Document:

Exhibit 10.12

 

AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

Amended and Restated Employment
Agreement (the “Agreement”) made as of March 14, 2006, by and
between 24/7 Real Media, Inc., a Delaware
corporation, with its principal place of business at 132 W.31st
Street, 9th Floor, New York, New York 10001 (the “Company”), and
David J. Moore (“Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the
Company and Executive are parties to an Employment Agreement (the “Prior
Agreement”), pursuant to which the Company employed Executive as its Chief
Executive Officer, and Executive agreed to serve in such capacity; and

 

WHEREAS, the
Company and Executive now desire to amend and restate the Prior Agreement in
its entirety.

 

NOW, THEREFORE,
in consideration of the premises and of the mutual covenants and agreements
herein contained and for other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the Company and Executive agree as
follows:

 

1.             EMPLOYMENT.

 

(a)           The
Company hereby agrees to employ Executive, and Executive agrees to be employed
by the Company, on the terms and conditions herein contained as its Chief
Executive Officer. Executive shall report directly to the Company’s Board of
Directors (the “Board”) and shall have such duties, authority and
responsibilities commensurate with Executive’s position for similarly sized
companies in the industry.

 

(b)           Executive
shall devote all of his business time, energy, skill and efforts to the
performance of his duties hereunder and shall faithfully and diligently serve
the Company. The foregoing shall not prevent Executive from participating in
not-for-profit activities or from managing his passive personal investments or
from providing incidental assistance to family members on matters of family
business or, subject to the approval of the Company, from serving on the boards
of directors of other entities, provided that these activities do not
materially interfere with Executive’s obligations hereunder.

 

(c)           Upon
the request of the Board, Executive shall also serve as a director or officer
of subsidiaries in positions commensurate with his position with the Company
without additional compensation. If any compensation is paid Executive by such
subsidiaries, they shall be a credit against amounts due hereunder.

 

1

 

2.             TERM OF
EMPLOYMENT.

 

(a)           Except
for earlier termination as provided in Section 7 hereof or as extended in this
Section 2, Executive’s employment under this Agreement (the “Employment Term”)
shall commence on the date hereof (the “Commencement Date”) and continue until
terminated by either party pursuant to Section 7 hereof.

 

(b)           Notwithstanding
anything else herein, the provisions of Sections 8 and 9 hereof shall survive
and remain in effect notwithstanding the termination of the Employment Term or
a breach by the Company or Executive of this Agreement or any of its terms.

 

3.             COMPENSATION.

 

(a)           As
compensation for his services under this Agreement, the Company shall pay
Executive the base salary (the “Base Salary”) and the target bonuses (the “Target
Bonuses”) set forth on Exhibit A. Payment of the Base Salary shall be made in
equal installments twice a month. Payment of the Target Bonuses shall be as
specified on Exhibit A.

 

(b)           The
Base Salary and Target Bonuses set forth on Exhibit A shall be deemed to be
amended and restated by any final determination regarding Executive’s
compensation that is set forth in the official minutes of the Compensation
Committee of the Board.

 

4.             BENEFITS AND
FRINGES.

 

(a)           During
the Employment Term, Executive shall be entitled to such benefits and fringes,
if any, as are generally provided from time to time by the Company to its
executive officers, including pension, retirement, savings, welfare (including
life and health insurance) and other employee benefit plans and arrangements.

 

(b)           Except
as otherwise specifically provided herein, the Executive shall be responsible
for the tax consequences of all benefits and fringes.

 

5.             EXPENSES.
The Company shall reimburse Executive in accordance with its expense
reimbursement policy as in effect from time to time for all reasonable expenses
incurred by Executive in connection with the performance of his duties under
this Agreement upon the presentation by Executive of an itemized account of
such expenses and appropriate receipts and otherwise in compliance with such
rules relating thereto as the Company may, from time to time, adopt.

 

6.             VACATION.
During the Employment Term, Executive shall be entitled to four weeks of paid vacation per calendar
year.

 

2

 

7.             TERMINATION.

 

(a)           Executive’s
employment under this Agreement and the Employment Term shall terminate upon
any of the following events:

 

(i)            Automatically
on the date of Executive’s death;

 

(ii)           Upon written notice given by the
Company to Executive if Executive is unable to substantially perform his
material duties hereunder for one hundred eighty (180) continuous days during
any period of three hundred sixty (360) consecutive days by reason of physical
or mental incapacity;

 

(iii)          Upon written notice by the Company to
Executive for Cause. “Cause” shall mean (a) Executive being convicted of (or
pleading nolo contendere to) a felony (other than
a traffic violation) or a crime involving fraud, misappropriation, or
embezzlement; (b) refusal of the Executive to attempt to properly perform his
obligations under this Agreement, or follow any direction of the Board
consistent with this Agreement, which in either case is not remedied within ten
(10) business days after receipt by Executive of written notice from the
Company specifying the details thereof; provided, that, the refusal to follow a
direction shall not be Cause if Executive in good faith reasonably believes
that such direction is not legal, ethical or moral and promptly notifies the
Board in writing of such belief; (c) Executive’s gross negligence with regard
to his duties or willful misconduct with regard to the business, assets or
employees of the Company that is materially injurious to the financial
condition or business reputation of the Company; or (d) any other breach by
Executive of a material provision of this Agreement that remains uncured for
twenty (20) business days after written notice thereof is given to Executive or
such longer period as may reasonably be required to remedy the default,
provided that Executive endeavors in good faith to remedy the default;

 

(iv)          Upon 30
days’ written notice by the Company without Cause; or

 

(v)           Upon not less than 30 days’ written notice by the Executive.

 

(b)           Upon
termination of the Employment Term, Executive shall be promptly paid any unpaid
salary and accrued vacation through his date of termination and reimbursement
for any expenses incurred in connection with the official business of the
Company prior to his date of termination which he would be otherwise entitled
to reimbursement for in accordance with the Company’s policies on the
reimbursement of business expenses and any benefits or amounts under any
benefit or equity plan in accordance with the terms of said plan and any fringe
benefits due for the period prior to such termination. In addition, he shall be
paid any declared, but unpaid, bonus.

 

3

 

(c)           If
Executive’s termination is pursuant to subsection (a)(i) above, Executive’s
Beneficiary (as defined in the next sentence) shall continue to receive
payments of Executive’s Base Salary, at the same time such amounts would have
been paid if Executive was still an employee of the Company for a period of two
(2) years following Executive’s death. For purposes of this provision,
Executive’s Beneficiary shall be Executive’s spouse; if Executive is not
married on his date of death, Executive’s children, per stirpes; and otherwise,
Executive’s estate.

 

(d)           If
Executive’s termination is pursuant to subsection (a)(ii) above, Executive
shall be entitled to receive an amount equal to two (2) years’ of Executive’s
Base salary, in one lump sum payment, less any amounts actually received by him
pursuant to long-term disability coverage, if any, provided for by the Company
for the matching pay period. After such two (2) years, Executive shall only be
entitled to any amounts due him under the long-term disability coverage, if
any.

 

(e)           If
Executive’s termination is pursuant to subsection (a)(iv) above, Executive
shall receive:

 

(i)            for one year following the
termination of Executive’s employment, at the same time as it would have been
paid if he were an employee of the Company, his Base Salary;

 

(ii)           continued medical and dental coverage
for a period of one year following termination of Executive’s employment; and,

 

(iii)          a prorated portion of his Target
Bonuses for the year of termination, reduced by amounts already paid, plus a
lump-sum payment equal to 50% the total Target Bonuses for the full-year in
which termination occurs.

 

(f)            All
amounts payable pursuant to this Section 7 shall be subject to required
withholding. The Company shall have no other obligations to Executive as a
result of his termination.

 

8.             CONFIDENTIAL
INFORMATION AND NON-COMPETITION. Executive has entered into a
Non-Competition and Non-Disclosure and Developments Agreement, dated March
[  ], 2006, which agreement is set forth
on Exhibit B and is made a part hereof as though fully set forth herein.

 

9.             INDEMNIFICATION.
During the Employment Term and thereafter, the Company shall defend Executive
to the fullest extent permitted by law against any claims, demands, suits or
actions, and indemnify Executive to the fullest extent
permitted by law against any judgments, fines, amounts paid in settlement and
reasonable expenses (including attorneys’ fees), and advance amounts necessary
to pay the foregoing at the earliest time and to the fullest extent permitted
by law, in connection with any claim, action or proceeding (whether civil or
criminal) against Executive (other than a claim brought by the Company) as a
result of Executive serving as an officer, director or employee of the Company
or in any capacity at the request of the Company, in or with regard to any
other entity, employee benefit plan or enterprise. This duty
to 

 

4

 

defend and indemnify shall be in addition to, and not in lieu
of, any other defense and indemnification rights. Executive shall be entitled
to pursuant to the Company’s Certificate of Incorporation or By-laws or
otherwise. Following Executive’s termination of employment, the Company shall
continue to cover Executive under the Company’s directors and officers insurance
for the period during which Executive may be subject to potential liability for
any claim, action or proceeding (whether civil or criminal) as a result of his
service as an officer or director of the Company or in any capacity at the
request of the Company, at the highest level then maintained for any then
current or former officer or director.

 

10.          EXECUTIVE REPRESENTATION. Executive
represents and warrants that he is not limited under any contractual or other
provision from entering into this Agreement and performing his obligations
hereunder.

 

11.          ENTIRE AGREEMENT;
MODIFICATION. This Agreement constitutes the full and complete
understanding of the parties hereto and will supersede all prior agreements and
understandings, oral or written, with respect to the subject matter hereof. Each
party to this Agreement acknowledges that no representations, inducements,
promises or agreements, oral or otherwise, have been made by either party, or
anyone acting on behalf of either party, which are not embodied herein and that
no other agreement, statement or promise not contained in this Agreement shall
be valid or binding. This Agreement may not be modified or amended except by an
instrument in writing signed by the party against whom or which enforcement may
be sought.

 

12.          SEVERABILITY. Any
term or provision of this Agreement which is invalid or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity or unenforceability without rendering invalid or unenforceable
the remaining terms and provisions of this Agreement or affecting the validity
or enforceability of any of the terms or provisions of this Agreement in any
other jurisdiction.

 

13.          WAIVER OF BREACH.
The waiver by any party of a breach of any provisions of this Agreement, which
waiver must be in writing to be effective, shall not operate as or be construed
as a waiver of any subsequent breach.

 

14.          NOTICES. All
notices hereunder shall be in writing and shall be deemed to have been duly
given when delivered by hand, or one (1) day after sending by United States
Postal Service express mail or other “overnight mail service,” or three (3)
days after sending by certified or registered mail, postage prepaid, return
receipt requested. Notice shall be sent as follows:  if to Executive, to his home address as
listed in the Company’s records; and if to the Company, at its office as set
forth at the head of this Agreement. Either party may change the notice address
by notice given as aforesaid.

 

15.          ASSIGNABILITY; BINDING
EFFECT. This Agreement shall be binding upon and inure to the
benefit of Executive and Executive’s legal representatives, heirs and
distributees, and shall be binding upon and inure to the benefit of the
Company, its successors and assigns. This Agreement may not be assigned by
Executive. This Agreement may not be assigned by the Company except in
connection with a merger or a sale by the 

 

5

 

Company of all or
substantially all of its assets, and then only provided that the assignee
specifically assumes in writing all of the Company’s obligations hereunder.

 

16.          ARBITRATION. Any
dispute or controversy arising under or in connection with this Agreement,
other than injunctive relief under Section 8 (provided that Executive may
initiate an arbitration proceeding to recover legal fees in connection with
such injunctive activities under the last sentence of this Section 16) shall be
settled exclusively by arbitration, conducted before a panel of three (3)
arbitrators in New York, New York, in accordance with the rules of the American
Arbitration Association then in effect, and judgment may be entered on the
arbitrators’ award in any court having jurisdiction. The decision of the
arbitrators shall be final and binding on the parties. The parties shall
equally divide all costs of the American Arbitration Association and the
arbitrators, except that the arbitrators shall direct the Company to reimburse
Executive’s portion of the cost on the same basis as set forth in the next
sentence with regard to legal fees. Each party shall bear its own legal fees in
any dispute except that, in the event the Executive prevails on any material
issue, the arbitrators shall award the Executive his legal fees attributable to
all matters other than frivolous positions taken by the Executive (as
determined by the arbitrators).

 

17.          GOVERNING LAW. All
issues pertaining to the validity, construction, execution and performance of
this Agreement shall be construed and governed in accordance with the laws of
the State of New York, without giving effect to the conflict or choice of law
provisions thereof.

 

18.          HEADINGS. The
headings in this Agreement are intended solely for convenience or reference and
shall be given no effect in the construction or interpretation of this
Agreement.

 

19.          COUNTERPARTS. This
Agreement may be executed in several counterparts, each of which shall be
deemed to be an original but all of which together shall constitute one and the
same instrument.

 

[Remainder of this
page intentionally left blank]

 

6

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be
duly executed and Executive has hereunto set his hand as of the date first set
forth above.

 

 

	
   

  	
  24/7 REAL MEDIA, INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Jonathan K. Hsu

  	
   

  
	
   

  	
  Jonathan K. Hsu

  
	
   

  	
  Executive
  Vice President and

  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  
	
   

  
	
   

  	
   

  	
   

  	
  /s/ David J. Moore

  	
   

  	 

	
   

  	
   

  
	
   

  	
  David J. Moore

  
								

 

 

EXHIBIT
A

 

BASE SALARY:

The Company shall pay Executive a base salary at a rate of $300,000.00
per annum (the “Base Salary”). Annual increases in Base Salary shall be at
least 3.0%, effective the first day of each calendar year.

 

TARGET BONUSES:

 

The total amount of the target bonuses set forth in this Exhibit A
shall not be decreased from year to year; provided, that, target bonus levels
and the factors on which they are payable may be adjusted from year to year by
agreement of the parties hereto to reflect the Company’s new budget for each
year.

 

REVENUE BONUS

Executive has a target revenue bonus compensation of $133,333.33 (“Target
Revenue Bonus”) during FY2006. The quarterly revenue bonus (“Quarterly Revenue
Bonus”) will be determined by the following formula:

 

	
  Actual
  Company

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Quarterly
  Revenue

  	
   

  	
  X

  	
   

  	
  Target Revenue
  Bonus

  	
   

  	
  =

  	
   

  	
  Quarterly
  Revenue Bonus

  
	
  Annual
  Company

  	
   

  
	
  Revenue Goal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

The Quarterly Revenue Bonus shall be paid quarterly, within 45 days
after the end of each quarter.

 

GROSS PROFIT BONUS

Executive has a target gross profit bonus compensation of $133,333.33 (“Target
Gross Profit Bonus”) during FY2006. The quarterly gross profit bonus (“Quarterly
Gross Profit Bonus”) will be determined by the following formula:

 

	
  Actual
  Company

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Quarterly
  Gross Profit

  	
   

  	
  X

  	
   

  	
  Target Gross
  Profit Bonus

  	
   

  	
  =

  	
   

  	
  Quarterly
  Gross Profit Bonus

  
	
  Annual
  Company

  	
   

  
	
  Gross Profit
  Goal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

The Quarterly Gross Profit Bonus shall be paid quarterly, within 45
days after the end of each quarter.

 

A-I

 

EBITA BONUS

Executive has a target EBITDA bonus compensation of $133,333.33 (“Target
EBITDA Bonus”) during FY2006. The annual EBITDA bonus (“Annual EBITDA Bonus”)
will be determined by the following formula:

 

	
  Actual
  Company

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Annual
  EBITDA

  	
   

  	
  X

  	
   

  	
  Target
  EBITDA Bonus

  	
   

  	
  =

  	
   

  	
  Annual
  EBITDA Bonus 

  
	
  Annual
  Company

  	
   

  
	
  EBITDA Goal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

EBITDA Percentage is defined as Actual Company Annual EBITDA divided by
Annual Company EBITDA Goal. If the EBITDA Percentage is above 120%, Executive
will be paid the Target EBITDA Bonus multiplied by 120%. No bonus will be paid
if the EBITDA Percentage is less than 80%. The Annual EBITDA Bonus shall be
paid annually, upon completion of the annual company audit.

 

A-II

 

EXHIBIT
B

 

NON-COMPETITION

AND

NON-DISCLOSURE AND DEVELOPMENTS
AGREEMENT

 

NON-COMPETITION AND
NON-DISCLOSURE AND DEVELOPMENTS AGREEMENT (the “Agreement”)
dated March [   ], 2006 between 24/7 Real
Media, Inc., a Delaware corporation (the “Company”), with a place of business
at 132 W.31st Street, 9th Floor, New York, NY 10001, and
David J. Moore (“Executive”).

 

WHEREAS, the
Company sells Internet advertising on behalf of affiliated Web sites and offers
email and customer management services (the “Business”); and

 

WHEREAS, the
Company has developed certain proprietary information in the course of growing
its Business; and

 

WHEREAS,
Executive acknowledges the proprietary nature of the Company’s information and
recognizes that Company would be irreparably damaged if Executive were to
disclose or make unauthorized use of any proprietary information; and

 

WHEREAS,
Executive desires to continue to work for the Company.

 

NOW, THEREFORE,
in consideration of the continuation of Executive’s employment with the Company
and the compensation and other benefits Executive will continue to receive as
an employee, it is agreed as follows:

 

1.             Non-Competition and Confidential
Information:

 

1.1          Executive understands and agrees that
the Company has in the past and will in the future, continue to expend large
sums of money, and apply its unique and special “know-how”, and has in the past
and will continue in the future, to devote a great effort in building an
effective organization by utilization of unique and effective management,
sales, service, marketing, finance, and other corporate techniques. Executive
further understands and agrees that the Company has gained a unique reputation
for its ability to solicit, market, sell, and service high visibility Internet
and Web-commerce accounts and that this reputation is a major factor in
bringing about the sales of the same and accounts for the continued success of
the Company in the complex and evolving Business in which the is Company
engaged.

 

1.2          Executive understands, admits, and
agrees that he will necessarily become privy to relationships with other
employees of the Company, the Company’s customers, customer lists, advertisers,
advertiser lists, confidential plans and structures, and other confidential 

 

B-I

 

information and trade
secrets, and that, to the extent Executive is directly or indirectly involved
in the marketing or sales aspect of the Company’s Business, he will necessarily
establish a unique and strong personal and professional relationship with the
Company’s customers during the term of this Agreement, and that the aforesaid
information and other information obtained as to customers’ and advertisers’
methods of doing business, specifications of customers’ and advertisers’
advertising requirements and capacities, the time, places and other details of
when, where, and how to contact and best serve customers and advertisers,
customers’ and advertisers’ bias and prejudice as to various services,
information as to other employees or third parties who influence decisions, and
the extensive and frequent customer and advertiser contact in the personal
relationship acquired with customer and advertiser, all constitute legitimate
and protectable business interests of the Company, and are now, and even though
same may be enhanced by Executive, will continue to be extremely confidential
information and thereby exclusive property of the Company. Executive agrees
that he will hold in strictest confidence and not use for his own benefit, or
the benefit of any third party, any such confidential information.

 

1.3          Executive acknowledges, admits and
agrees that the Company has a legitimate business interest and right in
prohibiting Executive from soliciting or enticing customers or advertisers of
the Company after termination of Executive’s relationship with the Company, and
the restrictions, limitations, and covenants made by Executive herein,
specifically within this Section 1, are reasonable and valid and should be
strictly enforced and upheld by any court of competent jurisdiction.

 

1.4          Executive further understands and
agrees that all customers of the Business at the time of the signing of this
Agreement and all such customers of the Company during the term of his
employment and during the term of this Agreement, are the exclusive customers
of the Company and not those of Executive.

 

1.5          Executive therefore agrees that, in
consideration of the continuation of Executive’s employment and the
compensation Executive will continue to receive as an employee, the sufficiency
of which consideration is hereby acknowledged, until the earlier of five (5)
years from the date hereof or one (1) year after the effective date of
termination of Executive’s employment with the Company (the “Non-Competition
Period”), Executive absolutely and unconditionally agrees that he will not
directly or indirectly, either for his own account or for the benefit of any
person, firm or corporation, engage in any business that is competitive with
the Business.

 

1.6          Executive agrees that during the Non-Competition
Period, Executive shall not discuss or accept any relationship as a sales or
marketing representative, consultant, director, manager, officer, executive, or
other employee, or representative with any person, firm or corporation which
during the term of this Agreement was or is engaged in business activities
which are competitive to the Business, except for any such relationship that
would not in any way involve or relate to such activities or businesses.

 

B-II

 

1.7          During the Non-Competition Period,
Executive shall not directly or indirectly own or be a shareholder, partner of,
or otherwise participate in any company that is engaged in business activities
that are competitive to the Business. Notwithstanding, the above, Executive may
hold up to a five percent (5%) interest in any such publicly held or traded
company and shall have an unlimited right to invest in any mutual fund which is
publicly traded or managed by a major financial institution.

 

1.8          During the Non-Competition Period,
Executive agrees to refrain from knowingly, directly or indirectly, soliciting
the Company’s employees or independent agents so as to induce them to leave
their employment or relationship with the Company.

 

1.9          During the Non-Competition Period,
Executive shall inform any prospective new employer or associate prior to
accepting any employment or any business relationship of the existence of this
Agreement or provide same with a copy of this Agreement.

 

1.10        In the event any covenant made in this
Agreement shall be more restrictive than permitted by applicable law, it shall
be limited to the extent which is so permitted. Nothing in this Agreement shall
be construed as preventing the Company from pursuing any and all other remedies
available to it for the breach or threatened breach of covenants made in this
Agreement, including recovery of money damages or temporary or permanent
injunctive relief. Accordingly, Executive acknowledges that the remedy at law
for breach of the provisions of this agreement may be inadequate and that, in
addition to any other remedy the Company may have, it shall be entitled to an
injunction restraining any breach or threatened breach, without any bond or
other security being required and without the necessity of showing actual
damages.

 

2.             Executive Work Product

 

2.1          During the term of Executive’s
employment with the Company, Executive agrees to work exclusively for the
Company.

 

2.2          Executive agrees to disclose promptly
to the Company all ideas, inventions, discoveries, improvements, designs,
formulae, processes, production methods and technological innovations (“Intellectual
Property”), whether or not patentable, which he may conceive or make, alone or
with others, during his employment with the Company, whether or not during
working hours, and which directly or indirectly:

 

2.2.1       relate to the Business of the Company; or

 

2.2.2       are based on or derived from his
knowledge of the actual or planned business activities of the Company; or

 

2.2.3       are aided by the use of materials,
facilities or information belonging to the Company.

 

B-III

 

2.3          Executive agrees to assign to the
Company (and to bind his heirs, executors and administrators, to assign) all
Intellectual Property covered by Section 2.2 of this Agreement.

 

2.4          Without further compensation, but at
the Company’s expense, Executive agrees to give all testimony and execute all
patent applications, rights of priority, assignments and other documents, and in
general do all lawful things requested of the Executive by the Company to
enable the Company to obtain, maintain and enforce its rights to such
Intellectual Property.

 

2.5          Executive also recognizes that any
Intellectual Property of the type covered by Section 2.2 of this Agreement
which is conceived or made by the Executive within one year of the termination
of his employment with the Company is likely to have been conceived in
significant part in the course of his employment with the Company. Accordingly,
Executive agrees that any such Intellectual Property shall be presumed to have
been conceived in the course of his employment with the Company unless and
until Executive establishes the contrary by clear and convincing evidence.

 

3.             Representations and Warranties by Executive.

 

Executive represents and warrants to the Company that:

 

3.1          this Agreement is valid and binding
upon and enforceable against him in accordance with its terms;

 

3.2          he is not bound by or subject to any
contractual or other obligation or any law that would be violated by his
execution or performance of this Agreement; and

 

3.3          he is not the subject of any pending
or, to the best of his knowledge, threatened, claim, action, judgment, order,
or investigation that could adversely affect his ability to perform his
obligations under this Agreement.

 

4.             Notices. All notices or other communications hereunder shall be in writing
and shall be deemed to have been duly given when delivered by hand, or one (1)
day after sending by United States Postal Service express mail or other “overnight
mail service,” or three (3) days after sending by certified or registered mail,
postage prepaid, return receipt requested, to the parties at the addresses set
forth below (or at such other address as a party may specify by notice to the
other in accordance with this provision):

 

4.1          If to Executive, to his home address as
listed in the Company’s records.

 

B-IV

 

4.2                               If
to the Company:

 

24/7 Media Real, Inc.

132 W.31st Street, 9th Floor

New York, NY 10001

Attention: General Counsel

 

5.             Miscellaneous.

 

5.1          This Agreement may not be changed or
terminated orally.

 

5.2          Executive may not assign any of his
rights or delegate any of his duties under this Agreement. The Company may
assign any or all of its rights under this Agreement to any subsequent owner of
the Company’s business, and the assignee shall have the right to enforce this
Agreement to the same extent as the Company.

 

5.3          No waiver of any term or condition of
this Agreement shall be deemed to be a waiver of any subsequent breach of that
term or condition or any breach of any other term or condition of this
Agreement. Any waiver must be in writing.

 

5.4          This Agreement does not give Executive
any rights to employment by the Company and, unless otherwise provided in a
separate writing executed by an officer of the Company and the Executive, the
Executive’s employment at the Company shall be at will by both Executive and
the Company.

 

5.5          If any provision of this Agreement
would be deemed invalid or unenforceable for any reason, including, without
limitation, because of its geographic or business scope or duration, such
provision shall be construed in such a way as to make it valid and enforceable
to the maximum extent possible. Any invalidity or unenforceability of any
provision in this Agreement shall not affect or render invalid or unenforceable
any other provision of this Agreement or any other Agreement or instrument.

 

5.6          This Agreement shall be governed by
and construed in accordance with the laws of the state of New York, without
giving effect to the conflict or choice of law provisions thereof.

 

B-V

 

IN WITNESS WHEREOF,
the Company has caused this Agreement to be duly executed and Executive has
hereunto set his hand as of the date first set forth above.

 

 

	
   

  	
  24/7 Real Media, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ Jonathan K. Hsu

  	
   

  
	
   

  	
  Jonathan K. Hsu

  
	
   

  	
  Executive
  Vice President and

  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  /s/ David J. Moore

  	
   

  
	
   

  	
   

  
	
   

  	
  David J. Moore

  
						

 

B-VIExhibit 10.13

 

AMENDED
AND RESTATED EMPLOYMENT AGREEMENT

 

Amended
and Restated Employment Agreement (the “Agreement”) made as
of March 14, 2006, by and between 24/7 Real Media, Inc.,
a Delaware corporation, with its principal place of business at 132 W.31st
Street, 9th Floor, New York, New York 10001 (the “Company”), and
Mark E. Moran (“Executive”).

 

W I T N E
S S E T H:

 

WHEREAS,
the Company and Executive are parties to an Employment Agreement (the “Prior
Agreement”), pursuant to which the Company employed Executive its Executive
Vice President and General Counsel, and Executive agreed to serve in such
capacity; and

 

WHEREAS,
the Company and Executive now desire to amend and restate the Prior Agreement
in its entirety.

 

NOW,
THEREFORE, in consideration of the premises and of the mutual
covenants and agreements herein contained and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
Company and Executive agree as follows:

 

1.                                      EMPLOYMENT.

 

(a)                                  The
Company hereby agrees to employ Executive, and Executive agrees to be employed
by the Company, on the terms and conditions herein contained as its Executive
Vice President and General Counsel, or in such other executive managerial
position or positions with the Company or its subsidiaries or affiliates as
shall hereafter be designated by the Chief Executive Officer (the “CEO”) of the
Company. Executive shall report directly to the CEO or such other person as the
CEO may designate and shall have such duties, authority and
responsibilities commensurate with Executive’s position for similarly sized
companies in the industry.

 

(b)                                 Executive
shall devote all of his business time, energy, skill and efforts to the
performance of his duties hereunder and shall faithfully and diligently serve
the Company. The foregoing shall not prevent Executive from participating in
not-for-profit activities or from managing his passive personal investments or
from providing incidental assistance to family members on matters of family
business or, subject to the approval of the Company, from serving on the boards
of directors of other entities, provided that these activities do not
materially interfere with Executive’s obligations hereunder.

 

(c)                                  Upon
the request of the Board, Executive shall also serve as a director or officer
of subsidiaries in positions commensurate with his position with the Company
without additional compensation. If any compensation is paid Executive by such
subsidiaries, they shall be a credit against amounts due hereunder.

 

1

 

2.                                      TERM OF EMPLOYMENT.

 

(a)                                  Except
for earlier termination as provided in Section 7 hereof or as extended in
this Section 2, Executive’s employment under this Agreement (the “Employment
Term”) shall commence on the date hereof (the “Commencement Date”) and continue
until terminated by either party pursuant to Section 7 hereof.

 

(b)                                 Notwithstanding
anything else herein, the provisions of Sections 8 and 9 hereof shall survive
and remain in effect notwithstanding the termination of the Employment Term or
a breach by the Company or Executive of this Agreement or any of its terms.

 

3.                                      COMPENSATION.

 

(a)                                  As
compensation for his services under this Agreement, the Company shall pay
Executive the base salary (the “Base Salary”) and the target bonuses (the “Target
Bonuses”) set forth on Exhibit A. Payment of the Base Salary shall be made
in equal installments twice a month. Payment of the Target Bonuses shall be as
specified on Exhibit A.

 

(b)                                 The
Base Salary and Target Bonuses set forth on Exhibit A shall be deemed to
be amended and restated by any final determination regarding Executive’s
compensation that is set forth in the official minutes of the Compensation
Committee of the Board of Directors.

 

4.                                      BENEFITS AND FRINGES.

 

(a)                                  During
the Employment Term, Executive shall be entitled to such benefits and fringes,
if any, as are generally provided from time to time by the Company to its
executive officers, including pension, retirement, savings, welfare (including
life and health insurance) and other employee benefit plans and arrangements.

 

(b)                                 Except
as otherwise specifically provided herein, the Executive shall be responsible
for the tax consequences of all benefits and fringes.

 

5.                                      EXPENSES. The Company shall reimburse Executive in
accordance with its expense reimbursement policy as in effect from time to time
for all reasonable expenses incurred by Executive in connection with the
performance of his duties under this Agreement upon the presentation by Executive
of an itemized account of such expenses and appropriate receipts and otherwise
in compliance with such rules relating thereto as the Company may, from
time to time, adopt.

 

6.                                      VACATION. During the Employment Term, Executive shall be
entitled to four weeks of paid
vacation per calendar year.

 

2

 

7.                                      TERMINATION.

 

(a)                                  Executive’s
employment under this Agreement and the Employment Term shall terminate upon
any of the following events:

 

(i)                                     Automatically
on the date of Executive’s death;

 

(ii)                                  Upon
written notice given by the Company to Executive if Executive is unable to
substantially perform his material duties hereunder for one hundred eighty
(180) continuous days during any period of three hundred sixty (360)
consecutive days by reason of physical or mental incapacity;

 

(iii)                               Upon
written notice by the Company to Executive for Cause. “Cause” shall mean (a) Executive
being convicted of (or pleading nolo contendere
to) a felony (other than a traffic violation) or a crime involving fraud,
misappropriation, or embezzlement; (b) refusal of the Executive to attempt
to properly perform his obligations under this Agreement, or follow any
direction of the CEO consistent with this Agreement, which in either case is
not remedied within ten (10) business days after receipt by Executive of
written notice from the Company specifying the details thereof; provided, that,
the refusal to follow a direction shall not be Cause if Executive in good faith
reasonably believes that such direction is not legal, ethical or moral and
promptly notifies the CEO in writing of such belief; (c) Executive’s gross
negligence with regard to his duties or willful misconduct with regard to the
business, assets or employees of the Company that is materially injurious to
the financial condition or business reputation of the Company; or (d) any
other breach by Executive of a material provision of this Agreement that
remains uncured for twenty (20) business days after written notice thereof is
given to Executive or such longer period as may reasonably be required to
remedy the default, provided that Executive endeavors in good faith to remedy
the default;

 

(iv)                              Upon
30 days’ written notice by the
Company without Cause; or

 

(v)                                 Upon
not less than 30 days’ written
notice by the Executive.

 

(b)                                 Upon
termination of the Employment Term, Executive shall be promptly paid any unpaid
salary and accrued vacation through his date of termination and reimbursement
for any expenses incurred in connection with the official business of the
Company prior to his date of termination which he would be otherwise entitled
to reimbursement for in accordance with the Company’s policies on the
reimbursement of business expenses and any benefits or amounts under any
benefit or equity plan in accordance with the terms of said plan and any fringe
benefits due for the period prior to such termination. In addition, he shall be
paid any declared, but unpaid, bonus.

 

3

 

(c)                                  If
Executive’s termination is pursuant to subsection (a)(i) above,
Executive’s Beneficiary (as defined in the next sentence) shall continue to
receive payments of Executive’s Base Salary, at the same time such amounts
would have been paid if Executive was still an employee of the Company for a
period of nine (9) months following Executive’s death. For purposes of
this provision, Executive’s Beneficiary shall be Executive’s spouse; if
Executive is not married on his date of death, Executive’s children, per
stirpes; and otherwise, Executive’s estate.

 

(d)                                 If
Executive’s termination is pursuant to subsection (a)(ii) above,
Executive shall be entitled to receive an amount equal to nine  months’ of Executive’s Base salary, in one
lump sum payment, less any amounts actually received by him pursuant to
long-term disability coverage, if any, provided for by the Company for the
matching pay period. After such nine months, Executive shall only be entitled
to any amounts due him under the long-term disability coverage, if any.

 

(e)                                  If
Executive’s termination is pursuant to subsection (a)(iv) above,
Executive shall receive:

 

(i)                                     for
four and a half months following the termination of Executive’s employment, at
the same time as it would have been paid if he were an employee of the Company,
his Base Salary;

 

(ii)                                  continued
medical and dental coverage for a period of four and a half months following
termination of Executive’s employment; and

 

(iii)                               a prorated portion of his Target Bonuses for
the year of termination, reduced by amounts already paid, plus a lump-sum
payment equal to 37.5% the total Target Bonuses for the full-year in which
termination occurs.

 

(f)                                    All
amounts payable pursuant to this Section 7 shall be subject to required
withholding. The Company shall have no other obligations to Executive as a
result of his termination.

 

8.                                      CONFIDENTIAL INFORMATION AND NON-COMPETITION. Executive has
entered into a Non-Competition and Non-Disclosure and Developments Agreement,
dated March [  ], 2006, which
agreement is set forth on Exhibit B and is made a part hereof as
though fully set forth herein.

 

9.                                      INDEMNIFICATION. During the Employment Term and thereafter,
the Company shall defend Executive
to the fullest extent permitted by law against any claims, demands, suits or
actions, and indemnify Executive to the fullest extent
permitted by law against any judgments, fines, amounts paid in settlement and
reasonable expenses (including attorneys’ fees), and advance amounts necessary
to pay the foregoing at the earliest time and to the fullest extent permitted
by law, in connection with any claim, action or proceeding (whether civil or
criminal) against Executive (other than a claim brought by the Company) as a
result of Executive serving as an officer, director or employee of the Company
or in any capacity at the request of the

 

4

 

Company, in or with
regard to any other entity, employee benefit plan or enterprise. This duty
to defend and indemnify shall be in addition to, and not in lieu of, any other defense
and indemnification rights. Executive shall be entitled to pursuant to the
Company’s Certificate of Incorporation or By-laws or otherwise. Following
Executive’s termination of employment, the Company shall continue to cover
Executive under the Company’s directors and officers insurance for the period
during which Executive may be subject to potential liability for any
claim, action or proceeding (whether civil or criminal) as a result of his
service as an officer or director of the Company or in any capacity at the
request of the Company, at the highest level then maintained for any then
current or former officer or director.

 

10.                               EXECUTIVE REPRESENTATION. Executive represents and warrants
that he is not limited under any contractual or other provision from entering
into this Agreement and performing his obligations hereunder.

 

11.                               ENTIRE AGREEMENT; MODIFICATION. This Agreement constitutes
the full and complete understanding of the parties hereto and will supersede
all prior agreements and understandings, oral or written, with respect to the
subject matter hereof. Each party to this Agreement acknowledges that no
representations, inducements, promises or agreements, oral or otherwise, have
been made by either party, or anyone acting on behalf of either party, which
are not embodied herein and that no other agreement, statement or promise not
contained in this Agreement shall be valid or binding. This Agreement may not
be modified or amended except by an instrument in writing signed by the party
against whom or which enforcement may be sought.

 

12.                               SEVERABILITY. Any term or provision of this Agreement which
is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this
Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction.

 

13.                               WAIVER OF BREACH. The waiver by any party of a breach of any
provisions of this Agreement, which waiver must be in writing to be effective,
shall not operate as or be construed as a waiver of any subsequent breach.

 

14.                               NOTICES. All notices hereunder shall be in writing and shall
be deemed to have been duly given when delivered by hand, or one (1) day
after sending by United States Postal Service express mail or other “overnight
mail service,” or three (3) days after sending by certified or registered
mail, postage prepaid, return receipt requested. Notice shall be sent as
follows:  if to Executive, to his home
address as listed in the Company’s records; and if to the Company, at its
office as set forth at the head of this Agreement. Either party may change
the notice address by notice given as aforesaid.

 

15.                               ASSIGNABILITY; BINDING EFFECT. This Agreement shall be
binding upon and inure to the benefit of Executive and Executive’s legal
representatives, heirs and distributees, and shall be binding upon and inure to
the benefit of the Company, its successors and assigns. This Agreement may not
be assigned by Executive. This Agreement

 

5

 

may not be assigned
by the Company except in connection with a merger or a sale by the Company of
all or substantially all of its assets, and then only provided that the
assignee specifically assumes in writing all of the Company’s obligations
hereunder.

 

16.                               ARBITRATION. Any dispute or controversy arising under or in
connection with this Agreement, other than injunctive relief under Section 8
(provided that Executive may initiate an arbitration proceeding to recover
legal fees in connection with such injunctive activities under the last
sentence of this Section 16) shall be settled exclusively by arbitration,
conducted before a panel of three (3) arbitrators in New York, New York,
in accordance with the rules of the American Arbitration Association then
in effect, and judgment may be entered on the arbitrators’ award in any
court having jurisdiction. The decision of the arbitrators shall be final and
binding on the parties. The parties shall equally divide all costs of the
American Arbitration Association and the arbitrators, except that the
arbitrators shall direct the Company to reimburse Executive’s portion of the cost
on the same basis as set forth in the next sentence with regard to legal fees. Each
party shall bear its own legal fees in any dispute except that, in the event
the Executive prevails on any material issue, the arbitrators shall award the
Executive his legal fees attributable to all matters other than frivolous
positions taken by the Executive (as determined by the arbitrators).

 

17.                               GOVERNING LAW. All issues pertaining to the validity,
construction, execution and performance of this Agreement shall be construed
and governed in accordance with the laws of the State of New York, without
giving effect to the conflict or choice of law provisions thereof.

 

18.                               HEADINGS. The headings in this Agreement are intended solely
for convenience or reference and shall be given no effect in the construction
or interpretation of this Agreement.

 

19.                               COUNTERPARTS. This Agreement may be executed in several
counterparts, each of which shall be deemed to be an original but all of
which together shall constitute one and the same instrument.

 

[Remainder of page intentionally
left blank]

 

6

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be
duly executed and Executive has hereunto set his hand as of the date first set
forth above.

 

 

	
   

  	
  24/7 REAL MEDIA, INC.

  
	
   

  
	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ David J. Moore

  	
   

  
	
   

  	
  David J. Moore

  
	
   

  	
  Chairman
  and Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EXECUTIVE

  
	
   

  
	
   

  
	
   

  	
   

  	
   

  	
  /s/ Mark E. Moran

  	
   

  	 

	
   

  	
  Mark E. Moran

  
								

 

 

EXHIBIT A

 

BASE SALARY:

The Company shall pay Executive a base salary
at a rate of $185,658 per annum (the “Base Salary”). Annual increases in Base
Salary shall be at least 3.0%, effective the first day of each calendar year.

 

TARGET
BONUSES:

 

The total amount of the target bonuses set
forth in this Exhibit A shall not be decreased from year to year;
provided, that, target bonus levels and the factors on which they are payable may be
adjusted from year to year by agreement of the parties hereto to reflect the
Company’s new budget for each year.

 

REVENUE BONUS

Executive has a target revenue bonus
compensation of $33,333.33 (“Target Revenue Bonus”) during FY2006. The
quarterly revenue bonus (“Quarterly Revenue Bonus”) will be determined by the
following formula:

 

	
  Actual Company

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Quarterly Revenue

  	
   

  	
  X

  	
   

  	
  Target
  Revenue Bonus

  	
   

  	
  =

  	
   

  	
  Quarterly
  Revenue Bonus

  
	
  Annual Company

  	
   

  
	
  Revenue Goal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

The Quarterly Revenue Bonus shall be paid
quarterly, within 45 days after the end of each quarter.

 

GROSS PROFIT
BONUS

Executive has a target gross profit bonus
compensation of $$33,333.33 (“Target Gross Profit Bonus”) during FY2006. The
quarterly gross profit bonus (“Quarterly Gross Profit Bonus”) will be
determined by the following formula:

 

	
  Actual Company

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Quarterly Gross Profit

  	
   

  	
  X

  	
   

  	
  Target Gross
  Profit Bonus

  	
   

  	
  =

  	
   

  	
  Quarterly
  Gross Profit Bonus

  
	
  Annual Company

  	
   

  
	
  Gross Profit Goal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

The Quarterly Gross Profit Bonus shall be
paid quarterly, within 45 days after the end of each quarter.

 

A-I

 

EBITA BONUS

 

Executive has a target EBITDA bonus
compensation of $$33,333.33 (“Target EBITDA Bonus”) during FY2006. The annual
EBITDA bonus (“Annual EBITDA Bonus”) will be determined by the following
formula:

 

	
  Actual Company

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Annual EBITDA

  	
   

  	
  X

  	
   

  	
  Target
  EBITDA Bonus

  	
   

  	
  =

  	
   

  	
  Annual
  EBITDA Bonus 

  
	
  Annual Company

  	
   

  
	
  EBITDA Goal

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

EBITDA Percentage is defined as Actual
Company Annual EBITDA divided by Annual Company EBITDA Goal. If the EBITDA
Percentage is above 120%, Executive will be paid the Target EBITDA Bonus
multiplied by 120%. No bonus will be paid if the EBITDA Percentage is less than
80%. The Annual EBITDA Bonus shall be paid annually, upon completion of the
annual company audit.

 

A-II

 

EXHIBIT B

 

NON-COMPETITION

AND

NON-DISCLOSURE AND DEVELOPMENTS AGREEMENT

 

                                                                                                NON-COMPETITION
AND NON-DISCLOSURE AND DEVELOPMENTS AGREEMENT (the “Agreement”) dated March [   ], 2006 between 24/7 Real Media, Inc.,
a Delaware corporation (the “Company”), with a place of business at 132 W.31st
Street, 9th Floor, New York, NY 10001, and Mark E. Moran (“Executive”).

 

WHEREAS,
the Company sells Internet advertising on behalf of affiliated Web sites and
offers email and customer management services (the “Business”); and

 

WHEREAS,
the Company has developed certain proprietary information in the course of
growing its Business; and

 

WHEREAS,
Executive acknowledges the proprietary nature of the Company’s information and
recognizes that Company would be irreparably damaged if Executive were to
disclose or make unauthorized use of any proprietary information; and

 

WHEREAS,
Executive desires to continue to work for the Company.

 

NOW,
THEREFORE, in consideration of the continuation of Executive’s
employment with the Company and the compensation and other benefits Executive
will continue to receive as an employee, it is agreed as follows:

 

1.                                      Non-Competition
and Confidential Information:

 

1.1                               Executive
understands and agrees that the Company has in the past and will in the future,
continue to expend large sums of money, and apply its unique and special “know-how”,
and has in the past and will continue in the future, to devote a great effort
in building an effective organization by utilization of unique and effective
management, sales, service, marketing, finance, and other corporate techniques.
Executive further understands and agrees that the Company has gained a unique
reputation for its ability to solicit, market, sell, and service high
visibility Internet and Web-commerce accounts and that this reputation is a
major factor in bringing about the sales of the same and accounts for the
continued success of the Company in the complex and evolving Business in which
the is Company engaged.

 

1.2                               Executive
understands, admits, and agrees that he will necessarily become privy to
relationships with other employees of the Company, the Company’s customers,
customer

 

B-I

 

lists, advertisers,
advertiser lists, confidential plans and structures, and other confidential
information and trade secrets, and that, to the extent Executive is directly or
indirectly involved in the marketing or sales aspect of the Company’s Business,
he will necessarily establish a unique and strong personal and professional
relationship with the Company’s customers during the term of this Agreement,
and that the aforesaid information and other information obtained as to
customers’ and advertisers’ methods of doing business, specifications of
customers’ and advertisers’ advertising requirements and capacities, the time,
places and other details of when, where, and how to contact and best serve
customers and advertisers, customers’ and advertisers’ bias and prejudice as to
various services, information as to other employees or third parties who
influence decisions, and the extensive and frequent customer and advertiser
contact in the personal relationship acquired with customer and advertiser, all
constitute legitimate and protectable business interests of the Company, and
are now, and even though same may be enhanced by Executive, will continue
to be extremely confidential information and thereby exclusive property of the
Company. Executive agrees that he will hold in strictest confidence and not use
for his own benefit, or the benefit of any third party, any such confidential
information.

 

1.3                               Executive
acknowledges, admits and agrees that the Company has a legitimate business
interest and right in prohibiting Executive from soliciting or enticing
customers or advertisers of the Company after termination of Executive’s
relationship with the Company, and the restrictions, limitations, and covenants
made by Executive herein, specifically within this Section 1, are
reasonable and valid and should be strictly enforced and upheld by any court of
competent jurisdiction.

 

1.4                               Executive
further understands and agrees that all customers of the Business at the time
of the signing of this Agreement and all such customers of the Company during
the term of his employment and during the term of this Agreement, are the
exclusive customers of the Company and not those of Executive.

 

1.5                               Executive
therefore agrees that, in consideration of the continuation of Executive’s
employment and the compensation Executive will continue to receive as an
employee, the sufficiency of which consideration is hereby acknowledged, until
the earlier of five (5) years from the date hereof or one (1) year
after the effective date of termination of Executive’s employment with the
Company (the “Non-Competition Period”), Executive absolutely and
unconditionally agrees that he will not directly or indirectly, either for his
own account or for the benefit of any person, firm or corporation, engage in
any business that is competitive with the Business.

 

1.6                               Executive
agrees that during the Non-Competition Period, Executive shall not discuss or
accept any relationship as a sales or marketing representative, consultant,
director, manager, officer, executive, or other employee, or representative
with any person, firm or corporation which during the term of this Agreement
was or is engaged in business activities 

 

B-II

 

which are competitive to
the Business, except for any such relationship that would not in any way
involve or relate to such activities or businesses.

 

1.7                               During
the Non-Competition Period, Executive shall not directly or indirectly own or
be a shareholder, partner of, or otherwise participate in any company that is
engaged in business activities that are competitive to the Business. Notwithstanding,
the above, Executive may hold up to a five percent (5%) interest in any
such publicly held or traded company and shall have an unlimited right to
invest in any mutual fund which is publicly traded or managed by a major
financial institution.

 

1.8                               During
the Non-Competition Period, Executive agrees to refrain from knowingly,
directly or indirectly, soliciting the Company’s employees or independent
agents so as to induce them to leave their employment or relationship with the
Company.

 

1.9                               During
the Non-Competition Period, Executive shall inform any prospective new
employer or associate prior to accepting any employment or any business
relationship of the existence of this Agreement or provide same with a copy of
this Agreement.

 

1.10                        In the event
any covenant made in this Agreement shall be more restrictive than permitted by
applicable law, it shall be limited to the extent which is so permitted. Nothing
in this Agreement shall be construed as preventing the Company from pursuing
any and all other remedies available to it for the breach or threatened breach
of covenants made in this Agreement, including recovery of money damages or
temporary or permanent injunctive relief. Accordingly, Executive acknowledges
that the remedy at law for breach of the provisions of this agreement may be
inadequate and that, in addition to any other remedy the Company may have,
it shall be entitled to an injunction restraining any breach or threatened
breach, without any bond or other security being required and without the
necessity of showing actual damages.

 

2.                                      Executive
Work Product

 

2.1                               During
the term of Executive’s employment with the Company, Executive agrees to work
exclusively for the Company.

 

2.2                               Executive
agrees to disclose promptly to the Company all ideas, inventions, discoveries,
improvements, designs, formulae, processes, production methods and
technological innovations (“Intellectual Property”), whether or not patentable,
which he may conceive or make, alone or with others, during his employment
with the Company, whether or not during working hours, and which directly or
indirectly:

 

2.2.1                     relate to the
Business of the Company; or

 

 

B-III

 

2.2.2                     are based on
or derived from his knowledge of the actual or planned business activities of
the Company; or

 

2.2.3                     are aided by
the use of materials, facilities or information belonging to the Company.

 

2.3                               Executive
agrees to assign to the Company (and to bind his heirs, executors and
administrators, to assign) all Intellectual Property covered by Section 2.2
of this Agreement.

 

2.4          Without further compensation, but at
the Company’s expense, Executive agrees to give all testimony and execute all
patent applications, rights of priority, assignments and other documents, and
in general do all lawful things requested of the Executive by the Company to
enable the Company to obtain, maintain and enforce its rights to such
Intellectual Property.

 

2.5                               Executive
also recognizes that any Intellectual Property of the type covered by Section 2.2
of this Agreement which is conceived or made by the Executive within one year
of the termination of his employment with the Company is likely to have been
conceived in significant part in the course of his employment with the
Company. Accordingly, Executive agrees that any such Intellectual Property
shall be presumed to have been conceived in the course of his employment with
the Company unless and until Executive establishes the contrary by clear and
convincing evidence.

 

 

3.                                      Representations
and Warranties by Executive.

 

Executive represents and
warrants to the Company that:

 

3.1                               this
Agreement is valid and binding upon and enforceable against him in accordance
with its terms;

 

3.2                               he
is not bound by or subject to any contractual or other obligation or any law
that would be violated by his execution or performance of this Agreement; and

 

3.3                               he
is not the subject of any pending or, to the best of his knowledge, threatened,
claim, action, judgment, order, or investigation that could adversely affect
his ability to perform his obligations under this Agreement.

 

4.                                      Notices.    All notices or other
communications hereunder shall be in writing and shall be deemed to have been
duly given when delivered by hand, or one (1) day after sending by United
States Postal Service express mail or other “overnight mail service,” or three (3) days
after sending by certified or registered mail, postage prepaid, return receipt
requested, to

 

 

B-IV

 

the parties at the addresses
set forth below (or at such other address as a party may specify by notice
to the other in accordance with this provision):

 

4.1                               If
to Executive, to his home address as listed in the Company’s records.

 

4.2                               If
to the Company:

 

24/7 Media Real, Inc.

132 W.31st
Street, 9th Floor

New York, NY 10001

Attention: General
Counsel

 

5.                                      Miscellaneous.

 

5.1                               This
Agreement may not be changed or terminated orally.

 

5.2                               Executive
may not assign any of his rights or delegate any of his duties under this
Agreement. The Company may assign any or all of its rights under this
Agreement to any subsequent owner of the Company’s business, and the assignee
shall have the right to enforce this Agreement to the same extent as the
Company.

 

5.3                               No
waiver of any term or condition of this Agreement shall be deemed to be a
waiver of any subsequent breach of that term or condition or any breach of any
other term or condition of this Agreement. Any waiver must be in writing.

 

5.4                               This
Agreement does not give Executive any rights to employment by the Company and,
unless otherwise provided in a separate writing executed by an officer of the
Company and the Executive, the Executive’s employment at the Company shall be
at will by both Executive and the Company.

 

5.5                               If
any provision of this Agreement would be deemed invalid or unenforceable for
any reason, including, without limitation, because of its geographic or
business scope or duration, such provision shall be construed in such a way as
to make it valid and enforceable to the maximum extent possible. Any invalidity
or unenforceability of any provision in this Agreement shall not affect or
render invalid or unenforceable any other provision of this Agreement or any
other Agreement or instrument.

 

5.6                               This
Agreement shall be governed by and construed in accordance with the laws of the
state of New York, without giving effect to the conflict or choice of law
provisions thereof.

 

B-V

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be
duly executed and Executive has hereunto set his hand as of the date first set
forth above.

 

 

	
   

  	
  24/7 Real Media, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
  /s/ David J. Moore

  	
   

  
	
   

  	
  David J. Moore

  
	
   

  	
  Chairman and Chief
  Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Executive

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
    /s/ Mark E.
  Moran

  	
   

  
	
   

  	
  Mark E. Moran

  
						

 

B-VI

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