Document:

Warrant to Purchase Series C Preferred Stock of Qorvis Media Group, Inc.12/13/99

 EXHIBIT 4.7 
  

THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE LAWS OF ANY STATE. THEY MAY NOT BE SOLD OR OTHERWISE TRANSFERRED UNLESS THEY ARE
REGISTERED UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. 
  

			
	 December 13, 1999
	  	 Warrant for 100,000 Shares of
 Series C Preferred Stock

  
 QORVIS MEDIA GROUP,
INC. 
 WARRANT TO PURCHASE SERIES C PREFERRED STOCK 
  
 This warrant (“Warrant”) certifies that, for value received, Michael Petruzzello (the
“Holder”) has the right to purchase at any time on or before the Expiration Date (hereinafter defined) up to 100,000 shares of Series C Preferred Stock, $0.001 par value (“Preferred Stock”), of Qorvis Media Group,
Inc., a Delaware corporation (the “Company”), at a purchase price of $8.50 per share, payable in lawful money of the United States of America in cash or by certified or cashier’s check or a combination of cash and certified or
cashier’s check, subject to adjustment as hereinafter provided. 
  

	 	1.	Purchase Price. 

  
 The purchase price payable upon exercise of the Warrant shall initially be $8.50 per share of Preferred Stock, subject to adjustment as hereinafter
provided (the “Purchase Price”). The Purchase Price and number of shares of Preferred Stock issuable upon exercise of this Warrant (the “Warrant Shares”) are subject to adjustment as provided in Article 6.

  

	 	2.	Exercise; Expiration Date. 

  
 2.1 The Warrant is exercisable, at the option of the Holder, at any time after issuance and on or before the Expiration Date pursuant to
the vesting in Section 2.2 herein. At the time of exercise, the Holder shall deliver a completed Notice of Exercise, in the form attached hereto as Exhibit A, and payment of an amount equal to the Purchase Price times the number of Warrant Shares to
be purchased. 
  
 2.2 The Warrant shall be
exercisable cumulatively to the extent of 1/12th of the number of shares subject to the Warrant at the end of each
one-month period beginning on December 1, 1999, provided in each case that the Holder remains a consultant or director of the Corporation to the respective date. 
  
 2.3 The term “Expiration Date” shall mean 5:00 p.m. California time on November 30, 2004 or
if such date shall in the State of California be a holiday or a day on which banks are authorized to close, then 5:00 p.m. California time the next following date which in the State of California is not a holiday or a day on which banks are
authorized to close. 
  

	 	3.	Registration and Transfer on Company Books. 

  
 3.1 The Company shall maintain books for the registration and transfer of the Warrant and the registration and transfer of the shares of
Preferred Stock issued upon exercise of the Warrant. 
  
 3.2 Prior to due presentment for registration of transfer of this Warrant, or the shares of Preferred Stock issued upon exercise of the Warrant, the Company may deem and treat the registered Holder as the absolute owner thereof. 

 
 3.3 Neither this Warrant nor the shares of Preferred
Stock issuable upon exercise hereof have been registered under the Securities Act of 1933, as amended (the “Act”). The Company will not transfer this Warrant or issue or transfer the shares of Preferred Stock issuable upon exercise
hereof unless (i) there is an effective registration covering such Warrant or such shares, as the case may be, under the Act and applicable states securities laws, (ii) it first receives a letter from an attorney, acceptable to the Company’s
board of directors or its agents, stating that in the opinion of the attorney the proposed issue or transfer is exempt from registration under the Act and under all applicable state securities laws, or (iii) the transfer is made pursuant to Rule 144
under the Act. Subject to the foregoing, this Warrant, and the shares of Preferred Stock issued upon exercise of the Warrant, may be sold, assigned or otherwise transferred voluntarily by the Holder to officers or directors of the Holder, to members
of such persons’ immediate families, or to the Holder’s parent or subsidiary corporations, upon delivery of such representations and warranties as the Company may reasonably request. The Company shall register upon its books any permitted
transfer of the Warrant, upon surrender of same to the Company with a written instrument of transfer duly executed by the registered Holder or by a duly authorized attorney. Upon any such registration of transfer, new Warrant(s) shall be issued to
the transferee(s) and the surrendered Warrants shall be canceled by the Company. 
  

	 	4.	Reservation of Shares. 

  
 The Company covenants that it will at all times reserve and keep available out of its authorized Preferred Stock, solely for the purpose of issue upon
exercise of the Warrant, such number of shares of Preferred Stock as shall then be issuable upon the exercise of the Warrant and such number of shares of its Class A Common Stock, par value $.001 per share (the “Common Stock”),
issuable upon the conversion of the Warrant Shares (the “Underlying Common Shares”). The Company covenants that all shares of Preferred Stock which shall be issuable upon exercise of the Warrant shall be duly and validly issued and,
upon payment for such shares as set forth herein, fully paid and non-assessable and free from all taxes, liens and charges with respect to the issue thereof, and that upon issuance such shares shall be listed on each national securities exchange, if
any, on which the other shares of outstanding Preferred Stock of the Company are then listed. 
  

	 	5.	Loss or Mutilation. 

  
 Upon receipt by the Company of reasonable evidence of the ownership of and the loss, theft, destruction or mutilation of the Warrant and, in the case of
loss, theft or destruction, of 

  

 - 2 - 

 
indemnity reasonably satisfactory to the Company, or, in the case of mutilation, upon surrender and cancellation of the mutilated Warrant, the Company shall
execute and deliver in lieu thereof a new Warrant representing an equal number of Warrant Shares. 
  

	 	6.	Adjustment of Purchase Price and Number of Shares Deliverable. 

  
 6.1 The number of Warrant Shares purchasable upon the exercise of the Warrant and the Purchase Price with respect to the Warrant Shares
shall be subject to adjustment as follows: 
  
 (a) In case the Company shall (i) declare a dividend or make a distribution on its Preferred Stock payable in shares of its capital stock, (ii) subdivide its outstanding shares of Preferred Stock through stock split or otherwise, (iii)
combine its outstanding shares of Preferred Stock into a smaller number of shares of Preferred Stock, or (iv) issue by reclassification of its Preferred Stock (including any such reclassification in connection with a consolidation or merger in which
the Company is the continuing corporation) other securities of the Company, the number and/or nature of Warrant Shares purchasable upon exercise of the Warrant immediately prior thereto shall be adjusted so that the Holder shall be entitled to
receive the kind and number of Warrant Shares or other securities of the Company which he would have owned or have been entitled to receive after the happening of any of the events described above, had such Warrant been exercised immediately prior
to the happening of such event or any record date with respect thereto. An adjustment made pursuant to this paragraph (a) shall become effective retroactively as of the record date of such event. 
  
 (b) In the event of any capital reorganization or any
reclassification of the Preferred Stock of the Company, or in case of the consolidation or merger of the Company with another corporation (other than a consolidation or merger in which the outstanding shares of the Company’s Preferred Stock are
not converted into or exchanged for other rights or interests), or in the case of any sale, transfer or other disposition to another corporation of all or substantially all the properties and assets of the Company, the Holder of the Warrant shall
thereafter be entitled to purchase (and it shall be a condition to the consummation of any such reorganization, reclassification, consolidation, merger, sale, transfer or other disposition that appropriate provisions shall be made so that such
Holder shall thereafter be entitled to purchase) the kind and amount of shares of stock and other securities and property (including cash) which the Holder would have been entitled to receive had the Warrant been exercised immediately prior to the
effective date of such reorganization, reclassification, consolidation, merger, sale, transfer or other disposition; and in any such case appropriate adjustments shall be made in the application of the provisions of this Article 6 with respect to
rights and interest thereafter of the Holder of the Warrant to the end that the provisions of this Article 6 shall thereafter be applicable, as near as reasonably may be, in relation to any shares or other property thereafter purchasable upon
exercise of the Warrant. The provisions of this Section 6.1(b) shall similarly apply to successive reorganizations, reclassifications, consolidations, mergers, sales, transfers or other dispositions. 
  
 (c) Whenever the number of Warrant Shares purchasable upon
the exercise of the Warrant is adjusted, as provided in this Section 6.1, the Purchase Price with 

  

 - 3 - 

 
respect to the Warrant Shares shall be adjusted by multiplying such Purchase Price immediately prior to such adjustment by a fraction, of which the numerator
shall be the number of Warrant Shares purchasable upon the exercise of such Warrant immediately prior to such adjustment, and of which the denominator shall be the number of Warrant Shares so purchasable immediately thereafter. 
  
 6.2 No adjustment in the number of Warrant Shares
purchasable under the Warrant, or in the Purchase Price with respect to the Warrant Shares, shall be required unless such adjustment would require an increase or decrease of at least 1% in the number of Warrant Shares issuable upon the exercise of
the Warrant, or in the Purchase Price thereof; provided, however, that any adjustments which by reason of this Section 6.2 are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All final results of
adjustments to the number of Warrant Shares and the Purchase Price thereof shall be rounded to the nearest one thousandth of a share or the nearest cent, as the case may be. Anything in this Section 6 to the contrary notwithstanding, the Company
shall be entitled, but shall not be required, to make such changes in the number of Warrant Shares purchasable upon the exercise of the Warrant, or in the Purchase Price thereof, in addition to those required by such Section, as it in its discretion
shall determine to be advisable in order that any dividend or distribution in shares of Preferred Stock, subdivision, reclassification or combination of shares of Preferred Stock, issuance of rights, warrants or options to purchase Preferred Stock,
or distribution of shares of stock other than Preferred Stock, evidences of indebtedness or assets (other than distributions of cash out of retained earnings) or convertible or exchangeable securities hereafter made by the Company to the holders of
its Preferred Stock shall not result in any tax to the holders of its Preferred Stock or securities convertible into Preferred Stock. 
  
 6.3 Whenever the number of Warrant Shares purchasable upon the exercise of the Warrant or the Purchase Price of such Warrant Shares is
adjusted, as herein provided, the Company shall mail to the Holder, at the address of the Holder shown on the books of the Company, a notice of such adjustment or adjustments, prepared and signed by the Chief Financial Officer or Secretary of the
Company, which sets forth the number of Warrant Shares purchasable upon the exercise of such Warrant and the Purchase Price of such Warrant Shares after such adjustment, a brief statement of the facts requiring such adjustment and the computation by
which such adjustment was made. 
  
 6.4 In the
event that at any time prior to the expiration of the Warrant and prior to their exercise: 
  
 (a) the Company shall declare any stock split, stock dividend, subdivision, combination, or similar distribution with respect to the
Preferred Stock, regardless of the effect of any such event on the outstanding number of shares of Preferred Stock; or 
  
 (b) there shall be any capital change in the Company as set forth in Section 6.1(b); or 
  

 - 4 - 

 (c) there shall be a voluntary or involuntary dissolution, liquidation, or winding up of
the Company (other than in connection with a consolidation, merger, or sale of all or substantially all of its property, assets and business as an entity); 
  
 (each such event hereinafter being referred to as a “Notification Event”), the Company shall cause to be mailed to the Holder, not less than twenty (20)
days prior to the record date, if any, in connection with such Notification Event (provided, however, that if there is no record date, or if twenty (20) days prior notice is impracticable, as soon as practicable) written notice specifying the nature
of such event and the effective date of, or the date on which the books of the Company shall close or a record shall be taken with respect to, such event. Such notice shall also set forth facts indicating the effect of such action (to the extent
such effect may be known at the date of such notice) on the Purchase Price and the kind and amount of the shares of stock or other securities or property deliverable upon exercise of the Warrant. For purposes hereof, a business day shall mean any
day other than a Saturday, Sunday or any other day in which commercial banks are authorized by law to be closed in California. 
  
 The form of Warrant need not be changed because of any change in the Purchase Price or the number of Warrant Shares issuable upon the exercise of the
Warrant pursuant to this Section 6. The Company may, however, at any time, in its sole discretion, make any change in the form of Warrant that it may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued
or countersigned, whether in exchange or substitution for the outstanding Warrant or otherwise, may be in the form as so changed. 
  

	 	7.	Conversion Rights. 

  
 7.1 In lieu of the exercise of this Warrant as provided in Section 2.1 hereof, the Holder shall have the right to convert this Warrant
(the “Conversion Right”) into shares of Preferred Stock (or shares of the Company’s Common Stock in the event such Preferred Stock is converted into shares of Common Stock) at any time during the term of this Warrant. Upon
exercise of the Conversion Right with respect to a particular number of shares subject to this Warrant (the “Converted Shares”), the Company shall deliver to the Holder (without payment by the Holder of any exercise price or any cash or
other consideration) (i) that number of shares of Preferred Stock equal to the quotient obtained by dividing the value of this Warrant on the Conversion Date (as defined herein), which value shall be determined by subtracting (A) the aggregate
Purchase Price of the Converted Shares immediately prior to the exercise of the Conversion Right from (B) the aggregate fair market value of the Converted Shares on the Conversion Date by (ii) the fair market value of one share of Preferred Stock on
the Conversion Date. 
  
 Expressed as a formula, such conversion shall be computed
as follows: 
  

			
	X = B — A
	            Y
	Where:	  	X = the number of shares of Preferred Stock to be issued to holder

  

 - 5 - 

			
	 	  	Y = the fair market value (FMV) of one share of Preferred Stock
		
	 	  	A = the aggregate Purchase price (i.e., Number of Converted Shares x Purchase Price)
		
	 	  	B = the aggregate FMV (i.e., FMV x Number of Converted Shares)

  
 No fractional shares
shall be issuable upon exercise of the Conversion Right, and, if the number of shares to be issued determined in accordance with the foregoing formula is other than a whole number, the Company shall pay to the holder an amount in cash equal to the
fair market value of the resulting fractional share on the Conversion Date. 
  
 7.2 For purposes of this Article 7, the fair market value of the Preferred Stock (or the Common Stock issuable upon conversion of such Preferred Stock) shall be determined as follows: (i) if such stock is listed on
any established stock exchange or a national market system, including without limitation the Nasdaq National Market of The Nasdaq Stock Market, its fair market value shall be the closing sales price for such stock as quoted on such exchange or
system for the last market trading day prior to the time of determination, and (ii) in the absence of an established market for such stock, the fair market value shall be determined in good faith by the Company’s Board of Directors, unless the
exercise of the Conversion Right is effected in connection with a merger, acquisition or other consolidation pursuant to which the Company is not the surviving party, in which case the fair market value shall be deemed to be the value received by
the holders of the Company’s Preferred Stock (or Common Stock issuable upon the conversion thereof) for each share of Preferred Stock (or Common Stock issuable upon the conversion thereof) pursuant to such merger, acquisition or other
consolidation. 
  
 7.3 The Conversion Right
provided under this Section 7 may be exercised in whole or in part and at any time and from time to time while any Warrant remains outstanding. In order to exercise the Conversion Right, the Holder shall surrender to the Company, at its offices,
this Warrant accompanied by a duly completed Notice of Conversion in the form attached hereto as Exhibit B. The Warrant (or so much thereof as shall have been surrendered for conversion) shall be deemed to have been converted immediately prior to
the close of business on the day (such day, the “Conversion Date”) of surrender of the Warrant for conversion in accordance with the foregoing provisions. As promptly as practicable on or after the Conversion Date, the Company shall
issue and shall deliver to the Holder (i) a certificate or certificates representing the number of shares of Preferred Stock or Common Stock, as the case may be, to which the Holder shall be entitled as a result of the conversion, and (ii) if the
Warrant is being converted in part only, a new certificate in principal amount equal to the unconverted portion of the Warrant. 
  

	 	8.	Voluntary Adjustment by the Company. 

  
 The Company may, at its option, at any time during the term of the Warrant, reduce the then current Purchase Price to any amount deemed appropriate by the
Board of Directors of the Company and/or extend the date of the expiration of the Warrant. 
  

 - 6 - 

	 	9.	Fractional Shares and Warrants. 

  
 9.1 Anything contained herein to the contrary notwithstanding, the Company shall not be required to issue any fraction of a share of
Preferred Stock in connection with the exercise of the Warrant. The Warrant may not be exercised in such number as would result (except for the provisions of this paragraph) in the issuance of a fraction of a share of Preferred Stock unless the
Holder is exercising all Warrant Shares then exercisable under the Warrant. In such event, the Company shall, upon the exercise of the Warrant, issue to the Holder the largest aggregate whole number of shares of Preferred Stock called for thereby
upon receipt of the Purchase Price for all of the Warrant Shares thereby purchased and pay a sum in cash equal to the remaining fraction of a share of Preferred Stock, multiplied by the Purchase Price. 
  

	 	10.	Governing Law. 

  
 This Warrant shall be governed by and construed in accordance with the laws of the State of Delaware. 
  
 IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed
by its officers thereunto duly authorized and its corporate seal to be affixed hereon, as of this 13th day December,
1999. 
  

			
	QORVIS MEDIA GROUP, INC.
		
	By:	 	/s/ Jeffry Cohen        
	 	 	

	 	 	 Name: Jeffry Cohen
 Title: CEO

  
 [SEAL] Attest: 
  
 Attest: 
  

	
	
	/s/ Arthur J. Songey        
	

	 Name: Arthur J. Songey
 Title: Vice President

  

 - 7 - 

 EXHIBIT A 
  
 NOTICE OF EXERCISE 
  
 The undersigned hereby irrevocably elects to exercise, pursuant to Section 2 of the Warrant accompanying this Notice of Exercise,
                     Warrant Shares of the total number of Warrant Shares represented by the Warrant, and herewith makes payment of the
Purchase Price of such shares in full. 
  

	
	

	 Name of Holder

	
	 
	

	 Signature

	 
	 Address:

	 
	

	 
	

	 
	

	 

  

 - 8 - 

 EXHIBIT B 
  
 NOTICE OF CONVERSION 
  
 The undersigned hereby irrevocably elects to convert, pursuant to Section 7 of the Warrant accompanying this Notice of Conversion,
                     Warrant Shares of the total number of Warrant Shares represented by the accompanying Warrant into shares of the Common
Stock of the Company (the “Underlying Common Shares”). 
  
 The number of Underlying Common Shares to be received by the undersigned shall be calculated in accordance with the provisions of Section 7.1 of the accompanying Warrant. 
  

	
	

	 Name of Holder

	
	 
	

	 Signature

	 
	 Address:

	 
	

	 
	

	 
	

	 

  

 - 9 -Form of Indemnification Agreement btn the Registrant & officers and directors

 EXHIBIT 10.1 
  
 INDEMNIFICATION AGREEMENT 
  
 THIS INDEMNIFICATION AGREEMENT (the “Agreement”), dated as of
                         , 2004, between PRN CORPORATION, a Delaware corporation (the
“Corporation”), and [Name] (“Indemnitee”), 
  
 W I T N E S S E T H: 
  
 WHEREAS, Indemnitee is either a
member of the board of directors of the Corporation (the “Board of Directors”) or an officer of the Corporation, or both, and in such capacity or capacities, or otherwise as an Agent (as hereinafter defined) of the Corporation, is
performing a valuable service for the Corporation; and 
  
 WHEREAS, Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Corporation on the condition that he or she be indemnified as herein provided; and 
  
 WHEREAS, it is intended that Indemnitee shall be paid promptly by the
Corporation all amounts necessary to effectuate in full the indemnity provided herein: 
  
 NOW, THEREFORE, in consideration of the premises and the covenants in this Agreement, and of Indemnitee continuing to serve the Corporation as an Agent and intending to be legally bound hereby, the parties hereto
agree as follows: 
  
 1. Services by Indemnitee. Indemnitee
agrees to serve (a) as a director or an officer of the Corporation, or both, so long as Indemnitee is duly appointed or elected and qualified in accordance with the applicable provisions of the Certificate of Incorporation and bylaws of the
Corporation, and until such time as Indemnitee resigns or fails to stand for election or is removed from Indemnitee’s position, or (b) otherwise as an Agent (as hereinafter defined) of the Corporation. Indemnitee may from time to time also
perform other services at the request or for the convenience of, or otherwise benefiting the Corporation. Indemnitee may at any time and for any reason resign or be removed from such position (subject to any other contractual obligation or other
obligation imposed by operation of law), in which event the Corporation shall have no obligation under this Agreement to continue Indemnitee in any such position. 
  
 2. Indemnification. Subject to the limitations set forth herein and in Section 6 hereof, the Corporation hereby
agrees to indemnify Indemnitee as follows: 
  
 The Corporation
shall, with respect to any Proceeding (as hereinafter defined) associated with Indemnitee’s being an Agent of the Corporation, indemnify Indemnitee to the fullest extent permitted by applicable law and the Certificate of Incorporation of the
Corporation in effect on the date hereof or as such law or Certificate of Incorporation may from time to time be amended (but, in the case of any such amendment, only to the extent such amendment permits the Corporation to provide broader
indemnification rights than the law or Certificate of Incorporation permitted the Corporation to provide before such amendment). The right to indemnification conferred herein and in the Certificate of Incorporation shall be presumed to have been
relied upon by Indemnitee in serving or continuing to serve the Corporation as an Agent and shall be 

  

 -1- 

  

 
enforceable as a contract right. Without in any way diminishing the scope of the indemnification provided by this Section 2, the Corporation will indemnify
Indemnitee to the full extent permitted by law if and wherever Indemnitee is or was a party or is threatened to be made a party to any Proceeding, including any such Proceeding brought by or in the right of the Corporation, by reason of the fact
that Indemnitee is or was an Agent or by reason of anything done or not done by Indemnitee in such capacity, against Expenses (as hereinafter defined) and Liabilities (as hereinafter defined) actually and reasonably incurred by Indemnitee or on his
or her behalf in connection with the investigation, defense, settlement or appeal of such Proceeding. In addition to, and not as a limitation of, the foregoing, the rights of indemnification of Indemnitee provided under this Agreement shall include
those rights set forth in Sections 3 and 8 below. Notwithstanding the foregoing, the Corporation shall be required to indemnify Indemnitee in connection with a Proceeding commenced by Indemnitee (other than a Proceeding commenced by Indemnitee to
enforce Indemnitee’s rights under this Agreement) only if the commencement of such Proceeding was authorized by the Board of Directors. 
  
 3. Advancement of Expenses. All reasonable Expenses incurred by or on behalf of Indemnitee (including costs of enforcement of this Agreement) shall
be advanced from time to time by the Corporation to Indemnitee within thirty (30) days after the receipt by the Corporation of a written request for an advance of Expenses, whether prior to or after final disposition of a Proceeding (except to the
extent that there has been a Final Adverse Determination (as hereinafter defined) that Indemnitee is not entitled to be indemnified for such Expenses), including without limitation any Proceeding brought by or in the right of the Corporation. The
written request for an advancement of any and all expenses under this paragraph shall contain reasonable detail of the Expenses incurred by Indemnitee. In the event that such written request shall be accompanied by an affidavit of counsel to
Indemnitee to the effect that such counsel has reviewed such expenses and that such expenses are reasonable in such counsel’s view, then such expenses shall be deemed reasonable in the absence of clear and convincing evidence to the contrary.
By execution of this Agreement, Indemnitee shall be deemed to have made whatever undertaking may be required by law at the time of any advancement of Expenses with respect to repayment to the Corporation of such Expenses. In the event that the
Corporation shall breach its obligation to advance Expenses under this Section 3, the parties hereto agree that Indemnitee’s remedies available at law would not be adequate and that Indemnitee would be entitled to specific performance.

  
 4. Presumptions and Effect of Certain Proceedings. Upon
making a request for indemnification, Indemnitee shall be presumed to be entitled to indemnification under this Agreement and the Corporation shall have the burden of proof to overcome that presumption in reaching any contrary determination. The
termination of any Proceeding by judgment, order, settlement, arbitration award or conviction, or upon a plea of nolo contendere or its equivalent shall not affect this presumption or, except as determined by a judgment or other final adjudication
adverse to Indemnitee, establish a presumption with regard to any factual matter relevant to determining Indemnitee’s rights to indemnification hereunder. If the person or persons so empowered to make a determination pursuant to Section 5
hereof shall have failed to make the requested determination within ninety (90) days after any judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere or its equivalent, or other disposition or
partial disposition of any Proceeding or any other event that could enable the 

  

 -2- 

  

 
Corporation to determine Indemnitee’s entitlement to indemnification, the requisite determination that Indemnitee is entitled to indemnification shall
be deemed to have been made. 
  
 5. Procedure for Determination
of Entitlement to Indemnification. 
  
 (a) Whenever Indemnitee
believes that Indemnitee is entitled to indemnification pursuant to this Agreement, Indemnitee shall submit a written request for indemnification to the Corporation. Any request for indemnification shall include sufficient documentation or
information reasonably available to Indemnitee for the determination of entitlement to indemnification. In any event, Indemnitee shall submit Indemnitee’s claim for indemnification within a reasonable time, not to exceed five (5) years after
any judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere or its equivalent, or final determination, whichever is the later date for which Indemnitee requests indemnification. The Secretary or
other appropriate officer shall, promptly upon receipt of Indemnitee’s request for indemnification, advise the Board of Directors in writing that Indemnitee has made such request. Determination of Indemnitee’s entitlement to
indemnification shall be made not later than ninety (90) days after the Corporation’s receipt of Indemnitee’s written request for such indemnification, provided that any request for indemnification for Liabilities, other than amounts paid
in settlement, shall have been made after a determination thereof in a Proceeding. 
  
 (b) The Corporation shall be entitled to select the forum in which Indemnitee’s entitlement to indemnification will be heard; provided, however, that if there is a Change in Control of the Corporation (as
hereinafter defined), Independent Legal Counsel (as hereinafter defined) shall determine whether Indemnitee is entitled to indemnification. The forum shall be any one of the following: 
  
 (i) the stockholders of the Corporation; 
  
 (ii) a majority vote of Disinterested Directors (as hereinafter defined), even though less than a quorum;

  
 (iii) Independent Legal Counsel, whose
determination shall be made in a written opinion; or 
  
 (iv) a panel of three arbitrators, one selected by the Corporation, another by Indemnitee and the third by the first two arbitrators; or if for any reason three arbitrators are not selected within thirty (30) days after the appointment of
the first arbitrator, then selection of additional arbitrators shall be made by the American Arbitration Association. If any arbitrator resigns or is unable to serve in such capacity for any reason, the American Arbitration Association shall select
such arbitrator’s replacement. The arbitration shall be conducted pursuant to the commercial arbitration rules of the American Arbitration Association in effect as of the date hereof. 
  
 6. Specific Limitations on Indemnification. Notwithstanding anything
in this Agreement to the contrary, the Corporation shall not be obligated under this Agreement to make any payment to Indemnitee with respect to any Proceeding: 
  

(a) To the extent that payment is actually made to Indemnitee under any insurance policy, or is made to Indemnitee by the Corporation or an affiliate
otherwise than pursuant to this Agreement. Notwithstanding the availability of such insurance, Indemnitee also may claim indemnification from the Corporation pursuant to this Agreement by assigning to the Corporation any claims under such insurance
to the extent Indemnitee is paid by the Corporation; 
  

 -3- 

  

 (b) Provided there has been no Change in Control, for Liabilities in connection with Proceedings
settled without the Corporation’s consent, which consent, however, shall not be unreasonably withheld; 
  
 (c) For an accounting of profits made from the purchase or sale by Indemnitee of securities of the Corporation within the meaning of section 16(b) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or similar provisions of any state statutory or common law; or 
  
 (d) To the extent it would be otherwise prohibited by law, if so established by a judgment or other final adjudication adverse to Indemnitee. 

 
 7. Fees and Expenses of Independent Legal Counsel. The Corporation
agrees to pay the reasonable fees and expenses of Independent Legal Counsel or a panel of three arbitrators should such Independent Legal Counsel or such arbitrators be retained to make a determination of Indemnitee’s entitlement to
indemnification pursuant to Section 5(b) of this Agreement, and to fully indemnify such Independent Legal Counsel or arbitrators against any and all expenses and losses incurred by any of them arising out of or relating to this Agreement or their
engagement pursuant hereto. 
  
 8. Remedies of Indemnitee.

  
 (a) In the event that (i) a determination pursuant to Section
5 hereof is made that Indemnitee is not entitled to indemnification, (ii) advances of Expenses are not made pursuant to this Agreement, (iii) payment has not been timely made following a determination of entitlement to indemnification pursuant to
this Agreement, or (iv) Indemnitee otherwise seeks enforcement of this Agreement, Indemnitee shall be entitled to a final adjudication in the Court of Chancery of the State of Delaware of the remedy sought. Alternatively, unless (i) the
determination was made by a panel of arbitrators pursuant to Section 5(b)(iv) hereof, or (ii) court approval is required by law for the indemnification sought by Indemnitee, Indemnitee at Indemnitee’s option may seek an award in arbitration to
be conducted by a single arbitrator pursuant to the commercial arbitration rules of the American Arbitration Association now in effect, which award is to be made within ninety (90) days following the filing of the demand for arbitration. The
Corporation shall not oppose Indemnitee’s right to seek any such adjudication or arbitration award. In any such proceeding or arbitration Indemnitee shall be presumed to be entitled to indemnification and advancement of Expenses under this
Agreement and the Corporation shall have the burden of proof to overcome that presumption. 
  
 (b) In the event that a determination that Indemnitee is not entitled to indemnification, in whole or in part, has been made pursuant to Section 5 hereof, the decision in the judicial proceeding or arbitration
provided in paragraph (a) of this Section 8 shall be made de novo and 

  

 -4- 

  

 
Indemnitee shall not be prejudiced by reason of a determination that Indemnitee is not entitled to indemnification. 
  
 (c) If a determination that Indemnitee is entitled to indemnification has
been made pursuant to Section 5 hereof, or is deemed to have been made pursuant to Section 4 hereof or otherwise pursuant to the terms of this Agreement, the Corporation shall be bound by such determination in the absence of a misrepresentation or
omission of a material fact by Indemnitee in connection with such determination. 
  
 (d) The Corporation shall be precluded from asserting that the procedures and presumptions of this Agreement are not valid, binding and enforceable. The Corporation shall stipulate in any such court or before any such
arbitrator that the Corporation is bound by all the provisions of this Agreement and is precluded from making any assertion to the contrary. 
  
 (e) Expenses reasonably incurred by Indemnitee in connection with Indemnitee’s request for indemnification under, seeking enforcement of or to
recover damages for breach of this Agreement shall be borne by the Corporation when and as incurred by Indemnitee irrespective of any Final Adverse Determination that Indemnitee is not entitled to indemnification. 
  
 9. Contribution. To the fullest extent permissible under applicable
law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Corporation, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments,
fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all
of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Corporation and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (b) the relative fault of the
Corporation (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
  
 10. Maintenance of Insurance. Upon the Corporation’s purchase of directors’ and officers’ liability insurance policies covering its
directors and officers, then, subject only to the provisions within this Section 10, the Corporation agrees that so long as Indemnitee shall have consented to serve or shall continue to serve as a director or officer of the Corporation or both, or
as an Agent of the Corporation, and thereafter so long as Indemnitee shall be subject to any possible Proceeding (such periods being hereinafter sometimes referred to as the “Indemnification Period”), the Corporation will use all
reasonable efforts to maintain in effect for the benefit of Indemnitee one or more valid, binding and enforceable policies of directors’ and officers’ liability insurance providing, in all respects, coverage both in scope and amount which
is no less favorable than that presently provided. Notwithstanding the foregoing, the Corporation shall not be required to maintain said policies of directors’ and officers’ liability insurance if such insurance is not reasonably available
or if it is in good faith determined by the then directors of the Corporation either that: 
  
 (i) The premium cost of maintaining such insurance is substantially disproportionate to the amount of coverage provided thereunder; or

  

 -5- 

  

 (ii) The protection provided by such insurance is so limited by exclusions,
deductions or otherwise that there is insufficient benefit to warrant the cost of maintaining such insurance. 
  
 Anything in this Agreement to the contrary notwithstanding, to the extent that and for so long as the Corporation shall choose to continue to maintain any
policies of directors’ and officers’ liability insurance during the Indemnification Period, the Corporation shall maintain similar and equivalent insurance for the benefit of Indemnitee during the Indemnification Period (unless such
insurance shall be less favorable to Indemnitee than the Corporation’s existing policies). 
  
 11. Modification, Waiver, Termination and Cancellation. No supplement, modification, termination, cancellation or amendment of this Agreement shall
be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar), nor shall such waiver
constitute a continuing waiver. 
  
 12. Subrogation. In the
event of payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure
such rights, including the execution of such documents necessary to enable the Corporation effectively to bring suit to enforce such rights. 
  
 13. Notice by Indemnitee and Defense of Claim. Indemnitee shall promptly notify the Corporation in writing upon being served with any summons,
citation, subpoena, complaint, indictment, information or other document relating to any matter, whether civil, criminal, administrative or investigative, but the omission so to notify the Corporation will not relieve it from any liability that it
may have to Indemnitee if such omission does not prejudice the Corporation’s rights. If such omission does prejudice the Corporation’s rights, the Corporation will be relieved from liability only to the extent of such prejudice; nor will
such omission relieve the Corporation from any liability that it may have to Indemnitee otherwise than under this Agreement. With respect to any Proceeding as to which Indemnitee notifies the Corporation of the commencement thereof: 
  
 (a) The Corporation will be entitled to participate therein at its own
expense; and 
  
 (b) The Corporation jointly with any other
indemnifying party similarly notified will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided, however, that the Corporation shall not be entitled to assume the defense of any Proceeding if there
has been a Change in Control or if Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Corporation and Indemnitee with respect to such Proceeding. After notice from the Corporation to Indemnitee of its
election to assume the defense thereof, the Corporation will not be liable to Indemnitee under this Agreement for any Expenses subsequently incurred by Indemnitee in connection with the defense thereof, other than reasonable costs of investigation
or as otherwise provided below. Indemnitee shall have the right to employ Indemnitee’s own counsel in such Proceeding, but the fees and expenses of such 

  

 -6- 

  

 
counsel incurred after notice from the Corporation of its assumption of the defense thereof shall be at the expense of Indemnitee unless: 
  
 (i) the employment of counsel by Indemnitee has been
authorized by the Corporation; 
  
 (ii)
Indemnitee shall have reasonably concluded that counsel engaged by the Corporation may not adequately represent Indemnitee; or 
  
 (iii) the Corporation shall not in fact have employed counsel to assume the defense in such Proceeding or shall not in fact have assumed
such defense and be acting in connection therewith with reasonable diligence; in each of which cases the fees and expenses of such counsel shall be at the expense of the Corporation. 
  
 (c) The Corporation shall not settle any Proceeding in any manner that would impose any penalty or limitation on Indemnitee
without Indemnitee’s written consent; provided, however, that Indemnitee will not unreasonably withhold his or her consent to any proposed settlement. 
  
 14. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if
(a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so
mailed: 
  

					
	 If to Indemnitee, to:
	  	 	  	 
	 	 	
	 	 
	 	  	 	  	 
	 	 	
	 	 
	 	  	 	  	 
	 	 	
	 	 
	 	  	 	  	 
	 	 	
	 	 
	 	  	 	  	 
	 If to the Corporation, to:
	  	 PRN Corporation
 600 Harrison Street, 4th Floor
 San Francisco, California
94107
 Attn: SVP, Technology and Operations
	  	 

  
 or to such other address as may have
been furnished to Indemnitee by the Corporation or to the Corporation by Indemnitee, as the case may be. 
  
 15. Nonexclusivity. The rights of Indemnitee hereunder shall not be deemed exclusive of any other rights to which Indemnitee may be entitled under
applicable law, the Corporation’s Certificate of Incorporation or bylaws, or any agreements, vote of stockholders, resolution of the Board of Directors or otherwise, and to the extent that during the Indemnification Period the rights of the
then existing directors and officers are more favorable to such directors or officers than the rights currently provided to Indemnitee thereunder or under this Agreement, Indemnitee shall be entitled to the full benefits of such more favorable
rights. 
  

 -7- 

  

 16. Certain Definitions. 
  
 (a) “Agent” shall mean any person who is or was, or who has consented to serve as, a director, officer,
employee, agent, fiduciary, joint venturer, partner, manager or other official of the Corporation or a subsidiary or an affiliate of the Corporation, or any other entity (including without limitation, an employee benefit plan) either at the request
of, for the convenience of, or otherwise to benefit the Corporation or a subsidiary of the Corporation. 
  
 (b) “Change in Control” shall mean the occurrence of any of the following: 
  
 (i) Both (a) any “person” (as defined below) is or becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Corporation representing at least twenty percent (20%) of the total voting power represented by the Corporation’s then outstanding voting securities;
and (b) the beneficial ownership by such person of securities representing such percentage has not been approved by a majority of the Continuing Directors (as defined below); 
  
 (ii) Any “person” is or becomes the “beneficial owner” (as defined in Rule 13d-3 under
the Exchange Act), directly or indirectly, of securities of the Corporation representing at least fifty percent (50%) of the total voting power represented by the Corporation’s then outstanding voting securities; 
  
 (iii) A change in the composition of the Board occurs, as a
result of which fewer than two-thirds of the incumbent directors are directors who either (A) had been directors of the Corporation on the “look-back date” (as defined below) (the “Original Directors”) or (B) were elected, or
nominated for election, to the Board with the affirmative votes of at least a majority in the aggregate of the Original Directors who were still in office at the time of the election or nomination and directors whose election or nomination was
previously so approved (the “Continuing Directors”); 
  
 (iv) The stockholders of the Corporation approve a merger or consolidation of the Corporation with any other corporation, if such merger or consolidation would result in the voting securities of the Corporation
outstanding immediately prior thereto representing (either by remaining outstanding or by being converted into voting securities of the surviving entity) fifty percent (50%) or less of the total voting power represented by the voting securities of
the Corporation or such surviving entity outstanding immediately after such merger or consolidation; or 
  
 (v) The stockholders of the Corporation approve (A) a plan of complete liquidation of the Corporation or (B) an agreement for the sale or
disposition by the Corporation of all or substantially all of the Corporation’s assets. 
  
 For purposes of subsection (i) above, the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act, but shall exclude (x) a trustee or other fiduciary holding
securities under an employee benefit plan of the Corporation or of a 

  

 -8- 

  

 
parent or subsidiary of the Corporation or (y) a corporation owned directly or indirectly by the stockholders of the Corporation in substantially the same
proportions as their ownership of the common stock of the Corporation. 
  
 For purposes of subsection (iii) above, the term “look-back date” shall mean the later of (x) the date hereof or (y) the date twenty-four (24) months prior to the date of the event that may constitute a “Change in
Control.” 
  
 Any other provision of this Section 16(b)
notwithstanding, the term “Change in Control” shall not include a transaction, if undertaken at the election of the Corporation, the result of which is to sell all or substantially all of the assets of the Corporation to another
corporation (the “surviving corporation”); provided that the surviving corporation is owned directly or indirectly by the stockholders of the Corporation immediately following such transaction in substantially the same proportions as their
ownership of the Corporation’s common stock immediately preceding such transaction; and provided, further, that the surviving corporation expressly assumes this Agreement. 
  
 (c) “Disinterested Director” shall mean a director of the Corporation who is not or was not a party to or
otherwise involved in the Proceeding in respect of which indemnification is being sought by Indemnitee. 
  
 (d) “Expenses” shall include all direct and indirect costs (including, without limitation, attorneys’ fees, retainers, court costs,
transcripts, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, all other disbursements or out-of-pocket expenses and reasonable compensation for time
spent by Indemnitee for which Indemnitee is otherwise not compensated by the Corporation or any third party) actually and reasonably incurred in connection with either the investigation, defense, settlement or appeal of a Proceeding or establishing
or enforcing a right to indemnification under this Agreement, applicable law or otherwise; provided, however, that “Expenses” shall not include any Liabilities. 
  
 (e) “Final Adverse Determination” shall mean that a determination that Indemnitee is not entitled to
indemnification shall have been made pursuant to Section 5 hereof and either (i) a final adjudication in the Court of Chancery of the State of Delaware or decision of an arbitrator pursuant to Section 8(a) hereof shall have denied Indemnitee’s
right to indemnification hereunder, or (ii) Indemnitee shall have failed to file a complaint in a Delaware court or seek an arbitrator’s award pursuant to Section 8(a) for a period of one hundred twenty (120) days after the determination made
pursuant to Section 5 hereof. 
  
 (f) “Independent Legal
Counsel” shall mean a law firm or a member of a firm selected by the Corporation and approved by Indemnitee (which approval shall not be unreasonably withheld) or, if there has been a Change in Control, selected by Indemnitee and approved
by the Corporation (which approval shall not be unreasonably withheld), that neither is presently nor in the past five (5) years has been retained to represent: (i) the Corporation or any of its subsidiaries or affiliates, or Indemnitee or any
corporation of which Indemnitee was or is a director, officer, employee or agent, or any subsidiary or affiliate of such a corporation, in any material matter, or (ii) any other party to the Proceeding giving rise to a claim for indemnification

  

 -9- 

  

 
hereunder. Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to determine Indemnitee’s right to indemnification under this Agreement. 
  
 (g) “Liabilities” shall mean liabilities of any type
whatsoever including, but not limited to, any judgments, fines, ERISA excise taxes and penalties, penalties and amounts paid in settlement (including all interest assessments and other charges paid or payable in connection with or in respect of such
judgments, fines, penalties or amounts paid in settlement) of any Proceeding. 
  
 (h) “Proceeding” shall mean any threatened, pending or completed action, claim, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding
whether civil, criminal, administrative or investigative, that is associated with Indemnitee’s being an Agent of the Corporation. 
  
 17. Binding Effect; Duration and Scope of Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Corporation), spouses, heirs and
personal and legal representatives. This Agreement shall continue in effect during the Indemnification Period, regardless of whether Indemnitee continues to serve as an Agent. 
  
 18. Severability. If any provision or provisions of this Agreement (or any portion thereof) shall be held to be
invalid, illegal or unenforceable for any reason whatsoever: 
  
 (a) the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby; and 
  

(b) to the fullest extent legally possible, the provisions of this Agreement shall be construed so as to give effect to the intent of any provision
held invalid, illegal or unenforceable. 
  
 19. Governing
Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within the State of Delaware,
without regard to conflict of laws rules. 
  
 20. Consent to
Jurisdiction. The Corporation and Indemnitee each irrevocably consent to the jurisdiction of the courts of the State of Delaware for all purposes in connection with any action or proceeding that arises out of or relates to this Agreement and
agree that any action instituted under this Agreement shall be brought only in the state courts of the State of Delaware. 
  
 21. Entire Agreement. This Agreement represents the entire agreement between the parties hereto, and there are no other agreements, contracts or
understandings between the parties hereto with respect to the subject matter of this Agreement, except as specifically referred to herein or as provided in Section 15 hereof. 
  

 -10- 

  

 22. Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. 
  
 Executed as of the      day of
                    , 2004. 
  

			
	PRN CORPORATION, a Delaware corporation
		
	By	 	 
	 	 	

	 Title
	 	 
	 	 	

  

	
	INDEMNITEE
	
	 
	

  

 -11-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00065-of-00352.parquet"}]]