Document:

EX-10.1

 Exhibit 10.1 

CASH AMERICA INTERNATIONAL, INC. 

2015 LONG-TERM INCENTIVE PLAN AWARD AGREEMENT 

This 2015 Long-Term Incentive Plan Award Agreement (the “Agreement”) is entered into as of the 28th day of January, 2015, by and between CASH AMERICA INTERNATIONAL, INC. (the “Company”) and             
(“Employee”). 
 W I T N E S S E T H: 

WHEREAS, the Company has adopted the Cash America International, Inc. 2014 Long-Term Incentive Plan (the “Plan”),
which is administered by the Management Development and Compensation Committee of the Company’s Board of Directors (the “Committee”); and 

WHEREAS, any terms used herein with an initial capital letter shall have the same meaning as provided in the Plan, unless otherwise
specified herein; and 
 WHEREAS, pursuant to Section 4 and Section 9 of the Plan, the Committee has granted to Employee an
award (the “Award”) of Restricted Stock Units (“RSUs”) to encourage Employee’s continued loyalty and diligence; and 

WHEREAS, the RSUs represent the unfunded and unsecured promise of the Company to issue to Employee an equivalent number of shares of
the common stock of the Company or its successors (“Shares”) at a future date, subject to the terms of this Agreement. 

NOW, THEREFORE, for and in consideration of the mutual promises herein contained, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 1. Award. 

(a) General. Subject to the restrictions and other conditions set forth herein, the Company hereby grants to Employee an Award of
             RSUs. 
 (b) Grant Date. The Award was granted
to Employee on January 28, 2015 (the “Grant Date”). 
 2. Vesting. The Award shall vest as follows:
Substantially equal 25% increments of the RSUs shall vest on each of the following dates as long as Employee continuously remains employed by the Company or its Affiliates through the applicable vesting date: January 31, 2016;
January 31, 2017; January 31, 2018 and January 31, 2019. Any RSUs that have not vested shall remain subject to forfeiture under Section 3 of this Agreement. 

3. Treatment of Award Upon Termination of Employment or Failure to Vest. Upon Employee’s termination of employment with the
Company and all of its Affiliates for any reason (including death), any portion of the Award that has not yet vested as provided in Section 2 or Section 5 of this Agreement and any unvested rights to Dividend Equivalents (as defined in
section 10(c)) shall be immediately forfeited, and Employee shall forfeit any and all rights in or to such unvested portion of the Award, including any unvested rights to Dividend Equivalents. 

4. Delivery of Shares. (a) as each 25%-portion of the Award vests, the Company shall instruct its transfer agent to issue
Shares, either in book entry or stock certificate form, which shall 

 
evidence the conversion of such vested RSUs into whole vested Shares, in the name of Employee (or if Employee has died, in the name of Employee’s designated beneficiary or, if no beneficiary
has been designated, Employee’s estate (“Beneficiary”)) within a reasonable time after the vesting date of such 25%-portion of the Award, but (b) in no event will the Shares relating to the then-vesting portion of the Award be
transferred to Employee (or, if applicable, to Employee’s Beneficiary) later than December 31 of the calendar year in which the vesting date for the then-vesting portion of the Award occurs. The Company shall not be required to deliver any
fractional Shares under the Award. Any fractional Share shall be rounded up to the next whole Share. 
 5. Change in Control.

 (a) Vesting and Payment. In the event of a Change in Control (as defined below) while Employee is still employed by the
Company or an Affiliate, vesting of the Award (including all outstanding unvested RSUs and related Dividend Equivalents) shall automatically accelerate and the Award shall become 100% vested as of the date the Change in Control occurs as long as
Employee has remained continuously employed through such date by the Company or by an entity that is an Affiliate of the Company on the day immediately preceding the date of the Change in Control. In such event, the Shares and Dividend Equivalents
payable with respect to the outstanding vested RSUs shall be delivered to Employee in a lump sum within 60 days following the date of the Change in Control. A “Change in Control” shall mean an event that is a change in the ownership
of the Company, a change in the effective control of the Company or a change in the ownership of a substantial portion of the assets of the Company, all as defined in Code Section 409A and guidance issued thereunder (collectively, “Code
Section 409A”), except that 35% shall be substituted for 30% in applying Treasury Regulations Section 1.409A-3(i)(5)(vi) and 50% shall be substituted for 40% in applying Treasury Regulations Section 1.409A-3(i)(5)(vii).
Notwithstanding the above, a “Change in Control” shall not include any event that is not treated under Code Section 409A as a change in control event with respect to Employee. Notwithstanding the incorporation of certain
provisions from the Treasury Regulations under Code Section 409A, the Company intends that all payments under this Agreement be exempt from Code Section 409A under the exemption for short-term deferrals in Treasury Regulations
Section 1.409A-1(b)(4). 
 (b) Substitution. Notwithstanding anything set forth herein to the contrary, upon a Change in
Control, the Committee, in its sole discretion, may, in lieu of issuing Shares, provide Employee with an equivalent amount payable in the form of cash. 

6. Agreement of Employee. Employee acknowledges that certain restrictions under state or federal securities laws may apply with
respect to the Shares to be issued pursuant to the Award. Specifically, Employee acknowledges that, to the extent Employee is an “affiliate” of the Company (as that term is defined in Rule 144 under the Securities Act of 1933 (“Rule
144”)), the Shares to be issued as a result of the Award are subject to certain restrictions under applicable securities laws (including particularly Rule 144). Employee hereby agrees to comply with such state and federal securities laws with
respect to any applicable restrictions on the resale of such Shares and to execute such documents and take such actions as the Company may reasonably require in connection therewith. 

7. Withholding. Upon the issuance of Shares to Employee pursuant to this Agreement, Employee shall pay an amount equal to the
amount of all applicable federal, state and local employment taxes which the Company is required to withhold at any time. Such payment may be made in cash or, with respect to the issuance of Shares to Employee pursuant to this Agreement, by delivery
of whole Shares (including Shares issuable under this Agreement) in accordance with Section 14(a) of the Plan. 

  
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 8. Adjustment of Awards. 

(a) If there is an increase or decrease in the number of issued and outstanding Shares through the payment of a stock dividend or resulting
from a stock split, a recapitalization, or a combination or exchange of Shares, then the number of outstanding RSUs hereunder shall be adjusted so that the proportion of such Award to the Company’s total issued and outstanding Shares remains
the same as existed immediately prior to such event. 
 (b) If there is spin-off or other similar distribution to the Company’s
shareholders of stock, the number and type of Shares subject to the Award shall be adjusted by the Committee (which adjustment may include Shares, stock of an Affiliate or former Affiliate, cash or a combination thereof) so that the value of the
outstanding Award immediately prior to such event is preserved, as determined by the Committee in its sole discretion. If stock of an Affiliate or former Affiliate becomes subject to the Award as a result of any such adjustment, the terms of the
Agreement shall apply to such stock in the same manner as if it were Shares. 
 (c) Except as provided in subsections (a) and
(b) above, no adjustment in the number of Shares subject to any outstanding portion of the RSUs shall be made upon the issuance by the Company of shares of any class of its capital stock or securities convertible into shares of any class of
capital stock, either in connection with a direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon the conversion of any other obligation of the Company that may be convertible into such shares or other securities. 

(d) Upon the occurrence of events affecting Shares other than those specified in subsections (a), (b) and (c) above, the Committee
may make such other adjustments to awards as are permitted under Section 5(c) of the Plan. This section shall not be construed as limiting any other rights the Committee may have under the terms of the Plan. 

9. Plan Provisions. 

In addition to the terms and conditions set forth herein, the Award is subject to and governed by the terms and conditions set forth in the
Plan, as may be amended from time to time, which are hereby incorporated by reference. In the event of any conflict between the provisions of the Agreement and the Plan, the Plan shall control. For the avoidance of doubt and without limiting
anything herein or in the Plan, Employee hereby acknowledges that the compensation recovery provisions described in Section 14(n) of the Plan apply to the Award granted hereunder and this Agreement. 

10. Miscellaneous. 

(a) Limitation of Rights. The granting of the Award and the execution of the Agreement shall not give Employee any rights to
(1) similar grants in future years, (2) any right to be retained in the employ or service of the Company or any Affiliates, or (3) interfere in any way with the right of the Company or its Affiliates to terminate Employee’s
employment or services at any time. 
 (b) Interpretation. Employee accepts this Award subject to all the terms and provisions
of the Plan and this Agreement. The undersigned Employee hereby accepts as binding, conclusive and final all decisions or interpretations of the Committee upon any questions arising under the Plan and this Agreement. 

(c) Dividend Equivalents. The Award includes the right to receive dividend equivalents (“Dividend Equivalents”) on the
portion, if any, of the Award that becomes vested in 

  
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accordance with Section 2 or Section 5 of this Agreement. Upon vesting of any portion of the Award, Employee shall have a vested right to receive an amount of cash, without interest,
equivalent to the dividends, if any, that would have been payable to a shareholder who actually owned the number of Shares equal to the number of then-vesting RSUs from the Grant Date through the day immediately preceding the date on which the
Shares payable with respect to the then-vesting portion of the Award are delivered to Employee. Such amount of cash shall be paid on the date that Shares are delivered under the then-vesting portion of the Award. 

(d) Shareholder Rights. Except as set forth in Section 10(c), neither Employee nor Employee’s Beneficiary shall have
any of the rights of a shareholder with respect to any Shares issuable upon vesting of any portion this Award, including, without limitation, a right to vote, until (i) such portion of the Award is vested, and (ii) such Shares have been
delivered and issued to Employee or Employee’s Beneficiary pursuant to Section 4 of this Agreement. 
 (e)
Severability. If any term, provision, covenant or restriction contained in the Agreement is held by a court or a federal regulatory agency of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions contained in the Agreement shall remain in full force and effect, and shall in no way be affected, impaired or invalidated. 

(f) Controlling Law. The Agreement is being made in Texas and shall be construed and enforced in accordance with the laws of that
state. 
 (g) Construction. The Agreement and the Plan contain the entire understanding between the parties, and supersede any
prior understanding and agreements between them, representing the subject matter hereof. There are no representations, agreements, arrangements or understandings, oral or written, between and among the parties hereto relating to the subject matter
hereof which are not fully expressed herein. 
 (h) Headings. Section and other headings contained in the Agreement are for
reference purposes only and are in no way intended to describe, interpret, define or limit the scope, extent or intent of the Agreement or any provision hereof. 

(i) Heirs, Successors and Assigns. Each and all of the covenants, terms, provisions and agreements contained herein shall be
binding upon and inure to the benefit of Employee’s heirs, legal representatives, successors and assigns. 
 (j)
Execution/Acceptance. This Agreement may be executed and/or accepted electronically by Employee and/or executed in duplicate counterparts, the production of either of which (including a signature or proof of electronic acceptance)
shall be sufficient for all purposes for the proof of the binding terms of this Agreement. 
 THE REMAINDER OF THIS PAGE IS INTENTIONALLY
LEFT BLANK. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed the Agreement as of the day and year
first set forth above. 
  
  

			
	CASH AMERICA INTERNATIONAL, INC.
		
	 By:
	 	
		 	  

			Daniel R. Feehan
			Chief Executive Officer and President
	
	 EMPLOYEE*
  

  

	*	Electronic acceptance of this Award by Employee shall bind Employee by the terms of this Agreement pursuant to Section 10(j) of this Agreement. 

  
 5Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT
(“Agreement”), effective as of February 1, 2015 (the “Effective Date”), is entered into by
and between Cyalume Technologies, Inc., a Delaware corporation (the “Company”), Cyalume Technologies Holdings,
Inc., a Delaware corporation (“Holdings”) and Zivi Nedivi (“Employee”) (collectively, the
“Parties” and, each, a “Party”).

 

WHEREAS, the Company,
Holdings and East Shore Ventures, LLC, a Florida limited liability company (“Contractor”) are parties to that
certain Services Agreement dated April 2, 2012, as amended by that certain Amendment No. 1 to Services Agreement dated September
10, 2012 and that certain Amendment No. 2 to Services Agreement dated April 30, 2013 (together, the “Services Agreement”);

 

WHEREAS, pursuant to
the Services Agreement, the Contractor was a consultant to the Company and provided to it services of the type customarily performed
by a Chief Executive Officer (“CEO”) and Employee, a member and employee of Contractor, personally provided
such services; and

 

WHEREAS, the Company
and Holdings desire to employ Employee as CEO of the Company and Holdings, and Employee desires to be employed by the Company and
Holdings upon the terms and conditions set forth herein.

 

NOW, THEREFORE, on
the basis of the foregoing premises and in consideration of the mutual covenants and agreements contained herein, the Parties agree
as follows:

 

1.          Services.
Employee shall render to the Company and Holdings, and their direct and indirect subsidiaries and affiliates (collectively, the
“Company Group”), services consistent with those typically performed by a CEO of a publically-traded company
and such other duties commensurate with such a position as shall be specified or designated by the Board of Directors of the Company
(the “Board”) from time to time (the “Services”). The Services shall be exclusively and personally
performed by Employee. Employee may delegate duties to other employees of the Company as he reasonably determines is in the best
interest of the Company, consistent with the general authority and power given to him hereunder. Although Employee’s primary
residence is in Israel, where he will, among other things, be working on the Company Group’s Israel initiatives, Employee
shall spend whatever time is necessary at the Company Group’s facilities in the United States (including, but not limited
to the Company’s executive offices located in Fort Lauderdale, Florida), and shall undertake such further travel, as is reasonably
necessary to satisfactorily perform the Services.

 

2.          Term.
Employee’s engagement hereunder shall commence on the Effective Date and shall continue for a period of three (3) years thereafter
(the “Initial Term”), subject to earlier termination exclusively as provided for in Section 6 below, and subject
to extension as provided in the following sentence. Following the Initial Term, provided Notice of Non-Renewal has not been given
(as defined in and in accordance with the provisions of Section 6.6 below), Employee’s engagement hereunder shall automatically
be extended for successive, additional one-year periods (each a “Renewal Term”), subject to earlier termination
exclusively as provided for in Section 6 below. For the purposes of this Agreement, the “Term” shall mean the
period of Employee’s engagement hereunder.

 

    	 

    	 

    

 

3.           Compensation
and Benefits.

 

3.1           Salary.
The Company shall pay Employee an annual base salary (“Base Salary”) of Four Hundred Fifty Thousand dollars
($450,000.00), at normal payroll intervals and less applicable deductions and withholdings, which shall be subject to annual adjustments
at the sole discretion of the Board of Directors of the Company. The Base Salary for any partial month in which Employee is engaged
hereunder shall be pro-rated based on the number of days in such partial month Employee was engaged hereunder. The Board shall
review the Base Salary, at least annually, for merit increases and may be increased at any time or from time to time (but shall
not be decreased) from the then current Base Salary. The Base Salary will not be reduced for any PTO described in Section 3.5 below
or holidays observed by the Company that are taken by Employee during the Term. The Company shall have the ability to withhold
from the compensation otherwise due to Employee under this Agreement any amounts required to be withheld from compensation from
time to time under applicable law.

 

3.2           Bonus.
During the Term only, Employee shall be eligible for an annual bonus for each fiscal year of the Company (a “Bonus”),
subject to the terms and conditions of this Section 3.2. The payment and amount of any Bonus for a given fiscal year shall be based
on performance targets mutually agreed upon by the Parties in writing for such fiscal year (the “Annual Performance Targets”).
The Annual Performance Targets for each fiscal year shall be established within forty-five (45) days after the beginning of such
fiscal year. If the Company’s performance meets, but does not exceed, the Annual Performance Targets for a given fiscal year,
the amount of the Bonus for such fiscal year shall equal 140% of the annualized rate of the Base Salary in effect as of the end
of such fiscal year. If the Company’s performance exceeds the Annualized Performance Targets for a given fiscal year, the
amount of the Bonus for such fiscal year shall equal 140% of the annualized rate of the Base Salary in effect as of the end of
such fiscal year, plus an additional 1% of such annualized rate for each 1% by which the Company’s performance exceeds the
Annualized Performance Targets for such fiscal year. If the Company’s performance fails to meet the Annualized Performance
Targets for a given fiscal year, the amount of the Bonus for such fiscal year shall equal 140% of the annualized rate of the Base
Salary in effect as of the end of such fiscal year, less 2% of such annualized rate for each 1% by which the Company’s performance
failed to meet the Annualized Performance Targets for such fiscal year, provided, however, that Employee shall not be eligible
for any Bonus for a given fiscal year in which the Company’s performance was less than or equal to 70% of the Annualized
Performance Targets for such fiscal year. Provided Employee has not been terminated under Section 6.3 below (for Cause by the Company)
prior to the payment thereof, Employee shall be eligible for (i) a Bonus for each fiscal year on the last day of which Employee
is engaged hereunder and (ii) if Employee’s engagement hereunder is terminated other than on the last day of a fiscal year,
a pro-rated Bonus for the fiscal year during which Employee’s engagement hereunder is terminated, based on the number of
full calendar months Employee was engaged hereunder during such fiscal year. Any Bonus earned for any full or partial fiscal year
shall be paid in the following fiscal year within 30 days after the Company’s audited financial statements are issued, but
in no event later than June 30th of such following fiscal year regardless of whether such audited financial statements are issued
by such date.

 

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3.3          Equity.

 

(a)          Option.
The Company’s Board of Directors previously approved the issuance of a ten year option (the “Option”)
to Employee to purchase 5,015,891 shares of the Company’s Common Stock (the “Shares”) at an exercise price
per Share equal to $0.09.

 

(b)          Change
of Control. For purposes of this Agreement, “Change of Control” shall have the meaning given to such term
in the Cyalume Technologies Holdings, Inc. 2014 Equity Incentive Plan.

 

(c)          Tax
Payment.

 

(i)          As
used herein, “Tax Payment” means an amount which, after reduction for all Taxes (as hereafter defined) as a
result of the receipt of the Tax Payment, is equal to the excess, if any, of the Ordinary Income Tax (as hereafter defined) over
the Capital Gain Tax (as hereafter defined).

 

(ii)         As
used herein, “Taxes” means the Israeli, U.S. federal, state and local income tax and self-employment tax that
would be imposed on Employee for the tax year in which the Option is exercised, assuming that Employee’s state and local
taxes are fully deductible for U.S. federal income tax purposes.

 

(iii)        As
used herein, “Ordinary Income Tax” means the Israeli, U.S. federal, state and local income tax and self-employment
tax that Employee would pay for the tax year in which the Option is exercised, as a result of exercising the Option, without taking
into account any other deductions in excess of the other income or gain that Employee may have.

 

(iv)        As
used herein, “Capital Gain Tax” means the Israeli, U.S. federal, state and local income tax (including any additional
Medicare tax under Internal Revenue Code Section 3101(b)(2)) that Employee would have been subject to if Employee had sold the
shares underlying the portion of the Option which is exercised on the date of exercise for their fair market value, assuming (i)
that Employee had a tax basis equal to the exercise price for such shares and (ii) no deductions in excess of the other income
or gain that Employee may have, are taken.

 

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(v)         Employee’s
tax advisors will prepare (at the cost and expense of the Company) the calculations (the “Tax Calculations”)
of the Tax Payment, showing in reasonable detail the Ordinary Income Tax, Capital Gain Tax and the Taxes used in calculating the
Tax Payment, for Employee for the tax year in which the Option is exercised. Employee shall give a copy of such Tax Calculations
to the chief financial officer of the Company (the “CFO”), certifying that such Tax Calculations are true, correct
and complete. At that time, or promptly upon request of the CFO, Employee shall also make available any additional underlying information
reasonably necessary for the Company to verify the Tax Calculations to (A) the CFO for the CFO’s exclusive review and (B)
if any, the independent accounting firm selected by the parties to resolve any dispute regarding the amount of the Tax Payment
(as provided for below). The CFO shall not make or retain copies of any of the documents disclosed to him in connection with such
review, and the CFO shall keep strictly confidential and not disclose to any other person the information contained in such documents,
except that, notwithstanding anything to the contrary herein, the CFO may disclose such information as is reasonably necessary
to verify the Tax Calculations to (A) the Company’s accountants or auditors and (B) if any, the independent accounting firm
selected by the parties to resolve any dispute regarding the amount of the Tax Payment (as provided for below). Employee shall
cooperate with the Company in the verification of the Tax Calculations. The Company shall raise any question or dispute relating
to the Tax Calculations within ten (10) business days after its receipt of the Tax Calculations. If the parties cannot agree on
the resolution of the issues relating to the Tax Calculations within three (3) business days, the issue shall be promptly presented
to an independent accounting firm that is reasonably acceptable to all of the parties, which agrees to resolve the dispute within
ten (10) business days and to keep all information disclosed in the proceeding strictly confidential. The cost of such accounting
firm shall be borne by the Company, unless the accounting firm determines that that the Tax Payment is less than ninety-five percent
(95%) of the amount of the Tax Payment as determined pursuant to the Tax Calculations. The Tax Payment shall be made by the Company
to Employee within three (3) days after the Tax Calculations have become final.

 

3.4           Benefits.
Employee shall be provided with health, life, and disability insurance coverage and other similar benefits substantially equivalent
to those provided to senior executive employees of the Company and their families from time to time, all in accordance with the
standard policies of the Company. Employee shall be permitted to participate in the Company’s 401(k) Retirement Plan.

 

3.5           Paid
Time Off (PTO)/Sick Days. Employee shall be provided with six (6) weeks of PTO, accrued on a monthly basis, and with sick days
in accordance with the standard policies of the Company. Employee shall be permitted to carry over any unused PTO into any subsequent
period up to a maximum of eight (8) weeks. Upon termination of employment, Employee shall not be paid for unused sick days, but
will be paid for accrued, unused PTO.

 

4.            Exclusivity
and Reasonable Best Efforts. During the Term, (i) Employee shall in all material respects conform to and comply with the lawful
directions and instructions given to it by the Board; (ii) subject to the proviso below, Employee shall devote substantially all
of his business time, energy and skill to providing the Services under this Agreement; (iii) Employee shall use his reasonable
best efforts to promote and serve the interests of the Company Group and to perform his duties and obligations hereunder in a diligent,
trustworthy, businesslike and efficient manner; (iv) Employee shall not engage in any other business, profession or occupation
for compensation or otherwise, except as provided below in this Section 4; and (v) Employee shall not engage in any activity that,
directly or indirectly, impairs or conflicts with his performance of his obligations and duties to the Company Group, provided,
however, that the foregoing shall not prevent Employee from (A) managing his personal affairs and passive personal investments,
(B) participating in charitable, civic, educational, professional or community affairs, (C) providing services for Eilam Ltd.,
(D) serving on the board of directors of Urban Aeronautics and (E) serving on the board of directors of and being a passive investor
in Yamasee, so long as, in the aggregate, any such activities do not unreasonably interfere or conflict with Employee’s duties
hereunder or create a potential business or fiduciary conflict with any member of the Company Group, as reasonably determined by
the Board.

 

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5.           Reimbursement
for Expenses. Employee is authorized to incur reasonable expenses in the discharge of the Services, including, without limitation,
travel and lodging expenses incurred when Employee travels to the United States and in furtherance of his other obligations under
Section 1 above. Subject to the provisions of Section 18.1 below (“Section 409A Compliance”), the Company shall
reimburse Employee for all such proper expenses (except for any compensation or benefits provided to Employee) upon presentation
by Employee of itemized accounts of such expenditures. For the avoidance of doubt, Employee shall be reimbursed for each non-cancelable
expense eligible for reimbursement hereunder that is incurred prior to the date Employee’s engagement is terminated hereunder
(the “Termination Date”), even if the incurred expenses relates to an event occurring after the Termination
Date (e.g., airline tickets purchased prior to the Termination Date for a flight occurring after the Termination Date).

 

6.           Termination.

 

6.1           Death.
Employee’s engagement hereunder shall immediately and automatically be terminated upon Employee’s death.

 

6.2           Disability.
The Board may terminate Employee’s engagement hereunder due to Employee’s Disability by providing written notice of
such termination and its effective date to Employee. For the purposes of this Agreement, “Disability” shall
mean Employee has been, with or without a reasonable accommodation, unable to perform the essential functions of the Services due
to a physical or mental injury, infirmity or incapacity for a period of 120 consecutive days or 150 days during any twelve-month
period. Any dispute as to whether Employee has a Disability shall be resolved by an independent physician (at the sole cost and
expense of the Company), reasonably acceptable to Employee and the Board, whose determination shall be final and binding upon both
Employee and the Company. If the Board and Employee are unable to agree on the selection of such an independent physician, each
shall appoint a physician and those two physicians shall select a third physician who (at the sole cost and expense of the Company)
shall make the determination of whether Employee has a Disability. Notwithstanding the foregoing, in the event that, as a result
of earlier absence because of mental or physical incapacity, Employee incurs a “separation from service” within the
meaning of such term under “Section 409A” (as defined in Section 18.1 below), Employee’s engagement hereunder
shall automatically be terminated on such date as a Disability termination.

 

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6.3           For
Cause by the Company. The Board may terminate Employee’s engagement hereunder for Cause, at any time, upon written notice
reasonably detailing the grounds giving rise to Cause. For purposes of this Agreement, the term “Cause” means
Employee’s (i) willful material misconduct; (ii) material failure to materially perform the Services; (iii) willful refusal
to follow a reasonable and lawful directive of the Board, or committee thereof, that is materially related to and consistent with
the provisions of Section 1 above; (iv) material failure to materially comply with the Company Group’s reasonable and lawful
material written policies and practices, if any, applicable to Employee; (v) an act of theft, fraud or dishonesty of a material
nature against any member of the Company Group that is material to the Company Group as a whole; (vi) conviction of a felony; or
(vii) material breach of any material term of this Agreement; provided, however, that, in the event of conduct described
in clauses (ii) (provided such conduct is not willful), (iii), (iv) and (vii) that is capable of being cured, Cause shall exist
only if the Company provides written notice to Employee reasonably detailing such grounds giving rise to Cause and Employee fails
to cure such grounds for Cause to the reasonable satisfaction of the Company within a reasonable period of time after delivery
to Employee of such written notice, which in no event shall exceed fifteen (15) calendar days. The date of termination of Employee’s
engagement hereunder in the event such engagement is terminated for Cause shall be the date on which Employee is given notice of
termination under this Section 6.3, except, if a notice period is required, Employee’s engagement hereunder shall terminate
upon the expiration of said notice period if Employee fails to previously cure the grounds giving rise to Cause. No termination
of Employee for Cause shall be permitted unless the written notice of such termination occurs during the ninety (90) day period
immediately following the date that the events or actions constituting Cause first become known to the Board.

 

6.4           Termination
by Employee for Good Reason. Employee may terminate his engagement hereunder for Good Reason, at any time, provided that Employee
provides the Company with ten (10) days’ prior written notice of such termination and such notice is given within sixty (60)
days of when Good Reason first arises. For the purpose of this Agreement, “Good Reason” means (i) a material
and substantial diminution in the titles, authority, duties or responsibilities as contemplated by Section 1 above (other than
while Employee is temporarily physically or mentally incapacitated or as required by applicable law), (ii) a failure by the Company
to pay Employee the compensation and other benefits provided for herein, other than an isolated, insubstantial and inadvertent
failure not occurring in bad faith; (iii) a requirement that Employee report to a person other than the Board; or (iv) other material
breach by the Company of a material provision of this Agreement; provided (x) Employee has provided the Company with written
notice reasonably detailing such breach within sixty (60) days of the occurrence thereof or, if later, within thirty (30) days
of the date upon which Employee first becomes aware of such breach, and (y) the Company fails to cure (if curable) such breach
within thirty (30) days after delivery to it of such written notice. The date of termination of Employee’s engagement hereunder
in the event Employee terminates his engagement for Good Reason shall be the effective date of Employee’s termination for
Good Reason, except that Company may waive all or any part of the above-referenced 10-day notice period or of the 30-day cure period,
in which event Employee engagement hereunder shall terminate on the last day of such notice or cure period that has not been waived
or, if the entire notice or cure period has been waived, the date on which the entire notice period and cure periods were waived.

 

6.5           Without
Cause or Without Good Reason. The Company may terminate Employee’s engagement hereunder without Cause, at any time, with
or without prior notice, in its sole and complete discretion, by providing written notice of such termination and its effective
date to Employee. Likewise, Employee may terminate his engagement hereunder without Good Reason upon sixty (60) days prior written
notice to the Board without any liability.

 

6.6           Expiration
of the Term. Provided Employee’s engagement hereunder has not been previously terminated pursuant to the terms hereof,
Employee’s engagement hereunder shall be terminated upon the expiration of the then current term if one Party provides notice
to the other of its decision not to renew this Agreement upon the expiration of the then current term (“Notice of Non-Renewal”).
A Notice of Non-Renewal by Employee shall be effective only if it is provided to the Company at least sixty (60) days prior to
the end of the then current term.

 

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7.            Effect
of Termination of Employee’s Engagement.

 

7.1           Generally.
In the event Employee’s engagement hereunder terminates, Employee shall have no right to receive any compensation, benefits
or any other payments or remuneration of any kind from the Company Group, except as otherwise provided by this Section 7, in any
separate written agreement between Employee and the Company or as may be required by law. In the event Employee’s engagement
hereunder is terminated for any reason, including under Section 6.6 above (Expiration of the Term), Employee shall receive the
following (collectively, the “Accrued Amounts”): (i) his Base Salary through and including the effective date
of such termination (the “Termination Date”), which shall be paid pursuant to the terms of Section 3.1 above,
(ii) payment for unreimbursed business expenses subject to, and in accordance with, the terms of Section 5 above, (iii) to the
extent due pursuant to the terms of Section 3.2 above, any unpaid Bonus in respect to any completed fiscal year that has ended
on or prior to the Termination Date and, if the Termination Date is other than on the last day of a fiscal year, any pro-rated
Bonus in respect to the fiscal year in which the Termination Date occurs, which, in each case, shall be paid pursuant to the terms
of Section 3.2 above, and (iv) rights to indemnification by virtue of Employee s position as an officer or director of a member
of the Company Group and the benefits under any directors’ and officers’ liability insurance policy maintained by any
member of the Company Group.

 

7.2           Termination
Pay. In the event Employee’s engagement is terminated by the Company pursuant to Section 6.5 above (without Cause) or
Section 6.6 above (by Notice of Non-Renewal), or by Employee pursuant to Section 6.4 hereof (Good Reason), in addition to the Accrued
Amounts, Employee shall be entitled to receive an amount equal to the Base Salary immediately prior to the Termination Date (“Employee’s
Final Base Salary”) for a six-month period (the “Termination Pay”), subject to and in accordance
with the terms of this Section 7.2. Payment of the Termination Pay is conditioned on (i) Employee’s continued compliance
in all material respects with the terms of this Agreement that survive termination of Employee’s engagement hereunder; (ii)
Employee signing, within fifty (50) days following the Termination Date, a General Release of Claims in the form that is annexed
hereto as Exhibit A, which form may be modified as necessary to comply with the then applicable law. Payment of Employee’s
Final Base Salary for the above period shall be paid in monthly installments in the same manner as provided for in Section 3.1
above, with the first such payment to be made within sixty (60) days following the Termination Date, provided that, if such
60-day period spans two calendar years, then payment of the Termination Pay shall commence in the calendar year following the year
in which the Termination Date occurs. The first payment of Termination Pay shall include payment for any monthly payments that
would have otherwise been paid between the Termination Date and the date of such payment.

 

7.3           In
the event Employee’s engagement hereunder is terminated, Employee shall be deemed to have resigned from all positions held
in the Company Group, including without limitation that of CEO. Upon request by the Company, Employee shall promptly sign any and
all documents reflecting such resignations as of the Termination Date.

 

    	7

    	 

    

 

8.            Notice
of Termination. In the event Employee elects to terminate his engagement hereunder by terminating this Agreement for Good Reason
under Section 6.4 above or by giving Notice of Non-Renewal under Section 6.6 above, Employee agrees to provide the Company with
the applicable prior written notice of termination required by such Sections (the “Notice Period”). The Board
may, in its discretion, elect to have Employee perform no Services for all or any part of the Notice Period. Additionally, during
the Notice Period, (i) Employee shall perform any services the Board reasonably and lawfully requests of Employee consistent with
the provisions of Section 1 above, and (ii) the Company retains the right to terminate Employee’s engagement hereunder pursuant
to Section 6.3 above.

 

9.            Confidentiality,
Non-Solicitation and Non-Competition.

 

9.1           Representations
and Acknowledgements. Employee acknowledges and agrees that: (i) among the Company Group’s most valuable and indispensable
assets are its Confidential Information (defined below) and its close relationships with its customers, suppliers and employees,
which the Company Group has devoted and continues to devote a substantial amount of time, money and other resources to develop;
(ii) in connection with performing the Services, Employee will be exposed to and acquire the Company Group’s Confidential
Information and develop, at the Company Group’s expense, special and close relationships with the Company Group’s customers
and suppliers; (iii) the Company Group’s Confidential Information and close customer, supplier and employee relationships
must be protected; (iv) this Section 9 is a material provision of this Agreement and the Company and Holdings would not engage
Employee hereunder but for the promises and acknowledgements that Employee makes in this Section 9; and (v) to the extent required
by law, the covenants in this Agreement contain reasonable limitations as to time, geographical area and scope of activities to
be restricted and that such covenants do not impose a greater restraint on Employee than is necessary to protect the Company Group’s
Confidential Information, close customer, supplier and employee relationships and other legitimate business interests.

 

9.2           Confidential
Information. During the Term and at all times thereafter, Employee will not, except as required to provide the Services or
as may be required by law, directly or indirectly, use or disclose to any third person, without the prior written consent of the
Company, any Confidential Information of the Company Group. For purposes of this Agreement, “Confidential Information”
means all information of a confidential or proprietary nature regarding the Company Group or its business or properties that the
Company Group has furnished or furnishes to Employee, whether before or after the date of this Agreement, or is or becomes available
to Employee by virtue of Employee’s engagement hereunder, whether tangible or intangible, and in whatever form or medium
provided, as well as all information Employee generates that contains, reflects or is derived from such information that, in each
case, has not been published or disclosed to, and is not otherwise known to, the public (or only known to the public, directly
or indirectly, as a result of conduct by Employee that is not authorized by the Company, Holdings or any other member of the Company
Group). Confidential Information includes, without limitation, customer lists, customer requirements and specifications, designs,
financial data, sales figures, costs and pricing figures, marketing and other business plans, product development, marketing concepts,
personnel matters, drawings, specifications, instructions, methods, processes, techniques, computer software or data of any sort
developed or compiled by any member of the Company Group, formulae or any other information relating to the Company Group’s
services, products, sales, technology, research data, software and all other know-how, trade secrets or proprietary information,
or any copies, elaborations, modifications and adaptations thereof. In the event that a member of the Company Group is bound by
a confidentiality agreement or understanding with a customer, vendor, supplier or other party regarding the confidential information
of such customer, vendor, supplier or other party, which is more restrictive than specified above in this Section 9.2, and of which
Employee has notice or is aware, Employee shall adhere to the provisions of such other confidentiality agreement, in addition to
those of this Section 9.2.

 

    	8

    	 

    

 

9.3          Non-Interference
and Non-Competition.

 

(a)          No-Interference
with Customers and Suppliers; Non-Competition. Employee agrees that, during the Restricted Period (defined below), regardless
of whether, or on what basis, Employee’s engagement hereunder is terminated or any claim that Employee may have against any
member of the Company Group under this Agreement or otherwise, Employee shall not, without the prior written consent of the Company,
directly or indirectly (defined below), actually or attempt to:

 

(i)          solicit,
induce, contact or persuade any Customer (defined below) to terminate, reduce or refrain from renewing or extending its contractual
or other relationship with any member of the Company Group in regard to the purchase of products or services developed, marketed
or sold by any member of the Company Group, or to become a customer of or enter into any contractual or other relationship with
Employee or any other person or entity for products or services that are the same, similar or otherwise in competition with the
products and services that the Company Group is providing, or is actively contemplating to provide pursuant to its respective members’
current business plans, in each case, as of the Termination Date (collectively, “Competing Services”); and/or

 

(ii)         solicit,
induce, contact or persuade any supplier of goods or services to any member of the Company Group (“Supplier”)
to terminate, reduce or refrain from renewing or extending its contractual or other relationship with any member(s) of the Company
Group in regard to the supplying of goods or services to such member(s) of the Company Group; and/or

 

(iii)        offer
or provide to any Customer any Competing Services; and/or

 

(iv)        engage
in the business of providing Competing Services in any country in which any member of the Company Group is doing business, or is
actively contemplating to do business pursuant to its current business plan, in each case, as of the Termination Date.

 

(b)          No
Interference with Employees. Employee agrees that, during the Restricted Period, regardless of whether, or on what basis, Employee’s
engagement hereunder is terminated or any claim that Employee may have against any member of the Company Group under this Agreement
or otherwise, Employee shall not, without the prior written consent of the Company, directly or indirectly, actually or attempt
to: (i) solicit, induce or entice any employee, consultant or independent contractor of a member of the Company Group to terminate,
reduce or refrain from renewing or extending such person’s or entity’s business or employment relationship with such
member of the Company Group; (ii) solicit, induce or entice any employee of a member of the Company Group to engage in Competing
Services; or (iii) employ or otherwise engage as an employee, independent contractor or consultant (a) any employee of the Company
Group or (b) any person who was employed by the Company Group within the then prior twelve-month period.

 

    	9

    	 

    

 

(c)          Definitions.
For the purposes of this Section 9.3, the “Restricted Period” shall mean the Term and for a period of two (2)
years thereafter, except that such period shall be extended for any period therein during which Employee was in violation of any
provision of this Section 9.3. Notwithstanding the foregoing, the Restricted Period shall end in the event that the Company fails
to make any payments required by Section 7 hereof within 10 days after written notice from Employee to the Company of such failure.
For purposes of this Section 9.3(a), “Customer” shall mean any company or individual: (i) who contacted Employee,
whom Employee contacted or served, or for whom Employee supervised contact or service regarding the actual or potential purchase
of Company Group products or services during the Term; (ii) who purchased products or services from the Company Group during the
Term; and/or (iii) who was an active prospect of the Company Group for the purchase of products or services from the Company Group
during the Term. For the purpose of this Section 9.3, “directly or indirectly” shall include any activity, on
behalf of Employee or on behalf of or in conjunction with any other person or entity, whether as an employee, agent, consultant,
independent contractor, officer, director, principal, shareholder, equity holder, partner, member, joint venturer, lender, investor
or otherwise, except that nothing in this Agreement shall prohibit Employee from being a passive holder, for investment purposes
only, of not more than 2% of the outstanding stock of any company listed on a national securities exchange, or actively traded
in a national over-the-counter market or from being a passive holder in Yamasee.

 

10.         Intellectual
Property.

 

10.1         The
Company’s Proprietary Rights. Employee acknowledges and agrees that all Intellectual Property (defined below) created,
made or conceived by Employee, solely or jointly, during the Term that relates to the actual or anticipated businesses of the Company
Group or results from or is suggested by any work performed by employees or other independent contractors for or on behalf of the
Company Group (“Company Intellectual Property”) shall be deemed “work for hire” and shall be and
remain the sole and exclusive property of the Company or other applicable member of the Company Group for any and all purposes
and uses whatsoever as soon as Employee conceives or develops such Intellectual Property, and Employee hereby agrees that his assigns,
executors, heirs, administrators or personal representatives shall have no right, title or interest of any kind or nature therein
or thereto, or in or to any results and proceeds therefrom. If for any reason such Company Intellectual Property is not deemed
to be “work-for-hire,” then Employee hereby irrevocably and unconditionally assigns all rights, title, and interest
in such Company Intellectual Property to the Company and agrees that the Company is under no further obligation, monetary or otherwise,
to Employee for such assignment. Employee also hereby waives all claims to any moral rights or other special rights that Employee
may have or may accrue in any Company Intellectual Property. As used in this Agreement, "Intellectual Property"
shall mean and include any ideas, inventions (whether or not patentable), designs, improvements, discoveries, innovations, patents,
patent applications, trademarks, service marks, trade dress, trade names, trade secrets, works of authorship, copyrights, copyrightable
works, films, audio and video tapes, other audio and visual works of any kind, scripts, sketches, models, formulas, tests, analyses,
software, firmware, computer processes, computer and other applications, creations and properties, Confidential Information and
any other patents, inventions or works of creative authorship.

 

    	10

    	 

    

 

10.2         Cooperation.
Employee agrees to assist the Company Group, and to take all reasonable steps, with securing patents, registering copyrights and
trademarks, and obtaining any other forms of protection for the Intellectual Property in the United States and elsewhere, all at
the sole cost and expense of the Company. In particular, at the Company’s sole cost and expense, forthwith upon request of
the Company, Employee shall execute all such assignments and other documents (including applications for patents, copyrights, trademarks,
and assignments thereof) and take all such other action as the Company may reasonably request in order (i) to vest in the applicable
member of the Company Group all of Employee’s right, title, and interest in and to such Intellectual Property, free and clear
of liens, mortgages, security interests, pledges, charges, and encumbrances (“Liens”) (and Employee agrees to
take such action as is reasonably necessary to remove all such Liens) and (ii), if patentable or copyrightable, to obtain patents
or copyrights (including extensions and renewals) therefor in any and all countries in such name as the Company shall determine.
If – despite the Company’s reasonable best efforts to get Employee to sign any lawful or necessary documents required
in order for the Company Group to apply for and obtain any copyright or patent with respect to any work performed by Employee under
this Agreement (including applications or renewals, extensions, divisions or continuations) – Employee fails to sign such
documents, Employee hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Employee’s
agents and attorneys-in-fact to act for and in Employee’s behalf, and in Employee’s place and stead, to execute and
file any such applications or documents and to do all other lawfully permitted reasonable acts to further the prosecution and issuance
of copyrights and patents with respect to such Intellectual Property with the same legal force and effect as if executed or undertaken
by Employee, provided that the Company may not take any such act that would directly result in liability to Employee, unless
such liability results from, in whole or in part, Employee’s breach of this Agreement.

 

10.3         No
infringement. Employee represents and warrants to the Company that, to the best of Employee’s knowledge, all Services,
Intellectual Property and any other work Employee delivers to the Company Group shall be original and shall not infringe upon or
violate any patent, copyright or proprietary right of any person or third party.

 

10.4         License
to Prior Invention. If Employee in the course of providing the Services incorporates into Company Intellectual Property a product
that Employee has, alone or jointly with others, conceived, developed or reduced to practice prior to Employee’s engagement
with the Company in which Employee has a property right (each, a “Prior Invention”), Employee hereby grants
to the Company Group a perpetual, nonexclusive, royalty-free, irrevocable, worldwide license (with the full right to sublicense)
to make, have made, modify, use and sell such Prior Invention.

 

11.         Non-Disparagement.

 

11.1         During
and after Employee’s engagement hereunder, except as may be required by law, Employee may not make any statement (verbal,
written or otherwise) about the Company Group or any of its members or their respective financial status, business, personnel,
directors, officers, consultants, services or business methods that is intended to or is reasonably likely to disparage or denigrate
the Company Group and/or any of its individual members.

 

    	11

    	 

    

 

11.2         During
and after Employee’s engagement hereunder, except as may be required by law, the Company Group will not cause any person
to make, and none of the Company Group’s officers and directors shall make, any disparaging or denigrating statement (verbal,
written or otherwise) about Employee including, without limitation, disparaging Employee in connection with disclosing the facts
or circumstances surrounding any termination of Employee’s engagement hereunder or criticizing Employee’s performance
as an executive officer of any member of the Company Group. Nothing in this Section 11.2 shall create any personal liability on
behalf of any officers or directors of the Company Group.

 

12.          Cooperation.
During and after the Term, Employee shall assist and cooperate with the Company Group, upon reasonable advance notice with due
consideration for his other business or personal commitments, in connection with the defense or prosecution of any claim that may
be made against or by any member of the Company Group, or in connection with any ongoing or future investigation or dispute or
claim of any kind involving any member of the Company Group, including any proceeding before any arbitral, administrative, judicial,
legislative, or other body or agency, including testifying in any proceeding or executing and delivering to the applicable member
of the Company Group such documents that may be reasonably necessary to carry out the provisions of this Section 12, in each case,
to the extent such claims, investigations or proceedings relate to the Services or any other work performed or required to be performed
by Employee, pertinent knowledge possessed by Employee, or any act or omission by Employee involving the Company Group. In no event
shall Employee’s cooperation materially interfere with Employee’s services for a subsequent employer or other similar
service recipient; however, Employee will make reasonable good faith efforts to fulfill his obligations under this Section 12 in
a manner that will not result in any such interference. The Company will (i) promptly reimburse Employee for reasonable expenses
Employee incurs in fulfilling Employee’s obligations under this Section 12 and (ii) except with respect to any testimony
given by Employee, reasonably compensate Employee for any continued material services as required under this Section 12.

 

13.          Company
Property. Employee agrees that all Confidential Information, trade secrets, drawings, designs, reports, computer programs or
data, books, handbooks, manuals, files (electronic or otherwise), computerized storage media, papers, memoranda, letters, notes,
photographs, facsimile, software, computers, PDAs, Blackberries and other documents (electronic or otherwise), materials and equipment
of any kind that Employee has acquired or will acquire during the course of the Term and/or providing the Services are and remain
the property of the Company Group. Upon termination of Employee’s engagement hereunder, or sooner if requested by the Company,
Employee shall return all such documents, materials and records to the Company and not make or take copies of the same without
the prior written consent of the Company.

 

    	12

    	 

    

 

14.          Remedies.
Employee acknowledges and agrees that a breach of Sections 9 through 13 above would injure the Company Group irreparably in a way
which could not be adequately compensated for by an award of monetary damages. Employee therefore consents to the issuance to the
Company Group or any of its members, as applicable, of a preliminary and/or permanent injunction, without the posting of a bond,
to restrain any such breach or threatened breach of those sections. Additionally, in the event Employee breaches or threatens to
breach any of the covenants, promises or obligations contained in this Agreement, the Company Group shall be entitled to recover
without limitation from Employee all costs and fees (including reasonable attorneys’ fees) incurred by the Company Group
in connection with enforcing this Agreement. Nothing herein shall be construed, however, as prohibiting the Company Group from
pursuing any other available remedies for such breach or threatened breach.

 

15.          Representations
Regarding Prior Work and Legal Obligations.

 

15.1         Employee
represents and warrants that Employee has no agreement or other legal obligation with any prior employer, or any other person or
entity that restricts Employee’s ability to accept or ability to perform the Services under, the engagement hereunder with
the Company. Employee further represents and warrants that he is not party to any agreement (including, without limitation, a non-competition,
non-solicitation, no hire or similar agreement) and has no other legal obligation that restricts in any way Employee’s ability
to perform the Services and other obligations to the Company Group, including, without limitation, those under this Agreement.

 

15.2         Employee
acknowledges and agrees that it has been instructed by the Company that at no time should Employee divulge to or use for the benefit
of the Company Group any trade secret or confidential or proprietary information of any previous entity with which Employee was
affiliated or of any other third-party. Employee expressly represents and warrants that Employee has not divulged or used any such
information for the benefit of the Company Group and will not do so.

 

15.3         Employee
represents and agrees that Employee has not and will not misappropriate any intellectual property belonging to any other person
or entity.

 

15.4         Employee
represents and acknowledges that the Company is basing important business decisions on these representations, agreements and warranties,
and it affirms that all of the statements included herein are true. Employee agrees that Employee shall defend, indemnify and hold
the Company Group harmless from any Claim by any person in any way arising out of, relating to, or in connection with a breach
and/or the falsity of any of the representations, agreements and warranties made by Employee in this Section 15.

 

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16.         Indemnification.

 

16.1         Subject
to limitations imposed by law, the Company and Holdings shall indemnify and hold harmless Employee to the fullest extent permitted
by law from and against any and all claims, damages, expenses (including attorneys’ fees), judgments, penalties, fines, settlements,
and all other liabilities incurred or paid by him in connection with the investigation, defense, prosecution, settlement or appeal
of any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative and
to which Employee was or is a party or is threatened to be made a party by reason of the fact that Employee is or was an officer,
employee or agent of a member of the Company Group, or by reason of anything done or not done by Employee in any such capacity
or capacities, provided that Employee acted in good faith, in a manner that was not grossly negligent or constituted willful misconduct
and in a manner it or he reasonably believed to be in or not opposed to the best interests of the Company Group, and, with respect
to any criminal action or proceeding, had no reasonable cause to believe it or his conduct was unlawful. The Company also shall
pay any and all expenses (including reasonable attorney’s fees) incurred by Employee as a result Employee being called as
a witness in connection with any matter involving the Company Group and/or any of its officers or directors, provided that
the Company shall not be obligated to pay for any such attorney’s fees if there is no appreciable risk of liability to Employee
as a result of serving as such a witness, provided further that, in such event, the Company (at its expense) will provide
Employee with reasonable access to the Company’s legal counsel for the sole purpose of advising Employee in connection his
serving as such a witness.

 

16.2         The
Company and Holdings shall pay any expenses (including attorneys’ fees), judgments, penalties, fines, settlements, and other
liabilities incurred by Employee in investigating, defending, settling or appealing any action, suit or proceeding described in
this Section 16 in advance of the final disposition of such action, suit or proceeding, as such expenses (including attorneys’
fees), judgments, penalties, fines, settlements, and other liabilities come due. The Company shall promptly pay the amount of such
expenses to Employee but in no event later than (ten) 10 days following Employee’s delivery to the Company of a written request
for an advance pursuant to this Section 16, together with a reasonable accounting of such expenses.

 

16.3         Employee
hereby undertakes and agrees to repay to the Company any advances made pursuant to this Section 16 within ten (10) days after an
ultimate finding that Employee is not entitled to be indemnified by the Company for such amounts.

 

16.4         The
Company shall make the advances contemplated by this Section 16 regardless of Employee’s financial ability to make repayment,
and regardless whether indemnification of the Indemnitee by the Company will ultimately be required. Any advances and undertakings
to repay pursuant to this Section 16 shall be unsecured and interest-free.

 

16.5         The
provisions of this Section 16 shall survive the termination of the Term or expiration of the term of this Agreement.

 

17.         Liability
Insurance. The Company Group will cover Employee under its officers’ and directors’ liability insurance in the
same amount and to the same extent as the Company Group covers its other officers and directors.

 

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18.         Miscellaneous
Provisions.

 

18.1         Section
409A Compliance. Unless otherwise expressly provided, any payment of compensation by Company to Employee, whether pursuant
to this Agreement or otherwise, shall be made no later than the 15th day of the third month (i.e., 21⁄2
months) after the later of the end of the calendar year or the Company’s fiscal year in which Employee’s right to such
payment vests (i.e., is not subject to a “substantial risk of forfeiture” for purposes of Code Section 409A
of the Internal Revenue Code of 1986, as amended (“Section 409A”)). For purposes of this Agreement, termination
of Employee’s engagement hereunder shall be deemed to occur only upon “separation from service” as such term
is defined under Section 409A. Each payment and each installment of any severance payments provided for under this Agreement shall
be treated as a separate payment for purposes of application of Section 409A. To the extent that any severance payments (including
payments on termination for “Good Reason”) come within the definition of “involuntary severance” under
Section 409A, such amounts up to the lesser of two times Employee’s annual compensation for the year preceding the year of
termination or two times the Section 401(a)(17) limit for the year of termination, shall be excluded from “deferred compensation”
as allowed under Section 409A, and shall not be subject to the following Section 409A compliance requirements. All payments
of “nonqualified deferred compensation” (within the meaning of Section 409A) are intended to comply with the requirements
of Section 409A, and shall be interpreted in accordance therewith. Neither Party individually or in combination may accelerate,
offset or assign any such deferred payment, except in compliance with Section 409A. No amount shall be paid prior to the earliest
date on which it is permitted to be paid under Section 409A and Employee shall have no discretion with respect to the timing of
payments except as permitted under Section 409A. Any Section 409A payments which are subject to execution of a waiver and release
which may be executed and/or revoked in a calendar year following the calendar year in which the payment event (such as termination)
occurs shall commence payment only in the calendar year in which the release revocation period ends as necessary to comply with
Section 409A. In the event that Employee is determined to be a “key employee” (as defined and determined under Section
409A) of the Company at a time when its stock is deemed to be publicly traded on an established securities market, payments determined
to be “nonqualified deferred compensation” payable upon separation from service shall be made no earlier than (i) the
first day of the seventh (7th) complete calendar month following such termination, or (ii) Employee’s death, consistent
with the provisions of Section 409A.  Any payment delayed by reason of the prior sentence shall be paid out in a single lump
sum at the end of such required delay period in order to catch up to the original payment schedule. All expense reimbursement
or in-kind benefits subject to Section 409A provided under this Agreement or, unless otherwise specified in writing, under any
Company program or policy, shall be subject to the following rules: (i) the amount of expenses eligible for reimbursement or in-kind
benefits provided during one calendar year may not affect the benefits provided during any other year; (ii) reimbursements shall
be paid no later than the end of the calendar year following the year in which Employee incurs such expenses, and Employee shall
take all actions necessary to claim all such reimbursements on a timely basis to permit the Company to make all such reimbursement
payments prior to the end of said period, and (iii) the right to reimbursement or in-kind benefits shall not be subject to liquidation
or exchange for another benefit. Notwithstanding anything herein to the contrary, no amendment may be made to this Agreement if
it would cause the Agreement or any payment hereunder not to be in compliance with Section 409A.

 

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18.2         Assignability
and Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon the heirs, executors, administrators,
successors and legal representatives of Employee, and shall inure to the benefit of and be binding upon the Company and its successors
and assigns, but the obligations of Employee are personal services and may not be delegated or assigned. Employee shall not be
entitled to assign, transfer, pledge, encumber, hypothecate or otherwise dispose of this Agreement, or any of Employee’s
rights and obligations hereunder, and any such attempted delegation or disposition shall be null and void and without effect. This
Agreement may be assigned by the Company to a person or entity that is an affiliate or a successor in interest to substantially
all of the business operations of the Company, if in any such case such person or entity shall by operation of law or expressly
in writing assume all obligations of the Company hereunder as fully as if it had been originally made a party thereto, but may
not otherwise assign this Agreement or its rights and obligations hereunder. Upon such assignment, the rights and obligations of
the Company hereunder shall become the rights and obligations of such affiliate or successor person or entity.

 

18.3         Right
of Set-Off. To the extent permitted by applicable law, each Party may at any time offset against any amounts owed to the other
Party hereunder or otherwise due to such other Party, or anyone claiming through or under such other Party, any debt or debts due
or to become due to it from such other Party.

 

18.4         Severability
and Blue Penciling. If any provision of this Agreement is held to be invalid, the remaining provisions shall remain in full
force and effect. However, if any court determines that any covenant in this Agreement is unenforceable because the duration, geographic
scope or restricted activities thereof are overly broad, then such provision or part thereof shall be modified by reducing the
overly broad duration, geographic scope or restricted activities by the minimum amount so as to make the covenant, in its modified
form, enforceable.

 

18.5         Choice
of Law and Forum. This Agreement shall be interpreted and enforced in accordance with the laws of the State of Delaware, without
regard to its conflict-of-law principles. The parties agree that any dispute concerning or arising out of this Agreement or Employee’s
engagement hereunder (or termination thereof) shall be tried exclusively in an appropriate state or federal court in the state
of Delaware and hereby consent, and waive any objection, to the jurisdiction of any such court.

 

18.6         Mutual
Waiver of Jury Trial. Employee and the Company each hereby waive the right to trial by jury in any action or proceeding, regardless
of the subject matter, between them, including, without limitation, any action or proceeding based upon, arising out of, or in
any way relating to this Agreement and all matters concerning Employee’s engagement hereunder (or the termination thereof).
Employee and the Company further agree that either of them may file a copy of this Agreement with any court as written evidence
of the knowing, voluntary, and bargained agreement between Employee and the Company irrevocably to waive trial by jury, and that
any dispute or controversy whatsoever between Employee and the Company Group shall instead be tried in a court of competent jurisdiction
by a judge sitting without a jury.

 

18.7         Notices.

 

(a)          Any
notice or other communication under this Agreement shall be in writing and shall be delivered by hand, email or mailed by overnight
courier or by registered or certified mail, postage prepaid:

 

(i)          If
to Employee, to Employee’s address on the books and records of the Company.

 

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(ii)         If
to the Company, to the Chairman of the Board of Directors, 910 SE 17th Street, Ft. Lauderdale, FL 33316, or at such other mailing
address or email address as it may have furnished in writing to Employee.

 

(b)          Any
notice so addressed shall be deemed to be given: if delivered by hand or email, on the date of such delivery; if mailed by overnight
courier, on the first business day following the date of such mailing; and if mailed by registered or certified mail, on the third
business day after the date of such mailing.

 

18.8         Survival
of Terms. All provisions of this Agreement that, either expressly or impliedly, contain obligations that extend beyond termination
of Employee’s engagement hereunder, including without limitation those in Sections 7, 9-14 and 16-18 hereof, shall survive
the termination of this Agreement and of Employee’s engagement hereunder for any reason.

 

18.9         Interpretation.
The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement. The language in all parts of this Agreement shall in all cases be construed according to its fair meaning, and
not strictly for or against any Party. The Parties acknowledge that both of them have participated in drafting this Agreement;
therefore, any general rule of construction that any ambiguity shall be construed against the drafter shall not apply to this Agreement.
In this Agreement, unless the context otherwise requires, the masculine, feminine and neuter genders and the singular and the plural
include one another.

 

18.10         Entire
Agreement. This Agreement constitutes the entire understanding and agreement of the Parties. This Agreement supersedes all
prior negotiations, discussions, correspondence, communications, understandings and agreements regarding such subject matter including
but not limited to the Services Agreement. The Company and Employee each acknowledges and agrees that it is not relying on, and
it may not rely on, any oral or written representation of any kind that is not set forth in writing in this Agreement.

 

18.11         Waivers
and Amendments. This Agreement may be altered, amended, modified, superseded or canceled, and the terms hereof may be waived,
only by a written instrument signed by the Parties or, in the case of a waiver, by the Party alleged to have waived compliance.
Any such signature of the Company must be by an authorized signatory for the Board. No delay by any Party in exercising any right,
power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any Party of any such right,
power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise
thereof or the exercise of any other such right, power or privilege.

 

18.12         Third
Party Beneficiary. Nothing expressed or implied in this Agreement is intended, or shall be construed, to confer upon or give
any person other than the Company, the Parties, other members of the Company Group, Employee and their respective heirs, personal
representatives, legal representatives, successors and permitted assigns, any rights or remedies under or by reason of this Agreement.

 

18.13         Counterparts.
This Agreement may be executed in counterparts, and each counterpart, when executed, shall have the efficacy of a signed original.
Photographic, electronically scanned and facsimiles of such signed counterparts may be used in lieu of the originals for any purpose.

 

[The remainder of this page is intentionally
blank; signature page follows.]

    	17

    	 

    

 

IN WITNESS WHEREOF,
the Parties have executed and delivered this Agreement as of the Effective Date.

 

EMPLOYEE

 

	/s/ Zivi Nedivi	 	1/30/2015	 	 
	Zivi Nedivi	 	 	 	 

 

CYALUME TECHNOLOGIES, INC.

 

	By:	/s/ Michael Bielonko	1/30/2015	 
	 	Name: Michael Bielonko	 	 
	 	Title: Chief Financial Officer	 	 

 

CYALUME TECHNOLOGIES HOLDINGS, INC.

 

	By:	/s/ Michael Bielonko	1/30/2015	 
	 	Name: Michael Bielonko	 	 
	 	Title: Chief Financial Officer	 	 

 

    	18

    	 

    

 

Exhibit A – Form of General Release
of Claims for Employee

 

GENERAL RELEASE OF CLAIMS

 

1.          For
good and valuable consideration, including without limitation the payments made to Zivi Nedivi (“Employee”),
pursuant to Section 7.2 of the Employment Agreement, effective as of ____________ __, 2015, by and between Cyalume Technologies,
Inc. (the “Company”), Cyalume Technologies Holdings, Inc. (“Holdings”) and Employee, Employee
hereby voluntarily, knowingly and willingly releases, acquits and forever discharges the Company, Holdings and their former and
current parents, subsidiaries, divisions, affiliates, predecessors, successors and assigns, and each of their current and former
agents, employees, officers, directors, shareholders, members, trustees, heirs, attorneys, representatives, owners and servants,
(collectively, the “Released Parties”) from any and all claims, costs or expenses of any kind or nature whatsoever
(collectively, “Claims”), whether known or unknown, foreseen or unforeseen, that Employee ever had, now has
or may have based upon any matter, fact, cause or thing, occurring from the beginning of time up to and including the date Employee
executes this General Release of Claims, including, without limitation, all Claims regarding Employee’s appointment as the
Chief Executive Officer (“CEO”) of the Company, Holdings and their respective subsidiaries and affiliates (the
“Company Group”), any events that may have occurred during the course of Employee’s relationships with
the Company Group or the termination of such relationships, whether for tort, breach of express or implied employment contract,
wrongful discharge, intentional infliction of emotional distress, or defamation or injuries incurred in connection Employee’s
provision of services to the members of the Company Group or the termination of his relationships with the Company Group. Employee
acknowledges that the Company has encouraged him to consult with an attorney of his choosing, and through this General Release
of Claims encourages him to consult with his attorney with respect to possible claims under the Age Discrimination in Employment
Act (“ADEA”) and that he understands that the ADEA is a federal statute that, among other things, prohibits
discrimination on the basis of age in employment and employee benefits and benefit plans. Without limiting the generality of the
release provided above, Employee expressly waives any and all claims under ADEA that he may have as of the date hereof. Employee
further understands that, by signing this General Release of Claims, he is in fact waiving, releasing and forever giving up any
claim under the ADEA, as well as all other laws within the scope of this paragraph 1 that may have existed on or prior to the date
hereof. Notwithstanding anything in this paragraph 1 to the contrary, this General Release of Claims shall not apply to (i) any
rights to receive any payments or benefits pursuant to Section 7 of the Employment Agreement, (ii) any rights or claims that may
arise as a result of events occurring after the date this General Release of Claims is executed, (iii) any indemnification rights
Employee may have against a member of the Company Group, (iv) any claims for benefits under any directors’ and officers’
liability policy maintained by any member of the Company Group in accordance with the terms of such policy, and (v) any rights
as a holder of equity securities of Holdings.

 

2.          Employee
represents that he has not filed against any of the Released Parties any Claims that he has released in paragraph 1 above, and
covenants and agrees that he will never individually or with any person file, or commence the filing of, any such Claim against
the Released Parties; provided, however, Employee shall not have relinquished his right to commence a proceeding to challenge
whether he knowingly and voluntarily waived his rights, if any, under ADEA.

 

    	 

    	 

    

 

3.          Employee
confirms that he either has or hereby resigns his appointment as CEO of the members of the Company Group and all other officer
or director positions (other than as a shareholder) that he may have with any and all members of the Company Group.

 

4.          Employee
acknowledges and agrees that, if he breaches the terms of this General Release of Claims by filing, bringing or participating in
any Claims or actions contrary to his general release of claims and representations herein, in addition to any other rights and
remedies the Company and any other members of the Company Group may have against Employee, Employee agrees to pay the costs and
expenses (including reasonable attorney’s fees) incurred by the Company or another member of the Company Group, as the case
may be, in defending against such Claims or actions brought by Employee or on Employee’s behalf or in enforcing the terms
of this General Release of Claims. This paragraph 4 shall not apply to any Claims that Employee files under ADEA or any challenge
that Employee makes to the validity of the ADEA waiver contained in this General Release of Claims.

 

5.          Employee
hereby acknowledges that the Company has informed him that he has up to fifty (50) days following the termination of Employee’s
engagement under the Employment Agreement to sign this General Release of Claims and he may knowingly and voluntarily waive that
fifty (50) day period by signing this General Release of Claims earlier. Employee also understands that he shall have seven (7)
days following the date on which he signs this General Release of Claims within which to revoke it by providing a written notice
of his revocation to the Chairman of the Board of Directors of the Company, with a copy to Bruce I. March, Greenberg Traurig, P.A.,
401 East Las Olas Blvd., Suite 2000, Fort Lauderdale, FL 33301, marchb@gtlaw.com.

 

6.          Employee
acknowledges and agrees that (i) this General Release of Claims shall be interpreted and enforced in accordance with the laws of
the State of Delaware, without regard to its conflict-of-law principles, and (ii) any dispute concerning or arising out of this
General Release of Claims or Employee’s engagement under the Employment Agreement (or termination thereof) shall be tried
exclusively in an appropriate state or federal court in the state of Delaware and hereby consents, and waives any objection, to
the jurisdiction of any such court.

 

7.          Employee
acknowledges that he has read this General Release of Claims, that he has been advised that he should consult with an attorney
before he executes this General Release of Claims, and that he understands all of its terms and executes it voluntarily and with
full knowledge of its significance and the consequences thereof.

 

8.          This
General Release of Claims shall take effect on the eighth day following Employee’s execution of this General Release of Claims,
unless previously revoked by Employee pursuant to paragraph 5 above.

 

	 	 	 	Dated:	 	 
	 	Zivi Nedivi	 	 	 	 

 

    	2

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