Document:

Exhibit 10.1

Exhibit 10.1

Execution Copy

EMPLOYMENT AGREEMENT

  This Employment Agreement (the “Agreement”) made this 14th day of November,
2011, by and among Crumbs Bake Shop, Inc. (f/k/a 57th Street General Acquisition Corp.), a Delaware
corporation having an office at 110 West 40th Street, Suite 2100, New York, New York 10018 (the
“Company”); Crumbs Holdings LLC, a Delaware limited liability company having an office at
110 West 40th Street, Suite 2100, New York, New York 10018 (“Crumbs”, and together with the
Company, the “Companies”) and Julian R. Geiger, residing at 7 Chowning Drive, Malvern,
Pennsylvania 19355 (the “Executive”).

WHEREAS, the Companies and each of them wish to employ the Executive as the President and
Chief Executive Officer of the Companies and the Executive wishes to accept such employment, all on
the terms and conditions hereinafter set forth;

NOW, THEREFORE, in consideration of the mutual covenants and promises made herein, the parties
hereto agree as follows:

1. Definitions.

For purposes of this Agreement, the terms listed below shall be defined as
indicated.

Aéropostale: Aéropostale, Inc., a Delaware corporation having an office at 112
West 34th Street, New York, New York 10120.

Affiliate: A domestic or foreign business entity controlled by, controlling or
under common control with either of the Company or Crumbs, as applicable.

Ancillary Documents: The Securities Grant Agreement, the Registration Rights
Agreement, the Tax Receivables Agreement, the Exchange and Support Agreement and the Crumbs LLC
Agreement.

Board: The Board of Directors of the Company.

Business Combination Agreement: That certain Business Combination Agreement, dated as
of January 9, 2011, as amended on each of February 18, 2011, March 17, 2011 and April 7, 2011, in
each case by and among the Company, 57th Street Merger Sub LLC, Crumbs, the members of
Crumbs, and their representatives, as set forth on the signature pages thereto.

Cause: See Section 4(a).

Change of Control: Either (i) the acquisition by any person or entity of, directly or
indirectly, Beneficial Ownership (as defined in Rule 13d-3 of the Securities Exchange Act of 1934,
as amended) of securities of the Company representing 50% (or more) of the total voting power of
all of the Company’s then outstanding voting securities; or (ii) a merger or
consolidation of the Company in which the Company’s voting securities immediately prior to the
merger or consolidation do not represent, or are not converted into securities (owned by
stockholders in substantially the same proportions as their ownership immediately prior to such
merger or consolidation) that represent, a majority of the voting power of all of the voting
securities of the surviving entity immediately after the merger or consolidation; or (iii) a sale
of substantially all of the assets of the Company or Crumbs or a liquidation or dissolution of the
Company; or (iv) individuals, who, as of the Effective Date, constitute the Board (the
“Incumbent Board”) cease for any reason to constitute at least a majority of such Board;
provided, that any individual who becomes a director of the Company subsequent to the
Effective Date as a designee of the holders of the Company’s Series A Voting Preferred Stock or
whose election or nomination for election by the Company’s stockholders was approved by the vote of
at least a majority of the directors then in office shall be deemed a member of the Incumbent
Board.

 

 

 

Class B Grant: See Section 3(c)(i)(x).

Confidential Information: All secret proprietary information of the Company and the
Subsidiaries, not otherwise publicly disclosed (except if disclosed by the Executive in violation
of this Agreement), whether or not discovered or developed by the Executive, known by the Executive
as a consequence of the Executive’s service to or employment with the Companies at any time
(including prior to the commencement of this Agreement) as a director, employee or agent. Without
limiting the generality of the foregoing, such proprietary information shall include (a) customer
lists, (b) acquisition, expansion, marketing, financial and other business information and plans,
(c) research and development, (d) computer programs, (e) sources of supply, (f) identity of
specialized consultants and contractors and confidential information developed by them for the
Company and the Subsidiaries, (g) purchasing, operating and other cost data, (h) special customer
needs, cost and pricing data, (i) manufacturing methods, (j) quality control information, (k)
inventory techniques, and (1) employee information; provided, that any of such information is not
generally known to the public or in the industries in which the Company and the Subsidiaries are
conducting business or shall at any time during the term of this Agreement conduct business,
including (without limitation) the industry of selling, marketing and developing cupcakes.
Confidential Information also includes the overall business, financial, expansion and acquisition
plans of the Company and the Subsidiaries, and includes information contained in manuals,
memoranda, projections, minutes, plans, drawings, designs, formula books, specifications, computer
programs and records, whether or not marked or otherwise identified by the Company and the
Subsidiaries as Confidential Information, as well as information which is the subject of meetings
and discussions and not so recorded.

Contingent Grant: See Section 3(c)(ii).

Crumbs LLC Agreement: The Third Amended and Restated Limited Liability Company
Agreement of Crumbs, dated and effective as of May 5, 2011, as amended from time to time.

Disability: The absence, on a full-time basis, of the Executive from the Executive’s
duties under this Agreement for a total of 120 days during any 12-month period hereunder as a
result of incapacity due to mental or physical illness which is determined to be permanent by a
physician selected by the Company and acceptable to the Executive or the Executive’s legal
representative (such agreement as to acceptability not to be withheld unreasonably).

 

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Effective Date: See Section 4.

Exchange and Support Agreement: The Exchange and Support Agreement, dated as of May 5,
2011, by and among the Company, Crumbs and the Persons set forth on the signature pages thereof and
their Permitted Transferees (as defined therein).

Good Reason: See Section 4(b).

Inventions: Those discoveries, developments, concepts and ideas, whether or not
patentable, relating to the present, future and prospective activities and Products and Services of
the Company and the Subsidiaries, which such activities and Products and Services are known to the
Executive by virtue of the Executive’s service to or employment with the Company and the
Subsidiaries.

New Crumbs Class B Exchangeable Units: shall have the meaning ascribed to such term in
the Crumbs LLC Agreement.

Parent Series A Voting Preferred Stock: shall have the meaning ascribed to such term
in the Exchange and Support Agreement.

Products and Services: All products or services sold, rented, leased, rendered or
otherwise made available to its customers by the Company and the Subsidiaries, or otherwise the
subject of the business of the Company and the Subsidiaries.

Registration Rights Agreement: The Registration Rights Agreement entered into as of
the 14th day of November, 2011, by and among the Company, Crumbs and the Executive.

Securities Grant Agreement: The Securities Grant Agreement entered into as of the
14th day of November, 2011, by and among the Company, Crumbs and the Executive.

Series A Grant: See Section 3(c)(i)(y).

Services Agreement: The Services Agreement between Aéropostale and the Executive,
dated as of December 1, 2010, and terminating January 31, 2012, unless sooner terminated by its
terms.

Subsidiary: Any entity, including Crumbs, of which the Company and/or Crumbs owns,
directly or indirectly, 50% or more of the aggregate voting power of the voting securities.

Tax Receivables Agreement: The Tax Receivables Agreement, dated as of May 5, 2011,
by and among the Company, Crumbs, and each of the parties thereto identified as
“Members” therein.

2. Employment.

(a) Subject to the terms and conditions of this Agreement, the Companies hereby agree
to employ the Executive, and the Executive hereby accepts employment, in the position of
President and Chief Executive Officer of the Companies. The Executive agrees to perform to
the best of the Executive’s ability, experience and talent those acts
and duties and to furnish those services to the Company and the Subsidiaries in
connection with and related to such position as the Board shall from time to time direct,
provided, such acts and directives are consistent with the duties of President and
Chief Executive Officer. The Executive shall, subject to Section 2(d), use his best
efforts to promote the interests of the Company and the Subsidiaries.

 

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(b) During the term of this Agreement, the Executive’s principal place of employment
shall be located at the Company’s principal place of business, set forth above, and the
Executive shall be provided with secretarial services, an office and similar support
services and facilities as appropriate to the Executive’s position.

(c) During the term of this Agreement, except as set forth in Section 2(d), the
Executive shall devote his full business time and best efforts to the business affairs of
the Companies (individually and jointly); provided, however, that the
Executive may devote reasonable time and attention to:

(i) serving as a director of, or member of a committee of the directors of, any
not-for-profit organization, or engaging in other charitable or community activities; and

(ii) serving as a director of (including as chairman of), or member of a committee
of the directors of, the corporations or organizations for which the Executive presently
serves in such capacity, including Aéropostale, and such other corporations and
organizations that the Board may from time to time approve in the future; and

(iii) owning and managing personal and family assets, including a family-owned inn
in Massachusetts and related or comparable properties and enterprises.

(d) The Companies (individually and jointly) understand that (i) the Executive serves
as Chairman of the Board of Aéropostale and (ii) pursuant to the Services Agreement, the
Executive serves as an advisor and consultant to that company and that such advisory and
consulting services shall continue until January 31, 2012. The Companies (individually
and jointly) agree that, until February 6, 2012, the Executive’s performance of his duties
hereunder shall necessarily be on a part-time basis.

3. Compensation and Benefits.

(a) Salary.

The Executive shall receive no salary hereunder.

(b) Bonus.

The Executive shall not participate in any bonus plan of the Companies or either of
them that may be in effect during the term of this Agreement.

 

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(c) Equity.

(i) New Crumbs Class B Exchangeable Units; Parent Series A Voting Preferred
Stock: Reasonably promptly following the execution of this Agreement, (x) Crumbs shall
grant, or shall cause to be granted to the Executive 799,000 New Crumbs Class B
Exchangeable Units (the “Class B Grant”) and (y) the Company shall grant, or shall
cause to be granted to the Executive 79,900 Parent Series A Voting Preferred Stock (the
“Series A Grant”). The Class B Grant and the Series A Grant shall each be subject
to the following terms and conditions; provided, that in the event of any
inconsistency between the terms of this Agreement and the terms of any other agreement
relating to the Class B Grant and/or the Series A Grant, the terms of this Agreement shall
control.

(A) Fifty percent (50%) of the Class B Grant (the “First Class B Tranche”) and
fifty percent (50%) of the Series A Grant (the “First Series A Tranche”) shall be
fully vested as of the Effective Date;

(B) Fifty percent (50%) of the Class B Grant (the “Second Class B Tranche”)
and fifty percent (50%) of the Series A Grant (the “Second Series A Tranche”) shall
vest on the one-year anniversary of the Effective Date (the “One-Year Anniversary”)
subject to the Executive remaining employed with the Companies through the One-Year
Anniversary; provided, that:

(i) upon the Executive’s termination of employment by the Company or Crumbs without
Cause or by the Executive for Good Reason prior to the One-Year Anniversary, the Second
Class B Tranche and the Second Series A Tranche shall immediately become fully vested; and

(ii) upon the Executive’s termination of employment with the Companies as a result of
death or Disability prior to the One-Year Anniversary, a portion of the Second Class B
Tranche and the Second Series A Tranche shall immediately become vested (determined by
multiplying the amount of Second Class B Tranche or Second Series A Tranche, as applicable,
by a fraction, the numerator of which is the number of days from the Effective Date through
the date of the Executive’s termination and the denominator of which is 365).

(C) The Second Class B Tranche and the Second Series A Tranche shall immediately
become fully vested upon a Change of Control prior to the One-Year Anniversary.

(ii) Contingent Equity: The Executive shall be eligible to receive up to an
additional 901,000 New Crumbs Class B Exchangeable Units and 90,100 Parent Series A Voting
Preferred Stock (collectively, the “Contingent Grant”) pursuant to the terms and
conditions of the Securities Grant Agreement but subject to the terms and conditions of the
Business Combination Agreement. For the avoidance of doubt, the right to receive the
Contingent Grant shall survive the termination of this Agreement or the Executive’s
employment for any reason or no reason. In the event of any inconsistency between the
terms of this Agreement and the terms of any other agreement relating to the Contingent
Grant, but specifically excluding any contrary provision of the
Business Combination Agreement governing the terms and conditions pursuant to which
Contingency Consideration (as defined in the Business Combination Agreement) may become
issuable, the terms of this Agreement shall control.

 

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(iii) Ancillary Documents: On the Effective Date and in connection with the
Class B Grant, the Series A Grant and the Contingent Grant, Executive shall become a party
to the Ancillary Documents and shall have the rights and be subject to the obligations
thereunder.

(iv) Other: The Company agrees to (A) treat the Class B Grant pursuant to
Section 3(c) hereof as a transfer of equity interests in Crumbs from the Forfeiting
Holders (as such term is defined in the Securities Grant Agreement) to the Executive, and
(B) with respect to such transfer, make adjustments to the basis of property of Crumbs with
respect to the Executive pursuant to Section 743(b) of the Code.

(d) Other Benefits.

The Executive shall be entitled to participate, on the same basis and to the same extent as
other executive employees of the Companies (individually or jointly), in any pension, life
insurance, health insurance, short-term disability and hospital plans and other fringe benefits or
benefit plans presently in effect and hereafter maintained or created by the Companies
(individually or jointly). During the term of this Agreement, the Companies (individually and
jointly) agree not to reduce the benefits provided to the Executive.

(e) Vacation.

The Executive may take such vacation period or periods during each year as shall be
consonant with the Executive’s responsibilities and with the Company’s vacation schedule and
policies for senior officers (or, if more favorable, Crumbs’ vacation schedule and policies for
senior officers), which vacation shall be at least four weeks per calendar year.

(f) Expenses.

Pursuant to the Companies’ and each of their customary policies in force at the time of
payment, the Executive shall be promptly reimbursed, against presentation of vouchers or receipts
therefor, for all authorized expenses properly incurred by the Executive on the Companies’ behalf
(individually or jointly) in the performance of the Executive’s duties hereunder.

4. Term; Termination.

The employment of the Executive by the Companies and each of them shall commence on November
14, 2011 at 5:00 p.m. (the “Effective Date”) and shall continue through December 31, 2013,
unless earlier terminated:

(a) By the Company for Cause.

The Companies (individually or jointly) may discharge the Executive for Cause. As used
herein, “Cause” shall mean any one or more than one of the following:

(i) Gross negligence or willful misconduct of the Executive in the performance of his
duties hereunder;

 

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(ii) The Executive’s conviction of a fraud, felony or crime of moral turpitude;

(iii) The Executive’s willful failure to follow instructions of the Board, which
instructions are material, legal and not inconsistent with the duties assigned to the Executive
hereunder, and which failure is not cured within five (5) business days after written notice of
such is delivered to the Executive by the Board with respect to failures which are curable; or

(iv) Any breach of any of the material terms of this Agreement by the Executive
which is not cured within five (5) business days after written notice of breach is delivered
to Executive by the Board with respect to breaches which are curable.

Upon discharge of the Executive for Cause, the Companies (individually and jointly) shall be
relieved and discharged of all obligations to make payments to the Executive which would otherwise
be due under this Agreement except as to benefits earned for actual services rendered prior to the
date of termination, reimbursable expenses under Section 3(f), and as otherwise set forth
in this Agreement.

(b) By the Executive for Good Reason.

The Executive may terminate his employment hereunder upon the occurrence of any of the
following:

(i) Any breach of any of the material terms of this Agreement by the Companies
(individually or jointly);

(ii) Without the consent of the Executive, a material reduction in the
authorities, powers, functions and/or duties attached to the Executive’s position;

(iii) Without the consent of the Executive, the relocation of the principal location of
the Executive’s employment to a location more than 25 miles from its current location;

(iv) The Executive is removed from or not re-elected to the Board or the office of Chief
Executive Officer of the Companies (individually or jointly); or

(v) There shall occur a Change of Control.

(c) On the Executive’s Death or Disability.

Upon the Executive’s death or Disability, the Companies (individually and jointly) shall be
relieved and discharged of all obligations to make further payment to the Executive after the date
of the death or Disability of the Executive, except as to benefits earned for actual services
rendered prior to the date of the death or Disability of the Executive, reimbursable expenses under
Section 3(f), and as otherwise set forth in this Agreement.

 

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(d) By the Companies Without Cause.

The Companies (individually or jointly) may, on 30 days written notice to the Executive,
terminate the employment of the Executive without Cause at any time during the term of this
Agreement.

(e) By the Executive Without Good Reason.

The Executive may terminate his employment hereunder at any time upon written notice to the
Companies (individually or jointly). In the event of a termination by the Executive pursuant to
this subsection (e), the Companies (individually and jointly) shall be relieved and discharged of
all obligations to make further payment to the Executive after the date of termination, except as
to benefits earned for actual services rendered prior to such date, reimbursable expenses under
Section 3(f), and as otherwise set forth in this Agreement. All amounts payable to the
Executive under this Section 4 shall be paid to the Executive in a single lump sum in cash
not later than five (5) days after the date of termination. Notwithstanding anything to the
contrary contained in this Agreement, termination of this Agreement or the Executive’s employment
for any reason or no reason shall not affect Executive’s rights under the Ancillary Documents.

5. Inventions, Confidential Information and Related Matters.

(a) All Inventions which are at any time made by the Executive, acting alone or in conjunction
with others, (i) during the term of his employment hereunder, or (ii) if based on or related to any
Confidential Information, made by the Executive within one year after the termination of this
Agreement, shall be the property of the Company. The Executive agrees that he shall, at the cost
and expense of the Company, execute formal application for United States and foreign patents, and
also do all other acts and things (including, among others, the execution and delivery of
instruments of further assurance or confirmation) reasonably necessary or desirable at any time to
perfect the full assignment to the Company of the Executive’s right and title (if any) to such
Invention.

(b) Except as required by the Executive’s duties hereunder, the Executive shall not, directly
or indirectly, use, publish, disseminate or otherwise disclose any Confidential Information or
Inventions which are the subject of Section 5(a) without the prior written consent of the
Board, except as required by law. Nothing in this Section 5(b) shall prevent disclosure of
information which has been completely disclosed in a published patent or other integrated
publication of general circulation, nor shall this Section 5 govern the right to use
Inventions for which a patent may have been issued.

6. No Other Contracts.

The Executive represents and warrants that neither the execution and delivery of this
Agreement by the Executive nor the performance by the Executive of the Executive’s obligations
hereunder shall constitute a default under or a breach of the terms of any other agreement,
indenture or contract to which the Executive is a party or by which the Executive is bound; nor
shall the execution and delivery of this Agreement by the Executive or the
performance of the Executive’s duties and obligations hereunder give rise to any claim or
charge against either the Executive or the Companies (individually or jointly) based upon any other
contract, indenture or agreement to which the Executive is a party or by which Executive is bound.

 

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7 Representations of the Companies.

The Companies (individually and jointly) hereby represent and warrant to Executive, and the
Companies (individually and jointly) acknowledge that Executive has relied on such representations
and warranties in entering into this Agreement, as follows:

(i) the Companies (individually and jointly) have all requisite power and authority to
execute and deliver this Agreement and to perform its obligations hereunder, and this
Agreement has been duly executed by the Companies (individually and jointly);

(ii) the execution, delivery and performance of this Agreement by the Companies
(individually and jointly), does not and will not, with or without notice or the passage of
time, conflict with, breach, violate or cause a default under any agreement, contract or
instrument to which the Companies (individually or jointly) are a party or any law,
judgment, order or decree to which the Companies (individually or jointly) are subject;

(iii) upon the execution and delivery of this Agreement by the Companies (individually
and jointly) and Executive, this Agreement will be a legal, valid and binding obligation of
the Companies (individually and jointly), enforceable in accordance with its terms;

(iv) the Companies (individually and jointly) understand that Executive will rely upon
the accuracy and truth of the representations and warranties of the Companies (individually
and jointly) set forth herein and the Companies (individually and jointly) consent to such
reliance; and

(v) the Company, Crumbs and all Subsidiaries are to the best of their knowledge and
belief in full compliance with all applicable laws and regulations, other than any
noncompliance with the rules and regulations promulgated by the Nasdaq Stock Market
regarding the number of independent directors appointed to the Board that arises as a
result of the execution of this Agreement, and none of them has received any notice or
claim of noncompliance with any such law or regulation.

8. Notices.

Any notices or communication given by any party hereto to the other party shall be in writing
and personally delivered or mailed by registered or certified mail, return receipt requested,
postage prepaid to the following addresses:

If to the Company:

Crumbs Bake Shop, Inc.

c/o Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

 

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If to Crumbs:

Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

With a copy to:

Ellenoff Grossman & Schole LLP

150 East 42nd Street, 11th Floor

New York, NY 10017

Attn: Douglas Ellenoff, Esq.

If to the Executive:

Julian R. Geiger

7 Chowning Drive

Malvern, Pennsylvania 19355

With copies to:

Julian R. Geiger

2330 Stotesbury Way

Wellington, Florida 33414

and

Julian R. Geiger

40 Central Park South, Apartment 16A

New York, New York 10019.

Mailed notices shall be deemed given when received. Any person entitled to receive notice
may designate in writing, by notice to the other, such other address to which notices to such
party shall thereafter be sent.

9. Indemnification and Insurance; Legal Expenses.

The Companies, jointly and severally, shall indemnify the Executive to the fullest extent
permitted by the laws of the State of Delaware, in accordance with the terms and conditions of that
certain Indemnity Agreement made and entered into as of November 14, 2011, by and among the
Company and Executive. The Companies and each of them covenant to maintain Directors and
Officers Insurance providing customary benefits to the Executive for the benefit of the Executive
(in his capacity as an officer and director of the Companies or either of them) during and with
respect to the Executive’s employment hereunder.

 

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10. Miscellaneous.

(a) Entire Agreement. This Agreement, together with the Ancillary Documents,
contains the entire understanding of the parties in respect of its subject matter and supersedes
all prior oral and written agreements and understandings between the parties with respect to such
subject matter.

(b) Amendment; Waiver. This Agreement may not be amended, supplemented, canceled or
discharged, except by written instrument executed by the Executive and the Company and Crumbs. No
failure to exercise, and no delay in exercising, any right, power or privilege hereunder shall
operate as a waiver thereof. No waiver of any preceding breach of this Agreement shall operate as
a waiver of a succeeding breach of this Agreement.

(c) Binding Effect; Assignment. The rights and obligations of the Companies
(individually and jointly) under this Agreement shall bind and inure to the benefit of any
successor or successors of the Companies (individually or jointly) by reorganization, merger or
consolidation, or any assignee of all or substantially all of the business and properties of the
Companies (individually or jointly); The rights or obligations of the Executive under this
Agreement shall bind and inure to the benefit of the Executive, his heirs and personal
representatives. The Executive’s rights to receive compensation hereunder may be assigned by the
Executive to one or more of his family members or to one or more trusts for the benefit of such
family members. The Executive’s obligations under this Agreement may not be assigned by the
Executive.

(d) Headings. The headings contained in this Agreement (except those in Section
1) are for reference purposes only and shall not affect the meaning or interpretation of this
Agreement.

(e) Governing Law; Interpretation. This Agreement shall be governed and construed in
accordance with the laws of the State of New York, without regard to conflicts of laws doctrines.
Any action, suit, proceeding, claim, dispute or controversy concerning this Agreement or the
subject matter thereof shall be brought in the courts of the State of New York, in New York County,
or in the federal courts of the United States within the State and County of New York, to the
exclusive jurisdiction of which courts the parties hereto hereby agree. Any service of process in
any such action, suit, proceeding, claim, dispute or controversy shall be by delivering the same or
by mailing the same (by registered or certified mail, return receipt requested) to the relevant
addresses set forth in Section 8 or to such other addresses as may have been designated in
writing.

(f) Further Assurances. The Companies (individually and jointly) and the Executive
each agree, at any time and from time to time, to execute, acknowledge, deliver and perform, and/or
cause to be executed, acknowledged, delivered and performed, all such further acts, deeds,
assignments, transfers, conveyances, powers of attorney and/or assurances as may be necessary,
and/or proper to carry out the provisions and/or intent of this Agreement.

(g) Severability. The Companies (individually and jointly) and the Executive each
acknowledge that the terms of this Agreement are fair and reasonable at the date signed by them.
However, in light of the possibility of a change of conditions or of differing interpretations by a
court of what is fair and reasonable, the Companies (individually and jointly) and the Executive
stipulate as follows: if any one or more of the terms, provisions, covenants and restrictions of
this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or
unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated;
further, if any one or more of the provisions contained in this Agreement shall for any reason be
determined by a court of competent jurisdiction to be excessively broad as to duration,
geographical scope, activity or subject, it shall be construed, by limiting or reducing it, so as
to be enforceable to the extent compatible with then applicable law.

 

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(h) Section 409A. Notwithstanding anything herein to the contrary,

(i) The parties agree that this Agreement shall be interpreted to comply with or be exempt
from Section 409A of the Code and the regulations and guidance promulgated thereunder to the extent
applicable (collectively “Code Section 409A”), and all provisions of this Agreement shall
be construed in a manner consistent with the requirements for avoiding taxes or penalties under
Code Section 409A.

(ii) A termination of employment shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the payment of any amounts or benefits considered
“nonqualified deferred compensation” under Code Section 409A upon or following a termination of
employment unless such termination is also a “separation from service” within the meaning of Code
Section 409A and, for purposes of any such provision of this Agreement, references to a
“termination,” “termination of employment” or like terms shall mean “separation from service.” If
Executive is deemed on the date of termination to be a “specified employee” within the meaning of
that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any
benefit that is considered nonqualified deferred compensation under Code Section 409A payable on
account of a “separation from service,” such payment or benefit shall be made or provided at the
date which is the earlier of (i) the expiration of the six (6)-month period measured from the date
of such “separation from service” of Executive, and (ii) the date of Executive’s death (the
“Delay Period”). Upon the expiration of the Delay Period, all payments and benefits
delayed pursuant to this Section 10(h)(ii) (whether they would have otherwise been payable
in a single sum or in installments in the absence of such delay) shall be paid or reimbursed on the
first business day following the expiration of the Delay Period to Executive in a lump sum with
interest during the Delay Period at the prime rate, and any remaining payments and benefits due
under this Agreement shall be paid or provided in accordance with the normal payment dates
specified for them herein.

(iii) With regard to any provision herein that provides for reimbursement of costs and
expenses or in-kind benefits, except as permitted by Code Section 409A, (x) the right to
reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, (y) the amount of expenses eligible for reimbursement, or in-kind benefits, provided
during any taxable year shall not affect the expenses eligible for reimbursement, or in-kind
benefits, to be provided in any other taxable year; provided, that this clause (y) shall
not be violated with regard to expenses reimbursed under any arrangement covered by Internal
Revenue Code Section 105(b) solely because such expenses are subject to a limit related to the
period the arrangement is in effect and (z) such payments shall be made on or
before the last day of Executive’s taxable year following the taxable year in which the expense
occurred.

 

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(iv) For purposes of Code Section 409A, Executive’s right to receive any installment payments
pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct
payments. Whenever a payment under this Agreement specifies a payment period with reference to a
number of days (e.g., “payment shall be made within thirty (30) days following the date of
termination”), the actual date of payment within the specified period shall be within the sole
discretion of the Company.

(i) Legal Fees. The Company shall pay all reasonable attorney’s fees and disbursements
incurred by the Executive in connection with the negotiation of this Agreement and related
documents.

(j) Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed an original, and all of which taken together shall constitute a single
agreement.

[Remainder of Page Intentionally Left Blank]

 

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement the date and year first
above written.

	 	 	 	 	 	 	 
	 	 	CRUMBS BAKE SHOP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John D. Ireland
 

Name: John D. Ireland
	 	 
	 

	 	 	 	Title: CFO	 	 
	 
	 	 	 	 	 	 
	 	 	CRUMBS HOLDINGS LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John D. Ireland
 

Name: John D. Ireland
	 	 
	 

	 	 	 	Title: CFO	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE:	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Julian R. Geiger	 	 
	 	 	 	 	 
	 	 	Julian R. Geiger	 	 

[SIGNATURE PAGE TO GEIGER EMPLOYMENT AGREEMENT]Exhibit 10.2

EXHIBIT 10.2

EXECUTION VERSION

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) by and among Crumbs Bake
Shop, Inc., a Delaware corporation (“CBS”), and Crumbs Holdings LLC, a Delaware limited liability
company (“Crumbs” and together with CBS, the “Company”) and Jason Bauer (“Executive”)
(collectively, the “Parties”) is entered into as of November 14, 2011 (the “Execution Date”).

W I T N E S S E T H :

WHEREAS, the Executive was employed as the Chief Executive Officer of the CBS and Crumbs
pursuant to an Employment Agreement dated as of May 5, 2011 (the “Base Agreement”) through the
Execution Date hereof;

WHEREAS, the Board of Directors of CBS (the “Board”), the board of managers of Crumbs and
Executive have together determined that it is in the best interests of the Company and its
shareholders or members, as the case may be, that Executive be redesignated and employed as Senior
Vice-President of Business Development of each of CBS and Crumbs, with the additional title of
Founder of Crumbs, pursuant to the terms of this Agreement; and

WHEREAS, the Executive desires to accept employment as Senior Vice-President of Business
Development of CBS and Crumbs, and with the additional title of Founder of Crumbs, pursuant to the
terms of this Agreement.

NOW THEREFORE, the Parties agree as follows:

1. EMPLOYMENT; DUTIES

As of the Effective Date, CBS and Crumbs hereby agree to employ Executive as Senior
Vice-President of Business Development, with the additional title of Founder of Crumbs, and
Executive hereby accepts such employment upon the terms and conditions set forth below.

2. TERM AND PLACE OF PERFORMANCE

The term of this Agreement shall begin on November 14, 2011 at 5:00 p.m. (the “Effective
Date”), and, unless sooner terminated as provided herein, shall end on December 31, 2013 (the
“Term”). The Term may be sooner terminated by either party in accordance with the provisions of
Section 5. The principal place of employment of Executive shall be at CBS’s headquarters in New
York, New York; provided, that Executive shall be required to travel from time to
time on the business of the Company during the Term.

 

 

 

3. POSITION AND DUTIES

3.1 Position and Duties.

(a) Executive shall serve as Senior Vice-President of Business Development of CBS and Crumbs
and shall report to the Chief Executive Officer of CBS and Crumbs. In such position, Executive
shall have such duties and authority as shall be reasonably outlined by the Chief Executive Officer
from time to time and consistent with his title.

(b) While Executive remains an employee of either of CBS or Crumbs, CBS will nominate
Executive for election to the Board by the stockholders of CBS. During the period from the
Effective Date through the date of next annual meeting of the CBS shareholders following the
Effective Date, Executive shall continue to serve as a member of the Board pursuant to his prior
election to such position. Executive shall not be entitled to any additional compensation in
consideration for his service on the Board.

3.2 Devotion of Time and Effort. Executive shall use Executive’s good faith, best
efforts and judgment (a) in performing Executive’s duties required hereunder and (b) to act in the
best interests of the Company. Executive shall devote his full time, attention and efforts to the
business of the Company, but may participate in charitable and personal investment activities to a
reasonable extent, as long as such activities do not, in the reasonable determination of the Chief
Executive Officer, interfere with the performance of his duties and responsibilities hereunder.

4. COMPENSATION

4.1 Base Salary. For the services to be rendered by Executive under this Agreement,
Executive shall be entitled to receive, commencing as of the Effective Date, salary at the annual
rate of Three Hundred Thousand Dollars ($300,000) (the “Base Salary”), less all applicable tax
withholdings and deductions by the Company. Executive shall also be entitled to additional salary
in an amount up to Thirty Thousand Dollars ($30,000) for his aid during the transition period
between the Effective Date and February 6, 2012. The amount of such additional salary shall be
determined by the Chief Executive Officer, in his discretion, reasonably applied, less all
applicable tax withholdings and deductions by the Company (the “Additional Salary”, and together
with Base Salary, the “Salary”). The Salary shall be payable in accordance with the Company’s
customary payroll practices.

4.2 Annual Bonus. Commencing on January 1, 2012, Executive shall participate in CBS’s
annual performance based bonus program, as the same may be established from time to time by the
Committee for executives of CBS and any annual bonus earned thereunder (the “Annual Bonus”) shall
be paid no later than the 15th day of the third month following the end of the fiscal year for
which it is earned (and no earlier than January 1 of the year following such fiscal year) and
following certification by the Committee of the achievement of agreed-upon performance measures and
the amount of the bonus to be paid by Executive for the applicable fiscal year; provided, that in
the event that such certification does not occur on or prior to the 15th day of the
third month following the end of such fiscal year, the Annual Bonus will be paid no later than
December 31 of the year following such fiscal year.

(a) Vacation. During the Term, Executive shall be entitled to four (4) weeks of paid
vacation per year to be used and accrued in accordance with the Company’s policy as it may be
established from time to time. In addition, Executive shall receive other paid time-off in
accordance with the Company’s policies for senior executives as such policies may exist from time
to time.

4.3 Welfare, Pension and Incentive Benefit Plans. During the Term, the Company shall
provide Executive with employee benefit plans and insurance programs on a basis no less favorable
than that provided to other senior executives of the Company, including, without limitation,
company-paid medical benefits; provided, that if the provision of such company-paid medical
benefits would cause the imposition of any tax under Section 4980D of the Internal Revenue Code of
1986, as amended, and the regulations thereunder (the “Code”), the parties agree to negotiate in
good faith an alternative
arrangement for providing such benefits in an economically neutral manner which does not cause
the imposition of such tax.

 

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4.4 Automobile Perquisite. During the Term, the Company shall provide Executive with
a luxury automobile of his choosing with a monthly lease value not in excess of $1,300. Effective
January 1, 2012, all costs for insurance coverage for such automobile and maintenance costs,
including gasoline, repairs and service for such automobile shall be the responsibility of the
Executive.

4.5 Business Expenses. Executive will be promptly reimbursed for all reasonable
business expenses incurred by Executive in connection with Executive’s employment in accordance
with the Company’s expense reimbursement policies.

5. TERMINATION; TERMINATION BENEFITS

5.1 Due to Death or Disability.

(a) If Executive dies during the Term, Executive’s employment and this Agreement shall
terminate on the date of his death. Executive’s employment hereunder may be terminated by the
Company if he becomes “Disabled,” as defined below, upon delivery of a Notice of Termination (as
defined below) to Executive.

Upon termination of Executive’s employment due to Executive’s death or by the Company due to
Executive’s Disability, Executive (or his estate, as applicable) shall be entitled to compensation
and payment for any unreimbursed expenses incurred, accrued but unpaid then current Base Salary and
Annual Bonus and other accrued but unpaid employee benefits as provided in this Agreement, in each
case through the Date of Termination (as defined below) (the “Accrued Amounts”); provided, that the
portion of such Accrued Amounts representing unreimbursed expenses shall be paid as soon as
practicable following remittance of such expenses by Executive;

(b) For purposes of this Agreement, the term “Disabled” or “Disability” shall mean a medically
determined physical or mental incapacity as a result of which Executive becomes eligible to receive
long term disability benefits under the Company’s long term disability policy, which shall be in
effect as of the Effective Date, or if no such policy is in effect, entitles Executive to a Social
Security disability award.

5.2 By the Company Without “Cause”.

(a) The Company may terminate Executive’s employment without “Cause” (as defined below) at any
time following the Effective Date upon delivery of a Notice of Termination to Executive.

(b) Upon termination of Executive’s employment by the Company Without Cause, Executive shall
be entitled to:

(i) the Accrued Amounts, payable in accordance with Section 5.1(a); and

(ii) subject to Executive’s execution (without revocation) of a release of claims in such form
as reasonably determined by the Company and containing carveouts for (A) indemnification,
contribution, and directors and officers insurance rights to which Executive may be entitled, (B)
rights in his capacity as an equityholder, (C) rights to collect the Severance Payment, and (D)
rights to any vested employee benefits (which execution version of such release will be provided no
later than five (5) calendar days following the Date of Termination) (the “Release”), a lump sum
payment equal to Base Salary for the lesser of (i) nine (9) months or (ii) the number of months
remaining in the Term, which payment will be made on the 60th day following the Date of
Termination (the “Severance Payment’) subject to the delay of payment under Section 5.7.

 

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5.3 By the Company For Cause.

(a) The Company may terminate Executive’s employment for “Cause” in accordance with the
requirements of this Section 5.3.

(b) Upon termination of Executive’s employment by the Company for Cause, Executive shall be
entitled to the Accrued Amounts.

(c) For purposes of this Agreement, “Cause” shall mean:

(i) willful failure, neglect or refusal by Executive to perform his duties under this
Agreement or to follow the lawful instructions of the Chief Executive Officer which has not been
cured by Executive (if curable) within five (5) days after written notice thereof to Executive from
CBS or Crumbs, as applicable;

(ii) Executive’s commission of any act of fraud or embezzlement against the Company;

(iii) any breach of any of the material terms of this Agreement, which breach has not been
cured by Executive (if curable) within five (5) days after written notice thereof to Executive from
CBS or Crumbs, as applicable;

(iv) Executive’s conviction of (or pleading guilty or nolo contendere to) any felony; or

(v) alcohol or other substance abuse by Executive which, in the reasonable discretion of the
Chief Executive Officer, materially adversely affects Executive’s ability to perform his duties and
responsibilities to the Company.

An event set forth in the foregoing clauses (ii) and (iv) shall be referred to herein as an
“Excluded Event.”

5.4 By Executive For Good Reason.

(a) Executive may terminate his employment for “Good Reason” (as defined below) by providing a
Notice of Termination to the Board within ten (10) days of the occurrence of the circumstances
giving rise to such Good Reason. The foregoing notice shall describe the claimed event or
circumstance and set forth Executive’s intention to terminate his employment with the Company;
provided, that, the Company has not substantially cured such event within thirty
(30) days after receiving such notice. Upon termination by Executive of his employment for “Good
Reason”, Executive will be entitled to: the Accrued Amounts payable in accordance with Section
5.1(b); and, subject to Executive’s execution (without revocation) of the Release, the Severance
Payment which payment will be made on the 60th day following the Date of Termination,
subject to the delay of payment under Section 5.7.

 

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(b) For purposes of this Agreement, “Good Reason” shall mean:

(i) any material failure of the Company to fulfill its obligations under this Agreement,
including the failure to make any payment due hereunder when due, or any other material breach of a
term or condition of this Agreement;

(ii) a material reduction of Executive’s duties and responsibilities to the Company, including
no longer reporting to the Chief Executive Officer or a change in title; provided however,
that, the hiring or engagement of any person or entity by the Company with the approval of
Executive to perform any of Executive’s duties and responsibilities to the Company shall not
constitute Good Reason;

(iii) a reduction in Executive’s Base Salary;

(iv) the relocation of Executive’s primary office to a location more than 35 miles from the
Company’s current headquarters as of the Effective Date; or

(v) the occurrence of a Change in Control.

An event set forth in the foregoing clauses (i) through (iv) shall not constitute “Good Reason”
unless and until Executive shall have provided the Company with notice thereof no later than ten
(10) days following Executive’s becoming aware of such event and the Company shall have failed to
remedy such event within 30 days of receipt of such notice.

(c) For purposes of this Agreement, “Change of Control” shall mean:

(i) Any sale, lease, exchange or other transfer (in one or a series of related transactions)
of all or substantially all of the assets of CBS to a non-affiliate;

(ii) Any “person” as such term is used in Section 13(d) and Section 14(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”) is or becomes, directly or indirectly, the
“beneficial owner” as defined in Rule 13d-3 under the Exchange Act of securities of CBS that
represent more than 50% of the combined voting power of CBS’s then outstanding voting securities
(the “Outstanding Voting Securities”); provided, however, that, for purposes of
this Section 5.4(c), the following acquisitions shall not constitute a Change in Control: (I) any
acquisition directly from the Company, (II) any acquisition by the Company, (III) any acquisition
by any employee benefit plan (or related trust) sponsored or maintained by the Company or any
affiliate, (IV) any acquisition by any corporation pursuant to a transaction that complies with
Sections 5.4(c)(iv)(A) and 5.4(c)(iv)(B), (V) any acquisition involving beneficial ownership of
less than a majority of the then-outstanding common stock, $0.0001 par value, of CBS (the
“Outstanding Common Stock”) or the Outstanding Voting Securities that is determined by the Board,
based on review of public disclosure by the acquiring person with respect to its passive investment
intent, not to have a purpose or effect of changing or influencing the control of the CBS;
provided, however, that for purposes of this clause (V), any such acquisition in
connection with (x) an actual or threatened election contest with respect to the election or
removal of directors or other actual or threatened solicitation of proxies or consents or (y) any
“Business Combination” (as defined below) shall be presumed to be for the purpose or with the
effect of changing or influencing the control of CBS;

(iii) During any period of two (2) consecutive years, commencing on the Effective Date, the
individuals who at the beginning of such period constituted the Board together with any individuals
subsequently elected to the Board whose nomination by the shareholders of CBS was approved by a
vote of the then incumbent Board (i.e. those members of the Board who either have been directors
from the beginning of such two-year period or whose election or nomination for election
was previously approved by the Board as provided in this Section 5.4(c)(iii)) cease for any
reason to constitute a majority of the Board; and

 

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(iv) The Board or the shareholders of CBS approve and consummate a merger, amalgamation or
consolidation (a “Business Combination”) of CBS with any other corporation, unless, following such
Business Combination, (A) all or substantially all of the individuals and entities that were the
beneficial owners of the Outstanding Common Stock and the Outstanding Voting Securities immediately
prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the
then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and
(B) the combined voting power of the then-outstanding voting securities entitled to vote generally
in the election of directors (or, for a non-corporate entity, equivalent governing body), as the
case may be, of the entity resulting from such Business Combination (including, without limitation,
an entity that, as a result of such transaction, owns the Company or all or substantially all of
the Company’s assets either directly or through one or more subsidiaries).

5.5 By Executive Without Good Reason.

(a) Executive may terminate his employment without Good Reason by providing a Notice of
Termination to the Company at least thirty (30) days prior to the Date of Termination.

(b) Upon termination by Executive of his employment without Good Reason, Executive shall be
entitled to receive the Accrued Amounts payable in accordance with Section 5.1(a).

5.6 [Intentionally left blank.]

5.7 Nonqualified Deferred Compensation. Notwithstanding any provision of this
Agreement to the contrary, if all or any portion of the payments due under Section 5 are determined
to be “nonqualified deferred compensation” subject to Section 409A of the Code, and the Company
determines that Executive is a “specified employee” (as defined in Section 409A(a)(2)(B)(i) of the
Code and other guidance issued thereunder), then such Severance Payment will be made on the first
day of the seventh month following the month in which Executive’s termination of employment occurs.

5.8 Notice of Termination. Any termination of employment pursuant to Sections 5.1
through 5.5 shall be communicated by a Notice of Termination to the other party hereto given in
accordance with Section 16.2.

(a) For purposes of this Agreement, a “Notice of Termination” means a written notice that (i)
indicates the specific termination provision in this Agreement relied upon, (ii) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis
for termination of Executive’s employment under the provision so indicated and (iii) if the Date of
Termination (as defined below) is other than the date of receipt of such notice, specifies the
termination date. The failure by Executive or the Company to set forth in the Notice of
Termination any fact or circumstance that contributes to a showing of Good Reason or Cause shall
not waive any right of Executive or the Company, as the case may be, hereunder or preclude
Executive or the Company, as the case may be, from asserting such fact or circumstance in enforcing
Executive’s or the Company’s rights hereunder.

(b) For purposes of this Agreement, “Date of Termination” means (i) if Executive’s employment
is terminated pursuant to Section 5.1 through 5.5, the date of receipt of the Notice of Termination
(in the case of a termination with or without Good Reason, provided, such Date of
Termination is in accordance with Section 5.4 or 5.5, as the case may be), (ii) if Executive’s
employment is terminated by reason of death, the date of death, and (iii) the expiration of the
Term.

 

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6. NON-SOLICITATION

Executive acknowledges that by virtue of Executive’s position as Senior Vice President of
Business Development of the Company, and Executive’s employment hereunder, he will have
advantageous familiarity with, and knowledge about, the Company and will be instrumental in
establishing and maintaining goodwill between the Company or its present or future subsidiaries or
controlled affiliates and its or their customers, which goodwill is the property of the Company or
its present or future subsidiaries or controlled affiliates, as the case may be. Therefore,
Executive agrees as follows during the Term and for a twelve (12) month period following the Date
of Termination: (a) Executive shall not on behalf of himself, or any other person or entity,
solicit, take away, hire, employ or endeavor to employ any of the employees of the Company or its
present or future subsidiaries or controlled affiliates, and/or (b) Executive shall not influence
or attempt to influence vendors or business partners of the Company or any of its present or future
subsidiaries or controlled affiliates, either directly or indirectly, to divert their business to
any individual, partnership, firm, corporation or other entity then in competition with the
business of the Company or its present or future subsidiaries or controlled affiliates.

7. NON-COMPETITION

Executive acknowledges and recognizes the highly competitive nature of the business of the
Company and of its present or future subsidiaries or controlled affiliates and accordingly agrees
as follows: During his employment and for a twelve (12) month period commencing from the Date of
Termination, Executive will not, directly or indirectly, (a) engage in any business for Executive’s
own account that competes with the business of the Company or its present or future subsidiaries or
controlled affiliates (including, without limitation, businesses which the Company or its present
or future subsidiaries or controlled affiliates has specific plans to conduct in the future and as
to which Executive is aware of such planning prior to the Date of Termination), (b) enter the
employ of, or render any services to, any person engaged in any business that competes with the
business of the Company or its present or future subsidiaries or controlled affiliates, (c) acquire
a financial interest in any person engaged in any business that competes with the business of the
Company or its present or future subsidiaries or controlled affiliates, directly or indirectly, as
an individual, partner, stockholder, officer, director, principal, agent, trustee or consultant, or
(d) interfere with business relationships (whether formed before or after the date of this
Agreement) between the Company or its present or future subsidiaries or controlled affiliates, on
the one hand, or any of its customers, suppliers, partners, members or investors of the Company or
its present or future subsidiaries or controlled affiliates, on the other hand. Notwithstanding
anything to the contrary in this Agreement, Executive may, directly or indirectly, own, solely as
an investment, securities of any person engaged in the business of the Company or its present or
future subsidiaries or controlled affiliates which are publicly traded on a national or regional
stock exchange or on an over-the-counter market if Executive (i) is not a controlling person of, or
a member of a group which controls, such person and (ii) does not, directly or indirectly, own one
percent (1%) or more of any class of securities of such person.

 

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8. CONFIDENTIALITY/TRADE SECRETS

Executive specifically agrees that Executive will not at any time, whether during or
subsequent to the Term, in any fashion, form or manner, except in furtherance of Executive’s duties
at the Company or with the specific written consent of CBS or Crumbs, as applicable, either
directly or indirectly use, divulge, disclose or communicate to any person in any manner
whatsoever, any confidential information or trade secrets of any kind, nature or description
concerning any matters
affecting or relating to the business of the Company or its present or future subsidiaries or
controlled affiliates (the “Proprietary Information”), including (a) all information, design or
software programs (including object codes and source codes), techniques, drawings, plans,
experimental and research work, inventions, patterns, processes and know-how, whether or not
patentable, and whether or not at a commercial stage related to the Company or its present or
future subsidiaries or controlled affiliates, (b) buying habits or practices of any of its
customers or vendors, (c) the Company’s, or that of its present or future subsidiaries or
controlled affiliates, marketing methods, sales activities, promotion, credit and financial data
and related information, (d) the Company’s, or that of its present or future subsidiaries or
controlled affiliates, costs or sources of materials, (e) the prices it obtains or has obtained or
at which it sells or has sold its products or services, (f) lists or other written records used in
the Company’s, or that of its present or future subsidiaries or controlled affiliates, business,
(g) compensation paid to employees and other terms of employment, or (h) any other confidential
information of, about or concerning the business of the Company, or its present or future
subsidiaries or controlled affiliates, its manner of operation, or other confidential data of any
kind, nature, or description (excluding any information that is or becomes publicly known or
available for use through no fault of Executive or as directed by court order). The Parties hereto
stipulate that as between them, Proprietary Information constitutes trade secrets that derive
independent economic value, actual or potential, from not being generally known to the public or to
other persons who can obtain economic value or cause economic harm to the Company or its present or
future subsidiaries or controlled affiliates, from its disclosure or use and that Proprietary
Information is the subject of efforts which are reasonable under the circumstances to maintain its
secrecy and of which this Section 8 is an example, and that any breach of this Section 8 shall be a
material breach of this Agreement. All Proprietary Information shall be and remain the Company’s
sole property or that of its present or future subsidiaries or controlled affiliates, as the case
may be.

9. INJUNCTIVE RELIEF

Executive acknowledges that any violation of any provision of Sections 6 through 8 hereof by
Executive will cause irreparable damage to the Company or its present or future subsidiaries or
controlled affiliates, that such damages will be incapable of precise measurement and that, as a
result, the Company or its present or future subsidiaries or controlled affiliates will not have an
adequate remedy at law to redress the harm which such violations will cause. Therefore, in the
event of any violation or threatened violation of any provision of Sections 6 through 8 by
Executive, in addition to any other rights at law or in equity, Executive agrees that the Company
or its present or future subsidiaries or controlled affiliates will be entitled to seek injunctive
relief including, but not limited to, temporary and/or permanent restraining orders to restrain any
violation or threatened violation of such Sections by Executive.

10. BLUE PENCIL

It is the desire and intent of the Parties that the provisions of Section 6 through 8 hereof
shall be enforced to the fullest extent permissible under the laws and public policies applied in
each jurisdiction in which enforcement is sought. Accordingly, if any portion of Sections 6
through 8 shall be adjudicated to be invalid or unenforceable, such provision shall be deemed
amended either to conform to such restrictions as the court or arbitrator may allow, or to delete
therefrom or reform the portion thus adjudicated to be invalid and unenforceable, such deletion or
reformation to apply only with respect to the operation of such Section in the particular
jurisdiction in which such adjudication is made. It is expressly agreed that any court or
arbitrator shall have the authority to modify any provision of Sections 6 through 8 if necessary to
render it enforceable, in such manner as to preserve as much as possible the Parties’ original
intentions, as expressed therein, with respect to the scope thereof.

 

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11. COMPANY’S AND EXECUTIVE’S DUTIES ON TERMINATION

In the event of termination of Executive’s employment pursuant to Section 5, Executive agrees
to deliver promptly to CBS all Proprietary Information which is or has been in Executive’s
possession or under Executive’s control. Upon termination of Executive’s employment by the Company
for any reason whatsoever and at any earlier time the Company so requests, Executive will deliver
to the custody of the person designated by the Chief Executive Officer of CBS and Crumbs all
originals and copies of such documents and other property of the Company in Executive’s possession,
under Executive’s control or to which Executive may have access.

12. NON-DISPARAGEMENT

During the Term, for any reason, neither Executive nor his agents, on the one hand, nor the
Company, or its senior executives or the Board, on the other hand, shall directly or indirectly
issue or communicate any public statement, or statement likely to become public, that maligns,
denigrates or disparages the other (including, in the case of communications by Executive or his
agents, any of the Company’s officers, directors or employees). The foregoing shall not be
violated by truthful responses to legal process or governmental inquiry or by private statements to
any of the Company’s officers, directors or employees; provided, that, in the case
of Executive, such statements are made in the course of carrying out his duties pursuant to this
Agreement.

13. INDEMNIFICATION

Except in the case of Executive’s bad faith or willful misconduct or for proceedings arising
from or related to an Excluded Event, the Company shall indemnify, defend and hold Executive
harmless from and against any and all causes of action, claims, demands, liabilities, damages,
costs and expenses of any nature whatsoever directly or indirectly arising out of or related to
Executive’s discharging Executive’s duties hereunder on behalf of the Company and/or its respective
subsidiaries and affiliates (except for those arising under or relating to this Agreement) to the
fullest extent permitted by law.

14. REPRESENTATIONS AND WARRANTIES

14.1 Executive hereby represents and warrants to the Company, and Executive acknowledges, that
the Company has relied on such representations and warranties in employing Executive and entering
into this Agreement, as follows:

(a) Executive has the legal capacity and right to execute and deliver this Agreement and to
perform his obligations contemplated hereby, and this Agreement has been duly executed by
Executive;

(b) the execution, delivery and performance of this Agreement by Executive does not and will
not, with or without notice or the passage of time, conflict with, breach, violate or cause a
default under any agreement, contract or instrument to which Executive is a party or any judgment,
order or decree to which Executive is subject;

(c) Executive is not a party to or bound by any employment agreement, consulting agreement,
non-compete agreement, fee for services agreement, confidentiality agreement or similar agreement
with any other person;

 

9

 

(d) upon the execution and delivery of this Agreement by the Company and Executive, this
Agreement will be a legal, valid and binding obligation of Executive, enforceable in accordance
with its terms;

(e) Executive understands that the Company will rely upon the accuracy and truth of the
representations and warranties of Executive set forth herein and Executive consents to such
reliance.

14.2 The Company hereby represents and warrants to Executive, and the Company acknowledges
that Executive has relied on such representations and warranties in entering into this Agreement,
as follows:

(a) the Company has all requisite power and authority to execute and deliver this Agreement
and to perform its obligations hereunder, and this Agreement has been duly executed by the Company;

(b) the execution, delivery and performance of this Agreement by the Company does not and will
not, with or without notice or the passage of time, conflict with, breach, violate or cause a
default under any agreement, contract or instrument to which the Company is a party or any
judgment, order or decree to which the Company is subject;

(c) upon the execution and delivery of this Agreement by the Company and Executive, this
Agreement will be a legal, valid and binding obligation of the Company, enforceable in accordance
with its terms; and

(d) the Company understands that Executive will rely upon the accuracy and truth of the
representations and warranties of the Company set forth herein and the Company consents to such
reliance.

15. INTERPRETATION

Any action, suit, proceeding, claim, dispute or controversy concerning this Agreement or the
subject matter thereof shall be brought in the courts of the State of New York, in New York County,
or in the federal courts of the United States within the State and County of New York, to the
exclusive jurisdiction of which courts the parties hereto hereby agree. Any service of process in
any such action, suit, proceeding, claim, dispute or controversy shall be by delivering the same or
by mailing the same (by referred or certified mail, return receipt requested) to the relevant
addresses set forth in Section 16.2 or to such other addresses as may have been designated in
writing.

16. GENERAL PROVISIONS

16.1 Assignment, Binding Effect. Neither the Company nor Executive may assign,
delegate or otherwise transfer this Agreement or any of their respective rights or obligations
hereunder without the prior written consent of the other party, except that the Company may assign
this Agreement to its successors (including any purchaser of its assets), and affiliates, parent or
subsidiary corporations. This Agreement shall be binding upon and inure to the benefit of any
permitted successors or assigns of the Parties and the heirs, executors, administrators and/or
personal representatives of Executive.

 

10

 

16.2 Notices.

(a) All notices, requests, demands or other communications that are required or may be given
under this Agreement shall be in writing and shall be given by personal delivery, by
certified or registered United States mail (postage prepaid, return receipt requested), by a
nationally recognized overnight delivery service for next day delivery, as follows (or to such
other address as any party may give in a notice given in accordance with the provisions hereof):

If to the Company,

Crumbs Bake Shop, Inc.

c/o Crumbs Holdings LLC

110 West 40th Street Suite 2100

New York, New York 10018

With a copy to:

Douglas S. Ellenoff, Esq.

Ellenoff Grossman & Schole LLP

150 East 42nd Street

New York, NY 10017

If to Executive,

Jason Bauer

c/o Crumbs Holdings LLC

110 West 40th Street

Suite 2100

New York, New York 10018

With a copy to,

David Hryck, Esq.

DLA Piper LLP

1251 Avenue of the Americas

New York, New York 10020

(b) All notices, requests or other communications will be effective and deemed given only as
follows: (i) if given by personal delivery, upon such personal delivery, (ii) if sent by certified
or registered mail, on the fifth business day after being deposited in the United States mail, or
(iii) if sent for next day delivery by overnight delivery service, on the date of delivery as
confirmed by written confirmation of delivery, except that if such confirmation is received after
5:00 p.m. (in the recipient’s time zone) on a business day, or is received on a day that is not a
business day, then such notice, request or communication will not be deemed effective or given
until the next succeeding business day. Notices, requests and other communications sent in any
other manner, including by electronic mail, will not be effective.

16.3 Governing Law. This Agreement is governed by, and is to be construed and
enforced in accordance with, the laws of New York without regard to principles of conflicts of
laws.

16.4 Amendment. No provisions of this Agreement may be amended, modified or waived
unless such amendment or modification is agreed to in writing signed by Executive and by a duly
authorized officer selected at such time by the Board, and such waiver is set forth in writing and
signed by the party to be charged.

 

11

 

16.5 Entire Agreement. This Agreement sets forth the entire agreement of the Parties
hereto in respect of the subject matter contained herein and shall supersede all prior agreements,
promises, covenants, arrangements, communications, representations or warranties, whether oral or
written, by any officer, employee or representative of any party hereto in respect of such subject
matter. Any prior agreement of the parties hereto in respect of the subject matter contained
herein is hereby terminated and canceled as of the date hereof.

16.6 Withholding. All payments hereunder shall be subject to any required withholding
of federal, state and local taxes pursuant to any applicable law or regulation.

16.7 Severability. The paragraphs and provisions of this Agreement are severable. If
any paragraph or provision is found to be unenforceable, the remaining paragraphs and provisions
will remain in full force and effect.

16.8 Counterparts. This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which together will constitute one and the same instrument.

16.9 Section 409A. Notwithstanding anything herein to the contrary, this Agreement is
intended to be interpreted and applied so that the payment of the benefits set forth herein either
shall be exempt from the requirements of Section 409A of the Code, or shall comply with the
requirements of such provision. Furthermore, the Company and its respective officers, directors,
employees or agents make no guarantee that this Agreement complies with, or is exempt from, the
provisions of Section 409A of the Code and none of the foregoing shall have any liability for the
failure of this Agreement to comply with, or be exempt from, the provisions of Code Section 409A.
The parties hereto agree to make such amendments from time to time to the terms and conditions of
this Agreement as are necessary to ensure that this Agreement complies with the terms of and in a
manner permitted by Section 409A of the Code and any regulation or other official guidance
promulgated thereunder. Each payment due hereunder shall be treated as a separate payment under
Section 409A of the Code. To the extent required by Code Section 409A, “termination of employment”
(or any similar terms) shall mean “separation from service” (as defined in Treasury Regulations
Section 1.409A-l(h) and the default presumptions thereof). With regard to any provision herein
that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by
Code Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to
liquidation or exchange for another benefit, (ii) the amount of expenses eligible for
reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year, and
(iii) such payments shall be made on or before the last day of Executive’s taxable year following
the taxable year in which the expense was incurred.

(signature page follows)

 

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IN WITNESS WHEREOF, the Parties hereto have executed this Agreement effective as of the date
first written above.

	 	 	 	 	 
	 	CRUMBS BAKE SHOP, INC.

 	 
	 	By:  	/s/ John D. Ireland
 	 
	 	 	Name:  	John D. Ireland 	 
	 	 	Title:  	CFO 	 
	 
	 	CRUMBS HOLDINGS LLC

 	 
	 	By:  	/s/ John D. Ireland
 	 
	 	 	Name:  	John D. Ireland 	 
	 	 	Title:  	CFO 	 
	 	 	 
	 	/s/ Jason Bauer
 	 
	 	JASON BAUER 	 

[Signature Page to Employment Agreement]

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