Document:

f8k111210ex10i_redrock.htm

Exhibit 10.1

 

EXECUTION COPY 

 

INFOMERCIAL PRODUCTION AND DISTRIBUTION AGREEMENT

 

This Production and Distribution Agreement (this "Agreement") dated as of November 10, 2010 (the "Agreement Date"), by and among Red Rock Pictures Holdings, Inc. a Nevada Corporation ("RRP"), SLC Promotions, Inc., a California corporation ("SLC'), f/s/o Suzanne Somers ("Somers"), and SSP Group, Inc., a California corporation ("BC," and together with RRP, SLC and BC, the "Parties").

 

RECITALS

 

WHEREAS, RRP is in the business of advertising, marketing and distributing products in various media and categories of trade;

 

WHEREAS, RRP is the owner of all right, title and interest in and to that certain book entitled ANTI-AGING MIRACLES by Dr. James W. Forsythe (the "Book"), including, without limitation, all copyrights and all renewals and extensions of copyrights in the Book;

 

WHEREAS, RRP desires to market and sell the Book and an accompanying DVD (the "DVD"), and certain other products mutually agreed upon by the Parties from time to time, which are related to or derivative of the Book (collectively, the "Products");

 

WHEREAS, RRP has determined that it is in its best interests to collaborate with SLC and BC to produce an infomercial about the Products to be hosted by Somers (the "Infomercial") to market and sell the Products;

 

WHEREAS, the Parties wish to set forth the terms and conditions upon which the Parties will produce the Infomercial, sell the Products in all channels of distribution, including, but not limited to, the Infomercial, Internet, catalog, radio, credit card syndication, direct mail, live television shopping and retail (collectively, the "Channels of Distribution"), and share the revenues from such sales; and

 

WHEREAS, RRP and SLC desire to collaborate on future infomercials for additional consumer products upon the mutual agreement of RRP and SLC.

 

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, and upon the terms and conditions set forth herein, the Parties hereby agree as follows:

 

1.      Production and Ownership of Infomercial. RRP and BC, directly or through their independent contractors, shall write, produce and edit the Infomercial. The Infomercial shall be approximately thirty (30) minutes in length, or of a shorter duration agreed to by RRP and SLC. The Infomercial will describe and promote the benefits to be derived from the Products and will offer the Products for sale to the general public. RRP shall own the Infomercial, subject to the rights of SLC provided in Section 2(b) below.

 

2.      Somers's Services; Approval Rights; Use of Persona.

 

(a)Services; Persona. SLC will furnish the services of Somers to appear as reasonably necessary, subject to her reasonable pre-existing personal and professional commitments, to provide services in connection with the Infomercial of a type that are customarily provided by a host of an infomercial, at such times and places mutually agreed to by SLC and RRP. Subject to Section 2(b) 

 

  

1

  

 

below, this Agreement gives RRP the right to use Somers's, name, likeness, voice, and image (the "Persona") in connection with the Infomercial and the promotion of the Products throughout the entire world and in all Channels of Distribution. SLC and Somers (i) shall retain all rights in and to the Persona that are not granted to RRP pursuant to this Agreement, and (ii) except as expressly provided in this Agreement, shall not be prevented from using or exploiting the Persona in connection with the advertisement or promotion of any other person, entity, product, procedure or service.

 

(b)            SLC Approvals. Notwithstanding anything to the contrary contained in this Agreement, RRP agrees that it will not publish or broadcast the Infomercial, or any portion thereof incorporating the Persona, or create any publicity or promotional materials for the Products or the Infomercial featuring the Persona (collectively, "Publicity Materials"), unless SLC has approved in writing in advance the final form of the Infomercial or such Publicity Materials, as the case may be. Furthermore, RRP will not sell any Products unless such Product has been approved in writing in advance by SLC. SLC shall have at least six (6) days from the time of delivery to review: (i) any proposal for new Products to be sold in connection with the Book (i.e., "upsells"), (ii) the final cut of the Infomercial, and (iii) any Publicity Materials, as the case may be. In the event that RRP has not received an affirmative approval or disapproval from SLC during the first three days of such six-day period with respect to any proposal requiring SLC's approval pursuant to this Section 2(b), then RRP shall follow up with SLC by phone call to Alan Hamel regarding such proposal from time to time during the remainder of such six-day period; provided, that if RRP is unable to obtain a response from SLC during such time, then SLC shall be deemed to have disapproved such proposal.

 

(c)            Use of Publicity Materials. RRP shall be under no obligation to cause the Publicity Material produced hereunder to be used or broadcast.

 

3.      The Products. RRP hereby represents and warrants that (a) it owns all right, title and interest in and to the Book (including, without limitation, all copyrights and all renewals and extensions of copyrights in the Book), (b) except for the rights granted to the Parties pursuant to this Agreement, no other Party shall have or obtain any rights or interest in or to any of the Book under, or by virtue of, this Agreement, and (c) although it does not own the DVD, it has obtained the requisite right and license to manufacture (or contract for the manufacture of), re-arrange, edit, market, distribute, sell, use and otherwise exploit the DVD. RRP covenants that it will either own all of the Products or have the right to manufacture (or contract for the manufacture of), market, distribute, sell, use and otherwise exploit any Products mutually agreed upon by the Parties after the Agreement Date.

 

4.      Establishment of Joint Bank Account. The Parties shall establish a joint account at a bank agreed to by RRP and SLC (the "Joint Account") into which all revenues from the sale of Products shall be deposited and from which all Costs (as defined in Section 5) shall be paid. None of the Parties shall have the authority to write any check or withdraw any funds from the Joint Account unless such check is signed or withdrawal is authorized, as the case may be, by an authorized representative of both RRP and SLC; provided, however, that in the event it becomes necessary to process a payment to a third party on an expedited timeline that could not reasonably be expected to be met in compliance with the requirements of this Section 4, then SLC shall use commercially reasonable efforts to coordinate a wire transfer of requisite funds sufficient to process such payment in a timely manner In connection with RRP's fulfillment of orders for the Products, RRP shall direct all customers to remit payment for the Products to the Joint Account.

 

5.      Net Sales. Net Sales shall be distributed, at such times and in such amounts mutually agreed to by RRP and SLC, as follows:

 

(a) 49% to RRP;

 

  

2

  

 

(b) 49% to SLC; and

(c) 2% to BC.

 

The term "Net Sales" means the gross revenues from the sale of Products, regardless of the Channels of Distribution, less only the following costs or expenses, which shall not be incurred without the prior written approval of SLC: documented direct or third-party costs or expenses incurred by RRP in connection with the creation, manufacture, publishing, promotion or distribution of the Products ("Costs"), including, without limitation, manufacturing and publishing costs, "residuals" payable to Somers pursuant to AFTRA requirements (if any), warehousing costs, order fulfillment costs, including "chargebacks" and returns, and media costs associated with the Infomercial.

 

6.      Royalties and Production Costs. RRP shall be responsible for (a) all royalties payable to Dr. James W. Forsythe and Earlene M. Forsythe (the "Forsythes") pursuant to that certain Marketing and Distribution Agreement between RRP and the Forsythes dated December 1, 2008 ("Royalties"), and (b) all costs incurred in connection with producing the Infomercial, including, without limitation, any costs relating to hair and makeup services for Somers and services provided by BC; provided, that BC shall provide its services to RRP at BC's cost.

 

7.       Additional Representations, Warranties and Covenants. Each Party represents, warrants and covenants that: (a) it has all necessary power and authority to enter into and perform this Agreement; and (b) it has not used the services of or incurred any obligations to any agent, broker or finder in connection with the transaction(s) contemplated by this Agreement. RRP hereby covenants that the Infomercial shall comply with all applicable laws, rules, regulations and standards, and SLC's approval thereof is not a representation that SLC believes the Infomercial satisfies the requirements of applicable laws, rules, regulations or standards. RRP further represents, warrants and covenants that neither the Infomercial nor the sale of the Book or DVD will violate the rights of any third party including, without limitation, any intellectual property rights, rights of publicity and/or privacy, misappropriation rights, or any other right. RRP represents and warrants that the Infomercial will be produced by an AFTRA signatory company in full compliance with the rules and regulations of AFTRA.

 

8.      Email/Address Lists. To the extent permissible by applicable law, RRP shall deliver to SLC, no less frequently than monthly, the mailing address and electronic mail ("email") address for each person or entity that purchases any Products. In connection with the foregoing, RRP shall take all steps necessary to cause RRP and SLC to be in full compliance with applicable privacy laws, including without limitation, obtaining requisite purchaser consent, making requisite disclosures via published privacy policies, or otherwise.

 

9.      Indemnification.

 

(a) Each of the Parties shall indemnify, defend and hold each other (including the other Parties' heirs, successors and assigns) harmless against any claims, demands, liabilities, causes of action or damages, including, without limitation, for libel, defamation, slander, invasion of privacy, and infringement of copyright, trademark and any other intellectual property right, and including all costs and attorneys' fees incurred by the non-indemnifying Party in connection with defending against such claims, demands, liabilities, causes of action or damages, arising out of any breach of this Agreement by the indemnifying Party or any breach of any representation or warranty contained herein by the indemnifying Party.

 

(b) RRP agrees to indemnify, and hold harmless BC, SLC and Somers, their shareholders, directors, officers, employees, and agents from and against all claims, demands, liabilities, causes of action, damages, costs or expenses of any nature whatsoever, including, without limitation, reasonable outside attorneys' fees and expenses, arising from or in connection with the creation, manufacturing, marketing, distribution and sale of the Products.

 

  

3

  

 

(c) RRP shall acquire and maintain commercial general liability and product liability insurance coverage underwritten by a qualified insurance company which (i) has been rated at least A-VII by the most recent edition of Best's insurance report, and (ii) contains a combined single limit of liability of not less than $2,000,000 per occurrence and $5,000,000 in the aggregate. BC, SLC and Somers will be named as additional insureds on all such policies.

 

10.     Arbitration.

 

(a)   In the event of any dispute, controversy or claim arising out of or relating to this Agreement, the Parties shall try to settle such dispute, controversy or claim amicably amongst themselves. If the Parties are unable to so settle such dispute, controversy or claim, then any such dispute, controversy or claim arising out of or relating to any provision of this Agreement or the interpretation, enforceability, performance, breach, termination or validity hereof, including, without limitation, this arbitration clause shall be solely and finally settled by arbitration in the manner specified in this Section 10; provided, that any Party may seek equitable relief, including, but not limited to, specific performance and injunctive relief, solely and exclusively in the state or federal courts located in Los Angeles, California, and each Party unconditionally submits to the sole and exclusive jurisdiction of any U.S. federal or California state court sitting in Los Angeles, California, and further irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such proceeding in any such court.

 

(b)            Proceedings. All arbitration proceedings shall be conducted solely and exclusively in Los Angeles, California and under the procedural rules of JAMS. The Party requesting arbitration shall serve upon the other Parties a written demand for arbitration stating the substance of the controversy, dispute or claim, and the contention of the Party requesting arbitration. Within sixty (60) days after the demand, the Parties shall select three (3) mutually acceptable arbitrators. The arbitrators are to act as neutral arbitrators and shall have no past, present or anticipated future affiliation with the Parties or any relationship with the Parties which would unduly influence the independence of an arbitrator. If the Parties are unable to agree upon three (3) mutually acceptable arbitrators, the arbitration agent shall appoint three (3) arbitrators. The decision of the arbitrators shall be in writing setting forth the basis therefor. The Parties shall abide by the award rendered in such arbitration proceeding, and such award may be enforced and executed upon in any court having jurisdiction over the Party against whom enforcement of such award is sought. The Parties shall divide equally the administrative charges, arbitrators' fees and related expenses of arbitration, but each Party shall pay its own attorneys' fees incurred in connection with such arbitration; provided, however, if the arbitrators determine that one Party prevailed clearly and substantially over the other Party(ies), then the non-prevailing Party(ies) shall also pay the prevailing Party's reasonable attorneys' fees and expert witness costs and arbitration costs.

 

(c)            Limitation on Damages. Except with respect to claims for indemnification resulting from third-party claims, in no event shall any Party be liable for special, indirect, incidental or consequential damages arising under or in connection with this Agreement, or the performance of, or failure to perform, any obligations hereunder, whether in contract, negligence, tort, or otherwise.

 

11.     Notices. All notices and other communications to be given pursuant to this Agreement shall be in writing to the Party intended at the following addresses:

 

  

4

  

 

If to RRP:

Red Rock Pictures Holdings, Inc.

6019 Olivas Park Drive, Suite C 

Ventura, CA 93003

Attn: Mr. Reno R. Rolle

Phone: (805) 650-6749

Facsimile. (805) 258-5104

 

If to SLC:

 

SLC Promotions, Inc. 

PMB 663

23679 Calabasas Road 

Calabasas, CA 91302 

Attn: Mr. Alan Hamel 

Phone:

Facsimile:

 

With a courtesy copy to:

 

Eisner, Frank & Kahan,

a Professional Corporation 

9601 Wilshire Blvd., Suite 700

Beverly Hills, CA 90210 

Phone: (310) 855-3200 

Fax: (310) 855-3201

Attn: Robert L. Kahan, Esq.

 

If to BC:

 

SSP Group, Inc.

12100 Wilshire Blvd., Suite 550

Los Angeles, CA 90025

Attn: Bruce Somers

Phone: (310) 826-3400

Facsimile: (310) 943-1705

 

12.      Miscellaneous. No Party can assign this Agreement or any rights granted hereunder, and any attempt by any of the Parties to do any of the foregoing, without the prior written consent of all other Parties, shall be deemed null and void. Nothing in this Agreement shall be construed to place the Parties in the relationship of partners or joint venturers or principal and agent, or employer and employee. No Party shall have the power to obligate or bind the others to a third party in any manner whatsoever. In the event that any provision of this Agreement should be held to be void, voidable, or unenforceable, this Agreement shall not be invalidated, but said provision shall be severed from this Agreement, and the remaining provisions hereof shall remain in full force and effect. Each Party has been advised to seek independent legal advice from attorneys of its own choice, with respect to the advisability of executing this Agreement, and each Party has had the opportunity for its attorney to review this Agreement prior to the execution hereof. This Agreement may be signed in counterparts and by facsimile, each of which shall be deemed an original, but all of which together shall constitute this Agreement. This Agreement constitutes the entire agreement and understanding among the Parties and cancels, terminates and supersedes any prior or contemporaneous agreement or understanding relating to the subject matter of this Agreement among the Parties. This Agreement may not be modified without the mutual written consent of the Parties. The recitals are hereby incorporated by reference into and made a part of this Agreement.

 

  

5

  

 

13.        Future Agreements. The Parties may agree from time to time to enter into other agreements relating to the future production of infomercials for consumer products mutually agreed upon by SLC and RRP on terms and conditions substantially similar to those contained in this Agreement.

 

14.        Confidentiality; Press Releases. Neither Party shall issue a press release or otherwise publicly disseminate any information concerning this Agreement or the transactions contemplated hereby without the prior written consent of the other Party.

 

[Signature Page Follows]

 

6ex10_1.htm

 Exhibit 10.1 

 

 EMPLOYMENT AGREEMENT 

 CEO and President 

 Between 

 Mark Bradley Feldgreber 

 And 

 The Players Network 

 September 1, 2010 

 

 

 

    

    

    

 

 THE PLAYERS NETWORK 

 EMPLOYMENT AGREEMENT 

 CEO and Chairman, Players Networks 

 THIS EMPLOYMENT AGREEMENT (this "Agreement") is made as of September 1, 2010 by and between Mark Bradley Feldgreber ("Employee") and The Players Network, a Nevada corporation ("Employer"or the “Company”). 

 

 WHEREAS, Employee is the founder and a major continuing creative force within Employer and essential to its growth and development. 

 

 WHEREAS, Employee's abilities and services are unique and essential to the prospects of Employer. 

 

 A G R E E M E N T 

 

 NOW, THEREFORE, in consideration of the mutual covenants set forth below, the parties hereby agree as follows. 

 

 Section 1.  Employment. 

 

 1.1           Term.  Employer shall employ Employee, and Employee shall serve Employer for Five (5) years commencing on the date of this Agreement, subject to the provisions set forth below. 

 

 1.2           Duties. 

 

 (a)            Capacity.  So long as he is employed by Employer, Employee shall be employed as CEO and Chairman of the Board of Players Network in Las Vegas and will be an employee of the Employer at all times during the term of this Agreement. Employer and Employee acknowledge and agree that Employee’s position is the Chief Executive Officer and shall be entitled to the rights and benefits that are afforded to the responsibilities of Chief Executive Officer.  Employee will report directly to the Company’s Board of Directors. Employee will also serve as a member of the Board of Directors as allowed by the SEC to represent a member from the Company’s day to day operations. 

 

 The duties and corresponding authority would include, but are not limited to, maintaining the Company’s public status within the legal guidelines of the Security and Exchange Commission, overseeing the overall direction of Company growth through financing, business development, strategic positioning, distribution partners, branding, day to day operations, creation of new entertainment industry programming, the acquisition of programming, co-productions and the outsource production services of the Company’s soundstage and production capabilities with a focused direction to increase the Company’s revenue and share holder value. 

 

    

 1 

    

 

 Day to day operational duties include, but not be limited to, having the final approval in the negotiations of all major contracts, hiring of management and other employees, the creative and business direction of the company, and, working directly with the Company’s legal counsel, auditors, and other senior management, consultants and producers. In the exercise of his duties, Employee will comply with all policies and procedures of the Employer as its relates to hiring and discharging employees that directly or indirectly report to Employee.  He will also provide input regarding compensation including raises and bonuses for senior management employees to the Board of Directors or its compensation committee as directed and required by compensation policies established by the Board of Directors. . 

 

 (b)            Schedule.  So long as he is employed by Employer, Employee shall devote the majority of Employee’s working time and attention, as necessary, to faithfully and fully carryout his duties described herein; provided, however, Employee may (i) serve as a Director of other business organizations with the prior written approval of Employer, (ii) devote time to and invest in non-competing side activities, provided that such activities do not individually or in the aggregate interfere with his duties so as to adversely affect Employer's business.  Employee shall at all times perform his duties and obligations faithfully, diligently and to the best of Employee's ability. 

 

 (c)            Key Man Insurance.  Employer may for its benefit and at its own expense insure Employee's life.  Employee agrees to submit to such physical examination and supply such information as may be reasonably required in connection therewith. 

 

 1.3           Compensation. As compensation for the services to be rendered during such period and the other obligations undertaken by Employee hereunder, Employee shall be entitled to the following compensation: 

 

 (a)            Base Salary. Subject to increases pursuant to the cost of living adjustment described below, Employer shall pay to Employee an annual base salary of One Hundred and Seventy-Five Thousand Dollars ($175,000) during the term of this Agreement (the "Base Salary") or such greater amount as may be determined upon a review of Employee's performance to be undertaken pursuant to Company policy regarding performance reviews by the Board of Directors at least once annually. Employee's Base Salary shall be payable in accordance with Employer's standard payroll procedures.  Employee's Base Salary at the commencement of the second and each subsequent year shall be adjusted to provide for  cost of living increases based upon the percentage increase (if any) in the Consumer Price Index for All Urban Consumers (1967=100; All Cities), prepared by the United States Bureau of Labor Statistics, or any successor thereto, over said Index in effect at the commencement of the preceding calendar year. 

 

 (b)            Trading Price. “Trading Price” means, for any security as of any date, the closing price on the Over-The-Counter Bulletin Board, or applicable trading market {the “OTCBB”} as reported by a reliable reporting service (“Reporting Service”). 

 

 (1) In the event the Board of Directors determines that the Company cannot afford to pay Employee any portion of his Base Salary, Employee may, at his sole option elect one of the following: 

 

    

 2 

    

 

 a. Agree to defer receipt of his Base Salary until such time as the Company has the funds to pay him.  In the event that Employee elects this option, the unpaid salary shall be paid with no interest and shall be issued stock equal to 20% of the deferred salary based upon the average 30-day Trading Price prior to such election to defer. Upon election the certificates must be issued within five (5) business days, and the election cannot be revoked for any reason whatsoever without forfeiture of the unpaid salary. 

 

 b. Elect to convert all, or a portion of the unpaid Salary into Common Stock at a market value equal to 80% of the average 30-day Trading Price prior to each election. Upon election the certificates must be issued within five (5) business days, and the election cannot be revoked for any reason whatsoever without forfeiture of the unpaid salary. 

 

 (c)            Certain Benefits.  Employee shall be entitled to participate in all employee benefit programs established by the Company from time to time for employees or executives of Employer to the extent that executives or senior management employees of Employer generally are eligible to participate in such programs.  Employee shall be further entitled to an annual paid vacation of four (4) weeks and other benefits in accordance with Employer's policies as from time to time established by the Company or the Employer's Board of Directors (the "Board") for employees and/or senior executive officers and the following:  (i) full medical, dental and vision insurance plans for Employee and his immediate family; (ii) a per month automobile leasing, operating, insurance and maintenance expense allowance of $700 per month or the cash equivalent in the form of an expense reimbursement; (iii) cell phone and other communication device acquisition and operating expenses.  (iiii) Membership at the Foundation Room or an equivalent business club. 

 

 (i) It is understood that payment of all the above benefits are contingent on the Company’s ability to afford such benefits.  At such time as the Company can afford such benefits, Employee will not be eligible for any retroactive compensation for benefits. 

 

 (d)            Annual Performance Bonus.  Employer shall pay Employee an annual bonus, subject to meeting mutually agreed upon annual performance criteria mutually established by Employer and Employee. 

 

 (e)            Reimbursement of Expenses.  Subject to such rules and procedures which from time to time are reasonably specified by the Employer, Employer shall reimburse Employee for reasonable and necessary business expenses incurred in the performance of Employee's duties under this Agreement, including without limitation travel, entertainment, gifts and promotional expenses.  In many cases the Employee’s expenses will be charged directly to the Company’s corporate credit card. 

 

 (f)            Severance Compensation for Termination Without Cause.  In the event that Employee's employment is terminated by Employer for any reason (other than as a result of the termination of this Agreement pursuant to Sections 3.1 or 3.2) or terminated by Employee as a result of a material breach of this Agreement by Employer (any of the foregoing, an "Involuntary Termination"), Employee shall be entitled to continue to receive his Base Salary and all benefits, including but not limited to automobile and Employee and family health insurance for the remainder of the Term of this Agreement as if the Agreement had not been terminated.  In addition, Employee shall receive from Employer, on the effective date of the Involuntary Termination, a lump sum amount equal to two times the Employee's then current Base Salary.  Further, all stock options that Employee would be eligible though the natural term of this Agreement will immediately become fully vested. In the event Employee or his family is ineligible under the terms of any insurance to continue to be covered, the Company shall provide Employee and Employee's family with substantially equivalent coverage through other sources or will provide Employee with a lump sum payment equal to the agreed upon value of the continuation of such insurance coverage to which Employee is entitled under this Section 1.3(d). 

 

    

 3 

    

 

  (h)           Most Favored Nations Benefits; Incentive Stock Option Plan. Employee shall participate in all stock, option, and other executive pools and programs offered to any other executive officers or employees of Employer or any of its divisions or subsidiaries. 

 

 Section 2.   Nondisclosure and Noncompetition. 

 2.1           Nondisclosure.  Employee recognizes the interests of Employer in maintaining the confidential nature of its proprietary and other business and commercial information.  In consideration thereof, Employee shall not (except as authorized in writing by Employer or in the ordinary and normal course of performing his duties hereunder) during his employment hereunder and for a period ending one (1) year after the date Employee's employment is terminated for any reason, directly or indirectly, publish, disclose or use, or authorize anyone else to publish, disclose or use, any secret or confidential matter, or proprietary or other information not otherwise available in the public domain and acquired by Employee during his employment hereunder or through representation on Employer's Board, relating to any aspect of the operations, activities, or obligations of Employer, including, without limitation, any confidential material or information relating to Employer's business, customers, suppliers, trade or industrial practices, trade secrets, technology, know-how or intellectual property.  All records, files, data, documents and the like relating to suppliers, customers, costs, prices, systems, methods, personnel, equipment and other materials relating to Employer shall be and remain the sole property of Employer.  Upon termination of Employee's employment hereunder, Employee shall not remove from Employer's premises or retain any of the materials described in this Section 2.1, except with the prior written consent of Employer and all such materials in Employee's possession shall be delivered promptly to Employer.  Employer hereby agrees and acknowledges that in event that Employee is terminated for an Involuntary Termination then the provisions of this entire Section 2 shall immediately terminate in its entirety. 

 

 2.2           Noncompetition.  Employee covenants and agrees that, except for activities which are expressly permitted by Section 1.2(b): 

 

 (a)           So long as he is employed by Employer, Employee shall not, without the prior written consent of Employer, directly or indirectly, as an employee, employer, agent, principal, proprietor, partner, stockholder, consultant, director, or corporate officer, engage in any business that is in competition with the business of Employer. 

 

 (b)           If the scope of any restrictions contained in subparagraph (a) is too broad to permit enforcement of such restrictions to their full extent, then such restrictions shall be enforced to the maximum extent permitted by law, and Employee hereby consents and agrees that such scope may be judicially modified accordingly in any proceeding brought to enforce such restrictions. 

 

    

 4 

    

 

 2.3           Specific Performance.  Employee acknowledges and agrees that Employer's remedies at law for a breach or threatened breach of any of the provisions of this Section 2 would be inadequate and, in recognition of this fact, Employee agrees that in the event of such a breach or threatened breach, in addition to any remedies at law, Employer, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available. 

 

 Section 3.  Termination. 

 

 3.1           Death.  This Agreement shall terminate upon Employee's death.  In the event of Employee's death while in the employ of Employer, Employer shall pay to the such person or persons as the Employee may specifically designate (successively or contingently) by filing a written beneficiary designation with Employer during Employee's lifetime ("Designated Beneficiaries") 100% of Employee's Base Salary as in effect immediately prior to Employee's death, payable to Employee's Designated Beneficiaries at the beginning of each month for a period of Twelve (12) months following Employee's death. 

 

 3.2           Cause.  Employer shall have the right to terminate this Agreement and Employee's employment hereunder for cause upon written notice to Employee.  The term "cause" shall mean Employee must have (i) been willful, gross or persistent in Employee's inattention to Employee's duties or Employee committed acts which constitute willful or gross misconduct and, after written notice of the same has been given to Employee and he has been given an opportunity to cure the same within thirty (30) days after such notice; or (ii) committed fraud against the Company.  If Employee's employment is terminated for cause, as defined above and Employee does not consent to such termination, such termination shall not be considered effective and Employee's rights under this Agreement during the Term of Employment shall continue until the existence of such cause has been determined by an independent arbitrator appointed by the American Arbitration Association and either party's rights to petition a court of law for a decision in the matter have been exhausted.  In connection with the appointment of an arbitrator, both parties agree to submit the question to final and binding arbitration by an appointee of the American Arbitration Association and to cooperate with the arbitrator, with all costs of arbitration paid by the Employer. 

 

 Section 4. Indemnification of Employee.  Employer shall defend and indemnify Employee at Employer's sole expense to the full extent of Nevada law with respect to all claims, causes of action and adversarial proceedings of every nature to which Employee is or may become subjected in his role as an Officer or Director of Employer and Employee shall have the right to select his own counsel.  Employer's indemnification duty shall survive the termination or expiration of this Agreement.  In the event that Employer elects to change coverage or carriers for its Directors and Officers insurance (“D & O Insurance”), Employer shall notify Employee of such change and arrange to purchase, at a minimum, a five-year tail policy for such former insurance policy at the sole expense of Employer and deliver evidence of such tail policy to Employee within five (5) days after termination of Employer’s existing D & O Insurance. Section. 

 

    

 5 

    

 

  5.  Miscellaneous. 

 

 5.1           Amendment.  This Agreement may be amended only in writing executed by the parties hereto, which has been approved in advance by a majority of the disinterested members of the Board. 

 

 5.2           Expenses.  Employer shall pay or reimburse Employee for all costs and expenses, including court costs and reasonable attorney's fees, incurred by Employee as a result of any claim, action or proceeding arising out of, or challenging the validity or enforceability of this Agreement or any provision hereof. 

 

 5.3           Mitigation.  In the event of a termination of Employee's employment for any reason, Employee shall not be required to seek other employment. In addition, no amount payable under this Agreement shall be reduced by any compensation earned by Employee as a result of employment by another employer after such termination of employment with Employer. 

 

 5.4           Entire Agreement.  This Agreement and the other agreements expressly referred to herein set forth the entire understanding of the parties hereto regarding the subject matter hereof and supersede all prior contracts, agreements, arrangements, communications, discussions, representations and warranties, whether oral or written, between the parties regarding the subject matter hereof. 

 

 55            Notices.  Any notice, request, consent and other communication required or permitted hereunder shall be in writing and shall be deemed to have been duly given upon the earlier of receipt or five (5) days after being sent by registered or certified mail, return receipt requested, postage prepaid, to the parties, and to the persons to whom copies shall be sent, at their respective addresses set forth below. 

 

	
 If to Employer: 

	
 The Players Network 

	    	
 1771 E. Flamingo, Suite 202A 

	                                             	
 Las Vegas, Nevada 89119 

	    	
 Attention:  Board of Directors 

	    	    
	
 If to Employee: 

	
 Mark Bradley Feldgreber 

	    	
 5243 Sunny Beach Lane 

	    	
 Las Vegas, Nevada 89118 

 

 Any party by written notice to the other party given in accordance with this Section may change the address or the persons to whom notices or copies thereof shall be directed. 

 

 5.6           Successors .  This Agreement shall bind and inure to the benefit of the successors, heirs and personal representatives of each of the parties hereto. 

 

 5.7           Governing Law; Venue.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada.  All parties agree that venue for any and all claims arising from the Agreement shall be located in the state or federal courts located in Clark County, Nevada. 

 

    

 6 

    

 

 5.8           Severability.  If any provision of this Agreement shall be adjudicated to be, in whole or in part, invalid, ineffective or unenforceable, the remaining provisions of this Agreement shall not be affected thereby.  The invalid, ineffective and unenforceable provision shall, without further action by the parties, be automatically amended to effect so much of the original purpose and intent of the invalid, ineffective or unenforceable provision; provided, however, that such amendment shall apply only with respect to the operation of such provision in the particular jurisdiction with respect to which such adjudication is made. 

 

 5.9           Waivers.  Any waiver by any party of any violation, breach, or default under any provision of this Agreement, by the other party shall not be construed as, or constitute, a continuing waiver of such provisions, or waiver of any other violation, breach or default under any other provision of this Agreement. 

 

 5.10         Headings.  The headings in this Agreement are solely for convenience of reference and shall not be given any effect in the construction or interpretation of this Agreement. 

 

 5.11         Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and all of which together will constitute one and the same Agreement. 

 

 5.12         Enforcement.  In the event that either party resorts to legal action to enforce the terms and provisions of this Agreement, the prevailing party shall be entitled to recover from the nonprevailing party the costs of such action so incurred, including, without limitation, reasonable attorneys' fees. 

 

 5.13         Legal Representation Employee acknowledges and agrees that he has read and understands the terms set forth in this Agreement and has been given a reasonable opportunity to consult with an attorney prior to execution of this Agreement. 

 

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

 

 THE PLAYERS NETWORK, Inc. 

 

	
 By   

	   	   	
 

	   	
 Secretary: Board of Directors 

	   	
 Approved At Board Meeting Held on 

	   	    	   	    
	   	   	   	    

 Accepted: 

	   	    	   	    
	
 By: 

	   	   	
 

	   	
 Mark Bradley Feldgreber 

	   	
                      Date 

 

 

 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00181-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00181-of-00352.parquet"}]]