Document:

ex104.htm

Exhibit 10.4

 

ORIGINOIL, INC.

RESTRICTED STOCK GRANT AGREEMENT

This Restricted Stock Grant Agreement (the “Agreement”) is made and entered into as of January 10, 2014, (the “Effective Date”) by and between OriginOil, Inc., a Nevada corporation (the “Company”), and the person named below (the “Grantee”).

	Grantee: 	Jean-Louis Kindler 	 
	 	 	 
	Address: 	 	 
	 	 	 
	 	 	 
	 	 	 
	Total Number of Shares to Be Granted:	3,750,000	 

 

1.           Grant of Restricted Shares.  In consideration for the performance of services by the Grantee for the Company, whether as a director, officer, employee or consultant, the Company hereby grants the Restricted Shares to the Grantee, subject to the conditions of this Agreement. As used in this Agreement, the term “Shares” shall mean shares of the Company’s common stock, par value $0.001 per share, which includes the Restricted Shares granted under this Agreement, and all securities received (i) in replacement of the Shares, (ii) as a result of stock dividends or stock splits with respect to the Shares, (iii) in replacement of the Shares in a merger, recapitalization, reorganization or similar corporate transaction; and (iv) pursuant to an adjustment to the number of Shares issuable on any vesting date by virtue of Section 1.5 of this Agreement.

2.           Vesting. The Restricted Shares shall vest and be issued to the Grantee under this Agreement upon the satisfaction of the conditions set forth in Sections 2.1, 2.2, 2.3 and 2.4 of this Agreement, including attaining the Company Performance Goals and the other conditions precedent to the issuance of the eligible Restricted Shares.

2.1           Schedule of Company Performance Goals.  Grantee shall be eligible for the issuance of Restricted Shares for each Company Performance Goal attained as follows:

	
Restricted Shares

	
Company Performance Goals

	
750,000

	
 
The Company's Market Capitalization exceeds $15,000,000.  Market Capitalization shall mean the total number of shares of issued and outstanding common stock, multiplied by the average closing trade price of the Company's common stock on any 15 of the 20 trading days immediately  prior to the date of determination.

 

	
1,125,000

	
The Company’s consolidated gross revenue, calculated in accordance with generally accepted accounting principles, consistently applied, equals or exceeds $2,500,000 for the trailing twelve-month period as reported in the Company’s quarterly or annual financial statements.

 

	
1,875,000

	
The Company’s consolidated net profit, calculated in accordance with generally accepted accounting principles, consistently applied, equals or exceeds $500,000 for the trailing twelve-month period as reported in the Company’s quarterly or annual financial statements.

 

  

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2.2           Vesting and Issuance of Eligible Restricted Shares. After a particular Company Performance Goal has been met, the Restricted Shares associated with that particular Company Performance Goal shall be eligible for vesting (the “Eligible Restricted Shares”).  The Eligible Restricted Shares shall vest on a monthly basis, based on the following formula:

  5%   x   Prior Monthly Trade Value

Monthly Number of Vested Shares =      -------------------------------------------------------------

          Fair Market Value of the Company’s Shares

For the purposes of this Agreement, the Monthly Trade Value of the Company’s Shares shall mean the aggregate sum of the Daily Trade Value in a calendar month.  The Daily Trade Value is defined as the closing trade price of the Company’s Shares multiplied by the daily trade volume.  For example, if the closing trade price was $1.00 and the daily trade volume on that day was 500,000 shares, then the Daily Trade Value for that day would be $500,000.  If the Company’s common stock is no longer publicly traded, then the Board of Directors in good faith shall determine the Monthly Number of Vested Shares.

If the Prior Monthly Trade Value is less than $50,000, then zero Eligible Restricted Shares shall vest for that month.

The monthly vested Shares, if any, shall be issued to the Grantee within five (5) business days after the last day of each month.

2.3           Acceleration. Notwithstanding the foregoing, all of the Restricted Shares shall become fully vested and shall be issued immediately before and contingent upon the occurrence of a Change in Control, whether or not the Grantee’s service continues after the Change in Control, if the Grantee has remained in continuous service to the Company until the Change in Control, as officer, director, employee or consultant (it being understood that if the Grantee has continued without interruption to serve  in one or more capacities as an officer, director, employee or consultant of the Company this shall not be considered an interruption in continuous service).

“Change in Control” means: a (i) Change in Ownership of the Company, (ii) Change in Effective Control of the Company, or (iii) Change in the Ownership of Assets of the Company, all as described herein and construed in accordance with Internal Revenue Code section 409A and Treasury Regulation (“Reg.”) Section 1.409A-3(i)(5)(v) (and if or to the extent the definition of “Change of Control” as described herein is inconsistent or incompatible with the definition contained in Reg. Section 1.409A-3(i)(5)(v) then the definition contained in Reg. Section 1.409A-3(i)(5)(v) shall control).

 

  

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(i)            A “Change in Ownership of the Company” shall occur on the date that any one Person acquires, or Persons Acting as a Group acquire, ownership of the capital stock of the Company that, together with the stock held by such Person or Group, constitutes more than 50% of the total fair market value or total voting power of the capital stock of the Company. However, if any one Person is, or Persons Acting as a Group are, considered to own more than 50% of the total fair market value or total voting power of the capital stock of the Company, the acquisition of additional stock by the same Person or Persons Acting as a Group is not considered to cause a Change in Ownership of the Company or to cause a Change in Effective Control of the Company (as described below). An increase in the percentage of capital stock owned by any one Person, or Persons Acting as a Group, as a result of a transaction in which the Company acquires its stock in exchange for property will be treated as an acquisition of stock.

 

(ii)            A “Change in Effective Control of the Company” shall occur on the date a majority of members of the board of directors of the Company is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the board of directors of the Company before the date of the appointment or election.

 

(iii) A “Change in the Ownership of Assets of the Company” shall occur on the date that any one Person acquires, or Persons Acting as a Group acquire (or has or have acquired during the 12-month period ending on the date of the most recent acquisition by such Person or Persons), assets from the Company the total gross fair market value of which is more than 50% of the total gross fair market value of all of the assets of the Company immediately before such acquisition or acquisitions. For this purpose, gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

 

The following rules of construction apply in interpreting the definition of Change in Control:

 

(A)            A “Person” means any individual, entity or group within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended, other than employee benefit plans sponsored or maintained by the Company and by entities controlled by the Company or an underwriter of the capital stock of the Company in a registered public offering.

 

(B)            Persons will be considered to be “Persons Acting as a Group (or Group)” if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. If a Person owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock, or similar transaction, such shareholder is considered to be acting as a Group with other shareholders only with respect to the ownership in that corporation before the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. Persons will not be considered to be acting as a Group solely because they purchase assets of the same corporation at the same time or purchase or own stock of the same corporation at the same time, or as a result of the same public offering.

 

  

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(C)            Fair market value shall be determined by the board of directors of the Company or its compensation committee if one is constituted.

 

(D)            A Change in Control shall not include a transfer to a related person as described in Internal Revenue Code section 409A or a public offering of capital stock of the Company.

2.4           Forfeiture. Grantee shall forfeit all vesting rights for any Eligible Restricted Shares that have not vested within five (5) years of the date that the Eligible Restricted Shares were eligible for vesting.

2.5           Termination. If the Grantee ceases to provide any services to the Company, as officer, director, employee or consultant, for any reason before the date that the Company Performance Goals have been met (it being understood that if the Grantee continues without interruption to serve thereafter in one or more capacities as officer, director, employee or consultant of the Company this shall not be considered a cessation of service), then the Restricted Shares associated with the unmet Company Performance Goals as of the date of such cessation of services shall immediately be forfeited as of the date of such cessation of services.  The Eligible Restricted Shares associated with any Company Performance Goals met prior to the date the Grantee ceases to provide any services to the Company shall continue to vest and be issued to the Grantee in accordance with Sections 2.2 and 2.3 of this Agreement.

 

2.6           Title to Shares. The exact spelling of the name(s) under which Grantee shall take title to the Shares is:

                                        

	 	Jean-Louis Kindler 
	 	 
	 	 

 

Grantee desires to take title to the Shares as follows:

 

[ X ]           Individual, as separate property

 

[  ]      Husband and wife, as community property

 

[  ]      Joint Tenants

 

  

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To assign the Shares to a trust, a stock transfer agreement in a form and substance acceptable to the Company must be completed and executed and such transfer must comply with applicable federal and state securities laws.

 

2.7           Adjustment to Number of Shares.  The Company agrees that if the Fair Market Value of the Company’s common stock on the date of Share issuance is less than the Fair Market Value of the Company’s common stock on the Effective Date, then the number of Shares issuable (assuming all conditions are satisfied) shall be increased so that the aggregate Fair Market Value of Shares issuable equals the aggregate Fair Market Value that such number of Shares would have had on the Effective Date.

 

2.8           Fair Market Value of Shares. For the purposes of Section 2.7 of this Agreement, “Fair Market Value” shall equal the average of the trailing ten (10) closing trade prices of the Company’s common stock as quoted on the public securities trading market on which the Company’s common stock is then traded; provided, that if the Company’s common stock is not then publicly trading or quoted, “Fair Market Value” shall be determined by the Company’s Board of Directors in good faith.

3.           Representations and Warranties of Grantee.  Grantee represents and warrants to the Company that:

 

3.1           Agrees to Terms of this Agreement.  Grantee has received a copy of this Agreement, has read and understands the terms of this Agreement, and agrees to be bound by its terms and conditions.

 

3.2           Acceptance of Shares for Own Account for Investment.  Grantee is acquiring the Shares for Grantee's own account for investment purposes only and not with a view to, or for sale in connection with, a distribution of the Shares within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).  Grantee has no present intention of selling or otherwise disposing of all or any portion of the Shares.

 

3.3           Access to Information.  Grantee has had access to all information regarding the Company and its present and prospective business, assets, liabilities and financial condition that Grantee reasonably considers important in making the decision to acquire the Shares, and Grantee has had ample opportunity to ask questions of the Company's representatives concerning such matters and this investment.

 

3.4           Understanding of Risks.  Grantee is fully aware of:  (i) the highly speculative nature of the investment in the Shares; (ii) the financial hazards involved; (iii) the lack of liquidity of the Shares and the restrictions on transferability of the Shares (e.g., that Grantee may not be able to sell or dispose of the Shares or use them as collateral for loans); (iv) the qualifications and backgrounds of the management of the Company; and (v) the tax consequences of investment in the Shares.  Grantee is capable of evaluating the merits and risks of this investment, has the ability to protect Grantee's own interests in this transaction and is financially capable of bearing a total loss of this investment.

 

  

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3.5           No General Solicitation.  At no time was Grantee presented with or solicited by any publicly issued or circulated newspaper, mail, radio, television or other form of general advertising or solicitation in connection with the offer, sale and issue of the Shares.

 

3.6           Accredited Investor. The Grantee is an accredited investor as such term is defined in Rule 501(a) of Regulation D promulgated under the Securities Act.

 

4.           Compliance with Securities Laws.  Grantee understands and acknowledges that the Shares have not been registered with the Securities and Exchange Commission (the “SEC”) under the Securities Act and that, notwithstanding any other provision of this Agreement to the contrary, the issuance of any Shares is expressly conditioned upon compliance with the Securities Act and all applicable state securities laws.  Grantee agrees to cooperate with the Company to ensure compliance with such laws.

 

5.           Restricted Securities.

 

5.1           No Transfers Unless Registered or Exempt.  Grantee understands that Grantee may not transfer any Shares unless such Shares are registered under the Securities Act and qualified under applicable state securities laws or unless, in the opinion of counsel to the Company, exemptions from such registration and qualification requirements are available.  Grantee understands that only the Company may file a registration statement with the SEC and that the Company is under no obligation to do so with respect to the Shares.  Grantee has also been advised that exemptions from registration and qualification may not be available or may not permit Grantee to transfer all or any of the Shares in the amounts or at the times proposed by Grantee.

 

5.2           SEC Rule 144.  In addition, Grantee has been advised that SEC Rule 144 promulgated under the Securities Act, which permits certain limited sales of unregistered securities, is not presently available with respect to the Shares and, in any event, requires that the Shares be held for a minimum of six months, and in certain cases one (1) year, after they have been acquired, before they may be resold under Rule 144.  Grantee understands that Rule 144 may indefinitely restrict transfer of the Shares so long as Grantee remains an "affiliate" of the Company or if "current public information" about the Company (as defined in Rule 144) is not publicly available.

 

6.           Market Standoff Agreement.  Grantee agrees in connection with any registration of the Company's securities that, upon the request of the Company or the underwriters managing any public offering of the Company's securities, Grantee shall not sell or otherwise dispose of any Shares without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed one hundred eighty (180) days) after the effective date of such registration requested by such underwriters and subject to all restrictions as the Company or the underwriters may specify.  Grantee further agrees to enter into any agreement reasonably required by the underwriters to implement the foregoing.

  

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7.           Company Take-Along Right.

7.1           Approved Sale.  If the Board of Directors of the Company (the “Board”) shall deliver a notice to Grantee (a “Sale Event Notice”) stating that the Board has approved a sale of all or a portion of the Company (an “Approved Sale”) and specifying the name and address of the proposed parties to such transaction and the consideration payable in connection therewith, Grantee shall (i) consent to and raise no objections against the Approved Sale or the process pursuant to which the Approved Sale was arranged, (ii) waive any dissenter’s rights and other similar rights, and (iii) if the Approved Sale is structured as a sale of securities, agree to sell Grantee’s Shares on the terms and conditions of the Approved Sale which terms and conditions shall treat all stockholders of the Company equally (on a pro rata basis), except that shares having a liquidation preference may, if so provided in the documents governing such shares, receive an amount of consideration equal to such liquidation preference in addition to the consideration being paid to the holders of Shares not having a liquidation preference.

Grantee shall take all necessary and desirable lawful actions as directed by the Board and the stockholders of the Company approving the Approved Sale in connection with the consummation of any Approved Sale, including without limitation, the execution of such agreements and such instruments and other actions reasonably necessary to (A) provide the representations, warranties, indemnities, covenants, conditions, non-compete agreements, escrow agreements and other provisions and agreements relating to such Approved Sale and, (B) effectuate the allocation and distribution of the aggregate consideration upon the Approved Sale, provided, that this Section 7 shall not require Grantee to indemnify the purchaser in any Approved Sale for breaches of the representations, warranties or covenants of the Company or any other stockholder, except to the extent (x) Grantee is not required to incur more than its pro rata share of such indemnity obligation (based on the total consideration to be received by all stockholders that are similarly situated and hold the same class or series of capital stock) and (y) such indemnity obligation is provided for and limited to a post-closing escrow or holdback arrangement of cash or stock paid in connection with the Approved Sale.

7.2           Costs.  Grantee shall bear Grantee’s pro rata share (based upon the amount of consideration to be received) of the reasonable costs of any sale of Shares pursuant to an Approved Sale to the extent such costs are incurred for the benefit of all selling stockholders of the Company and are not otherwise paid by the Company or the acquiring party.  Costs incurred by Grantee on Grantee’s own behalf shall not be considered costs of the transaction hereunder.

7.3           Share Delivery.  At the consummation of the Approved Sale, Grantee shall, if applicable, deliver certificates representing the Shares to be transferred, duly endorsed for transfer and accompanied by all requisite stock transfer taxes, if any, and the Shares to be transferred shall be free and clear of any liens, claims or encumbrances (other than restrictions imposed by this Section 7) and Grantee shall so represent and warrant.

7.4           Termination of Company Take-Along Right.  The Take-Along Right shall terminate as to the Shares upon the Public Trading Date of the Shares.  For the purposes of this Agreement, the “Public Trading Date” of the Shares is the date on which the Shares first become freely tradable under the Securities Act, either pursuant to Rule 144 or another provision of the Securities Act.  The holder of the Shares may apply to have all restrictive transfer legends removed from the certificates evidencing the Shares, provided that the request for legend removal is made at such times and in such manner that removal is accomplished in compliance with the Securities Act and the rules and regulations promulgated under the Securities Act; and provided further, that any proposed sale of Shares must comply with all Company policies and procedures, and with applicable federal, state and local laws.

 

  

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    8.              Rights as a Stockholder.  Subject to the terms and conditions of this Agreement, Grantee shall have all of the rights of a stockholder of the Company with respect to the Shares after the Restricted Shares vest and are issuable until such time as Grantee disposes of the Shares.

 

9.              Restrictive Legends and Stop-Transfer Orders.

 

9.1           Legends.  Grantee understands and agrees that the Company shall place the legends set forth below or similar legends on any stock certificate(s) evidencing the Shares, together with any other legends that may be required by state or federal securities laws, the Company's Certificate of Incorporation or Bylaws, any other agreement between Grantee and the Company or any agreement between Grantee and any third party:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES.  THESE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.  INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.  THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS.

 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A 180 DAY MARKET STANDOFF RESTRICTION AS SET FORTH IN A CERTAIN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE ISSUER.  AS A RESULT OF SUCH AGREEMENT, THESE SHARES MAY NOT BE TRADED PRIOR TO 180 DAYS AFTER THE EFFECTIVE DATE OF A PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF.  SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES.

 

  

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9.2           Stop-Transfer Instructions.  Grantee agrees that, to ensure compliance with the restrictions imposed by this Agreement, the Company may issue appropriate "stop-transfer" instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

9.3           Refusal to Transfer.  The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares, or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred.

10.           Tax Consequences.  GRANTEE UNDERSTANDS THAT GRANTEE MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF GRANTEE'S ACQUISITION OR DISPOSITION OF THE SHARES.  GRANTEE REPRESENTS (i) THAT GRANTEE HAS CONSULTED WITH A TAX ADVISER THAT GRANTEE DEEMS ADVISABLE IN CONNECTION WITH THE ACQUISITION OR DISPOSITION OF THE SHARES AND (ii) THAT GRANTEE IS NOT RELYING ON THE COMPANY FOR ANY TAX ADVICE.

11.           Compliance with Laws and Regulations.  The issuance and transfer of the Shares shall be subject to and conditioned upon compliance by the Company and Grantee with all applicable state and federal laws and regulations and with all applicable requirements of any stock exchange or automated quotation system on which the Company's common stock may be listed or quoted at the time of such issuance or transfer.

12.           Successors and Assigns.  The Company may assign any of its rights under this Agreement. This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company.  Subject to the restrictions on transfer herein set forth, this Agreement shall be binding upon Grantee and Grantee's heirs, executors, administrators, legal representatives, successors and assigns.

13.           Governing Law; Severability.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Nevada as such laws are applied to agreements between Nevada residents entered into and to be performed entirely within Nevada, excluding that body of laws pertaining to conflict of laws.  If any provision of this Agreement is determined by a court of law to be illegal or unenforceable, then such provision shall be enforced to the maximum extent possible and the other provisions shall remain fully effective and enforceable.

14.           Notices.  Any notice required to be given or delivered to the Company shall be in writing and addressed to the Corporate Secretary of the Company at its principal corporate offices.  Any notice required to be given or delivered to Grantee shall be in writing and addressed to Grantee at the address indicated above or to such other address as Grantee may designate in writing from time to time to the Company.  All notices shall be deemed effectively given upon personal delivery, (i) three (3) days after deposit in the United States mail by certified or registered mail (return receipt requested), (ii) one (1) business day after its deposit with any return receipt express courier (prepaid), or (iii) one (1) business day after transmission by facsimile or email.

  

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15.           Further Instruments.  The parties agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement.

16.           Headings; Counterparts.  The captions and headings of this Agreement are included for ease of reference only and shall be disregarded in interpreting or construing this Agreement.  All references herein to Sections shall refer to Sections of this Agreement.  This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same agreement.

17.           Entire Agreement.  This Agreement constitutes the entire agreement and understanding of the parties with respect to the subject matter of this Agreement, and supersedes all prior understandings and agreements, whether oral or written, between the parties hereto with respect to the specific subject matter of this Agreement.

WHEREOF, the Company has caused this Agreement to be executed by its duly authorized representative and Grantee has executed this Agreement as of the Effective Date.

 

	COMPANY 	 	 	GRANTEE	 
	 	 	 	 	 
	By: /s/ T. Riggs Eckelberry	 	 	 /s/ Nicholas Eckelberry	 
	
  

	 	 	
(Signature)

	 
	 	 	 	 	 
	T. Riggs Eckelberry	 	 	Nicholas Eckelberry	 
	(Please print name)	 	 	

(Please print name)

	 
	
  

	 	 	 	 
	
CEO 

	 	 	 	 
	(Please print title)	 	 	 	 

 

  

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Spouse Consent

 

 

The undersigned spouse of ______________ (the “Grantee”) has read, understands, and hereby approves the Restricted Stock Grant Agreement between OriginOil, Inc., a Nevada corporation (the “Company”) and Grantee (the “Agreement”). In consideration of the Company's granting my spouse the right to purchase the Shares as set forth in the Agreement, the undersigned hereby agrees to be irrevocably bound by the Agreement and further agrees that any community property interest shall similarly be bound by the Agreement. The undersigned hereby appoints Grantee as my attorney-in-fact with respect to any amendment or exercise of any rights under the Agreement.

 

	Date: 	 	 	 
	 	 	Print Name of Grantee's Spouse	 
	 	 	 	 
	 	 	 	 
	(Please print name) 	 	Signature of Grantee's Spouse	 
	 	 	 	 
	 	 	Address: 	 
	(Please print title) 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	o Check this box if you do not have a spouse. 	 

 

 

11Exhibit
10.1

STEVEN MADDEN,
LTD.

52-16 BARNETT
AVENUE

LONG ISLAND
CITY, NY 11104

T (718) 446-1800

 

January 10, 2014

 

Dear Ms. Newton Varela:

 

This letter
will set forth below the amended and restated terms and conditions of your employment with Steven Madden, Ltd. (the “Company”):

 

		1.	Term
                                                                                                                                              of
                                                                                                                                              Agreement.
                                                                                                                                              January
                                                                                                                                              1,
                                                                                                                                              2014
                                                                                                                                              through
                                                                                                                                              December
                                                                                                                                              31,
                                                                                                                                              2016
                                                                                                                                              (the
                                                                                                                                              “Term”),
                                                                                                                                              unless
                                                                                                                                              sooner
                                                                                                                                              terminated
                                                                                                                                              in
                                                                                                                                              accordance
                                                                                                                                              with
                                                                                                                                              Paragraph
                                                                                                                                              7
                                                                                                                                              of
                                                                                                                                              this
                                                                                                                                              Agreement.

 

		2.	Position.
                                                                                                                                              Executive
                                                                                                                                              Vice
                                                                                                                                              President
                                                                                                                                              –
                                                                                                                                              Wholesale.
                                                                                                                                              You
                                                                                                                                              shall
                                                                                                                                              report
                                                                                                                                              to
                                                                                                                                              the
                                                                                                                                              Chief
                                                                                                                                              Operating
                                                                                                                                              Officer
                                                                                                                                              or
                                                                                                                                              such
                                                                                                                                              other
                                                                                                                                              person
                                                                                                                                              as
                                                                                                                                              the
                                                                                                                                              Chief
                                                                                                                                              Executive
                                                                                                                                              Officer
                                                                                                                                              (the
                                                                                                                                              “CEO”)
                                                                                                                                              shall
                                                                                                                                              direct.

 

		3.	Salary.
                                                                                                                                              $500,000
                                                                                                                                              per
                                                                                                                                              annum
                                                                                                                                              (paid
                                                                                                                                              in
                                                                                                                                              accordance
                                                                                                                                              with
                                                                                                                                              normal
                                                                                                                                              Company
                                                                                                                                              practice)
                                                                                                                                              from
                                                                                                                                              January
                                                                                                                                              1,
                                                                                                                                              2014
                                                                                                                                              through
                                                                                                                                              December
                                                                                                                                              31,
                                                                                                                                              2016.

 

		4.	Annual
                                                                                                                                              Wholesale
                                                                                                                                              Bonus.
                                                                                                                                              You
                                                                                                                                              shall
                                                                                                                                              receive
                                                                                                                                              a
                                                                                                                                              performance
                                                                                                                                              bonus
                                                                                                                                              for
                                                                                                                                              each
                                                                                                                                              of
                                                                                                                                              2014,
                                                                                                                                              2015
                                                                                                                                              and
                                                                                                                                              2016
                                                                                                                                              equal
                                                                                                                                              to
                                                                                                                                              2%
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              increase,
                                                                                                                                              if
                                                                                                                                              any,
                                                                                                                                              in
                                                                                                                                              Wholesale
                                                                                                                                              division
                                                                                                                                              EBIT
                                                                                                                                              (earnings
                                                                                                                                              before
                                                                                                                                              interest
                                                                                                                                              and
                                                                                                                                              taxes)
                                                                                                                                              for
                                                                                                                                              that
                                                                                                                                              year
                                                                                                                                              over
                                                                                                                                              Wholesale
                                                                                                                                              division
                                                                                                                                              EBIT
                                                                                                                                              for
                                                                                                                                              the
                                                                                                                                              immediately
                                                                                                                                              prior
                                                                                                                                              year,
                                                                                                                                              less
                                                                                                                                              any
                                                                                                                                              deductions
                                                                                                                                              as
                                                                                                                                              shall
                                                                                                                                              be
                                                                                                                                              required
                                                                                                                                              to
                                                                                                                                              be
                                                                                                                                              withheld
                                                                                                                                              by
                                                                                                                                              any
                                                                                                                                              applicable
                                                                                                                                              laws
                                                                                                                                              and
                                                                                                                                              regulations.
                                                                                                                                              EBIT
                                                                                                                                              from
                                                                                                                                              any
                                                                                                                                              business
                                                                                                                                              acquired
                                                                                                                                              after
                                                                                                                                              the
                                                                                                                                              date
                                                                                                                                              hereof
                                                                                                                                              shall
                                                                                                                                              not
                                                                                                                                              be
                                                                                                                                              included
                                                                                                                                              in
                                                                                                                                              the
                                                                                                                                              bonus
                                                                                                                                              calculation
                                                                                                                                              until
                                                                                                                                              the
                                                                                                                                              second
                                                                                                                                              full
                                                                                                                                              calendar
                                                                                                                                              year
                                                                                                                                              under
                                                                                                                                              Company
                                                                                                                                              ownership.
                                                                                                                                              Such
                                                                                                                                              bonus
                                                                                                                                              (net
                                                                                                                                              of
                                                                                                                                              any
                                                                                                                                              deductions
                                                                                                                                              required
                                                                                                                                              to
                                                                                                                                              be
                                                                                                                                              withheld
                                                                                                                                              by
                                                                                                                                              any
                                                                                                                                              applicable
                                                                                                                                              laws
                                                                                                                                              and
                                                                                                                                              regulations)
                                                                                                                                              shall
                                                                                                                                              be
                                                                                                                                              payable
                                                                                                                                              on
                                                                                                                                              or
                                                                                                                                              about
                                                                                                                                              March
                                                                                                                                              15
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              following
                                                                                                                                              year.

 

		5.	Options.
                                                                                                                                              You
                                                                                                                                              shall
                                                                                                                                              be
                                                                                                                                              granted
                                                                                                                                              100,000
                                                                                                                                              options
                                                                                                                                              on
                                                                                                                                              February
                                                                                                                                              3,
                                                                                                                                              2014.
                                                                                                                                              All
                                                                                                                                              options
                                                                                                                                              shall
                                                                                                                                              vest
                                                                                                                                              25%
                                                                                                                                              each
                                                                                                                                              year
                                                                                                                                              for
                                                                                                                                              four
                                                                                                                                              years,
                                                                                                                                              commencing
                                                                                                                                              on
                                                                                                                                              the
                                                                                                                                              first
                                                                                                                                              anniversary
                                                                                                                                              date
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              grant
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              options,
                                                                                                                                              have
                                                                                                                                              a
                                                                                                                                              term
                                                                                                                                              of
                                                                                                                                              seven
                                                                                                                                              years
                                                                                                                                              and
                                                                                                                                              have
                                                                                                                                              an
                                                                                                                                              exercise
                                                                                                                                              price
                                                                                                                                              equal
                                                                                                                                              to
                                                                                                                                              the
                                                                                                                                              market
                                                                                                                                              price
                                                                                                                                              on
                                                                                                                                              the
                                                                                                                                              last
                                                                                                                                              trading
                                                                                                                                              day
                                                                                                                                              prior
                                                                                                                                              to
                                                                                                                                              the
                                                                                                                                              grant
                                                                                                                                              date.

 

		6.	Car
                                                                                                                                              Allowance.
                                                                                                                                              During
                                                                                                                                              the
                                                                                                                                              Term,
                                                                                                                                              you
                                                                                                                                              shall
                                                                                                                                              receive
                                                                                                                                              a
                                                                                                                                              car
                                                                                                                                              allowance
                                                                                                                                              of
                                                                                                                                              $1,250
                                                                                                                                              per
                                                                                                                                              month.

 

		7.	Termination.

 

		(a)	Involuntary
                                                                                                                                                   Termination.
                                                                                                                                                   The
                                                                                                                                                   Company
                                                                                                                                                   has
                                                                                                                                                   the
                                                                                                                                                   right
                                                                                                                                                   to
                                                                                                                                                   terminate
                                                                                                                                                   your
                                                                                                                                                   employment,
                                                                                                                                                   on
                                                                                                                                                   written
                                                                                                                                                   notice
                                                                                                                                                   to
                                                                                                                                                   you,
                                                                                                                                                   at
                                                                                                                                                   any
                                                                                                                                                   time
                                                                                                                                                   without
                                                                                                                                                   Cause
                                                                                                                                                   (as
                                                                                                                                                   defined
                                                                                                                                                   below).
                                                                                                                                                   In
                                                                                                                                                   the
                                                                                                                                                   event
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   terminates
                                                                                                                                                   your
                                                                                                                                                   employment
                                                                                                                                                   without
                                                                                                                                                   Cause,
                                                                                                                                                   then
                                                                                                                                                   the
                                                                                                                                                   Term
                                                                                                                                                   shall
                                                                                                                                                   terminate
                                                                                                                                                   immediately,
                                                                                                                                                   and
                                                                                                                                                   you
                                                                                                                                                   shall
                                                                                                                                                   be
                                                                                                                                                   entitled
                                                                                                                                                   to
                                                                                                                                                   receive
                                                                                                                                                   only
                                                                                                                                                   (i)
                                                                                                                                                   Salary
                                                                                                                                                   payments
                                                                                                                                                   described
                                                                                                                                                   in
                                                                                                                                                   Paragraph
                                                                                                                                                   3,
                                                                                                                                                   at
                                                                                                                                                   the
                                                                                                                                                   regular
                                                                                                                                                   intervals
                                                                                                                                                   of
                                                                                                                                                   payment,
                                                                                                                                                   from
                                                                                                                                                   the
                                                                                                                                                   date
                                                                                                                                                   of
                                                                                                                                                   termination
                                                                                                                                                   through
                                                                                                                                                   the
                                                                                                                                                   date
                                                                                                                                                   this
                                                                                                                                                   Agreement
                                                                                                                                                   would
                                                                                                                                                   have
                                                                                                                                                   otherwise
                                                                                                                                                   terminated
                                                                                                                                                   but
                                                                                                                                                   for
                                                                                                                                                   the
                                                                                                                                                   involuntary
                                                                                                                                                   termination
                                                                                                                                                   plus
                                                                                                                                                   (ii)
                                                                                                                                                   any
                                                                                                                                                   accrued
                                                                                                                                                   and
                                                                                                                                                   unpaid
                                                                                                                                                   Bonus
                                                                                                                                                   amount
                                                                                                                                                   described
                                                                                                                                                   in
                                                                                                                                                   Paragraph
                                                                                                                                                   4
                                                                                                                                                   for
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   prior
                                                                                                                                                   to
                                                                                                                                                   termination
                                                                                                                                                   which
                                                                                                                                                   such
                                                                                                                                                   Bonus
                                                                                                                                                   shall
                                                                                                                                                   still
                                                                                                                                                   be
                                                                                                                                                   payable
                                                                                                                                                   on
                                                                                                                                                   or
                                                                                                                                                   about
                                                                                                                                                   March
                                                                                                                                                   15
                                                                                                                                                   of
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   following
                                                                                                                                                   their
                                                                                                                                                   accrual.

    	 

    	 

    
		(b)	Voluntary
                                                                                                                                                   Termination
                                                                                                                                                   by
                                                                                                                                                   you
                                                                                                                                                   or
                                                                                                                                                   Termination
                                                                                                                                                   for
                                                                                                                                                   Cause.
                                                                                                                                                   You
                                                                                                                                                   shall
                                                                                                                                                   have
                                                                                                                                                   the
                                                                                                                                                   right
                                                                                                                                                   to
                                                                                                                                                   terminate
                                                                                                                                                   your
                                                                                                                                                   employment
                                                                                                                                                   at
                                                                                                                                                   any
                                                                                                                                                   time
                                                                                                                                                   for
                                                                                                                                                   any
                                                                                                                                                   reason
                                                                                                                                                   (“Voluntary
                                                                                                                                                   Termination”)
                                                                                                                                                   and
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   shall
                                                                                                                                                   have
                                                                                                                                                   the
                                                                                                                                                   right
                                                                                                                                                   to
                                                                                                                                                   terminate
                                                                                                                                                   your
                                                                                                                                                   employment
                                                                                                                                                   at
                                                                                                                                                   any
                                                                                                                                                   time
                                                                                                                                                   for
                                                                                                                                                   Cause,
                                                                                                                                                   on
                                                                                                                                                   written
                                                                                                                                                   notice
                                                                                                                                                   to
                                                                                                                                                   you,
                                                                                                                                                   setting
                                                                                                                                                   forth
                                                                                                                                                   in
                                                                                                                                                   reasonable
                                                                                                                                                   detail
                                                                                                                                                   the
                                                                                                                                                   facts
                                                                                                                                                   and
                                                                                                                                                   circumstances
                                                                                                                                                   resulting
                                                                                                                                                   in
                                                                                                                                                   the
                                                                                                                                                   Cause
                                                                                                                                                   upon
                                                                                                                                                   which
                                                                                                                                                   such
                                                                                                                                                   termination
                                                                                                                                                   is
                                                                                                                                                   based.
                                                                                                                                                   In
                                                                                                                                                   the
                                                                                                                                                   event
                                                                                                                                                   of
                                                                                                                                                   a
                                                                                                                                                   Voluntary
                                                                                                                                                   Termination
                                                                                                                                                   or
                                                                                                                                                   a
                                                                                                                                                   termination
                                                                                                                                                   by
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   for
                                                                                                                                                   Cause,
                                                                                                                                                   the
                                                                                                                                                   Term
                                                                                                                                                   shall
                                                                                                                                                   terminate
                                                                                                                                                   immediately
                                                                                                                                                   and
                                                                                                                                                   you
                                                                                                                                                   shall
                                                                                                                                                   be
                                                                                                                                                   entitled
                                                                                                                                                   only
                                                                                                                                                   to
                                                                                                                                                   any
                                                                                                                                                   accrued
                                                                                                                                                   and
                                                                                                                                                   unpaid
                                                                                                                                                   Salary
                                                                                                                                                   described
                                                                                                                                                   in
                                                                                                                                                   Paragraph
                                                                                                                                                   3
                                                                                                                                                   through
                                                                                                                                                   the
                                                                                                                                                   date
                                                                                                                                                   of
                                                                                                                                                   termination.
                                                                                                                                                   For
                                                                                                                                                   the
                                                                                                                                                   purpose
                                                                                                                                                   of
                                                                                                                                                   this
                                                                                                                                                   Agreement,
                                                                                                                                                   Cause
                                                                                                                                                   shall
                                                                                                                                                   mean:

		(i)	a
                                                                                                                                                   material
                                                                                                                                                   breach
                                                                                                                                                   by
                                                                                                                                                   you
                                                                                                                                                   of
                                                                                                                                                   your
                                                                                                                                                   material
                                                                                                                                                   duties
                                                                                                                                                   or
                                                                                                                                                   obligations
                                                                                                                                                   to
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   which
                                                                                                                                                   is
                                                                                                                                                   not
                                                                                                                                                   remedied
                                                                                                                                                   to
                                                                                                                                                   the
                                                                                                                                                   reasonable
                                                                                                                                                   satisfaction
                                                                                                                                                   of
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   within
                                                                                                                                                   ten
                                                                                                                                                   (10)
                                                                                                                                                   days
                                                                                                                                                   after
                                                                                                                                                   the
                                                                                                                                                   receipt
                                                                                                                                                   by
                                                                                                                                                   you
                                                                                                                                                   of
                                                                                                                                                   written
                                                                                                                                                   notice
                                                                                                                                                   of
                                                                                                                                                   such
                                                                                                                                                   breach
                                                                                                                                                   from
                                                                                                                                                   the
                                                                                                                                                   Company;

		(ii)	you
                                                                                                                                                    are
                                                                                                                                                    convicted
                                                                                                                                                    of,
                                                                                                                                                    or
                                                                                                                                                    enter
                                                                                                                                                    a
                                                                                                                                                    guilty
                                                                                                                                                    or
                                                                                                                                                    “no
                                                                                                                                                    contest”
                                                                                                                                                    plea
                                                                                                                                                    with
                                                                                                                                                    respect
                                                                                                                                                    to
                                                                                                                                                    a
                                                                                                                                                    felony
                                                                                                                                                    or
                                                                                                                                                    a
                                                                                                                                                    crime
                                                                                                                                                    of
                                                                                                                                                    mural
                                                                                                                                                    turpitude
                                                                                                                                                    (whether
                                                                                                                                                    or
                                                                                                                                                    not
                                                                                                                                                    a
                                                                                                                                                    felony);

		(iii)	you
                                                                                                                                                     have
                                                                                                                                                     an
                                                                                                                                                     alcohol
                                                                                                                                                     or
                                                                                                                                                     substance
                                                                                                                                                     abuse
                                                                                                                                                     problem,
                                                                                                                                                     which
                                                                                                                                                     in
                                                                                                                                                     the
                                                                                                                                                     reasonable
                                                                                                                                                     opinion
                                                                                                                                                     of
                                                                                                                                                     the
                                                                                                                                                     Company
                                                                                                                                                     materially
                                                                                                                                                     interferes
                                                                                                                                                     with
                                                                                                                                                     your
                                                                                                                                                     ability
                                                                                                                                                     to
                                                                                                                                                     perform
                                                                                                                                                     your
                                                                                                                                                     duties;

		(iv)	any
                                                                                                                                                    act
                                                                                                                                                    or
                                                                                                                                                    acts
                                                                                                                                                    of
                                                                                                                                                    personal
                                                                                                                                                    dishonesty,
                                                                                                                                                    fraud,
                                                                                                                                                    embezzlement,
                                                                                                                                                    misappropriation
                                                                                                                                                    or
                                                                                                                                                    conversion
                                                                                                                                                    intended
                                                                                                                                                    to
                                                                                                                                                    result
                                                                                                                                                    in
                                                                                                                                                    your
                                                                                                                                                    personal
                                                                                                                                                    enrichment
                                                                                                                                                    at
                                                                                                                                                    the
                                                                                                                                                    expense
                                                                                                                                                    of
                                                                                                                                                    the
                                                                                                                                                    Company,
                                                                                                                                                    or
                                                                                                                                                    any
                                                                                                                                                    of
                                                                                                                                                    its
                                                                                                                                                    subsidiaries
                                                                                                                                                    or
                                                                                                                                                    affiliates,
                                                                                                                                                    or
                                                                                                                                                    any
                                                                                                                                                    other
                                                                                                                                                    material
                                                                                                                                                    breach
                                                                                                                                                    or
                                                                                                                                                    violation
                                                                                                                                                    of
                                                                                                                                                    fiduciary
                                                                                                                                                    duty
                                                                                                                                                    owed
                                                                                                                                                    to
                                                                                                                                                    the
                                                                                                                                                    Company,
                                                                                                                                                    or
                                                                                                                                                    any
                                                                                                                                                    of
                                                                                                                                                    its
                                                                                                                                                    subsidiaries
                                                                                                                                                    or
                                                                                                                                                    affiliates;

		(v)	any
                                                                                                                                                   grossly
                                                                                                                                                   negligent
                                                                                                                                                   act
                                                                                                                                                   or
                                                                                                                                                   omission
                                                                                                                                                   or
                                                                                                                                                   any
                                                                                                                                                   willful
                                                                                                                                                   and
                                                                                                                                                   deliberate
                                                                                                                                                   misconduct
                                                                                                                                                   by
                                                                                                                                                   you
                                                                                                                                                   that
                                                                                                                                                   results,
                                                                                                                                                   or
                                                                                                                                                   is
                                                                                                                                                   likely
                                                                                                                                                   to
                                                                                                                                                   result,
                                                                                                                                                   in
                                                                                                                                                   material
                                                                                                                                                   economic,
                                                                                                                                                   or
                                                                                                                                                   other
                                                                                                                                                   harm,
                                                                                                                                                   to
                                                                                                                                                   the
                                                                                                                                                   Company,
                                                                                                                                                   or
                                                                                                                                                   any
                                                                                                                                                   of
                                                                                                                                                   its
                                                                                                                                                   subsidiaries
                                                                                                                                                   or
                                                                                                                                                   affiliates;
                                                                                                                                                   or

		(vi)	you
                                                                                                                                                    violate
                                                                                                                                                    or
                                                                                                                                                    pay
                                                                                                                                                    fines,
                                                                                                                                                    suffer
                                                                                                                                                    sanctions
                                                                                                                                                    or
                                                                                                                                                    injunctive
                                                                                                                                                    relief
                                                                                                                                                    relating
                                                                                                                                                    to
                                                                                                                                                    (whether
                                                                                                                                                    or
                                                                                                                                                    not
                                                                                                                                                    you
                                                                                                                                                    are
                                                                                                                                                    found
                                                                                                                                                    to
                                                                                                                                                    have
                                                                                                                                                    violated)
                                                                                                                                                    any
                                                                                                                                                    federal
                                                                                                                                                    or
                                                                                                                                                    state
                                                                                                                                                    securities
                                                                                                                                                    laws,
                                                                                                                                                    rules
                                                                                                                                                    or
                                                                                                                                                    regulations
                                                                                                                                                    or
                                                                                                                                                    the
                                                                                                                                                    rules
                                                                                                                                                    and
                                                                                                                                                    regulations
                                                                                                                                                    of
                                                                                                                                                    any
                                                                                                                                                    stock
                                                                                                                                                    exchange
                                                                                                                                                    on
                                                                                                                                                    which
                                                                                                                                                    the
                                                                                                                                                    Company
                                                                                                                                                    is
                                                                                                                                                    listed
                                                                                                                                                    or
                                                                                                                                                    included.

		(c)	Disability.
                                                                                                                                                   You
                                                                                                                                                   shall
                                                                                                                                                   be
                                                                                                                                                   considered
                                                                                                                                                   to
                                                                                                                                                   be
                                                                                                                                                   “Disabled”
                                                                                                                                                   if,
                                                                                                                                                   in
                                                                                                                                                   the
                                                                                                                                                   Company’s
                                                                                                                                                   reasonable
                                                                                                                                                   opinion
                                                                                                                                                   after
                                                                                                                                                   receiving
                                                                                                                                                   the
                                                                                                                                                   written
                                                                                                                                                   report
                                                                                                                                                   of
                                                                                                                                                   an
                                                                                                                                                   independent
                                                                                                                                                   physician
                                                                                                                                                   selected
                                                                                                                                                   by
                                                                                                                                                   the
                                                                                                                                                   Company,
                                                                                                                                                   you
                                                                                                                                                   are
                                                                                                                                                   incapable,
                                                                                                                                                   due
                                                                                                                                                   to
                                                                                                                                                   mental
                                                                                                                                                   or
                                                                                                                                                   physical
                                                                                                                                                   disability,
                                                                                                                                                   of
                                                                                                                                                   performing
                                                                                                                                                   the
                                                                                                                                                   essential
                                                                                                                                                   functions
                                                                                                                                                   of
                                                                                                                                                   your
                                                                                                                                                   duties
                                                                                                                                                   for
                                                                                                                                                   a
                                                                                                                                                   period
                                                                                                                                                   of
                                                                                                                                                   sixty
                                                                                                                                                   (60)
                                                                                                                                                   days
                                                                                                                                                   (whether
                                                                                                                                                   or
                                                                                                                                                   not
                                                                                                                                                   consecutive)
                                                                                                                                                   during
                                                                                                                                                   any
                                                                                                                                                   period
                                                                                                                                                   of
                                                                                                                                                   one
                                                                                                                                                   hundred
                                                                                                                                                   twenty
                                                                                                                                                   (120)
                                                                                                                                                   days.
                                                                                                                                                   In
                                                                                                                                                   the
                                                                                                                                                   event
                                                                                                                                                   you
                                                                                                                                                   shall
                                                                                                                                                   become
                                                                                                                                                   Disabled
                                                                                                                                                   during
                                                                                                                                                   the
                                                                                                                                                   Term,
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   may
                                                                                                                                                   terminate
                                                                                                                                                   your
                                                                                                                                                   employment
                                                                                                                                                   and
                                                                                                                                                   the
                                                                                                                                                   Term
                                                                                                                                                   and
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   shall
                                                                                                                                                   have
                                                                                                                                                   no
                                                                                                                                                   further
                                                                                                                                                   obligation
                                                                                                                                                   or
                                                                                                                                                   liabilities
                                                                                                                                                   to
                                                                                                                                                   you,
                                                                                                                                                   except
                                                                                                                                                   payment
                                                                                                                                                   of
                                                                                                                                                   accrued
                                                                                                                                                   and
                                                                                                                                                   unpaid
                                                                                                                                                   Salary
                                                                                                                                                   described
                                                                                                                                                   in
                                                                                                                                                   Paragraph
                                                                                                                                                   3
                                                                                                                                                   through
                                                                                                                                                   the
                                                                                                                                                   date
                                                                                                                                                   of
                                                                                                                                                   termination
                                                                                                                                                   plus
                                                                                                                                                   any
                                                                                                                                                   accrued
                                                                                                                                                   and
                                                                                                                                                   unpaid
                                                                                                                                                   Bonus
                                                                                                                                                   amount
                                                                                                                                                   described
                                                                                                                                                   in
                                                                                                                                                   Paragraph
                                                                                                                                                   4
                                                                                                                                                   for
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   prior
                                                                                                                                                   to
                                                                                                                                                   termination,
                                                                                                                                                   which
                                                                                                                                                   such
                                                                                                                                                   Bonus
                                                                                                                                                   shall
                                                                                                                                                   still
                                                                                                                                                   be
                                                                                                                                                   payable
                                                                                                                                                   on
                                                                                                                                                   or
                                                                                                                                                   about
                                                                                                                                                   March
                                                                                                                                                   15
                                                                                                                                                   of
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   following
                                                                                                                                                   their
                                                                                                                                                   accrual.

    	 

    	 

    
		(d)	Death.
                                                                                                                                                   In
                                                                                                                                                   the
                                                                                                                                                   event
                                                                                                                                                   of
                                                                                                                                                   your
                                                                                                                                                   death,
                                                                                                                                                   your
                                                                                                                                                   employment
                                                                                                                                                   and
                                                                                                                                                   the
                                                                                                                                                   Term
                                                                                                                                                   shall
                                                                                                                                                   terminate
                                                                                                                                                   immediately
                                                                                                                                                   and
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   shall
                                                                                                                                                   have
                                                                                                                                                   no
                                                                                                                                                   further
                                                                                                                                                   obligation
                                                                                                                                                   or
                                                                                                                                                   liabilities
                                                                                                                                                   to
                                                                                                                                                   you
                                                                                                                                                   or
                                                                                                                                                   your
                                                                                                                                                   estate
                                                                                                                                                   except
                                                                                                                                                   that
                                                                                                                                                   your
                                                                                                                                                   estate
                                                                                                                                                   shall
                                                                                                                                                   be
                                                                                                                                                   entitled
                                                                                                                                                   to
                                                                                                                                                   receive
                                                                                                                                                   payment
                                                                                                                                                   of
                                                                                                                                                   accrued
                                                                                                                                                   and
                                                                                                                                                   unpaid
                                                                                                                                                   Salary
                                                                                                                                                   described
                                                                                                                                                   in
                                                                                                                                                   Paragraph
                                                                                                                                                   3
                                                                                                                                                   through
                                                                                                                                                   the
                                                                                                                                                   date
                                                                                                                                                   of
                                                                                                                                                   termination
                                                                                                                                                   plus
                                                                                                                                                   any
                                                                                                                                                   accrued
                                                                                                                                                   and
                                                                                                                                                   unpaid
                                                                                                                                                   Bonus
                                                                                                                                                   amount
                                                                                                                                                   described
                                                                                                                                                   in
                                                                                                                                                   Paragraph
                                                                                                                                                   4
                                                                                                                                                   for
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   prior
                                                                                                                                                   to
                                                                                                                                                   your
                                                                                                                                                   death,
                                                                                                                                                   which
                                                                                                                                                   such
                                                                                                                                                   Bonus
                                                                                                                                                   shall
                                                                                                                                                   still
                                                                                                                                                   be
                                                                                                                                                   payable
                                                                                                                                                   on
                                                                                                                                                   or
                                                                                                                                                   about
                                                                                                                                                   March
                                                                                                                                                   15
                                                                                                                                                   of
                                                                                                                                                   the
                                                                                                                                                   year
                                                                                                                                                   following
                                                                                                                                                   their
                                                                                                                                                   accrual.

		(e)	Change
                                                                                                                                                   of
                                                                                                                                                   Control.
                                                                                                                                                   The
                                                                                                                                                   term
                                                                                                                                                   “Change
                                                                                                                                                   of
                                                                                                                                                   Control”,
                                                                                                                                                   as
                                                                                                                                                   used
                                                                                                                                                   herein,
                                                                                                                                                   shall
                                                                                                                                                   mean
                                                                                                                                                   when
                                                                                                                                                   any
                                                                                                                                                   person
                                                                                                                                                   or
                                                                                                                                                   group
                                                                                                                                                   (excluding
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   or
                                                                                                                                                   any
                                                                                                                                                   of
                                                                                                                                                   its
                                                                                                                                                   affiliates)
                                                                                                                                                   becomes
                                                                                                                                                   the
                                                                                                                                                   beneficial
                                                                                                                                                   owner
                                                                                                                                                   of
                                                                                                                                                   securities
                                                                                                                                                   representing
                                                                                                                                                   50%
                                                                                                                                                   or
                                                                                                                                                   more
                                                                                                                                                   of
                                                                                                                                                   the
                                                                                                                                                   combined
                                                                                                                                                   voting
                                                                                                                                                   power
                                                                                                                                                   of
                                                                                                                                                   the
                                                                                                                                                   Company’s
                                                                                                                                                   then
                                                                                                                                                   outstanding
                                                                                                                                                   securities.
                                                                                                                                                   If,
                                                                                                                                                   during
                                                                                                                                                   the
                                                                                                                                                   period
                                                                                                                                                   commencing
                                                                                                                                                   30
                                                                                                                                                   days
                                                                                                                                                   prior
                                                                                                                                                   to
                                                                                                                                                   a
                                                                                                                                                   Change
                                                                                                                                                   of
                                                                                                                                                   Control
                                                                                                                                                   and
                                                                                                                                                   ending
                                                                                                                                                   180
                                                                                                                                                   days
                                                                                                                                                   after
                                                                                                                                                   a
                                                                                                                                                   Change
                                                                                                                                                   of
                                                                                                                                                   Control,
                                                                                                                                                   you
                                                                                                                                                   are
                                                                                                                                                   terminated
                                                                                                                                                   by
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   other
                                                                                                                                                   than
                                                                                                                                                   for
                                                                                                                                                   Cause,
                                                                                                                                                   you
                                                                                                                                                   are
                                                                                                                                                   entitled
                                                                                                                                                   to
                                                                                                                                                   receive
                                                                                                                                                   an
                                                                                                                                                   amount
                                                                                                                                                   equal
                                                                                                                                                   to
                                                                                                                                                   the
                                                                                                                                                   lesser
                                                                                                                                                   of
                                                                                                                                                   (i)
                                                                                                                                                   the
                                                                                                                                                   average
                                                                                                                                                   amount
                                                                                                                                                   of
                                                                                                                                                   total
                                                                                                                                                   compensation
                                                                                                                                                   actually
                                                                                                                                                   received
                                                                                                                                                   by
                                                                                                                                                   you
                                                                                                                                                   for
                                                                                                                                                   the
                                                                                                                                                   preceding
                                                                                                                                                   three
                                                                                                                                                   calendar
                                                                                                                                                   years
                                                                                                                                                   multiplied
                                                                                                                                                   by
                                                                                                                                                   3
                                                                                                                                                   or
                                                                                                                                                   (ii)
                                                                                                                                                   the
                                                                                                                                                   maximum
                                                                                                                                                   amount
                                                                                                                                                   which
                                                                                                                                                   is
                                                                                                                                                   tax
                                                                                                                                                   deductible
                                                                                                                                                   to
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   under
                                                                                                                                                   Internal
                                                                                                                                                   Revenue
                                                                                                                                                   Code
                                                                                                                                                   Section
                                                                                                                                                   280G.
                                                                                                                                                   The
                                                                                                                                                   foregoing
                                                                                                                                                   shall
                                                                                                                                                   be
                                                                                                                                                   in
                                                                                                                                                   lieu
                                                                                                                                                   of,
                                                                                                                                                   and
                                                                                                                                                   not
                                                                                                                                                   in
                                                                                                                                                   addition
                                                                                                                                                   to,
                                                                                                                                                   any
                                                                                                                                                   other
                                                                                                                                                   payments
                                                                                                                                                   or
                                                                                                                                                   compensation
                                                                                                                                                   you
                                                                                                                                                   would
                                                                                                                                                   otherwise
                                                                                                                                                   be
                                                                                                                                                   entitled
                                                                                                                                                   to
                                                                                                                                                   hereunder
                                                                                                                                                   as
                                                                                                                                                   a
                                                                                                                                                   result
                                                                                                                                                   of
                                                                                                                                                   your
                                                                                                                                                   termination.

 

		(f)	Termination
                                                                                                                                                   Payment.
                                                                                                                                                   Provided
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   makes
                                                                                                                                                   the
                                                                                                                                                   payments
                                                                                                                                                   required
                                                                                                                                                   under
                                                                                                                                                   this
                                                                                                                                                   Letter
                                                                                                                                                   Agreement
                                                                                                                                                   that
                                                                                                                                                   are
                                                                                                                                                   attributable
                                                                                                                                                   to
                                                                                                                                                   the
                                                                                                                                                   termination
                                                                                                                                                   of
                                                                                                                                                   your
                                                                                                                                                   employment,
                                                                                                                                                   such
                                                                                                                                                   payments
                                                                                                                                                   shall
                                                                                                                                                   be
                                                                                                                                                   in
                                                                                                                                                   full
                                                                                                                                                   and
                                                                                                                                                   complete
                                                                                                                                                   satisfaction
                                                                                                                                                   and
                                                                                                                                                   release
                                                                                                                                                   of
                                                                                                                                                   any
                                                                                                                                                   and
                                                                                                                                                   all
                                                                                                                                                   claims
                                                                                                                                                   you
                                                                                                                                                   or
                                                                                                                                                   your
                                                                                                                                                   beneficiaries,
                                                                                                                                                   estate
                                                                                                                                                   or
                                                                                                                                                   legal
                                                                                                                                                   representatives
                                                                                                                                                   may
                                                                                                                                                   have
                                                                                                                                                   against
                                                                                                                                                   the
                                                                                                                                                   Company
                                                                                                                                                   and/or
                                                                                                                                                   its
                                                                                                                                                   subsidiaries
                                                                                                                                                   or
                                                                                                                                                   affiliates
                                                                                                                                                   hereunder.

		8.	Non-Solicitation/Non-Competition
                                                                                                                                              Agreement.
                                                                                                                                              You
                                                                                                                                              recognize
                                                                                                                                              that
                                                                                                                                              the
                                                                                                                                              services
                                                                                                                                              to
                                                                                                                                              be
                                                                                                                                              performed
                                                                                                                                              by
                                                                                                                                              you
                                                                                                                                              hereunder
                                                                                                                                              are
                                                                                                                                              special
                                                                                                                                              and
                                                                                                                                              unique.
                                                                                                                                              In
                                                                                                                                              consideration
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              compensation
                                                                                                                                              granted
                                                                                                                                              herein,
                                                                                                                                              you
                                                                                                                                              agree
                                                                                                                                              that
                                                                                                                                              for
                                                                                                                                              as
                                                                                                                                              long
                                                                                                                                              as
                                                                                                                                              you
                                                                                                                                              are
                                                                                                                                              receiving
                                                                                                                                              your
                                                                                                                                              Salary
                                                                                                                                              under
                                                                                                                                              this
                                                                                                                                              Agreement
                                                                                                                                              and,
                                                                                                                                              if
                                                                                                                                              you
                                                                                                                                              are
                                                                                                                                              terminated
                                                                                                                                              by
                                                                                                                                              the
                                                                                                                                              Company
                                                                                                                                              for
                                                                                                                                              Cause
                                                                                                                                              or
                                                                                                                                              if
                                                                                                                                              you
                                                                                                                                              quit
                                                                                                                                              or
                                                                                                                                              resign
                                                                                                                                              your
                                                                                                                                              position,
                                                                                                                                              through
                                                                                                                                              December
                                                                                                                                              31,
                                                                                                                                              2016,
                                                                                                                                              you
                                                                                                                                              shall
                                                                                                                                              not,
                                                                                                                                              (i)
                                                                                                                                              become
                                                                                                                                              employed
                                                                                                                                              by
                                                                                                                                              or
                                                                                                                                              otherwise
                                                                                                                                              affiliated
                                                                                                                                              with,
                                                                                                                                              nor
                                                                                                                                              furnish
                                                                                                                                              services
                                                                                                                                              to,
                                                                                                                                              any
                                                                                                                                              business
                                                                                                                                              that
                                                                                                                                              competes
                                                                                                                                              with
                                                                                                                                              the
                                                                                                                                              Company,
                                                                                                                                              (ii)
                                                                                                                                              solicit
                                                                                                                                              any
                                                                                                                                              business
                                                                                                                                              from
                                                                                                                                              any
                                                                                                                                              customers
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Company,
                                                                                                                                              or
                                                                                                                                              (iii)
                                                                                                                                              induce
                                                                                                                                              or
                                                                                                                                              encourage
                                                                                                                                              any
                                                                                                                                              employee
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Company
                                                                                                                                              (or
                                                                                                                                              its
                                                                                                                                              affiliates)
                                                                                                                                              to
                                                                                                                                              become
                                                                                                                                              employed
                                                                                                                                              by,
                                                                                                                                              or
                                                                                                                                              furnish
                                                                                                                                              services
                                                                                                                                              to,
                                                                                                                                              any
                                                                                                                                              business
                                                                                                                                              that
                                                                                                                                              competes
                                                                                                                                              with
                                                                                                                                              the
                                                                                                                                              Company.

 

		9.	Covenant
                                                                                                                                              Not
                                                                                                                                              to
                                                                                                                                              Disclose.
                                                                                                                                              You
                                                                                                                                              covenant
                                                                                                                                              and
                                                                                                                                              agree
                                                                                                                                              that
                                                                                                                                              you
                                                                                                                                              will
                                                                                                                                              not,
                                                                                                                                              to
                                                                                                                                              the
                                                                                                                                              detriment
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Company,
                                                                                                                                              at
                                                                                                                                              any
                                                                                                                                              time
                                                                                                                                              during
                                                                                                                                              or
                                                                                                                                              after
                                                                                                                                              the
                                                                                                                                              Term,
                                                                                                                                              reveal,
                                                                                                                                              divulge
                                                                                                                                              or
                                                                                                                                              make
                                                                                                                                              known
                                                                                                                                              to
                                                                                                                                              any
                                                                                                                                              person
                                                                                                                                              (other
                                                                                                                                              than
                                                                                                                                              (i)
                                                                                                                                              to
                                                                                                                                              the
                                                                                                                                              Company,
                                                                                                                                              or
                                                                                                                                              (ii)
                                                                                                                                              in
                                                                                                                                              the
                                                                                                                                              regular
                                                                                                                                              course
                                                                                                                                              of
                                                                                                                                              business
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Company)
                                                                                                                                              or
                                                                                                                                              use
                                                                                                                                              for
                                                                                                                                              your
                                                                                                                                              own
                                                                                                                                              account
                                                                                                                                              any
                                                                                                                                              confidential
                                                                                                                                              or
                                                                                                                                              proprietary
                                                                                                                                              records,
                                                                                                                                              data,
                                                                                                                                              processes,
                                                                                                                                              ideas,
                                                                                                                                              methods,
                                                                                                                                              devices,
                                                                                                                                              business
                                                                                                                                              concepts,
                                                                                                                                              inventions,
                                                                                                                                              discoveries,
                                                                                                                                              know-how,
                                                                                                                                              trade
                                                                                                                                              secrets
                                                                                                                                              or
                                                                                                                                              any
                                                                                                                                              other
                                                                                                                                              confidential
                                                                                                                                              or
                                                                                                                                              proprietary
                                                                                                                                              information
                                                                                                                                              whatsoever
                                                                                                                                              (the
                                                                                                                                              “Confidential
                                                                                                                                              Information”)
                                                                                                                                              previously
                                                                                                                                              possessed
                                                                                                                                              or
                                                                                                                                              used
                                                                                                                                              by
                                                                                                                                              the
                                                                                                                                              Company
                                                                                                                                              or
                                                                                                                                              any
                                                                                                                                              of
                                                                                                                                              its
                                                                                                                                              subsidiaries
                                                                                                                                              or
                                                                                                                                              affiliates,
                                                                                                                                              (whether
                                                                                                                                              or
                                                                                                                                              not
                                                                                                                                              developed,
                                                                                                                                              devised
                                                                                                                                              or
                                                                                                                                              otherwise
                                                                                                                                              created
                                                                                                                                              in
                                                                                                                                              whole
                                                                                                                                              or
                                                                                                                                              in
                                                                                                                                              part
                                                                                                                                              by
                                                                                                                                              your
                                                                                                                                              efforts)
                                                                                                                                              and
                                                                                                                                              made
                                                                                                                                              known
                                                                                                                                              to
                                                                                                                                              you
                                                                                                                                              by
                                                                                                                                              reason
                                                                                                                                              of
                                                                                                                                              your
                                                                                                                                              employment
                                                                                                                                              by
                                                                                                                                              or
                                                                                                                                              affiliation
                                                                                                                                              with
                                                                                                                                              the
                                                                                                                                              Company.
                                                                                                                                              You
                                                                                                                                              further
                                                                                                                                              covenant
                                                                                                                                              and
                                                                                                                                              agree
                                                                                                                                              that
                                                                                                                                              you
                                                                                                                                              shall
                                                                                                                                              retain
                                                                                                                                              all
                                                                                                                                              such
                                                                                                                                              knowledge
                                                                                                                                              and
                                                                                                                                              information
                                                                                                                                              which
                                                                                                                                              you
                                                                                                                                              shall
                                                                                                                                              acquire
                                                                                                                                              or
                                                                                                                                              develop
                                                                                                                                              respecting
                                                                                                                                              such
                                                                                                                                              Confidential
                                                                                                                                              Information
                                                                                                                                              in
                                                                                                                                              trust
                                                                                                                                              for
                                                                                                                                              the
                                                                                                                                              sole
                                                                                                                                              benefit
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Company
                                                                                                                                              and
                                                                                                                                              its
                                                                                                                                              successors
                                                                                                                                              and
                                                                                                                                              assigns.
                                                                                                                                              Additionally,
                                                                                                                                              you
                                                                                                                                              agree
                                                                                                                                              that
                                                                                                                                              all
                                                                                                                                              right,
                                                                                                                                              title
                                                                                                                                              and
                                                                                                                                              interest
                                                                                                                                              in
                                                                                                                                              and
                                                                                                                                              to
                                                                                                                                              any
                                                                                                                                              discoveries,
                                                                                                                                              processes,
                                                                                                                                              ideas,
                                                                                                                                              methods
                                                                                                                                              and/or
                                                                                                                                              business
                                                                                                                                              concepts
                                                                                                                                              that
                                                                                                                                              you
                                                                                                                                              develop
                                                                                                                                              during
                                                                                                                                              the
                                                                                                                                              Term
                                                                                                                                              relating
                                                                                                                                              to
                                                                                                                                              the
                                                                                                                                              business
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Company
                                                                                                                                              are,
                                                                                                                                              and
                                                                                                                                              shall
                                                                                                                                              remain
                                                                                                                                              the
                                                                                                                                              property
                                                                                                                                              of
                                                                                                                                              the
                                                                                                                                              Company,
                                                                                                                                              and
                                                                                                                                              you
                                                                                                                                              hereby
                                                                                                                                              assign
                                                                                                                                              to
                                                                                                                                              the
                                                                                                                                              Company
                                                                                                                                              any
                                                                                                                                              right,
                                                                                                                                              title
                                                                                                                                              and
                                                                                                                                              interest
                                                                                                                                              you
                                                                                                                                              might
                                                                                                                                              otherwise
                                                                                                                                              claim
                                                                                                                                              therein.

    	 

    	 

    

		10.	Business
                                                                                                                                               Materials,
                                                                                                                                               Covenant
                                                                                                                                               to
                                                                                                                                               Report.
                                                                                                                                               All
                                                                                                                                               written
                                                                                                                                               materials,
                                                                                                                                               records
                                                                                                                                               and
                                                                                                                                               documents
                                                                                                                                               made
                                                                                                                                               by
                                                                                                                                               you
                                                                                                                                               or
                                                                                                                                               coming
                                                                                                                                               into
                                                                                                                                               your
                                                                                                                                               possession
                                                                                                                                               concerning
                                                                                                                                               the
                                                                                                                                               business
                                                                                                                                               or
                                                                                                                                               affairs
                                                                                                                                               of
                                                                                                                                               the
                                                                                                                                               Company
                                                                                                                                               shall
                                                                                                                                               be
                                                                                                                                               the
                                                                                                                                               sole
                                                                                                                                               property
                                                                                                                                               of
                                                                                                                                               the
                                                                                                                                               Company
                                                                                                                                               and,
                                                                                                                                               upon
                                                                                                                                               the
                                                                                                                                               termination
                                                                                                                                               of
                                                                                                                                               your
                                                                                                                                               employment
                                                                                                                                               with
                                                                                                                                               the
                                                                                                                                               Company
                                                                                                                                               or
                                                                                                                                               upon
                                                                                                                                               the
                                                                                                                                               request
                                                                                                                                               of
                                                                                                                                               the
                                                                                                                                               Company
                                                                                                                                               at
                                                                                                                                               any
                                                                                                                                               time,
                                                                                                                                               you
                                                                                                                                               shall
                                                                                                                                               promptly
                                                                                                                                               deliver
                                                                                                                                               the
                                                                                                                                               same
                                                                                                                                               to
                                                                                                                                               the
                                                                                                                                               Company
                                                                                                                                               and
                                                                                                                                               shall
                                                                                                                                               retain
                                                                                                                                               no
                                                                                                                                               copies
                                                                                                                                               thereof.
                                                                                                                                               You
                                                                                                                                               agree
                                                                                                                                               to
                                                                                                                                               render
                                                                                                                                               to
                                                                                                                                               the
                                                                                                                                               Company
                                                                                                                                               such
                                                                                                                                               reports
                                                                                                                                               of
                                                                                                                                               your
                                                                                                                                               activities
                                                                                                                                               or
                                                                                                                                               activities
                                                                                                                                               of
                                                                                                                                               others
                                                                                                                                               under
                                                                                                                                               your
                                                                                                                                               direction
                                                                                                                                               during
                                                                                                                                               the
                                                                                                                                               Term
                                                                                                                                               as
                                                                                                                                               the
                                                                                                                                               Company
                                                                                                                                               may
                                                                                                                                               request.

 

		11.	Governing
                                                                                                                                               Law;
                                                                                                                                               Injunctive
                                                                                                                                               Relief.

	 	11.1	The
validity, interpretation, and performance of this Agreement shall be controlled by and construed under the laws of the State of
New York, excluding choice of law rules thereof.
	 	 	 
		11.2	You
                                                                                                                                                    acknowledge
                                                                                                                                                    and
                                                                                                                                                    agree
                                                                                                                                                    that,
                                                                                                                                                    in
                                                                                                                                                    the
                                                                                                                                                    event
                                                                                                                                                    you
                                                                                                                                                    shall
                                                                                                                                                    violate
                                                                                                                                                    any
                                                                                                                                                    of
                                                                                                                                                    the
                                                                                                                                                    restrictions
                                                                                                                                                    of
                                                                                                                                                    Paragraphs
                                                                                                                                                    8,
                                                                                                                                                    9
                                                                                                                                                    or
                                                                                                                                                    10
                                                                                                                                                    hereof,
                                                                                                                                                    the
                                                                                                                                                    Company
                                                                                                                                                    will
                                                                                                                                                    be
                                                                                                                                                    without
                                                                                                                                                    an
                                                                                                                                                    adequate
                                                                                                                                                    remedy
                                                                                                                                                    at
                                                                                                                                                    law
                                                                                                                                                    and
                                                                                                                                                    will
                                                                                                                                                    therefore
                                                                                                                                                    be
                                                                                                                                                    entitled
                                                                                                                                                    to
                                                                                                                                                    enforce
                                                                                                                                                    such
                                                                                                                                                    restrictions
                                                                                                                                                    by
                                                                                                                                                    temporary
                                                                                                                                                    or
                                                                                                                                                    permanent
                                                                                                                                                    injunctive
                                                                                                                                                    or
                                                                                                                                                    mandatory
                                                                                                                                                    relief
                                                                                                                                                    in
                                                                                                                                                    any
                                                                                                                                                    court
                                                                                                                                                    of
                                                                                                                                                    competent
                                                                                                                                                    jurisdiction
                                                                                                                                                    without
                                                                                                                                                    the
                                                                                                                                                    necessity
                                                                                                                                                    of
                                                                                                                                                    proving
                                                                                                                                                    damages
                                                                                                                                                    or
                                                                                                                                                    posting
                                                                                                                                                    a
                                                                                                                                                    bond
                                                                                                                                                    or
                                                                                                                                                    other
                                                                                                                                                    security,
                                                                                                                                                    and
                                                                                                                                                    without
                                                                                                                                                    prejudice
                                                                                                                                                    to
                                                                                                                                                    any
                                                                                                                                                    other
                                                                                                                                                    remedies
                                                                                                                                                    which
                                                                                                                                                    it
                                                                                                                                                    may
                                                                                                                                                    have
                                                                                                                                                    at
                                                                                                                                                    law
                                                                                                                                                    or
                                                                                                                                                    in
                                                                                                                                                    equity.
                                                                                                                                                    Each
                                                                                                                                                    of
                                                                                                                                                    you
                                                                                                                                                    and
                                                                                                                                                    the
                                                                                                                                                    Company
                                                                                                                                                    acknowledges
                                                                                                                                                    and
                                                                                                                                                    agrees
                                                                                                                                                    that,
                                                                                                                                                    in
                                                                                                                                                    addition
                                                                                                                                                    to
                                                                                                                                                    any
                                                                                                                                                    other
                                                                                                                                                    state
                                                                                                                                                    having
                                                                                                                                                    proper
                                                                                                                                                    jurisdiction,
                                                                                                                                                    any
                                                                                                                                                    such
                                                                                                                                                    relief
                                                                                                                                                    may
                                                                                                                                                    be
                                                                                                                                                    sought
                                                                                                                                                    in,
                                                                                                                                                    and
                                                                                                                                                    for
                                                                                                                                                    such
                                                                                                                                                    purpose
                                                                                                                                                    each
                                                                                                                                                    of
                                                                                                                                                    you
                                                                                                                                                    and
                                                                                                                                                    the
                                                                                                                                                    Company
                                                                                                                                                    consents
                                                                                                                                                    to
                                                                                                                                                    the
                                                                                                                                                    jurisdiction
                                                                                                                                                    of,
                                                                                                                                                    the
                                                                                                                                                    courts
                                                                                                                                                    of
                                                                                                                                                    the
                                                                                                                                                    State
                                                                                                                                                    of
                                                                                                                                                    New
                                                                                                                                                    York.

 

		12.	Assignment.
                                                                                                                                               This
                                                                                                                                               Agreement,
                                                                                                                                               as
                                                                                                                                               it
                                                                                                                                               relates
                                                                                                                                               to
                                                                                                                                               your
                                                                                                                                               employment,
                                                                                                                                               is
                                                                                                                                               a
                                                                                                                                               personal
                                                                                                                                               contract
                                                                                                                                               and
                                                                                                                                               your
                                                                                                                                               rights
                                                                                                                                               and
                                                                                                                                               interests
                                                                                                                                               hereunder
                                                                                                                                               may
                                                                                                                                               not
                                                                                                                                               be
                                                                                                                                               sold,
                                                                                                                                               transferred,
                                                                                                                                               assigned,
                                                                                                                                               pledged
                                                                                                                                               or
                                                                                                                                               hypothecated.

 

		13.	Notices.
                                                                                                                                               Any
                                                                                                                                               and
                                                                                                                                               all
                                                                                                                                               notices
                                                                                                                                               or
                                                                                                                                               other
                                                                                                                                               communications
                                                                                                                                               or
                                                                                                                                               deliveries
                                                                                                                                               required
                                                                                                                                               or
                                                                                                                                               permitted
                                                                                                                                               to
                                                                                                                                               be
                                                                                                                                               given
                                                                                                                                               or
                                                                                                                                               made
                                                                                                                                               pursuant
                                                                                                                                               to
                                                                                                                                               any
                                                                                                                                               of
                                                                                                                                               the
                                                                                                                                               provisions
                                                                                                                                               of
                                                                                                                                               this
                                                                                                                                               Agreement
                                                                                                                                               shall
                                                                                                                                               be
                                                                                                                                               deemed
                                                                                                                                               to
                                                                                                                                               have
                                                                                                                                               been
                                                                                                                                               duly
                                                                                                                                               given
                                                                                                                                               or
                                                                                                                                               made
                                                                                                                                               for
                                                                                                                                               all
                                                                                                                                               purposes
                                                                                                                                               when
                                                                                                                                               hand
                                                                                                                                               delivered
                                                                                                                                               or
                                                                                                                                               sent
                                                                                                                                               by
                                                                                                                                               certified
                                                                                                                                               or
                                                                                                                                               registered
                                                                                                                                               mail,
                                                                                                                                               return
                                                                                                                                               receipt
                                                                                                                                               requested
                                                                                                                                               and
                                                                                                                                               postage
                                                                                                                                               prepaid,
                                                                                                                                               overnight
                                                                                                                                               mail
                                                                                                                                               or
                                                                                                                                               courier,
                                                                                                                                               or
                                                                                                                                               facsimile,
                                                                                                                                               addressed,
                                                                                                                                               if
                                                                                                                                               to
                                                                                                                                               the
                                                                                                                                               Company,
                                                                                                                                               at
                                                                                                                                               the
                                                                                                                                               Company’s
                                                                                                                                               offices,
                                                                                                                                               Attn:
                                                                                                                                               CEO,
                                                                                                                                               and
                                                                                                                                               if
                                                                                                                                               to
                                                                                                                                               you,
                                                                                                                                               at
                                                                                                                                               the
                                                                                                                                               address
                                                                                                                                               of
                                                                                                                                               your
                                                                                                                                               personal
                                                                                                                                               residence
                                                                                                                                               as
                                                                                                                                               maintained
                                                                                                                                               in
                                                                                                                                               the
                                                                                                                                               Company’s
                                                                                                                                               records,
                                                                                                                                               or
                                                                                                                                               at
                                                                                                                                               such
                                                                                                                                               other
                                                                                                                                               address
                                                                                                                                               as
                                                                                                                                               any
                                                                                                                                               party
                                                                                                                                               shall
                                                                                                                                               designate
                                                                                                                                               by
                                                                                                                                               notice
                                                                                                                                               to
                                                                                                                                               the
                                                                                                                                               other
                                                                                                                                               party
                                                                                                                                               given
                                                                                                                                               in
                                                                                                                                               accordance
                                                                                                                                               with
                                                                                                                                               this
                                                                                                                                               Paragraph
                                                                                                                                               13.

 

		14.	Entire
                                                                                                                                               Agreement.
                                                                                                                                               This
                                                                                                                                               Agreement
                                                                                                                                               represents
                                                                                                                                               the
                                                                                                                                               entire
                                                                                                                                               understanding
                                                                                                                                               and
                                                                                                                                               agreement
                                                                                                                                               between
                                                                                                                                               the
                                                                                                                                               parties
                                                                                                                                               hereto
                                                                                                                                               with
                                                                                                                                               respect
                                                                                                                                               to
                                                                                                                                               the
                                                                                                                                               subject
                                                                                                                                               matter
                                                                                                                                               hereof,
                                                                                                                                               supersedes
                                                                                                                                               all
                                                                                                                                               prior
                                                                                                                                               agreements
                                                                                                                                               between
                                                                                                                                               such
                                                                                                                                               parties
                                                                                                                                               with
                                                                                                                                               respect
                                                                                                                                               to
                                                                                                                                               the
                                                                                                                                               subject
                                                                                                                                               matter
                                                                                                                                               hereof
                                                                                                                                               (including,
                                                                                                                                               without
                                                                                                                                               limitation,
                                                                                                                                               the
                                                                                                                                               letter
                                                                                                                                               agreement
                                                                                                                                               between
                                                                                                                                               you
                                                                                                                                               and
                                                                                                                                               the
                                                                                                                                               Company
                                                                                                                                               dated
                                                                                                                                               April
                                                                                                                                               29,
                                                                                                                                               2008),
                                                                                                                                               and
                                                                                                                                               cannot
                                                                                                                                               be
                                                                                                                                               amended,
                                                                                                                                               supplemented
                                                                                                                                               or
                                                                                                                                               modified
                                                                                                                                               orally,
                                                                                                                                               but
                                                                                                                                               only
                                                                                                                                               by
                                                                                                                                               an
                                                                                                                                               agreement
                                                                                                                                               in
                                                                                                                                               writing
                                                                                                                                               signed
                                                                                                                                               by
                                                                                                                                               the
                                                                                                                                               party
                                                                                                                                               against
                                                                                                                                               whom
                                                                                                                                               enforcement
                                                                                                                                               of
                                                                                                                                               any
                                                                                                                                               such
                                                                                                                                               amendment,
                                                                                                                                               supplement
                                                                                                                                               or
                                                                                                                                               modification
                                                                                                                                               is
                                                                                                                                               sought.

    	 

    	 

    

		15.	Execution
                                                                                                                                               in
                                                                                                                                               Counterparts;
                                                                                                                                               Signatures;
                                                                                                                                               Severability.
                                                                                                                                               This
                                                                                                                                               Agreement
                                                                                                                                               may
                                                                                                                                               be
                                                                                                                                               executed
                                                                                                                                               in
                                                                                                                                               counterparts,
                                                                                                                                               each
                                                                                                                                               of
                                                                                                                                               which
                                                                                                                                               shall
                                                                                                                                               be
                                                                                                                                               deemed
                                                                                                                                               to
                                                                                                                                               be
                                                                                                                                               an
                                                                                                                                               original,
                                                                                                                                               but
                                                                                                                                               all
                                                                                                                                               of
                                                                                                                                               which
                                                                                                                                               together
                                                                                                                                               shall
                                                                                                                                               constitute
                                                                                                                                               one
                                                                                                                                               and
                                                                                                                                               the
                                                                                                                                               same
                                                                                                                                               instrument.
                                                                                                                                               Facsimile
                                                                                                                                               or
                                                                                                                                               electronic
                                                                                                                                               mail
                                                                                                                                               signatures
                                                                                                                                               hereon
                                                                                                                                               shall
                                                                                                                                               constitute
                                                                                                                                               original
                                                                                                                                               signatures.
                                                                                                                                               If
                                                                                                                                               any
                                                                                                                                               provisions
                                                                                                                                               of
                                                                                                                                               this
                                                                                                                                               Agreement
                                                                                                                                               as
                                                                                                                                               applied
                                                                                                                                               to
                                                                                                                                               any
                                                                                                                                               part
                                                                                                                                               or
                                                                                                                                               to
                                                                                                                                               any
                                                                                                                                               circumstance
                                                                                                                                               shall
                                                                                                                                               be
                                                                                                                                               adjudged
                                                                                                                                               by
                                                                                                                                               a
                                                                                                                                               court
                                                                                                                                               to
                                                                                                                                               be
                                                                                                                                               invalid
                                                                                                                                               or
                                                                                                                                               unenforceable,
                                                                                                                                               the
                                                                                                                                               same
                                                                                                                                               shall
                                                                                                                                               in
                                                                                                                                               no
                                                                                                                                               way
                                                                                                                                               affect
                                                                                                                                               any
                                                                                                                                               other
                                                                                                                                               provision
                                                                                                                                               of
                                                                                                                                               this
                                                                                                                                               Agreement,
                                                                                                                                               the
                                                                                                                                               application
                                                                                                                                               of
                                                                                                                                               such
                                                                                                                                               provision
                                                                                                                                               in
                                                                                                                                               any
                                                                                                                                               other
                                                                                                                                               circumstances
                                                                                                                                               or
                                                                                                                                               the
                                                                                                                                               validity
                                                                                                                                               or
                                                                                                                                               enforceability
                                                                                                                                               of
                                                                                                                                               this
                                                                                                                                               Agreement.

 

		16.	Representation
                                                                                                                                               by
                                                                                                                                               Counsel;
                                                                                                                                               Interpretation.
                                                                                                                                               Each
                                                                                                                                               party
                                                                                                                                               acknowledges
                                                                                                                                               that
                                                                                                                                               it
                                                                                                                                               has
                                                                                                                                               been
                                                                                                                                               represented
                                                                                                                                               by
                                                                                                                                               counsel
                                                                                                                                               or
                                                                                                                                               has
                                                                                                                                               had
                                                                                                                                               the
                                                                                                                                               opportunity
                                                                                                                                               to
                                                                                                                                               be
                                                                                                                                               represented
                                                                                                                                               by
                                                                                                                                               counsel
                                                                                                                                               in
                                                                                                                                               connection
                                                                                                                                               with
                                                                                                                                               this
                                                                                                                                               Agreement
                                                                                                                                               and
                                                                                                                                               the
                                                                                                                                               transactions
                                                                                                                                               contemplated
                                                                                                                                               by
                                                                                                                                               this
                                                                                                                                               Agreement.
                                                                                                                                               Accordingly,
                                                                                                                                               any
                                                                                                                                               rule
                                                                                                                                               or
                                                                                                                                               law
                                                                                                                                               or
                                                                                                                                               any
                                                                                                                                               legal
                                                                                                                                               decision
                                                                                                                                               that
                                                                                                                                               would
                                                                                                                                               require
                                                                                                                                               interpretation
                                                                                                                                               of
                                                                                                                                               any
                                                                                                                                               claimed
                                                                                                                                               ambiguities
                                                                                                                                               in
                                                                                                                                               this
                                                                                                                                               Agreement
                                                                                                                                               against
                                                                                                                                               the
                                                                                                                                               party
                                                                                                                                               that
                                                                                                                                               drafted
                                                                                                                                               it
                                                                                                                                               has
                                                                                                                                               no
                                                                                                                                               application
                                                                                                                                               and
                                                                                                                                               is
                                                                                                                                               expressly
                                                                                                                                               waived
                                                                                                                                               by
                                                                                                                                               such
                                                                                                                                               parties.
                                                                                                                                               The
                                                                                                                                               provisions
                                                                                                                                               of
                                                                                                                                               this
                                                                                                                                               Agreement
                                                                                                                                               shall
                                                                                                                                               be
                                                                                                                                               interpreted
                                                                                                                                               in
                                                                                                                                               a
                                                                                                                                               reasonable
                                                                                                                                               manner
                                                                                                                                               to
                                                                                                                                               effect
                                                                                                                                               the
                                                                                                                                               intent
                                                                                                                                               of
                                                                                                                                               the
                                                                                                                                               parties
                                                                                                                                               hereto.

 

	Signature:	/s/ Edward R. Rosenfeld	 
	 	Edward R. Rosenfeld, CEO
	 	 
	Counter-signature:	/s/ Amelia Newton Varela	 
	 	Amelia Newton Varela

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00225-of-00352.parquet"}]]