Document:

*Exhibits have been omitted
pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted exhibit will be furnished subsequently to the Securities
and Exchange Commission upon request; provided, however that DSwiss, Inc may request confidential treatment pursuant to Rule
24b-2 of the Securities Exchange Act of 1934, as amended, for any schedule or exhibit so furnished.*

DSWISS SDN. BHD.

and 

HBW INTERNATIONAL MARKETING SDN.
BHD.

 

 

FULL
SERVICE SUPPLY AGREEMENT

    	 

    	 

    

Contents

SECTIONPage

	1.   Definitions	3
	2.   Scope of contract	4
	3.   Purchase Orders	5
	4.   Delivery and export control	5
	5.   Client's Obligations	6
	6.   Prices and terms of payment	6
	7.   Quality Control	7
	8.   Intellectual Property Rights	7
	9.   Term and termination	8
	10.   Warranty; limitation of liability	9
	11.   Confidential information	10
	12.   Force majeure	11
	13.   Amendments	11
	14.   Subcontract	11
	15.   Assignment	11
	16.   Severability	12
	17.   Notices	12
	18.   Entire agreement	12
	19.   Governing law and jurisdiction	12
	20.   List of Exhibits	12

By
and between 

		(1)	DSWISS SDN. BHD. ,a company organized and registered
under the laws of Malaysia with offices at ( address) represented by MR. LEONG MING CHIA,
in his capacity as legal representative duly authorized to represent it (hereinafter: “Client”)

on one hand, and

		(2)	ULTRA BEAUTY SUPPLY., a company organized and registered under the laws of Malaysia with
offices at No.8-3, Jalan USJ 1/1C, 47620 Subang Jaya, Selangor, Darul Ehsan, Malaysia, represented by Kaymen Leong in his capacity
as Managing Director (hereinafter “Supplier”)

on the other hand,

(Supplier and Client are hereinafter
collectively referred to as “Parties“ and singularly as “Party”)

 

Preamble

Whereas,
Supplier is a manufacturer that develops and manufactures health food based and traditional category products, using its own formulations
and/or formulations of any of its Affiliated Companies (as hereinafter defined);

Whereas,
Client is engaged in the sale of health food based products at wholesale and/or retail level and wish to purchase from Supplier
certain products as listed under Exhibit 1 (as amended from time to time);

Whereas,
by this Agreement (as hereinafter defined) Client and Supplier wish to determine a set of terms and conditions which shall be generally
applicable to all forthcoming occasions when Supplier and Client will be parties to and execute sale-purchase and/or supply agreements;

 

It is agreed as follows:

1.              
Definitions

		1.1.	The expressions beginning by capital letters set out herein shall have the meanings specifically
ascribed thereto herein below, unless the context otherwise requires. The words defined in the singular form shall include the
plural form and vice-versa:

Affiliated Companies
means with regard to either Party a company controlling, controlled by or under common control with such Party, and “control”
means the effective ability to direct the management of a company, whether through the ownership of a majority of the voting shares
of such company, by contract or otherwise.

Agreement means
this agreement and all its Exhibits as listed under Section 20 (as eventually may be amended from time to time pursuant to Section
13).

Client means
the company (or companies) or individual entity(ies) as defined above

Confidential
Information shall have the meaning as provided under Clause 11.4.

Delivery means
the delivery of the Products pursuant to Clause 4.1 or any different delivery term mutually agreed in writing by the Parties. 

Delivery Date
means the delivery date confirmed pursuant to Clause 3.4.

Due Date means
the date when payment is due pursuant to Clause 6.5.

Event of Default
means the event of default as defined under Clause 9.3.

Force Majeure
means in relation to either Party, any circumstances beyond the reasonable control of that Party (e.g. any strike, lockout
or other form of industrial action, fires, explosion, war, civil commotions, riots, sabotage, applicable legislation and regulations
there-under, interruptions by government etc). See also Section 12.

Free Issue Parts
means any raw materials, semi-processed goods and/or packaging materials to be furnished by Client necessary for manufacturing
the Products.

Packaging’s
Minimum Quantity (or Minimum Order Quantity of Packaging or MOQ Packaging) means the minimum
quantity of Packaging Components that based on packaging components’ vendor Supplier is obliged to buy for each type of Packaging
Component, as indicated in Exhibit 1.

Price means
the unitary price of each Product as set out in Exhibit 1 hereto (as eventually may be amended from time to time) and/or the updated/new
unitary price of each Product as quoted after the date of this Agreement pursuant to Section 6;

Product means
the health food based products as set out in Exhibit 1 (as may be amended from time to time) and/or listed in the Purchase Order;

Production’s
Minimum Quantity (or Minimum Order Quantity of Products or MOQ Products) means the minimum
quantity of Products that based on its manufacturing capacity and on the Product features Supplier can manufacture for each type
of Products, as indicated in Exhibit 1.

Purchase Order
means the purchase order placed by Client to Supplier for the supply of the Products as confirmed by Supplier pursuant to Section
3;

Reject Period
means the time period from the date of effective Delivery of the Products until 14 (fourteen) working days following such date.

Supplier means
the company (or companies) as defined above

Technical Specifications
means the technical specifications (e.g. product quality dossier, master product specification etc) provided by Supplier and/or
any other technical specification related to the Products agreed in writing and/or signed between the Parties.

		1.2.	The headings in this Agreement are for convenience only and shall not affect its interpretation.

2.              
Scope of contract

		1.1.	Subject to the terms and conditions of this Agreement and based on firm binding purchase orders
from Client to Supplier, Supplier, within the limits of its manufacturing capacity, shall manufacture and sell to Client, which
hereby undertakes to buy, the health food based products hereinafter listed in Exhibit 1 (as may be amended from time to time pursuant
to this Agreement) with a full service procedure, purchasing all materials (raw materials, packaging materials and labelling etc)
necessary for the manufacturing of the Products.

3.              
Purchase Orders

		1.1.	This Agreement defines the terms and conditions for the supply of the Products manufactured upon
firm purchase orders placed by Client to be confirmed by Supplier.

		1.2.	Independently from the reference above, commencing from the date of signature of this Agreement,
any sale-purchase/supply between the Parties shall be subject to the terms of this Agreement unless a deviation is specifically
agreed in writing by the Parties. In any case, any other purchasing or standard conditions (e.g. printed on the back of the purchase-order
form) shall be null and void.

		1.3.	Client’s purchase order shall define quantities (that must not be lower than the minimum
quantities for both finished Products as per Exhibits 1 hereto), agreed price and delivery date. It is agreed that Client shall
accept delivery of the Products with a tolerance of + / - 10% against ordered quantities.

		1.4.	At receipt of the purchase order Supplier, upon verification of its production spaces and subsequent
delivery, within min. 14 (fourteen) working days from the date of receipt of the purchase order, will inform Client about the final
confirmed Delivery Date which shall be considered the contractual delivery date valid between the Parties.

		1.5.	Any Free Issue Parts, specifications, samples and other materials (if any) supplied to Supplier
or paid by Client shall be held by Supplier in good condition at Supplier’s risk; they shall only be used by Supplier in
performing this Agreement and shall not be disclosed to any third party.

4.              
Delivery and export control

		1.1.	Unless otherwise agreed in writing, the Delivery of the Products shall be ex-works at the place
named by Supplier.

		1.2.	Purchase Orders cannot be cancelled or shipment postponed except upon written notice to and acceptance
by Supplier. Supplier will attempt to accommodate Client’s Purchase Order cancellation requests, but reserves the right,
in its sole discretion, to reject any attempt by Client to cancel an order under certain reason, for instance, where arrangements
to purchase raw materials and packaging materials have been made. Any changes to the requirements or delivery schedule give Supplier
the title to (i) charge Client an equitable amount, and/or (ii) receive an equitable extension in the Delivery Dates.

		1.3.	In the lack of pick up or shipment by Client on the EXW Delivery Date, Supplier may, but is not
obliged to, keep the Products on deposit free of charge (and at Client’s sole risk) for a maximum period of 1 (one) month.

		1.4.	Client agrees that it will not, and that Client will inform its customers that they may not, in
any form, export, re-export, resell, ship or divert, directly or indirectly, any documentation, technical data or a direct Product
or any parts thereof to any country for which an applicable government or any agency thereof, requires an export license or other
governmental approval without first obtaining such license or approval. Client shall also obtain at Client’s own expense
any necessary governmental permits or licenses required to import the Products or any part thereof into any other country.

5.              
Client's Obligations

		1.1.	As a condition for enabling Supplier to perform its quality obligations and to fulfil the Delivery
Date(s), Client shall timely perform or provide, as the case may be, any and all actions, approvals or submissions of its competence
(e.g. bench submission, formula/shade approval, Free Issue Parts delivery (if any) etc) as agreed or defined in the Technical Specifications
and in the Quality Dossier.

		1.2.	In case of delays or other non-compliance by Client, Supplier shall − save Supplier's other
rights and remedies available at law or in equity − be entitled to a proportionate extension of the time schedule/Delivery
Date to the extent that the performance of Client’s actions/approvals were delayed.

6.              
Prices and terms of payment

		1.1.	The Prices applicable to the Products (calculated on an ex-works basis) shall be in Ringgits (RM)
(unless otherwise agreed in writing by the Parties) and are set out in Exhibit 1 hereto (as may be amended from time to time by
re-execution of said attachment by both Client and Supplier). For new Products, the Prices shall be the prices quoted by Supplier
for such new Products.

		1.2.	Unless expressly mentioned otherwise, the Prices are inclusive of the Packaging Components to be
supplied by Supplier.

		1.3.	The Price of each Product shall be considered fixed during a min. 12 (twelve) month period commencing
when the Product is first offered for purchase to Client. After such period, Supplier shall have the right to review the Price
annually and in the event of increase of Supplier’s production costs. Prior to any such price increase going to effect, Supplier
shall inform Client with at least 30 (thirty) days notice.

1.4 . The Products’
Prices are to be considered exclusive of:

		(a)	Sales taxes, levies or other applicable charges, of any nature;

		(b)	a mark-up covering the cost for handling and stocking any Packaging Components and (if any) the
Free Issue Parts and other materials supplied by Client and;

		(c)	the cost of any tests which Client may reasonably require (e.g. pursuant to Clause 8.4) in addition
to the tests already performed by Supplier on a routinely basis as indicated in the Quality Dossier;

		(d)	any costs for the development of the Products (including but not limited to costs for tools, e.g.
clichés, pilot, mould) and for promotional material realised by Supplier pursuant to Client’s reasonable request.

1.5.Payment of
the Price shall be due as follows:

		(a)	50% of total order value upon Purchase Order’s placement, against invoice; and

		(b)	50% of total order value pro-quota before Delivery, against invoice.

1.6. Should Client
fail to pay the amount of any invoice on the Due Date:

		(a)	Supplier shall be entitled to suspend deliveries of the Products until the amount outstanding has
been fully credited to Supplier’s bank account.

In the event Supplier
is required to retain an attorney to enforce this Agreement or to effect collection on any unpaid invoice, Supplier shall be entitled
to recover all reasonable attorneys’ fees and costs incurred in any such legal action.

		1.7.	Any costs not included in the Price and disbursed directly by Supplier in a given month, shall
be paid by Client within the end of the following month.

		1.8.	In no event Client shall be entitled to set off from any payment to Supplier any claims which Client
might have against Supplier or any company directly or indirectly controlled by (or controlling) Supplier.

7.              
Quality Control

		1.1.	With regards to any Free Issued Parts and any other raw material and/or packaging and/or labelling
material eventually supplied by Client, Client guarantees that they have been tested and fully conform to applicable legislation
and are certified for use in.

		1.2.	Supplier shall not be liable for any quality or conformity issue of the Free Issue Parts eventually
supplied by Client, which remain fully liable for them.

		1.3.	In case Client wishes Supplier to perform any test and/or quality control on the Free Issue Parts,
such tests / controls performance shall be considered an additional service to be mutually agreed in advance between the Parties
in written form and executed upon payment of an extra price to Supplier.

		1.4.	Supplier shall grant that the Products are manufactured in accordance with applicable GMP and/or
provided the prior written agreement between the Parties any specific requirement requested by Client.

		1.5.	It is agreed by the Parties that any expediting visits by Client or Client’s representative
to Supplier’s plants or offices shall be previously agreed between the Parties upon written request and at Supplier’s
convenient time.

8.              
Intellectual Property Rights

		1.1.	Client acknowledges and agrees that all intellectual and industrial property rights or secrets,
whether registered or not, relating to or associated with the Products / bulk formulas (in their present and/or future configuration),
which are owned or will be developed by Supplier, will be/shall remain Supplier’s (or Affiliated Companies’) exclusive
property and Client hereby agrees that Supplier will have exclusive right to register and
apply for any patents thereof.

		1.2.	Client shall notify Supplier immediately of any claims made against Client by any third party.
With Client’s assistance, Supplier shall conduct all negotiations and settle any claim or demand or any litigation that may
arise there from, provided that no formulation and/or documentation and/or know-how furnished by Supplier shall have been used
by Client for any purpose or in any manner other than that for which they had been provided by Supplier pursuant to this Agreement.

		1.3.	Should such use for other purposes have been made by Client, then all responsibility and liability
resulting there from shall lie entirely with Client.

		1.4.	In no event Supplier shall be liable for any damage or consequence due to the infringement of intellectual
property rights related to Free Issue Parts or Packaging Components procured by Supplier under recommendation or request by Client.
Client shall keep Supplier fully indemnify with regards to any expense or damage Supplier should suffer in connection to such infringement.

9.              
Term and termination

		1.1.	This Agreement shall become effective on the date of its signature by both Parties.

		1.2.	The terms and conditions of this Agreement shall continue to be applicable to all forthcoming sale-purchase
agreements between Supplier and Client until:

		(a)	termination of this Agreement pursuant to this Section 9; or

		(b)	discharge of this Agreement by mutual consent of both the Parties; or

		(c)	replacement of this Agreement by a new frame agreement which is executed between Supplier and Client
with reference to the same subject.

		1.3.	As used in this Agreement, an Event of Default means when a Party is in serious breach of any material
obligations provided for by this Agreement. Should either Party cause an Event of Default, then the non-defaulting Party may give
written notice to the defaulting Party which notice shall specify the Event of Default. After receipt of such notice, the defaulting
Party shall have a period of 15 (fifteen) days to remedy the Event of Default. In the lack of such timely remedy, then this
Agreement shall be deemed automatically terminated, without prejudice to any other rights or remedies to the non-defaulting Party
available at law or in equity.

		1.4.	Any of the following will constitute an act of default hereunder, giving either Party the title
to immediately terminate this Agreement:

		(a)	Failure to remit payment when due;

		(b)	the other Party makes any voluntary arrangement with its creditors or becomes subject to any bankruptcy
procedure, goes into liquidation or ceases to carry on its business (except in the case of amalgamation or other reorganisation
within the company group); or

		(c)	in the event of Force Majeure as provided for in Clause 12.4.

1.5.It is agreed
that in case of early termination of this Agreement for any reason, Supplier will be entitled to:

-finalise all the
running productions,

-invoice for the
finished Products in stock and/or already delivered; and

		-	recover all the incurred cost for purchasing raw materials and/or Packaging Components by the time
of termination.

		1.6.	Any waiver by either Party of a breach of any provision of this Agreement shall not be considered
as a waiver of any subsequent breach of the same or any other provision.

		1.7.	The rights to terminate this Agreement given by this clause shall not prejudice any other right
or remedy of either Party, available at law or in equity, in respect of the breach concerned (if any) or any other breach.

10.           
Warranty; limitation of liability

		1.1.	Supplier solely warrants that at the time of Delivery the Products: (i) until the shortest of the
“expiry date” and the “shelf life” as indicated by Supplier, perform in compliance to the Technical Specification;
and (ii) comply in all respects with any applicable laws, rules and regulations of the country(ies) of destination of the Products
(provided such country of destination is specified in writing in advance by Client).

		1.2.	At any time within the Reject Period, i.e. 14 (fourteen) days following the date of Delivery of
the Products, Client may reject all or part of the Products in the event it verifies that such Product/s is/are not supplied in
strict compliance with the provisions under Clause 10.1. In such event, Client shall (i) immediately (however within the Reject
Period) notify Supplier in writing, specifying the nature of the non conformity; (ii) keep the Product - preserved with care and
in a manner not to change the status of the Products at the time of defect discovery - at the disposal of Supplier for inspection;
(iii) if so requested by Supplier, deliver the Product to Supplier to allow the inspection of the same. Products will be considered
accepted by Client if no written notice of claim will be received by Supplier by the Reject Period.

		1.3.	If the foregoing inspection proves that the Product is defective for reasons solely due to Supplier,
Supplier shall at its own choice and at its own expense replace the defective Product with another non-defective Product or rework
them. Client acknowledges that save the case of personal injuries the replacement or reworking of the defective Product shall be
its sole and exclusive remedy for defective. In no event, Client shall be entitled to delay or retain any due payments for any
sum exceeding the value of the rejected Products.

		1.4.	In all other cases (when the defect of Products is not due to reasons solely due to Supplier),
reworking (or replacing) of defective Products and/or materials shall be handled by Client according to the local authorities requirement,
at its own expense.

		1.5.	Exclusively in the cases under Clause 10.3, it is agreed that in addition to exclusive remedies
for defects therein provided under the same Clause, Supplier may, but is not obliged to, indemnify the Client towards sole direct
costs Client should prove by documentation to have suffered in connection to any eventual recall process from the market of the
defective entire lots of Products, provided such recall was prior agreed in writing between the Parties.

		1.6.	In the event that a defect is not immediately apparent (i.e. in case of factory defects, undetectable
at acceptance procedures), Client shall notify in writing Supplier within 8 days after it becomes aware of the hidden defect. The
claims concerning hidden defects of the Products shall however be raised against

Supplier within 1 (one) year from Delivery. Same rejection procedure of all Clauses above shall apply.

		1.7.	Supplier’s warranty (as per this Section 10) for defective Products and Supplier’s
liability for damages caused by the defective Products to goods or persons is expressly excluded (i) in case of improper use of
the Products (i.e. not in compliance with Supplier’s usage instructions attached to Products); and (ii) after the expiry
of the shortest between the shelf life or the expiry date of the Products as indicated by Supplier; (iii) for defects owing to
wear and tear. Client undertakes to provide the same limitations in the warranty given to Client’s customer.

		1.8.	Client acknowledges that except as otherwise provided in this Section 10, Supplier makes no warranty
of any kind with respect to any Products and Supplier disclaims any and all implied warranties relating thereto, if any, including,
but not limited to, any implied warranties of merchantability, fit for a particular purpose or achievement of any particular performance
criteria or benefit neither if indicated on the packaging elements of the Product.

		1.9.	With the exception of bodily injuries, Supplier shall not be liable for any loss of profits or
any special, indirect, incidental or consequential damages or reputation loss.

11.           
Confidential information

		1.1.	If Supplier and Client exchange Confidential Information (as defined below) in performing their
respective obligations under this Agreement, such Confidential Information shall be used solely for purposes consistent with this
Agreement.

		1.2.	Confidential Information, if disclosed in written form, shall be clearly marked with the discloser's
name and "confidential" or any substantial equivalent thereof. If orally disclosed, Confidential Information shall be
summarised in written form and clearly marked with the discloser's name, "confidential" or the substantial equivalent
thereof and delivered to the recipient within thirty days from the date of disclosure.

		1.3.	Such Confidential Information shall be maintained as confidential by the receiving Party. The receiving
Party may disclose Confidential Information on a need-to-know basis to such Party's employees who agree in writing to maintain
the confidentiality of the disclosing Party's Confidential Information with the same degree of care as applies to the receiving
Party's own Confidential Information.

		1.4.	For the purpose of this Section, Confidential Information means any information acquired
concerning the other Party or its affairs, the Products or the Formulas, save that neither Party shall be obligated to maintain
in confidence any information received from the other Party if the information:

		(a)	was in the possession of or was known to such Party prior to its receipt from the other Party;
or

		(b)	is independently developed by such Party without the utilisation of such Confidential Information;
or

		(c)	is or becomes public knowledge without the fault of such Party.

		1.5.	The terms and conditions of this Section shall survive the termination for any reason whatsoever
of this Agreement for a period of 5 (five) years.

12.           
Force majeure

		1.1.	If either Party is affected by Force Majeure (as defined above), it shall promptly notify the other
Party of the nature and extent of the circumstances in question.

		1.2.	Notwithstanding any other provision of this Agreement, neither Party shall be deemed to be in breach
of this Agreement, or otherwise be liable to the other, for any delay in performance or other non-performance of any of its obligations
under this Agreement to the extent that the delay or non-performance is due to any Force Majeure. The time for performing such
obligation shall be extended accordingly. The Party invoking Force Majeure shall give prompt notice of the cessation of the cause
thereof.

		1.3.	Nothing in this Section 12 shall relieve any Party of its obligation to make payments when due
hereunder.

		1.4.	If an event of Force Majeure shall occur and continue for 6 (six) months so as to frustrate the
purpose contemplated by this Agreement, or if there is no reasonable possibility that such event will be cured within a six-month
period, then either Party shall be entitled to terminate this Agreement pursuant to Clause 9.4 (c).

13.           
Amendments

		1.1.	This Agreement shall be amended or modified, and any of the terms, covenants, representations,
warranties or conditions hereof may be waived, only by a written instrument executed by the Parties hereto or, in the case of a
waiver, by the Party waiving compliance.

14.           
Subcontract

		1.1.	Client herewith expressly authorizes Supplier to carry out its obligations under this Agreement
also through the production facilities of Supplier’s subsidiaries. Client hereby expressly gives its consent to any sub-contracting
by Supplier which shall be entitled to carry out its obligations under this Agreement through sub-suppliers appointed by it in
its absolute discretion.

15.           
Assignment

		1.1.	With the exception of the successors of each Party (as in case of company merger), which automatically
succeed such Party in this Agreement, the rights and benefits of either Party under this Agreement shall not be assigned or otherwise
disposed of without the prior written consent of the other Party.

		1.2.	The activities carried out at the production facilities of Supplier’s subsidiaries are not
to be considered as an assignment of this Agreement, provided that Supplier will remain liable for such activities.

16.           
Severability

		1.1.	If any provision of this Agreement is held by any court or other competent authority to be void
or unenforceable in whole or part the other provisions of this Agreement and the remainder of the effective provisions shall continue
to be valid.

17.           
Notices

		1.1.	Any notice to be given by one Party to the other Party under, or in connection with, this Agreement
shall be in writing and signed by or on behalf of the Party giving it.

		1.2.	All notices under or in connection with this Agreement shall be in the English language or, if
in any other language, accompanied by a translation into English. In the event of any conflict between the English text and the
text in any other language, the English text shall prevail.

18.           
Entire agreement

		1.1.	This Agreement sets out the entire agreement and understanding between the Parties with respect
to the subject matter hereof. This Agreement supersedes all previous agreements, arrangements and understandings between the Parties
with respect to the subject of this Agreement, which shall cease to have any further effect.

19.           
Governing law and jurisdiction

		1.1.	This Agreement shall be governed by and construed in accordance with the law of Malaysia.

		1.2.	Any dispute arising from, or in connection with, the interpretation, execution and validity of
this Agreement shall be exclusively and finally settled under the Rules of the Chamber of Arbitration of Malaysia by one or three
arbitrators appointed in accordance with the said Rules.

		1.3.	Arbitration shall take place in Kuala Lumpur, Malaysia and proceedings shall be held in the English
language.

		1.4.	The exclusive jurisdiction of arbitration in this Clause specifically extends to disputes regarding
claims based in tort, disputes regarding the validity of the Agreement, costs of arbitration proceedings (without limitation thereto).

		1.5.	The arbitration award shall be final and binding upon the Parties to the arbitration and may be
enforced in any court having jurisdiction over the Party against which enforcement is sought.

20.           
List of Exhibits

The following Exhibits form an integral
part to this Agreement.

		·                 Exhibit 1	Products, Prices, MOQs

 

As
witness this Agreement has been executed by or on behalf of the
Parties the day and year first before written.

 

 

	
        Client

        _______________________

        Authorized representative
	
        Supplier

        __________________________

        Authorized representative

    	 

    	 

    

Exhibit 1

[Redacted]Exhibit 10.28

 

October 1, 2015

 

John Walsh

[Address]

 

RE: Terms of Employment

 

Dear John:

 

Tremor Video, Inc. (the “Company”) is pleased to offer you the position of Head of Technology and Product on the terms set forth in this letter.  Your first day of employment with the Company shall be October 19, unless otherwise agreed by you and the Company’s Chief Executive Officer.

 

Position and Responsibilities

 

In your employment position, you will report to Bill Day, the Company’s Chief Executive Officer.  In this capacity, you will serve and will be responsible for such duties as are normally associated with your position or as may otherwise be determined by the Company.  Your specific duties and responsibilities may change from time to time as determined by the needs of the Company and the policies established by the Company.  While travel in the performance of your duties may be required, you will work principally at our offices in Boston, MA. Of course, the Company may change your position, duties, and work location as it deems necessary.

 

Compensation and Benefits

 

You will be paid an initial base annual salary of $350,000, less payroll deductions and all required withholdings. You will be paid the base salary in accordance with the Company’s standard payroll practices, and you will be eligible for standard benefits, such as medical insurance, paid time off, and holidays, according to standard Company policy as may be adopted by the Company from time to time.  In your position, you will be entitled to 20 PTO (Paid Time Off) days prorated based on your date of hire, as is Company policy.  These days are to be used for sick leave, personal days, and/or vacation.  The Company does require that requests for vacation time be made in writing at least two weeks prior to the vacation dates requested. The Company also offers an additional eight days of paid holiday time per calendar year.

 

In addition to your base salary, you will be eligible to receive performance-based bonuses based on achievement of performance goals to be set by the CEO and the Company’s Board of Directors (the “Board”).  Your target annual bonus for 2015 will be

 

 

$140,000 (pro-rated to your start date), less payroll deductions and all required withholdings.  You will have the ability to earn up to 150% of your target annual bonus.  Unless otherwise agreed in writing pursuant to a bonus plan or bonus agreement approved by the CEO and/or Board, bonus payments, if any, are not guaranteed and will be awarded at the sole discretion of the Company’s Board.  To be eligible for a performance bonus, you must maintain full time employment status at the time of the payment.  Bonus payments will be made less payroll deductions and all required withholdings.

 

Tremor Video Equity Grant

 

You will be granted, subject to the approval of the Board an option (the “Option”) to purchase 350,000 shares of Company’s common stock, par value $0.0001 per share.  The exercise price per share of the Option will be determined by the Board when the Option is granted.  The Option will be subject to the terms and conditions of the applicable Stock Option Agreement.  You will vest in 25% of the shares subject to the Option when you complete 12 months of continuous service with the Company or an affiliate of the Company (“Continuous Service”) (excluding service solely as a member of the Board), and the balance will vest in equal monthly installments over the next 36 months of Continuous Service (excluding service solely as a member of the Board).  If, during the term of your Continuous Service, a Change in Control (as defined below) is consummated and, following the consummation of the Change in Control your employment is terminated by the Company without Cause (as defined below) or is terminated by you for Good Reason (as defined below), 50% of the remaining shares subject to the Option that are not otherwise vested upon the effective date of the Change in Control pursuant to the foregoing schedule shall become vested.

 

Severance Benefits

 

If the Company terminates your employment for any reason other than for Cause (as defined below), death or Disability (as defined below), or you resign from your employment with the Company for Good Reason (as defined below) (each such event, a “Separation”), then, subject to your compliance with the conditions set forth in the following paragraph and your continued compliance with the Confidentiality and Inventions Assignment Agreement attached hereto as Exhibit A (the “CIAA”), which will be executed prior to your first day of employment, you will be entitled to the following benefits (less all applicable withholding taxes): (i) severance payments at a rate equal to your base salary for a period of six months, (ii) a pro-rated annual target bonus for the year in which your termination occurs plus any earned but unpaid bonus amounts from prior periods, and (iii) the Company will pay to you an amount equal to the monthly

 

 

premium under COBRA for you and your eligible dependents until the earliest of (x) six months following your Separation, (y) the expiration of your continuation coverage under COBRA or (z) the date when you become eligible for substantially equivalent health insurance coverage in connection with new employment or self-employment.  The severance payments described above will be paid in accordance with the Company’s standard payroll procedures, and, subject to your execution of the Release (as defined below), will commence on the later of (i) the 30th day after your Separation (or, if such day is not a business day, on the first business day thereafter) and (ii) the third business day following the effectiveness of the Release, and once they commence will be retroactive to the date of your Separation.

 

You will not be entitled to any severance benefits described in this section unless you (i) have returned all Company property in your possession, (ii) have resigned as a member of the Boards of Directors of the Company and all of its subsidiaries (if applicable), to the extent applicable, and (iii) have executed a general release substantially in the form attached hereto as Exhibit B (the “Release”) of all claims that you may have against the Company or persons affiliated with the Company.  If you fail to execute the Release or if you revoke the Release, then you will not be entitled to the severance benefits described in this section.

 

Definitions

 

For purposes of this Agreement, the following definitions will apply:

 

“Cause” shall mean: (i) your unauthorized use or disclosure of the Company’s confidential information or trade secrets, which use or disclosure causes material harm to the Company; (ii) your material breach of any agreement between you and the Company that remains uncured for thirty (30) days following written notice of such material breach; (iii) your material failure to comply with the Company’s written policies or rules that remains uncured for thirty (30) days following written notice of such material breach; (iv) except with respect to driving violations, your conviction of, or plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State thereof; (v) your gross negligence or willful misconduct; (vi) your continuing unwillingness to perform assigned duties after receiving written notification of such failure from the Board and a thirty (30) day opportunity to cure; or (vii) your failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested your cooperation.  It is understood that a termination of your employment resulting from your death or Disability shall not constitute termination for “Cause.”

 

 

“Change in Control” shall mean (i) the merger or consolidation of the Company (except any such merger or consolidation involving the Company in which the shares of the Company outstanding immediately prior to such merger or consolidation continue to represent, or are converted into or exchanged for shares that represent, immediately following such merger or consolidation at least a majority, by voting power, of the shares of the surviving or resulting corporation), (ii) a sale of all or substantially all of the assets of the Company or (iii) a transaction or series of related transactions in which a person, or a group of related persons, acquires from stockholders of the Company shares representing more than fifty percent (50%) of the outstanding voting power of the Company.

 

“Disability” shall mean any physical incapacity or mental incompetence (i) as a result of which you are unable to perform the essential functions of your job for an aggregate of 180 days, whether or not consecutive, during any calendar year, and which cannot be reasonably accommodated by the Company without undue hardship.

 

“Good Reason” means that you resign after one of the following conditions has come into existence without your consent:  (i) a change in your reporting directly to the Company’s CEO or a change in your position or title with the Company that materially reduces your level of authority or responsibility; provided, however, that a change in position or reporting structures solely by virtue of a Change in Control shall not constitute “Good Reason” if you maintain a substantially similar level of responsibility within the business unit that previously operated as the independent company, (ii) a reduction in the base salary; (iii) receipt of notice that your principal workplace will be relocated more than 30 miles that also increases your commute by at least 30 miles; (iv) the willful breach by the Company of a material provision of this Agreement or any other agreement with you; or (v) the taking of any action by the Company or its successor that would materially reduce your benefits or perquisites under the Company’s or any successor’s benefit plans (including equity benefits), except to the extent the benefits of all other executives of the Company or its successor are similar reduced.  A condition will not be considered “Good Reason” unless you give the Company written notice of the condition within 90 days after the condition comes into existence, the Company fails to remedy the condition within 30 days after receiving your written notice and you resign within 30 days thereafter.

 

Section 409A

 

For purposes of Section 409A of the Code, each salary continuation payment under the Section entitled “Severance Benefits” is hereby designated as a separate payment.  If you are a “specified employee” under Section 409A(a)(2)(B)(i) of the Code at the time of your Separation, then (i) any payment or benefit that is subject to

 

 

Section 409A of the Code, will be made or commence, as applicable, on the first business day following (A) the expiration of the six-month period measured from your Separation or (B) the date of your death and (ii) the installments that otherwise would have been paid prior to such date  will be paid in a lump sum at that time.

 

Company Rules and Policies

 

As a Company employee, you will be expected to abide by Company rules and regulations, and acknowledge in writing that you have read the Company’s Employee Handbook.

 

Normal working hours for your position are from 9am to 6pm, Monday through Friday however your working schedule shall be flexible, provided that you are working equivalent hours, at a minimum. As an exempt salaried employee, you will be expected to work additional hours as required from time to time by the nature of your work assignments.

 

Termination of Employment

 

Unless agreed to in writing between you and the Company during the term of your employment, your employment with the Company shall be “at will”.  You may terminate your employment with the Company at any time and for any reason whatsoever simply by notifying the Company. Likewise, the Company may terminate your employment at any time and for any reason whatsoever, with or without cause or advance notice, subject to your right to receive severance benefits set forth herein upon certain termination events provided herein.  This at-will employment relationship cannot be changed except by a written document signed by you and a member of the Board.

 

Additional Agreements

 

By signing and accepting this offer, you represent and warrant that (i) you are not subject to any pre-existing contractual or other obligation with any person, company or business enterprise (including any non-competition or non-solicitation covenant) which may be an impediment to your employment with, or your providing services to, the Company as its employee; and (ii) you do not have, and shall not bring to Company premises, or use during the course of your employment with the Company, any confidential or proprietary information of another person, company or business enterprise to whom you previously provided services.

 

The employment terms in this letter supersede any other agreements or promises made to you by anyone, whether verbal or written, and comprise the final, complete and

 

 

exclusive agreement between you and the Company regarding the subject matter set forth herein. The terms of this letter agreement and the resolution of any disputes will be governed by New York law.

 

The offer described above is based, pursuant to federal law, upon proof of your eligibility to work in the United States satisfactory to the Company. This offer is contingent on completion of a satisfactory background and reference check by the Company.  In the event that such background and reference checks are not completed to the satisfaction of the Company, this offer may be withdrawn by the Company prior to the start of your employment without any further obligations or liability hereunder.

 

Please sign and date this letter, and return it to me via PDF at bday@tremorvideo.com if you wish to accept employment at the Company under the terms described above.

 

We look forward to your favorable reply and to a productive and enjoyable work relationship. If you have any questions, please let me know.  If you have not accepted employment by 5pm on Friday, October 2, 2015, this offer of employment shall expire.

 

Very truly yours,

 

	
Tremor Video, Inc.
    	
 
    
	
 
    	
 
    
	
By:
    	
/s/ William C. Day
    	
 
    
	
 
    	
William C. Day, Chief Executive Officer
    	
 
    

 

I have read and accept this offer letter:

 

	
/s/   John Walsh
    	
 
    
	
John   Walsh
    	
 
    
	
 
    	
 
    
	
Dated:   
    	
10/1/2015

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