Document:

Exhibit 10.31

 

SEVERANCE AGREEMENT

 

SEVERANCE AGREEMENT (this “Agreement”),
dated as of January 19, 2016, by and between TheStreet, Inc., a Delaware corporation (the “Company” or “TheStreet”),
and Eric Lundberg (“Mr. Lundberg” and together with the Company, each a “Party” and collectively
the “Parties”).

 

WHEREAS, the Company desires that Mr. Lundberg
enter into this Agreement, and Mr. Lundberg desires to enter into this Agreement, on the terms and conditions set forth herein;

 

WHEREAS, the Company granted Mr. Lundberg
650,000 stock options pursuant to a stock option agreement, dated January 19, 2016 (the “Equity Agreements”);

 

WHEREAS, Mr. Lundberg agreed to be bound
by certain restrictive covenants in the Equity Agreements; and

 

NOW THEREFORE, the parties hereto agree
as follows:

 

Section 1. Severance Benefits.

 

(a)          General
Severance. In the event that the Company (or Successor (as defined below), if applicable) terminates Mr. Lundberg’s employment
with the Company (or Successor, if applicable) without Cause (as defined in the Equity Agreements), then Mr. Lundberg shall be
entitled to the following severance benefits:

 

(A) pay Mr. Lundberg an amount equal to twelve (12)
months of his base salary (at the annual rate in effect immediately prior to termination, but in no event less than Mr. Lundberg’s
original annual salary of $275,000); and

 

(B) If Mr. Lundberg elects continuation coverage pursuant
to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for himself and his eligible dependents,
within the time period prescribed pursuant to COBRA, the Company will reimburse Mr. Lundberg for (or pay directly) the COBRA premiums
for such coverage (at the coverage levels in effect immediately prior to Mr. Lundberg’s termination) until the earlier of
(x) a period of twelve (12) months from the last date of employment with the Company, or (y) the date upon which he and/or his
eligible dependents becomes covered under similar plans. COBRA reimbursements will be made by the Company to Mr. Lundberg consistent
with the Company’s normal expense reimbursement policy and will be taxable to the extent required to avoid adverse consequences
to Executive or the Company under either Code Section 105(h) or the Patient Protection and Affordable Care Act of 2010.; and

 

For purposes of this Agreement, “Successor”
shall mean any person or entity that acquires all or substantially all of the Company’s assets or into which the Company
is merged or combined with the Company ceasing to exist (or the successor to any such entity, whether by merger, assignment or
otherwise).

 

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(b)          Payment
of Benefits. Subject to Section 15, if Mr. Lundberg becomes entitled to a payment under Section 1(a)(A)(i), the Company (or
Successor, if applicable) shall pay Mr. Lundberg the applicable amount in accordance with the Company’s then current payroll
schedule, less applicable taxes, commencing the pay period immediately following Mr. Lundberg’s date of termination.

 

Section 2. Parachute Payment Limitation.

 

Anything in this Agreement or the Equity
Agreements to the contrary notwithstanding, in the event that:

 

(a)          the
aggregate payments or benefits to be made or distributed by the Company or its affiliates to or for the benefit of Mr. Lundberg
(whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise) which are deemed
to be parachute payments as defined in Internal Revenue Code (“Code”) Section 280G or any successor thereto
(the “Change of Control Benefits”) would be deemed to include an “excess parachute payment” under
Code Section 280G; and

 

(b)          if
such Change of Control Benefits were reduced to an amount (the “Non-Triggering Amount”), the value of which
is one dollar ($1.00) less than an amount equal to three (3) times Mr. Lundberg’s “base amount,” as determined
in accordance with Code Section 280G and the Non-Triggering Amount less the product of the marginal rate of any applicable state
and federal income tax times the Non-Triggering Amount would be greater than the aggregate value of the Change of Control Benefits
(without such reduction) minus (x) the amount of tax required to be paid by Mr. Lundberg thereon by Code Section 4999 and further
minus (y) the product of the Change of Control Benefits times the marginal rate of any applicable state and federal income tax,
then the Change of Control Benefits shall be reduced to the Non-Triggering Amount. Any reduction made pursuant to this Section
2(b) shall be made in accordance with the following order of priority: (i) stock options whose exercise price exceeds the fair
market value of the optioned stock (“Underwater Options”), (ii) Full Credit Payments (as defined below) that are payable
in cash, (iii) non-cash Full Credit Payments that are taxable, (iv) non-cash Full Credit Payments that are not taxable, (v) Partial
Credit Payments (as defined below) and (vi) non-cash employee welfare benefits. In each case, reductions shall be made in reverse
chronological order such that the payment or benefit owed on the latest date following the occurrence of the event triggering the
excise tax will be the first payment or benefit to be reduced (with reductions made pro-rata in the event payments or benefits
are owed at the same time). “Full Credit Payment” means a payment, distribution or benefit, whether paid or payable
or distributed or distributable pursuant to the terms of this Agreement or otherwise, that if reduced in value by one dollar reduces
the amount of the parachute payment (as defined in Code Section 280G) by one dollar, determined as if such payment, distribution
or benefit had been paid or distributed on the date of the event triggering the excise tax. “Partial Credit Payment”
means any payment, distribution or benefit that is not a Full Credit Payment. In no event shall Mr. Lundberg have any discretion
with respect to the ordering of payment reductions. 

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Section 3. Certain Covenants.

 

In partial consideration for the right to
receive the benefits described in Section 1, Mr. Lundberg agrees as follows. For avoidance of doubt, the covenants set forth below
are independent of the covenants set forth in the Equity Agreements and any covenants that may be set forth in any subsequent written
agreements between the Parties:

 

(a)          Non-competition.
During her/his employment by the Company or any subsidiary and through the end of six (6) months after the cessation of her/his
employment with the Company or any subsidiary, Mr. Lundberg will not engage in a Competitive Activity (as defined below) with the
Company or any of its subsidiaries. As used herein, “Competitive Activity” means Mr. Lundberg’s service
as a director, officer, employee, principal, agent, stockholder, member, owner or partner of, or Mr. Lundberg permitting her/his
name to be used in connection with the activities of, any other business or organization anywhere in the United States, or in any
other geographic area in which the Company or any of its subsidiaries operates or with respect to which the Company provides financial
news and commentary coverage (or from which such other business or organization provides financial news and commentary coverage
of the United States), which engages in a business that competes with any business in which the Company or any subsidiary is engaged
(a “Competing Business.) Notwithstanding the foregoing, Mr. Lundberg may work in a non-competitive business of a company
which is carrying on a Competing Business.

 

(b)          Non-solicitation
of Employees. During her/his employment by the Company or any subsidiary and through the end of one (1) year after the cessation
of her/his employment with the Company or any subsidiary, Mr. Lundberg will not solicit for employment or hire, in any business
enterprise or activity, any employee of the Company or any subsidiary who was employed by the Company or a subsidiary during Mr.
Lundberg’s period of employment by the Company or a subsidiary; provided that (a) the foregoing shall not be violated by
any general advertising not targeted at any Company or subsidiary employees nor by Mr. Lundberg serving as a reference upon request,
and (b) Mr. Lundberg may solicit and hire any one or more former employees of the Company or its subsidiaries who had ceased being
such an employee for a period of at least six (6) months prior to any such solicitation or hiring.

 

(c)          Non-solicitation
of Clients and Vendors. During her/his employment by the Company or any subsidiary and through the end of one (1) year after
the cessation of her/his employment with the Company or any subsidiary, Mr. Lundberg will not solicit, in any business enterprise
or activity, any client, customer, licensee, licensor, third-party service provider or vendor (a “Business Relation”)
of the Company or any subsidiary who was a Business Relation of the Company or any subsidiary during Mr. Lundberg’s period
of employment by the Company or any subsidiary to (i) cease being a Business Relation of the Company or any subsidiary or (ii)
become a Business Relation of a Competing Business unless (without you having solicited such third party to cease such relationship)
such third party ceased being a Business Relation of the Company or any subsidiary for a period of at least six (6) months prior
to such solicitation. 

 

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(d)          The
parties acknowledge that the restrictions contained in this Section 3 are a reasonable and necessary protection of the immediate
interests of the Company, and any violation of these restrictions could cause substantial injury to the Company and that the Company
would not have entered into this Agreement, without receiving the additional consideration offered by Mr. Lundberg in binding her/himself
to these restrictions. In the event of a breach or threatened breach by Mr. Lundberg of any of these restrictions, the Company
shall be entitled to apply to any court of competent jurisdiction for an injunction restraining Mr. Lundberg from such breach or
threatened breach; provided, however, that the right to apply for an injunction shall not be construed as prohibiting the Company
from pursuing any other available remedies for such breach or threatened breach.

 

Section 4. Notices.

 

Unless otherwise provided herein, any notice,
exercise of rights or other communication required or permitted to be given hereunder shall be in writing and shall be given by
overnight delivery service such as Federal Express or personal delivery against receipt, or mailed by registered or certified mail
(return receipt requested), to the party to whom it is given at, in the case of the Company, General Counsel/Compensation Committee
Chair, TheStreet, Inc., 14 Wall Street, 15th Floor, New York, NY 10005, or, in the case of Mr. Lundberg, at her/his
principal residence address as then reflected on the records of the Company or such other address as such party may hereafter specify
by notice to the other party hereto. Any notice or other communication shall be deemed to have been given as of the date so personally
delivered or transmitted by telecopy or like transmission or on the next business day after sent by overnight delivery service
for next business day delivery or on the fifth business day after sent by registered or certified mail.

 

Section 5. Representations.

 

The Company hereby represents and warrants
that the execution and delivery of this Agreement and the performance by the Company of its obligations hereunder have been duly
authorized by all necessary corporate action of the Company.

 

Section 6. Amendment.

 

This Agreement may be amended only by a
written agreement signed by the parties hereto.

 

Section 7. Binding Effect.

 

The rights and duties under this Agreement
are not assignable by Mr. Lundberg other than as a result of her/his death. None of Mr. Lundberg’s rights under this Agreement
shall be subject to any encumbrances or the claims of Mr. Lundberg’s creditors. This Agreement shall be binding upon and
inure to the benefit of the Company and any successor organization which shall succeed to the Company by merger or consolidation
or operation of law, or by acquisition of all or substantially all of the assets of the Company.

 

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Section 8. Governing Law.

 

This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York applicable to contracts to be performed wholly within the
state and without regard to its conflict of laws provisions that would defer to the laws of another jurisdiction.

 

Section 9. Severability.

 

If any provision of this Agreement shall
for any reason be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
hereof shall not be affected or impaired thereby. Moreover, if any one or more of the provisions of this Agreement shall be held
to be excessively broad as to duration, activity or subject, such provisions shall be construed by limiting and reducing them so
as to be enforceable to the maximum extent allowable by applicable law. To the extent permitted by applicable law, each party hereto
waives any provision of law that renders any provision of this Agreement invalid, illegal or unenforceable in any way.

 

Section 10. Execution in Counterparts.

 

This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same instrument.

 

Section 11. Entire Agreement.

 

This Agreement, together with the Equity
Agreements, sets forth the entire agreement, and supersedes all prior agreements and understandings, both written and oral, between
the parties with respect to the subject matter hereof and thereof.

 

Section 12. Titles and Headings.

 

Titles and headings to Sections herein are
for purposes of reference only, and shall in no way limit, define or otherwise affect the meaning or interpretation of any of the
provisions of this Agreement.

 

Section 13. Consent to Jurisdiction.

 

The parties hereto each hereby irrevocably
submit to the exclusive jurisdiction of any New York State or Federal court sitting in the Borough of Manhattan, City of New York
in any action or proceeding to enforce the provisions of this Agreement, and waives the defense of inconvenient forum to the maintenance
of any such action or proceeding.

 

Section 14. No Duty to Mitigate.

 

Mr. Lundberg shall have no duty to mitigate
or have any off-set made against amounts payable by the Company to Mr. Lundberg hereunder.

 

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Section 15. Release.

 

As a condition to the obligation of the
Company to make the payments provided for in this Agreement and otherwise perform its obligations hereunder to Mr. Lundberg upon
termination of Mr. Lundberg’s employment (other than due to her death), Mr. Lundberg or her legal representatives shall deliver
to the Company a written release, substantially in the form attached hereto as Exhibit A (the “Release”), which must
become effective no later than the sixtieth (60th) day following Mr. Lundberg’s termination of employment (the “Release
Deadline”), and if not, Mr. Lundberg will forfeit any right to severance payments or benefits under this Agreement. To become
effective, the Release must be executed by Mr. Lundberg and any revocation periods (as required by statute, regulation, or otherwise)
must have expired without Mr. Lundberg having revoked the Release. In addition, in no event will severance payments or benefits
be paid or provided until the Release actually becomes effective. If the termination of employment occurs at a time during the
calendar year where the Release Deadline could occur in the calendar year following the calendar year in which Mr. Lundberg’s
termination of employment occurs, then any severance payments or benefits under this Agreement that would be considered deferred
compensation not exempt under Section 409A (as defined below) will be paid on the first payroll date to occur during the calendar
year following the calendar year in which such termination occurs, or such later time as required by (i) the date the Release becomes
effective, or (iii) Section 16, provided that the first payment shall include all amounts that would have been paid to Mr. Lundberg
if payment had commenced on the date of Mr. Lundberg’s termination of employment.

  

Section 16. Section 409A.

 

(a) Notwithstanding anything to the contrary
in this Agreement, no severance pay or benefits to be paid or provided to Mr. Lundberg, if any, pursuant to this Agreement that,
when considered together with any other severance payments or separation benefits, are considered deferred compensation not exempt
under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until Mr. Lundberg has a
“separation from service” within the meaning of Section 409A. Similarly, no severance payable to Mr. Lundberg, if any,
pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)
will be payable until Mr. Lundberg has a “separation from service” within the meaning of Section 409A. For purposes
of this Agreement, “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended or any regulations
or Treasury guidance promulgated thereunder (“Section 409A”).

 

(b) Notwithstanding any provision of this
Agreement to the contrary, if Mr. Lundberg is a “specified employee” as determined by the Board or the Compensation
Committee of the Board in accordance with Section 409A, Mr. Lundberg shall not be entitled to any Deferred Payments until the earlier
of (i) the date which is six (6) months and one (1) day after her/his termination of employment for any reason other than death
(except that during such six (6) month period Mr. Lundberg may receive total payments from the Company that do not exceed the amount
specified in Treas. Reg. Section 1.409A-1(b)(9) or that constitute a short-term deferral within the meaning of Section 409A), or
(ii) the date of her death.

 

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(c) The foregoing provisions are intended
to be exempt from or comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided
hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will
be interpreted to be exempt or so comply. If any provision of this Agreement or of any award of compensation, including equity
compensation or benefits would cause Mr. Lundberg to incur any additional tax or interest under Section 409A, the parties agree
to negotiate in good faith to reform such provision in such manner as to maintain, to the maximum extent practicable, the original
intent and economic terms of the applicable provision without violating the provisions of Section 409A.

 

(d) To the extent that reimbursements or
in-kind benefits under this Agreement constitute non-exempt “nonqualified deferred compensation” for purposes of Section
409A, (1) all reimbursements hereunder shall be made on or prior to the last day of the calendar year following the calendar
year in which the expense was incurred by Mr. Lundberg, (2) any right to reimbursement or in-kind benefits shall not be subject
to liquidation or exchange for another benefit, and (3) the amount of expenses eligible for reimbursement or in-kind benefits provided
in any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind benefits to be provided, in
any other calendar year.

 

[The remainder of
this page is intentionally left blank]

 

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(e) Notwithstanding any provision of this
Agreement to the contrary, to the extent any compensation or award which constitutes deferred compensation within the meaning of
Section 409A shall vest upon the occurrence of a Change of Control and such Change of Control does not constitute a “change
in the ownership or effective control” or a “change in the ownership of a substantial portion of the assets”
of the Corporation within the meaning of Section 409A, then notwithstanding such vesting, payment will be made to Mr. Lundberg
on the earliest of (i) Mr. Lundberg’s “separation from service” with the Company (determined in accordance
with Section 409A) or, if Mr. Lundberg is a specified employee within the meaning of Section 409A, such later date as provided
in paragraph (b) of this Section 16, (ii) the date payment otherwise would have been made, or (iii) Mr. Lundberg’s
death.

  

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of _________,2016.

 

	 	 
	Eric Lundberg	 
	 	 
	 	 
	THESTREET, INC. 	 
	 	 	 
	By:	 	 
	Name:	Elisabeth DeMarse	 
	Title:	President and Chief Executive Officer	 

 

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EXHIBIT A

 

Form of Release

 

This Release (this “Release”) is entered
into by __________ (“________”) and TheStreet, Inc., a Delaware corporation (the “Company”), effective
as of [DATE] (the “Effective Date”).

 

In consideration of the promises set forth in the Severance
Agreement between ________ and the Company, dated as of _______, 201_ (the “Agreement”), ________ and the Company
agree as follows:

 

1.          General Releases and Waivers
of Claims.

 

(a)  ________’s Release
of Company. In consideration of the payments and benefits provided to ________ under the Agreement and after consultation with
counsel, ________ on behalf of him/herself and each of her/his respective heirs, executors, administrators, representatives, agents,
successors and assigns (collectively, the “________ Parties”) hereby irrevocably and unconditionally release
and forever discharge the Company and its current and former subsidiaries and affiliates and each of their respective current and
former officers, employees, directors, shareholders and agents (“Company Parties”) from any and all claims,
actions, causes of action, rights, judgments, fees and costs (including attorneys’ fees), obligations, damages, demands,
accountings or liabilities of whatever kind or character (collectively, “Claims”), including, without limitation,
any Claims based upon contract, tort, or under any federal, state, local or foreign law, that the ________ Parties may have, or
in the future may possess, arising out of any aspect of ________’s employment relationship with and service as an employee,
officer, director or agent of the Company, or the termination of such relationship or service, that occurred, existed or arose
on or prior to the date hereof; provided, however, that ________ does not release, discharge or waive (i) any rights to payments
and benefits provided under the Agreement, (ii) any right ________ may have to enforce this Release or the Agreement, (iii) ________’s
eligibility for indemnification in accordance with the Company’s certificate of incorporation, bylaws or other corporate
governance document, any applicable insurance policy or any contract or provision to which ________ is a party or as to which ________
otherwise is entitled to indemnification benefits, with respect to any liability she incurred or might incur as an employee, officer
or director of the Company, (iv) any claims for accrued, vested benefits under any employee benefit or pension plan of the Company
Parties subject to the terms and conditions of such plan and applicable law including, without limitation, any such claims under
COBRA or the Employee Retirement Income Security Act of 1974, or (v) any rights under or in respect of the Agreement for Grant
of Non-Qualified Stock Options between ________ and the Company, dated as of _____ 201_ (the “Non-Qualified Option Agreement”),
the Agreement for Grant of Incentive Stock Option Pursuant to 2007 Performance Incentive Plan between ________ and the Company,
dated as of _____ 201_ (the “Incentive Option Agreement” and together with the Non-Qualified Option Agreement, the
“Equity Agreements”) or any written agreements that may be executed by the parties after the date of the Equity Agreements
(collectively, the “Applicable Agreements”).

 

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(b) Executive’s Specific Release
of ADEA Claims. In further consideration of the payments and benefits provided to ________ under the Agreement, ________ on
behalf of him/herself and the other ________ Parties hereby unconditionally release and forever discharge the Company Parties from
any and all Claims that the ________ Parties may have as of the date ________ signs this Release arising under the Federal Age
Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”).
By signing this Release, ________ hereby acknowledges and confirms the following: (i) ________ was advised by the Company
in connection with his/her termination to consult with an attorney of his/her choice prior to signing this Release and to have
such attorney explain to him/her the terms of this Release, including, without limitation, the terms relating to his/her release
of claims arising under ADEA, and ________ has in fact consulted with an attorney; (ii) ________ was given a period of not
fewer than twenty-one (21) days to consider the terms of this Release and to consult with an attorney of his/her choosing with
respect thereto; and (iii) ________ knowingly and voluntarily accepts the terms of this Release. ________ also understands
that s/he has seven (7) days following the date on which s/he signs this Release within which to revoke the release contained
in this paragraph, by providing the Company a written notice of his/her revocation of the release and waiver contained in this
paragraph.

 

(c)  Company’s Release
of Executive. The Company for itself and on behalf of the Company Parties hereby irrevocably and unconditionally release and
forever discharge the ________ Parties from any and all Claims, including, without limitation, any Claims based upon contract,
tort, or under any federal, state, local or foreign law, that the Company Parties may have, or in the future may possess, arising
out of any aspect of ________’s employment relationship with and service as an employee, officer, director or agent of the
Company, or the termination of such relationship or service, that occurred, existed or arose on or prior to the date hereof, excepting
(i) any Claim which would constitute or result from conduct by ________ that constituted the basis for termination for Cause under
the Agreement or could be a crime of any kind, or (ii) rights arising under or in respect of the Equity Agreements. Anything to
the contrary notwithstanding in this Release, nothing herein shall release ________ or any other ________ Party from any Claims
based on any right the Company may have to enforce this Release or the Agreement or any of the Applicable Agreements.

 

(d)  No Assignment. The parties
represent and warrant that they have not assigned any of the Claims being released under this Release.

 

2.          Proceedings. Neither ________
nor the Company have filed any complaint, charge, claim or proceeding against the other party before any local, state or federal
agency, court or other body relating to ________’s employment or the termination thereof (each, individually, a “Proceeding”).

 

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3.          Remedies.

 

(a)  In the event ________ initiates
or voluntarily participates in any Proceeding involving any of the matters waived or released in this Release, or if she fails
to abide by any of the terms of this Release, or if s/he revokes the ADEA release contained in Paragraph 1(b) of this Release
within the seven (7)-day period provided under Paragraph 1(b), the Company may, in addition to any other remedies it may have,
reclaim any amounts paid to him/her, and terminate any benefits or payments that are due pursuant to the termination provisions
of the Agreement, without waiving the release granted herein. In addition, in the event that ________ has failed to comply with
Section 3 of the Agreement or with Sections 11 and/or 12 of either or both of the equity Agreements (other than as a result of
an unintentional and immaterial disclosure of confidential information), the Company may, in addition to any other remedies it
may have, to the extent permitted in the Agreement and the Equity Agreements reclaim any amounts paid to her pursuant to the Agreement
or the Equity Agreements, without waiving the release granted herein. ________ acknowledges and agrees that the remedy at law available
to the Company for breach of any of his/her post-termination obligations under the Agreement or any of the Applicable Agreements
or his/her obligations hereunder or thereunder would be inadequate and that damages flowing from such a breach may not readily
be susceptible to being measured in monetary terms. Accordingly, ________ acknowledges, consents and agrees that, in addition to
any other rights or remedies that the Company may have at law or in equity, the Company shall be entitled to seek a temporary restraining
order or a preliminary or permanent injunction, or both, without bond or other security, restraining ________ from breaching his/her
post-termination obligations under the Agreement or any of the Applicable Agreements or her obligations hereunder or thereunder.
Such injunctive relief in any court shall be available to the Company, in lieu of, or prior to or pending determination in, any
arbitration proceeding.

 

(b)  ________ understands that by
entering into this Release s/he will be limiting the availability of certain remedies that s/he may have against the Company and
limiting also his/her ability to pursue certain claims against the Company.

 

(c)  The Company acknowledges and
agrees that the remedy at law available to ________ for breach of any of its post-termination obligations under the Agreement or
any of the Applicable Agreements or its obligations hereunder or thereunder would be inadequate and that damages flowing from such
a breach may not readily be susceptible to being measured in monetary terms. Accordingly, the Company acknowledges, consents and
agrees that, in addition to any other rights or remedies that ________ may have at law or in equity, ________ shall be entitled
to seek a temporary restraining order or a preliminary or permanent injunction, or both, without bond or other security, restraining
the Company from breaching its post-termination obligations under the Agreement or any of the Applicable Agreements or its obligations
hereunder or thereunder. Such injunctive relief in any court shall be available to ________, in lieu of, or prior to or pending
determination in, any arbitration proceeding.

 

(d)  The Company understands that
by entering into this Release it will be limiting the availability of certain remedies that it may have against ________ and limiting
also its ability to pursue certain claims against ________.

 

4.          Severability Clause. In the
event any provision or part of this Release is found to be invalid or unenforceable, only that particular provision or part so
found, and not the entire Release, will be inoperative.

 

5.          Nonadmission. Nothing contained
in this Release will be deemed or construed as an admission of wrongdoing or liability on the part of the Company or ________.

 

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6.          Governing Law. All matters
affecting this Release, including the validity thereof, are to be governed by, and interpreted and construed in accordance with,
the laws of the New York applicable to contracts executed in and to be performed in that State.

 

7.          Notices. All notices or communications
hereunder shall be made in accordance with Section 4 of the Agreement.

 

________ ACKNOWLEDGES THAT S/HE HAS READ
THIS RELEASE AND THAT SHE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT SHE HEREBY EXECUTES THE SAME AND MAKES
THIS RELEASE AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF HER OWN FREE WILL.

 

IN WITNESS WHEREOF, the parties have executed
this Release as of _______________.

 

	 	 	 
	 	 	 
	 	 	 
	 	THESTREET, INC.	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    12Exhibit 10.32

 

Board Approved – September 13,
2013

 

THESTREET, INC.

 

NON QUALIFIED STOCK OPTION

 

STOCK OPTION AWARD AGREEMENT

 

This award is made outside
of, and not from, the Company’s 2007 Performance Incentive Plan, (the “Plan”). Nevertheless, this
award is subject to the terms and conditions set forth in the Plan, any rules and regulations adopted by the Board of Directors
of the Company (the “Board”) or the committee of the Board which administers the Plan (the “Committee”),
and this Stock Option Award Agreement (the “Award Agreement”). Unless otherwise defined herein, the terms
defined in the TheStreet, Inc. (the “Company”) 2007 Performance Incentive Plan, as amended and restated
effective April 14, 2015 (the “Plan”) will have the same defined meanings in this Award Agreement. The
Option shall be deemed to be a non-qualified stock option within the meaning of the Internal Revenue Code of 1986, as amended.
This award is intended to be granted as NASDAQ inducement grants qualifying for the exception to stockholder approval of stock
option grants under NASDAQ rule 5635(c)(4) and, therefore, as a condition to receipt of the award, you must complete an execute
the attached Investment Representation included herein as Exhibit C.

 

NOTICE OF STOCK OPTION GRANT

 

	Participant Name:	Eric Lundberg
	 	 
	Address:	c/ o TheStreet, Inc. 14 Wall Street, 15th Floor, NY NY 10005

 

You (“Participant”)
have been granted an option to purchase common stock of the Company (the “Option”), subject to the terms
and conditions of the Plan and this Award Agreement, as follows:

 

	Date of Grant	January 19, 2016
	 	 
	Vesting Commencement Date	January 19, 2016
	 	 
	Exercise Price per Share	$ 1.36
	 	 
	Total Number of Shares Granted	650,000
	 	 
	Total Exercise Price	$884,000
	 	 
	Type of Option:	U.S. Non-Qualified Stock Option
	 	 
	Term/Expiration Date:	January 19, 2021

 

      

     

    

 

Vesting Schedule:

 

Subject to Participant being a Service Provider
(as defined below in Section 3 of Exhibit A) on each vesting date, the requirements of Section 2 of this Award Agreement
and any acceleration provisions contained in the Plan or set forth below, the Option may be exercised, in whole or in part, in
accordance with the following schedule:

 

	Date	 	Number of Shares of Stock
	 	 	 
	January 19, 2017	 	162,500
	 	 	 
	
        The 19th calendar
day of each month from February 19, 2017 to January 19, 2020, inclusive
	 	1/36th of 487,500 Shares, rounded down to the nearest whole Share inclusive of any prior remaining fractions

 

Accelerated Vesting in Certain Events:

 

Notwithstanding the Vesting Schedule above,
upon the occurrence of any of the following events, the then-unvested portion of the Option shall become exercisable and may be
exercised; provided that such portion of the Option only may be exercised within ninety (90) calendar days from the occurrence
of such event (but in no event beyond the date set forth in Section 3): (i) the termination of your employment by the Company or
any subsidiary thereof without Cause (as defined below) prior to a Change of Control (as defined in the Plan) if such termination
is related to the Change of Control; or (ii) a Change of Control, unless (A) either (x) the Company is the surviving corporation
in the Change of Control and the award reflected in this Award Agreement is equitably adjusted pursuant to Section 4.4 of the Plan
or (y) the award reflected in this Award Agreement is assumed or replaced by a successor and (B) the award as so adjusted, assumed
or replaced (x) has substantially the same potential economic benefits and vesting terms as did the award immediately prior to
the Change of Control and (y) provides that the award immediately shall become fully vested and exercisable upon the termination
of your employment (by the Company or any subsidiary thereof or by a successor or any affiliate thereof) without Cause at any time
(provided that such portion of the Option only may be exercised within ninety (90) calendar days from such termination (but in
no event beyond the Term/Expiration Date)). If you are employed by a successor or any affiliate thereof following a Change of Control,
references in this Award Agreement to the Company shall be understood to be references to the successor or any such affiliate regarding
matters related to the occurrence of non-occurrence of events from and after the date you become employed by the successor or such
affiliate.

 

Termination Period:

 

The Option, to the extent
vested in accordance with the above schedule or pursuant to any vesting acceleration provision as of the date Participant ceases
to be a Service Provider, will be exercisable for ninety (90) days after Participant ceases to be a Service Provider, unless such
termination of Service (as defined below in Section 3 of Exhibit A) is due to Participant’s death or Disability (as
defined below in Section 3 of Exhibit A), in which case the Option will be exercisable for six (6) months after Participant
ceases to be Service Provider. Provided, however, in no event may the Option be exercised after the Term/Expiration Date as provided
above and may be subject to earlier termination as provided in Sections 14 or 15 of the Plan. Notwithstanding the foregoing, if
the Company terminates Participant’s Service for Cause (as defined in below in Section 3 of Exhibit A), the Option,
whether not vested, shall be immediately terminated and may not be exercised effective as of the date Participant ceases to be
a Service Provider.

 

     -2-

     

    

 

By Participant’s
signature and the signature of the Company’s representative below, Participant and the Company agree that the Option is granted
under and governed by the terms and conditions of the Plan and this Award Agreement, including the Terms and Conditions of Stock
Option Grant, attached hereto as Exhibit A, all of which are made a part of this document. Participant has reviewed the
Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this
Award Agreement and fully understands all provisions of the Plan and Award Agreement. Participant hereby agrees to accept as binding,
conclusive and final all decisions or interpretations of the Committee upon any questions relating to the Plan and Award Agreement.
Participant further agrees to notify the Company upon any change in the residence address indicated below.

 

	PARTICIPANT:	 	THESTREET, Inc. 
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Title
	 	 	 
	Residence Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

[Signature Page to
Stock Option Award Agreement]

 

     -3-

     

    

 

EXHIBIT A

 

TERMS AND CONDITIONS OF STOCK OPTION GRANT

 

1.           Grant
of Option. The Company hereby grants to Participant named in the Notice of Grant attached as Part I of this Award Agreement
(the “Participant”) an option (the “Option”) to purchase the number of Shares
(as defined below), as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the
“Exercise Price”), subject to all of the terms and conditions in this Award Agreement and the Plan, which
is incorporated herein by reference. In the event of a conflict between the terms and conditions of the Plan and the terms and
conditions of this Award Agreement, the terms and conditions of the Plan will prevail.

 

2.           Vesting
Schedule. The Option awarded by this Award Agreement will vest in accordance with the vesting provisions set forth in the Notice
of Grant. Shares scheduled to vest on a certain date or upon the occurrence of a certain condition will not vest in Participant
in accordance with any of the provisions of this Award Agreement, unless Participant continuously provides Service from the Date
of Grant until the date such vesting occurs. Service Provider status will end on the last day Participant provides active service
to the Company or a Related Company and will not be extended by any notice of termination period that may be required under applicable
local law.

 

3.           Defined
Terms. For purposes of this Award Agreement, the following terms shall have the following meanings:

 

(a)          “Cause”
shall be determined by the Committee in the exercise of its good faith judgment, in accordance with the following guidelines: (i)
Participant’s willful misconduct or gross negligence in the performance of Participant’s obligations, duties and responsibilities
of Participant’s position with the Company (including those as an employee of the Company set forth in the Company’s
Code of Business Conduct and Ethics dated June 1, 2006, as same may be amended from time to time provided such amendment affects
all executive officers of the Company), (ii) Participant’s dishonesty or misappropriation, in either case that is willful
and material, relating to the Company or any of its funds, properties, or other assets, (iii) Participant’s inexcusable
repeated or prolonged absence from work (other than as a result of, or in connection with, a Disability), (iv) any unauthorized
disclosure by Participant of Confidential Information (as defined below) or proprietary information of the Company in violation
of Section 11(d), which is reasonably likely to result in material harm to the Company, (v) Participant’s conviction
of a felony (including entry of a guilty or nolo contender plea) involving fraud, dishonesty, or moral turpitude, (vi) a violation
of federal or state securities laws, or (vii) the failure by Participant to attempt to perform faithfully the duties and responsibilities
of Participant’s position with the Company, or other material breach by Participant of this Award Agreement, provided any
such failure or breach described in clauses (i), (ii), (iii), (iv), (vi) and (vii) is not cured, to the extent cure is possible,
by Participant within thirty (30) days after written notice thereof from the Company to Participant; provided, however, that no
failure or breach described in clauses (i), (ii), (iii), (iv), (vi) and (vii) shall constitute Cause unless (x) the Company first
gives Participant written notice of its intention to terminate Participant’s Service for Cause and the grounds of such termination
no fewer than ten (10) days prior to the date of termination; and (y) Participant is provided an opportunity to appear before the
Board, with or without legal representation at Participant’s election to present arguments on Participant’s own behalf;
and (z) if Participant elects to so appear, such failure or breach is not cured, to the extent cure is possible, within thirty
(30) days after written notice from the Company to Participant that, following such appearance, the Board has determined in good
faith that Cause exists and has not, following the initial notice from the Company, been cured; provided further, however, that
notwithstanding anything to the contrary in this Award Agreement and subject to the other terms of this proviso, the Company may
take any and all actions, including without limitation suspension (but not without pay), it deems appropriate with respect to Participant
and Participant’s duties at the Company pending such appearance and subsequent to such appearance during which such failure
or breach has not been cured. No act or failure to act on Participant’s part will be considered “willful” unless
done, or omitted to be done, by Participant not in good faith and without reasonable belief that Participant’s action or
omission was in the best interests of the Company.

 

     -4-

     

    

 

(b)          “Confidential
Information” shall mean any information including without limitation plans, specifications, models, samples, data,
customer lists and customer information, computer programs and documentation, and other technical and/or business information,
in whatever form, tangible or intangible, that can be communicated by whatever means available at such time, that relates to the
Company’s current business or future business contemplated during Participant’s Service, products, services and development,
or information received from others that the Company is obligated to treat as confidential or proprietary (provided that such
confidential information shall not include any information that (a) has become generally available to the public or is generally
known in the relevant trade or industry other than as a result of an improper disclosure by Participant, or (b) was available
to or became known to Participant prior to the disclosure of such information on a non-confidential basis without breach of any
duty of confidentiality to the Company), and Participant shall not disclose such confidential information to any Person (as defined
below) other than the Company, except with the prior written consent of the Company, as may be required by law or court or administrative
order (in which event Participant shall so notify the Company as promptly as practicable), or in performance of Participant’s
duties on behalf of the Company.

 

(c)          “Competitive
Activity” means Participant’s service as a director, officer, employee, principal, agent, stockholder, member,
owner or partner of, or Participant permits Participant’s name to be used in connection with the activities of, any other
business or organization anywhere in the United States, or in any other geographic area in which the Company or any of its subsidiaries
operates or with respect to which the Company provides financial news and commentary coverage (or from which such other business
or organization provides financial news and commentary coverage of the United States), which engages in a business that competes
with any business in which the Company or any subsidiary is engaged (a “Competing Business”); provided,
however, that, notwithstanding the foregoing, it shall not be a Competitive Activity for Participant to (i) become the registered
or beneficial owner of up to three percent (3%) of any class of capital stock of a competing corporation registered under the Securities
Exchange Act of 1934, as amended, provided that Participant does not otherwise participate in the business of such corporation
or (ii) work in a non-competitive business of a company which is carrying on a Competing Business, the revenues of which represent
less than twenty percent (20%) of the consolidated revenues of that company, or, as a result thereof, owning compensatory equity
in that company.

 

     -5-

     

    

 

(d)          “Disability”
shall mean physical or mental incapacity of a nature which prevents Participant, in the good faith judgment of the Committee,
from performing the duties and responsibilities of Participant’s position with the Company for a period of ninety (90) consecutive
days or one hundred and fifty (150) days during any year, with each year under this Award Agreement commencing on each anniversary
of the date hereof.

 

(e)          “Fair
Market Value” of a Share on any date shall be (i) if the principal market for the Stock is a national securities
exchange, the closing sales price per Share on such day (or, if such exchange is not open on such day, on the next day such exchange
is open) as reported by such exchange or on a consolidated tape reflecting transactions on such exchange, or (ii) if the principal
market for the Stock is not a national securities exchange, the closing average of the highest bid and lowest asked prices per
Share on such day (or, if such exchange is not open on such day, on the next day such exchange is open) as reported by the market
upon which the Stock is quoted, or an independent dealer in the Stock, as determined by the Company in good faith; provided, however,
that if clauses (i) and (ii) are all inapplicable, or if no trades have been made and no quotes are available for such day, the
Fair Market Value of the Stock shall be determined by the Committee in good faith by any method consistent with applicable regulations
adopted by the United States Treasury Department relating to stock options or stock valuation.

 

(f)          “Person”
shall mean an individual, corporation, partnership, limited liability company, limited liability partnership, association, trust
or other unincorporated organization or entity.

 

(g)          “Service”
shall mean the period during which a Participant is a Service Provider.

 

(h)          “Service
Provider” shall mean an employee, director, or consultant of the Company or a Related Company. The Committee shall
have the absolute discretion to determine the date and circumstances of Participant ceasing to be a Service Provider, and its determination
shall be final, conclusive and binding on Participant.

 

(i)          ”Share”
shall mean a share of Stock.

 

4.           Committee
Discretion. The Committee, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the balance,
of the unvested Option at any time, subject to the terms of the Plan. If so accelerated, such Option will be considered as having
vested as of the date specified by the Committee. Additionally, the Committee, in its discretion, may extend the period that the
vested portion of Participant’s Option remains exercisable after Participant ceases to be a Service Provider, but not beyond
the Term/Expiration Date set forth in the Notice of Grant.

 

     -6-

     

    

 

5.           Exercise
of Option.

 

(a)          Right
to Exercise. The Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during such
term only in accordance with the Plan and the terms of this Award Agreement.

 

(b)          Method
of Exercise. The Option is exercisable by delivery of an exercise notice, in the form attached as Exhibit B (the “Exercise
Notice”) or in a manner and pursuant to such procedures as the Committee may determine, which will state the election
to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised Shares”),
and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. The Exercise
Notice will be completed by Participant and delivered to the Company. The Exercise Notice will be accompanied by payment of the
aggregate Exercise Price as to all Exercised Shares together with any applicable tax withholding. The Option will be deemed to
be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price.

 

(c)          The
Exercised Shares shall be delivered to Participant as soon as practicable and, at the Company’s election, the Company may
affect such delivery by causing such number of Shares to be deposited via DWAC into a brokerage account in Participant’s
name. Shares delivered upon the exercise of the Option will be fully transferable (subject to any applicable securities law restrictions)
and not subject to forfeiture and will entitle the holder to all rights of a stockholder of the Company.

 

6.           Method
of Payment. Payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election
of Participant. 

 

(a)          cash
(U.S. dollars); or

 

(b)          check,
bank draft, money order or wire transfer (denominated in U.S. dollars); or

 

(c)          consideration
received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan.

 

7.           Tax
Obligations.

 

(a)          Withholding
Taxes. Regardless of any action the Company or Participant’s employer (the “Employer”) takes
with respect to any or all applicable national, local, or other tax or social contribution, withholding, required deductions, or
other payments, if any, that arise upon the grant, vesting, or exercise of the Option, the holding or subsequent sale of Shares,
and the receipt of dividends, if any (“Tax-Related Items”), Participant acknowledges and agrees that
the ultimate liability for all Tax-Related Items legally due by Participant is and remains Participant’s responsibility and
may exceed the amount actually withheld by the Company or the Employer. Participant further acknowledges that the Company and/or
the Employer (a) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any
aspect of the Option, including the grant, vesting, or exercise of the Option, the subsequent sale of Shares acquired under the
Plan and the receipt of dividends, if any; and (b) does not commit to and is under no obligation to structure the terms of the
Option or any aspect of the Option to reduce or eliminate Participant’s liability for Tax-Related Items, or achieve any particular
tax result. Further, if Participant has become subject to tax in more than one jurisdiction between the date of grant and the date
of any relevant taxable event, Participant acknowledges that the Company and/or the Employer (or former employer, as applicable)
may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

 

     -7-

     

    

 

(b)          No
payment will be made to Participant (or his or her estate or beneficiary) for an Option unless and until satisfactory arrangements
(as determined by the Company) have been made by Participant with respect to the payment of any Tax-Related Items obligations of
the Company and/or the Employer with respect to the Option. In this regard, Participant authorizes the Company and/or the Employer,
or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination
of the following:

 

(i)          withholding
from Participant’s wages or other cash compensation paid to Participant by the Company or the Employer; or

 

(ii)         withholding
from proceeds of the sale of Shares acquired upon exercise of the Option, either through a voluntary sale or through a mandatory
sale arranged by the Company (on Participant’s behalf pursuant to this authorization); or

 

(iii)        withholding
in Shares to be issued upon exercise of the Option; or

 

(iv)        surrendering
already-owned Shares having a Fair Market Value equal to the Tax-Related Items that have been held for such period of time to avoid
adverse accounting consequences.

 

If the obligation for Tax-Related
Items is satisfied by withholding Shares, Participant is deemed to have been issued the full number of Shares purchased for tax
purposes, notwithstanding that a number of the Shares is held back solely for the purpose of paying the Tax-Related Items due as
a result of Participant’s participation in the Plan. Participant shall pay to the Company or Employer any amount of Tax-Related
Items that the Company may be required to withhold as a result of Participant’s participation in the Plan that cannot be
satisfied by one or more of the means previously described in this Section 7. Participant acknowledges and agrees that the
Company may refuse to honor the exercise and refuse to issue or deliver the Shares or the proceeds of the sale of Shares if Participant
fails to comply with his or her obligations in connection with the Tax-Related Items.

 

(c)          Notice
of Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years after
the Grant Date, or (ii) the date one (1) year after the date of exercise, Participant will immediately notify the Company in writing
of such disposition. Participant agrees that Participant may be subject to income tax withholding by the Company on the compensation
income recognized by Participant.

 

     -8-

     

    

 

(d)          Code
Section 409A (Applicable Only to Participants Subject to U.S. Taxes). Under Code Section 409A, an option that vests after December
31, 2004 (or that vested on or prior to such date but which was materially modified after October 3, 2004) that was granted with
a per Share exercise price that is determined by the Internal Revenue Service (the “IRS”) to be less
than the Fair Market Value of a Share on the date of grant (a “Discount Option”) may be considered “deferred
compensation.” A Discount Option may result in (i) income recognition by Participant prior to the exercise of the option,
(ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The Discount Option
may also result in additional state income, penalty and interest charges to Participant. Participant acknowledges that the Company
cannot and has not guaranteed that the IRS will agree that the per Share exercise price of the Option equals or exceeds the Fair
Market Value of a Share on the Date of Grant in a later examination. Participant agrees that if the IRS determines that the Option
was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, Participant
will be solely responsible for Participant’s costs related to such a determination.

 

8.           Rights
as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges
of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such
Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant.
After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company with respect
to voting such Shares and receipt of dividends and distributions on such Shares.

 

9.           No
Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE
HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY AND NOT THROUGH THE ACT OF BEING HIRED, BEING
GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS
CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT
AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S
RIGHT OR THE RIGHT OF THE COMPANY TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT
CAUSE (SUBJECT TO APPLICABLE LOCAL LAWS).

 

10.         Nature
of Grant. In accepting the Option, Participant acknowledges that:

 

(a)          the
Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated
by the Company at any time;

 

(b)          the
grant of the Option is voluntary and occasional and does not create any contractual or other right to receive future grants of
Options, or benefits in lieu of Options even if Options have been granted repeatedly in the past;

     -9-

     

    

 

 

(c)          all
decisions with respect to future awards of Options, if any, will be at the sole discretion of the Company;

 

(d)          Participant’s
participation in the Plan is voluntary;

 

(e)          the
Option and the Shares subject to the Option are an extraordinary items that do not constitute regular compensation for services
rendered to the Company or the Employer, and that are outside the scope of Participant’s employment contract, if any;

 

(f)          the
Option and the Shares subject to the Option are not intended to replace any pension rights or compensation;

 

(g)          the
Option and the Shares subject to the Option are not part of normal or expected compensation or salary for any purposes, including,
but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, or end of service payments, bonuses,
long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation
for, or relating in any way to, past services for the Company or the Employer;

 

(h)          the
future value of the underlying Shares is unknown and cannot be predicted with certainty; further, if Participant exercises the
Option and obtains Shares, the value of the Shares acquired upon exercise may increase or decrease in value, even below the Exercise
Price;

 

(i)          Participant
also understands that neither the Company, nor any Affiliate is responsible for any foreign exchange fluctuation between local
currency and the United States Dollar that may affect the value of the Option;

 

(j)          in
consideration of the grant of the Option, no claim or entitlement to compensation or damages shall arise from forfeiture of the
Option resulting from termination of Service by the Employer (for any reason whatsoever and whether or not in breach of local labor
laws), and Participant irrevocably releases the Employer from any such claim that may arise; if, notwithstanding the foregoing,
any such claim is found by a court of competent jurisdiction to have arisen, Participant shall be deemed irrevocably to have waived
his or her entitlement to pursue such claim; and

 

(k)          the
Option and the benefits under the Plan, if any, will not automatically transfer to another company in the case of a merger, take-over
or transfer of liability.

 

11.         Restrictive
Covenants.

 

(a)          Non-Solicitation
of Employees. Participant agrees that, during Participant’s Service and through the end of one (1) year after the cessation
of Participant’s Service, Participant will not solicit for employment or hire, in any business enterprise or activity, any
employee of the Company or any subsidiary who was employed by the Company or a subsidiary during Participant’s Service provided
that (a) the foregoing shall not be violated by any general advertising not targeted at any Company or subsidiary employees nor
by Participant serving as a reference upon request, and (b) Participant may solicit and hire any one or more former employees of
the Company or its subsidiaries who had ceased being such an employee for a period of at least six (6) months prior to any such
solicitation or hiring.

 

     -10-

     

    

 

(b)          Non-Solicitation
of Clients and Vendors. Participant agrees that, during Participant’s Service and through the end of one (1) year after
the cessation of Participant’s Service, Participant will not solicit, in any business enterprise or activity, any client,
customer, licensee, licensor, third-party service provider or vendor (a “Business Relation”) of the Company
or any subsidiary who was a Business Relation of the Company or any subsidiary during Participant’s Service to (i) cease
being a Business Relation of the Company or any subsidiary or (ii) become a Business Relation of a Competing Business unless (without
Participant having solicited such third party to cease such relationship) such third party ceased being a Business Relation of
the Company or any subsidiary for a period of at least six (6) months prior to such solicitation.

 

(c)          Non-Disparagement.
During Participant’s Service and indefinitely thereafter, neither party shall make any statements, written or oral, to any
third party which disparage, criticize, discredit or otherwise operate to the detriment of Participant or the Company, its present
or former officers, shareholders, directors and employees and their respective business reputation and/or goodwill, provided, however,
that nothing in this Section 11(c) shall prohibit either party from (i) making any truthful statements or disclosures required
by applicable law regulation or (ii) taking any action to enforce its rights under this Award Agreement or any other agreement
in effect between the parties.

 

(d)          Confidentiality.

 

(i)          During
Participant’s Service and indefinitely thereafter, Participant shall keep secret and retain in strictest confidence, any
and all Confidential Information relating to the Company, except where Participant’s disclosure or use of such Confidential
Information is in furtherance of the performance by Participant of Participant’s duties to the Company and not for personal
benefit or the benefit of any interest adverse to the Company’s interests. Further, this Section 11(d) shall not prevent
Participant from disclosing Confidential Information in connection with any litigation, arbitration or mediation to enforce this
Award Agreement or other agreement between the parties, provided such disclosure is necessary for Participant to assert any claim
or defense in such proceeding.

 

(ii)         Upon
Participant’s termination of Service for any reason, Participant shall return to the Company all copies, reproductions and
summaries of Confidential Information in Participant’s possession and use reasonable efforts to erase the same from all media
in Participant’s possession, and, if the Company so requests, shall certify in writing that Participant has done so, except
that Participant may retain such copies, reproductions and summaries during any period of litigation, arbitration or mediation
referred to in Section 11(d)(i). All Confidential Information is and shall remain the property of the Company (or, in the case
of information that the Company receives from a third party which it is obligated to treat as confidential, then the property of
such third party); provided, Participant shall be entitled to retain copies of (i) information showing Participant’s compensation
or relating to reimbursement of expenses, (ii) information that is required for the preparation of Participant’s personal
income tax return, (iii) documents provided to Participant in Participant’s capacity as a participant in any employee benefit
plan, policy or program of the Company and (iv) this Award Agreement and any other agreement by and between Participant and the
Company with regard to Participant’s Service or termination thereof.

 

     -11-

     

    

 

(iii)        All
Intellectual Property (as hereinafter defined) and Technology (as hereinafter defined) created, developed, obtained or conceived
of by Participant during Participant’s Service, and all business opportunities presented to Participant during Participant’s
Service, shall be owned by and belong exclusively to the Company, provided that they reasonably relate to any of the business of
the Company on the date of such creation, development, obtaining or conception, and Participant shall (i) promptly disclose any
such Intellectual Property, Technology or business opportunity to the Company, and (ii) execute and deliver to the Company, without
additional compensation, such instruments as the Company may require from time to time to evidence its ownership of any such Intellectual
Property, Technology or business opportunity. For purposes of this Award Agreement, (x) the term “Intellectual Property”
means and includes any and all trademarks, trade names, service marks, service names, patents, copyrights, and applications therefor,
and (y) the term “Technology” means and includes any and all trade secrets, proprietary information,
invention, discoveries, know-how, formulae, processes and procedures.

 

The parties acknowledge
that the restrictions contained in this Section 11 are a reasonable and necessary protection of the immediate interests of the
Company, and any violation of these restrictions could cause substantial injury to the Company and that the Company would not have
entered into this Award Agreement, without receiving the additional consideration offered by Participant in binding Participant’s
self to any of these restrictions. In the event of a breach or threatened breach by Participant of any of these restrictions, the
Company shall be entitled to apply to any court of competent jurisdiction for an injunction restraining Participant from such breach
or threatened breach; provided, however, that the right to apply for an injunction shall not be construed as prohibiting the Company
from pursuing any other available remedies for such breach or threatened breach.]

 

12.         No
Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations
regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying Shares. Participant
is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding Participant’s participation
in the Plan before taking any action related to the Plan.

 

13.         Data
Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other
form, of Participant’s personal data as described in this Agreement by and among, as applicable, the Company and its Affiliates
for the exclusive purpose of implementing, administering and managing Participant’s participation in the Plan.

 

     -12-

     

    

 

Participant understands
that the Company and its Affiliates may hold certain personal information about Participant, including, but not limited to, Participant’s
name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality,
job title, any shares of stock or directorships held in the Company or any Affiliate, details of all Options or any other entitlement
to shares of stock awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor, for the exclusive
purpose of implementing, administering and managing the Plan (“Personal Data”). Participant understands that Personal
Data may be transferred to any third parties assisting in the implementation, administration and management of the Plan, that these
recipients may be located in the United States, Participant’s country (if different than the United States), or elsewhere,
and that the recipient’s country may have different data privacy laws and protections than Participant’s country. 

 

For Participants
located in the European Union, the following paragraph applies: Participant understands that he or she may request a list with
the names and addresses of any potential recipients of the Personal Data by contacting Participant’s local human resources
representative. Participant authorizes the recipients to receive, possess, use, retain and transfer the Personal Data, in electronic
or other form, for the purposes of implementing, administering and managing Participant’s participation in the Plan, including
any requisite transfer of such Personal Data as may be required to a broker or other third party with whom Participant may elect
to deposit any Shares received upon exercise of the Option. Participant understands that Personal Data will be held only as long
as is necessary to implement, administer and manage Participant’s participation in the Plan. Participant understands that
he or she may, at any time, view Personal Data, request additional information about the storage and processing of Personal Data,
require any necessary amendments to Personal Data or refuse or withdraw the consents herein, without cost, by contacting in writing
Participant’s local human resources representative. Participant understands that refusal or withdrawal of consent may affect
Participant’s ability to participate in the Plan or to realize benefits from the Option. For more information on the consequences
of Participant’s refusal to consent or withdrawal of consent, Participant understands that he or she may contact his or her
local human resources representative.

 

14.         Address
for Notices. Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company,
in care of the Compensation Committee Chair, TheStreet, Inc., 14 Wall Street, 15th Floor, New York, NY 10005 or at such other address
as the Company may hereafter designate in writing.

 

15.         Non-Transferability
of Option. The Option may not be sold, transferred, assigned, pledged or otherwise encumbered by Participant in whole or in
part in any manner; provided that the forgoing shall not affect Participant’s right to name a beneficiary under Section 13
of the Plan. The Option may be exercised only by Participant during Participant’s lifetime. In the event of Participant’s
death, the Option may be exercised (at any time prior to its expiration or termination as provided in this Award Agreement) by
the executor or administrator of Participant’s estate or by a person who acquired the right to exercise the Option by will
or pursuant to the laws of descent and distribution.

 

16.         Binding
Agreement. Subject to the limitation on the transferability of this grant contained herein, this Award Agreement will be binding
upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.

 

     -13-

     

    

 

17.         Additional
Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration
or qualification of the Shares upon any securities exchange or under any state, federal or foreign law, or the consent or approval
of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or
his or her estate), such issuance will not occur unless and until such listing, registration, qualification, consent or approval
will have been effected or obtained free of any conditions not acceptable to the Company. The Company will make all reasonable
efforts to meet the requirements of any such state, federal or foreign law or securities exchange and to obtain any such consent
or approval of any such governmental authority. Assuming such compliance, for income tax purposes the Exercised Shares will be
considered transferred to Participant on the date the Option is exercised with respect to such Exercised Shares.

 

18.         Plan
Governs. This Award Agreement is subject to all terms and provisions of the Plan. In the event of a conflict between one or
more provisions of this Award Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. Capitalized
terms used and not defined in this Award Agreement will have the meaning set forth in the Plan.

 

19.         Committee
Authority. The Committee will have the power to interpret the Plan and this Award Agreement and to adopt such rules for the
administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules
(including, but not limited to, the determination of whether or not any Shares subject to the Option have vested). All actions
taken and all interpretations and determinations made by the Committee in good faith will be final and binding upon Participant,
the Company and all other interested persons. No member of the Committee will be personally liable for any action, determination
or interpretation made in good faith with respect to the Plan or this Award Agreement.

 

20.         Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Options awarded under the Plan
or future options that may be awarded under the Plan by electronic means or request Participant’s consent to participate
in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate
in the Plan through any on-line or electronic system established and maintained by the Company or another third party designated
by the Company.

 

21.         Language.
If Participant has received this Agreement, including Appendices, or any other document related to the Plan translated into a language
other than English, and the meaning of the translated version is different than the English version, the English version will control.

 

22.         Imposition
of Other Requirements. The Company reserves the right to impose other requirements on Participant’s participation in
the Plan, on the Option and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable
in order to comply with local law or facilitate the administration of the Plan, and to require Participant to sign any additional
agreements or undertakings that may be necessary to accomplish the foregoing.

 

23.         Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Award
Agreement.

 

     -14-

     

    

 

24.         Agreement
Severable. In the event that any provision in this Award Agreement will be held invalid or unenforceable, such provision will
be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions
of this Award Agreement.

 

25.         Modifications
to the Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects covered. Participant
expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements
other than those contained herein. Modifications to this Award Agreement or the Plan can be made only in an express written contract
executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement,
the Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its sole discretion and without
the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income recognition
under Section 409A of the Code in connection to the Option.

 

26.         Amendment,
Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has received
an Option under the Plan, and has received, read and understood a description of the Plan. Participant understands that the Plan
is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

 

27.         Governing
Law. This Award Agreement will be governed by the laws of the State of New York, without giving effect to the conflict of law
principles thereof. For purposes of litigating any dispute that arises under the Plan or this Award Agreement, the parties hereby
submit to and consent to the jurisdiction of the State of New York, and agree that such litigation will be conducted in the courts
of the County of New York, New York, or the federal courts for the United States for the Southern District of New York, and no
other courts, where the Option is made and/or related Services are to be performed.

 

     -15-

     

    

 

Board Approved – September 13,
2013

 

EXHIBIT B

 

THESTREET, INC.

 

2007 PERFORMANCE INCENTIVE PLAN

 

EXERCISE NOTICE

 

TheStreet, Inc.

14 Wall Street, 15th Floor

New York, NY 10005

 

(a)          Exercise
of Option. Effective as of today, ________________, _____, the undersigned (“Purchaser”) hereby elects
to purchase ______________ shares (the “Shares”) of the Stock of TheStreet, Inc. (the “Company”)
under and pursuant to the 2007 Performance Incentive Plan (the “Plan”) and the Stock Option Award Agreement
dated ________ (the “Award Agreement”). The purchase price for the Shares will be $_____________, as
required by the Award Agreement.

 

(b)          Delivery
of Payment. Purchaser herewith delivers to the Company the full purchase price of the Shares and any required tax withholding
to be paid in connection with the exercise of the Option.

 

(c)          Representations
of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Award Agreement and
agrees to abide by and be bound by their terms and conditions.

 

(d)          Rights
as Stockholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder will exist
with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Shares so acquired will be issued
to Purchaser as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other right for
which the record date is prior to the date of issuance, except as provided in Section 4.4 of the Plan.

 

(e)          Tax
Consultation. Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase
or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable
in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.

 

     

     

    

 

(f)          Entire
Agreement; Governing Law. The Plan and Award Agreement are incorporated herein by reference. This Exercise Notice, the Plan
and the Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
in their entirety all prior undertakings and agreements of the Company and Purchaser with respect to the subject matter hereof,
and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the Company and Purchaser.
This agreement is governed by the internal substantive laws, but not the choice of law rules, of the State of New York.

 

	Submitted by:	 	Accepted by:
	 	 	 
	PURCHASER:	 	THESTREET, Inc
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Title
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Date Received

 

     -2-

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