Document:

SICAV Two Securities Purchase Agreement

 Exhibit 10.3 
 SICAV TWO SECURITIES PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AND SUBSCRIPTION AGREEMENT (this
“Agreement”) is made and entered into as of December 16, 2005, between Nano Chemical Systems Holdings, Inc., a corporation organized and existing under the laws of Nevada (the “Company”), and
Mercatus & Partners, LP (the “Purchaser”). 
 WHEREAS, PURCHASER desires to subscribe for and purchase Shares of the
Company; and 
 WHEREAS, Company desires for Purchaser to subscribe for and to purchase Shares of the Company. 
 NOW, THEREFORE, subject to the terms and conditions set forth in this Agreement, for good, valuable and binding consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound hereby, now agree as follows: 
 ARTICLE I

 INTRODUCTION AND DEFINITIONS 
 This Agreement is entered into by the parties for purchase of equity shares of the Company by the Purchaser for placement into a European bank SICAV fund. This is not an immediate funding, and the Company
recognizes the Purchaser shall have up to thirty (30) days, as set forth in this Agreement to tender the Purchase Price to the company through the intermediary Custodial Bank and intermediary Purchaser, once the valuation and repurchase of the
shares is made in accordance with the terms of this Agreement. The Company shall have the right to contact the Custodial Bank administrator for Purchaser account verification and for confirmation of the share status, location and control at each
step of the process. Purchaser shall have up to thirty (30) days from the date of delivery of the Shares to the Custodial Bank to pay the Purchase Price. The particular expected time line and transaction sequence is set forth in schedule A to
the agreement. 
 Certain Definitions. As used in this Agreement, and unless the context requires a different meaning, the
following terms have the meanings indicated: 
 “Affiliate” means, with respect to any Person, any Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under
common control with”) shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or
otherwise. 

 “Agreement” shall have the meaning set forth in the introductory paragraph of this
Agreement. 
 “Attorney-in-fact” means the agent of the bank account holder, Banca MB, Dwight Parscale, Esquire. The
attorney-in-fact, Dwight Parscale, has full oversight authority of the Purchaser and the receiving bank to verify share deposit, valuation process and share transaction status. 
 “Business Day” means any day except Saturday, Sunday, any day which shall be a legal holiday or a day on which banking institutions in
the State of New York are authorized or required by law or other government actions to close. 
 “Change of Control” means
the acquisition, directly or indirectly, by any Person of ownership of, or the power to direct the exercise of voting power with respect to, a majority of the issued and outstanding voting shares of the Company. 
 “Closing” shall have the meaning set forth in this document. 
 “Closing Date” shall be the date this Agreement is executed by both parties. 
 “Common Stock” shall have the meaning in the recital. 
 “Company” shall have the meaning set forth in the introductory paragraph. 
 “Custodial Bank” means the bank that will receive and retain the Shares of the Company on behalf of the parties, until payment is received and the purchase is complete in accordance with Schedule A. In this case, the
Custodial Bank is Brown Brothers Herriman, (BBH), New York City, New York. The account holder is Banca MB as the intermediary fund receiving bank. 
 “Default” means any event or condition which constitutes an Event of Default or which with the giving of notice or lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Disclosure Documents” means the Company’s reports filed under the Exchange Act with the SEC. 
 “Event of Default” shall have the meaning set forth in the document. “Exchange Act” means the Securities Exchange Act
of 1934, as amended. “Execution Date” means the date of this Agreement first written above. “Indemnified Party” shall have the meaning set forth in the document. “Indemnifying Party” shall have the
meaning set forth in the document. 
 “NASD” means the National Association of Securities Dealers, Inc. 
 “Nasdaq” shall mean the Nasdaq Stock Market, Inc.® 
 “OTCBB” shall mean the NASD over-the counter Bulletin Board® 

 “Per Share Market Value” of the Common Stock means on any particular date (a) the
last sale price of shares of Common Stock on such date or, if no such sale takes place on such date, the last sale price on the most recent prior date, in each case as officially reported on the principal national securities exchange on which the
Common Stock is then listed or admitted to trading. 
 “Person” means an individual or a corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or political subdivision thereof) or other entity of any kind. 
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened. 
 “Placement Agent” shall have the meaning set forth in
Section 3.1(k). 
 “Purchase Price” shall have the meaning set forth in this document. 
 “Purchaser” shall have the meaning set forth in the introductory paragraph. 
 “Reporting Issuer” means a company that is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act.

 “Required Approvals” shall have the meaning set forth in Section 3.1(f). 
 “Securities” means the Common Stock and stock of any other class into which such shares may hereafter have been reclassified or changed.

 “SEC” means the Securities and Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Shares” shall have the meaning set forth herein. 
 “Subsidiaries” shall have the meaning set forth herein. 
 “Trading Day”
means (a) a day on which the Common Stock is quoted on Nasdaq, the OTCBB or the principal stock exchange on which the Common Stock has been listed, or (b) if the Common Stock is not quoted on Nasdaq, the OTCBB or any stock exchange.

 “Transaction Documents” means this Agreement and all exhibits and schedules hereto and all other documents, instruments
and writings required pursuant to this Agreement. 
 “U.S.” means the United States of America. 

 ARTICLE II 
 The PURCHASER hereby irrevocably subscribes for and agrees to purchase and accept the Shares of the Common Stock of the COMPANY. The purchase price to be paid by the Purchaser shall be $0.38 per share for
4,455,310 Shares. This represents a discount percentage for the purchase of the Securities of 60% for the Securities purchased (“Discount Amount”). 
 This agreement is binding under the conditions and timing set forth herein. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 3.1 Representations, Warranties and Agreements of the Company. The Company hereby makes the following representations and warranties to the
Purchaser, all of which shall survive the Closing: 
 (a) Organization and Qualification. The Company is a corporation,
duly incorporated, validly existing and in good standing under the laws of the State of Nevada, with the requisite corporate power and authority to own and use its properties and assets and to carry on its business as currently conducted. The
Company has no subsidiaries other than as set forth on Schedule 3.1(a) attached hereto (collectively, the “Subsidiaries”). Each of the Subsidiaries is a corporation, duly incorporated, validly existing and in good standing under the
laws of the jurisdiction of its incorporation, with the full corporate power and authority to own and use its properties and assets and to carry on its business as currently conducted. Each of the Company and the Subsidiaries is duly qualified to do
business and is in good standing as a foreign corporation in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing,
as the case may be, would not, individually or in the aggregate, have a material adverse effect on the results of operations, assets, prospects, or financial condition of the Company and the Subsidiaries, taken as a whole (a “Material
Adverse Effect”). 
 (b) Authorization, Enforcement. The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated hereby and by each other Transaction Document and to otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of
the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby has been duly authorized by all necessary action on the part of the Company. Each of this Agreement and each of the other
Transaction Documents has been or will be duly executed by the Company and when delivered in accordance with the terms hereof or thereof will constitute the valid and binding obligation of the Company enforceable against the Company accordance with
its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by
other equitable principles of general application. 

 (c) Capitalization. The authorized, issued and outstanding capital stock of the
Company is set forth on Schedule 3.1(c). No shares of Common Stock are entitled to preemptive or similar rights, nor is any holder of the Common Stock entitled to preemptive or similar rights arising out of any agreement or understanding with the
Company by virtue of this Agreement. Except as disclosed in Schedule 3.1(c), there are no outstanding options, warrants, script, rights to subscribe to, registration rights, calls or commitments of any character whatsoever relating to securities,
rights or obligations convertible into or exchangeable for, or giving any person any right to subscribe for or acquire, any shares of Common Stock, or contracts, commitments, understandings, or arrangements by which the Company or any Subsidiary is
or may become bound to issue additional shares of Common Stock, or securities or rights convertible or exchangeable into shares of Common Stock. Neither the Company nor any Subsidiary is in violation of any of the provisions of its Certificate of
Incorporation, bylaws or other charter documents. 
 (d) Issuance of Securities. The Shares have been duly and validly
authorized for issuance, offer and sale pursuant to this Agreement and, when issued and delivered as provided hereunder against payment in accordance with the terms hereof, shall be valid and binding obligations of the Company enforceable in
accordance with their respective terms. 
 (e) No Conflicts. The execution, delivery and performance of this Agreement
and the other Transaction Documents by the Company and the consummation by the Company of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of its Certificate of Incorporation or
bylaws (each as amended through the date hereof) or (ii) be subject to obtaining any consents except those referred to in Section 3.1(f), conflict with, or constitute a default (or an event which with notice or lapse of time or both would
become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument to which the Company is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or its Subsidiaries is subject (including, but not limited to, those of other countries and the federal and state
securities laws and regulations), or by which any property or asset of the Company or its Subsidiaries is bound or affected, except in the case of clause (ii), such conflicts, defaults, terminations, amendments, accelerations, cancellations and
violations as would not, individually or in the aggregate, have a Material Adverse Effect. The business of the Company and its Subsidiaries is not being conducted in violation of any law, ordinance or regulation of any governmental authority.

 (f) Consents and Approvals. Except as specifically set forth in Schedule 3.1(f), neither the Company nor any
Subsidiary is required to obtain any consent, waiver, authorization or order of, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with 

 the execution, delivery and performance by the Company of this Agreement and each of the other
Transaction Documents (together with the consents, waivers, authorizations, orders, notices and filings referred to in Schedule 3.1(f), the “Required Approvals”). 
 (g) Litigation; Proceedings. Except as specifically disclosed in Schedule 3.1(g), there is no action, suit, notice of
violation, proceeding or investigation pending or, to the best knowledge of the Company, threatened against or affecting the Company or any of its Subsidiaries or any of their respective properties before or by any court, governmental or
administrative agency or regulatory authority (federal, state, county, local or foreign) which (i) relates to or challenges the legality, validity or enforceability of any of the Transaction Documents, the Shares or the Underlying Shares,
(ii) could, individually or in the aggregate, have a Material Adverse Effect or (iii) could, individually or in the aggregate, materially impair the ability of the Company to perform fully on a timely basis its obligations under the
Transaction Documents. 
 (h) No Default or Violation. Except as set forth in Schedule 3.1(h) hereto, neither
the Company nor any Subsidiary (i) is in default under or in violation of any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound, except such
conflicts or defaults as do not have a Material Adverse Effect, (ii) is in violation of any order of any court, arbitrator or governmental body, except for such violations as do not have a Material Adverse Effect, or (iii) is in violation
of any statute, rule or regulation of any governmental authority which could (individually or in the aggregate) (iv) adversely affect the legality, validity or enforceability of this Agreement, (v have a Material Adverse Effect or
(vi) adversely impair the Company’s ability or obligation to perform fully on a timely basis its obligations under this Agreement. 
 (i) Disclosure Documents. The Disclosure Documents are accurate in all material respects and do not contain any untrue statement of material fact or omit to state any material fact necessary in order to make
the statements made therein, in light of the circumstances under which they were made, not misleading. 
 (j)
Non-Registered Offering. Neither the Company nor any Person acting on its behalf has taken or will take any action (including, without limitation, any offering of any securities of the Company under circumstances which would require the
integration of such offering with the offering of the Securities under the Securities Act) which might subject the offering, issuance or sale of the Securities to the registration requirements of Section 5 of the Securities Act. 
 (k) Placement Agent. The Company accepts and agrees that Artemis Capital (“Artemis”) is acting for the Purchaser
and does not regard any person other than the Purchaser as its customer in relation to this Agreement, and that it has not made any recommendation to the Company, in relation to this Agreement and is not advising the Company with regard to the
suitability or merits of the transaction. The Placement Agent shall be the Company contact for all information relating to the status of funding, location of Shares, settlement of the payment of the Purchase Price and any other information requests
of the Company. Notwithstanding the above, in the event the Purchase Price is not paid as required herein, Company may directly contact the Attorney-in-Fact to provide Company notice of demand for the return of the Shares. 

 The Purchaser acknowledges and agrees that the Company makes no representation or warranty with respect to the
transactions contemplated hereby other than those specifically set forth in Section 3.1 hereof. 
 3.2 Representations and
Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company as follows: 
 (a)
Organization; Authority. The Purchaser is a corporation, duly organized, validly existing and in good standing under the laws of the jurisdiction of its formation with the requisite power and authority to enter into and to consummate the
transactions contemplated hereby and by the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The acquisition of the Shares to be purchased by the Purchaser hereunder has been duly authorized by all
necessary action on the part of the Purchaser. This Agreement has been duly executed and delivered by the Purchaser and constitutes the valid and legally binding obligation of the Purchaser, enforceable against it in accordance with its terms,
except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to, or affecting generally the enforcement of, creditors rights and remedies or by other general principles of
equity. 
 (b) Investment Intent. The Purchaser is acquiring the Shares to be purchased by it hereunder, for its own
account for investment purposes only and not with a view to or for distributing or reselling such Shares, or any part thereof or interest therein, without prejudice, however, to such Purchaser’s right, subject to the provisions of this
Agreement, at all times to sell or otherwise dispose of all or any part of such Shares in compliance with applicable federal and state securities laws. 
 (c) Experience of Purchaser. The Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of
evaluating the merits and risks of an investment in the Shares to be acquired by it hereunder, and has so evaluated the merits and risks of such investment. 
 (d) Ability of Purchaser to Bear Risk of Investment. The Purchaser is able to bear the economic risk of an investment in the
Securities to be acquired by it hereunder and, at the present time, is able to afford a complete loss of such investment. 
 (e) Access to Information. The Purchaser acknowledges that it has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the
terms and conditions of the Securities offered hereunder and the merits and risks of investing in such securities; (ii) access to information about the Company and the Company’s financial condition, results of operations, business,
properties, management and prospects sufficient to enable it to evaluate its investment in the Securities; and (iii) the opportunity 

 to obtain such additional information which the Company possesses or can acquire without unreasonable
effort or expense that is necessary to make an informed investment decision with respect to the investment and to verify the accuracy and completeness of the information that it has received about the Company. 
 (f) Reliance. The Purchaser understands and acknowledges that (i) the Shares being offered and sold to it hereunder are being
offered and sold without registration under the Securities Act in a private placement that is exempt from the registration provisions of the Securities Act under Section 4(2) of the Securities Act and (ii) the availability of such
exemption depends in part on, and that the Company will rely upon the accuracy and truthfulness of, the foregoing representations and such Purchaser hereby consents to such reliance. 
 (g) Regulation S. Purchaser understands and acknowledges that (A) the Shares have not been registered under the Securities
Act, are being sold in reliance upon an exemption from registration afforded by Regulation S; and that such Shares have not been registered with any state securities commission or authority; (B) pursuant to the requirements of Regulation S, the
Shares may not be transferred, sold or otherwise exchanged unless in compliance with the provisions of Regulation S and/or pursuant to registration under the Securities Act, or pursuant to an available exemption hereunder; and (C) Purchaser is
under no obligation to register the Shares under the Securities Act or any state securities law, or to take any action to make any exemption from any such registration provisions available. 
 Purchaser is not a U.S. person and is not acquiring the Shares for the account of any U.S. person; (B) no director or executive officer of Purchaser
is a national or citizen of the United States; and (C) it is not otherwise deemed to be a “U.S. Person” within the meaning of Regulation S. 
 Purchaser was not formed specifically for the purpose of acquiring the Shares purchased pursuant to this Agreement. 
 Purchaser is purchasing the Shares for its own account and risk and not for the account or benefit of a U.S. Person as defined in Regulation S and no other person has any interest in or participation in the Shares or any right, option,
security interest, pledge or other interest in or to the Shares. Purchaser understands, acknowledges and agrees that it must bear the economic risk of its investment in the Shares for an indefinite period of time and that prior to any such offer or
sale, the Company may require, as a condition to effecting a transfer of the Ordinary Shares, an opinion of counsel, acceptable to you, as to the registration or exemption therefrom under the Securities Act and any state securities acts, if
applicable. 
 Purchaser will, after the expiration of the Restricted Period, as set forth under Regulation S Rule 903(b)(3)(iii)(A), offer,
sell, pledge or otherwise transfer the Shares only in accordance with Regulation S, or pursuant to an available exemption under the Securities Act and, in any case, in accordance with applicable state securities laws. The transactions contemplated
by this Agreement have neither been pre-arranged with a purchaser who is in the U.S. or who is a U.S. Person, nor are they part of a plan or scheme to evade the registration provisions of the United States federal securities laws. 

 The offer leading to the sale evidenced hereby was made in an “offshore transaction.” For
purposes of Regulation S, Purchaser understands that an “offshore transaction” as defined under Regulation S is any offer or sale not made to a person in the United States and either (A) at the time the buy order is originated, the
purchaser is outside the United States, or the seller or any person acting on his behalf reasonably believes that the purchaser is outside the United States; or (B) for purposes of (1) Rule 903 of Regulation S, the transaction is executed
in, or on or through a physical trading floor of an established foreign exchange that is located outside the United States or (2) Rule 904 of Regulation S, the transaction is executed in, on or through the facilities of a designated offshore
securities market, and neither the seller nor any person acting on its behalf knows that the transaction has been prearranged with a buyer in the U.S. 
 Neither we nor any affiliate or any person acting on our behalf, has made or is aware of any “directed selling efforts” in the United States, which is defined in Regulation S to be any activity undertaken
for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for any of the Shares being purchased hereby. 
 Purchaser understands that you are the seller of the Shares which are the subject of this Agreement, and that, for purpose of Regulation S, a “distributor” is any underwriter, dealer or other person who
participates, pursuant to a contractual arrangement, in the distribution of securities offered or sold in reliance on Regulation S and that an “affiliate” is any partner, officer, director or any person directly or indirectly controlling,
controlled by or under common control with any person in question. Purchaser agrees that we will not, during the Restricted Period set forth under Rule 903(b)(iii)(A), act as a distributor, either directly or though any affiliate, nor shall it sell,
transfer, hypothecate or otherwise convey the Shares other than to a non-U.S. Person. 
 Purchaser acknowledges that the Shares will bear a
legend in substantially the following form: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN OFFERED AND SOLD IN AN “OFFSHORE
TRANSACTION” IN RELIANCE UPON REGULATION S AS PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION. ACCORDINGLY, THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “SECURITIES
ACT”) AND MAY NOT BE TRANSFERRED OTHER THAN IN ACCORDANCE WITH REGULATION S, PURSUANT TO REGISTRATION UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT, THE AVAILABILITY OF WHICH IS TO BE
ESTABLISHED TO THE SATISFACTION OF THE COMPANY. 
 The Company acknowledges and agrees that the Purchaser makes no representations or warranties with
respect to the transactions contemplated hereby other than those specifically set forth in this Section 3.2. 

 ARTICLE IV 
 OTHER AGREEMENTS OF THE PARTIES 
 4.1 Manner of Offering. The Securities are being issued
pursuant to section 4(2) of the Securities Act, and Rule 506 of Regulation D and Regulation S thereunder. The Shares are being issued pursuant to section 4(2) of the Securities Act and Rule 506 of Regulation D thereunder. 
 4.2 Notice of Certain Events. The Company shall, on a continuing basis, (i) advise the Purchaser promptly after obtaining knowledge of, and,
if requested by the Purchaser, confirm such advice in writing, of (A) the issuance by any state securities commission of any stop order suspending the qualification or exemption from qualification of the Shares, for offering or sale in any
jurisdiction, or the initiation of any proceeding for such purpose by any state securities commission or other regulatory authority, or (B) any event that makes any statement of a material fact made by the Company in Section 3.1 or
in the Disclosure Documents untrue or that requires the making of any additions to or changes in Section 3.1 or in the Disclosure Documents in order to make the statements therein, in the light of the circumstances under which they are
made, not misleading, (ii) use its best efforts to prevent the issuance of any stop order or order suspending the qualification or exemption from qualification of the Securities under any state securities or Blue Sky laws, and (iii) if at
any time any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Securities under any such laws, and use its best efforts to obtain the withdrawal or
lifting of such order at the earliest possible time. 
 4.3 Blue Sky Laws. The Company shall cooperate with the Purchaser in
connection with the exemption from registration of the Securities under the securities or Blue Sky laws of such jurisdictions as the Purchasers may request; provided, however, that neither the Company nor its Subsidiaries shall be
required in connection therewith to qualify as a foreign corporation where they are not now so qualified. The Company agrees that it will execute all necessary documents and pay all necessary state filing or notice fees to enable the Company to sell
the Securities to the Purchasers. 
 4.4 Integration. The Company shall not and shall use its best efforts to ensure that no Affiliate
shall sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would
require the registration under the Securities Act of the sale of the Securities to the Purchaser. 
 4.5 Furnishing of Rule 144(c)
Materials. The Company shall, for so long as any of the Securities remain outstanding and during any period in which the Company is not subject to Section 13 or 15(d) of the Exchange Act, make available to any registered holder of the
Securities (“Holder” or “Holders”) in connection with any sale thereof and any prospective purchaser of such Securities from such Person, such information in accordance with Rule 144(c) promulgated under the Securities Act as is
required to sell the Securities under Rule 144 promulgated under the Securities Act. 

 4.6 Solicitation Materials. The Company shall not (i) distribute any offering materials in
connection with the offering and sale of the Shares other than the Disclosure Documents and any amendments and supplements thereto prepared in compliance herewith or (ii) solicit any offer to buy or sell the Shares or, if applicable, Underlying
Shares by means of any form of general solicitation or advertising. 
 4.7 Listing of Common Stock. If the Common Stock is or shall
become listed on the OTCBB or on another exchange, the Company shall (a) use its best efforts to maintain the listing of its Common Stock on the OTCBB or such other exchange on which the Common Stock is then listed until two years from the date
hereof, and (b) shall provide to the Purchaser evidence of such listing. 
 4.8 Indemnification. 
 (a) Indemnification 
 (i) The Company shall,
notwithstanding termination of this Agreement and without limitation as to time, indemnify and hold harmless the Purchaser and its officers, directors, agents, employees and affiliates, each Person who controls or the Purchaser (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) (each such Person, a “Control Person”) and the officers, directors, agents, employees and affiliates of each such Control Person, to the fullest extent
permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including, without limitation, costs of preparation and attorneys’ fees) and expenses (collectively, “Losses”), as incurred,
arising out of, or relating to, a breach or breaches of any representation, warranty, covenant or agreement by the Company under this Agreement or any other Transaction Document. 
 (ii) The Purchaser shall, notwithstanding termination of this Agreement and without limitation as to time, indemnify and hold harmless the Company, its
officers, directors, agents and employees, each Control Person and the officers, directors, agents and employees of each Control Person, to the fullest extent permitted by application law, from and against any and all Losses, as incurred, arising
out of, or relating to, a breach or breaches of any representation, warranty, covenant or agreement by the Purchaser under this Agreement or the other Transaction Documents. 
 (b) Conduct of Indemnification Proceedings. If any Proceeding shall be brought or asserted against any Person entitled to indemnity
hereunder (an “Indemnified Party”), such Indemnified Party promptly shall notify the Person from whom indemnity is sought (the “Indemnifying Party”) in writing, and the Indemnifying Party shall assume the defense
thereof, including the employment of counsel reasonably satisfactory to the Indemnified Party and the payment of all fees and expenses incurred in connection with defense thereof; provided, that the failure of any Indemnified Party to give such
notice shall not relieve the Indemnifying Party of its obligations or liabilities pursuant to this Agreement, except (and only) to the extent that it shall be finally determined by a court of competent jurisdiction (which determination is not
subject to appeal or further review) that such failure shall have proximately and materially adversely prejudiced the Indemnifying Party. 

 An Indemnified Party shall have the right to employ separate counsel in any such Proceeding and to
participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party or Parties unless: (1) the Indemnifying Party has agreed to pay such fees and expenses; or (2) the Indemnifying
Party shall have failed promptly to assume the defense of such Proceeding and to employ counsel reasonably satisfactory to such Indemnified Party in any such Proceeding; or (3) the named parties to any, such Proceeding (including any impleaded
parties) include both such Indemnified Party and the Indemnifying Party, and such Indemnified Party shall have been advised by counsel that a conflict of interest is likely to exist if the same counsel were to represent such Indemnified Party and
the Indemnifying Party (in which case, if such Indemnified Party notifies the Indemnifying Party in writing that it elects to employ separate counsel at the expense of the Indemnifying Party, the Indemnifying Party shall not have the right to assume
the defense of the claim against the Indemnified Party but will retain the right to control the overall Proceedings out of which the claim arose and such counsel employed by the Indemnified Party shall be at the expense of the Indemnifying Party).
The Indemnifying Party shall not be liable for any settlement of any such Proceeding effected without its written consent, which consent shall not be unreasonably withheld. No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending Proceeding in respect of which any Indemnified Party is a party, unless such settlement includes an unconditional release of such Indemnified Party from all liability on claims that are the
subject matter of such Proceeding. 
 All fees and expenses of the Indemnified Party to which the Indemnified Party is entitled hereunder
(including reasonable fees and expenses to the extent incurred in connection with investigating or preparing to defend such Proceeding in a manner not inconsistent with this Section) shall be paid to the Indemnified Party, as incurred, within ten
(10) Business Days of written notice thereof to the Indemnifying Party. 
 No right of indemnification under this Section shall be
available as to a particular Indemnified Party if there is a non-appealable final judicial determination that such Losses arise solely out of the negligence or bad faith of such. Indemnified Party in performing the obligations of such Indemnified
Party under this Agreement or a breach by such Indemnified Party of its obligations under this Agreement. 
 (c)
Contribution. If a claim for indemnification under this Section is unavailable to an Indemnified Party or is insufficient to hold such Indemnified Party harmless for any Losses in respect of which this Section would apply by its terms (other
than by reason of exceptions provided in this Section), then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such Losses in such
proportion as is appropriate to reflect the relative benefits received by the Indemnifying Party on the one hand and the Indemnified Party on the other and the relative fault of the Indemnifying Party and Indemnified Party in connection with the
actions or omissions that resulted in such Losses as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether there was
a judicial determination that such Losses arise in part out of the negligence or bad faith of the Indemnified Party in performing the obligations of such Indemnified Party under this Agreement or the Indemnified Party’s 

 breach of its obligations under this Agreement. The amount paid or payable by a party as a result of any
Losses shall be deemed to include any attorneys’ or other fees or expenses incurred by such party in connection with any Proceeding to the extent such party would have been indemnified for such fees or expenses if the indemnification provided
for in this Section was available to such party. 
 (d) Non-Exclusivity. The indemnity and contribution agreements
contained in this Section are in addition to any obligation or liability that the Indemnifying Parties may have to the Indemnified Parties. 
 ARTICLE V 
 MISCELLANEOUS 
 5.1 Fees and Expenses. Except as set forth in this Agreement, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such
party incident to the negotiation, preparation, execution, delivery and performance of this Agreement. The Company shall pay all stamp and other taxes and duties levied in connection with the issuance of the Shares (and, upon conversion or exercise
thereof, the Underlying Shares) pursuant hereto. The Purchaser shall pay the Placement Agent. The Purchaser shall be responsible for any taxes payable by the Purchaser that may arise as a result of the investment hereunder or the transactions
contemplated by this Agreement or any other Transaction Document. The Company shall pay all costs, expenses, fees and all taxes incident to and in connection with: (A) the issuance and delivery of the Securities, (B) the exemption from
registration of the Securities for offer and sale to the Purchaser under the securities or Blue Sky laws of the applicable jurisdictions, and (C) the preparation of certificates for the Securities (including, without limitation, printing and
engraving thereof), and (D) all fees and expenses of counsel and accountants of the Company. 
 5.2 Entire Agreement. This
Agreement, together with all of the Exhibits and Schedules annexed hereto, and any other Transaction Document contains the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and
understandings, oral or written, with respect to such matters. This Agreement shall be deemed to have been drafted and negotiated by both parties hereto and no presumptions as to interpretation, construction or enforceability shall be made by or
against either party in such regard. 
 5.3 Notices. Any notice or other communication required or permitted to be given hereunder
shall be in writing and shall be deemed to have been duly given upon facsimile transmission (with written transmission confirmation report) at the number designated below (if delivered on a Business Day during normal business hours where such notice
is to be received), or the first Business Day following such delivery (if delivered other than on a Business Day during normal business hours where such notice is to be received) whichever shall first occur. The addresses for such communications
shall be: 
  

			
	 If to the Company:
	    	Nano Chemical Systems Holdings, Inc.
		    	OTCBB: NCSH
		    	105 Park Avenue
		    	Seaford, DE 19973
		    	Phone: (480) 816-6140

			
		
	With copies to:	    	
		
	                 If to the Purchaser:
	    	Mercatus & Partners, Limited
		    	4100 NINE MCFARLANE DRIVE
		    	ALPHARETTA, GEORGIA 30004
		    	Attn: Cary Masi, Director
		    	Phone: (678) 240-9070
		    	Fax: (678) 240-9069
		
	With copies to:	    	

 5.4 Amendments; Waivers. No provision of this Agreement may be waived or amended except in
a written instrument signed, in the case of an amendment, by both the Company and the Purchaser, or, in the case of a waiver, by the party against whom enforcement of any such waiver is sought. No waiver of any default with respect to any provision,
condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder
in any manner impair the exercise of any such right accruing to it thereafter. 
 5.5 Headings. The headings herein are for
convenience only, do not constitute part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 5.6
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns. The assignment by a party of this Agreement or any rights hereunder shall not affect
the obligations of such party under this Agreement. 
 5.7 No Third Party Beneficiaries. This Agreement is intended for the benefit of
the parties hereto and their respective permitted successors and assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other person. 
 5.8 Governing Law; Venue; Service of Process. The parties hereto acknowledge that the transactions contemplated by this Agreement and the exhibits hereto bear a reasonable relation to the State of New York. The
parties hereto agree that the internal laws of the State of New York shall govern this Agreement and the exhibits hereto, including, but not limited to, all issues related to usury. Any action to enforce the terms of this Agreement or any of its
exhibits, or any other Transaction Document shall be brought exclusively in the state and/or federal courts situate in the County and State of New York. Service of process in any action by the Purchaser to 

 enforce the terms of this Agreement may be made by serving a copy of the summons and complaint, in addition to any other
relevant documents, by commercial overnight courier to the Company at its principal address set forth in this Agreement. 
 5.9
Survival. The representations and warranties of the Company and the Purchaser contained in this agreement shall survive the Closing. 
 5.10 Counterpart Signatures. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) the same with the same force and effect as if such facsimile signature page were an original thereof. 
 5.11 Publicity. The Company and the Purchaser shall consult with each other in issuing any press releases or otherwise making public statements
with respect to the transactions contemplated hereby and neither party shall issue any such press release or otherwise make any such public statement without the prior written consent of the other, which consent shall not be unreasonably withheld or
delayed, unless counsel for the disclosing party deems such public statement to be required by applicable federal and/or state securities laws. Except as otherwise required by applicable law or regulation, the Company will not disclose to any third
party (excluding its legal counsel, accountants and representatives) the names of the Purchaser. 
 5.12 Severability. In case any one
or more of the provisions of this Agreement shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the
parties will attempt to agree upon a valid and enforceable provision which shall be a reasonable substitute therefore, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 
 5.13 Limitation of Remedies. With respect to claims by the Company or any person acting by or through the Company, or by the Purchaser or any
person acting through the Purchaser, for remedies at law or at equity relating to or arising out of a breach of this Agreement, liability, if any, shall, in no event, include loss of profits or incidental, indirect, exemplary, punitive, special or
consequential damages of any kind. 
 5.14 Delivery of Securities. The Company shall deliver the Shares directly to the Custodial
Bank within five days of the execution of this Agreement in accordance with the directions provided in Schedule A, to BBH for deposit into the Banca MB account. 
 5.15 Delivery of Payment. The Purchaser shall, within thirty (30) days of the delivery of the Shares to the Custodial Bank issue the Payment to the Company via wire transfer to the directed wire
transfer bank and account as specified below: 
 Beneficiary Account Name: Holland & Knight LLP 
 Beneficiary Account No.:     777774356 
 ABA/Transit No.:                   021000021 
 Beneficiary Bank:                 Chase Manhattan Bank 

 If the Purchase Price is not paid within thirty (30) days of the delivery of the Shares to the Custodial Bank,
the Company has the right to demand recall of the shares after that time, and such Shares shall be transmitted back to the Company within ten (10) business days from the date of the demand. See Appendix A for details of timeline from deposit to
payment. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first indicated above.

  

			
	Company:
	
	Nano Chemical Systems Holding, Inc.
		
	By:	 	 /s/ James Ray

	Name:	 	  

	Title:	 	President
	
	Purchaser:
	
	Cary Masi on behalf of Purchaser
		
	By:	 	 /s/ Cary Masi

	Name:	 	  

	Title:	 	  

 Schedule 1 
 Mercatus & Partners, LP 
 Via S. Roberto Bellarmino #4 
 00142 Roma, Italy 
 PH. +39 065 406 470 
 FX. +39 065 427 5224EMPLOYMENT AGREEMENT - CLARK

 Exhibit 10.16 
 Circuit City Stores, Inc. 
 Employment Agreement for [FirstName MI LastName] 
 This EMPLOYMENT AGREEMENT is made, entered into, and is effective as of the 4th day of December, 2003 (the “Effective Date”), by and between
Circuit City Stores, Inc. (the “Company”) and [FirstName MI LastName] (the “Executive”). 
 WHEREAS, the Company desires
to employ the Executive as [Job Title] of Circuit City Stores, Inc.; 
 WHEREAS, the Company recognizes the Executive’s intimate
knowledge and experience in the business of the Company, and desires to secure the employment of the Executive in the role of [Job Title] of the Company; 
 WHEREAS, the Executive will develop and/or come in contact with the Company’s proprietary and confidential information which is not readily available to the public, and which is of great importance to the Company
and is treated by the Company as secret and confidential information; and 
 WHEREAS, the Company desires to modify certain terms of
Executive’s employment agreement. 
 NOW, THEREFORE, in consideration of the Executive’s continued employment and of the mutual
covenants and agreements of the parties set forth in this Agreement, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 Article 1. Term of Employment 
 The
Company hereby agrees to employ the Executive and the Executive hereby accepts employment as [Job Title] of the Company, in accordance with the terms and conditions set forth herein, for an initial period of one (1) year, commencing as of the
Effective Date of this Agreement as indicated above (the “Initial Term”); subject, however, to earlier termination as expressly provided herein. 
 The Initial Term shall automatically be renewed for additional periods of one (1) year each at the end of the Initial Term, and then again after each successive year thereafter (collectively, the “Renewal
Periods,” which, together with the Initial Term, constitute the “Term” of this Agreement). However, either party may terminate this Agreement at the end of the Initial Term, or at the end of any Renewal Period, by giving the other
party written notice of intent not to renew, delivered at least forty-five (45) days prior to the end of the Initial Term or any Renewal Period. For purposes of this Agreement, an “Employment Year” shall mean any twelve
(12) month period during the Term of this Agreement beginning on the Effective Date or on any anniversary thereof. 

 Article 2. Position and Responsibilities 
 During the Term of this Agreement, the Executive agrees to serve as [Job Title] of the Company. In his/her capacity as [Job Title] of the Company, the
Executive shall report directly to the Executive’s immediate manager and shall have the duties and responsibilities of [Job Title] of the Company and such other duties and responsibilities not inconsistent with the performance of his/her duties
as [Job Title] of the Company. 
 Article 3. Standard of Care 
 During the term of this Agreement, the Executive agrees to devote substantially his/her full-time attention and energies to the Company’s business. The Executive covenants, warrants, and represents that he/she
shall: 
  

	 	(a)	Devote his/her full and best efforts and talents full time to the performance of his/her employment obligations and duties for the Company; 

  

	 	(b)	Exercise the highest degree of loyalty and the highest standards of conduct in the performance of his/her duties; 

  

	 	(c)	Comply with all rules, regulations, and policies established or issued by the Company; and 

  

	 	(d)	Refrain from taking advantage, for himself/herself or others, of any corporate opportunities of the Company. 

 Article 4. Other Employment. 
 The Executive shall
not, during the term hereof, be interested directly or indirectly, in any manner, as partner, officer, director, investor, stockholder, advisor, employee, or in any other capacity, in any other business similar to Company’s business for the
Executive’s personal advantage or benefit or that of others. Any other employment or position which might reasonably be deemed contrary to the best interests of the Company is prohibited. During the term of employment hereunder, the Executive
agrees to obtain the Company’s written consent prior to entering into any other occupation, even if dissimilar to that of the Company. Such consent may be granted or withheld, in the Company’s absolute discretion. Nothing herein contained
shall be deemed to prevent or limit the right of the Executive to invest in the capital stock or other securities of any corporation whose stock or securities are regularly traded on any public exchange, nor shall anything herein contained be deemed
to prevent the Executive from investing in real estate for his/her own benefit (so long as such investment (a) is not related to or in support of any entity engaged in a business similar to that of the Company or (b) does not detract from
the Executive’s performance of his/her duties and obligations hereunder). 

 Article 5. Compensation and Benefits 
 As remuneration for all services to be rendered by the Executive during the Employment Period, and as consideration for complying with the covenants herein, the Company shall pay and provide to the Executive the
following: 
 5.1. Base Salary. During the Term of this Agreement, the Company shall pay the Executive a Base Salary in an amount which
shall be established and approved by the Compensation Committee of the Board of Directors; provided, however, that such Base Salary shall be established at a rate of not less than [Annual Salary Amount] per year. This Base Salary shall be subject to
all appropriate federal and state withholding taxes and payable in accordance with the normal payroll practices of the Company. The Base Salary shall be reviewed at least annually following the Effective Date of this Agreement, while the Term of
this Agreement is in force, to ascertain whether, in the judgment of the Compensation Committee, such Base Salary should be changed. If changed, the Base Salary as stated above shall, likewise, be changed for all purposes of this Agreement.

 5.2 Annual Bonus. In addition to his/her Base Salary, the Executive shall be entitled to participate in the Company’s
short-term incentive program, as such program may exist from time to time during the Term of this Agreement. 
 Under the Company’s
short-term incentive plan, the Executive has the opportunity to earn an annual bonus with respect to any fiscal year of the Company (“Annual Bonus”). The Annual Bonus, if earned with respect to a particular fiscal year, will generally be
in an amount that is not less than [Annual Bonus % of Base Salary] percent (00%) of the Executive’s Base Salary for the fiscal year with respect to which the Annual Bonus is being paid (the “Minimum Bonus Rate”) and is commensurate
with the position of [Job Title] of the Company. 
 The award and amount of any Annual Bonus shall be determined under the Company’s
short-term incentive plan, at the sole discretion of the Company’s Compensation Committee. If the Minimum Bonus Rate is changed, it shall, likewise, be changed for all purposes of this Agreement. 
 5.3. Long-Term Incentives. During the Term of this Agreement, the Executive shall be eligible to participate in the Company’s long-term
incentive plan, to the extent that the Board of Directors of the Company or the Compensation Committee, in their discretion, determines is appropriate. The Board of Directors will make its determination consistent with the methodology used by the
Company for compensating its comparably situated employees. 
 5.4. Retirement Benefits. During the Term of this Agreement, the
Company shall provide to the Executive the opportunity for participation in all Company pension, insurance, fringe benefit, and executive compensation plans and programs, subject to the eligibility and participation requirements of such plans.

 5.5. Employee Benefits. During the Term of this Agreement, the Company shall provide the Executive
all benefits, as commensurate with the position of [Job Title] of the Company, but at a minimum not less than those provided by the Company to other comparably situated employees subject to the eligibility requirements and other provisions of such
arrangements. Such benefits may include group term life insurance, comprehensive health and major medical insurance, dental and life insurance, and short-term and long-term disability. 
 5.6. Perquisites. During the Term of this Agreement, the Company shall provide to the Executive, at the Company’s cost, all perquisites,
which are commensurate with the position of [Job Title] of the Company. 
 5.7. Right to Change Plans. By reason of Articles 5.5 and
5.6 herein, the Company shall not be obligated to institute, maintain, or refrain from changing, amending, or discontinuing any benefit plan or perquisite, so long as such changes are similarly applicable to comparably situated employees.

 Article 6. Expenses 
 During the Term
of this Agreement, the Company shall pay or reimburse the Executive for all ordinary and necessary expenses, in a reasonable amount, which the Executive incurs in performing his/her duties under this Agreement including, but not limited to, travel,
entertainment, professional dues and subscriptions, and all dues, fees, and expenses associated with membership in various professional, business, and civic associations and societies in which the Company finds that the Executive’s
participation is in the best interests of the Company. The payment of reimbursement of expenses shall be subject to such rules concerning documentation of expenses and the type or magnitude of such expenses as the Compensation Committee of the Board
of Directors may establish from time to time. 
 Article 7. Employment Termination 
 7.1. Termination Due to Retirement or Death. In the event the Executive’s employment ends by reason of Retirement (defined as voluntary
“Normal Retirement” under the then established definitions and rules of the Company’s tax-qualified retirement plan) or the Executive’s death during the term of this Agreement, the Executive’s benefits shall be determined in
accordance with the Company’s retirement, survivor’s benefits, insurance, and/or other applicable programs of the Company then in effect. In addition, all stock grants, except performance-based grants in the case of Retirement, will become
immediately vested and may be exercised by the Executive, the Executive’s personal representatives, distributees, legatees, or estate at any time before the expiration date of the grant. 
 The Effective Date of Termination due to Retirement or death shall be (a) ninety (90) days following the date the Executive provides the Company with written
notice that the Executive is ending employment by reason of Retirement or (b) on the Executive’s date of death, as the case may be. Upon the Effective Date of Termination, the Company shall be obligated to pay the Executive or, if
applicable, the Executive’s estate; (a) any Base Salary or Annual Bonus that was 

 accrued but not yet paid as of the Effective Date of Termination; plus (b) a pro rata share of the Annual Bonus for
the Employment Year in which the Effective Date of Termination occurs (calculated by multiplying (i) the Base Salary in effect on the Effective Date of Termination by (ii) the Minimum Bonus Rate in effect on the Effective Date of
Termination and by (iii) a fraction, the numerator of which is the number of full completed days in the Employment Year through the Effective Date of Termination, and the denominator of which is three hundred sixty-five (365)); and (c) all
other rights and benefits that the Executive is vested in, pursuant to other plans and programs of the Company. 
 7.2 Termination Due to
Disability. The Company shall have the right to terminate the Executive’s employment for disability. For the purposes of this Agreement, disability shall mean any physical or mental illness or injury that causes the Executive to be unable
to substantially perform the Executive’s normal duties; provided however that the Executive shall not be considered disabled until: (i) the Executive has been so disabled for 180 days during any period of twelve (12) consecutive
months; (ii) the Executive’s attending physician shall have furnished to the Company certification that the return of the Executive to his/her normal duties is impossible or improbable; or (iii) the Executive is determined to be
totally disabled by the disability insurer then insuring the Executive, if any. 
 The Effective Date of Termination due to Disability shall
be specified, in a written notice, by the Executive’s immediate manager, and such written notice shall be delivered to the Executive, but shall be no less than thirty (30) calendar days after the delivery of such written notice to the
Executive. Upon the Effective Date of Termination, the Company shall be obligated to pay the Executive [or, if applicable, the Executive’s estate]: (a) any salary that was accrued but not yet paid as of the Effective Date of Termination;
(b) the unpaid Annual Bonus, if any, with respect to the fiscal year preceding the Effective Date of Termination (such Annual Bonus, if any, to be determined in the manner it would have been determined and payable at the time it would have been
payable under Article 5.2 had there been no termination of the Employment Period); (c) a pro rata share of target Annual Bonus for the fiscal year in which the Effective Date of Termination occurs (the calculation of which the Annual Bonus is
multiplied by a fraction, the numerator of which is the number of full completed days in the bonus plan year through the Effective Date of Termination, and the denominator of which is three hundred sixty-five (365)); and (d) all other rights
and benefits that the Executive is vested in, pursuant to other plans and programs of the Company. 
 It is expressly understood that the
Disability of the Executive for a period of one hundred eighty (180) calendar days or less in the aggregate during any period of twelve (12) consecutive months, in the absence of any reasonable expectation that his/her Disability will
exist for more than such a period of time, shall not constitute a failure by him/her to perform his/her duties hereunder and shall not be deemed a breach or default, and the Executive shall receive full compensation for any such period of Disability
or for any other temporary illness or incapacity during the term of this Agreement. 
 If the employment of the Executive terminates because
of disability, all of the Executive’s outstanding stock grants, excluding restricted stock grants issued under a performance based 

 plan, will become immediately vested, effective as of the date of the Executive’s disability. Then, the Executive,
the Executive’s personal representatives, distributees, or legatees may exercise the Executive’s grants at any time before the expiration date of the grant. 
 7.3. Voluntary Termination by the Executive. The Executive may terminate his/her employment and this Agreement at any time by giving the Company at least forty-five (45) days written notice. The Company
reserves the right to require the Executive not to work during the notice period but shall pay the Executive his/her full Base Salary, at the rate then in effect as provided in Article 5.1 herein, [through the notice period] or [through the last day
of the Executive’s employment] plus all other benefits to which the Executive has a vested right on the last day of employment (for purposes of this paragraph, the Executive shall not be paid any Annual Bonus with respect to the fiscal year in
which voluntary termination under this Article 7.3 occurs). The Company thereafter shall have no further obligations under this Agreement. 
 7.4 Involuntary Termination by the Company Without Cause. The Company may terminate the Executive’s employment, at any time, for any reason other than death, Disability, Retirement, or for Cause (“involuntary termination
without Cause”), by providing the Executive with at least forty-five (45) days written notice. 
  

	 	(a)	The Company’s decision not to renew this Agreement at the Expiration Date of the Initial Term or any Renewal Period shall be deemed an involuntary termination without cause;
provided, however, that for purposes of this Article 7.4(a), no variation, alteration, modification, cancellation, change or amendment made to this Agreement pursuant to Article 12.3 or 12.4 at a time other than the Expiration Date of the Initial
Term or any Renewal Period, shall be deemed an involuntary termination without Cause. 

  

	 	(b)	Upon the Effective Date of Termination specified by the Company for termination by the Company without cause, the Company shall pay to the Executive, in equal monthly installments
over the following twenty-four (24) month period an amount equal to the product of two (2) times both the Executive’s Base Salary and the Executive’s target Annual Bonus established for the fiscal year in which the
Executive’s Effective Date of Termination occurs. The Company shall also pay to the Executive the amount equal to a pro rata share of the Executive’s target Annual Bonus for the fiscal year in which the Effective Date of Termination occurs
(the calculation of which the Annual Bonus is multiplied by a fraction, the numerator of which is the number of full completed days in the bonus plan year through the Effective Date of Termination, and the denominator of which is three hundred
sixty-five (365)). In addition, the Company shall continue, at the same cost to the Executive as existed as of the Effective Date of Termination, all health and welfare benefit plan participation for two (2) full years following the
Executive’s termination of employment; provided, however, that the applicable COBRA “period of coverage” under any plan subject to Section 4980B of the Internal Revenue Code of 1986, as amended (the “Code”), or Sections
601 through 609 of the Employee Retirement Income Security Act of 1974 (ERISA) shall begin as of the Effective Date of Termination. 

	 	(c)	The Company shall also provide the Executive with outplacement services not to exceed a cost of fifty thousand dollars ($50,000). 

  

	 	(d)	Any unvested stock options or any outstanding restricted stock, excluding restricted stock grants issued under a performance based plan, that would become vested (that is,
transferable and non-forfeitable) if the Executive remained an employee through the Initial Term or the then current Renewal Period of this Agreement will become vested as of the date of the Executive’s termination of employment. The Executive
must satisfy the tax withholding requirements. 

  

	 	(e)	The Executive will be credited with age and service credit through the end of the Initial Term or current Renewal Period of this Agreement for purposes of computing benefits under
the Company’s pension, medical and other benefit plans, and the Company will continue the Executive’s coverage under the Company’s benefit plans as if the Executive remained employed through the end of the term of this Agreement.
Notwithstanding the foregoing, if crediting such age and service credit or continued coverage could adversely affect the tax qualification or tax treatment of a benefit plan, or otherwise have adverse legal ramifications to either the plan or the
Company, the Company may pay the Executive a lump sum cash amount that reasonably approximates the after-tax value to the Executive of such age and service credit and continued coverage through the end of the term of this Agreement, in lieu of
giving such credit and continued coverage. 

 The Company thereafter shall have no further obligations under this Agreement.

 7.5. Termination For Cause. Nothing in this Agreement shall be construed to prevent the Company from terminating the
Executive’s employment under this Agreement, without notice or liability for doing so, for “Cause.” 
 For purposes of this
Agreement, “Cause” means: 
  

	 	(a)	The Executive’s material breach of this Agreement, which breach is not cured within ten (10) days of receipt by the Executive of written notice from the Company specifying
the breach; 

  

	 	(b)	The Executive’s gross negligence in the performance of his/her material duties hereunder, intentional nonperformance or intentional misperformance of such duties, misconduct or
refusal to abide by or comply with the directives of the Board, his/her superior officers, or the Company’s policies and procedures, which actions continue for a period of ten (10) days after receipt by the Executive of written notice of
the need to cure or cease; 

	 	(c)	Conviction of a felony or other crime involving moral turpitude; 

  

	 	(d)	The Executive engaging in illegal conduct, dishonesty or fraud with respect to the business or affairs of the Company that in the reasonable judgment of the Company materially and
adversely affects the operations or reputation of the Company; 

  

	 	(e)	Failure of the Executive to disclose to the Executive’s manager a conflict of interest, of which the Executive knew or, with reasonable diligence, would have known, in
connection with any transaction entered into on behalf of the Company; or 

  

	 	(f)	Failure of the Executive to agree to a modification of this Agreement, pursuant to paragraph 12.3 below, when the purpose of the modification is to comply with applicable federal,
state and/or local laws or regulations, or when such modification is designed to further define the restrictions of Article 8 or otherwise enhance the enforcement of Article 8 without increasing the scope of the Article 8 restrictions.

 In the event this Agreement is terminated for Cause, the Company shall pay the Executive his/her Base Salary through the
Effective Date of Termination for cause and the Executive shall immediately thereafter forfeit all rights and benefits (other than vested benefits) he would otherwise have been entitled to receive under this Agreement. The Company thereafter shall
have no further obligations under this Agreement. 
 7.6. Termination for Good Reason. At any time during the term of this Agreement,
the Executive may terminate this Agreement for Good Reason (as defined below) by giving the Company forty-five (45) days written notice, which notice sets forth in detail the facts and circumstances claimed to provide a basis for such
termination. However, Company shall, at its option, have thirty (30) days from receipt of such written notice to cure any event or circumstance that could constitute Good Reason. 
 If Company chooses not to cure, the Effective Date of Termination for Good Reason shall occur upon the expiration of the forty-five (45) days prior
notice period that is specified by the Executive in the written notice, and the Company shall pay and provide to the Executive the benefits set forth in this Article 7.6. 
 For purposes of this Agreement, Good Reason shall mean, without the Executive’s express written consent, the occurrence of any one (1) or more of the following: 
  

	 	(a)	Failing to maintain the Executive’s participation in the Company’s annual bonus and long-term incentive plan in a manner that is consistent with other similarly situated
Executive employees of the Company; 

	 	(b)	Failing to maintain the Executive’s benefits under, or relative level of participation in, the Company’s employee benefit or retirement plans, perquisites, policies,
practices, or arrangements in which the Executive participates as of the Effective Date of this Agreement at a level consistent with other similarly situated Executive employees of the Company; 

  

	 	(c)	Reducing the Executive’s Base Salary; 

  

	 	(d)	Terminating the Executive’s employment otherwise than as expressly permitted by this Agreement; or 

  

	 	(e)	Failing to comply with and satisfy Article 10.1 by requiring any successor to the Company to assume and agree to perform the Company’s obligations hereunder.

 Upon the Effective Date of Termination, the Executive shall be entitled to receive the same payments and benefits as he/she
is entitled to receive following an involuntary termination of his/her employment by the Company without Cause, as specified in Article 7.4 herein. Said payment shall commence within forty-five (45) calendar days following the Effective Date of
Termination. 
 The Executive’s right to terminate employment for Good Reason shall not be affected by the Executive’s incapacity
due to physical or mental illness. 
 Article 8. Noncompetition and Confidentiality 
 8.1. Noncompetition. 
  

	 	(a)	During the Executive’s employment and for a period of two (2) years following the last day of the Executive’s employment, the Executive shall not directly or
indirectly compete with the Company by engaging, in a competitive capacity, in any business that is engaged in the same or similar business of the Company in one or more Metropolitan Statistical Areas (“MSAs”) in which the Company is doing
business on the last day of the Executive’s employment. A business will not be considered to be in competition with the Company for purposes of this paragraph 8.1(a) or paragraph 8.1(b) below if: 

  

	 	(i)	The business or the operating unit of the business in which the Executive is employed or with which the Executive is associated (collectively the “Business Unit”) is not
engaged in the retail sales of consumer electronics; 

  

	 	(ii)	If sales of the Business Unit’s products or services in the retail sales and service of consumer electronics constitute less than ten percent (10%) of such Business
Unit’s sales; or 

	 	(iii)	If the sales of the Business Unit in the retail sales and service of consumer electronics do constitute more than ten percent (10%) of the sales of the Business Unit, but there
is no geographic overlap between such Business Unit’s and the Company’s business locations. 

 Notwithstanding the
foregoing, nothing herein shall be deemed to prevent or limit the right of the Executive to invest in the capital stock or other securities of any corporation whose stock or securities are regularly traded on any public exchange, nor shall anything
herein contained be deemed to prevent Employee from investing in real estate for his/her own benefit (as long as such investment is not related to or in support of any entity engaged in the same or similar business as the Company in competition with
the Company in one or more MSA’s in which the Company is doing business during the Executive’s employment). 
  

	 	(b)	During the Executive’s employment and for a period of two (2) years following the last day of the Executive’s employment, the Executive shall not directly or
indirectly compete with the Company by engaging, in a competitive capacity, in any business engaged in the same or similar business of the Company in one or more MSAs where, on the last day of the Executive’s employment, the Company is engaged
in real estate site selection or has taken further steps toward the commencement of operations in the future, of which the Executive is aware. 

  

	 	(c)	The Executive agrees that competition, as set forth in Article 8.1(a) above, shall include, but not be limited to, engaging in competitive activity, as an individual, as a partner,
as a joint venturer with any other person or entity, or as an employee, agent, or representative of any other person or entity. 

  

	 	(d)	It is the specific intent of the parties that the Executive shall be restricted from competing directly or indirectly with any segment of the Company’s business in which the
Executive engaged prior to the last day of his/her employment and from any segment of the Company’s business about which the Executive acquired proprietary or confidential information during the course of his/her employment.

  

	 	(e)	If any provision of this Article 8.1 relating to the time period, geographic area or scope of restricted activities shall be declared by a court of competent jurisdiction to exceed
the maximum time period, geographic area or scope of activities, as applicable, that such court deems reasonable and enforceable, said time period, geographic area or scope of activities shall be deemed to be, and thereafter shall become, the
maximum time period, scope of activities or largest geographic area that such court deems reasonable and enforceable and this Agreement shall automatically be considered to have been amended and revised to reflect such determination.

  

	 	(f)	The Executive and the Company have examined in detail this Covenant Not to Compete and agree that the restraint imposed upon the Executive is reasonable in light of the legitimate
interests of the Company, and it is not unduly harsh upon the Executive’s ability to earn a livelihood. 

 8.2. Non-Solicitation of Employees. The Executive agrees that during the Executive’s
employment with the Company and for a period of two (2) years following the last day of the Executive’s employment, the Executive shall not, directly or indirectly, solicit or induce, or attempt to solicit or induce, any employee of the
Company to leave the Company for any reason whatsoever or hire any individual employed by the Company. For purposes of this Article 8.2, employee shall mean any individual employed by the Company on the last day of the Executive’s employment or
within the three-month period prior to the last day of the Executive’s employment. 
 8.3. Confidentiality. The Company has
advised the Executive and the Executive acknowledges that it is the policy of the Company to maintain as secret and confidential all Protected Information (as defined below), and that Protected Information has been and will be developed at
substantial cost and effort to the Company. The Executive agrees to hold in strict confidence and safeguard any information of or about the Company gained by the Executive in any manner or from any source during the Executive’s employment. The
Executive shall not, without the prior written consent of the Company, at any time, directly or indirectly, divulge, furnish, use, disclose or make accessible to any person, firm, corporation, association, or other entity (otherwise than as may be
required in the regular course of the Executive’s employment), either during the Executive’s employment with the Company or subsequent to the last day of the Executive’s employment, any Protected Information, or cause any such
information of the Company to enter the public domain. 
 The Executive understands and agrees that any information, data and/or trade
secrets about Company or its suppliers and/or distributors is the property of the Company and is essential to the protection of the Company’s goodwill and to the maintenance of the Company’s competitive position and accordingly should be
kept secret. For purposes of this Agreement, “Protected Information” means trade secrets, confidential and proprietary business information of or about the Company, and any other information of the Company, including, customer lists
(including potential customers), sources of supply, processes, plans, materials, pricing information, internal memoranda, marketing plans, promotional plans, internal policies, research, purchasing, accounting and financial information, computer
programs, hardware, software, and products and services which may be developed from time to time by the Company and its agents or employees, including the Executive; provided, however, that information that is in the public domain (other than as a
result of a breach of this Agreement), approved for release by the Company or lawfully obtained from third parties who are not bound by a confidentiality agreement with the Company, is not Protected Information. 
 Nothing contained in this Article is intended to reduce in any way protection available to the Company pursuant to the Uniform Trade Secrets Act as
adopted in Virginia or any other state or other applicable laws which prohibit the misuse or disclosure of confidential or proprietary information. 

 8.4. Acknowledgement of Covenants. The parties hereto acknowledge that the Executive’s
services are of a special, extraordinary, and intellectual character which gives him/her unique value, and that the business of the Company and its subsidiaries is highly competitive, and that violation of any of the covenants provided in this
Article 8 would cause immediate, immeasurable, and irreparable harm, loss, and damage to the Company not adequately compensable by a monetary award. The Executive acknowledges that the time, scope of activities and geographical area restrained by
the provisions of this Article 8 are reasonable and do not impose a greater restraint than is necessary to protect the goodwill of the Company’s business. The Executive further acknowledges that he/she and the Company have negotiated and
bargained for the terms of this Agreement and that the Executive has received adequate consideration for entering into this Agreement. In the event of any such breach or threatened breach by the Executive of any one or more of such covenants, the
Company shall be entitled to such equitable and injunctive relief as may be available to restrain the Executive from violating the provisions hereof. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedies
available at law or in equity for such breach or threatened breach, including the recovery of damages and the immediate termination of the employment of the Executive hereunder for cause. 
 Article 9. Change in Control 
 9.1. Change in
Control. This Article 9 shall not become effective, and the Company shall have no obligation hereunder, if the employment of the Executive with the Company shall terminate prior to a Change in Control (as defined in Article 9.2 below) of the
Company. 
 9.2. Definition of Change in Control. Change in Control of the Company means, and shall be deemed to have occurred, upon
the first to occur of any of the following events: 
  

	 	(a)	The acquisition by any individual, entity, or group (a “Person”), including a “person” within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”), but excluding an Affiliate (as defined below) of the Company, of beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act, of thirty-five percent
(35%) or more of either: (i) the then outstanding shares of common stock of the Circuit City Group (the “Outstanding Common Stock”); or (ii) the combined voting power of the then outstanding securities of the Company
entitled to vote generally in the election of directors (the “Outstanding Voting Securities”); excluding, however, the following: (A) any acquisition directly from the Company (excluding an acquisition resulting from the exercise of
an option, conversion right, or exchange privilege unless the security being so exercised, converted or exchanged was acquired directly from the Company); (B) any acquisition by the Company; (C) any acquisition by an employee benefit plan
(or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii), and (iii) of subsection
(c) of this Article 9.2; 

	 	(b)	Individuals who, as of the Effective Date, constitute the Board of Directors (the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board;
provided that any individual who becomes a director of the Company subsequent to the Effective Date, whose election, or nomination for election by the Company’s stockholders, was approved by the vote of at least a majority of the directors then
comprising the Incumbent Board shall be deemed a member of the Incumbent Board; and provided further, that any individual who was initially elected as a director of the Company as a result of an actual or threatened election contest, as such terms
are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act, or any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall not be deemed a member of the Incumbent
Board; 

  

	 	(c)	The consummation of a reorganization, merger or consolidation of the Company or sale or other disposition of all or substantially all of the assets of the Company (a “Corporate
Transaction”); excluding, however, a Corporate Transaction pursuant to which: (i) all or substantially all of the individuals or entities who are the beneficial owners, respectively, of the Outstanding Common Stock and the Outstanding
Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than sixty percent (60%) of, respectively, the outstanding shares of common stock, and the combined voting power of the
outstanding securities of such corporation entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate Transaction (including, without limitation, a corporation, which as a result of
such transaction owns the Company or all or substantially all of the Company’s assets either directly or indirectly) in substantially the same proportions relative to each other as their ownership, immediately prior to such Corporate
Transaction, of the Outstanding Common Stock and the Outstanding Voting Securities, as the case may be; (ii) no Person (other than: the Company; any employee benefit plan (or related trust) sponsored or maintained by the Company or any
corporation controlled by the Company; the corporation resulting from such Corporate Transaction; and any Person which beneficially owned, immediately prior to such Corporate Transaction, directly or indirectly, twenty-five percent (25%) or
more of the Outstanding Common Stock or the Outstanding Voting Securities, as the case may be) will beneficially own, directly or indirectly, twenty-five percent (25%) or more of, respectively, the outstanding shares of common stock of the
corporation resulting from such Corporate Transaction or the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors; and (iii) individuals who were members of the
Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or 

	 	(d)	The consummation of a plan of complete liquidation, dissolution, or sale of substantially all the assets of the Company. 

 For purposes of this Article 9, “Affiliate” shall mean with reference to a specified Person, any Person that directly or indirectly through one
(1) or more intermediaries controls or is controlled by or is under common control with the specified Person. For purposes of this definition, “control” (including, with correlative meaning, the terms “controlled by” and
“under common control with”), as used in respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of management and policies of such Person, whether through ownership of voting
securities or by contract or otherwise. 
 9.3. Change-in-Control Severance Benefits. If at any time during the Term of this Agreement
there is a Change in Control of the Company and the Executive’s employment is terminated for any reason other than death, Disability, Retirement, Voluntary Termination other than Good Reason or Cause within the two (2) year period
following the Change in Control or the Executive voluntarily terminates for any reason in the thirteenth month following a Change in Control of the Company, the Company shall provide to the Executive the following: 
  

	 	(a)	Base Salary and all other benefits due him/her as if he/she had remained an employee pursuant to Article 5 through the remainder of the month in which the termination occurs, less
applicable withholding taxes and other authorized payroll deductions; 

  

	 	(b)	The amount equal to a pro rata share of target Annual Bonus for the fiscal year in which the Effective Date of Termination occurs (the calculation of which the Annual Bonus is
multiplied by a fraction, the numerator of which is the number of full completed days in the bonus plan year through the Effective Date of Termination, and the denominator of which is three hundred sixty-five (365)); 

  

	 	(c)	A lump-sum severance allowance in an amount that is equal to the product of three (3) times both the Executive’s Base Salary at the rate in effect immediately prior to the
termination and the Executive’s target Annual Bonus established for the fiscal year in which the Executive’s termination of employment occurs; 

  

	 	(d)	Continuation at the same cost to the Executive as existed as of the Effective Date of Termination of Agreement of all health, welfare, and benefit plan participation for three
(3) full years following employment termination; 

  

	 	(e)	Provision of outplacement services for the Executive not to exceed a cost of fifty thousand dollars ($50,000); 

  

	 	(f)	A lump-sum payment equal to the three (3) year costs of perquisites outlined in Article 5.6 above; and 

	 	(g)	Any unvested stock options or any outstanding restricted stock, excluding restricted stock grants issued under a performance based plan, that would become vested (that is,
transferable and non-forfeitable) if the Executive remained an employee through the Initial Term or the then current Renewal Period of this Agreement will become vested as of the date of the Executive’s termination of employment. The Executive
must satisfy the tax withholding requirements. 

 9.4. Excise Tax Equalization Payment. In the event that the Executive
becomes entitled to severance benefits under this Agreement or any other agreement with or plan of the Company (in the aggregate, the “Total Payments”), if any of the Total Payments will [be subject to the tax (the “Excise Tax”)
imposed by Section 4999 of the Code] or any similar excise tax that may hereafter be imposed), the Company shall pay to the Executive in cash an additional amount (the “Gross-Up Payment”), such that the net amount retained by the
Executive after deduction of any Excise Tax upon the Total Payments and any federal, state, and local income tax and Excise Tax upon the Gross-Up Payment provided for by this Article 9.4 (including FICA and FUTA), shall be equal to the Total
Payments. The Company shall make such payment to the Executive as soon as practicable following the Effective Date of Termination, but in no event beyond thirty (30) days from such date. 
 For purposes of determining the amount of the Gross-Up Payment, the Executive shall be deemed to pay federal income taxes at the highest marginal rate of
federal income taxation in the calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Executive’s residence on the Effective Date of
Termination, net of the maximum reduction in federal income taxes which could be obtained from deduction of such state and local taxes. 
 The Company’s Compensation Committee shall determine, based upon the advice of the Company’s independent certified public accountants, whether any payments or benefits hereunder are subject to the Excise Tax. 
 9.5. Subsequent Recalculation. In the event the Internal Revenue Service adjusts the computation of the Company under Article 9.4 herein so
that the Executive did not receive the greatest net benefit, the Company shall reimburse the Executive for the full amount necessary to make the Executive whole, plus a market rate of interest, as determined by the Compensation Committee.

 Article 10. Assignment 
 10.1.
Assignment by Company. This Agreement may and shall be assigned or transferred to, and shall be binding upon and shall inure to the benefit of, any successor of the Company, and any such successor shall be deemed substituted for all purposes of
the “Company” under the terms of this Agreement. As used in this Agreement, the term “successor” shall mean any person, firm, corporation, or business entity which, at any time, whether by merger, purchase, or otherwise, acquires
all or substantially all of the assets or the business of the Company. In addition, the obligations of the Executive under Articles 8 and 12 of this Agreement shall continue after the termination of the Executive’s employment and shall be
binding on the Executive’s heirs, executors, legal representatives and assigns. 

 Failure of the Company to obtain the agreement of any successor to be bound by the terms of this Agreement prior to the
effectiveness of any such succession shall be a breach of this Agreement, and shall immediately entitle the Executive to compensation from the Company in the same amount and on the same terms as the Executive would be entitled in the event of a
Termination of Employment for Good Reason as provided by Article 7.6. Except as provided herein, the Company may not otherwise assign this Agreement. 
 10.2. Assignment by Executive. The services to be provided by the Executive to the Company hereunder are personal to the Executive, and the Executive’s duties may not be assigned by the Executive;
provided, however, that this Agreement shall inure to the benefit of and be enforceable by the Executive’s personal or legal representatives, executors, and administrators, successors, heirs, distributees, devisees, and legatees. If the
Executive dies while any amounts payable to the Executive hereunder remain outstanding, all such amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or
other designee or, in the absence of such designee, to the Executive’s estate. 
 Article 11. Dispute Resolution and Notice 
 11.1. Issue Resolution. Except for actions initiated by the Company to enjoin a breach by, and/or recover damages from the Executive related to
violation of any of the restrictive covenants in Article 8 of this Agreement, which Company may bring in an appropriate court of law or equity, any disagreement between the Executive and the Company concerning anything covered by this Agreement or
concerning other terms or conditions of the Executive’s employment or the termination of the Executive’s employment will be settled by final and binding arbitration pursuant to the Company’s Associate Issue Resolution Program. The
Dispute Resolution Agreement and the Dispute Resolution Rules and Procedures are incorporated herein by reference as if set forth in full in this Agreement. The decision of the arbitrator will be final and binding on both the Executive and the
Company and may be enforced in a court of appropriate jurisdiction. 
 11.2. Notice. Any notices, requests, demands, or other
communications provided for by this Agreement shall be sufficient if in writing, and if sent by registered or certified mail to the Executive at the last address he/she has filed in writing with the Company or, in the case of the Company, at its
principal offices. 
 Article 12. Miscellaneous 
 12.1. Entire Agreement. This Agreement supersedes any prior agreements or understandings, oral or written, between the parties hereto, with respect to the subject matter hereof, and constitutes the entire agreement of the parties
with respect thereto. Without limiting the generality of the foregoing sentence, this Agreement completely supersedes any and all prior employment agreements entered into by and between the Company, and the Executive, and all amendments thereto, in
their entirety. 

 12.2. Return of Materials. Upon the termination of the Executive’s employment with the
Company, however such termination is effected, the Executive shall promptly deliver to Company all property, records, materials, documents, and copies of documents concerning the Executive’s business and/or its customers (hereinafter
collectively “Company Materials”) which the Executive has in his/her possession or under his/her control at the time of termination of his/her employment. The Executive further agrees not to take or extract any portion of Company Materials
in written, computer, electronic or any other reproducible form without the prior written consent of the Executive’s immediate manager. 
 12.3. Modification. This Agreement shall not be varied, altered, modified, canceled, changed, or in any way amended except by mutual agreement of the parties in a written instrument executed by the parties hereto or their legal
representatives. 
 12.4. Severability. It is the intention of the parties that the provisions of the restrictive covenants herein
shall be enforceable to the fullest extent permissible under the applicable law. If any clause or provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the term hereof, then the
remainder of this Agreement shall not be affected thereby, and in lieu of each clause or provision of this Agreement which is illegal, invalid or unenforceable, there shall be added, as a part of this Agreement, a clause or provision as similar in
terms to such illegal, invalid or unenforceable clause or provision as may be possible and as may be legal, valid, and enforceable. 
 12.5. Counterparts. This Agreement may be executed in one (1) or more counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same Agreement. 
 12.6. Tax Withholding. The Company may withhold from any benefits payable under this Agreement all federal, state, city, or other taxes as may be
required pursuant to any law or governmental regulation or ruling. 
 12.7. Restrictive Covenants of the Essence. The restrictive
covenants of the Executive set forth herein are of the essence of this Agreement; they shall be construed as independent of any other provision in this Agreement; and the existence of any claim or cause of action of the Executive against the
Company, whether predicated on this Agreement or not, shall not constitute a defense to the enforcement by the Company of the restrictive covenants contained herein. The Company shall at all times maintain the right to seek enforcement of these
provisions whether or not the Company has previously refrained from seeking enforcement of any such provision as to the Executive or any other individual who has signed an agreement with similar provisions. 
 12.8 Beneficiaries. The Executive may designate one (1) or more persons or entities as the primary and/or contingent beneficiaries of any
amounts to be received under this Agreement. Such designation must be in the form of a signed writing acceptable to the Executive’s immediate manager. The Executive may make or change such designation at any time. 

 12.9. Payment Obligation Absolute. The Company’s obligation to make the payments and the
arrangement provided for herein shall be absolute and unconditional, and shall not be affected by any circumstances, including, without limitation, any offset, counterclaim, recoupment, defense, or other right which the Company may have against the
Executive or anyone else. All amounts payable by the Company hereunder shall be paid without notice or demand. Each and every payment made hereunder by the Company shall be final, and the Company shall not seek to recover all or any part of such
payment from the Executive or from whomsoever may be entitled thereto, for any reasons whatsoever. 
 The Executive shall not be obligated to
seek other employment in mitigation of the amounts payable or arrangements made under any provision of this Agreement, and the obtaining of any such other employment shall in no event effect any reduction of the Company’s obligations to make
the payments and arrangements required to be made under this Agreement; provided, however, that continued health, welfare, and benefit plan participation pursuant to Article 7.4 or Article 9.3 herein shall be discontinued in the event the Executive
becomes eligible to receive substantially similar benefits from a successor employer. 
 12.10. Contractual Rights to Benefits. This
Agreement establishes and vests in the Executive a contractual right to the benefits to which he is entitled hereunder. However, nothing herein contained shall require or be deemed to require, or prohibit or be deemed to prohibit, the Company to
segregate, earmark, or otherwise set aside any funds or other assets, in trust or otherwise, to provide for any payments to be made or required hereunder. 
 Article 13. Governing Law 
 To the extent not preempted by federal law, the provisions of this Agreement shall be construed
and enforced in accordance with the laws of the Commonwealth of Virginia, without reference to Virginia’s choice of law statutes or decisions. 
 IN WITNESS WHEREOF, the Executive and the Company have executed this Agreement as of the Effective Date. 
 CIRCUIT CITY STORES, INC.

  

			
	By:	 	 /s/ W. Alan McCollough

		 	W. Alan McCollough
		 	Chairman, President and Chief Executive Officer

  

	
	EXECUTIVE:
	
	  

 FirstName MI LastName, SSN: 000-00-0000 
  

	
	ATTEST:
	
	  

 Schedule of Material Differences in Form of Employment Contract between the Company and Certain
Executive Officers 
  

									
	 Party
	  	 Job Title
	  	Annual Salary
Amount	  	Annual Bonus %
of Base Salary	 
	 George D. Clark, Jr.
	  	Executive Vice President & President – Retail Stores	  	$	525,000	  	80	%
	 Fiona P. Dias
	  	Executive Vice President & Chief Marketing Officer	  	$	475,000	  	80	%
	 Douglas T. Moore*
	  	Executive Vice President & Chief Merchandising Officer	  	$	500,000	  	80	%

	*	In sections 9.3(c), (d) and (f) of the agreement (Change-in-Control Severance Benefits), the agreement with Mr. Moore provides for a two year/two times provision for
the lump-sum severance amount; the lump-sum perquisites amount; and the continuation of health, welfare and benefit plan participation. The agreements with Mr. Clark and Ms. Dias provide for three years/three times in these sections.

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