Document:

exv10w2

Exhibit 10.2

2009 AMENDED AND RESTATED

PORTRAIT INNOVATIONS HOLDING COMPANY STOCK OPTION PLAN

     SECTION 1. Establishment and Purpose. Portrait Innovations Holding Company, a
corporation organized and existing under the laws of the State of Delaware, hereby establishes this
Stock Option Plan for selected officers and employees of the Company and its Affiliates and
Eligible Directors. The purpose of the Plan is to induce Participants who are in a position to
contribute materially to the prosperity thereof to continue their service with the Company or its
Affiliates, to offer them incentives and reward in recognition of their contribution to the
progress of the Company and its Affiliates, and to encourage them to continue to promote the best
interests of the Company and its Affiliates. This Plan will also aid the Company and its
Affiliates in competing with other enterprises for the services of new key personnel.

     SECTION 2. Definitions and Rules of Construction.

     (a) “Affiliate” means any corporation (or other business entity) controlling, controlled by,
or under common control with the Company.

     (b) “Award Documents” mean and include any Stock Option Notice or other document or agreement
(including in electronic form) provided to a Participant to evidence, or specify terms and
conditions regarding, a grant under this agreement. The terms of such Award Documents shall be as
determined by the Committee in its sole discretion, and need not be uniform among all grants under
the Plan.

     (c) “Board of Directors” or “Board” means the Board of Directors of the Company.

     (d) Except as otherwise provided in a Participant’s Award Documents, “Cause” means:

     (i) Conduct or activity of the Participant materially detrimental to the Company’s or
any Affiliate’s reputation or business (including financial) operations;

     (ii) Gross or habitual neglect or breach of duty or misconduct of the Participant in
discharging the duties of his position; or

     (iii) Prolonged absence by the Participant from his duties (other than on account of
illness or disability) without the consent of the Company or Affiliate employer.

     (e) Except as otherwise provided in a Participant’s Award Documents or required to comply with
Code Section 409A, a “Change of Control” shall be deemed to have occurred if (i) any Person (other
than a Person who is a shareholder of the Company as of the effective date of the Plan) becomes the
beneficial owner (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”)), directly or indirectly, of securities of the Company representing 50% or
more of the combined voting power of the Company’s then outstanding securities ordinarily (apart
from rights accruing under special circumstances) having the right to vote at elections of
directors (“Voting Securities”), (ii) individuals who constitute the Incumbent Board cease for any
reason to constitute at least a majority thereof, (iii) a liquidation

 

 

or dissolution of the Company or of the sale of all or substantially all of the assets of the
Company or (iv) the date any other event occurs or action takes place which the Board determines
should constitute a “Change of Control.”

For purposes of this Plan, the term “Person” shall mean and include any individual, corporation,
partnership, group, association or other “person,” as such term is used in Section 14(d) of the
Exchange Act, other than the Company, any Affiliate of the Company or any employee benefit plan(s)
sponsored or maintained by the Company or any Affiliate thereof.

The Board shall have full and final authority, in its discretion, to determine whether a Change of
Control has occurred, the date of the occurrence of such Change of Control and any incidental
matters relating thereto.

     (f) “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to
time.

     (g) “Committee” or “Stock Option Committee” means the Stock Option Committee provided for in
Section 3 hereof.

     (h) “Company” means Portrait Innovations Holding Company.

     (i) “Disinterested Director” means any member of the Board of Directors who is an “outside
director” for purposes of Section 162(m) of the Code and is a “non-employee director” for purposes
of Rule 16b-3 under the Exchange Act.

     (j) “Eligible Director” means a director of the Company who is not an employee of the Company
or any of its Subsidiaries.

     (k) “Executive Officers” mean and include those persons designated by the Board as “officers”
within the meaning of Rule 16a-1(f) under the Exchange Act.

     (l) “Fair Market Value” means the fair market value of a share of the Company’s Common Stock,
as determined by the Committee; provided, however, if the Company’s common stock is then admitted
to listing or trading on a national securities exchange or other trading market, then “Fair Market
Value” as of that date shall be the closing price of the common stock on such date in question on
such principal exchange or trading market, or if such date is not a business day, on the
immediately preceding business day.

     (m) “Grant Date” means the date on which the Committee approves the granting of an option
hereunder.

     (n) “Incumbent Board” means the individuals who constitute the Board on the effective date of
the Plan; provided that any person becoming a director subsequent to the date hereof whose
election, or nomination for election by the Company’s shareholders, was approved by a vote of the
directors comprising the Incumbent Board (either by a specific vote or by approval of the proxy
statement of the Company in which such person is named as a nominee for director, without objection
to such nomination) shall, for purposes of this Plan, be deemed a member of the Incumbent Board.

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     (o) “Optionee” means any Participant to whom an option is granted under this Plan.

     (p) “Participant” means an officer, employee or Eligible Director selected by the Committee
for participation in the Plan.

     (q) Except as otherwise provided in a Participant’s Award Documents or required to comply with
Code Section 409A, “Permanent and Total Disability” means a disability described in Section
22(e)(3) of the Code.

     (r) “Plan” means this 2009 Portrait Innovations Holding Company Stock Option Plan, together
with any amendments thereto.

     (s) “Stock Exchange Rules” mean the rules of the primary national securities exchange or
trading market on which the Company’s common stock is then admitted for listed or trading.

     (t) “Stock Option Notice” means a written notice from the Company to a Participant that
establishes the terms, conditions, restrictions, and limitations applicable to the grant of stock
option in addition to those established by this Plan and by the Committee.

     (u) “Subsidiary” means any corporation, partnership, joint venture or other entity during any
period in which at least a fifty percent voting or profits interest is owned, directly or
indirectly, by the Company (or by any entity that is a successor to the Company), and any other
business venture designated by the Committee in which the Company (or any entity that is a
successor to the Company) has a significant interest, as determined in the discretion of the
Committee.

     (v) It is intended that none of the options granted under the Plan be treated as an “incentive
stock option” as defined in Section 422 of the Code. In all respects the Plan shall be interpreted
and construed in a manner consistent with this intention.

     SECTION 3. Administration of the Plan. The Plan shall be administered by a Stock
Option Committee consisting of two or more directors. From time to time the Board may appoint
members of the Committee in substitution of members previously appointed; fill vacancies, however
caused, in the Committee; and appoint alternate members of the Committee to act when a regular
member is absent; provided, however, that any members of the Committee so appointed shall be
Disinterested Directors if and to the extent necessary or desirable to make exempt grants pursuant
to Rule 16b-3 under the Exchange Act or under Section 162(m) of the Code.

     The Committee shall select one of its members as chairman, and shall hold meetings at such
time and place as the chairman shall determine. A majority of the Committee shall constitute a
quorum at any meeting, and the acts of a majority of the members present at such meeting, or acts
approved in writing by a majority of the Committee, shall be deemed to be acts of the Committee.

     In addition to, and without limitation of the foregoing, the Board may from time to time
appoint a committee consisting of one or more directors for the purpose of making grants under

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the Plan to Participants other than Executive Officers, and in so doing such committee may
exercise all power and authority of the Committee with respect to such grants to the full extent
permitted by law.

     Subject to the terms and conditions of the Plan, the Committee shall have the full power and
discretion:

     (i) To select those officers or employees of the Company or Affiliate or Eligible
Directors to whom options will be granted;

     (ii) To determine the number of shares to be optioned to such Participant;

     (iii) To determine the time or times when options shall be granted or exercised;

     (iv) To prescribe the form and content of options to be granted under the Plan;

     (v) To amend, cancel or suspend options previously granted under the Plan;

     (vi) To impose such other terms and conditions to the grant or exercise of the options
as it may deem necessary or desirable;

     (vii) To determine, adopt, amend and rescind rules, regulations and Award Documents for
implementing the Plan; and

     (viii) To interpret, construe and make determinations under the Plan, the rules and
regulations thereunder and Award Documents, which interpretations, constructions and
determinations shall be final and conclusive upon Participants.

     SECTION 4. Shares Subject to the Plan.

     (a) The aggregate number of shares that may be delivered upon exercise of options granted
under this Plan is two hundred forty thousand (240,000) shares of the Company’s common stock. The
class of stock and number of shares shall be subject to adjustment as provided in subsection (c) of
this Section. The shares sold pursuant to the exercise of any option granted under the Plan may be
either treasury shares, or authorized and unissued shares, or both. The maximum number of shares
of the Company’s common stock for which options may be granted to any one individual during any one
calendar year period may not exceed seventy five thousand (75,000).

     (b) Only shares of common stock, if any, actually delivered to the Participant or beneficiary
on an unrestricted basis with respect to an option shall be treated as delivered for purposes of
the determination under paragraph (a) above. Consistent with the foregoing:

     (i) To the extent any shares of common stock covered by an option are not delivered to
a Participant or beneficiary because the option is forfeited or canceled, or the shares of
common stock are not delivered on an unrestricted basis (including, without limitation, by
reason of the option being settled in cash or used to satisfy the applicable

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tax withholding obligation), such shares shall not be deemed to have been delivered for
purposes of the determination under paragraph (a) above.

     (ii) If the exercise price of any option granted under the Plan or any prior plan, or
the tax withholding obligation with respect to any award granted under the Plan or any prior
plan, is satisfied by tendering shares of common stock to the Company (by either actual
delivery or by attestation), only the number of shares of common
stock issued net of the shares of common stock tendered shall be deemed delivered for purposes of determining the
number of shares of common stock available for delivery under the Plan.

     (c) In the event of a corporate transaction involving the Company (including, without
limitation, any stock dividend, stock split, extraordinary cash dividend, recapitalization,
reorganization, merger, consolidation, split-up, spin-off, sale of assets or subsidiaries,
combination or exchange of shares), the Committee shall adjust awards and the various limitations
specified in Section 4(a) above to prevent undue dilution or enlargement of awards. In such an
event, actions by the Committee pursuant to this Section 4(c) may include: (i) adjustment of the
number and kind of shares which may be delivered under the Plan; (ii) adjustment of the number and
kind of shares subject to outstanding awards; (iii) adjustment of the exercise price of outstanding
options; and (iv) any other adjustments that the Committee determines to be equitable (which may
include, without limitation, (1) replacement of awards with other awards which the Committee
determines have comparable value and which are based on stock of a company resulting from the
transaction, and (2) cancellation of the award in return for cash payment of the current value of
the award, determined as though the award is fully vested at the time of payment).

     SECTION 5. Eligibility. Officers and employees of the Company and its Affiliates and
Eligible Directors shall be eligible for selection as Participants in the Plan. In determining the
Participants to be granted options, the Committee may take into consideration the value of the
services rendered by the respective individuals, their present and potential contributions to the
success of the Company and its Affiliates, and such other factors as the Committee may deem
relevant in accomplishing the purposes of the Plan.

     SECTION 6. Terms of Option. Except as otherwise expressly provided in an applicable
Award Document, each option granted under the Plan shall be subject to the following terms and
conditions:

     (a) Option Price. The price at which each share of common stock covered by such option may be
purchased shall be established by the Committee, but shall not be less than the Fair Market Value
as of the date of grant.

     (b) Limitation on Transfer. The option by its terms shall not be transferable by the Optionee
otherwise than by his will or by the laws of descent and distribution and may be exercised, during
his lifetime, only by the Optionee. No option may be pledged or hypothecated, nor shall any option
be subject to execution, garnishment, attachment, or similar process.

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     (c) Limitation on Exercise of Option.

     (i) General Rule. Any option granted hereunder shall, except as otherwise provided in
this Section 6(c), be exercisable at such times and under such conditions as determined by
the Committee in its full discretion.

     (ii) Exception for Retirement, Disability or Death. If (1) an Optionee (other than an
Eligible Director) (i) retires from his employment with the Company or Affiliate under the
terms of any pension or retirement plan now existing or hereafter adopted by the Company or
any Affiliate or (ii) terminates employment with the Company or Affiliate due to Permanent
and Total Disability or death or (2) an Optionee who is an Eligible Director terminates
service as a director, declines renomination or becomes ineligible for renomination under
the terms of any policy or guidelines now existing or hereafter adopted regarding retirement
of Company directors (or, in the absence of any such policy or guidelines, if such director
terminates such service as a director after both serving as a director for at least three
years and reaching age 65 for any reason other than Cause or Change of Control), as
determined in the discretion of the Committee, then, notwithstanding any limitations on the
right of exercise imposed by the Committee, any options held by such Optionee described in
clause (1) or (2) above shall become exercisable in full by such Optionee or his estate or
beneficiary during the period commencing on the date of such termination of employment or
service, as applicable, and ending twelve (12) months thereafter; provided, however, that
the Committee shall have the discretion to extend the period during which such options may
be exercised.

     (iii) Exception for Change of Control. The occurrence of a Change of Control shall have
the effect, if any, on options as set forth in the Award Documents or, to the extent not
prohibited by the Plan or the Award Documents, as provided by the Committee. For avoidance
of doubt, and without limiting the foregoing authority of the Committee, the Committee shall
have the authority, in its sole discretion, in connection with a Change of Control, to
adjust options (including, without limitation, the replacement or cancellation of option
awards) in the manner provided in Section 4(c).

     (d) Termination of Employment or Service.

     (i) Except as provided in Section 6(c)(ii) and Section 6(c)(iii) hereof, if any
Optionee shall terminate his employment, or, in the case of an Eligible Director, his
service (either voluntarily or involuntarily) with the Company or its Affiliates prior to
the time at which under the terms of the grant an option becomes exercisable with respect to
100% of the shares covered by the option, then the portion of the option that is not
currently exercisable shall forthwith terminate and be forfeited unless the Committee
determines otherwise. If at any time the Optionee’s employment, or in the case of an
Eligible Director, his service is terminated for Cause, then any option held by him, to the
extent not theretofore exercised, shall forthwith terminate and be forfeited.

     (ii) Except as provided in Section 6(c)(ii) hereof, any outstanding options held by the
Optionee and not forfeited as provided above shall be exercisable during the period ending
on the earlier of (A) the end of the three (3) month period following

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termination of employment or service, as applicable, or (B) the expiration of the
period during which the Optionee would have been entitled to exercise the option if he had
not terminated employment or service, as applicable; provided, however, that the Committee
shall have the discretion to extend the period during which such options may be exercised.

     (e) Vesting of Options. Subject to the terms of the immediately preceding paragraphs,
the stock options granted pursuant to this Plan shall be vested and exercisable over a ten (10)
year period as follows:

     (i) 20% of the shares covered by the Stock Option Notice shall be vested and
exercisable at any time after the first (1st) anniversary of the date of grant;

     (ii) 40% of the shares covered by the Stock Option Notice shall be vested and
exercisable at any time after the second (2nd) anniversary of the date of grant;

     (iii) 60% of the shares covered by the Stock Option Notice shall be vested and
exercisable at any time after the third (3rd) anniversary of the date of grant;

     (iv) 80% of the shares covered by the Stock Option Notice shall be vested and
exercisable at any time after the fourth (4th) anniversary of the date of grant;

     (v) 100% of the shares covered by the Stock Option Notice shall be vested and
exercisable at any time after the fifth (5th) anniversary of the date of grant.

     SECTION 7. No Right to Employment; Limitation of Implied Rights. Nothing contained in
the Plan, or in any option granted pursuant to the Plan, shall confer upon any Participant or
Optionee any right with respect to the continuance of his employment or service with the Company or
any of its Affiliates, nor shall it interfere in any way with the right of the Company or any of
its Affiliates to terminate the Optionee’s employment or service or change his compensation at any
time. Neither a Participant nor any other person shall, by reason of participation in this Plan,
acquire any right in or title to any assets, funds or property of the Company or any Affiliate
whatsoever, including, without limitation, any specific funds, assets, or other property which the
Company or any Affiliate, in its sole discretion, may set aside in anticipation of a liability
hereunder. A Participant shall have only a contractual right to the common stock or amounts, if
any, payable under this Plan, unsecured by any assets of the Company or any Affiliate, and nothing
contained herein shall constitute a guarantee that the assets of the Company or any Affiliate shall
be sufficient to pay any benefits to any person.

     SECTION 8. Manner of Exercise; Proceeds. Except as otherwise provided in a
Participant’s Award Documents, options shall be exercised by the Optionee (other than an Eligible
Director) or his estate or beneficiary by executing an [Employee Stockholder Agreement] in a form
to be provided by the Company, or if the Company’s common stock to be issued upon such exercise is
registered with the Securities and Exchange Commission under the Securities Act of 1933, by any
Optionee or his estate or beneficiary by giving written notice to the Company of the intention to
exercise the option, accompanied in either case by full payment of the purchase price of the shares
with respect to which the option is exercised. Such full payment shall be tendered by the Optionee
either (a) in cash or (b) to the extent authorized by the

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Committee, in shares of the Company’s common stock (provided that the Optionee purchased such
shares in the open market, or the Optionee has held such shares for more than six months), with a
certificate representing such shares duly endorsed for transfer or with any other documents that
may be reasonably required by the Company to effectuate the transfer of the shares. Ownership of
the shares acquired upon exercise of the option shall vest when the Company’s secretary or transfer
agent (as the case may be) records the transfer of such shares to the Optionee on the permanent
books of the Company. The proceeds derived by the Company upon the exercise of any options will be
used for general corporate purposes.

     SECTION 9. Securities Matters. The Committee, if it deems it appropriate, may
condition the grant of any option, or the delivery of shares upon the exercise of any option, upon
receipt of an appropriate investment representation from the Optionee. The Company, in its
discretion, may postpone the issuance and delivery of shares upon any exercise of an option until
completion of registration or other qualification of the shares under any state or federal law,
rule, or regulation as the Company may consider appropriate. The Company may further require any
person exercising an option to make such representations and furnish such information as it may
consider appropriate in connection with the issuance of the shares in compliance with applicable
law.

     SECTION 10. Amendment and Termination. The Board of Directors may at any time amend,
alter, suspend, discontinue or terminate the Plan or any portion thereof; provided, however, that
(a) no such action shall adversely affect or impair the rights of an Optionee in any outstanding
options held by him without his consent, (b) unless the shareholders of the Company shall have
first given their approval, no amendment shall increase the total number of shares available for
options under the Plan, except by operation of the adjustment provisions of Section 4(c), and (c)
no such amendment or alteration shall be made to any provision of this Plan without approval of the
shareholders of the Company if and to the extent such proposed amendment or alteration would
require shareholder approval under the terms of any then applicable laws, regulations or Stock
Exchange Rules. Subject to the restrictions of the Plan, applicable laws, regulations and Stock
Exchange Rules, the Committee shall have the right to modify, amend or cancel, or waive any
conditions or rights under, any option or Award Document, prospectively or retroactively, if the
modification, amendment, cancellation or waiver does not materially and adversely affect the rights
of the Optionee under the option (provided, however, that neither a modification, amendment or
cancellation or waiver that results solely in a change in tax consequences with respect to an
option award, nor the exercise of the Committee’s authority and discretion under Sections 4(c) and
Section 6(c)(iii), shall be deemed to materially and adversely affect the rights of an Optionee
under an option).

     SECTION 11. Tax Withholding. Upon the exercise of any option hereunder, the Company
shall have the right to require the Optionee to remit to the Company an amount sufficient to
satisfy all federal, state, and local withholding tax requirements prior to the transfer of any
shares of stock to the Optionee on the permanent books of the Company or the delivery of any shares
of stock to the Optionee.

     SECTION 12. Beneficiary Designation. Each Participant in the Plan may, from time to
time, name a beneficiary to whom any rights under Section 6(c)(ii) of the Plan shall be transferred
in the event of his death. Each designation shall revoke all prior designations by the

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same Participant, shall be in a form prescribed by the Committee, and shall be effective only
when filed by the Participant in writing with the Committee during his lifetime. In the absence of
any such designation, in the event of the Participant’s death any rights pursuant to Section
6(c)(ii) hereunder shall be exercisable by his estate, subject to the terms of the Plan.

     SECTION 13. Prohibition on Repricing if Required by Stock Exchange Rules. If and to
the extent required by Stock Exchange Rules, the following limitation shall apply: except in
connection with a corporate transaction involving the Company (including, without limitation, any
stock dividend, stock split, extraordinary cash dividend, recapitalization, reorganization, merger,
consolidation, split-up, spin-off, sale of assets or subsidiaries, combination or exchange of
shares), unless approved by the Company’s shareholders, the terms of outstanding options may not be
amended to reduce the exercise price of outstanding options, cancel outstanding options in exchange
for options or other awards with an exercise price that is less than the exercise price of the
original options or buyout or cancel in exchange for cash any outstanding options for which the
exercise price exceeds the then Fair Market Value of the Company’s common stock

     SECTION 14. Section 409A of the Code. All options awarded under the Plan are intended
to be exempt from Section 409A of the Code or, if not exempt, to comply with Section 409A of the
Code, and the Plan shall be administered in a manner consistent with such intent.

     SECTION 15. Governing Law. The Plan, and all options hereunder, shall be construed in
accordance with and governed by the laws of the State of North Carolina.

     SECTION 16. Effective Date of the Plan. The Plan is effective as of November 24,
2009, and has been amended and restated as provided herein effective as of April 21, 2010.

9exv10w4

Exhibit 10.4

Employment Agreement

     This Employment Agreement (this “Agreement”) is entered into as of December
7, 2009 (the “Effective Date”) between Portrait Innovations, Inc., a Delaware corporation
(“Company”), and Robert Venetucci, a resident of New Jersey (“Employee”).

ARTICLE I

POSITION

     Subject to the terms hereof, Company will employ Employee, and Employee will serve Company in
the capacity of Executive Vice President and Chief Technology Officer. Employee will report
directly to the Chief Executive Officer of the Company.

ARTICLE II

DUTIES

     Employee will perform various duties consistent with his title as determined by the Chief
Executive Officer of Company, including, without limitation, managing all Company information and
technology business functions, hardware, software applications, systems and employees. Employee
acknowledges and agrees that he is employed solely by the Company and that he may be asked in the
course of his duties for the Company to perform services for the benefit of other Company Group
Members (as defined below).

ARTICLE III

SERVICE

     Except during Vacation Days, Company holidays, any periods of illness and authorized leaves of
absence (each, an “Authorized Absence”), Employee will devote substantially all of his
working time and efforts to the business and affairs of the Company. Employee shall work at the
corporate headquarters of the Company no less than three business days of each week during
Employee’s employment with the Company (the “In-Office Days”), with Employee working from
his primary residence each of the remaining business days of such week (“At-Home Days”).
Employee shall, in good faith and taking into account his duties hereunder, choose which days of
each week during his employment will be In-Office Days.

ARTICLE IV

TERMS OF EMPLOYMENT

     4.1. At-Will Employment. Company and Employee hereby agree that Employee’s employment
with the Company shall be at-will and that Employee’s employment with Company may be terminated at
any time, for any reason or for no reason, subject to the terms hereof. Nothing in this Agreement
shall be construed as a commitment, guarantee, agreement or understanding of any kind or nature
that Company will continue to employ Employee, nor will this Agreement affect in any way the right
of Company to terminate Employee’s employment at any time and for any reason (unless otherwise agreed to by the parties separately in writing).
Employee acknowledges and agrees that he is an “at-will” employee.

 

 

     4.2. Term of Agreement. This Agreement shall be effective as of the Effective Date
and continue until the third anniversary of the Effective Date (the “Initial Term”) and
shall automatically renew for successive one-year terms (each, a “Renewal Term”), unless,
in each case, otherwise terminated as provided in Article VI of this Agreement. During any Renewal
Term, the terms, conditions and provisions set forth in this Agreement shall remain in effect
unless modified in accordance with Section 9.8.

ARTICLE V

COMPENSATION AND BENEFITS

     5.1. Base Salary. Company agrees to pay Employee an annual salary of $162,750
(“Base Salary”). Employee’s Base Salary will be payable as earned in accordance with
Company’s customary payroll practice and shall be subject to customary withholding. Employee’s
Base Salary shall be reviewed for increase on an annual basis at the beginning of each fiscal year,
with the first such Base Salary increase review date being February 1, 2010 and therafter beginning
with the fiscal year starting date in each subsequent year in accordance with Company’s standard
employee review and compensation practices. Any Base Salary adjustment shall be consistent with
the percentage (%) increase adjustments for all Company Corporate Officers and/or Executives as a
group and in all cases, Base Salary increases shall be determined pursuant to such practices at the
sole and absolute discretion of the Company.

     5.2. Additional Benefits. Employee will be eligible to participate in benefit plans
of general application to the employees of Company as they may be established and modified from
time to time, including the Company’s Health Reimbursement Arrangement, Group Life Insurance Plan
and 401(k) Plan (“Benefits”). In addition to the paid holidays of Company, Employee is
eligible for fifteen (15) days of paid vacation (each, a “Vacation Day”) during each fiscal
year of employment. Employee will be eligible for an additional Vacation Day for each full fiscal
year for which Employee remains employed by the Company provided however, that in
no event shall Employee be eligible for more than twenty (20) Vacation Days in any fiscal year.
Employee shall not carry over unused Vacation Days from one fiscal year to any subsequent fiscal
year, with any Vacation Day not used in the fiscal year in which it is earned being forfeited by
Employee.

     5.3. Expenses. Except with respect to expenses described in Section 5.4, Company will
reimburse Employee for all reasonable and necessary expenses incurred by Employee in connection
with the business of Company (“Expenses”), provided that such expense reimbursements are in
accordance with the policies of the Company and are properly documented.

     5.4. Weekly Travel Expenses. The Company shall, in connection with Employee’s
In-Office Days, pay for (i) one round trip coach airline ticket from New Jersey to Charlotte, North
Carolina. Employee shall, in good faith and taking into account his duties hereunder, choose an
early AM arrival flight to Charlotte from New Jersey and a late PM departure flight from Charlotte
back to New Jersey.(ii) two nights hotel accommodations (including breakfast) at the
Ayrsley Hilton Garden Inn, or other comparable hotel determined by Company and agreeable to
Employee; (iii) the Ayrsley Hilton Garden Inn airport shuttle service, or other comparable airport
transportation determined by Company; and (iv) a three (3) day car rental or Company car to be

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arranged by Company (collectively, the “Weekly Travel Expenses”). Employee shall use his
best efforts to notify the Company of the In-Office Days relating to each week no less than two
weeks in advance of such week.

     5.5. Bonus. Employee shall be eligible to participate in Company’s Annual Corporate
Bonus Plan, and shall have the ability to earn an annual bonus of up to thirty percent (30%) of his
Base Salary (each, an “Annual Bonus”). Each Annual Bonus shall be based on (i) Company’s
achievement of annual, fiscal year performance goals and (ii) Employee’s achievement of annual,
fiscal year individual performance goals, in each case, to be established in advance by the Chief
Executive Officer in consultation with Employee in connection with Company’s annual budgetary
process. Employee will be entitled to an Annual Bonus, prorated for fiscal 2009, (less applicable
withholding taxes) in April of the year following the year to which such Annual Bonus relates.

     5.6. Stock Options. No later than thirty (30) days after Employees employment start
date, Employee shall be issued options to purchase 40,000 shares of the common stock of Portrait
Innovations Holding Company, (prior to any potential FY 2009 stock split) a Delaware corporation
(“Holdings”), at an exercise price of $8.92 per share (the “Stock Options”), in
consideration for his services hereunder. The Stock Options will be issued pursuant to the stock
option plan of Holdings in effect at that time (the “Plan”), and shall at all times be
subject to the Plan, as it may be amended from time to time, and this Agreement. The Stock Options
will be subject to annual vesting at the rate of 20% per year.

ARTICLE VI

TERMINATION

     6.1. Events of Termination. Employee’s employment with Company shall terminate upon
any of the following:

     (i) the effective date of a written notice by Company to Employee stating Company’s
determination to terminate Employee for Cause (as defined in Section 6.2) (“Termination for
Cause”);

     (ii) the effective date of a written notice by Company to Employee stating Company’s
determination, made in good faith and based upon the advice of competent medical personnel
reasonably acceptable to Employee, that the Company is terminating Employee due to his Permanent
Disability (as defined in Section 6.3) (“Termination for Disability”);

     (iii) Employee’s death (“Termination upon Death”);

     (iv) the effective date of a notice to Employee stating that Company is terminating his
employment without Cause, which notice can be given by Company at any time after the Effective Date
at Company’s sole discretion, for any reason or for no reason (“Termination without
Cause”); or

     (v) the effective date of a notice delivered by Employee to Company stating that Employee is
electing to terminate his employment with Company; provided that, such effective

3

 

date shall be no earlier than one (1) month from the date Employee delivers such notice to Company
unless otherwise determined by Company (“Resignation”).

     6.2. “Cause” Defined. For purposes of this Agreement, “Cause” shall mean:

     (i) Employee’s conviction of, or plea of nolo contendere to, any crime constituting a
felony, or a misdemeanor which involves Employee’s fraud, theft, embezzlement, dishonest acts or
similar matters;

     (ii) any refusal by Employee to perform his duties under this Agreement or to obey the lawful
directives of the individuals to whom Employee reports or the Company;

     (iii) Employee’s negligence, willful misconduct (including fraud, embezzlement or
misappropriation), or willful malfeasance in connection with Employee’s services hereunder;

     (iv) Employee’s violation of any written policy of any Company Group Member relating to equal
employment opportunity, discrimination, harassment or retaliation;

     (v) Employee’s working under the influence of illegal drugs or alcohol, except, in the case of
alcohol, for industry-related social events and client development, or

     (vi) Employee’s breach of any covenant, representation or warranty contained in this
Agreement.

     6.3. “Permanent Disability” Defined. For purposes of this Agreement, “Permanent
Disability” shall mean Employee has been (or will be) unable to substantially render the
services to be provided by Employee to Company for a period of more than ninety (90) days in any
consecutive one-hundred eighty (180) day period with such accommodations as required by law
Employee shall cooperate with Company if a question arises in determining whether a Permanent
Disability exists (including, without limitation, submitting to an examination by a medical doctor
or other health care specialists selected by the Board and reasonably acceptable to Employee and
authorizing such medical doctor or such other health care specialist to discuss Employee’s
condition with the Board).

ARTICLE VII

EFFECT OF TERMINATION

     7.1. Termination for Cause; Disability; Death; Resignation. In the event of any
termination of Employee’s employment pursuant to Section 6.1(i) (Termination for Cause), Section
6.1(ii) (Termination for Disability), Section 6.1(iii) (Termination upon Death) or Section 6.1(v)
(Resignation):

     (i) Company shall pay to Employee the Base Salary, Expenses and Weekly Travel Expenses
otherwise payable to Employee under Sections 5.1, 5.3 and 5.4 through the effective date of
termination;

     (ii) Employee’s rights under Company’s benefit plans of general application shall be
determined under the provisions of those plans; and

4

 

     (iii) Employee shall forfeit the right to receive any Annual Bonus, regardless of the period
to which such Annual Bonus relates; provided, however, that in the event of a
termination pursuant to Section 6.1(ii) (Termination for Disability) or Section 6.1(iii)
(Termination upon Death), Employee shall remain entitled to any Annual Bonus earned for the
calendar year prior to the year of termination but which remains unpaid as of the date of
termination.

     7.2. Termination without Cause. In the event of termination of employment pursuant to
Section 6.1(iv) (Termination without Cause):

     (i) Company shall pay to Employee the Base Salary, Expenses and Weekly Travel Expenses
otherwise payable to Employee under Sections 5.1, 5.3 and 5.4 through the effective date of
termination;

     (ii) Company shall pay to Employee severance pay, subject to all authorized or legally
required withholdings, in an amount equal to 50% of one (1) year’s annual Base Salary. Such
payments shall begin at the regularly scheduled payroll date next following the effective date of
any release agreement executed as provided for herein, and shall be made, in accordance with
Company’s normal payroll policies and practices, at the regularly scheduled payroll dates until the
total amount of such severance pay has been paid in full;

     (iii) Employee’s rights under Company’s benefit plans of general application shall be
determined under the provisions of those plans; and

     (iv) Company shall pay to Employee an Annual Bonus for the year of termination through the
date of termination on a prorated basis based upon performance for the year of termination relative
to the previously approved goals determined in accordance with Section 5.5. The extent to which
the agreed upon goals have been achieved and the method of proration shall be determined by Company
in good faith. Notwithstanding the foregoing, Employee shall not be entitled to a prorated Annual
Bonus for any calendar year if the effective date of his termination is on or prior to July 31 of
such year. Employee shall remain entitled to any Annual Bonus earned for the calendar year prior
to the year of termination but which remains unpaid as of the date of termination.

     Notwithstanding anything in this Section 7.2 to the contrary, Employee may be required to sign
a general release of the Company Group, at the discretion of Company and with the form of such
release to be reasonably acceptable to Company, and failure of Employee to execute and deliver such
release to Company within ten (10) business days of the effective date of such Termination without
Cause shall result in the forfeiture of (A) Employee’s right to receive any severance pay pursuant
to Section 7.2(ii), (B) Employee’s right to receive any Annual Bonus pursuant to 7.2(iv) and (C)
any Stock Options of Employee, whether vested or unvested.

ARTICLE VIII

CONFIDENTIALITY

     8.1. Restrictive Covenants.

     8.1.1. Employee acknowledges that the Company Group at considerable expense has purchased and
developed valuable goodwill, going concern value, customer and client

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relationships and
confidential information that are valuable property rights of the Company Group and that Employee’s
position with Company is such that Employee will have access to and knowledge concerning such
rights, which if used other than for the benefit of the Company Group, would significantly injure
Company and the Company Group. Accordingly, and in consideration of the mutual promises contained
herein and in order to protect the goodwill and going concern value of Company, Employee covenants
for the benefit of Company, Holdings and their affiliates (collectively, the “Company
Group” and each a “Company Group Member”), that, during the period commencing on the
Effective Date and terminating on the second anniversary of the effective date of his termination
pursuant to Section 6.1 (the “Restrictive Period”), he shall not, directly, indirectly or
beneficially, in his individual capacity or as a partner, member, employee, agent, officer,
director, investor, consultant, independent contractor, joint venture or stockholder (except (i) as
a holder of not more than one percent (1%) of any class of the outstanding stock of any company
listed on a national securities exchange, or actively traded in a national over-the-counter market
so long as Employee does not actively participate in the management or business of such entities or
(ii) as a direct or indirect holder of an equity interest in Company or Holdings) of any other
individual, partnership, corporation, limited liability company, trust or any other entity
(collectively “Person”), or in any other capacity, other than at the direction of, and on
behalf of, Company, Compete (as defined below) with any Company Group Member or any of their
respective successors or assigns. For purposes of this Agreement, “Compete” shall mean:
(i) own, manage, operate, join, control, or participate in the ownership, management, operation or
control of, or permit the use of his name by, or work for, or provide consulting, financial or
other assistance to, or be connected in any manner with, a business or business activities
identical or substantially similar to the Business or any other business engaged in by any Company
Group Member during the one (1) year period preceding the effective date of Employee’s termination
of employment (a “Competitive Business”) within the United States of America (the
“Territory”); or (ii) to assist any Person (whether in a financial, managerial, employment,
advisory or other capacity or as a stockholder or owner, or by the provision of information) to
engage in a Competitive Business within the Territory. Notwithstanding any provisions to the
contrary contained in this Agreement, the Restrictive Period shall be extended for the period of
time Employee violated, breached or threatened breach of any of the respective covenants and
agreements contained in Article VIII of this Agreement. Employee and Company agree that the
definition of Compete and Competitive Business, the geographic scope of the Territory and the
duration of the Restrictive Period are reasonable. For purposes of this Agreement, the “Business”
shall mean the business of the business of designing, developing, operating and marketing digital
imaging photographic technologies and applications, focusing on: (i) the operation of digital
imaging portrait studios in freestanding locations and within retail chain store locations; and
(ii) the development, design and useful application of digital imaging components, processes,
software and source code (relating primarily to photographic, printing and sales systems) for use
in digital imaging portrait studios and the provision of professional portraiture services.

     8.1.2. Employee covenants that, during the Restrictive Period, Employee will not knowingly,
directly or indirectly:

     (i) employ or retain as an independent contractor, employee or consultant any Person who was
employed or retained by any Company Group Member or any of their respective

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successors or assigns
during the three (3) year period ending on the effective date of Employee’s termination, or

     (ii) solicit or encourage any such Person to terminate such Person’s employment or retention
by any Company Group Member or any of their respective successors or assigns, including, without
limitation, in connection with becoming employed or retained by Employee or any other Person to
perform the same or similar services related to the activities that such Person performed for the
Company Group.

     8.1.3. Employee covenants that, during the Restrictive Period, Employee will not, directly or
indirectly:

     (i) solicit, contact or deal with any Person that was a customer or client of Company or any
Company Group Member or their respective successors or assigns during the three (3) year period
ending on the effective date of Employee’s termination for the direct or indirect purpose of
providing services or products to such customer or client, which services or products are
competitive with or similar to one or more services or products provided by Company or any Company
Group Member; or

     (ii) solicit, contact or deal with or attempt to solicit, contact or deal with any prospective
customer or client of Company or any Company Group Member or any of their respective successors or
assigns for the direct or indirect purpose of providing services or products to such prospective
customer or client, which services or products are competitive with one or more services or
products provided by any Company Group Member. For this purpose, a prospective customer or client
is any Person that any Company Group Member has taken concrete steps to solicit during the three
(3) year period ending on the effective date of Employee’s termination and who is known, or
reasonably should have been known, by Employee to have been contacted for such purpose.

     8.1.4. Employee covenants that he will not, directly or indirectly, make or publish, verbally
or in writing, any statements concerning the Company Group and/or its employees or representatives
which statements are or reasonably may be construed as being injurious or inimical to the best
interests of the Company Group, including, but not limited to, statements alleging that the Company
Group and/or its employees or representatives have acted improperly, illegally or unethically or
have engaged in business practices which are improper, illegal or unethical, except pursuant to a
subpoena or order issued by a court of competent jurisdiction (provided that Employee shall (a)
immediately give Company notice of the circumstances surrounding such compelled disclosure in order
to provide Company an opportunity to seek an appropriate protective order with respect thereto, and
(b) in no event make disclosure before the expiration of the compliance date set forth in the
subpoena or other request for production)

     8.1.5. Employee acknowledges that his employment with Company creates a relationship of
confidence and trust with respect to any information of a confidential or secret nature that
relates to the business of the Company Group or any other party with whom such entities agree to
hold information of such party in confidence (“Confidential Information”). Such
Confidential Information includes, but is not limited to, confidential techniques, know-how,
financial information, copyrights, patents, trademarks, trade names, slogans, logos, designs,

7

 

service marks, computer software programs, databases, magnetic media, systems, source code and
programs, trade secrets, business lists, customer lists, client lists, supplier lists, employee
personnel files, engineering data, logs, consultants’ reports, budgets, ratings, forecasts, format
strategy, financial reports and projections, tapes and electronic data processing files, accounting
journals and ledgers, accounts receivable records and sales, operating, marketing and business
plans. Employee stipulates and agrees that such Confidential Information is the sole and exclusive
property of Company (or the respective Company Group Member, or such customers, clients, or
vendors, as the case may be), that such Confidential Information is confidential and proprietary,
and that the unauthorized use or disclosure of such Confidential Information would seriously and
irreparably damage the business of any Company Group Member. At all times during the Restrictive
Period and thereafter, Employee will keep and hold all such Confidential Information in strict
confidence and trust, and will not in any fashion, form or manner, either directly or indirectly,
use, disclose, divulge or communicate to any Person any of such Confidential Information, except
pursuant to a subpoena or order issued by a court of competent jurisdiction (provided that Employee
shall (a) immediately give Company notice of the circumstances surrounding such compelled
disclosure in order to provide Company an opportunity to seek an appropriate protective order with
respect thereto, and (b) in no event make disclosure before the expiration of the compliance date
set forth in the subpoena or other request for production). Confidential Information shall not
include any information or material (A) to the extent that such information or material is filed
with any governmental agency on a non-confidential basis or (B) is or becomes generally available
to the public other than as a result of a wrongful disclosure by (x) a person otherwise bound to
the provisions hereof, or (y) any person bound by a duty of confidentiality or similar duty owed to
the Company Group. Upon the termination of Employee’s employment with Company, he will promptly
deliver to Company all documents and materials of any nature pertaining to the Company Group or its
respective businesses and will not take with his any documents or materials or copies thereof
containing any Confidential Information.

     8.2. Enforcement; Remedies. Employee covenants, agrees and recognizes that because
the breach or threatened breach of the covenants, or any of them, contained in Article VIII hereof
will result in immediate and irreparable injury to the Company Group, Company (and any Company
Group Member) shall be entitled to an injunction restraining Employee from any violation of and
covenants and agreements contained in Article VIII hereof to the fullest extent allowed by law.
Employee further acknowledges, covenants and agrees that his compliance with the provisions of
Article VIII of this Agreement are conditions precedent to his right to receive any severance pay
from Company and that, if he breaches any such provisions, he shall not, notwithstanding any
provision in the Agreement to the contrary, be entitled to receive any severance pay from Company
under this Agreement that has not already been paid to him and that he shall have to return
immediately any and all severance pay previously paid to him by Company pursuant to this Agreement.
Employee further covenants and agrees that (i) in the event of a breach or violation of any of the
respective covenants and agreements contained in Article VIII hereof, Company (or any Company Group
Member) shall be entitled to receive all such amounts to which they would be entitled as damages
under law or at equity, and (ii) in the event of a threatened breach of any of the respective
covenants and agreements contained in Article VIII hereof, Company (and each Company Group Member)
shall be excused from
making any further payments or distributions to Employee pursuant to any provision of this
Agreement (and any other agreement involving any Company Group Member) or with respect to

8

 

the common stock issued to Employee upon exercise the Stock Options until Employee shall cease
threatening breach of his respective covenants and agreements contained in Article VIII hereof and
Company shall have received reasonable assurances from Employee that he will not breach same, at
which time the previously suspended payments or distributions shall, except to the extent provided
herein, be made to Employee, which amounts shall be reduced by the damages suffered by the Company
Group. Nothing herein shall be construed as prohibiting a Company Group Member from pursuing any
other legal or equitable remedies that may be available to it for any such breach, including the
recovery of damages from Employee. If any Company Group Member files suit to enforce, enjoin the
enforcement, interpret or determine the scope of the covenants contained herein, the prevailing
party in such suit shall be entitled to recover, in addition to all other damages or remedies
provided for herein, its costs incurred in prosecuting or defending said suit, including reasonable
attorneys’ fees.

     8.3. Construction. Employee hereby expressly acknowledges and agrees as follows:

     (i) the covenants set forth in Article VIII are reasonable in all respects and are necessary
to protect the legitimate business and competitive interests of the Company Group in connection
with its business which Employee agrees, pursuant to this Agreement, to assist in maintaining and
developing; and

     (ii) each of the covenants set forth in Article VIII is separately and independently given,
and each such covenant is intended to be enforceable separately and independently of the other such
covenants, including without limitation, enforcement by injunction, and that the invalidity or
unenforceability of any provision of this Agreement in any respect shall not affect the validity or
enforceability of this Agreement in any other respect.

     In the event that any provision of this Agreement shall be held invalid or unenforceable by a
court of competent jurisdiction by reason of the geographic or business scope or the duration
thereof of any such covenant, or for any other reason, such invalidity or unenforceability shall
attach only to the particular aspect of such provision found invalid or unenforceable as applied
and shall not affect or render invalid or unenforceable any other provision. This Agreement shall
be construed as if the geographic or business scope or the duration of such provision or other
basis on which such provisions has been challenged had been more narrowly drafted so as not to be
invalid or unenforceable.

ARTICLE IX

MISCELLANEOUS

     9.1. Arbitration. Employee and Company shall submit to mandatory binding arbitration
in any controversy or claim arising out of, or relating to, this Agreement or any breach hereof.
Such arbitration shall be conducted in Charlotte, North Carolina in accordance with the employment
rules of the American Arbitration Association in effect at the time such arbitration is conducted,
and judgment upon the determination or award rendered by the arbitrator may be entered in any court
having jurisdiction thereof. The arbitrator is hereby authorized to award to
the prevailing party the costs (including reasonable attorneys’ fees and expenses) of any such
arbitration.

9

 

     9.2. Absence of Conflicting Agreements and Obligations. Employee represents and
warrants that he is not a party to or bound by any other agreement or understanding of any type,
whether written or oral, or by any statutory or common law duty or obligation which, in any case,
would in any way restrict his ability to be employed by Company, or his ability to compete freely
with any other Person.

     9.3. Severability. If any provision of this Agreement shall be found by any
arbitrator or court of competent jurisdiction to be invalid or unenforceable, then the parties
hereby waive such provision to the extent that it is found to be invalid or unenforceable and to
the extent that to do so would not deprive one of the parties of the substantial benefit of its
bargain. Such provision shall, to the extent allowable by law and the preceding sentence, be
modified by such arbitrator or court so that it becomes enforceable and, as modified, shall be
enforced as any other provision hereof, all the other provisions continuing in full force and
effect.

     9.4. No Waiver. The failure by either party at any time to require performance or
compliance by the other of any of its obligations or agreements shall in no way affect the right to
require such performance or compliance at any time thereafter. The waiver by either party of a
breach of any provision hereof shall not be taken or held to be a waiver of any preceding or
succeeding breach of such provision or as a waiver of the provision itself. No waiver of any kind
shall be effective or binding, unless it is in writing and is signed by the party against whom such
waiver is sought to be enforced.

     9.5. Assignment. This Agreement and all rights hereunder are personal to Employee and
may not be transferred or assigned by Employee at any time. Company may assign its rights,
together with its obligations hereunder, to any parent, subsidiary, affiliate or successor, or in
connection with any sale, transfer or other disposition of all or substantially all of its business
and assets.

     9.6. Indemnification and Reimbursement of Payments on Behalf of Employee. Company
shall be entitled to deduct or withhold from any amounts owing, payable or distributable to
Employee from Company any federal, state, local or foreign withholding taxes, excise taxes, or
employment taxes (“Taxes”) imposed with respect to Employee’s compensation, payments or
distributions from Company or Holdings, including, without limitation, wages, bonuses, and
distributions. At the discretion of the Board, the amount required to be withheld may be withheld
in cash or property from such remuneration or distributions, as the case may be. Employee further
agrees that, in the event Company does not make such deductions or withholdings on Employee’s
behalf, Employee shall indemnify Company for any amounts paid with respect to any such Taxes,
together with any interest, penalties and related expenses thereto.

     9.7. Entire Agreement. This Agreement constitutes the entire agreement between the
parties relating to the employment of Employee with Company, and this Agreement supersedes and
cancels any and all previous contracts, arrangements or understandings with respect thereto.

     9.8. Amendment. This Agreement may be amended, modified, superseded, canceled,
renewed or extended only by an agreement in writing executed by both parties hereto.

10

 

     9.9. Notices. All notices and other communications required or permitted under this
Agreement shall be in writing and hand delivered, sent by registered first class mail, postage
prepaid return receipt requested, or sent by nationally recognized express courier service. Such
notices and other communications shall be effective upon receipt, to the following addresses, or
such other addresses as any party shall notify the other parties:

     If to Company:

Portrait Innovations, Inc.

2016 Ayrsley Town Boulevard, Suite 200

Charlotte, North Carolina 28273

Attention: John Grosso, Chief Executive Officer

with copies to (which copies shall not constitute notice):

Alston & Bird LLP

Bank of America Plaza

101 South Tryon Street, Suite 4000

Charlotte, North Carolina 28280-4000

Attention: Lee R. Rimier, Esq.

     If to Employee:

Robert Venetucci

5 Warren Court

Monroe Township, NJ 08831

     9.10. Employee’s Cooperation; Release. Employee shall cooperate with the Company
Group in any disputes with third parties, internal investigation or administrative, regulatory or
judicial proceeding as reasonably requested by any Company Group Member (including, without
limitation, Employee being available to any Company Group Member upon reasonable notice for
interviews and factual investigations, appearing at any Company Group Member’s request to give
testimony without requiring service of a subpoena or other legal process, volunteering to the
Company Group all pertinent information and turning over to the Company Group all relevant
documents which are or may come into Employee’s possession, all at times and on schedules that are
reasonably consistent with Employee’s other permitted activities and commitments). The Company
Group shall reimburse Employee for reasonable travel expenses (including lodging and meals, upon
submission of receipts) in connection with his compliance with this Section 9.10.

     9.11. Binding Nature. This Agreement shall be binding upon, and inure to the benefit
of, the successors and personal representatives of the respective parties hereto.

     9.12. Headings. The headings contained in this Agreement are for reference purposes
only and shall in no way affect the meaning or interpretation of this Agreement.

     9.13. Counterparts. This Agreement may be executed in two or more counterparts, each
of which shall be deemed to be an original but all of which, taken together, constitute one and the
same agreement.

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     9.14. Governing Law. This Agreement and the rights and obligations of the parties
hereto shall be governed by and construed in accordance with the laws of the State of North
Carolina, without giving effect to the principles of conflict of laws.

     9.15. Construction of Terms. In this Agreement, the singular includes the plural, the
plural includes the singular, and the masculine gender includes both male and female references.

Signatures Appear on the Following Page

12

 

     In Witness Whereof, the parties hereto have caused this Agreement to be executed as
of the Effective Date.

	 	 	 	 	 
	 	Portrait Innovations, Inc.

 	 
	 	By:  	/s/ John Grosso
 	 
	 	 	Name:  	John Grosso 	 
	 	 	Title:  	Chief Executive Officer and President  	 
	 	 	Date: 	November 5, 2009 	 
	 
	 	 	 
	 	                           /s/ Robert Venetucci
 	 
	 	Robert Venetucci 	 
	 	Date: 12/1/09

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