Document:

EX-10.4

 Exhibit 10.4 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is made by and between Fluent, LLC (the “Company”) and the individual
identified on Exhibit A attached hereto (the “Employee”) effective as of the Effective Date. 
 RECITALS 

WHEREAS, the Company is a wholly-owned subsidiary of IDI, Inc. (“Parent”) and engages in the business of performance-based digital
advertising and marketing services and solutions to advertisers, publishers, and advertising agencies using proprietary and third-party platforms; 

WHEREAS, the Employee was an employee of Fluent, Inc., the Company’s
predecessor-in-interest; 
 WHEREAS, from and after the date
hereof, the Company desires to retain the services of the Employee pursuant to the terms and conditions set forth herein and the Employee desires to become employed by the Company on such terms and conditions; and 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the
Employee agree as follows: 
 AGREEMENT 

1. Term of Agreement. This Agreement will be effective on the Effective Date. The term shall be for the period set forth on Exhibit A attached
hereto (the “Initial Term”); provided that, at the end of the Initial Term, this Agreement shall automatically renew for successive one (1) year terms (each, a “Renewal Term” and collectively with the Initial Term, the
“Term”), unless either party provides written notice to the other no less than sixty (60) days prior to the commencement of such Renewal Term, setting forth a desire to terminate this Agreement. 

2. Position and Duties. During the Term, the Employee shall serve the Company in the position and perform the duties as are set forth on Exhibit
A attached hereto. 
 3. Full Business Time and Attention. Except as otherwise set forth in this Agreement, the Employee shall (a) devote
Employee’s full business time, attention, skill and energy exclusively to the duties and responsibilities of Employee’s position; (b) service the Company faithfully, diligently and to the best of Employee’s ability; (c) use
Employee’s best efforts to promote the success of the Company; and (d) cooperate fully with the Company’s Board of Directors (the “Board”) in the advancement of the Company’s best interests to assure full and efficient
performance of Employee’s duties hereunder. 
 4. Compensation and Benefits. During the Term: 

a. Base Salary. The Employee shall be paid the annual base salary set forth on Exhibit A attached hereto, or such greater amount
as may be determined by the Company from time to time in its sole discretion, payable in equal periodic installments according to the Company’s customary payroll practices, but not less frequently than monthly (the “Base Salary”). The
Base Salary may be increased but not decreased without the Employee’s written consent. 

  

 b. Benefits. The Employee shall, during the Term, be eligible to participate, commensurate
with the Employee’s position, in such retirement, life insurance, hospitalization, major medical, fringe and other employee benefit plans that the Company generally maintains for its full-time employees (collectively, the “Benefits”).
Notwithstanding the foregoing, the Company may discontinue or terminate at any time any employee benefit plan, policy or program now existing or hereafter adopted and will not be required to compensate the Employee for such discontinuance or
termination; provided, however, that the Company shall be required to offer to the Employee any rights or benefits extended to other employees in the event of termination of such plans or benefits, including, but not limited to coverage under the
Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”). 
 c. Bonus. During the Term, the Employee shall have an
annual target cash bonus opportunity of no less than twenty five percent (25%) of one (1) year’s Base Salary (the “Bonus”), based on the achievement of Company and individual performance objectives to be determined in good
faith by the Board in advance and in consultation with the Employee. 
 d. Equity Incentive Compensation. The Employee shall be
entitled to participate, commensurate with the Employee’s position, in Parent’s 2015 Stock Incentive Plan as further described on Exhibit A attached hereto. 

e. Expenses. The Company shall pay on behalf of the Employee (or reimburse Employee for) reasonable documented expenses incurred by
Employee in the performance of Employee’s duties under this Agreement and, in accordance with the Company’s existing policies and procedures pertaining to the reimbursement of expenses to employees in general. Notwithstanding anything
herein to the contrary or otherwise, except to the extent any expense or reimbursement provided pursuant to this Section 4.e does not constitute a “deferral of compensation” within the meaning of Section 409A of the Code (as
defined below): (i) the amount of expenses eligible for reimbursement provided to the Employee during any calendar year will not affect the amount of expenses eligible for reimbursement or in-kind benefits
provided to the Employee in any other calendar year, (ii) the reimbursements for expenses for which the Employee is entitled to be reimbursed shall be made on or before the last day of the calendar year following the calendar year in which the
applicable expense is incurred, (iii) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for any other benefit and (iv) the reimbursements shall be
made pursuant to objectively determinable and nondiscretionary Company policies and procedures regarding such reimbursement of expenses. 
 5. Termination
of Employment. 
 a. By the Company. The Company may terminate this Agreement and Employee’s employment, for the following
reasons: 
  

	 	i.	Death. This Agreement shall terminate immediately upon the death of the Employee. 

  
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	 	ii.	Disability. The Company may terminate this Agreement and the Employee’s employment with the Company immediately upon a determination of Disability. For purposes of this Agreement the Employee has a
“Disability” if, for physical or mental reasons, the Employee is unable to perform the essential duties required of the Employee under this Agreement, even with a reasonable accommodation, for a period of six (6) consecutive months or
a period of one-hundred eighty (180) days during any twelve (12) month period, as determined by an independent medical professional mutually acceptable to the parties. The Employee shall submit to a
reasonable number of examinations by the independent medical professional making the determination of Disability. 

  

	 	iii.	For Cause. The Company may terminate this Agreement and the Employee’s employment with the Company at any time for Cause. For purposes of this Agreement, “Cause” is defined as:
(1) Employee’s conviction of or plea of guilty or nolo contendere to a felony involving moral turpitude or which results in material harm to the Company, (2) Employee’s fraud against the Company or any breach of fiduciary duty
owed to the Company, (3) Employee’s theft, misappropriation or embezzlement of the assets or funds of the Company or any customer, or engagement in misconduct that is materially injurious to the Company, (4) Employee’s gross
negligence of Employee’s duties or willful misconduct in the performance of Employee’s duties under this Agreement, and (5) Employee’s material breach of this Agreement, including any violation of any of the restrictions set
forth in Section 7, which, if capable of being cured, is not cured to the Board’s reasonable satisfaction within ten (10) business days after written notice thereof to the Employee. 

 

	 	iv.	Without Cause. Notwithstanding anything in this Agreement to the contrary, the Company may terminate this Agreement and the Employee’s employment at any time during the Term without Cause for any reason or
no reason at all by providing the Employee with thirty (30) days’ prior written notice; provided, that during such thirty (30) day notice period, the Company may, in its discretion, place restrictions upon the Employee’s contact
with the workplace, customers and other-business related parties. 

 b. By Employee. The Employee may terminate this
Agreement and his employment with the Company for any of the following reasons:  
  

	 	i.	For Any Reason. Upon 60 days’ prior written notice delivered at any time after the first anniversary of the date hereof, the Employee may terminate this Agreement and his employment hereunder for any reason
or no reason at all. 

  
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	 	ii.	For Good Reason. The Employee may terminate this Agreement and Employee’s employment hereunder for “Good Reason” (as hereinafter defined). For purposes of this Agreement, “Good Reason”
shall mean any one of the conditions set forth below, so long as (1) Employee has provided written notice to the Company of the existence of such condition within sixty (60) days of its initial existence, (2) the Company has not
remedied the condition caused by the occurrence within ten (10) business days of such notice, to the extent such condition is capable of being cured, and (3) the Employee terminates his employment within thirty (30) days after the end
of such ten (10) business day period to remedy such condition. The following conditions will constitute “Good Reason”: (A) a material diminution in the Employee’s duties, responsibilities or authority; (B) a breach of a
material term of this Agreement by the Company; (C) the Company reduces the Employee’s Base Salary as in effect from time to time, without the Employee’s prior written consent; (D) the Company requests that the Employee
participate in an unlawful act; and (E) a relocation of the Employee’s work location outside of Manhattan. 

 c.
Compensation Upon Termination. 
  

	 	i.	Death. Upon termination of this Agreement due to the Employee’s death, the Company shall pay to the Employee’s estate the Employee’s Base Salary, any Bonus for the year prior to the year in which
the Employee’s death occurs (to the extent unpaid) and Benefits accrued through the date of the Employee’s death. Upon payment to the Employee of the foregoing amount, the Company shall have no further obligation or liability to or for the
benefit of the Employee under this Agreement, except as required by applicable law. 

  

	 	ii.	Disability. Upon termination of this Agreement due to the Employee’s Disability, the Company shall pay to the Employee the Employee’s Base Salary, any Bonus for the year prior to the year in which the
Employee’s termination due to Disability occurs (to the extent unpaid) and Benefits accrued through the date of the determination of the Employee’s Disability. Upon payment to the Employee of the foregoing amount, the Company shall have no
further obligation or liability to or for the benefit of the Employee under this Agreement, except as required by applicable law. 

  

	 	iii.	For Cause. Upon termination of this Agreement for Cause, the Company shall pay to the Employee the Employee’s Base Salary and Benefits accrued through the date of the Employee’s termination. Upon
payment to the Employee of the foregoing amount, the Company shall have no further obligation or liability to or for the benefit of the Employee under this Agreement, except as required by applicable law. 

  
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	 	iv.	Without Cause. In the event the Company terminates this Agreement without Cause, the Company shall pay to the Employee the sum of: (1) the greater of (A) the Employee’s Base Salary for the
remainder of the Term and (B) twelve (12) months’ Base Salary; (2) the Bonus for the year prior to the year in which the termination occurs, to the extent unpaid; and (3) the Bonus for the year in which the termination occurs,
based on actual performance and prorated based on the number of days in such year prior to the date of termination. Items (1) and (2) above shall be paid in accordance with the Company’s payroll practices in effect from time to time, but
not less frequently than monthly, and Item (3) above shall be paid in the calendar year following the year with respect to which the Bonus relates, at the same time that such bonuses are paid to other Company executives; provided, however, the
Employee is not in violation of any provision of Section 7. Upon payment to the Employee of the foregoing amounts, the Company shall have no further obligation or liability to or for the benefit of the Employee under this Agreement, except as
required by applicable law. 

  

	 	v.	For Any Reason. In the event the Employee terminates this Agreement with the Company for any reason other than Good Reason during the Term, the Company shall pay to the Employee the Employee’s Base Salary,
any Bonus for the year prior to the year in which the Employee’s termination occurs (to the extent unpaid) and Benefits accrued through the date of the Employee’s termination. Upon payment to the Employee of the foregoing amount, the
Company shall have no further obligation or liability to or for the benefit of the Employee under this Agreement, except as required by applicable law. 

  

	 	vi.	For Good Reason. If the Employee terminates this Agreement and the Employee’s employment for Good Reason, the Company shall pay to the Employee the sum of: (1) the greater of (A) the
Employee’s Base Salary for the remainder of the Term and (B) twelve (12) months’ Base Salary; (2) the Bonus for the year prior to the year in which the termination occurs, to the extent unpaid; and (3) the Bonus for the year
in which the termination occurs, based on actual performance and prorated based on the number of days in such year prior to the date of termination. Items (1) and (2) above shall be paid in accordance with the Company’s payroll practices
in effect from time to time, but not less frequently than monthly, and Item (3) above shall be paid in the calendar year following the year with respect to which the Bonus relates, at the same time that such bonuses are paid to other Company
executives; provided, however, the Employee is not in violation of any provision of Section 7. Upon payment to the Employee of the foregoing amounts, the Company shall have no further obligation or liability to or for the benefit of the
Employee under this Agreement, except as required by applicable law. 

  
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	 	vii.	Release. As an additional prerequisite for receipt of the severance benefits described in Section 5(a)(iv) and (vi) above, the Employee must execute, deliver to the Company, and not revoke (to the
extent the Employee is allowed to do so) a Release (“Release”) within forty-five (45) days of the date of the Employee’s termination of employment (the “Release Period”). “Release” shall
mean a release of all claims that the Employee has or may have against the Company, its board of directors, any of its subsidiaries or affiliates, or any of their employees, directors, officers, employees, agents, plan sponsors, administrators,
successors, fiduciaries, or attorneys, arising out of the Employee’s employment with, and termination of employment from, the Company. The Release shall be in a form that is reasonably acceptable to the Company or the Board and shall be
delivered to the Employee within three (3) business days of the date of Employee’s termination. Notwithstanding anything to the contrary in this Agreement, if the Release Period straddles two calendar years, no severance benefits shall be
paid to the Employee until the second calendar year (with any missed severance payments being paid to the Employee on the first payroll date occurring in the second calendar year). 

6. Indemnification. While employed by the Company, the Company shall cover the Employee under directors’ and officers’ liability insurance if
and to the same extent that the Company covers its other officers and directors generally by any such insurance. 
 7. Restrictive Covenants. 

a. Confidentiality. The Employee acknowledges that the Confidential Information (as defined below) is a valuable, special, sensitive and
unique asset of the business of the Company, the continued confidentiality of which is essential to the continuation of its business, and the improper disclosure or use of which could severely and irreparably damage the Company. The Employee agrees,
for and on behalf of himself, the Employee’s legal representatives, and the Employee’s successors and assigns that all Confidential Information is the property of the Company (and not of the Employee). The Employee further agrees that
during the Term and at all times thereafter, the Employee (i) will continue to keep all Confidential Information strictly confidential and not disclose the Confidential Information to any other person or entity and (ii) shall not, directly
or indirectly, disclose, communicate or divulge to any person, or use or cause or authorize any person to use any Confidential Information, except as may be used in the performance of the Employee’s duties hereunder in compliance with this
Agreement and in the best interests of the Company. “Confidential Information” means all information, data and items relating to the Company (or any of its customers) which is valuable, confidential or proprietary, including, without
limitation, information relating to the Company’s software, software code, accounts, receivables, customers and customer lists and data, prospective customers and prospective customer lists and data, Work Product, vendors and vendor lists and
data, business methods and procedures, pricing techniques, business leads, budgets, memoranda, correspondence, designs, plans, schematics, patents, copyrights, equipment, tools, works of authorship, reports, records, processes,
pricing, costs, products, services, margins, systems, software, service data, inventions, analyses, plans, intellectual property, trade secrets, manuals, training materials and methods, sales and marketing materials and compilations of and other
items derived (in whole or in part) from the foregoing. Confidential Information may be in either paper, electronic or computer readable form. Notwithstanding the foregoing, “Confidential Information” shall not include information that:
(i) becomes publicly known without breach of the Employee’s 

  
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obligations under this Section 7.a, or (ii) is required to be disclosed by law or by court order or government order; provided, however, that if the Employee is required to disclose any
Confidential Information pursuant to any law, court order or government order, (x) the Employee shall promptly notify the Company of any such requirement so that the Company may seek an appropriate protective order or waive compliance with the
provisions of this Agreement, (y) the Employee shall reasonably cooperate with the Company to obtain such a protective order at the Company’s cost and expense, and (z) if such order is not obtained, or the Company waives compliance
with the provisions of this Section 7.a, the Employee shall disclose only that portion of the Confidential Information which the Employee is advised by counsel that the Employee is legally required to so disclose. The Employee will notify the
Company promptly and in writing of any circumstances of which the Employee has knowledge relating to any possession or use of any Confidential Information by any Person other than those authorized by the terms of this Agreement. 

b. Return of Company Property. The Employee will deliver to the Company at the termination of the Employee’s employment with the
Company, or at any other time the Company may request, all equipment, files, property, memoranda, notes, plans, records, reports, computer tapes, printouts, Confidential Information, Work Product, software, documents and data (and all electronic,
paper or other copies thereof) belonging to the Company, which the Employee may then possess or have under the Employee’s control. 
 c.
Intellectual Property Rights. The Employee acknowledges and agrees that all inventions, technology, processes, innovations, ideas, improvements, developments, methods, designs, analyses, trademarks, service marks, and other indicia of origin,
writings, audiovisual works, concepts, drawings, reports and all similar, related, or derivative information or works (whether or not patentable or subject to copyright), including but not limited to all patents, copyrights, copyright registrations,
trademarks, and trademark registrations in and to any of the foregoing, along with the right to practice, employ, exploit, use, develop, reproduce, copy, distribute copies, publish, license, or create works derivative of any of the foregoing, and
the right to choose not to do or permit any of the aforementioned actions, which relate to the Company of its actual or anticipated business, research and development or existing or future products or services and which are conceived, developed or
made by the Employee while employed by the Company (collectively, the “Work Product”) belong to the Company. All Work Product created by the Employee while employed by the Company (whether or not on the premises) will be considered
“work made for hire,” and as such, the Company is the sole owner of all rights, title, and interests therein. All other rights to any new Work Product, including but not limited to all of the Employee’s rights to any copyrights or
copyright registrations related thereto, are hereby conveyed, assigned and transferred to the Company. The Employee will promptly disclose and deliver such Work Product to the Company and, at the Company’s expense, perform all actions
reasonably requested by the Company (whether during or after the Term) to establish, confirm and protect such ownership (including, without limitation, the execution of assignments, copyright registrations, consents, licenses, powers of attorney and
other instruments). 
 d. Non-Competition. While employed by the Company and for a period of
two (2) years thereafter (the “Restricted Period”), the Employee shall not, directly or indirectly, enter into the employment of, render any services to, engage, manage, operate, join, or own, or otherwise offer other assistance to or
participate in, as an officer, director, employee, principal, agent, proprietor, representative, stockholder, partner, associate, consultant, sole proprietor or otherwise, 

  
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any person that, directly or indirectly, is engaged in the Business anywhere in the Restricted Area (as hereinafter defined). Notwithstanding the foregoing, the Employee may own up to two percent
(2%) of the outstanding stock of a publicly held corporation which constitutes or is affiliated with any entity that is engaged in the Business so long as the Employee is not an officer, director, employee or consultant or otherwise maintains voting
control, whether by contract or otherwise, of such entity, and Employee may be a passive owner of Series B Preferred Stock of the Parent and any underlying common stock into which such Series B Preferred Stock is convertible or any other shares of
common stock of the Parent or securities convertible into or exercisable for shares of common stock of the Parent. For purposes of this Section 7, “Restricted Area” means each of the following states: Alabama, Alaska, Arizona,
Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New
Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, Washington, D.C., West Virginia,
Wisconsin, and Wyoming and each U.S. possession and territory or where the Company, Parent or any of their affiliates has conducted or proposes to conduct business or offers any services or any other jurisdiction in or to which the Company, Parent
or any of their affiliates has conducted or proposes to conduct any business or offers any services. For purposes of this Section 7, “Business” means the business of the Company as described in the recitals to this Agreement, the
actual business of the Company, Parent or any of their respective affiliates as conducted at any time during the Term or any business as proposed to be conducted, including without limitation any anticipated business considered by the Board towards
which the Company, Parent or any affiliates thereof has taken material steps or incurred material expenditures in furtherance thereof prior to the termination date. 

e. Non-Solicitation. During the Restricted Period, the Employee shall not, directly or
indirectly, whether for the Employee’s own account or for the account of any other person, solicit, attempt to solicit, endeavor to entice away from the Company, attempt to hire, hire, deal with, attempt to attract business from, accept
business from, or otherwise interfere with (whether by reason of cancellation, withdrawal, modification of relationship or otherwise) any actual or prospective relationship of the Company, Parent or any of their affiliates with any person
(i) who is or was within the last two (2) years of termination employed by or otherwise engaged to perform services for the Company, Parent or any of their affiliates including, but not limited to, any independent contractor or
representative or (ii) who is or was within the last two (2) years of termination an actual or bona fide prospective licensee, landlord, customer, supplier, or client of the Company, Parent or any of their affiliates (or other person with
which the Company, Parent or any of their affiliates had an actual or prospective bona fide business relationship). 
 f. Non-Disparagement. The Employee agrees that the Employee will never make or publish any statement or communication which is false, negative, unflattering or disparaging with respect to the Company, Parent or any
of their respective affiliates and/or any of their respective direct or indirect shareholders, officers, directors, members, managers, employees or agents. The foregoing shall not be violated by (i) statements as required in response to legal
proceedings or governmental investigations (including, without limitation, depositions in connection with such proceedings), and (ii) statements made in the context of prosecuting or defending any legal dispute (whether or not litigation has
commenced) as between the Employee on the one hand and the Company on the other. 

  
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 g. Rationale for and Scope of Covenants. If any of the covenants contained in this
Section 7 are held to be invalid or unenforceable due to the unreasonableness of the time, geographic area, or range of activities covered by such covenants, such covenants shall nevertheless be enforced to the maximum
extent permitted by law and effective for such period of time, over such geographical area, or for such range of activities as may be determined to be reasonable by a court of competent jurisdiction and the parties hereby consent and agree that the
scope of such covenants may be judicially modified, accordingly, in any proceeding brought to enforce such covenants. The Employee agrees that the Employee’s services hereunder are of a special, unique, extraordinary and intellectual character
and the Employee’s position with the Company places the Employee in a position of confidence and trust with the customers, suppliers and employees of the Company. The Employee and the Company agree that, in the course of employment hereunder,
the Employee has and will continue to develop a personal relationship with the Company’s customers, and a knowledge of these customers’ affairs and requirements as well as confidential and proprietary information developed by the Company
after the date of this Agreement. The Employee agrees that it is reasonable and necessary for the protection of the goodwill, confidential and proprietary information, and legitimate business interests of the Company that the Employee make the
covenants contained herein, that the covenants are a material inducement for the Company to employ or continue to employ the Employee and to enter into this Agreement. For the avoidance of doubt, for purposes of this
Section 7, the term “Company” includes Parent and each of its direct and indirect subsidiaries, including the Company. 

h. Remedies. 
  

	 	i.	 The Employee consents and agrees that if the Employee violates any covenants contained in this Section 7,
the Company would sustain irreparable harm and, therefore, in addition to any other remedies which may be available to it, the Company shall be entitled to seek an injunction restraining the Employee from committing or continuing any such violation
of this Section 7. Nothing in this Agreement shall be construed as prohibiting the Company or the Employee from pursuing any other remedies including, without limitation, recovery of damages. The Employee acknowledges that Parent and each of
its direct and indirect subsidiaries is an express third-party beneficiary of this Agreement and that it may enforce these rights as a third-party beneficiary. These restrictive covenants shall be construed as agreements independent of any other
provision in this Agreement, and the existence of any claim or cause of action of the Employee against the Company, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of any
restrictive covenant. The Company has fully performed all obligations entitling it to the restrictive covenants, and the restrictive covenants therefore are not executory or otherwise subject to rejection and are enforceable under the Bankruptcy
Code. In the event of the breach by the Employee of any of the provisions of this Section 7, the Company shall be entitled, in addition to all other available rights 

  
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and remedies, to terminate the Employee’s employment status hereunder and the provision of any benefits and compensation conditioned upon such status. The Company may assign the restrictive
covenants set forth in this Section 7 in connection with the acquisition of all or a part of the assets of the Company or its subsidiaries, and any such assignee or successor shall be entitled to enforce the rights and remedies set forth in
this Section 7. The Employee acknowledges and agrees that the Restricted Period shall be tolled on a day for day basis for all periods in which the Employee is found to have violated the terms of this Section 7 so that the Company receives
the full benefit of the Restricted Period to which the Employee has agreed. 

  

	 	ii.	In addition, and without limitation to the foregoing, except as required by law, if (A) the Company files a civil action against the Employee based on the Employee’s alleged breach of the Employee’s
obligations under Section 7 hereof, and (B) a court of competent jurisdiction issues a judgment that the Employee has breached any of such obligations and has issued injunctive relief, then the Employee shall promptly repay to the Company
any such severance payments the Employee previously received pursuant to Section 5.c in excess of the Employee’s Base Salary and Benefits accrued through the date of the Employee’s termination, and the Company will have no obligation
to pay any of such excess amounts that remain payable by the Company under Section 5.c. 

 8. Notice. Any notice required or
desired to be given under this Agreement shall be in writing and shall be addressed as follows: 
  

							
		 	If to Company:	  	IDI, Inc.
		 		  	2650 N. Military Trail, Suite 300
		 		  	Boca Raton, FL 33431
		 		  	Attn:	  	Derek Dubner, Co-CEO
		 		  		  	Joshua Weingard, Corporate counsel
			
		 	If to Employee:	  	 Fluent, LLC
 33 Whitehall Street

15th Floor

New York, NY 10004

		 		  	Attn:	  	Matt Conlin

 Notice shall be deemed given on the date it is deposited in the United States mail, first class postage prepaid and addressed
in accordance with the foregoing, or the date otherwise delivered in person, whichever is earlier. The address to which any notice must be sent may be changed by providing written notice in accordance with this Section 8. 

9. General Provisions. 
 a.
Amendments. This Agreement contains the entire agreement between the parties regarding the subject matter hereof. No agreements or representations, verbal or otherwise, express or implied, with respect to the subject matter of this Agreement
have been made by either party which are not set forth expressly in this Agreement. This Agreement may only be altered or amended by mutual written consent of the Company and the Employee. 

  
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 b. Applicable Law. This Agreement shall be governed in accordance with the laws of the
State of New York regardless of the conflict of laws rules or statutes of any jurisdiction. 
 c. Successors and Assigns. This
Agreement will be binding upon the Employee’s heirs, executors, administrators or other legal representatives or assigns. This Agreement will not be assignable by the Employee, but shall be assigned by the Company in connection with the sale,
lease, license, assignment, merger, consolidation, share exchange, liquidation, transfer, conveyance or other disposition (whether direct or indirect) of all or substantially all of its business and/or assets in one or a series of related
transactions (individually and/or collectively, a “Fundamental Transaction”). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume
in writing all of the obligations of the Company under this Employment Agreement. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such
Fundamental Transaction, the provisions of this Employment Agreement referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of
the Company under this Employment Agreement with the same effect as if such Successor Entity had been named as the Company herein. 
 d.
No Waiver. The failure of any party to this Agreement to enforce at any time any of the provisions of this Agreement shall in no way be construed to be a waiver of any such provision, nor in any way to affect the validity of this Agreement or
any part thereof or the right of any party under this Agreement to enforce each and every such provision. No waiver or any breach of this Agreement shall be held to be a waiver of any other or subsequent breach. 

e. Section Headings, Construction. The headings used in this Agreement are provided for convenience only and shall not affect the
construction or interpretation of this Agreement. All words used in this Agreement shall be construed to be of such gender or number as the circumstances require. In no event shall the terms or provisions hereof be construed against any party on the
basis that such party or counsel for such party drafted this Agreement or the attachments hereto. 
 f. Severability. If any provision
of this Agreement is held to be invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement shall remain in full force and effect. Any provision of this Agreement held invalid or unenforceable only in part
or degree shall remain in full force and effect to the extent not held invalid or unenforceable. 
 g. Survival. The provisions of
Sections 5, 6, 7, and 9 of this Agreement shall survive the termination of this Agreement for any reason. 

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

i. Opportunity to Review. The Employee represents that the Employee has been provided with an opportunity to review the terms of the
Agreement with legal counsel. 
 j. Compliance with Code Section 409A. This Agreement is intended, and shall be
construed and interpreted, to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and, if necessary, any provision shall be held null and void to the extent such provision (or part thereof) fails to
comply with Code Section 409A. For purposes of Code Section 409A, each payment of compensation under this Agreement shall be treated as a separate payment of compensation. Any amounts payable solely on account of an involuntary termination
shall be excludible from the requirements of Code Section 409A, either as separation pay or as short-term deferrals to the maximum possible extent. Any reference to the Employee’s “termination” or “termination of
employment” shall mean the Employee’s “separation from service” as defined in Code Section 409A from the Company and all entities with whom the Company would be treated as a single employer for purposes of Code
Section 409A. Nothing herein shall be construed as a guarantee of any particular tax treatment to Employee and the Company shall have no liability to the Employee with respect to any penalties that might be imposed on the Employee by Code
Section 409A for any failure of this Agreement or otherwise. In the event that the Employee is a “specified employee” (as described in Code Section 409A), and any payment or benefit payable pursuant to this Agreement constitutes
deferred compensation under Code Section 409A, then no such payment or benefit shall be made before the date that is six months after the Employee’s “separation from service” (as described in Code Section 409A) (or, if
earlier, the date of the Employee’s death). Any payment or benefit delayed by reason of the prior sentence shall be paid out or provided in a single lump sum at the end of such required delay period in order to catch up to the original payment
schedule. 
 k. Attorney’s Fees. In any action or proceeding (including any appeals) brought to enforce any provision of this
Agreement, the prevailing party will be entitled to reasonable attorney’s fees and costs. 
 IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be executed as of the day and year first written above. 
  

							
	Fluent, LLC	 		 		 	Matt Conlin

							
				
	By:	 	 /s/ Ryan Schulke
	 		 	 /s/ Ryan Schulke

	Name:	 	Ryan Schulke	 		 	Date:  December 8, 2015
	Its:	 	Chief Executive Officer	 		 	

  
 12 

 EXHIBIT A 
  

	1.	Effective Date: December 8, 2015 

  

	2.	Employee Name: Matt Conlin 

  

	3.	Position: President of the Company 

  

	4.	Duties: Oversee growth and development of the Company’s business; Lead business diversification plan; Create and execute on the Company’s vision and market positioning through new business development,
aggressive networking, and community outreach; Client and partner interfacing to develop and maintain organizational strategies and operation efficiencies; and any other duties as determined by the Board. 

 

	5.	Location of Employment: Manhattan, New York 

  

	6.	Term: Commencing on the Effective Date and ending on the second anniversary thereafter. 

  

	7.	Base Salary: $260,000 per annum 

  

	8.	Equity: 550,000 restricted stock units (the “RSUs”) pursuant to the IDI, Inc. (“IDI”) 2015 Stock Incentive Plan or such other equity plan or arrangement as may be in effect from time to
time (such plan or arrangement hereinafter referred to as the “Plan”); provided, that, the grant of the RSUs will only be awarded once sufficient shares have been approved for issuance by the stockholders pursuant to
the Plan in order to issue the shares underlying the RSUs. The RSU shall be documented on an award agreement which shall conform to the terms and conditions set forth in this paragraph (the “Award Agreement”). The RSUs shall be
subject to ratable vesting over a three year period pursuant to the terms of the Award Agreement; provided however that no portion of the RSUs shall vest unless and until the Company has, for any fiscal year in which the RSUs are outstanding, gross
revenue determined in accordance with the Company’s audited financial statements in excess of $100 million for such fiscal year and positive EBITDA (also as determined based on IDI’s audited finance statements) for such fiscal year,
after subtracting all charges for equity compensation paid to executives or other service providers to IDI. In addition, the RSUs shall vest immediately upon: (i) a Change in Control (as defined below), (ii) a termination of Executive’s
employment by Company without Cause under Section 5.a.iv of the Employment Agreement or a non-renewal by the Company under Section 1 of the Employment Agreement, (iii) a termination of
employment by Executive for Good Reason under Section 5.b.ii of the Employment Agreement, or (iv) the Executive’s death or Disability (as defined in Section 5.a.ii of the Employment Agreement). Shares of IDI’s Common Stock
shall generally be issued with respect to the vested RSUs upon the earlier of: (i) a Change in Control, or (ii) Executive’s “separation from service” as defined for purposes of Code Section 409A; provided, however, that
the delivery of shares shall be delayed until the earlier of (A) six months following separation from service, or (B) the Executive’s death, if necessary to comply with the requirements of Code Section 409A. 

  
 Exhibit A - 1 

 For purposes hereof, a “Change in Control” shall mean: 

(i) any one person, or more than one person acting as a group, acquires ownership of common stock of the Company that, together
with common stock held by such person or group, possesses more than 50% of the total fair market value or total voting power of the common stock of the Company; provided, however, that if any one person, or more than one person acting as a group, is
considered to own more than 50% of the total fair market value or total voting power of the common stock of the Company, the acquisition of additional common stock by the same person or persons will not be considered a Change in Control under this
Agreement. Notwithstanding the foregoing, an increase in the percentage of common stock of the Company owned by any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its common stock in exchange for
property will be treated as an acquisition of common stock of the Company for purposes of this clause (i); 
 (ii) during any
period of 12 consecutive months, individuals who at the beginning of such period constituted the Board (together with any new or replacement directors whose election by the Board, or whose nomination for election by the Company’s shareholders,
was approved by a vote of at least a majority of the directors then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute
a majority of the directors then in office; or 
 (iii) any one person, or more than one person acting as a group, acquires
(or has acquired during the 12-month period ending on the date of the most recent acquisition by the person or persons) assets from the Company, outside of the ordinary course of business, that have a gross
fair market value equal to or more than 40% of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. For purposes of this Section, “gross fair market value” means the
value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. Notwithstanding anything to the contrary in this Agreement, the following shall not be
treated as a Change in Control under this: 
 (A) a transfer of assets from the Company to a shareholder of the Company
(determined immediately before the asset transfer); 
 (B) a transfer of assets from the Company to an entity, 50% or more
of the total value or voting power of which is owned, directly or indirectly, by the Company; 
 (C) a transfer of assets
from the Company to a person, or more than one person acting as a group, that owns, directly or indirectly, 50% or more of the total value or voting power of all the outstanding capital stock of the Company; or 

  
 Exhibit A - 2 

 (D) a transfer of assets from the Company to an entity, at least 50% of the
total value or voting power of which is owned, directly or indirectly, by a person described in clause (iii) above. 

  
 Exhibit A - 3EX-10.5

 Exhibit 10.5 
  

 
 295 Madison Avenue, 32nd Floor 

New York, NY 10017 
 January 16, 2012 

Mr. Ryan Perfit 
 2023 Puritan Terrace 

Annapolis, MD 21401 
 Dear Ryan: 

This letter agreement (“Agreement”) will confirm our agreement with respect to your (“You” or “Your”) employment
at Fluent, Inc. (the “Company”) as Director, Financial Planning & Analysis. This Agreement shall be effective as of February 20, 2012 (the “Effective Date”). 

1. Title and Job Duties. 

(a) Subject to the terms and conditions set forth in this Agreement, the Company agrees to employ You as Director of Financial
Planning & Analysis. In this capacity, You shall have the duties set forth in Exhibit A hereto as well as the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in
similar capacities in similarly sized companies, and such other duties, authorities and responsibilities as Andrew Kraft, Vice President of Finance (“VP Finance”) shall designate from time to time that are not inconsistent with Your
position. You shall report directly to VP Finance. 
 (b) You accept such employment and agree, during the term of Your employment, to devote
Your full business and professional time and energy to the Company. You agree to carry out and abide by all lawful directions of the VP Finance that are consistent with Your position as Director of Financial Planning & Analysis. 

(c) Without limiting the generality of the foregoing, You shall not, without the written approval of the Company, render services of a business
or commercial nature on Your own behalf or on behalf of any other person, firm, or corporation, whether for compensation or otherwise, during Your employment hereunder, provided that the foregoing shall not prevent You from (i) serving on the
boards of directors of non-profit organizations and, with the prior written approval of the Board of Directors of the Company (the “Board”), other for profit companies, (ii) participating in
charitable, civic, educational, professional, community or industry affairs, and (iii) managing Your passive personal investments so long as such activities in the aggregate do not materially interfere or conflict with Your duties hereunder or
create a potential business or fiduciary conflict. 

 2. Salary and Additional Compensation. 

(a) Base Salary. The Company shall pay You an annual base salary of $100,000, less applicable withholdings and deductions, subject to
review in accordance with the Company’s normal payroll procedures. 
 (b) Performance Based Bonus. You shall be eligible to earn
a bonus of up to five percent (5.0%) of Your base salary, less applicable withholdings and deductions, based on Your achievement of performance objectives established by the VP Finance. The Company shall determine the amount, if any, and the timing
of the bonus payment. You must be employed by the Company on the payment date in order to be eligible to receive the bonus. 
 (c) Revenue
Based Bonus. You shall be eligible to earn an additional bonus of up to five percent (5.0%) of Your base salary less applicable withholdings and deductions, provided the Company realizes gross revenues no less than the annual target detailed in
its annual operating plan. The Company shall determine the amount, if any, and the timing of the bonus payment. You must be employed by the Company on the payment date in order to be eligible to receive the bonus. 

(d) Transaction Bonus. In the event the existing owners of the Company sell more than 50% of the Company’s issued and outstanding
voting securities to an unrelated third party (a ‘Transaction”) and You are employed by the Company as of the date of the Transaction, the shareholders of the Company under separate vote have unanimously approved the payment of a special
award to you according to the following: 
  

	 	(i)	If a Transaction is consummated prior to 1/1/2013, zero point one percent ( 0.1%) of the aggregate Transaction consideration, less applicable withholdings and deductions, pursuant to the terms and conditions of sale as
detailed in the respective sale and purchase agreement. 

  

	 	(ii)	If a Transaction is consummated after 12/31/2012, zero point twenty five percent (0.25%) of the aggregate Transaction consideration less applicable withholdings and deductions, pursuant to the terms and conditions of
sale as detailed in the respective sale and purchase agreement. 

 3. Expenses. In accordance with Company policy, the
Company shall reimburse You for all reasonable business expenses properly and reasonably incurred and paid by You in the performance of Your duties under this Agreement upon Your presentment of detailed receipts in the form required by the
Company’s policy. 
 4. Relocation. In consideration of the need for You to relocate from your present domicile in the Washington
D.C. area to the metropolitan New York area, the Company agrees to make a one-time contribution not to exceed $5,000 upon presentment of a summary report including receipts for expenses incurred by You
specifically in connection with Your Relocation (“Relocation Payment”). Notwithstanding the foregoing, should you voluntarily terminate your employment with the Company within twelve (12) months of the Effective Date, and upon

  
 2 

 demand by the Company, You understand and agree you shall be liable for the repayment of said Relocation Payment
in entirety or any part thereof, in the Company’s sole discretion and that the Company may, in its sole discretion, offset same against any earned and unpaid amounts (including salary) that may be accruing to You prior to Your termination. 

5. Benefits. 
 (a) Paid
Time Off. You shall be entitled to accrue twenty-one (21) days of paid time off as follows: fifteen (15) vacation days, four (4) sick/personal days and two (2) diversity days which
shall not be earned by You until You complete three (3) months of employment. 
 (b) Health Insurance and Other Plans. You shall
be eligible to participate in the Company’s medical and other employee benefit programs, if any, that are provided by the Company for its employees generally, at levels commensurate with Your position, in accordance with the provisions of any
such plans, as the same may be in effect from time to time. 
 6. Term and Termination. Either party may terminate Your employment on
an at- will basis at any time and for any reason or no reason, however You and the Company agree that should either party terminate Your employment hereunder, You and the Company agree to provide each other
with two (2) weeks written notice of such termination, which the Company may waive at its sole discretion. 
 7. Confidentiality.

 (a) You understand that during the Term, You may have access to unpublished and otherwise confidential information both of a technical and
non-technical nature, relating to the business of the Company and any of its parents, subsidiaries, divisions, affiliates (collectively, “Affiliated Entities”), or clients, including without
limitation any of their actual or anticipated business, research or development, any of their technology or the implementation or exploitation thereof, including without limitation information You and others have collected, obtained or created,
information pertaining to clients, accounts, vendors, prices, costs, materials, processes, codes, material results, technology, system designs, system specifications, materials of construction, trade secrets and equipment designs, including
information disclosed to the Company by others under agreements to hold such information confidential (collectively, the “Confidential Information”). You agree to observe all Company policies and procedures concerning such Confidential
Information. You further agree not to disclose or use, either during Your employment or at any time thereafter, any Confidential Information for any purpose, including without limitation any competitive purpose, unless authorized to do so by the
Company in writing, except that You may disclose and use such information in the good faith performance of Your duties for the Company. Your obligations under this Agreement will continue with respect to Confidential Information, whether or not Your
employment is terminated, until such information becomes generally available from public sources through no fault of Yours or any representative of Yours. Notwithstanding the foregoing, however, You shall be permitted to disclose Confidential
Information as may be required by a subpoena or other governmental order, provided that You first notify the Company of such subpoena, order or other requirement and such that the Company has the opportunity to obtain a protective order or other
appropriate remedy. 

  
 3 

 (b) During Your employment, upon the Company’s request, or upon the termination of Your
employment for any reason, You will promptly deliver to the Company all documents, records, files, notebooks, manuals, letters, notes, reports, customer and supplier lists, cost and profit data, e-mail,
apparatus, computers, blackberries or other PDAs, hardware, software, drawings, blueprints, and any other material of the Company or any of its Affiliated Entities or clients, including all materials pertaining to Confidential Information developed
by You or others, and all copies of such materials, whether of a technical, business or financial nature, whether on the hard drive of a laptop or desktop computer, in hard copy, disk or any other format, which are in Your possession, custody or
control. 
 8. Assignment of Intellectual Property. 

(a) You will promptly disclose to the Company any idea, invention, discovery or improvement, whether patentable or not
(“Creations”), conceived or made by You alone or with others at any time during Your employment. You agree that the Company owns any such Creations, conceived or made by You alone or with others at any time during Your employment,
and You hereby assign and agree to assign to the Company all moral or other rights You have or may acquire therein and agree to execute any and all applications, assignments and other instruments relating thereto which the Company deems necessary or
desirable. These obligations shall continue beyond the termination of Your employment with respect to Creations and derivatives of such Creations conceived or made during Your employment with the Company. The Company and You understand that the
obligation to assign Creations to the Company shall not apply to any Creation which is developed entirely on Your own time without using any of the Company’s equipment, supplies, facilities, and/or Confidential Information unless such Creation
(a) relates in any way to the business or to the current or anticipated research or development of the Company or any of its Affiliated Entities; or (b) results in any way from Your work at the Company. 

(b) In any jurisdiction in which moral rights cannot be assigned, You hereby waive any such moral rights and any similar or analogous rights
under the applicable laws of any country of the world that You may have in connection with the Creations, and to the extent such waiver is unenforceable, hereby covenant and agree not to bring any claim, suit or other legal proceeding against the
Company or any of its Affiliated Entities claiming that Your moral rights to the Creations have been violated. 
 (c) You will not assert any
rights to any invention, discovery, idea or improvement relating to the business of the Company or any of its Affiliated Entities or to Your duties hereunder as having been made or acquired by You prior to Your work for the Company, except for the
matters, if any, described in Exhibit B to this Agreement. 
 (d) During the Term, if You incorporate into a product or process of the
Company or any of its Affiliated Entities anything listed or described in Exhibit B, the Company is hereby granted and shall have a non-exclusive, royalty-free, irrevocable, perpetual, worldwide
license (with the right to grant and authorize sublicenses) to make, have made, modify, use, sell, offer to sell, import, reproduce, distribute, publish, prepare derivative works of, display, perform publicly and by means of digital audio
transmission and otherwise exploit as part of or in connection with any product, process or machine. 

  
 4 

 (e) You agree to cooperate fully with the Company, both during and after Your employment with the
Company, with respect to the procurement, maintenance and enforcement of copyrights, patents, trademarks and other intellectual property rights (both in the United States and foreign countries) relating to such Creations. You shall sign all papers,
including, without limitation, copyright applications, patent applications, declarations, oaths, formal assignments, assignments of priority rights and powers of attorney, which the Company may deem necessary or desirable in order to protect its
rights and interests in any Creations. You further agree that if the Company is unable, after reasonable effort, to secure Your signature on any such papers, any officer of the Company shall be entitled to execute such papers as Your agent and attorney-in-fact and You hereby irrevocably designate and appoint each officer of the Company as Your agent and
attorney-in-fact to execute any such papers on Your behalf and to take any and all actions as the Company may deem necessary or desirable in order to protect its rights
and interests in any Creations, under the conditions described in this paragraph. 
 9.
Non-Solicitation and Non-Competition Agreement. 
 (a)
You agree that during the Term and until twelve (12) months after the termination of Your employment for any reason, You will not, directly or indirectly, including on behalf of any person, firm or other entity, employ or solicit for employment
any employee of the Company or any of its Affiliated Entities, or anyone who was an employee of the Company or any of its Affiliated Entities within the twenty-four (24) months prior to the termination of Your employment, or induce any such
employee to terminate his or her employment with the Company or any of its Affiliated Entities. 
 (b) You further agree that during Your
employment and for twelve (12) months after the termination of Your employment, You will not, directly or indirectly, including on behalf of any person, firm or other entity, without the express written consent of an authorized representative
of the Company, (i) perform services for any Competing Business whether as an employee, consultant, agent, contractor or in any other capacity, (ii) hold office as an officer or director or like position in any Competing Business,
(iii) request any present or future Customers (defined below) or suppliers of the Company or any of its Affiliated Entities to curtail or cancel their business with the Company or any of its Affiliated Entities, and (iv) accept business
from such Customers or suppliers of the Company or any of its Affiliated Entities. 
 (c) “Customer(s)” shall mean any individual,
corporation, partnership, business or other entity, whether for-profit or not-for-profit (i) whose existence and business is
known to You as a result of the Your access to the Company or the Affiliated Entities’ business information, Confidential Information, customer lists or customer account information; and (ii) that is a business entity or individual with whom
the Company or the Affiliated Entities have done business or with whom You have negotiated during the twenty-four (24) month period preceding the termination of Your employment or during the most recent twenty-four (24) month period of
Your employment. 

  
 5 

 (d) “Competing Business” shall mean any corporation, partnership, limited liability
company, university, government agency or other entity or person (other than the Company) which is engaged in any business carried on by any of the Company, its parents, subsidiaries, divisions or affiliates. 

(e) You agree that in the event a court determines the length of time or the geographic area or activities prohibited under this Section 8
are too restrictive to be enforceable, the court may reduce the scope of the restriction to the extent necessary to make the restriction enforceable. 

10. Representation and Warranty. You represent and warrant to the Company that You are not subject to any
non-competition provision of any other agreement restricting Your ability to fully act hereunder. You hereby indemnify and hold the Company harmless against any losses, claims, expenses (including
attorneys’ fees), damages or liabilities incurred by the Company as a result of a breach of the foregoing representation and warranty. 

11. Notice. Any notice or other communication required or permitted to be given to the Parties shall be deemed to have been given if
personally delivered, if sent by nationally recognized overnight courier or if mailed by certified or registered mail, return receipt requested, first class postage prepaid, and addressed as follows: 

 

	 	(a)	If to You, to: 

 the address shown on the records of the Company. 

 

	 	(b)	If to the Company, to: 

 Fluent, Inc. 

295 Madison Avenue, 32nd Floor 

New York, New York 10017 

Attention: Andrew Kraft 
  

	 	(c)	with a copy to: 

 Olshan Grundman Frome Rosenzweig & Wolosky LLP 

65 East 55th Street 

New York, New York 10022 

Attention: Aliza F. Herzberg 

12. Severability. If any provision of this Agreement is declared void or unenforceable by a court of competent jurisdiction, all other
provisions shall nonetheless remain in full force and effect. 
 13. Governing Law. This Agreement shall be governed by, and construed
and enforced in accordance with, the laws of the State of New York without regard to the conflict of laws provisions thereof. Any action, suit or other legal proceeding that is commenced to resolve any matter arising under or relating to any
provision of this Agreement shall be submitted to the exclusive jurisdiction of any state or federal court in New York County. 

  
 6 

 14. Waiver. The waiver by either Party of a breach of any provision of this Agreement
shall not be or be construed as a waiver of any subsequent breach. The failure of a Party to insist upon strict adherence to any provision of this Agreement on one or more occasions shall not be considered a waiver or deprive that Party of the right
thereafter to insist upon strict adherence to that provision or any other provision of this Agreement. Any waiver must be in writing. 
 15.
Assignment. This Agreement is a personal contract and You may not sell, transfer, assign, pledge or hypothecate Your rights, interests and obligations hereunder. Except as otherwise herein expressly provided, this Agreement shall be binding
upon and shall inure to the benefit of You and Your personal representatives and shall inure to the benefit of and be binding upon the Company and its successors and assigns, except that the Company may not assign this Agreement without Your prior
written consent, except to an acquirer of all or substantially all of the assets of the Company. 
 16. Entire Agreement. This
Agreement (together with the Exhibits attached hereto) embodies all of the representations, warranties, and agreements between the Parties relating to Your employment with the Company. No other representations, warranties, covenants, understandings,
or agreements exist between the Parties relating to Your employment. This Agreement shall supersede all prior agreements, written or oral, relating to Your employment. This Agreement may not be amended or modified except by a writing signed by the
Parties. 
 [Signature page follows] 

  
 7 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed and delivered on
the date above. 
  

			
	FLUENT, INC.
		
	By:	 	 /s/ Andrew Kraft

		 	Vice President of Finance

  

	
	AGREED TO AND ACCEPTED:
	
	 /s/ Ryan Perfit

	Ryan Perfit

  
 8 

 EXHIBIT A 

Job Duties 
 You shall be
responsible for job duties commensurate with the position of Director, Financial Planning & Analysis, which include but are not limited to the following: 
  

	 	•	 	Develop and compile monthly management reporting package 

  

	 	•	 	Develop plan templates, manage the annual planning process and ‘own’ the plan 

  

	 	•	 	Prepare quarterly reforecasts, working with all departments as necessary 

  

	 	•	 	Analyze and monitor performance across all divisions, highlighting trends and variances to plan and/or reforecasts 

  

	 	•	 	Develop business intelligence tools and dashboard reports 

  

	 	•	 	Develop financial models and analyses to support strategic initiatives, including M&A , new market, and competitor analysis as relevant 

 

	 	•	 	Analyze complex financial information and reports to provide accurate and timely financial recommendations to management for decision making purposes 

 

	 	•	 	Scale department in line with company growth 

  

	 	•	 	Participate in ad hoc projects as relevant 

  
 9

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