Document:

Amended and Restated Employee Agreement dated August 1, 2003

 Exhibit 10.13 
  
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
  
 THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of August 1, 2003
between L90, Inc., a Delaware corporation doing business as MaxWorldwide, Inc. (the “Company”), and Mitchell Cannold (the “Employee”). 
  
 R E C I T A L 
  
 WHEREAS, Employee is currently President and Chief Executive Officer of the Company pursuant to that certain Employment Agreement dated March 11, 2002
(the “Old Employment Agreement”). 
  
 WHEREAS,
Employee and Company desire to amend and restate the Old Employment Agreement on the terms and subject to the conditions set forth in this Agreement to govern Employee’s employment with the Company from and after the date hereof. 
  
 WHEREAS, Employee is entering into a general release in connection with this
Agreement 
  
 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the premises and the mutual promises set
forth in this Agreement, the Company and the Employee hereby agree that the Old Employment Agreement shall be amended and restated in its entirety as follows: 
  

1. Employment. Subject to the terms and conditions contained herein, the Company hereby agrees to employ the Employee, and the Employee accepts
such employment, from the date hereof until the earlier of (i) December 31, 2003, provided that such initial term shall be automatically renewed for successive one-month terms unless either party hereto otherwise notifies the other in writing within
30 days prior to the end of such initial term or any such successive term, or (ii) the date such employment is terminated pursuant to Section 4 of this Agreement. During the Employee’s employment under this Agreement, the Employee shall perform
such duties for the Company consistent with his position as President and CEO as may from time to time be assigned to the Employee by the Board of Directors of the Company (the “Board”) and Employee shall report to the Board. The Employee
shall have the title of President and Chief Executive Officer and such other title or titles, if any, as from time to time may be assigned to the Employee by the Board. 
  
 2. Location of Employment. The Employee’s principal place of employment shall be at the executive offices of the
Company located at Greenwich, Connecticut, or, as may be requested by the Board, at any other office of the Company; provided, that at 

 the direction of the Board, the Employee may from time to time be required to travel to various domestic and foreign
locations. 
  
 3. Compensation. 
  
 (a) In exchange for performance of the Employee’s obligations and duties
under this Agreement, the Company shall pay the Employee a base salary at weekly rate of $1,000, payable in accordance with the Company’s standard payroll practices, but not less frequently than monthly. In any payment period in which the
Employee shall be employed for less than the entire number of days in such payment period, the salary payable under Section 3(a) shall be prorated on the basis of the number of days during which the Employee was actually employed divided by the
number of days in such payment period. The base salary provided for in Section 3(a) shall be reviewed not less frequently than annually by the Board, or a committee thereof, and may be adjusted in their discretion, provided, however, that in no
event, without the Employee’s consent, shall such base salary be decreased at any point during the term of this Agreement. In the event the Employee’s salary is decreased, the Employee shall have the right to terminate this Agreement.

  
 (b) The base salary described in subsection (a) hereof is a
gross amount, and the Company shall be required to withhold from such amounts deductions with respect to Federal, state and local taxes, FICA, unemployment compensation taxes and similar taxes, assessments or withholding requirements. 
  
 (c) During the Employee’s employment under this Agreement, the Employee
shall also be reimbursed by the Company for reasonable business expenses, including entertainment, travel and parking, actually incurred or paid by the Employee, consistent with the policies established by the Board, in rendering to the Company the
services provided for in this Agreement, upon presentation of expense statements or such other supporting information as is consistent with the policies of the Company. The Employee at all times shall be entitled to travel in business class seating
when the Employee travels by air in connection with the Company’s business and to private car service when required to travel in connection with the Company’s business, including attending business meetings, or working or attending
functions outside of normal business hours or on weekends or holidays. 
  
 (d) The Company shall reimburse to the Employee during the term of this Agreement: (i) on a monthly basis, the gross amount of $780.00 in connection with the Employee’s acquisition and maintenance of an automobile suitable for the
Employee’s use in connection with the Company’s business; (ii) on an annual basis, the gross amount of $2,500.00 in connection with the Employee’s membership, for his personal use, in one health club; (iii) a dedicated phone line in
the Employee’s home for the use of such personal computer, a cellular telephone and a Blackberry personal digital assistant; and (iv) on a periodic basis, the reasonable maintenance costs of the items set forth in subsection (iii) hereof.

 (e) The Employee shall be entitled to 15 business days vacation for each full year of employment under
this Agreement, which vacation time will accrue in accordance with the vacation policy of the Company. 
  
 (f) At Company’s expense, Company will provide Employee, Employee’s spouse and dependents with medical and dental insurance coverage comparable
to coverage currently provided to or made available to Employee and Company’s other domestic management employees generally. 
  
 (g) Other than as expressly set forth in this Section 3, the Employee shall not receive any other compensation or benefits except to the extent determined
by the Board. 
  
 4. Termination. 
  
 (a) The employment of the Employee under this Agreement may be terminated by
the Company upon giving the Employee notice if the Employee has been unable to substantially discharge his essential job duties by reason of illness or injury for either (A) a period of two consecutive months or (B) twelve weeks in any twelve-month
period . A termination of the Employee’s employment by the Company pursuant to this Section 4(a) shall be communicated to the Employee by written notice and shall be effective on the tenth (10) day after receipt of such notice by the Employee.

  
 (b) The employment of the Employee under this Agreement shall
terminate on the date of the Employee’s death. 
  
 (c) The
employment of the Employee under this Agreement may be terminated by the Company for cause. The Company may terminate the Employee for cause only after a Cause Event (as hereinafter defined) has occurred. If a Cause Event occurs, the Board of
Directors shall have promptly thereafter provided Employee, in writing and in reasonable detail, the facts and circumstances giving rise to its determination that a Cause Event has occurred (each, a “Cause Notice”), and, with
respect to any Cause Event other than that specified in clauses (iv), (v) or (viii) in the definition of Cause Event below, shall have provided Employee in such Cause Notice a suggested course of action to cure such default, and with a cure period
(if capable of cure) of not less than thirty (30) days. As used herein, a “Cause Event” shall mean the following circumstances: (i) repeated refusal or failure to perform any duties assigned to the Employee by the Board as are
appropriate to be performed by CEO or President and are commensurate with such title and position, (ii) committed a breach of the terms of this Agreement or any other legal obligation to the Company, (iii) failed to perform any of the
Employee’s material obligations under the Confidentiality Agreement, (iv) demonstrated gross negligence or willful misconduct in the execution of the Employee’s assigned duties, (v) been convicted of or pleaded nolo contendere to (a) a
felony or (b) any other serious crime involving fraud, dishonesty, theft, misappropriation or embezzlement or which, in the reasonable business judgment of the Board, results in a material adverse effect on the Company, (vi) continual use of illegal
drugs or of alcohol 

 where such use of alcohol interferes with the performance of Employee’s duties under this Agreement, (vii) engaged
in business practices which, in the opinion of the Board, are unethical or reflect materially adversely on the Company, (viii) misappropriated assets of the Company or (ix) been repeatedly absent from work during normal business hours for reasons
other than disability or vacation. 
  
 (d) The employment of the
Employee under this Agreement shall terminate upon receipt by the Board of a written notice of resignation signed by the Employee or, if no notice is given, on the date on which the Employee voluntarily terminates his employment relationship with
the Company. 
  
 (e) In addition to the circumstances described in
subsections (a), (b), (c) and (d) above, the Company may terminate the Employee’s employment for any reason or no reason and with or without cause or prior notice. The Employee understands that, subject to subsection (f)(iii) below, he is an
at-will employee and may be terminated by the Company without cause or prior notice pursuant to this subsection (e) notwithstanding any other provision contained in this Agreement. This at-will relationship will remain in effect during the term of
this Agreement and so long thereafter provided that the Employee remains employed by the Company, unless such at-will employment relationship is modified by a specific, express written agreement signed by the Company. 
  
 (f) If the Employee’s employment is terminated pursuant to this Section
4 or for any other reason, the Employee shall not be entitled to any compensation or benefits from the Company, under Section 3 of this Agreement or otherwise, except for the following: 
  
 (i) base salary and vacation pay accrued, and reasonable business expenses incurred, under Section 3 of this Agreement
through the date of such termination; 
  
 (ii) such benefits, if
any, as may be required to be provided by the Company under the Comprehensive Omnibus Budget Reconciliation Act (COBRA) or as required by under the terms of any death, insurance or retirement plan, program or agreement provided by the Company and to
which the Employee is a party or in which the Employee is a participant, including, but not limited to, any short-term or long-term disability plan or program, if applicable; and 
  
 (iii) if the Employee’s employment is terminated without cause pursuant to subsection (e) above, the Company shall
continue to pay to the Employee the base salary described in Section 3(a) above until the later to occur of (i) December 31, 2003, or (ii) thirty (30) days following the date of termination. In the event of termination of Employee’s employment
hereunder, Employee shall be under no obligation to seek other employment and there shall be no offset against any amounts due to Employee under this Agreement on account of any renumeration attributable to any subsequent employment that Employee
may obtain. 

 5. Employee’s Representations. 
  
 (a) The Employee represents that he has full authority to enter into this Agreement and that he is free to enter into this
Agreement and not under any contractual restraint which would prohibit the Employee from satisfactorily performing his duties to the Company under this Agreement. 
  
 (b) The Employee acknowledges that he is free to seek advice from independent counsel with respect to this Agreement. The
Employee has either obtained such advice or, after carefully reviewing this Agreement, has decided to forego such advice. The Employee is not relying on any representation or advice from the Company or any of its officers, directors, attorneys or
other representatives regarding this Agreement, its content or effect. 
  
 6. Arbitration. Any controversy or claim arising out of or relating to this Agreement or any breach hereof or the Employee’s employment by the Company or termination thereof, shall be settled by arbitration by one arbitrator in
accordance with the rules of the American Arbitration Association, and judgment upon such award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The arbitration shall be held in the City of New York or such other
place as may be agreed upon at the time by the parties to the arbitration. 
  
 7. Equitable Relief. The Employee acknowledges that the Company is relying for its protection upon the existence and validity of the provisions of this Agreement, that the services to be rendered by the
Employee are of a special, unique and extraordinary character, and that irreparable injury will result to the Company from any violation or continuing violation of the provisions of this Agreement for which damages may not be an adequate remedy.
Accordingly, the Employee hereby agrees that in addition to the remedies available to the Company by law or under this Agreement, the Company shall be entitled to obtain such equitable relief as may be permitted by law in a court of competent
jurisdiction including, without limitation, injunctive relief from any violation or continuing violation by the Employee of any term or provision of this Agreement. 
  
 8. Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the internal
substantive laws (without regard to choice of law principles) of the State of New York. 
  
 9. Entire Agreement. This Agreement supercedes and amends and restates the Old Employment Agreement in its entirety and constitutes the whole agreement of the parties hereto in reference to any employment of
the Employee by the Company and in reference to any of the matters or things herein provided for or hereinabove discussed or mentioned in reference to such employment; all prior agreements, promises, representations and understandings relative
thereto being herein merged. 

 10. Assignability. 
  
 (a) In the event the Company shall merge or consolidate with any other corporation, partnership or business entity, or all
or substantially all of the Company’s business or assets shall be transferred in any manner to any other corporation, partnership or business entity, then such successor to the Company shall thereupon succeed to, and be subject to, all rights,
interests, duties and obligations of, and shall thereafter be deemed for all purposes hereof to be, the “Company” under this Agreement. 
  
 (b) This Agreement is personal in nature and the Employee shall not, without the written consent of the Company, assign or transfer this Agreement or any
rights or obligations hereunder. 
  
 (c) Except as set forth in
subsection (a) above, nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give to any person, other than the parties to this Agreement, any right, remedy or claim under or by reason of this Agreement or
of any term, covenant or condition of this Agreement. 
  
 11.
Amendments; Waivers. This Agreement may be amended, modified, superseded, canceled, renewed or extended and the terms or covenants of this Agreement may be waived only by a written instrument executed by the parties to this Agreement or, in
the case of a waiver, by the party waiving compliance. Any such written instrument must be approved by the Board to be effective as against the Company. The failure of any party at any time or times to require performance of any provision of this
Agreement shall in no manner affect the right at a later time to enforce the same. No waiver by any party of the breach of any term or provision contained in this Agreement, whether by conduct or otherwise, in any one or more instances, shall be
deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 
  
 12. Notice. All notices, requests or consents required or permitted under this Agreement shall be made in writing and
shall be given to the other party by personal delivery, overnight air courier (with receipt signature) or facsimile transmission (with “answerback” confirmation of transmission), if to the Company, sent to such party’s addresses or
telecopy number as are set forth below such party’s signature to this Agreement, and if to the Employee, to his address as set forth in the records of the Company, with a copy to Frankfurt, Garbus, Kurnit, Klein and Selz, A.P.C., 488 Madison
Avenue, New York, NY 10022 attn: Gary Schonwald, Esq., or such other addresses or telecopy numbers of which the parties have given notice pursuant to this Section 12. Each such notice, request or consent shall be deemed effective upon the date of
actual receipt, receipt signature or confirmation of transmission, as applicable. 
  
 13. Severability. Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability
without invalidating the remaining provisions 

 hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable
such provision in any other jurisdiction. 
  
 14. Survival.
The representations and agreements of the Employee set forth in Sections 5, 6 and 7 of this Agreement shall survive the expiration or termination of this Agreement (irrespective of the reason for such expiration of termination). 
  
 15. Attorney’s Fees. If any party to this Agreement seeks to
enforce his or its rights under this Agreement, the prevailing party shall be entitled to recover reasonable fees, costs and expenses incurred in connection therewith including, without limitation, the fees, costs and expenses of attorneys,
accountants and experts, whether or not litigation is instituted, and including such fees, costs and expenses of appeals. 
  
 [Signature Page Follows] 
  

 [Signature Page to Employment Agreement] 
  
 IN WITNESS WHEREOF, the parties to this Agreement have executed this Employment Agreement as of the date first above
written. 
  

	 L90, INC.,
 a
Delaware corporation

		
	 By:
	 	  

	 An Authorized Officer

  
  

	 Address for Notices:
  
 1 Sound Shore Drive
 Suite 201
 Greenwich, CT 06830-7251
 Marina del Rey, California 90292
 Attention: General Counsel
 Telecopy: (203) 869-9181
  
 EMPLOYEE:

	
	  

	 Mitchell CannoldGeneral Release dated August 1, 2003

 Exhibit 10.14 
  
 GENERAL RELEASE 
  
 This General Release (“Agreement”) is made and entered into on August 1, 2003 by and between Mitchell Cannold (“Employee”) and
L90, Inc. doing business as “MaxWorldwide” (the “Company”). 
  
 WHEREAS, Employee serves as President and Chief Executive Officer pursuant to that certain Employment Agreement dated March 4, 2002 (the “Old Employment Agreement”). 
  
 WHEREAS, Company and Employee desire to terminate the Old Employment
Agreement and to enter into a new employment agreement substantially in the form attached hereto (the “New Employment Agreement”). 
  
 WHEREAS, Company and Employee are entering into the New Employment Agreement in connection with the sale of the MaxOnline division and the liquidation of
the Company. 
  
 WHEREAS, Employee is eligible to receive a
severance payment equal to $499,200 and bonus payments in accordance with the Old Employment Agreement. 
  
 WHEREAS, Company desires to pay to Employee an amount equal to $575,866.67 in exchange for a complete release of all claims Employee may have against the
Company, including without limitation, severance, bonus and other claims under the Old Employment Agreement. 
  
 NOW, THEREFORE, in consideration of the mutual promises herein contained, it is agreed as follows: 
  
 1. Payments by the Company. 
  

	 	a)	 	The Company agrees that provided Employee signs this Agreement and does not revoke this Agreement, the Company will pay to Employee the sum of Five Hundred Seventy-Five Thousand
Eight Hundred Sixty-Six Dollars and Sixty-Seven Cents ($575,866.67), less all required deductions, in exchange for a complete release as more fully described in Section 2 below. 

  

	 	b)	 	Employee acknowledges that the Company has paid to Employee the sum of Forty Thousand Three Hundred Twenty Six Dollars and Forty Cents ($40,326.40), less all required deductions,
constituting accrued and unpaid salary and accrued and unpaid vacation through August 1, 2003 (the “Termination Date”) under the Old Employment Agreement. 

  

	 	c)	 	The Company will reimburse Employee, upon execution of this Agreement, for all expenses incurred on behalf of the Company and not previously reimbursed, upon submission of
appropriate documentation and consistent with the Company’s normal policies, such payment to constitute the final reconciliation of all such amounts. 

  

	 	d)	 	Employee agrees that he/she will not receive and will not claim from the Company or any other party released herein any salary, bonus, benefits, severance pay, stock, stock options,
other compensation, expenses or other payment or obligations of any kind (including without limitation, claims under the Old Employment Agreement) 

 other than that which is specifically set forth above or set forth in the New Employment Agreement.

  
 2. Complete Release. As a material inducement to the
Company to enter into this Agreement, Employee releases and forever discharges the Company and each and all of the Company’s owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives,
attorneys, parent companies, divisions, subsidiaries, affiliates, including without limitation, MaxWorldwide, Inc. (and agents, directors, officers, employees, representatives and attorneys of such parent companies, divisions, subsidiaries, and
affiliates) (collectively, “Releasees”), or any of them, from any and all “Claims.” Except for Employee’s (a) claims to enforce the payments and benefits set forth in Section 1 above, (b) claims and rights
under the New Employment Agreement, (c) indemnification rights under the Company’s charter documents and (d) indemnification rights under that certain indemnification agreement with the Company dated March 10, 2002, the term “Claims”
includes all charges, complaints, liabilities, obligations, promises, agreements, damages, suits, costs, losses, debts, and expenses (including attorneys’ fees and costs actually incurred) of any nature, known or unknown, which Employee now
has, or which Employee at any time had, or which Employee at any time may have, against each or any of the Releasees, arising out of or related to any act, omission, or other thing which existed or occurred on or before the date of Employee’s
signing of this Agreement, including without limitation claims under the Old Employment Agreement. The Claims released under this Agreement include, but are not limited to, any rights or obligations arising out of or related to any alleged
violations of any contract or covenant, any tort, any legal restriction on the right of Releasees or any of them to terminate employees, and any federal, state or other governmental statute or regulation, including, without limitation: (1) Title VII
of the Civil Rights Act of 1964 (race, color, religion, sex and national origin discrimination); (2) the Civil Rights Act of 1866, 42 U.S.C. § 1981 (discrimination); (3) the Americans with Disabilities Act (discrimination against individuals
with disabilities); (4) the California Fair Employment and Housing Act (discrimination, including race, color, national origin, ancestry, physical handicap, medical condition, marital status, sex or age); (5) the California Labor Code, §§
200 et seq., (salary, commission, compensation, benefits and other matters); (6) the Fair Labor Standards Act of 1938, 29 U.S.C. § 201 et seq. (wage and hour matters); (7) the Consolidated Omnibus Budget
Reconciliation Act of 1985, 29 U.S.C. § 1161 et. seq. (insurance matters); (8) the Employee Retirement Income Security Act, 29 U.S.C. § 1001 et seq. (retirement matters); and (9) the Age Discrimination in
Employment Act (age discrimination in employment including discrimination against individuals forty years of age or over). 
  
 Employee also acknowledges and agrees that by signing this Agreement, that, in addition to the matters discussed above, Employee is waiving and releasing
any and all claims, charges, or rights Employee may have under the Age Discrimination In Employment Act of 1967, as amended (“ADEA”), that this waiver and release is knowing and voluntary, and that the consideration given for this waiver
and release is in addition to anything of value to which Employee was already entitled as an employee of Company. Employee further acknowledges that Employee has been advised that: (a) Employee should consult with an attorney (at Employee’s own
expense) prior to executing this Agreement (Employee understands that whether Employee consults an attorney or not is Employee’s decision); (b) Employee has at least twenty-one (21) days in which to consider this Agreement (although Employee
may choose to execute this Agreement earlier); (c) this Agreement does not waive or release any rights or claims Employee may have under the ADEA which may arise after Employee executes this Agreement; and (d) Employee has seven (7) days following
execution of this Agreement to revoke Employee’s consent to this Agreement. 

 3. Knowing and Voluntary Waiver. For the purpose of implementing a full and complete release and
discharge of the Releasees, Employee expressly acknowledges that this Agreement is intended to include in its effect, without limitation, all Claims which he/she does not know of or suspect to exist in his favor at the time of signing this
Agreement, and that this Agreement contemplates the release of any such Claim or Claims. 
  
 4. Consultation with Counsel; Full and Independent Knowledge and Understanding. Employee is advised to consult with an attorney of his choice before signing this Agreement. Employee acknowledges and agrees that
he/she has been so advised; that he/she has fully discussed all aspects of this Agreement with an attorney chosen by her, to the full extent he/she so desired; that he/she has carefully read and fully understands all of the provisions of this
Agreement; that he/she has taken as much time as he/she needs for full consideration of this Agreement; that he/she is voluntarily entering into this Agreement; and that he/she has the capacity to enter into this Agreement. 
  
 5. Ownership of Claims. Employee represents and agrees that he/she has
not assigned or transferred, or purported to assign or transfer, to any person or entity, any Claim or any portion thereof, or interest therein. 
  
 6. Cooperation and Assistance. Employee agrees that to the extent and in the manner called upon by the Company to do so, he/she will fully
cooperate with the Company and assist the Company in effecting a smooth transition of his responsibilities and in dealing with any other matters related to Employee’s activities as an employee of the Company. 
  
 7. Governing Law. This Agreement is made and entered into in the State
of New York, and shall in all respects be interpreted, enforced and governed under the laws of the State of New York. 
  
 8. Arbitration. Any dispute arising between the parties, including but not limited to those pertaining to the formation, validity, interpretation,
effect or alleged breach of this Agreement (“Arbitrable Dispute”), will be submitted to arbitration in New York, New York, before an experienced employment arbitrator licensed to practice law in New York and selected in accordance with the
Model Employment Arbitration Procedures of the American Arbitration Association. Each party shall pay the fees of their respective attorneys, the expenses of their witnesses and any other expenses connected with presenting their claim. Other costs
of the arbitration, including the fees of the arbitrator, cost of any record or transcript of the arbitration, administrative fees, and other fees and costs shall be borne equally by the parties, one-half by Employee, on the one hand, and one-half
by the Company, on the other hand. Should either party to this Agreement institute any legal action or administrative proceeding against the other with respect to any Claim waived by this Agreement or pursue any other Arbitrable Dispute by any
method other than said arbitration, the responding party shall be entitled to recover from the initiating party all damages, costs, expenses and attorneys’ fees incurred as a result of such action. 
  
 9. Severability. Should any of the provisions of this Agreement be
declared or be determined to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement.

  
 10. Successors. This Agreement shall be binding upon
Employee and upon his heirs, administrators, representatives, executors, successors and assigns, and shall inure to 

 the benefit of the Releasees and to their respective heirs, administrators, representatives, executors, successors and
assigns. 
  
 11. Entire Agreement. This Agreement sets
forth the entire agreement between the parties hereto, and fully supersedes any and all prior agreements or understandings between the parties hereto, pertaining to the subject matter hereof. 
  
 PLEASE READ CAREFULLY. THIS SEPARATION AGREEMENT AND GENERAL RELEASE INCLUDES
A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 
  
  
 Executed on August         , 2003 
  

	
	

	 EMPLOYEE
 Name:

  
  
 Executed on August          2003 
  
 L90, INC. doing business as “MaxWorldwide”

 a Delaware corporation 
  

		
	 By:
	 	

	 An Authorized Officer

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