Document:

EX-4.8

 Exhibit 4.8 
 [FORM OF REGISTERED SUBORDINATED NOTE] 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A DEPOSITORY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE. EXCEPT IN THE
LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 Unless this Note is presented by an authorized
representative of The Depository Trust Company, a New York corporation (55 Water Street, New York, New York) (“DTC”), to the Company or its agent for registration of transfer, exchange or payment, and this Note is registered in the name of
Cede & Co. or such other name as requested by an authorized representative of DTC, and unless any payment is made to Cede & Co., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since
the registered owner hereof, Cede & Co., has an interest herein. 
  

			
	REGISTERED	  	$                    
		
	NUMBER R-                    	  	CUSIP No.             
		  	ISIN No.             

 RAYMOND JAMES FINANCIAL, INC. 

      % SUBORDINATED NOTE, DUE
             
 RAYMOND JAMES FINANCIAL, INC., a Florida
corporation (herein called the “Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede & Co. or its registered assigns,
the principal sum of                      DOLLARS1 on
                    ,         2 (except to the extent redeemed or repaid prior to that date). The Company shall pay interest on such principal amount
at the rate of     % per
annum,3 until payment of such principal amount has been
made or duly provided for, semi-annually4 in arrears on
                    and
                    of each year (each, an “Interest Payment Date”). Interest shall be payable on each Interest Payment Date,
commencing on                     , and at the stated maturity or earlier redemption or repayment (the “Maturity Date”). If the
Company shall default in the payment of interest due on any Interest Payment Date, then this Note shall bear interest from the next preceding Interest Payment Date to which interest has been paid, or, if no interest has been paid on the Notes, from
                     (the “Original Issue Date”). 
  

 

	1 	This form provides for Notes denominated in, and principal and interest payable in, U.S. dollars. The form, as used, may be modified to provide, alternatively, for
Notes denominated in, and principal and interest and other amounts, if any, payable in a foreign currency or currency unit, with the specific terms and provisions, including any limitations on the issuance of Notes in such currency, additional
provisions regarding paying and other agents and additional provisions regarding the calculation and payment of such currency, set forth therein. 

	2 	This form provides for Notes that shall mature only on a specified date. If the maturity of Notes of a series may be renewed at the option of the holder, or extended at
the option of the Company, the form, as used, shall be modified to provide for additional terms relating to such renewal or extension, as the case may be, including the period or periods for which the maturity may be renewed or extended, as the case
may be, changes in the interest rate, if any, and requirements for notice. 

	3 	This form provides for interest at a fixed rate. The form, as used, may be modified to provide, alternatively, for interest at a variable rate or rates, with the method
of determining such rate set forth therein. 

	4 	This form provides for semi-annual interest payments. The form, as used, may be modified to provide, alternatively, for annual, quarterly, or other periodic interest
payments. 

 Interest on this Note shall accrue from the Original Issue Date until the principal amount
is paid or duly provided for. Interest (including payments for partial periods) shall be computed on the basis of a [360-day year of twelve 30-day months]. Interest payable on this Note on any Interest Payment Date or the Maturity Date shall include
interest accrued from, and including, the preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from, and including, the Original Issue Date, if no interest has been paid or duly provided for) to, but
excluding, such Interest Payment Date or the Maturity Date, as the case may be. If the Maturity Date or any Interest Payment Date falls on a day which is not a Business Day (as defined below), principal of or interest payable with respect to the
Maturity Date or such Interest Payment Date shall be paid on the succeeding Business Day, except that, if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in each case,
with the same force and effect as if made on the Maturity Date or such Interest Payment Date, and no additional interest shall accrue as a result of that postponement. The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date shall be paid to the person in whose name this Note (or one or more predecessor Notes evidencing all or a portion of the same debt as this Note) is registered at the close of business on the regular record date for such
Interest Payment Date, whether or not a Business Day. As long as this Note is in book-entry only form, the regular record date shall be the close of business on the Business Day next preceding such Interest Payment Date. If, pursuant to the terms of
the Indenture, the Notes are no longer represented by a global note, the record date shall be the close of business on [the last day of the calendar month preceding an Interest Payment Date][the fifteenth day of the calendar month in which the
Interest Payment Date occurs]. “Business Day” means any weekday that is not a legal holiday in New York, New York, St. Petersburg, Florida[, or any other place of payment with respect to this Note and that is not a day on which banking
institutions in those cities are authorized or required by law or regulation to be closed]. [“Business Day” also means, with respect to Notes denominated in euro, a day on which the TransEuropean Real- Time Gross-Settlement Express
Transfer, or “TARGET2,” System is in place.]5

  

	5 	This form provides a definition of Business Day for U.S. issuances, with an alternate definition for euro-denominated issuances. The Business Day definition may be
modified to provide for issuances in other countries or currencies, as required. 

  
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 The principal of and interest on this Note are payable in immediately available funds in
such coin or currency of the United States as at the time of payment is legal tender for payment of public and private debts, at the office or agency of the Company designated as provided in the Indenture. However, interest may be paid, at the
option of the Company, by check mailed to the person entitled thereto at his address last appearing on the registry books of the Company relating to the Notes. Notwithstanding the preceding sentence, payments of principal of and interest payable on
the Maturity Date shall be made by wire transfer of immediately available funds to a designated account maintained in the United States upon (i) receipt of written notice by the Issuing and Paying Agent (as described on the reverse hereof) from
the registered holder hereof not less than one Business Day prior to the due date of such principal and (ii) presentation of this Note to the Issuing and Paying Agent, at The Bank of New York Mellon Trust Company, N.A., 101 Barclay Street, New
York, New York, 10286. Any interest not punctually paid or duly provided for shall be payable as provided in such
Indenture.6 

References herein to “dollars,” “U.S. dollars,” “U.S.$,” or “$” are to the coin or currency of
the United States as at the time of payment is legal tender for the payment of public and private debts. 
 Reference is made to
the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth at this place. 
 Unless the certificate of authentication hereon has been executed by the Trustee (as described on the reverse hereof) or by an authenticating agent on behalf of the Trustee by manual signature, this Note
shall not be entitled to any benefit under such Indenture or be valid or obligatory for any purpose. 
  

	6 	This form does not contemplate the offer of Notes to Non-United States persons (for United States federal income tax purposes). If Notes are offered to Non-United
States persons, the form of Note, as used, may be modified to provide for the payment of additional amounts to such Non-United States persons or, if applicable, the redemption of such Notes in lieu of payment of such additional amounts.

  
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 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed, by manual or
facsimile signature, under its corporate seal or a facsimile thereof. 
  

									
		 		 		 	RAYMOND JAMES FINANCIAL, INC.
				
	[SEAL]	 		 	By:	 	  

		 		 		 	Name:	 	
	ATTEST:	 		 	Title:	 	
					
	By:	 	  
	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	

  
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 Certificate of Authentication 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated:             

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory

  
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 [Reverse of Note] 
 RAYMOND JAMES FINANCIAL, INC. 

        % SUBORDINATED NOTE, DUE
             
 SECTION 1. General. This Note is one
of a duly authorized series of Securities of the Company unlimited in aggregate principal amount (herein called the “Notes”) issued and to be issued under an Indenture dated as of
            , 20    (herein called the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Company,
the Trustee, and the holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. The series of which this Note is a part also is designated as the Company’s
        % Subordinated Notes, due                     (herein called the “Series”),
initially in the principal amount of $            . [The amount of Notes of this Series may be increased by the Company in the future.] The Trustee initially shall act as Security
Registrar, Transfer Agent, Authenticating Agent and Issuing and Paying Agent in connection with the Notes. 
 SECTION 2.
Subordination. THE INDEBTEDNESS OF THE COMPANY EVIDENCED BY THE NOTES, INCLUDING THE PRINCIPAL THEREOF AND INTEREST THEREON, IS, TO THE EXTENT AND IN THE MANNER SET FORTH IN THE INDENTURE, SUBORDINATE AND JUNIOR IN RIGHT OF PAYMENT TO ITS
OBLIGATIONS TO HOLDERS OF SENIOR INDEBTEDNESS, AS DEFINED IN THE INDENTURE, AND EACH HOLDER OF THE NOTES, BY THE ACCEPTANCE THEREOF, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS OF THE INDENTURE. [THE NOTES OF THIS SERIES WILL NOT BE GUARANTEED
BY THE COMPANY OR ANY OF ITS AFFILIATES AND WILL NOT BE SUBJECT TO ANY OTHER ARRANGEMENT THAT LEGALLY OR ECONOMICALLY ENHANCES THE RANKING OF THE NOTES OF THIS SERIES.] 
 SECTION 3. No Sinking Fund. This Note is not subject to any sinking fund. 
 SECTION 4. Redemption and Repayment. Except in those situations in which the Company may become obligated to pay additional amounts (as described herein), the Notes of this Series are not subject
to redemption at the option of the Company or repayment at the option of the holder prior to maturity.7 [The Notes of this Series may not be redeemed, repaid or repurchased prior to maturity without the requisite prior approvals, if any, from applicable regulators.] 

 

	7 	 This form provides for Notes that are not subject to redemption at the option of the Company or repayment at the option of the holder. The form, as
used, may be modified to provide, alternatively, for redemption at the option of the Company or repayment at the option of the holder, with the terms and conditions of such redemption or repayment, as the case may be, including provisions regarding
sinking funds, if applicable, redemption prices, and notice periods, set forth therein. 

  
 6 

 SECTION 5. Defeasance. The provisions of Article 14 of the Indenture [do not] apply
to the Notes of this Series. 
 SECTION 6. Payment of Additional Amounts. [Subject to the exemptions and limitations set
forth below, the Company shall pay additional amounts to the beneficial owner of this Note that is a “Non-United States person,” as defined below, in order to ensure that every net payment on such Note shall not be less, due to payment of
United States withholding tax, than the amount then otherwise due and payable. For this purpose, a “net payment” on this Note means a payment by the Company or any paying agent, including payment of principal and interest, after deduction
for any present or future tax, assessment, or other governmental charge of the United States (other than a territory or possession). These additional amounts shall constitute additional interest on this Note. 

The Company shall not be required to pay additional amounts, however, in any of the circumstances described in items (1) through
(14) below. 
 (1) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax,
assessment, or other governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note: 
  

	 	(a)	having a relationship with the United States as a citizen, resident, or otherwise; 

 

	 	(b)	having had such a relationship in the past; or 

  

	 	(c)	being considered as having had such a relationship. 

 (2) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other governmental charge that is imposed or withheld solely by reason of the
beneficial owner of this Note: 
  

	 	(a)	being treated as present in or engaged in a trade or business in the United States; 

 

	 	(b)	being treated as having been present in or engaged in a trade or business in the United States in the past; 

 

	 	(c)	having or having had a permanent establishment in the United States; or 

  

	 	(d)	having or having had a qualified business unit which has the U.S. dollar as its functional currency. 

(3) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other
governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note being or having been a: 
  

	 	(a)	personal holding company; 

  
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	 	(b)	foreign personal holding company; 

  

	 	(c)	private foundation or other tax-exempt organization; 

  

	 	(d)	passive foreign investment company; 

  

	 	(e)	controlled foreign corporation; or 

  

	 	(f)	corporation which has accumulated earnings to avoid United States federal income tax. 

(4) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other
governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note owning or having owned, actually or constructively, 10% or more of the total combined voting power of all classes of the Company’s stock
entitled to vote. 
 (5) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax,
assessment, or other governmental charge that is imposed or withheld solely by reason of the beneficial owner of this Note being a bank extending credit pursuant to a loan agreement entered into in the ordinary course of business. 

For purposes of items (1) through (5) above, “beneficial owner” includes, without limitation, the holder, and a
fiduciary, settlor, partner, member, shareholder, or beneficiary of the holder if the holder is an estate, trust, partnership, limited liability company, corporation, or other entity, or a person holding a power over an estate or trust administered
by a fiduciary holder. 
 (6) Additional amounts shall not be payable to any beneficial owner of this Note that is: 

 

	 	(a)	a fiduciary; 

  

	 	(b)	a partnership; 

  

	 	(c)	a limited liability company; 

  

	 	(d)	another fiscally transparent entity; or 

  

	 	(e)	not the sole beneficial owner of this Note, or any portion of this Note. 

 However, this exception to the obligation to pay additional amounts shall only apply to the extent that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner, partner or member of
the partnership, limited liability company, or other fiscally transparent entity, would not have been entitled to the payment of an additional amount had the beneficiary, settlor, partner, beneficial owner, or member received directly its beneficial
or distributive share of the payment. 

  
 8 

 (7) Additional amounts shall not be payable if a payment on this Note is reduced as a result
of any tax, assessment, or other governmental charge that is imposed or withheld solely by reason of the failure of the beneficial owner of this Note or any other person to comply with applicable certification, identification, documentation or other
information reporting requirements. This exception to the obligation to pay additional amounts shall apply only if compliance with such reporting requirements is required as a precondition to exemption from such tax, assessment or other governmental
charge by statute or regulation of the United States or by an applicable income tax treaty to which the United States is a party. 
 (8) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other governmental charge that is collected or imposed by any method other than by
withholding from a payment on this Note by the Company or any paying agent. 
 (9) Additional amounts shall not be payable if a
payment on this Note is reduced as a result of any tax, assessment, or other governmental charge that is imposed or withheld by reason of a change in law, regulation, or administrative or judicial interpretation that becomes effective more than 15
days after the payment becomes due or is duly provided for, whichever occurs later. 
 (10) Additional amounts shall not be
payable if a payment on this Note is reduced as a result of any tax, assessment, or other governmental charge that is imposed or withheld by reason of the presentation by the beneficial owner of this Note for payment more than 30 days after the date
on which such payment becomes due or is duly provided for, whichever occurs later. 
 (11) Additional amounts shall not be
payable if a payment on this Note is reduced as result of any: 
  

	 	(a)	estate tax; 

  

	 	(b)	inheritance tax; 

  

	 	(c)	gift tax; 

  

	 	(d)	sales tax; 

  

	 	(e)	excise tax; 

  

	 	(f)	transfer tax; 

  

	 	(g)	wealth tax; 

  

	 	(h)	personal property tax; or 

  

	 	(i)	any similar tax, assessment, or other governmental charge. 

 (12) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any tax, assessment, or other governmental charge required to be withheld by any paying agent from a
payment of principal or interest on this Note if such payment can be made without such withholding by any other paying agent. 

  
 9 

 (13) Additional amounts shall not be payable if a payment on this Note is reduced as a
result of any tax, assessment, or other governmental charge that is imposed or withheld by reason of the application of sections 1471 through 1474 of the Internal Revenue Code of 1986, as amended (or any successor provisions), or any related
administrative regulation, pronouncement, or agreement thereunder, official interpretations thereof, or any law implementing an intergovernmental approach thereto whether currently in effect or as published and amended from time to time. 

(14) Additional amounts will not be payable if a payment on a debt security is reduced as a result of any tax, assessment, or other
governmental charge that is imposed or withheld by reason of the payment being treated as a dividend or dividend equivalent for U.S. tax purposes. 
 (15) Additional amounts shall not be payable if a payment on this Note is reduced as a result of any combination of items (1) through (14) above. 

A “United States person” means: 
  

	 	(a)	any individual who is a citizen or resident of the United States; 

  

	 	(b)	any corporation, partnership, or other entity created or organized in or under the laws of the United States; 

 

	 	(c)	any estate if the income of such estate falls within the federal income tax jurisdiction of the United States regardless of the source of such income; and

  

	 	(d)	any trust if a U.S. court is able to exercise primary supervision over its administration and one or more United States persons have the authority to control all of the
substantial decisions of the trust. 

 A “Non-United States person” means a person who is not a United
States person, and “United States” means the United States of America, including the States and the District of Columbia, its territories, its possessions, and other areas within its jurisdiction.] 

SECTION 7. Redemption for Tax Reasons. [The Notes of this Series may be redeemed at the option of the Company in whole, but not in
part, at any time, on giving not less than 30 nor more than 60 days’ notice to the Trustee and the holders of the Notes, if the Company has or may become obliged to pay additional amounts as a result of any change in, or amendment to, the laws
or regulations of the United States or any political subdivision or any authority thereof or therein having power to tax, or any change in the application or official interpretation of such laws or regulations after the date of this Note.

 Prior to publishing any notice of redemption, the Company shall deliver to the Trustee a certificate signed by the Chief
Financial Officer or a Senior Vice President of the Company stating that the Company is entitled to redeem the Notes and that the condition precedent to such redemption have occurred. 

  
 10 

 Notes so redeemed shall be redeemed at 100% of their principal amount together with interest
accrued up to, but excluding, the date of redemption. Unless the Company defaults in payment of the redemption price, on and after the redemption date, interest shall cease to accrue on the Notes called for redemption.] 

SECTION 8. Events of Default. If an Event of Default (as defined in the
                     Supplemental Indenture as (i) an Event of Default as defined under Section 6.01(a), (b), (c), (d) or
(e) of the Indenture[, or (ii) an event of default as defined in any mortgage, indenture, or instrument under which there may be issued, or by which there may be secured or evidenced, any indebtedness of the Company or any Principal
Subsidiary (as defined in the Indenture) for money borrowed, whether such indebtedness currently exists or shall be created in the future, which has occurred and has resulted in such indebtedness becoming or being declared due and payable)] shall
occur with respect to the Notes, the principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 

SECTION 9. Modifications and Waivers. The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the holders of the Notes under the Indenture at any time by the Company with the consent of the holders of not less than 66 2/3% in aggregate principal amount of the Notes then outstanding and all other Securities then outstanding under the Indenture and affected by such amendment and modification. The Indenture also contains
provisions permitting the holders of a majority in aggregate principal amount of the Notes then outstanding and all other Securities then outstanding under the Indenture and affected thereby, on behalf of the holders of all such Securities, to waive
compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive and binding upon such holder and upon
all future holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 

No recourse shall be had for the payment of the principal of or the interest on this Note, or for any claim based hereon, or otherwise in
respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, stockholder, officer, or director, as such, past, present, or future, of the Company or any predecessor or successor
corporation, whether by virtue of any constitution, statute, or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for issue hereof,
expressly waived and released. 
 SECTION 10. Obligations Unconditional. No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein
prescribed. 

  
 11 

 SECTION 11. Authorized Denominations. The Notes are issuable only as registered Notes
without coupons in the denominations of                      Dollars
($                    ) and any whole multiples of
                     Dollars ($            ). As provided in the Indenture,
and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of different authorized denominations, as requested by the holder surrendering the same. 

SECTION 12. Registration of Transfer. As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Note may be registered on the Security Register or registry of the Company relating to the Notes, upon surrender of this Note for registration of transfer at the office or agency of the Company designated by it pursuant to the
Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee or the Security Registrar duly executed by, the registered holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 
 [If the Notes are to be issued and outstanding pursuant to a book-entry system, the following paragraph is applicable:] 
 The Notes are being issued by means of a book-entry system with no physical distribution of certificates to be made except as provided in the Indenture. The book-entry system maintained by DTC shall
evidence ownership of the Notes, with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures established by DTC and its participants. The Company shall recognize Cede & Co., as nominee of
DTC, while the registered holder of the Notes, as the owner of the Notes for all purposes, including payment of principal, premium (if any) and interest, notices, and voting. Transfer of the principal, premium (if any), and interest to beneficial
owners of the Notes by participants of DTC shall be the responsibility of such participants and other nominees of such beneficial owners. So long as the book-entry system is in effect, the selection of any Notes to be redeemed shall be determined by
DTC pursuant to rules and procedures established by DTC and its participants. The Company shall not be responsible or liable for such transfers or payments or for maintaining, supervising, or reviewing the records maintained by DTC, its
participants, or persons acting through such participants. 
 [If the Notes may be settled through depositories located in Europe, the
following paragraph is applicable:] 
 Transfers of Notes outside of the United States may be effected through the
facilities of Clearstream Banking, société anonyme, Luxembourg, and Euroclear Bank, S.A./N.V., as operator of the Euroclear system, in accordance with the rules and procedures established by such depositories. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum
sufficient to cover any tax, assessment, or other governmental charge, including, without limitation, any withholding tax, payable in connection therewith. 

  
 12 

 Prior to due presentment for registration of transfer of this Note, the Company, the
Trustee, the Issuing and Paying Agent, and any agent of the Company may treat the person in whose name this Note is registered as the absolute owner hereof for the purpose of receiving payment as herein provided and for all other purposes, whether
or not this Note be overdue, and neither the Company, the Trustee, the Issuing and Paying Agent, nor any such agent of the Company shall be affected by notice to the contrary. 
 SECTION 13. Authentication Date. The Notes of this Series shall be dated the date of their authentication. 
 SECTION 14. Defined Terms. All terms used in this Note which are not defined herein, but are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

SECTION 15. Governing Law. THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAWS. 

  
 13 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of the within Note shall be construed as though they were written
out in full according to applicable laws or regulations: 
  

					
	TEN COM—	  	as tenants in common
	TEN ENT—	  	as tenants by the entireties
	JT TEN—	  	as joint tenants with right of survivorship and not as tenants in common

									
	UNIF GIFT MIN ACT—	 	  
	 	as Custodian for	 	  
	 	.
		 	(Cust)	 		 	(Minor)	 	

 Under Uniform Gifts to Minors Act 

 

					
		  	  
	  	
		  	(State)	  	

 Additional abbreviations may also be used though not in the above list. 

 

					
		  	  
	  	

 ASSIGNMENT 
 FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

[PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS 
 INCLUDING ZIP CODE, OF ASSIGNEE] 
  

	
	
	  

	
	  

	
	  

  

							
	Please Insert Social Security or Other	  		  	
	 Identifying Number of Assignee:
	  	  
	  		  	

 the within Note and all rights thereunder, hereby irrevocably constituting and appointing
                                        
Attorney to transfer said Note on the books of the Company, with full power of substitution in the premises. 
  

							
	Dated:                     	 		 		 	  

 NOTICE: The signature to this assignment must correspond with the name as it appears upon the face of the within Note in
every particular, without alteration or enlargement or any change whatever and must be guaranteed.Exhibit 10.2

 

TRANSACTION SEVERANCE AGREEMENT

 

This TRANSACTION SEVERANCE AGREEMENT (this “Agreement”),
dated as of _________, is by and between TheStreet, Inc., a Delaware corporation (the “Company” or “TheStreet”),
and _________ (“Participant”) and together with the Company, each a “Party” and collectively
the “Parties”). This Agreement is effective as of _________, 2018 (the “Effective Date”).

 

[WHEREAS, the Company and Participant previously
entered into a Severance Agreement dated _________ (the “Severance Agreement”) pursuant to which Participant
was entitled to severance benefits upon a termination without Cause (as defined in the Severance Agreement);]

 

WHEREAS,
the Company desires to provide Participant with enhanced severance benefits upon a Qualifying Termination (as defined below) occurring
during a Transaction Period (as defined below) in lieu of the severance benefits provided for under the Severance Agreement;]1

 

WHEREAS, the Company desires that Participant enter
into this Agreement, and Participant desires to enter into this Agreement, on the terms and conditions set forth herein; and

 

NOW THEREFORE, the parties hereto agree as follows:

 

Section 1. Severance Benefits.

 

(a)            Enhanced Severance. In the event that the Company (or Successor
(as defined below), if applicable) terminates Participant’s employment with the Company (or Successor, if applicable) without
Cause (as defined below) or Participant resigns for Good Reason (as defined below; each, a “Qualifying Termination”)
during the period beginning thirty (30) days prior to and ending eighteen (18) months following a Transaction (the “Transaction
Period”); provided that such Transaction occurs on or before the second anniversary of the Effective Date, then Participant
shall be entitled to the following severance benefits in lieu of the severance benefits under [the Severance Agreement or] any
other written agreement with the Company:

 

(1) An amount equal to the greater of (i) _________ of months
or (ii) _________ of weeks per year of service of his base salary (at the annual rate in effect immediately prior to termination,
but in no event less than Participant’s original annual salary of $_________; and

  

 

1
NTD: For people who currently have a severance agreement.

 

     1

    

    

 

(2) If Participant elects continuation coverage pursuant to
the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for himself and his eligible
dependents, within the time period prescribed pursuant to COBRA, the Company will reimburse Participant for (or pay directly) the
COBRA premiums for such coverage (at the coverage levels in effect immediately prior to Participant’s Qualifying Termination)
until the earlier of (x) the duration of the severance period, or (y) the date upon which Participant and/or his/her eligible dependents
become covered under similar plans. COBRA reimbursements will be made by the Company to Participant consistent with the Company’s
normal expense reimbursement policy; provided however, if at any time the Company determines, in its sole discretion, that the
payment of the COBRA premiums is likely to result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code
or any statute or regulation of similar effect (including, without limitation, the 2010 Patient Protection and Affordable Care
Act, as amended by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company
will instead pay Participant, on the first day of each month of the remainder of the Transaction Period, a fully taxable cash payment
equal to the COBRA premiums for that month, subject to applicable tax withholdings and deductions; and

 

Notwithstanding the forgoing, a Participant shall
not be deemed to have experienced a Qualifying Termination and, therefore, shall not be entitled to any of the severance benefits
described in the Agreement [or the Severance Agreement], if, in connection with a Transaction that constitutes an asset sale either
of the Company or a Relevant Business (as defined below), such Participant is offered, but rejects, an Equivalent Position (as
defined below) with the Successor, and thereby terminates his/her employment with the Company in connection with such Transaction.

For purposes of this Agreement, the following terms shall have the forgoing
meanings:

 

		(i)	“Cause” shall be determined by the Compensation Committee
(the “Compensation Committee”) of the Company’s Board of Directors (“Board”) in the exercise of its
good faith judgment, in accordance with the following guidelines: (i) Participant’s willful misconduct or gross negligence
in the performance of Participant’s obligations, duties and responsibilities of Participant’s position with the Company
(including those as an employee of the Company set forth in the Company’s Code of Business Conduct and Ethics, as same may
be amended from time to time provided such amendment affects all executive officers of the Company), (ii) Participant’s dishonesty
or misappropriation, in either case that is willful and material, relating to the Company or any of its funds, properties, or other
assets, (iii) Participant’s inexcusable repeated or prolonged absence from work (other than as a result of, or in connection
with, a Disability (as defined below)), (iv) any unauthorized disclosure by Participant of Confidential Information (as defined
below) or proprietary information of the Company in violation of Section 3(e), which is reasonably likely to result in material
harm to the Company, (v) Participant’s conviction of a felony (including entry of a guilty or nolo contender plea) involving
fraud, dishonesty, or moral turpitude, (vi) a violation of federal or state securities laws, or (vii) the failure by Participant
to attempt to perform faithfully the duties and responsibilities of Participant’s position with the Company, or other material
breach by Participant of this Award Agreement, provided any such failure or breach described in clauses (i), (ii), (iii), (iv),
(vi) and (vii) is not cured, to the extent cure is possible, by Participant within thirty (30) days after written notice thereof
from the Company to Participant; provided, however, that no failure or breach described in clauses (i), (ii), (iii), (iv), (vi)
and (vii) shall constitute Cause unless (x) the Company first gives Participant written notice of its intention to terminate Participant’s
employment with the Company for Cause and the grounds of such termination no fewer than ten (10) days prior to the date of termination;
and (y) Participant is provided an opportunity to appear before the Board, with or without legal representation at Participant’s
election to present arguments on Participant’s own behalf; and (z) if Participant elects to so appear, such failure or breach
is not cured, to the extent cure is possible, within thirty (30) days after written notice from the Company to Participant that,
following such appearance, the Board has determined in good faith that Cause exists and has not, following the initial notice from
the Company, been cured; provided further, however, that notwithstanding anything to the contrary in this Agreement and subject
to the other terms of this proviso, the Company may take any and all actions, including without limitation suspension (but not
without pay), it deems appropriate with respect to Participant and Participant’s duties at the Company pending such appearance
and subsequent to such appearance during which such failure or breach has not been cured. No act or failure to act on Participant’s
part will be considered “willful” unless done, or omitted to be done, by Participant not in good faith and without
reasonable belief that Participant’s action or omission was in the best interests of the Company.

 

     2

    

    

 

		(ii)	“Confidential Information” shall mean any information including
without limitation plans, specifications, models, samples, data, customer lists and customer information, computer programs and
documentation, and other technical and/or business information, in whatever form, tangible or intangible, that can be communicated
by whatever means available at such time, that relates to the Company’s current business or future business contemplated
during Participant’s employment by the Company or any subsidiary, products, services and development, or information received
from others that the Company is obligated to treat as confidential or proprietary (provided that such confidential information
shall not include any information that (a) has become generally available to the public or is generally known in the relevant trade
or industry other than as a result of an improper disclosure by Participant, or (b) was available to or became known to Participant
prior to the disclosure of such information on a non-confidential basis without breach of any duty of confidentiality to the Company),
and Participant shall not disclose such confidential information to any individual, corporation, partnership, limited liability
company, limited liability partnership, association, trust or other unincorporated organization or entity other than the Company,
except with the prior written consent of the Company, as may be required by law or court or administrative order (in which event
Participant shall so notify the Company as promptly as practicable), or in performance of Participant’s duties on behalf
of the Company.

 

		(iii)	“Disability” shall mean physical or mental incapacity of
a nature which prevents Participant, in the good faith judgment of the Committee, from performing the duties and responsibilities
of Participant’s position with the Company for a period of ninety (90) consecutive days or one hundred and fifty (150) days
during any year, with each year under this Agreement commencing on each anniversary of the date hereof. 

 

     3

    

    

 

		(iv)	“Equivalent Position” shall mean an employment position
that: (i) requires that Participant serve in a role and perform duties that are functionally equivalent to the role and duties
performed by Participant for the Company prior to the Transaction; (ii) does not constitute a material, adverse change in Participant’s
responsibilities or duties, when compared to Participant’s responsibilities or duties with the Company prior to the Transaction;
or (iii) does not constitute a material, adverse change in Participant’s base salary and bonus opportunity, in the aggregate,
when compared to Participant’s base salary and bonus opportunity with the Company prior to the Transaction.

 

		(v)	“Good Reason” shall mean the occurrence of any of the following,
without Participant's written consent: (i) a material reduction in Participant's base salary other than a general reduction in
base salary that affects all similarly situated executives in substantially the same proportions; (ii) a material reduction in
Participant's authority, duties, or responsibilities; (iii) a material reduction in the authority, duties, or responsibilities
of Participant’s direct supervisor; (iv) a relocation of Participant's principal place of employment by more than [25] miles;
and (v) any material breach by the Company of this Agreement [or the employment agreement between Participant and the Company dated
_________ ]. Participant cannot terminate his/her employment for Good Reason unless he/she has provided written notice to the Company
of the existence of the circumstances providing grounds for termination for Good Reason within 60 days of the initial existence
of such grounds and the Company has had at least 30 days from the date on which such notice is provided to cure such circumstances.
If Participant does not terminate his/her employment for Good Reason within 90 days after the first occurrence of the applicable
grounds, then Participant will be deemed to have waived his/her right to terminate for Good Reason with respect to such grounds.

 

     4

    

    

 

		(vi)	“Transaction”
shall mean (x) a Change of Control (as defined in the Company’s 2007 Stock Performance Incentive Plan) of the Company or
(y), solely with respect to a Participant who devotes substantially all of his/her working time towards a business unit or division
of the Company (the “Relevant Business”), whether in one or a series of transactions, (a) any merger, consolidation,
joint venture, spin-off, or other business combination pursuant to which all or a significant portion of the Relevant Business’
operations as a stand-alone business separate and apart from any other business owned and operated by the Company and/or substantially
all of the assets used in the Relevant Business’ as a stand-alone business separate and apart from any other business owned
and operated by the Company is combined with or sold or transferred to a purchaser; or (b) the acquisition by a purchaser,
directly or indirectly, of a majority of the capital stock of the Relevant Business, whether by way of tender offer, exchange
offer, negotiated purchase or any other means.2

 

		(vii)	“Successor” shall mean any person or entity that acquires
all or substantially all of the Company’s assets or the Relevant Business, or into which the Company is merged or combined
with the Company ceasing to exist (or the successor to any such entity, whether by merger, assignment or otherwise).

 

(b)         Payment of Benefits. Subject to Section 15, if Participant becomes
entitled to a payment under Section 1(a)(A)(i), the Company (or Successor, if applicable) shall pay Participant the applicable
amount in accordance with the Company’s then current payroll schedule, less applicable taxes, commencing the pay period immediately
following Participant’s Qualifying Termination, but in no event prior to the consummation of the relevant Transaction triggering
the right to [the enhanced] severance benefits under this Agreement [in lieu of the benefits under the Severance Agreement].

 

Section 2. Parachute Payment Limitation.

 

Anything in this Agreement to the contrary notwithstanding,
in the event that:

 

(a)         the
aggregate payments or benefits to be made or distributed by the Company or its affiliates to or for the benefit of Participant
(whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) which are deemed
to be parachute payments as defined in Internal Revenue Code (“Code”) Section 280G or any successor thereto
(the “Change of Control Benefits”) would be deemed to include an “excess parachute payment” under
Code Section 280G; and

 

(b)         if
such Change of Control Benefits were reduced to an amount (the “Non-Triggering Amount”), the value of which
is one dollar ($1.00) less than an amount equal to three (3) times Participant’s “base amount,” as determined
in accordance with Code Section 280G and the Non-Triggering Amount less the product of the marginal rate of any applicable state
and federal income tax times the Non-Triggering Amount would be greater than the aggregate value of the Change of Control Benefits
(without such reduction) minus (x) the amount of tax required to be paid by Participant thereon by Code Section 4999 and further
minus (y) the product of the Change of Control Benefits times the marginal rate of any applicable state and federal income tax,
then the Change of Control Benefits shall be reduced to the Non-Triggering Amount. Any reduction made pursuant to this Section
2(b) shall be made in accordance with the following order of priority: (i) stock options whose exercise price exceeds the fair
market value of the optioned stock (“Underwater Options”), (ii) Full Credit Payments (as defined below) that are payable
in cash, (iii) non-cash Full Credit Payments that are taxable, (iv) non-cash Full Credit Payments that are not taxable, (v) Partial
Credit Payments (as defined below) and (vi) non-cash employee welfare benefits. In each case, reductions shall be made in reverse
chronological order such that the payment or benefit owed on the latest date following the occurrence of the event triggering the
excise tax will be the first payment or benefit to be reduced (with reductions made pro-rata in the event payments or benefits
are owed at the same time). “Full Credit Payment” means a payment, distribution or benefit, whether paid or payable
or distributed or distributable pursuant to the terms of this Agreement or otherwise, that if reduced in value by one dollar reduces
the amount of the parachute payment (as defined in Code Section 280G) by one dollar, determined as if such payment, distribution
or benefit had been paid or distributed on the date of the event triggering the excise tax. “Partial Credit Payment”
means any payment, distribution or benefit that is not a Full Credit Payment. In no event shall Participant have any discretion
with respect to the ordering of payment reductions.

 

 

2
NTD: To be tailored for different people depending on whether or not they work at a division that likely will be sold.

 

     5

    

    

 

Section 3. Certain Covenants.

 

In partial consideration for the right to receive
the benefits described in Section 1, Participant agrees as follows. For avoidance of doubt, the covenants set forth below are independent
of any covenants that may be set forth in any other written agreements between the Parties:

 

(a)       Non-competition.
During her/his employment by the Company or any subsidiary and through the end of six (6) months after the cessation of her/his
employment with the Company or any subsidiary, Participant will not engage in a Competitive Activity (as defined below) with the
Company or any of its subsidiaries. As used herein, “Competitive Activity” means Participant’s service
as a director, officer, employee, principal, agent, stockholder, member, owner or partner of, or Participant permitting her/his
name to be used in connection with the activities of, any other business or organization anywhere in the United States, or in any
other geographic area in which the Company or any of its subsidiaries operates or with respect to which the Company provides financial
news and commentary coverage (or from which such other business or organization provides financial news and commentary coverage
of the United States), which engages in a business that competes with any business in which the Company or any subsidiary is engaged
(a “Competing Business.) Notwithstanding the foregoing, Participant may work in a non-competitive business of a company
which is carrying on a Competing Business.

 

(b)       Non-solicitation
of Employees. During her/his employment by the Company or any subsidiary and through the end of one (1) year after the cessation
of her/his employment with the Company or any subsidiary, Participant will not solicit for employment or hire, in any business
enterprise or activity, any employee of the Company or any subsidiary who was employed by the Company or a subsidiary during Participant’s
period of employment by the Company or a subsidiary; provided that (a) the foregoing shall not be violated by any general advertising
not targeted at any Company or subsidiary employees nor by Participant serving as a reference upon request, and (b) Participant
may solicit and hire any one or more former employees of the Company or its subsidiaries who had ceased being such an employee
for a period of at least six (6) months prior to any such solicitation or hiring.

 

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(c)       Non-solicitation
of Clients and Vendors. During her/his employment by the Company or any subsidiary and through the end of one (1) year after
the cessation of her/his employment with the Company or any subsidiary, Participant will not solicit, in any business enterprise
or activity, any client, customer, licensee, licensor, third-party service provider or vendor (a “Business Relation”)
of the Company or any subsidiary who was a Business Relation of the Company or any subsidiary during Participant’s period
of employment by the Company or any subsidiary to (i) cease being a Business Relation of the Company or any subsidiary or (ii)
become a Business Relation of a Competing Business unless (without you having solicited such third party to cease such relationship)
such third party ceased being a Business Relation of the Company or any subsidiary for a period of at least six (6) months prior
to such solicitation.

 

(d)       Non-Disparagement.
During her/his employment by the Company or any subsidiary and indefinitely thereafter, neither Participant or the Company shall
make any statements, written or oral, to any third party which disparage, criticize, discredit or otherwise operate to the detriment
of Participant or the Company, its present or former officers, shareholders, directors and employees and their respective business
reputation and/or goodwill, provided, however, that nothing in this Section 3(d) shall prohibit either Participant or the Company
from (i) making any truthful statements or disclosures required by applicable law regulation or (ii) taking any action to enforce
its rights under this Agreement or any other agreement in effect between Participant or the Company.

 

(e)       Confidential
Information. During her/his employment by the Company or any subsidiary, and indefinitely thereafter, Participant shall keep
secret and retain in strictest confidence, any and all Confidential Information relating to the Company, except where Participant’s
disclosure or use of such Confidential Information is in furtherance of the performance by Participant of Participant’s duties
to the Company and not for personal benefit or the benefit of any interest adverse to the Company’s interests. Further, this
Section 3(e) shall not prevent Participant from disclosing Confidential Information in connection with any litigation, arbitration
or mediation to enforce this Award Agreement or other agreement between the parties, provided such disclosure is necessary for
Participant to assert any claim or defense in such proceeding. Upon Participant’s termination of employment, Participant
shall return to the Company all copies, reproductions and summaries of Confidential Information in Participant’s possession
and use reasonable efforts to erase the same from all media in Participant’s possession, and, if the Company so requests,
shall certify in writing that Participant has done so, except that Participant may retain such copies, reproductions and summaries
during any period of litigation, arbitration or mediation. All Confidential Information is and shall remain the property of the
Company (or, in the case of information that the Company receives from a third party which it is obligated to treat as confidential,
then the property of such third party); provided, Participant shall be entitled to retain copies of (i) information showing Participant’s
compensation or relating to reimbursement of expenses, (ii) information that is required for the preparation of Participant’s
personal income tax return, (iii) documents provided to Participant in Participant’s capacity as a participant in any employee
benefit plan, policy or program of the Company and (iv) and any agreement by and between Participant and the Company with regard
to Participant’s service or termination thereof.

 

     7

    

    

 

(d)       The
parties acknowledge that the restrictions contained in this Section 3 are a reasonable and necessary protection of the immediate
interests of the Company, and any violation of these restrictions could cause substantial injury to the Company and that the Company
would not have entered into this Agreement, without receiving the additional consideration offered by Participant in binding her/himself
to these restrictions. In the event of a breach or threatened breach by Participant of any of these restrictions, the Company shall
be entitled to apply to any court of competent jurisdiction for an injunction restraining Participant from such breach or threatened
breach; provided, however, that the right to apply for an injunction shall not be construed as prohibiting the Company from pursuing
any other available remedies for such breach or threatened breach.

 

Section 4. Notices.

 

Unless otherwise provided herein, any notice, exercise
of rights or other communication required or permitted to be given hereunder shall be in writing and shall be given by overnight
delivery service such as Federal Express or personal delivery against receipt, or mailed by registered or certified mail (return
receipt requested), to the party to whom it is given at, in the case of the Company, General Counsel/Compensation Committee Chair,
TheStreet, Inc., 14 Wall Street, 15th Floor, New York, NY 10005, or, in the case of Participant, at her/his principal
residence address as then reflected on the records of the Company or such other address as such party may hereafter specify by
notice to the other party hereto. Any notice or other communication shall be deemed to have been given as of the date so personally
delivered or transmitted by telecopy or like transmission or on the next business day after sent by overnight delivery service
for next business day delivery or on the fifth business day after sent by registered or certified mail.

 

Section 5. Representations.

 

The Company hereby represents and warrants that
the execution and delivery of this Agreement and the performance by the Company of its obligations hereunder have been duly authorized
by all necessary corporate action of the Company.

 

Section 6. Amendment.

 

This Agreement may be amended only by a written
agreement signed by the parties hereto.

 

Section 7. Binding Effect.

 

The rights and duties under this Agreement are not
assignable by Participant other than as a result of her/his death. None of Participant’s rights under this Agreement shall
be subject to any encumbrances or the claims of Participant’s creditors. This Agreement shall be binding upon and inure to
the benefit of the Company and any successor organization which shall succeed to the Company by merger or consolidation or operation
of law, or by acquisition of all or substantially all of the assets of the Company.

 

     8

    

    

 

Section 8. Governing Law.

 

This Agreement shall be governed by and construed
in accordance with the internal laws of the State of New York applicable to contracts to be performed wholly within the state and
without regard to its conflict of laws provisions that would defer to the laws of another jurisdiction.

 

Section 9. Severability.

 

If any provision of this Agreement shall for any
reason be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions hereof
shall not be affected or impaired thereby. Moreover, if any one or more of the provisions of this Agreement shall be held to be
excessively broad as to duration, activity or subject, such provisions shall be construed by limiting and reducing them so as to
be enforceable to the maximum extent allowable by applicable law. To the extent permitted by applicable law, each party hereto
waives any provision of law that renders any provision of this Agreement invalid, illegal or unenforceable in any way.

 

Section 10. Execution in Counterparts.

 

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

 

Section 11. Entire Agreement.

 

This Agreement sets forth the entire agreement,
and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject
matter hereof and thereof.

 

Section 12. Titles and Headings.

 

Titles and headings to Sections herein are for purposes
of reference only, and shall in no way limit, define or otherwise affect the meaning or interpretation of any of the provisions
of this Agreement.

 

Section 13. Consent to Jurisdiction.

 

The parties hereto each hereby irrevocably submit
to the exclusive jurisdiction of any New York State or Federal court sitting in the Borough of Manhattan, City of New York in any
action or proceeding to enforce the provisions of this Agreement, and waives the defense of inconvenient forum to the maintenance
of any such action or proceeding.

 

Section 14. No Duty to Mitigate.

 

Participant shall have no duty to mitigate or have
any off-set made against amounts payable by the Company to Participant hereunder.

 

     9

    

    

 

Section 15. Release.

 

As a condition to the obligation of the Company
to make the payments provided for in this Agreement and otherwise perform its obligations hereunder to Participant upon Participant’s
Qualifying Termination, Participant or her legal representatives shall deliver to the Company a written release, substantially
in the form attached hereto as Exhibit A (the “Release”), which must become effective no later than the sixtieth (60th)
day following the Qualifying Termination (or, if such Qualifying Termination occurs prior to the closing of the Transaction, the
date of the closing of the Transaction) (the “Release Deadline”), and if not, Participant will forfeit any right
to severance payments or benefits under this Agreement. To become effective, the Release must be executed by Participant and any
revocation periods (as required by statute, regulation, or otherwise) must have expired without Participant having revoked the
Release. In addition, in no event will severance payments or benefits be paid or provided until the Release actually becomes effective.
If the Qualifying Termination occurs at a time during the calendar year where the Release Deadline could occur in the calendar
year following the calendar year in which Participant’s Qualifying Termination occurs, then any severance payments or benefits
under this Agreement that would be considered deferred compensation not exempt under Section 409A (as defined below) will be paid
on the first payroll date to occur during the calendar year following the calendar year in which such termination occurs, or such
later time as required by (i) the date the Release becomes effective, or (iii) Section 16; provided however, that the first payment
shall include all amounts that would have been paid to Participant if payment had commenced on the date of the Qualifying Termination.

 

Section 16. Section 409A.

 

(a) Notwithstanding anything to the contrary in
this Agreement, no severance pay or benefits to be paid or provided to Participant, if any, pursuant to this Agreement that, when
considered together with any other severance payments or separation benefits, are considered deferred compensation not exempt under
Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until Participant has a “separation
from service” within the meaning of Section 409A. Similarly, no severance payable to Participant, if any, pursuant to this
Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be payable
until Participant has a “separation from service” within the meaning of Section 409A. For purposes of this Agreement,
“Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended or any regulations or Treasury guidance
promulgated thereunder (“Section 409A”).

 

(b) Notwithstanding any provision of this Agreement
to the contrary, if Participant is a “specified employee” as determined by the Board or the Compensation Committee
of the Board in accordance with Section 409A, Participant shall not be entitled to any Deferred Payments until the earlier of (i)
the date which is six (6) months and one (1) day after her/his termination of employment for any reason other than death (except
that during such six (6) month period Participant may receive total payments from the Company that do not exceed the amount specified
in Treas. Reg. Section 1.409A-1(b)(9) or that constitute a short-term deferral within the meaning of Section 409A), or (ii) the
date of her death.

 

     10

    

    

 

(c) The foregoing provisions are intended to be
exempt from or comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided
hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will
be interpreted to be exempt or so comply. If any provision of this Agreement or of any award of compensation, including equity
compensation or benefits would cause Participant to incur any additional tax or interest under Section 409A, the parties agree
to negotiate in good faith to reform such provision in such manner as to maintain, to the maximum extent practicable, the original
intent and economic terms of the applicable provision without violating the provisions of Section 409A.

 

(d) To the extent that reimbursements or in-kind
benefits under this Agreement constitute non-exempt “nonqualified deferred compensation” for purposes of Section 409A,
(1) all reimbursements hereunder shall be made on or prior to the last day of the calendar year following the calendar year
in which the expense was incurred by Participant, (2) any right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchange for another benefit, and (3) the amount of expenses eligible for reimbursement or in-kind benefits provided in any
calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind benefits to be provided, in any other
calendar year.

 

Section 17. Termination Outside of the
Transaction Period.

 

The benefits provided under this Agreement are in
lieu of any benefit provided under any other severance plan, program or arrangement of the Company in effect at the time of a Qualified
Termination. In the event Participant’s employment is terminated for any reason outside of the Transaction Period, then Participant
shall only be entitled to receive severance and any other benefits as provided for under other written agreements with the Company[,
including, without limitation, the Severance Agreement, which will remain in force and effect for any termination other than during
the Transaction Period].

 

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    IN WITNESS WHEREOF, the
undersigned have executed this Agreement as of _________, 2018. 

	 	 	 
	 	 
	NAME	 
	 	 	 
	THESTREET, INC.	 
	 	 	 
	By:	 	 
	Name: Dave Callaway	 
	Title: Chief Executive Officer	 

 

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EXHIBIT A

 

FORM OF RELEASE

 

This Release (this “Release”) is entered into by
_________ (“Participant”) and TheStreet, Inc., a Delaware corporation (the “Company”), effective
as of _________ (the “Effective Date”).

 

In consideration of the promises set forth in the Transaction Severance
Agreement between Participant and the Company, dated as of _______, 20__ (the “Agreement”), Participant and
the Company agree as follows:

 

1.        General Releases and Waivers of Claims.

 

(a)  Participant’s Release of Company.
In consideration of the payments and benefits provided to Participant under the Agreement and after consultation with counsel,
Participant on behalf of him/herself and each of her/his respective heirs, executors, administrators, representatives, agents,
successors and assigns (collectively, the “Participant Parties”) hereby irrevocably and unconditionally release
and forever discharge the Company and its current and former subsidiaries and affiliates and each of their respective current and
former officers, employees, directors, shareholders and agents (“Company Parties”) from any and all claims,
actions, causes of action, rights, judgments, fees and costs (including attorneys’ fees), obligations, damages, demands,
accountings or liabilities of whatever kind or character (collectively, “Claims”), including, without limitation,
any Claims based upon contract, tort, or under any federal, state, local or foreign law, that the Participant Parties may have,
or in the future may possess, arising out of any aspect of Participant’s employment relationship with and service as an employee,
officer, director or agent of the Company, or the termination of such relationship or service, that occurred, existed or arose
on or prior to the date hereof; provided, however, that Participant does not release, discharge or waive (i) any rights to payments
and benefits provided under the Agreement, (ii) any right Participant may have to enforce this Release or the Agreement, (iii)
Participant’s eligibility for indemnification in accordance with the Company’s certificate of incorporation, bylaws
or other corporate governance document, any applicable insurance policy or any contract or provision to which Participant is a
party or as to which Participant otherwise is entitled to indemnification benefits, with respect to any liability she incurred
or might incur as an employee, officer or director of the Company, (iv) any claims for accrued, vested benefits under any employee
benefit or pension plan of the Company Parties subject to the terms and conditions of such plan and applicable law including, without
limitation, any such claims under COBRA or the Employee Retirement Income Security Act of 1974, or (v) any rights under or in respect
of any written agreements executed by the parties (collectively, the “Applicable Agreements”). Additionally,
nothing in this Release precludes Participant from reporting possible violations of federal law or regulation, or participating
in any investigation or proceeding, to or before any federal or state agency or governmental body (“Government Agencies”)
or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation without prior
authorization from or any notice to the Company. However, while Participant may file a charge and participate in any such proceeding,
by signing this Agreement, Participant waives any right to bring a lawsuit against the Company Parties, and waive any right to
any individual monetary recovery in any such proceeding or lawsuit; provided, however, notwithstanding anything to the contrary
in this Agreement, in no way shall this Agreement limit Participant’s right to receive an award for information provided
to any Government Agencies.

 

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(b) Participant’s Specific Release of ADEA
Claims. In further consideration of the payments and benefits provided to Participant under the Agreement, Participant on behalf
of him/herself and the other Participant Parties hereby unconditionally release and forever discharge the Company Parties from
any and all Claims that the Participant Parties may have as of the date Participant signs this Release arising under the Federal
Age Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”).
By signing this Release, Participant hereby acknowledges and confirms the following: (i) Participant was advised by the Company
in connection with his/her termination to consult with an attorney of his/her choice prior to signing this Release and to have
such attorney explain to him/her the terms of this Release, including, without limitation, the terms relating to his/her release
of claims arising under ADEA, and Participant has in fact consulted with an attorney; (ii) Participant was given a period
of not fewer than twenty-one (21) days to consider the terms of this Release and to consult with an attorney of his/her choosing
with respect thereto; and (iii) Participant knowingly and voluntarily accepts the terms of this Release. Participant also
understands that s/he has seven (7) days following the date on which s/he signs this Release within which to revoke the release
contained in this paragraph, by providing the Company a written notice of his/her revocation of the release and waiver contained
in this paragraph.

 

(c)  Company’s Release of Participant.
The Company for itself and on behalf of the Company Parties hereby irrevocably and unconditionally release and forever discharge
the Participant Parties from any and all Claims, including, without limitation, any Claims based upon contract, tort, or under
any federal, state, local or foreign law, that the Company Parties may have, or in the future may possess, arising out of any aspect
of Participant’s employment relationship with and service as an employee, officer, director or agent of the Company, or the
termination of such relationship or service, that occurred, existed or arose on or prior to the date hereof, excepting (i) any
Claim which would constitute or result from conduct by Participant that constituted the basis for termination for Cause under the
Agreement or could be a crime of any kind, or (ii) rights arising under or in respect of the Agreement. Anything to the contrary
notwithstanding in this Release, nothing herein shall release Participant or any other Participant Party from any Claims based
on any right the Company may have to enforce this Release or the Agreement or any of the Applicable Agreements.

 

(d)  No Assignment. The parties represent
and warrant that they have not assigned any of the Claims being released under this Release.

 

2.        Proceedings. Neither Participant
nor the Company have filed any complaint, charge, claim or proceeding against the other party before any local, state or federal
agency, court or other body relating to Participant’s employment or the termination thereof (each, individually, a “Proceeding”).

 

     14

    

    

 

3.        Remedies.

 

(a)  In the event Participant initiates
or voluntarily participates in any Proceeding involving any of the matters waived or released in this Release, or if she fails
to abide by any of the terms of this Release, or if s/he revokes the ADEA release contained in Paragraph 1(b) of this Release
within the seven (7)-day period provided under Paragraph 1(b), the Company may, in addition to any other remedies it may have,
reclaim any amounts paid to him/her, and terminate any benefits or payments that are due pursuant to the termination provisions
of the Agreement, without waiving the release granted herein. In addition, in the event that Participant has failed to comply with
Section 3 of the Agreement (other than as a result of an unintentional and immaterial disclosure of confidential information),
the Company may, in addition to any other remedies it may have, to the extent permitted in the Agreement reclaim any amounts paid
to her pursuant to the Agreement, without waiving the release granted herein. Participant acknowledges and agrees that the remedy
at law available to the Company for breach of any of his/her post-termination obligations under the Agreement or any of the Applicable
Agreements or his/her obligations hereunder or thereunder would be inadequate and that damages flowing from such a breach may not
readily be susceptible to being measured in monetary terms. Accordingly, Participant acknowledges, consents and agrees that, in
addition to any other rights or remedies that the Company may have at law or in equity, the Company shall be entitled to seek a
temporary restraining order or a preliminary or permanent injunction, or both, without bond or other security, restraining Participant
from breaching his/her post-termination obligations under the Agreement or any of the Applicable Agreements or her obligations
hereunder or thereunder. Such injunctive relief in any court shall be available to the Company, in lieu of, or prior to or pending
determination in, any arbitration proceeding.

 

(b)  Participant understands that by entering
into this Release s/he will be limiting the availability of certain remedies that s/he may have against the Company and limiting
also his/her ability to pursue certain claims against the Company.

 

(c)  The Company acknowledges and agrees
that the remedy at law available to Participant for breach of any of its post-termination obligations under the Agreement or any
of the Applicable Agreements or its obligations hereunder or thereunder would be inadequate and that damages flowing from such
a breach may not readily be susceptible to being measured in monetary terms. Accordingly, the Company acknowledges, consents and
agrees that, in addition to any other rights or remedies that Participant may have at law or in equity, Participant shall be entitled
to seek a temporary restraining order or a preliminary or permanent injunction, or both, without bond or other security, restraining
the Company from breaching its post-termination obligations under the Agreement or any of the Applicable Agreements or its obligations
hereunder or thereunder. Such injunctive relief in any court shall be available to Participant, in lieu of, or prior to or pending
determination in, any arbitration proceeding.

 

(d)  The Company understands that by entering
into this Release it will be limiting the availability of certain remedies that it may have against Participant and limiting also
its ability to pursue certain claims against Participant.

 

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4.        Severability Clause. In the event
any provision or part of this Release is found to be invalid or unenforceable, only that particular provision or part so found,
and not the entire Release, will be inoperative.

 

5.        Nonadmission. Nothing contained in
this Release will be deemed or construed as an admission of wrongdoing or liability on the part of the Company or Participant.

 

6.        Governing Law. All matters affecting
this Release, including the validity thereof, are to be governed by, and interpreted and construed in accordance with, the laws
of the New York applicable to contracts executed in and to be performed in that State.

 

7.        Notices. All notices or communications
hereunder shall be made in accordance with Section 4 of the Agreement.

 

EXECUTIVE ACKNOWLEDGES THAT S/HE HAS READ
THIS RELEASE AND THAT SHE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT SHE HEREBY EXECUTES THE SAME AND MAKES
THIS RELEASE AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF HER OWN FREE WILL.

 

IN WITNESS WHEREOF, the parties have executed this
Release as of _______________. 

 

	 
	 
	Name:	 
	
         

        THESTREET, INC.

	 	 
	By:	 
	Name:	 
	Title:	 

 

16

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