Document:

EMPLOYMENT AGREEMENT

AGREEMENT, dated as of September 14, 2007 (“Effective Date”), between HERBERT J. ROBERTS, residing at 51 Manor Pond Lane, Irvington, New York 10533 (“Executive”), and JUNIPER CONTENT CORPORATION, a Delaware corporation having its principal office at 521 5th Avenue, Suite 822, New York, NY 10175 (“Company”).

WHEREAS, the Company and Executive have reached an understanding regarding Executive’s employment with the Company for the period ending at the close of business on September 14, 2009; and 

WHEREAS, the Company and Executive desire to evidence their agreement in writing and to provide for the employment of Executive by the Company on the terms set forth herein.

NOW, THEREFORE, in consideration of the covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

IT IS AGREED:

1. Employment, Duties and Acceptance.

1.1 Effective as of the Effective Date, the Company hereby agrees to employ Executive as its Senior Vice President, Chief Financial Officer and Secretary and Executive hereby accepts such employment on the terms and conditions contained in the Agreement. During the term of this Agreement, the Executive shall make himself available to the Company to pursue the business of the Company subject to the supervision, direction and control of the Company’s Chief Executive Officer and the Board of Directors of the Company (“Board” or “Board of Directors”). 

1.2 The Board and Chief Executive Officer may assign the Executive such general management and supervisory responsibilities and executive duties for the Company as are appropriate and commensurate with Executive’s position as Senior Vice President, Chief

 

 

Financial Officer and Secretary of the Company. The Executive shall report directly to the Chief Executive Officer. 

1.3 Executive accepts such employment and agrees to devote all of his business time, energies and attention to the performance of his duties; provided, however, that Executive may be actively involved in educational and civic activities to the extent that such activities do not materially detract from the reasonable performance of his duties (such material detraction to be evidenced by a resolution approved by the majority of the Board and a written notice to Executive, in which event Executive shall have one hundred and twenty (120) days to reduce the level of such activities in a reasonable manner). Nothing herein shall be construed as preventing Executive from (i) making and supervising investments on a personal or family basis (including trusts, funds and investment entities in which Executive or members of his family have an interest) and (ii) in serving on the boards of
directors (including advisory boards) of those companies, for profit and not for profit, that he has had passive activities in on which he currently serves as set forth on Schedule A; provided, however, that these activities do not materially interfere with the performance of his duties hereunder or violate the provisions of Section 4.4 hereof.

2. Compensation and Benefits.

2.1 The Company shall pay to Executive a salary at an annual base rate of $260,000. Executive’s salary will be paid semi-monthly in installments of $10,833.33 and shall be subject to deductions for federal and state income taxes and social security. 

2.2 The Company shall also pay to Executive such annual bonuses upon achievement by the Company of such objectives as may be specified from time to time by the Board of Directors. The amount of annual bonus payable to Executive, which may be from 0% to 50% of Executive’s annual base rate salary, and whether the objectives have been achieved, shall be determined by the Board in its sole discretion. 

2.3 Executive shall be entitled to such insurance and other benefits including, among others, medical and disability coverage and life insurance as are afforded to

 

 

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other senior executives of the Company and its subsidiaries, subject to applicable waiting periods and other conditions which may be generally applicable. 

2.4 Executive shall be entitled to four weeks per year vacation time and three days off for religious and personal reasons in accordance with the Company’s policy for its senior executives.

2.5 Executive shall be reimbursed for reasonable expenses for Blackberry/cell phone coverage. The Company shall also reimburse Executive for premiums for personal term life insurance policies maintained by Executive on his life, up to a maximum of $1,000 per year.

2.6 Executive agrees that his services shall be rendered primarily at the Company’s principal office in New York City.

2.7 Subject to approval by the Board, the Company shall grant Executive an option (“Option”) to purchase 125,000 shares of the Company’s Common Stock under the Company’s 2006 Long-Term Incentive Plan, such Option to vest in three equal portions on September 14, 2008, 2009 and 2010 and have an exercise price equal to the last sales price of the Company’s common stock on the first trading day of the month following the Effective Date. 

3. Term and Termination.

3.1 The term of this Agreement commences as of the Effective Date and shall continue until September 14, 2009, unless sooner terminated as herein provided. 

3.2 If Executive dies during the term of this Agreement, this Agreement shall thereupon terminate, except that the Company shall continue to pay to the legal representative of Executive’s estate the base salary due Executive pursuant to Section 2.1 hereof through the three month anniversary of Executive’s death (or the scheduled expiration under

 

 

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Section 3.1, if earlier than the first anniversary date), and all amounts owing to Executive at the time of termination, including for previously accrued but unpaid bonuses, expense reimbursements and accrued but unused vacation pay.

3.3 If Executive shall be rendered incapable by an incapacitating illness or disability (either physical or mental) of complying with the terms, provisions and conditions hereof on his part to be performed for a period in excess of 180 consecutive days during any consecutive twelve (12) month period, then the Company, at its option, may terminate this Agreement by written notice to Executive (the “Disability Notice”) delivered prior to the date Executive resumes the rendering of services hereunder. Upon such termination, the Company shall pay to Executive the base salary due Executive pursuant to Section 2.1 hereof through the three month anniversary of such termination and all amounts owing to Executive at the time of termination, including for previously earned but unpaid bonuses, if any, expense reimbursements and accrued but unused vacation pay. At the
Executive’s request, the Company shall provide to Executive at the Company’s expense an office for his exclusive use at the Company’s principal executive offices, or an alternative address at the Company’s option, with access to confidential secretarial assistance and office services during the Disability Period.

3.4 The Company, by notice to Executive, may terminate this Agreement for cause. As used herein, “cause” shall mean (a) the refusal by Executive to carry out specific written directions of the Board, provided such directions are consistent with Executive’s position (other than any such failure resulting from incapacity as set forth in Section 3.3), (b) Executive’s intentional fraud or gross misconduct by Executive in performing his duties under the terms of this Agreement; (c) Executive’s breach of a fiduciary duty or duty of care to the Company; or (d) the indictment or conviction of Executive of any crime involving an act of significant moral turpitude. Notwithstanding the foregoing, no “cause” for termination shall be deemed to exist with respect to Executive’s acts described in clause (a) above, unless the Board shall have given
written notice to Executive (after five (5) days advance written notice to Executive and a reasonable opportunity to Executive to present his views with respect to the existence of “cause”), specifying the “cause” with particularity and , within ten (10) business days after such notice, Executive shall not have disputed the Board’s determination or in

 

 

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reasonably good faith taken action to cure or eliminate prospectively the problem or thing giving rise to such “cause,” provided, however, that a repeated breach after notice and cure, of any provision of clause (a) above, involving the same or substantially similar actions or conduct, shall be grounds for termination for cause upon not less than five (5) days additional notice from the Company. 

3.5 The Executive, by notice to the Company, may terminate this Agreement if a “Good Reason” exists. For purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following circumstances without the Executive’s prior express written consent:  (a) a material adverse change in the nature of Executive’s title, duties or responsibilities with the Company that represents a demotion from his title, duties or responsibilities as in effect immediately prior to such change; (b) a material breach of this Agreement by the Company; (c) a failure by the Company to make any payment to Executive when due, unless the payment is not material and is being contested by the Company, in good faith; (d) a liquidation, bankruptcy or receivership of the Company; or (e) a Change in Control of the Company (as defined below). For purposes of this
Agreement, a “Change in Control of the Company” shall mean (i) any person or entity other than the Company and/or any officers or directors of the Company as of the date of this Agreement acquires securities of the Company other than from Executive or his affiliates (in one or more transactions) having 35% or more of the total voting power of all the Company’s securities then outstanding; (ii) a majority of the members of the Board is replaced during any 12-month period by directors whose election or appointment is not endorsed by a majority of the members of the Board prior to the election or appointment of such directors; or (iii) a sale of all or substantially all of the assets of the Company. Notwithstanding the foregoing, no Good Reason shall be deemed to exist with respect to the Company’s acts described in clauses (a), (b) or (c) above, unless Executive shall have given written notice to the Company specifying the Good Reason with reasonable particularity
and, within twenty (20) business days after such notice, the Company shall not have cured or eliminated the problem or thing giving rise to such Good Reason; provided, however, that a repeated breach after notice and cure of any provision of clauses (a), (b) or (c) above involving the same or substantially similar actions or conduct, shall be grounds for termination for Good Reason without any additional notice from Executive.

 

 

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3.6 In the event that Executive terminates this Agreement for Good Reason, pursuant to the provisions of paragraph 3.5, or the Company terminates this Agreement without “cause,” as defined in paragraph 3.4, the Company shall continue to pay to Executive (or in the case of his death, the legal representative of Executive’s estate or such other person or persons as Executive shall have designated by written notice to the Company), all payments, compensation and benefits required under paragraph 2.1 hereof for the lesser of twelve months or the remainder of this Agreement. If Executive’s employment is terminated for Good Reason or without “cause,” Executive shall have no duty to mitigate awards paid or payable to him pursuant to this subsection, and any compensation paid or payable to Executive from sources other than the Company will not offset or
terminate the Company’s obligation to pay to Executive the full amounts pursuant to this Section 3.6. 

4. Protection of Confidential Information: Non-Competition.

4.1 Acknowledgment. Executive acknowledges that:

(a) As a result of his employment with the Company, Executive will obtain secret and confidential information concerning the business of the Company and its subsidiaries (referred to collectively in this Section 4 as the “Company”), including, without limitation, financial information, proprietary rights, trade secrets and “know-how,” customers and sources (“Confidential Information”).

(b) The Company will suffer substantial damage that will be difficult to compute if, during the period of his employment with the Company or thereafter, Executive should enter a business which is directly in competition with the Company’s principal existing operating businesses at the time of termination (“Competitive Business”) in violation of Section 4.4 or divulge Confidential Information.

(c) The provisions of this Agreement are reasonable and necessary for the protection of the business of the Company.

4.2 Confidentiality. Executive agrees that he will not at any time,

 

 

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during the Employment Term or thereafter, divulge to any person or entity any Confidential Information obtained or learned by him as a result of his employment with the Company, except (i) in the course of performing his duties hereunder, (ii) with the Company’s prior written consent; (iii) to the extent that any such information is in the public domain other than as a result of Executive’s breach of any of his obligations hereunder; or (iv) where required to be disclosed by court order, subpoena or other government process. If Executive shall be required to make disclosure pursuant to the provisions of clause (iv) of the preceding sentence, Executive promptly, but in no event more than 48 hours after learning of such subpoena, court order, or other government process, shall notify, confirmed by mail, the Company and, at the Company’s expense, Executive shall:  (a) take all
reasonably necessary and lawful steps required by the Company to defend against the enforcement of such subpoena, court order or other government process, and (b) permit the Company to intervene and participate with counsel of its choice in any proceeding relating to the enforcement thereof.

4.3 Documents. Upon termination of his employment with the Company, Executive will promptly deliver to the Company all memoranda, notes, records, reports, manuals, drawings, blueprints and other documents (and all copies thereof) relating to the business of the Company and all property associated therewith, which he may then possess or have under his control; provided, however, that Executive shall be entitled to retain copies of such documents reasonably necessary to document his financial relationship with the Company.

4.4 Non-Competition. During the period commencing on the date of this Agreement and terminating six months after termination of employment: Executive, without the prior written permission of the Company, shall not, anywhere in the United States of America, (i) enter into the employ of or render any services to any person, firm or corporation engaged in any Competitive Business; (ii) engage in any Competitive Business as an individual, partner, shareholder, creditor, director, officer, principal, agent, employee, trustee, consultant, advisor or in any other relationship or capacity; (iv) employ, or have or cause any other person or entity to employ, any person who was employed by the Company at the time of termination of Executive’s employment by the Company (other than Executive’s personal
secretary and assistant); or (v) solicit, interfere with, or endeavor to entice away from the Company, for the

 

 

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benefit of a Competitive Business, any of its customers. Notwithstanding the foregoing, Executive shall not be precluded from investing and managing the investment of, his or his family’s assets in the securities of any corporation or other business entity which is engaged in a Competitive Business if such securities are traded on a national stock exchange or in the over-the-counter market and if such investment does not result in his beneficially owning, at any time, more than 5% of any class of the publicly-traded equity securities of such Competitive Business. Notwithstanding the foregoing, in the event the Company terminates this Agreement without “Cause” or if Executive terminates this Agreement for Good Reason under Section 3.5 hereof, Executive’s obligations under this Section 4.4 shall terminate one month following termination.

4.5 If Executive commits a breach of any of the provisions of Sections 4.2 or  4.4, the Company shall have the right:

(1) to have the provisions of this Agreement specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed by Executive that the services being rendered hereunder to the Company are of a special, unique and extraordinary character and that any breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company; and

(2) to require Executive to pay over to the Company all monetary damages determined by a non-appealable decision by a court of law to have been suffered by the Company as the result of any actions constituting a breach of any of the provisions of Sections 4.2 or 4.4, and Executive hereby agrees to pay over such damages to the Company (up to the maximum of all payments made under the Agreement).

4.6 If Executive shall violate any covenant contained in Sections 4.2 and 4.4, the duration of such covenant so violated shall be automatically extended for a period of time equal to the period of such violation.

4.7 If any provision of Sections 4.2 or 4.4 is held to be unenforceable because of the scope, duration or area of its applicability, the tribunal making such determination

 

 

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shall not have the power to modify such scope, duration, or area, or all of them and such provision or provisions shall be void ab initio.

4.8 This section 4 will survive termination of this Agreement for any reason whatsoever.

5. Miscellaneous Provisions.

5.1 In the event that any payment or benefit received or to be received by Executive in connection with a termination of his employment with the Company would constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”), or any similar or successor provision to Section 280G and/or would be subject to any excise tax imposed by Section 4999 of the Code or any similar or successor provision, then the Company shall assume all liability for the payment of any such tax and the Company shall immediately reimburse Executive on a “grossed-up” basis for any income taxes attributable to Executive by reason of such Company payment and reimbursements.

5.2 All notices provided for in this Agreement shall be in writing, and shall be delivered personally or sent by registered mail, return receipt requested (with a copy sent the same day by ordinary mail and by electronic mail or fax to the other party), at his or its address set forth below, or at such other address as may be supplied by written notice given in the manner provided for in this Section 5.2. The date of personal delivery or two (2) business days after the date of mailing, as the case may be, shall be the date of delivery of such notice.

If to Executive:

Herbert J. Roberts

51 Manor Pond Lane

Irvington, New York 10533

With a copy to:

 

 

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If to the Company:

Juniper Content Corporation

521 Fifth Avenue, Suite 822

New York, New York 10175

Attention: Chief Executive Officer

5.3 The Company shall indemnify Executive in accordance with the terms of the indemnification agreement (“Indemnification Agreement”) being executed simultaneously with the execution of this Agreement.

5.4 This Agreement, the Option and the Indemnification Agreement sets forth the entire agreement of the parties relating to the employment of Executive and are intended to supersede all prior negotiations, understandings and agreements. No provisions of this Agreement may be waived or changed except by a writing by the party against whom such waiver or change is sought to be enforced. The failure of any party to require performance of any provision hereof or thereof shall in no manner affect the right at a later time to enforce such provision.

5.5 All questions with respect to the construction of this Agreement, and the rights and obligations of the parties hereunder, shall be determined in accordance with the law of the State of New York applicable to agreements made and to be performed entirely in New York.

5.6 This Agreement shall inure to the benefit of and be binding upon the successors and assigns of the Company. This Agreement shall not be assignable by Executive, but shall inure to the benefit of and be binding upon Executive’s heirs and legal representatives.

5.7 Should any provision of this Agreement become legally unenforceable, no other provision of this Agreement shall be affected, and this Agreement shall continue as if the Agreement had been executed absent the unenforceable provision.

 

 

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

 

	
                         
 	
                         
 	
                         /s/ HERBERT J. ROBERTS
                        
	
                         
 	
                         
 	

                        HERBERT J. ROBERTS

	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	JUNIPER CONTENT CORPORATION

	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        By: 
 	
                        /s/ Stuart B. Rekant
 
	
                         
 	
                         
 	
                        Name: 
 	
                        Stuart B. Rekant
 
	
                         
 	
                         
 	
                        Title: 
 	
                        Chief Executive Officer
 

 

 

11STOCK OPTION AGREEMENT

AGREEMENT, dated as of October 1, 2007, by and between Juniper Content Corporation, a Delaware corporation (“Company”) with principal offices located at 521 5th Avenue, Suite 822, New York, NY 10175, and Herbert J. Roberts (“Executive”) residing at 51 Manor Pond Lane, Irvington, New York 10533.

WHEREAS, on September 14, 2007, Executive entered into an employment agreement (“Employment Agreement”) with the Company;

WHEREAS, pursuant to the Employment Agreement and pursuant to the Company’s 2006 Long-Term Incentive Plan (“Plan”), the Board of Directors (“Board”) of the Company authorized the grant to the Executive of an option (“Option”) to purchase an aggregate of 125,000 shares of the authorized but unissued common stock of the Company, $.0001 par value (“Common Stock”), conditioned upon the Executive’s acceptance thereof upon the terms and conditions set forth in this Agreement and subject to the terms of the Plan (capitalized terms used herein and not otherwise defined have the meanings set forth in the Plan); and

WHEREAS, the Executive desires to acquire the Option on the terms and conditions set forth in this Agreement and subject to the terms of the Plan;

IT IS AGREED:

1. Grant of Stock Option. The Company hereby grants to the Executive the right and option to purchase all or any part of an aggregate of 125,000 shares of the Common Stock (“Option Shares”) on the terms and conditions set forth herein and subject to the provisions of the Plan.

2. Incentive Stock Option. The Option represented hereby is intended to be an Option that qualifies as an “Incentive Stock Option” under Section 422 of the Internal Revenue Code of 1986, as amended (“Code”), but only to the extent allowable under the Code. Any option which cannot be Incentive Options under the Code shall be Non-Incentive Options.

3. Exercise Price. The exercise price (“Exercise Price”) of the Option is $___  per share, subject to adjustment as hereinafter provided.

 

 

4. Exercisability. Subject to the terms and conditions of the Plan, this Option is exercisable as to 41,666 of the Option Shares on September 14, 2008, 41,667 of the Option Shares on September 14, 2009 and 41,667 of the Option Shares on September 14, 2010. After a portion of the Option becomes exercisable, it shall remain exercisable, subject to the provisions of the Plan, until the close of business on September 14, 2012 (“Exercise Period”). Notwithstanding anything to the contrary, the Option shall become fully exercisable with respect to all Option Shares if Employee’s employment is terminated (i) by the Company without “Cause” (as defined in the Employment Agreement) or (ii) by Executive for “Good Reason” (as defined in the Employment Agreement).

5. Method of Exercise.

5.1 Notice to the Company. The Option shall be exercised in whole or in part by written notice in substantially the form attached hereto as Exhibit A directed to the Company at its principal place of business accompanied by full payment as hereinafter provided of the exercise price for the number of Option Shares specified in the notice and of the Withholding Taxes, if any.

5.2 Delivery of Option Shares. The Company shall deliver a certificate for the Option Shares to the Executive as soon as practicable after payment therefor.

5.3 Payment of Purchase Price.

5.3.1 Cash Payment. The Executive shall make cash payments by wire transfer, certified or bank check or personal check, in each case payable to the order of the Company; the Company shall not be required to deliver certificates for Option Shares until the Company has confirmed the receipt of good and available funds in payment of the purchase price thereof.

5.3.2 Stock Payments. Provided that prior approval of the Company has been obtained, the Executive may use Common Stock of the Company owned by him to pay the purchase price for the Option Shares by delivery of stock certificates in negotiable form which are effective to transfer good and valid title thereto to the Company, free of any liens or encumbrances. Shares of Common Stock used for this purpose shall be valued at the Fair Market Value. 

 

 

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6. Effect of Termination of Employment.

6.1 Termination Due to Death or Disability. If Employee’s employment by the Company terminates by reason of death or disability, the Option, to the extent then exercisable pursuant to Section 4, may thereafter be exercised for a period of one year from the date of such death or disability or until the expiration of the Exercise Period, whichever is shorter.

6.2 Termination by the Company Without Cause or by Employee for “Good Reason”. Subject to Section 6.5, if Employee’s employment is terminated (i) by the Company without “Cause”, or (ii) by Employee for “Good Reason,” the Option, to its full extent as to all Option Shares in accordance with Section 4, may be exercised until the expiration of the Exercise Period.

6.3 Termination Due to Non-Renewal or Extension. Subject to Section 6.5, if Employee’s employment is terminated due to the failure to renew or extend the Employment Agreement, the Option, to the extent then exercisable pursuant to Section 4, may be exercised for a period of three months from the date of such termination or until the expiration of the Exercise Period, whichever is shorter.

6.4 Other Termination. If Employee’s employment is terminated for any reason other than (i) death, (ii) disability, (iii) non-renewal or extension, (iv) without “Cause” by the Company, (v) by Employee for “Good Reason” or (vi) the expiration of the term of the Employment Agreement with renewal or extension, the Option shall expire on the date of termination of employment.

6.5 Option Null and Void. If, after the term of Employee’s employment with the Company, Employee engages in activity that violates Section 4 of the Employment Agreement (to the extent such section is applicable), the Board, in its sole discretion, may annul any award granted hereunder and require Employee to return to the Company the economic benefit received by Employee of any Option Shares purchased hereunder by Employee during the period beginning on the date that is six months prior to the date of termination.

 

 

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7. Withholding Tax. Not later than the date as of which an amount first becomes includible in the gross income of Employee for Federal income tax purposes with respect to the Option, Employee shall pay to the Company, or make arrangements satisfactory to the Board regarding the payment of, any Federal, state and local taxes of any kind required by law to be withheld or paid with respect to such amount (“Withholding Tax”). The obligations of the Company pursuant to this Agreement shall be conditional upon such payment or arrangements with the Company and the Company shall, to the extent permitted by law, have the right to deduct any Withholding Taxes from any payment of any kind otherwise due to Employee from the Company.

8. Adjustments. In the event of any change in the shares of Common Stock of the Company as a whole occurring as the result of a common stock split or reverse split, combination or exchange of shares, or other extraordinary or unusual event occurring after the grant of the Option, the Board shall determine, in its sole discretion, whether such change equitably requires an adjustment in the terms of this Option. Any such adjustments will be made by the Board, whose determination will be final, binding and conclusive.

9. Company Representations. The Company hereby represents and warrants to the Executive that:

(i) the Company, by appropriate and all required action, is duly authorized to enter into this Agreement and consummate all of the transactions contemplated hereunder; and

(ii) the Option Shares, when issued and delivered by the Company to the Executive in accordance with the terms and conditions hereof, will be duly and validly issued and fully paid and non-assessable.

10. Executive Representations. The Executive hereby represents and warrants to the Company that:

(i) he is acquiring the Option and shall acquire the Option Shares for his own account and not with a view towards the distribution thereof;

(ii) he has received a copy of the Plan as in effect as of the date of this Agreement;

 

 

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(iii) he has received a copy of all reports and documents required to be filed by the Company with the Securities and Exchange Commission pursuant to the Exchange Act, within the last 24 months and all reports issued by the Company to its stockholders;

(iv) he understands that he must bear the economic risk of the investment in the Option Shares, which cannot be sold by him unless they are registered under the Securities Act of 1933 (“1933 Act”) or an exemption therefrom is available thereunder and that the Company is under no obligation to register the Option Shares for sale under the 1933 Act;

(v) in his position with the Company, he has had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons acting on its behalf concerning the terms and conditions of the offer made hereunder and to obtain any additional information to the extent the Company possesses or may possess such information or can acquire it without unreasonable effort or expense necessary to verify the accuracy of the information obtained pursuant to clause (iii) above;

(vi) he is aware that the Company shall place stop transfer orders with its transfer agent against the transfer of the Option Shares in the absence of registration under the 1933 Act or an exemption therefrom as provided herein;

(vii) if, at the time of issuance of the Option Shares, the issuance of such shares have not been registered under the 1933 Act, the certificates evidencing the Option Shares shall bear the following legends: 

“The shares represented by this certificate have been acquired for investment and have not been registered under the Securities Act of 1933. The shares may not be sold or transferred in the absence of such registration or an exemption therefrom under said Act.”

“The shares represented by this certificate have been acquired pursuant to a Stock Option Agreement dated as of October 1, 2007, a copy of which is on file with the Company, and may not be transferred, pledged or disposed of except in accordance with the terms and conditions thereof.”

(viii) he is aware of and understands that he is subject to the Company’s Insider Trading Policy and has received a copy of such policy as of the date of this Agreement.

 

 

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11. Nonassignability. The Option shall not be assignable or transferable, except by will or by the laws of descent and distribution in the event of the death of the Executive. Notwithstanding the foregoing, the Executive, with the approval of the Board, may transfer all or a portion of the Option (i) (A) by gift, for no consideration, or (B) pursuant to a domestic relations order, in either case, to or for the benefit of the Executive’s “Immediate Family” (as defined below), or (ii) to an entity in which the Executive and/or members of Executive’s Immediate Family own more than fifty percent of the voting interest, in exchange for an interest in that entity, subject to such limits as the Board may establish and the execution of such documents as the Board may require, and the
transferee shall remain subject to all the terms and conditions applicable to the Option prior to such transfer. The term “Immediate Family” shall mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships, any person sharing the Executive’s household (other than a tenant or employee), a trust in which these persons have more than fifty percent beneficial interest, and a foundation in which these persons (or the Executive) control the management of the assets.

12. Restriction on Transfer of Option Shares. Anything in this Agreement to the contrary notwithstanding, the Executive hereby agrees that he shall not sell, transfer by any means or otherwise dispose of the Option Shares acquired by him without registration under the 1933 Act, or in the event that they are not so registered, unless (i) an exemption from the 1933 Act registration requirements is available thereunder, (ii) the Executive has furnished the Company with notice of such proposed transfer and the Company’s legal counsel, in its reasonable opinion, shall deem such proposed transfer to be so exempt, and (iii) such transfer is in compliance with the Company’s Insider Trading Policy, as in effect at such time.

13. Miscellaneous.

13.1 Notices. All notices, requests, deliveries, payments, demands and other communications which are required or permitted to be given under this Agreement shall be in writing and shall be either delivered personally or sent by registered or certified mail, or by private courier to the parties at their respective addresses set forth herein, or to such other 

 

 

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address as either party shall have specified by notice in writing to the other. Notice shall be deemed duly given hereunder when delivered or mailed as provided herein.

13.2 Conflicts with the Plan. In the event of a conflict between the provisions of the Plan and the provisions of this Agreement, the provisions of the Plan shall in all respects be controlling.

13.3 Executive and Stockholder Rights. The Executive shall not have any of the rights of a stockholder with respect to the Option Shares until such shares have been issued after the due exercise of the Option. Nothing contained in this Agreement shall be deemed to confer upon Executive any right to continued employment with the Company or any subsidiary thereof, nor shall it interfere in any way with the right of the Company to terminate Executive pursuant to the Employment Agreement.

13.4 Waiver. The waiver by any party hereto of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other or subsequent breach.

13.5 Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof. This Agreement may not be amended except by writing executed by the Executive and the Company.

13.6 Binding Effect; Successors. This Agreement shall inure to the benefit of and be binding upon the parties hereto and, to the extent not prohibited herein, their respective heirs, successors, assigns and representatives. Nothing in this Agreement, expressed or implied, is intended to confer on any person other than the parties hereto and as provided above, their respective heirs, successors, assigns and representatives any rights, remedies, obligations or liabilities.

13.7 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (without regard to choice of law provisions).

13.8 Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Agreement.

 

 

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IN WITNESS WHEREOF, the parties hereto have signed this Agreement as of the day and year first above:

 

	
                        JUNIPER CONTENT CORPORATION
 	
                         
 	
                         
 	
                         
 
	
                        

                        By: 
 	
                          
 	
                         
 	
                         
 	
                          
 
	
                        Name: 
 	
                        Stuart B. Rekant
 	
                         
 	
                         
 	
                         
 
	
                        Title: 
 	
                        Chairman and Chief Executive Officer
 	
                         
 	
                         
 	
                         
 

 

	
                        EXECUTIVE
 	
                         
 	
                         
 	
                         
 
	
                        

                          
 	
                         
 	
                         
 	
                          
 
	
                        HERBERT J. ROBERTS
 	
                         
 	
                         
 	
                         
 

 

 

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EXHIBIT A

FORM OF NOTICE OF EXERCISE OF OPTION

 

	
                         
 	
                         
 
	
                        DATE
 	
                         
 

 

Juniper Content Corporation

521 5th Avenue, Suite 822

New York, NY 10175

Attention: Board of Directors

	
                         
 	
                        Re:
 	
                        Purchase of Option Shares
 

Gentlemen:

In accordance with my Stock Option Agreement dated as of October 1, 2007 with Juniper Content Corporation (“Company”), I hereby irrevocably elect to exercise the right to purchase _________ shares of the Company’s common stock, par value $.0001 per share (“Common Stock”), which are being purchased for investment and not for resale.

As payment for my shares, enclosed is (check and complete applicable box[es]):

	
                         
 	
                        o
 	
                        a [personal check] [certified check] [bank check] payable to the order of “Juniper Content Corporation” in the sum of $_________;
 

	
                         
 	
                        o
 	
                        confirmation of wire transfer in the amount of $_____________; and/or 
 

	
                         
 	
                        o
 	
                        with the consent of the Company, a certificate for __________ shares of the Company’s Common Stock, free and clear of any encumbrances, duly endorsed, having a Fair Market Value (as such term is defined in the 2006 Long-Term Incentive Plan of $_________.
 

I hereby represent and warrant to, and agree with, the Company that:

(i) I am acquiring the Option Shares for my own account, for investment, and not with a view towards the distribution thereof;

(ii) I have received a copy of the Plan and all reports and documents required to be filed by the Company with the Commission pursuant to the Exchange Act within the last 24 months and all reports issued by the Company to its stockholders;

(iii) I understand that I must bear the economic risk of the investment in the Option Shares, which cannot be sold by me unless they are registered under the Securities Act of 1933 (“1933 Act”) or an exemption therefrom is available thereunder and that the Company is under no obligation to register the Option Shares for sale under the 1933 Act;

(iv) in my position with the Company, I have had both the opportunity to ask questions and receive answers from the officers and directors of the Company and all persons

 

 

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acting on its behalf concerning the terms and conditions of the offer made hereunder and to obtain any additional information to the extent the Company possesses or may possess such information or can acquire it without unreasonable effort or expense necessary to verify the accuracy of the information obtained pursuant to clause (ii) above;

(v) my rights with respect to the Option Shares shall, in all respects, be subject to the terms and conditions of the Company’s 2007 Long-Term Incentive Plan and the Ageement;

(vi) I am aware that the Company shall place stop transfer orders with its transfer agent against the transfer of the Option Shares in the absence of registration under the 1933 Act or an exemption therefrom as provided herein; 

(vii) if, at the time of issuance of the Option Shares, the issuance of such shares have not been registered under the 1933 Act, the certificates evidencing the Option Shares shall bear the following legends:

“The shares represented by this certificate have been acquired for investment and have not been registered under the Securities Act of 1933. The shares may not be sold or transferred in the absence of such registration or an exemption therefrom under said Act.”

“The shares represented by this certificate have been acquired pursuant to a Stock Option Agreement dated as of October 1, 2007, a copy of which is on file with the Company, and may not be transferred, pledged or disposed of except in accordance with the terms and conditions thereof

(viii) I am aware of and understand that I am subject to the Company’s Insider Trading Policy and have received a copy of such policy as of the date of this Agreement. I agree that I will not sell, transfer by any means or otherwise dispose of the Option Shares acquired by me hereby except in accordance with such Insider Trading Policy.

Kindly forward to me my certificate at your earliest convenience.

 

	
                        Very truly yours,
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
       
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        (Signature)
 	
                         
 	
                        (Address)
 
	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 
	
                        (Print Name)
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
  (Social Security Number)
 

 

 

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