 	 	If
    to Company:	Ballantyne
    Strong, Inc.
	 	 	 	11422
    Miracle Hills Drive, Suite 300
	 	 	 	Omaha,
    NE 68154
	 	 	 	ATTN:
    Chief Executive Officer

 

	 	 	If
    to Executive:	At
    the address for the Executive most recently
	 	 	 	on
    file with the Company.

 

12.8       
Entire Agreement. This Agreement contains the entire agreement of the parties. All prior arrangements or understandings,
whether written or oral, are merged herein. This Agreement may not be changed orally, but only by an agreement in writing, signed
by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought.

 

[signatures
follow on the next page]

 

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IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on the date and year first above written.

 

	BALLANTYNE
    STRONG, INC.	 
	 	 	 
	By:	/s/
    Kyle Cerminara	 
	Name:	Kyle
    Cerminara	 
	Title:	Chief
    Executive Officer	 

 

	EXECUTIVE	 
	 	 
	/s/
    Lance V. Schulz	 
	Lance
    V. Schulz	 

 

    	7

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