Document:

Exhibit

	
			
	 
	
	Exhibit 10.4

March 7, 2019

Chris Meyer

Dear Chris,

This letter agreement confirms the verbal promotion extended to you to be Bloomin’ Brands, Inc. (the “Company”) Executive Vice President, Chief Financial Officer reporting to the Company’s Chief Executive Officer. Your start date is April 1, 2019. The terms of your employment will be: 

You will be employed by a subsidiary of the Company (the “Employer”) and will be paid an annual base salary of $425,000 payable in equal bi-weekly installments. 

You will be eligible to participate in the Company’s annual bonus program at a target bonus of 85% of your base salary based on both Company performance against objectives as set forth in the Company bonus program and individual performance. Your bonus payout for the 2019 fiscal year will be prorated based on your time in each job at the respective targets, through the end of the fiscal year, provided that you remain employed by the Employer through the payout date. 
 
Commencing with your 2020 annual long-term incentive (“LTI”) grant, you will be eligible for a LTI target up to 100% of your base salary, which will be subject to Company and individual performance.

In addition, the Company will issue you a one-time promotional LTI award valued at $1,275,000 on April 1, 2019. Forty percent of the award will be delivered in the form of restricted stock units, thirty percent of the award will be delivered in stock options, and thirty percent of the award will be delivered in performance share units of BLMN stock based on the Company’s performance of the Adjusted EPS metric over the performance period December 31, 2018 through December 26, 2021. The restricted stock units and stock options will both have a vesting period ratable over three years with one-third of each award vesting on each anniversary of the grant date contingent on continued employment with the Company or the Employer. The performance share units will cliff vest on the third anniversary of the grant date, subject to achievement of the performance measure and contingent on continued employment with the Company or the Employer.  All grants are subject to the terms of our 2016 Omnibus Incentive Plan (the “Plan”) and our standard award agreement. Our standard equity agreement includes a “double trigger” provision to protect you in the event of a change-in-control. The details of the Plan and the form of grant agreement will be provided to you separately.

You will be eligible to participate in the following benefits as applicable and in accordance with the terms of Company policy:

		
	•
	Medical Benefits Plan

		
	•
	Annual Executive Medical Check-Up 

		
	•
	Salaried Short-Term Disability Insurance

		
	•
	Salaried Long-Term Disability Insurance

		
	•
	Company Paid Group Term Life Insurance

		
	•
	Company Paid Accidental Death and Dismemberment

	
			
	 
	
	 

		
	•
	Dental Benefits Plan

		
	•
	Vision Benefits Plan

		
	•
	Non-Qualified Deferred Compensation Plan

		
	•
	Comp Meal Benefit Program

In the ordinary course of business, pay and benefit plans continue to evolve as business needs and laws change.  To the extent the Company or the Employer determines it to be necessary or desirable to change  or eliminate any of the plans or programs in which you participate, such changes will apply to you as they do to other similarly situated employees.

As a condition of your employment, please note the following:

While it is our sincere hope and belief that our relationship will be mutually beneficial, the Company and the Employer do not offer employment for a specified term.  Any statements made to you in this letter and in meetings should not be construed in any manner as a proposed contract for any such term.  Both you and the Employer may terminate employment at any time, with or without prior notice, for any or no reason, and with or without cause.

As a further condition of your employment you agree to the following:

Restrictive Covenant - Non-competition

1.    During Employment. You will devote one hundred percent (100%) of your full business time, attention, energies, and effort to the business affairs of the Employer and the Company. Except with the prior written consent of the Employer, during your employment with the Company or the Employer, you shall not, individually or jointly with others, directly or indirectly, whether for your own account or for that of any other person or entity, engage in or own or hold any ownership interest in any person or entity engaged in a full service restaurant business, and you shall not act as an officer, director, employee, partner, independent contractor, consultant, principal, agent, proprietor or in any other capacity for, nor lend any assistance (financial or otherwise) or cooperation to, any such person or entity. You shall not serve on the board of directors or advisory committee of any other company without the prior consent of the Employer, which consent shall not be unreasonably withheld. 

2.    Post Term. Commencing on termination your employment with the Employer, you shall not, individually or jointly with others, directly or indirectly, whether for your own account or for that of any other person or entity, engage in or own or hold any ownership interest in any person or entity engaged in a full table service restaurant business and that is located or intended to be located anywhere within a radius of thirty (30) miles of any full table service restaurant owned or operated by the Company, the Employer, their subsidiaries, franchisees or affiliates, or any affiliates of any of the foregoing, or any proposed full table service restaurant to be owned or operated by any of the foregoing, and you shall not act as an officer, director, employee, partner, independent contractor, consultant, principal, agent, proprietor or in any other capacity for, nor lend any assistance (financial or otherwise) or cooperation to, any such person or entity for the time period specified below:

	
			
	 
	
	 

a)    If your employment with Employer ends for any other reason other than your voluntary resignation or termination by the Employer for Cause (as defined on Schedule 1), then for a continuous period equal to the period of time used for calculating the amount of severance paid to you upon termination, if any; or

(b)     If your employment with the Employer ends as a result of your voluntary resignation or termination by the Employer for Cause (as defined on Schedule 1), for a continuous period of one (1) year. 
 
For purposes of this Non-competition clause, restaurants owned or operated by the Company or the Employer shall include all restaurants owned or operated by the Company, the Employer, their subsidiaries, franchisees or affiliates and any successor entity to the Company, the Employer, their subsidiaries, franchisees or affiliates, and any entity in which the Company or the Employer, its subsidiaries or any of their affiliates has an interest, including but not limited to, an interest as a franchisor. The term “proposed restaurant” shall include all locations for which the Company, the Employer, or their franchisees or affiliates is conducting active, bona fide negotiations to secure a fee or leasehold interest with the intention of establishing a restaurant thereon.

3.    Limitation. It shall not be a violation of this Non-competition clause for Employee to own a one percent (1%) or smaller interest in any corporation required to file periodic reports with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended, or successor statute. 
Restrictive Covenant - Non-disclosure; Non-solicitation; Non-piracy
4.    Except in the performance of your duties hereunder, at no time during your employment with the Company or the Employer, or at any time thereafter, shall you, individually or jointly with others, for your benefit of or for the benefit of  any third party, publish, disclose, use or authorize anyone else to publish, disclose or use any secret or confidential material or information relating to any aspect of the business or operations of the Employer, the Company or any of their affiliates, including, without limitation, any secret or confidential information relating to the business, customers, trade or industrial practices, trade secrets, technology, recipes, product specifications, restaurant operating techniques and procedures, marketing techniques and procedures, financial data, processes, vendors and other information or know-how of the Employer, the Company or any of their affiliates, except (i) to the extent required by law, regulation or valid subpoena, or (ii) to the extent that such information or material becomes publicly known or available through no fault of your own.
5.    Moreover, during your employment with the Employer and for two (2) years thereafter, except as is the result of a broad solicitation that is not targeting employees of the Employer, the Company or any of their franchisees or affiliates, you shall not offer employment to, or hire, any employee of the Employer, the Company or any of their franchisees or affiliates, or otherwise directly or indirectly solicit or induce any employee of the Employer, the Company or any of their franchisees or affiliates to terminate his or her employment with the Employer, the Company or any of their franchisees or affiliates; nor shall you act as an officer, director, employee, partner, independent contractor, consultant, principal, agent, proprietor, owner or part owner, or in any other capacity, of or for any person or entity that solicits or otherwise induces any employee of the Employer, the

	
			
	 
	
	 

Company or any of their franchisees or affiliates to terminate his or her employment with the Employer, the Company or any of their franchisees or affiliates.

Restrictive Covenant - Company and Employer Property: Duty to Return 

6.    All Employer and Company property and assets, including but not limited to products, recipes, product specifications, training materials, employee selection and testing materials, marketing and advertising materials, special event, charitable and community activity materials, customer correspondence, internal memoranda, products and designs, sales information, project files, price lists, customer and vendor lists, prospectus reports, customer or vendor information, sales literature, territory printouts, call books, notebooks, textbooks, and all other like information or products, including but not limited to all copies, duplications, replications, and derivatives of such information or products, now in your possession or acquired by you while in the employ of the Employer shall be the exclusive property of the Employer and shall be returned to the Employer no later than the date of your last day of work with the Employer.

Restrictive Covenant - Inventions, Ideas, Processes, and Designs 

7.    All inventions, ideas, recipes, processes, programs, software and designs (including all improvements) related to the business of the Employer or the Company shall be disclosed in writing promptly to the Employer, and shall be the sole and exclusive property of the Employer, if either (i) conceived, made or used by you during the course of the your employment with the Employer (whether or not actually conceived during regular business hours) or (ii) made or used by you for a period of six (6) months subsequent to the termination or expiration of such employment. Any invention, idea, recipe, process, program, software or design (including an improvement) shall be deemed “related to the business of the Employer or the Company” if (i) it was made with equipment, facilities or confidential information of the Employer or the Company, (ii) results from work performed by you for the Employer or the Company or (iii) pertains to the current business or demonstrably anticipated research or development work of the Employer or the Company. You shall cooperate with the Employer and its attorneys in the preparation of patent and copyright applications for such developments and, upon request, shall promptly assign all such inventions, ideas, recipes, processes and designs to the Employer. The decision to file for patent or copyright protection or to maintain such development as a trade secret shall be in the sole discretion of the Employer, and you shall be bound by such decision. You shall provide, on the back of this Agreement, a complete list of all inventions, ideas, recipes, processes and designs if any, patented or unpatented, copyrighted or non-copyrighted, including a brief description, that you made or conceived prior to your employment with the Employer, and that, therefore, are excluded from the scope of the employment with the Employer.

The restrictive covenants contained in this agreement are given and made by you to induce the Employer to employ you and to enter into this Agreement with you, and you hereby acknowledge that employment with the Employer is sufficient consideration for these restrictive covenants. The 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 you may have against the Employer or the Company, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement of any restrictive covenant. The refusal or failure of the Employer or the Company

	
			
	 
	
	 

to enforce any restrictive covenant of this agreement (or any similar agreement) against any other employee, agent, or independent contractor, for any reason, shall not constitute a defense to the enforcement by the Employer or the Company of any such restrictive covenant, nor shall it give rise to any claim or cause of action by you against the Employer or the Company.

You agree that a breach of any of the restrictive covenants contained in this agreement will cause irreparable injury to the Employer and the Company for which the remedy at law will be inadequate and would be difficult to ascertain and therefore, in the event of the breach or threatened breach of any such covenants, the Employer and the Company shall be entitled, in addition to any other rights and remedies it may have at law or in equity, to obtain an injunction to restrain you from any threatened or actual activities in violation of any such covenants. You hereby consent and agree that temporary and permanent injunctive relief may be granted in any proceedings that might be brought to enforce any such covenants without the necessity of proof of actual damages, and in the event the Employer or the Company does apply for such an injunction, you shall not raise as a defense thereto that the Employer or the Company has an adequate remedy at law. 

For the avoidance of doubt, the termination of this agreement for any reason, shall not extinguish your obligations specified in these restrictive covenants.

ALL PARTIES TO THIS AGREEMENT KNOW AND UNDERSTAND THAT THEY HAVE A CONSTITUTIONAL RIGHT TO A JURY TRIAL. THE PARTIES ACKNOWLEDGE THAT ANY DISPUTE OR CONTROVERSY THAT MAY ARISE OUT OF THIS AGREEMENT WILL INVOLVE COMPLICATED AND DIFFICULT FACTUAL AND LEGAL ISSUES.

THE PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE TRIAL BY JURY AND THAT ANY PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

THE PARTIES INTEND THAT THIS WAIVER OF THE RIGHT TO A JURY TRIAL BE AS BROAD AS POSSIBLE. BY THEIR SIGNATURES BELOW, THE PARTIES PROMISE, WARRANT AND REPRESENT THAT THEY WILL NOT PLEAD FOR, REQUEST OR OTHERWISE SEEK TO HAVE A JURY TO RESOLVE ANY AND ALL DISPUTES THAT MAY ARISE BY, BETWEEN OR AMONG THEM.
You shall be responsible for the payment of all taxes applicable to payments or benefits received from the Employer or the Company.  It is the intent of the Employer and the Company that the provisions of this agreement and all other plans and programs sponsored by the Employer and the Company be interpreted to comply in all respects with Internal Revenue Code Section 409A, however, the Employer and the Company shall have no liability to you, or any of your successors or beneficiaries, in the event taxes, penalties or excise taxes may ultimately be determined to be applicable to any payment or benefit received by you or your successors or beneficiaries.

	
			
	 
	
	 

The validity, interpretation, and performance of this agreement shall be governed, interpreted, and construed in accordance with the laws of the State of Florida without giving effect to the principles of comity or conflicts of laws thereof.

This letter constitutes the full commitments which have been extended to you and shall supersede any prior agreements whether oral or written. However, this does not constitute a contract of employment for any period of time. Should you have any questions regarding these commitments or your ability to conform to Bloomin’ Brands policies and procedures, please let me know immediately.

By signing this offer, you indicate your acceptance of our offer.  Please keep one original copy of this offer letter for your personal files.

We look forward to having you join us as a member of our executive team.  This signed offer letter and any accompanying documentation must be returned to Patrick McNamara, Senior Director – Global Compensation.

Sincerely,

/s/ Pablo Brizi

Pablo Brizi
SVP, Chief Human Resources Officer
Bloomin’ Brands, Inc.

I accept the above offer to be employed by Bloomin’ Brands, Inc. and I understand the terms as set forth above.  

	
			
	/s/ Chris Meyer
	 
	03/07/19

	Chris Meyer
	 
	Date

	
			
	 
	
	 

Schedule 1

“Cause” shall be defined as:

1.Your failure to perform the duties required of you in a manner satisfactory to the Employer, in its sole discretion after the Employer follows the following procedures: (a) the Employer gives you a written notice (“Notice of Deficiency”) which shall specify the deficiencies in your performance of duties; (b) you shall have a period of thirty (30) days, commencing on receipt of the Notice of Deficiency, in which to cure the deficiencies contained in the Notice of Deficiency; and (c) in the event you do not cure the deficiencies to the satisfaction of the Employer, in its sole discretion, within such thirty (30) day period (or if during such thirty (30) day period the Employer determines that you are not making reasonable, good faith efforts to cure the deficiencies to the satisfaction of the Employer), the Employer shall have the right to immediately terminate your employment for Cause. The provisions of this paragraph (1) may be invoked by the Employer any number of times and cure of deficiencies contained in any Notice of Deficiency shall not be construed as a waiver of this paragraph (1) nor prevent the Employer from issuing any subsequent Notices of Deficiency; or

2.Any dishonesty by you in the your dealings with the Company, the Employer or their affiliates; your commission of fraud, negligence in the performance of your duties; insubordination; willful misconduct; or your conviction (or plea of guilty or nolo contendere), indictment or charge with respect to, any felony, or any other crime involving dishonesty or moral turpitude; or

3.Any violation of the restrictive covenants of this agreement or

4.Any violation of any current or future material published policy of the Employer or its Affiliates (material published policies include, but are not limited to, the Employer’s discrimination and harassment policy, management dating policy, responsible alcohol policy, insider trading policy, ethics policy and security policy); or

5.For all purposes of this Agreement, termination for Cause shall be deemed to have occurred in the event of the Employee’s resignation when, because of existing facts and circumstances, subsequent termination for Cause can be reasonably foreseen.Exhibit 4.1

 

FORM OF WARRANT

 

NEITHER THE SECURITIES REPRESENTED HEREBY
NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS
ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE
STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. UNLESS SOLD PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY
TO THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.

 

 

EVINE LIVE INC.

 

 

WARRANT

 

	Warrant No. 2019-[__]	Original Issue Date:
	 	 
	 	May 2, 2019

  

Evine
Live Inc., a Minnesota corporation (the “Company”), hereby certifies that, for value received, [______________________]
or its registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of
[____________] shares of Common Stock (each such share, a “Warrant Share” and all such shares, the “Warrant
Shares”), at any time and from time to time from and after the Original Issue Date and through and including May 1,
2024 (the “Expiration Date”), and subject to the following terms and conditions:

 

1.     Definitions.
As used in this Warrant, the following terms shall have the respective definitions set forth in this Section. Capitalized terms
that are used and not defined in this Warrant that are defined in the Purchase Agreement (as defined below) shall have the respective
definitions set forth in the Purchase Agreement.

 

“Closing
Price” means, for any date of determination, the price determined by the first of the following clauses that applies:
(i) if the Common Stock is then listed or quoted on a Trading Market, the closing bid price per share of the Common Stock for such
date (or the nearest preceding date) on such market; (ii) if prices for the Common Stock are then quoted on the OTC Bulletin Board,
the closing bid price per share of the Common Stock for such date (or the nearest preceding date) so quoted; (iii) if prices for
the Common Stock are then reported in the “Pink Sheets” published by the National Quotation Bureau Incorporated (or
a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common
Stock so reported; or (iv) in all other cases, the fair market value of a share of Common Stock as determined by an independent
qualified appraiser selected in good faith and paid for by the Company.

 

“Common
Stock” means the common stock of the Company, par value $.01 per share, and any securities into which such common stock
may hereafter be reclassified.

 

    
	Warrant	 	Page 1

 

     

    

 

“Exercise Price” means
$1.50, subject to adjustment in accordance with Section 9.

 

“Fundamental
Transaction” means any of the following: (i) the Company effects any merger or consolidation of the Company with or into
another person, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions,
(iii) any tender offer or exchange offer (whether by the Company or another person pursuant to an agreement with the Company) is
completed pursuant to which all holders of Common Stock are permitted to tender or exchange their shares for other securities,
cash or property and the holders of at least 50% of the then outstanding Common Stock tender their shares of Common Stock, or (iv)
the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock
is effectively converted into or exchanged for other securities, cash or property.

 

“Original
Issue Date” means the Original Issue Date first set forth on the first page of this Warrant or its predecessor instrument.

 

“Purchase
Agreement” means the Common Stock and Warrant Purchase Agreement, dated May 2, 2019, to which the Company and the original
Holder are parties.

 

“Trading
Day” means (i) a day on which the Common Stock is traded on a Trading Market (other than the OTC Bulletin Board), or
(ii) if the Common Stock is not listed on a Trading Market (other than the OTC Bulletin Board), a day on which the Common Stock
is traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on
any Trading Market, a day on which the Common Stock is quoted in the over-the-counter market as reported by the National Quotation
Bureau Incorporated (or any similar organization or agency succeeding to its functions of reporting prices); provided, that in
the event that the Common Stock is not listed or quoted as set forth in clauses (i), (ii) and (iii) hereof, then Trading Day shall
mean a Business Day.

 

“Trading
Market” means whichever of the New York Stock Exchange, the American Stock Exchange, the Nasdaq Global Select Market,
the Nasdaq Global Market, the Nasdaq Capital Market or the OTC Bulletin Board on which the Common Stock is listed or quoted for
trading on the date in question.

 

2.     Registration
of Warrant. The Company shall register this Warrant upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

3.     Registration
of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, with the Form of Assignment attached hereto duly completed and signed and such other documents as described in
the Purchase Agreement, to the Company at its address specified herein. Upon any such registration or transfer, a new Warrant to
purchase Common Stock, in substantially the form of this Warrant (any such new Warrant, a “New Warrant”), evidencing
the portion of this Warrant so transferred shall be issued to the transferee and a New Warrant evidencing the remaining portion
of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the
transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations of a holder of a Warrant.

 

    
	Warrant	 	Page 2

 

     

    

 

4.     Exercise
and Duration of Warrants. 

 

(a)   This
Warrant shall be exercisable by the registered Holder in whole at any time and in part from time to time from the Original Issue
Date through and including the Expiration Date. At 5:30 p.m., Central time on the Expiration Date, the portion of this Warrant
not exercised prior thereto shall be and become void and of no value.

 

(b)   Notwithstanding
anything to the contrary set forth in this Warrant, in the event of a Change of Control, at Company’s sole option, the Holder
shall surrender this Warrant in exchange for a number of shares of Company’s securities, such number of securities being
equal to the maximum number of securities issuable pursuant to the terms hereof (after taking into account all adjustments described
herein) had the Holder elected to exercise this Warrant immediately prior to the closing of such Change of Control and purchased
all such shares pursuant to the cashless exercise provision set forth in Section 10(b) (as opposed to the cash exercise provision
set forth in Section 10(a)). The Company acknowledges and agrees that the Holder shall not be required to make any additional
payment (cash or otherwise) for such shares as further consideration for their issuance in exchange for the Holder’s surrender
of this Warrant pursuant to the terms of the preceding sentence. “Change of Control” A “Change of Control”
shall be deemed to occur if the Company shall (a) sell, lease, convey, or otherwise dispose of (including without limitation the
grant of an exclusive license to) all or substantially all of the Company’s intellectual property or assets as an entirety
or substantially as an entirety to any person, entity or group of persons acting in concert, (b) effect a merger, consolidation
or reorganization in which the Company is not the surviving entity and the stockholders of the Company immediately prior to the
merger, consolidation or reorganization fail to possess direct or indirect ownership of more than 50% of the voting power of the
securities of the surviving entity immediately following such transaction (other than a merger or consolidation with a wholly-owned
subsidiary, a reincorporation of the Company, or other transaction in which there is no substantial change in the stockholders
of the Company or their relative stock holdings), or (c) effect a merger, consolidation or reorganization in which the Company
is the surviving corporation and the stockholders of the Company immediately prior to the merger, consolidation or reorganization
fail to possess direct or indirect ownership of more than 50% of the securities of the Company immediately following such transaction.

 

5.     Delivery
of Warrant Shares. 

 

(a)   To
effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless the aggregate Warrant
Shares represented by this Warrant are being exercised. Upon delivery of the Exercise Notice (in the form attached hereto) to
the Company (with the attached Warrant Shares Exercise Log) at its address for notice set forth herein and upon payment of the
Exercise Price multiplied by the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly
(but in no event later than two Trading Days after the Date of Exercise (as defined herein)) issue and deliver to the Holder,
a certificate for the Warrant Shares issuable upon such exercise. A “Date of Exercise” means each of the (A)
the date of a Change of Control and (B) the date on which the Holder shall have delivered to the Company: (i) the Exercise Notice
(with the Warrant Exercise Log attached to it), appropriately completed and duly signed and (ii) payment of the Exercise Price
for the number of Warrant Shares so indicated by the Holder to be purchased.

 

(b)   If
by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner
required pursuant to Section 5(a), then the Holder will have the right to rescind such exercise.

 

6.     Charges,
Taxes and Expenses. Issuance and delivery of Warrant Shares upon exercise of this Warrant shall be made without charge to the
Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the
issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company
shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates
for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for all other tax liability
that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

    
	Warrant	 	Page 3

 

     

    

 

7.     Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity
(which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply
with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe.
If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant
to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.     Reservation
of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this
entire Warrant, free from preemptive rights or any other contingent purchase rights of Persons other than the Holder (taking into
account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable
shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly
authorized, issued and fully paid and nonassessable.

 

9.     Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 9.

 

(a)   Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a
smaller number of shares, then in each such case the Exercise Price shall be adjusted to equal the product obtained by multiplying
the then-current Exercise Price by a fraction of which the numerator shall be the number of shares of Common Stock outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record
date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause
(ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.

 

(b)   Fundamental
Transactions. If, at any time while this Warrant is outstanding there is a Fundamental Transaction, then the Holder shall have
the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it
would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such
Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant (the “Alternate
Consideration”). For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common
Stock in such Fundamental Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in
a reasonable manner reflecting the relative value of any different components of the Alternate Consideration. If holders of Common
Stock are given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder
shall be given the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental
Transaction. Any successor to the Company or surviving entity in such Fundamental Transaction shall issue to the Holder a new warrant
substantially in the form of this Warrant and consistent with the foregoing provisions and evidencing the Holder’s right
to purchase the Alternate Consideration for the aggregate Exercise Price upon exercise thereof.

 

    
	Warrant	 	Page 4

 

     

    

 

(c)   Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section, the number of Warrant
Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate
Exercise Price in effect immediately prior to such adjustment.

 

(d)   Calculations.
 All calculations under this Section shall be made to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

(e)   Notice
of Adjustments. Upon the occurrence of each adjustment pursuant to this Section, the Company at its expense will promptly compute
such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including
a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise
of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon
which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the
Holder and to the Company’s Transfer Agent.

 

10.  Payment
of Exercise Price.  The Holder may pay the Exercise Price in one of the following manners:

 

(a)   Cash
Exercise. The Holder may deliver immediately available funds; or

 

(b)   Cashless
Exercise. Solely pursuant to a Company Exercise, the Company shall issue to the Holder the number of Warrant Shares determined
as follows:

 

X
= Y [(A-B)/A]

 

where:

 

X
= the number of Warrant Shares to be issued to the Holder.

 

Y
= the number of Warrant Shares with respect to which this Warrant is being exercised.

 

A
= the average of the Closing Prices for the five Trading Days immediately prior to (but not including) the Exercise Date.

 

B
= the Exercise Price.

 

11.  No
Fractional Shares.  No fractional shares of Warrant Shares will be issued in connection with any exercise of this Warrant.
In lieu of any fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of such fraction
multiplied by the Closing Price of one Warrant Share on the date of exercise.

 

12.  Notices.
Any notice required or permitted under this Warrant (including, without limitation, any Exercise Notice) shall be given in writing
and shall be deemed effectively given upon the earlier of (1) actual receipt or three days after mailing if mailed postage prepaid
by regular or airmail to the Company or the Holder or (2) one day after it is sent by overnight mail via nationally recognized
courier or (3) on the same day as sent via confirmed e-mail or facsimile transmission, provided that the original is sent by personal
delivery or mail by the sending party. Address for such notice will be provided by each party to the other under separate cover.

 

    
	Warrant	 	Page 5

 

     

    

 

13.  Standstill
Agreement. Until May 2, 2020, the Holder will not, and the Holder will cause each of its Affiliates and each member, director,
officer, and manager of such Holder or of any of its Affiliates not to, directly or indirectly:

 

		(a)	acquire or agree, offer, seek, or propose to acquire
(by merger, tender offer, purchase, or otherwise), ownership (including beneficial ownership as defined in Rule 13d-3 under the
Securities Exchange Act of 1934) of any of the Company’s assets, businesses, voting stock, or any rights or options to acquire
such ownership (including from a third party), except pursuant to any proposal expressly solicited by the Chair of the Company’s
board of directors;

 

		(b)	seek or propose, in the capacity of a shareholder
or person other than a director or officer to influence or control the management or policies of the Company or to obtain additional
representation on the Company’s board of directors, or solicit proxies or consents with respect to any securities of the
Company in connection with the election of directors outside of those solicited by the Company’s board of directors;

 

		(c)	make any other public announcement with respect to
any of the foregoing or take any other intentional action that would reasonably be expected to require that the Company make a
public announcement with respect to any of the foregoing; or

 

		(d)	enter into any discussions, negotiations, arrangements,
or understandings with any person (other than the Company or its Affiliates) with respect to any of the foregoing.

 

Notwithstanding anything to the contrary
in this Section, if after the date hereof the Company enters into an acquisition or business combination in which (1) the security
holders of the Company would not own a majority of the surviving entity or (2) the Company is selling all or substantially all
of the Company’s assets, then the Holder shall be entitled to take any of the actions set forth in this Section.

 

14.  Miscellaneous.

 

(a)   This
Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed
by the Company and the Holder and their successors and assigns.

 

(b)   All
questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of Minnesota, without regard to the principles of conflicts of law
thereof.

 

(c)   The
headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

 

(d)   In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(e)   Prior
to exercise of this Warrant, the Holder hereof shall not, by reason of by being a Holder, be entitled to any rights of a stockholder
with respect to the Warrant Shares

 

 

[Remainder
of page intentionally left blank, signature page follows]

 

    
	Warrant	 	Page 6

 

     

    

 

In
witness whereof, the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated
above.

 

	 	EVINE LIVE INC.
	 	 	 
	 	By:	 
	 	Name:  	 
	 	Its:	 

 

 

    
	Warrant	 	Page 7

 

     

    

 

EXERCISE NOTICE

 

The
undersigned Holder hereby irrevocably elects to purchase shares of Common Stock pursuant _________ to the attached Warrant. Capitalized
terms used herein and not otherwise defined have the respective meanings set forth in the Warrant.

 

		(1)	The undersigned Holder hereby exercises its right to
purchase _______ Warrant Shares pursuant to the Warrant.

 

		(2)	The Holder intends that payment of the Exercise Price
shall be made as (check one):

 

		_________	“Cash Exercise” under Section 10

 

 

		_________	“Cashless Exercise” under Section 10 (only
in connection with Change of Control)

 

		(3)	If the holder has elected a Cash Exercise, the Holder
shall pay the sum of $_________ to the Company in accordance with the terms of the Warrant.

 

		(4)	Pursuant to this Exercise Notice, the Company shall deliver
to the holder _________ Warrant Shares in accordance with the terms of the Warrant.

  

 

	Dated: __________ __, _______	Name of Holder:
	 	 
	 	(Print)
	 	 
	 	 
	 	 
	 	 	 
	 	By:  	                          
	 	Its:	 
	 	(Signature must conform in all respects to name
of holder as specified on the face of the Warrant)

 

 

    
	Warrant	 	Page 8

 

     

    

 

Warrant Shares Exercise Log

 

	Date	Number of Warrant
 Shares Available
 to be Exercised	Number of Warrant
 Shares Exercised	Number of Warrant
 Shares Remaining
 to be Exercised
	 	 	 	 

 

 

    
	Warrant	 	Page 9

 

     

    

 

FORM OF ASSIGNMENT

 

[To be completed
and signed only upon transfer of Warrant]

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto _________ the right represented by the attached Warrant
to purchase _________ shares of Common Stock to which such Warrant relates and appoints _________ attorney to transfer said right
on the books of the Company with full power of substitution in the premises.

 

	Dated: __________ __, _______	 
	 	 
	 	 
	 	(Signature must conform in all respects to name of
holder as specified on the face of the Warrant)
	 	 
	 	 
	 	 
	 	Address of Transferee
	 	 
	 	 
	 	 

 

Attest:

 

	 	 

 

 

    
	Warrant	 	Page 10

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