Document:

Letter Agreement with Scott A. Bailey

 Exhibit 10.6 
 

 
 September 7, 2010 
 Scott Bailey 
 7312 Elbow Ln 
 Philadelphia, PA 19119 
 Dear Scott: 

Synacor, Inc. (the “Company”) is pleased to offer you employment on the following terms: 

1. Position. Your initial title will be Chief Operating Officer and you will initially report to the Company’s Chief Executive Officer, Ron
Frankel. This is a full-time Exempt position. While you render services to the Company, you will not engage in any other employment, consulting or other business activity (whether full-time or part-time) that would create a conflict of interest with
the Company except as referenced in Exhibit A of the Proprietary Information and Inventions Agreement. By signing this letter agreement, you confirm to the Company that you have no contractual commitments or other legal obligations that would
prohibit you from performing your duties for the Company. 
 2. Cash Compensation. The Company will pay you a starting salary at the rate
of $325,000 per year, payable in accordance with the Company’s standard payroll schedule. This salary will be subject to adjustment pursuant to the Company’s employee compensation policies in effect from time to time. In addition, you will
be eligible to be considered for an incentive bonus for each fiscal year of the Company. Your target bonus will be equal to 50% of your annual base salary. The criteria for your incentive bonus will be materially similar to those used for other
senior executives at the Company, including the chief executive officer. Any bonus for the fiscal year in which your employment begins will be prorated, based on the number of days you are employed by the Company during that fiscal year. The bonus
for a fiscal year will be paid after the Company’s books for that year have been closed and will be paid only if you are employed by the Company at the time of payment. The requirement that Employee be employed at the time of payment does not
apply if Employee’s employment is terminated by the Company prior to the date of payment. The determinations of the Company’s Chief Executive and Board of Directors with respect to your bonus will be final and binding. 

3. Employee Benefits. As a regular employee of the Company, you will be eligible to participate in a number of Company-sponsored benefits. In
addition, you will be entitled to paid vacation in accordance with the Company’s vacation policy, as in effect from time to time. 
 4.
Stock Options. Subject to the approval of the Company’s Board of Directors or its Compensation Committee, you will be granted an option to purchase 800,000 shares of the Company’s Common Stock. The exercise price per share will be
equal to the fair market value per share on the date the option is granted or on your first day of employment, whichever is later. 

  

 Scott Bailey 
 September 7, 2010 
  Page
 2
 
  

 
The option will be subject to the terms and conditions applicable to options granted under the Company’s 2006 Stock Plan (the “Plan”), as described in the Plan and the
applicable Stock Option Agreement. The option will be immediately exercisable, but the unvested portion of the purchased shares will be subject to repurchase by the Company at the exercise price in the event that your service terminates for any
reason before you vest in the shares. You will vest in 25% of the option shares after 12 months of continuous service, and the balance will vest in equal monthly installments over the next 36 months of continuous service, as described in the
applicable Stock Option Agreement. 
 5. Relocation. The Company shall reimburse the Employee for relocation expenses (i.e., moving
company, realtor fees, transfer taxes, etc) that the Employee incurs in moving himself from Philadelphia, PA to the Buffalo, NY area for approved moving expenses in an agreed upon amount, of $150,000. The employee agrees to move to Buffalo, NY by
Monday December 31, 2010. Any unused portion of the $150,000 for relocation expenses will be paid to the employee as a relocation bonus. If the Employee resigns from the Company before completing 12 months of continuous service, the Employee
shall immediately refund to the Company all payments and reimbursements made by the Company for relocation expenses and/or relocation bonus. The Relocation reimbursements and bonus shall be paid to you after submission of your relocation expenses
and completion of your relocation. 
 The Company will provide reasonable executive style temporary housing to Employee until no later than
December 31, 2010. In order to facilitate the permanent relocation of Employee’s family to the Buffalo NY area, the Company will provide the Employee reasonable rental housing from the date the Employee’s family moves through
June 30, 2011. The Employee’s residence will be placed for sale no later than thirty (30) days of Employee beginning employment with the Company. The Company will also provide reasonable travel expenses incurred by Employee or his
spouse for travel between Philadelphia, PA and Buffalo, NY until no later than December 31, 2010. The expenses referenced in this paragraph are not considered to be part of relocation expenses referenced in the paragraph above. 

6. Severance Pay. If after Employee and Employee’s spouse relocates to the Buffalo NY area (which shall occur no later than December 31,
2010) or subsequent to any change of control the Company terminates the Employee’s Employment for any reason other than Cause or Permanent Disability, then the Company shall pay the Employee his Base Salary for a period of twelve months
following the termination of his Employment (the “Continuation Period”). Such Base Salary shall be paid at the rate in effect at the time of the termination of Employment and in accordance with the Company’s standard payroll
procedures. If Employee is terminated subsequent to any change of control or when the Company is a public Company then the Company shall also pay Employee his target bonus prorated to his last date of employment. The Company shall accelerate twelve
(12) months of vesting on all options or other unvested stock including, but not limited to, the options referenced in paragraph 4 above. 

7. COBRA Premiums. You will receive information about your right to continue your group health insurance coverage under the Consolidated Omnibus
Budget Reconciliation Act (“COBRA”) after the termination Date. In order to continue your coverage, you must file the 

 Scott Bailey 
 September 7, 2010 
  Page
 3
 
  

 
required election form. If the Company terminates the Employee’s Employment for any reason other than Cause or Permanent Disability, and you elect to continue group health insurance
coverage, then the Company will pay the monthly premium under COBRA for yourself and, if applicable, your dependents for a period equal to the severance period as described in section 5, following the termination date. You acknowledge that you
otherwise would not have been entitled to any continuation of Company-paid health insurance. 
 8. Proprietary Information and Inventions
Agreement. Like all Company employees, you will be required, as a condition of your employment with the Company, to sign the Company’s standard Proprietary Information and Inventions Agreement, a copy of which is attached hereto as
Exhibit A. 
 9. Employment Relationship. Employment with the Company is for no specific period of time. Your employment with the
Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. Any contrary representations that may have been made to you are superseded by this
letter agreement. This is the full and complete agreement between you and the Company on this term. Although your job duties, title, compensation and benefits, as well as the Company’s personnel policies and procedures, may change from time to
time, the “at will” nature of your employment may only be changed in an express written agreement signed by you and a duly authorized officer of the Company (other than you). 
 10. Withholding Taxes. All forms of compensation referred to in this letter agreement are subject to reduction to reflect applicable withholding and payroll taxes and other deductions required by
law. 
 11. Interpretation, Amendment and Enforcement. This letter agreement and Exhibit A constitute the complete agreement between you
and the Company, contain all of the terms of your employment with the Company and supersede any prior agreements, representations or understandings (whether written, oral or implied) between you and the Company. This letter agreement may not be
amended or modified, except by an express written agreement signed by both you and a duly authorized officer of the Company. The terms of this letter agreement and the resolution of any disputes as to the meaning, effect, performance or validity of
this letter agreement or arising out of, related to, or in any way connected with, this letter agreement, your employment with the Company or any other relationship between you and the Company (the “Disputes”) will be governed by
New York law, excluding laws relating to conflicts or choice of law. You and the Company submit to the exclusive personal jurisdiction of the federal and state courts located in New York in connection with any Dispute or any claim related to any
Dispute. 
 12. Arbitration. Any controversy or claim arising out of this letter agreement and any and all claims relating to your
employment with the Company will be settled by final and binding arbitration. The arbitration will take place in Erie County or, at your option, the County in which you primarily worked when the arbitrable dispute or claim first arose. The
arbitration will be administered by the American Arbitration Association under its National Rules for the 

 Scott Bailey 
 September 7, 2010 
  Page
 4
 
  

 
Resolution of Employment Disputes. Any award or finding will be confidential. You and the Company agree to provide one another with reasonable access to documents and witnesses in connection with
the resolution of the dispute. You and the Company will share the costs of arbitration equally. Each party will be responsible for its own attorneys’ fees, and the arbitrator may not award attorneys’ fees unless a statute or contract at
issue specifically authorizes such an award. This Section 12 does not apply to claims for workers’ compensation benefits or unemployment insurance benefits. This Section 12 also does not apply to claims concerning the ownership,
validity, infringement, misappropriation, disclosure, misuse or enforceability of any confidential information, patent right, copyright, mask work, trademark or any other trade secret or intellectual property held or sought by either you or the
Company (whether or not arising under the Proprietary Information and Inventions Agreement between you and the Company). 
 13.
Definitions. The following terms have the meaning set forth below wherever they are used in this letter agreement: 

“Cause” means (a) your unauthorized use or disclosure of the Company’s confidential information or trade
secrets, which use or disclosure causes material harm to the Company, (b) your material breach of any agreement between you and the Company, (c) your material failure to comply with the Company’s written policies or rules which has
not been cured within forty five (45) days of being so notified by the Company, (d) your conviction of, or your plea of “guilty” or “no contest” to, a felony under the laws of the United States or any State,
(e) your gross negligence or willful misconduct, (f) your continuing failure to perform assigned duties which has not been cured within forty five (45) days after receiving written notification of the failure from the Company’s
Board of Directors or (g) your failure to cooperate in good faith with a governmental or internal investigation of the Company or its directors, officers or employees, if the Company has requested your cooperation. 

“Permanent Disability” means that you are unable to perform the essential functions of your position, with or without
reasonable accommodation, for a period of at least 120 consecutive days because of a physical or mental impairment. 
 We hope that you will
accept our offer to join the Company. You may indicate your agreement with these terms and accept this offer by signing and dating both the enclosed duplicate original of this letter agreement and the enclosed Proprietary Information and Inventions
Agreement and returning them to me. This offer, if not accepted, will expire at 5pm Eastern time on September 8, 2010. Your employment is contingent upon your starting work with the Company on or before October 1, 2010. As required by law,
your employment with the Company is contingent upon your providing legal proof of your identity and authorization to work in the United States. Scott, we are very pleased to be presenting you with this offer. We are confident that your skills,
enthusiasm and professionalism will add to Synacor’s success while creating the opportunities and rewards that will help you achieve your professional goals. We look forward to having you as a part of our team. 

 Scott Bailey 
 September 7, 2010 
  Page
 5
 
  

 If you have any questions, please call me at (716)362-3305. 

 

	
	Very truly yours,
	
	SYNACOR, INC.
	
	/s/    Julia Culkin
	 JULIA CULKIN, VICE PRESIDENT OF

HUMAN RESOURCES

 I have read and accept this employment offer: 

 

			
	/s/    Scott Bailey
	Signature of Scott Bailey
	
	Dated:     10/15/10

 Attachment 
 Exhibit A: Proprietary Information and Inventions AgreementEmployment and Noncompetition Agreement with George G. Chamoun

 Exhibit 10.7.1 
 EMPLOYMENT AND NONCOMPETITION AGREEMENT 
 THIS EMPLOYMENT AND
NONCOMPETITION AGREEMENT (this “Agreement”), dated as of December 22, 2000, is between George Chamoun, an individual (“Employee”), and CKMP, Inc., a New York corporation (the “Company”). 

R E C I T A L S : 

WHEREAS, Employee is one of the Company’s principal stockholders, and owns 3,795,515 shares (the “Employee Shares”) of
common stock, $.01 par value per share, of the Company (“Common Shares”) as of the date of this Agreement. 
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 

1. Definitions. The following terms, when capitalized, shall have the meanings set forth below: 

“Board” shall mean the Board of Directors of the Company. 

“Business” shall have the meaning provided in the Recitals to this Agreement. 

“Cause” shall mean a reasonable and good faith determination by a majority of the Board that the Employee’s
performance is inadequate. 
 “Confidential Information” shall mean information that, although not a Trade
Secret, is not in the public domain and includes, but is not limited to, sales and marketing information, customer account records, training and operations materials and memoranda, personnel records, pricing and financial information relating to the
business, accounts, customers, employees and affairs of the Company and any other similar information that is not a Trade Secret. 
 “Disability” shall mean physical or mental incapacity of Employee which prevents the performance of Employee’s obligations hereunder, and which continues for a consecutive period of
90 days or longer or an aggregate period of 120 days or longer during any consecutive twelve-month period. 
 “Material
Transaction” shall mean any of the following: (a) a reorganization, merger or consolidation involving the Company or the sale of all or substantially all of the assets of the Company to another person or entity (unless, following any
such reorganization, merger, consolidation or sale, all or substantially all of the shareholders of the Company immediately prior to such transaction own, directly or indirectly, more than 50% the combined voting power of the then-outstanding voting
securities of the corporation resulting from such transaction (including, without limitation, a corporation that, as a result of such transaction, owns the Company or all or substantially all of the Company’s assets either directly or through
one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to 

  
 1 

 
such transaction), and (b) the acquisition by a person or group of a majority of the outstanding voting capital stock of the Company. 

“Noncompetition Period” shall mean the period of time consisting of the term of Employee’s employment with the
Company and a period of two (2) years following the termination of Employee’s employment hereunder for any reason by the Company or by Employee. 
 “Services” shall have the meaning described in Section 5. 

“Territory” shall mean the United States, Canada and in any other country where the Company has generated revenue.

 “Trade Secret” shall mean (i) any scientific or technical information, program, software, design,
process, procedure, formula, invention or improvement that is secret and of value and (ii) information that is secret and of value, including, but not limited to, technical or nontechnical data, formula patterns, compilations, programs,
software, devices, methods, techniques, drawings, processes, financial data, and lists of actual or potential customers which the Company takes reasonable efforts to protect from disclosure. 

2. Termination of Existing Agreement. The existing agreement relating to Employee’s employment with the Company, and all
other agreements as to Employee’s employment, are hereby terminated in all respects and any and all existing or future obligations of the Company pursuant thereto, if any, are hereby terminated without having to be satisfied by the Company. The
Company and Employee acknowledge that this Agreement supercedes in all respects any such existing agreement and all other agreements as to Employee’s employment with regard to the matters set forth therein. 

3. Employment At Will. Upon execution of this Agreement, Employee shall be employed by the Company on an “at will” basis
and Employee’s employment hereunder by the Company shall continue for such time as the Company is in need of, or desirous of, the Services. It is expressly understood and agreed between the Company and Employee, subject in all events to
Employee’s right to terminate employment, that the duration of Employee’s employment are unspecified and rest in the sole discretion of the Company. 
 4. Compensation. 
 (a) The Company shall pay to Employee an
annual salary of $125,000.00 (the “Base Salary”) for each calendar year or portion thereof (prorated for the number of days in a partial calendar year) while Employee performs the Services, such amount to be payable in accordance with the
Company’s standard practices in the payment of salaries to its salaried executives. Such Base Salary shall be subject to an annual review conducted jointly by the Company and Employee on or about each anniversary of this Agreement. 

(b) In addition to the Base Salary, during the term of this Agreement Employee shall be eligible to receive bonuses (each,
a “Bonus”) at the discretion of the Compensation Committee of the Board pursuant to this Section 4(b), payable, if earned, pursuant to such 

  
 2 

 
bonus program, if any, of the Company as may be in effect from time to time for executives of the Company, pro-rated to the extent paid for a period of less than twelve months. 

(c) All payments made to Employee pursuant to this Section 4 shall be subject to withholding on account of applicable
federal, state and local taxes and other payroll taxes. 
 5. Duties. Employee shall be employed as a key executive
officer of the Company with such title as determined by the Board of Directors of the Company and shall perform such duties as are consistent therewith, and shall have such other duties as the Board of Directors of the Company in its discretion
designates, consistent with those of a senior executive (the “Services”). Employee shall devote his full business time and efforts to the business and interest of the Company. Employee shall diligently perform his obligations and discharge
his duties under this Agreement. Employee shall adhere to all ethical practices and other reasonable rules and regulations established by the Company. 
 6. Noncompetition; Proprietary Information. 
 (a) During the
Noncompetition Period, Employee shall not, directly or indirectly, either individually, in partnership, jointly, or in conjunction with any person, firm, partnership, limited liability company, corporation, or unincorporated association of any kind,
whether as principal, agent, shareholder, employee, or in any other capacity whatsoever: 
 (i) engage in any
business in the Territory which competes with the business of the Company (the “Business”); 
 (ii)
solicit or contact the Company’s customers or potential customers on behalf of, invest in, obtain any interest in, advise, lend money to, or guarantee the debts or obligations of any person, firm, partnership, limited liability company,
corporation, or unincorporated association of any kind, which is engaged in the Territory in any business which competes with the Business; 
 (iii) solicit or accept business from any of the Company’s customers or potential customers, for the purposes of providing products or services in the Territory which are the same as or substantially
similar to those provided by the Company in connection with its conduct of the Business; or 
 (iv) persuade or
attempt to persuade any employee of the Company to terminate his or her service with the Company. 
 For purposes of this
Agreement, “competes” with the Business means being actively engaged in a material manner or otherwise materially competing in the same or a similar line of business as the Company. 

(b) During Employee’s employment with the Company and thereafter, Employee shall not use, reveal or divulge any Trade
Secrets or Confidential Information 

  
 3 

 
relating to the Business. Notwithstanding the foregoing, Employee shall not be subject to the restrictions set forth in this Section 6 with respect to information that: 

(i) becomes generally available to the public other than as a result of disclosure by Employee or his agents or
representatives; 
 (ii) becomes available to Employee on a non-confidential basis from a source other than the
Company or its agents, provided that such source lawfully obtained such information and is not bound by a confidentiality obligation not to disclose such information; or 

(iii) is required to be disclosed by law. 

(c) Notwithstanding anything in this Agreement to the contrary, nothing shall prohibit (i) any investment or loan by
Employee in or to any enterprise which amounts to less than 5% of the equity or debt, respectively, of such enterprise or (ii) service as a member of the board of any enterprise that does not compete with the Business. In the event Employee is
a member, partner, shareholder or other owner of a venture capital or other investment fund (a “Fund”), the aforementioned 5% will be calculated on the basis of Employee’s percentage interest in the Fund multiplied by the Fund’s
percentage ownership interest on a fully diluted basis in the competitive enterprise. For example, if Employee owned a 20% interest in the Fund, and the Fund owned a 20% interest on a fully diluted basis in a competitive business, then
Employee’s ownership interest for purposes of this provision would equal 4%. 
 7. Assignment of Inventions; Return of
Company Documents. 
 (a) Employee shall promptly make full written disclosure to the Company, shall hold in
trust for the sole right and benefit of the Company, and hereby assigns to the Company, or its designee, all of Employee’s right, title and interest in and to any and all inventions, original works of authorship, developments, concepts,
improvements, designs, discoveries, ideas, trademarks or trade secrets, whether or not patentable or registrable under copyright or similar laws, which Employee may solely or jointly conceive or develop or reduce to practice, or cause to be
conceived or developed or reduced to practice, during the period of time of Employee’s employment with the Company if the same was made on Company time or with Company assets or is within the scope of Employee’s employment or otherwise
relate directly or indirectly to the Business (collectively referred to as “Inventions”). Employee also assigns to the Company, or its designee, all of Employee’s right, title and interest in and to any and all Inventions, which
Employee solely or jointly conceived or developed or reduced to practice, or caused to be developed or reduced to practice, during Employee’s employment with the Company prior to the date of this Agreement. Employee further acknowledges that
all original works of authorship which are made or were made by Employee (solely or jointly with others) within the scope of and during the period of Employee’s employment with the Company prior to and after the date of this Agreement and which
are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act. Employee understands and agrees that the decision whether or not to commercialize or market any invention developed by

  
 4 

 
Employee solely or jointly with others is within the Company’s sole discretion and for the Company’s sole benefit and that no royalty shall be due to Employee as a result of the
Company’s efforts to commercialize or market any such invention. 
 (b) Employee shall keep and maintain
adequate and current written records of all Inventions made by Employee (solely or jointly with others) during the term of his employment with the Company. Employee shall keep such records in the form of notes, sketches, drawings, and any other
format that may be specified by the Company. The records shall be available to and remain the sole property of the Company at all times. 
 (c) Employee shall assist the Company, or its designee, at the Company’s expense, in every proper way reasonably necessary to secure the Company’s rights in the Inventions and any copyrights,
patents or other intellectual property rights relating thereto in any and all countries, including the disclosure to the Company of all pertinent information and data with respect thereto, the execution of all applications, specifications, oaths,
assignments and all other instruments which the Company shall deem necessary in order to apply for and obtain such rights and in order to assign and convey to the Company, its successors, assigns, and nominees the sole and exclusive rights, title
and interest in and to such Inventions, and any copyrights, patents or other intellectual property rights relating thereto. Employee further agrees that such obligation to execute or cause to be executed, when it is in Employee’s power to do
so, any such instrument or papers at the Company’s expense shall continue after the termination of this Agreement. If the Company is unable because of the mental or physical incapacity of Employee to secure Employee’s signature to apply
for or to pursue any application for any United States or foreign patents or copyright registrations covering Inventions or original works of authorship assigned to the Company pursuant to this Agreement, then Employee hereby irrevocably designates
and appoints the Company and its duly authorized officers and agents as Employee’s agent and attorney in fact, to act for and in Employee’s behalf and stead to execute and file any such applications and to do all other lawfully permitted
acts to further the prosecution and issuance of letters patent or copyright registrations thereon with the same legal force and effect as if executed by Employee. 

(d) Upon termination of Employee’s employment with the Company, Employee shall deliver to the Company (and shall not
keep in his possession, recreate or deliver to anyone else) any and all devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or
reproductions of any aforementioned items developed by Employee pursuant to Employee’s employment with the Company or otherwise belonging to the Company, its successors or assigns. 

8. Remedies. Employee acknowledges and agrees that the Company would suffer irreparable harm from a breach by Employee of the
restrictive covenants set forth in Section 6 or 7. Therefore, in the event of the actual or threatened breach by Employee under Section 6 or 7 the Company may, in addition and supplementary to any other rights and remedies existing in its
favor (including, without limitation, its right to terminate Employee’s employment), apply to any court of law or equity of competent jurisdiction for specific performance or injunctive or other relief in order to enforce or prevent any
violation of the provisions of Section 6 or 7. Employee 

  
 5 

 
agrees that the existence of any claim or cause of action by Employee against the Company, whether predicated upon this Agreement or any other contract, shall not constitute a defense to the
enforcement by the Company of the provisions of Section 6 or 7. 
 9. Termination of Employment. 

(a) Termination by Employee or by the Company for Specified Reasons. Subject to subsection (c) hereof, if
Employee’s employment with the Company is terminated by Employee for any reason other than a termination contemplated by Section 9(c) hereof or by the Company because of Employee’s dishonesty, commission of a felony, willful violation
of his fiduciary duties or, materially violation of the terms of this Agreement after having written notice thereof and remains uncured for a period of forty-five (45) days after such notice: 

(i) The Company shall have the right (the “Buyback Right”) to purchase from Employee (or his estate) a number of
Employee Shares equal to 1,897,757.5 (subject to adjustment for stock splits, dividends, combinations and reclassifications) minus the product of (A) the number of complete one-month periods between the date hereof and the date Employee’s
employment with the Company is so terminated and (B) 79,073.3 (subject to adjustment for stock splits, dividends, combinations and reclassifications), at a purchase price per share of $0.30 (subject to adjustment for stock splits, dividends,
combinations and reclassifications); and 
 (ii) The Company shall pay Employee (or his estate) his Base Salary
(pursuant to Paragraph 4(a)) earned, pro rata, up to and including the date of any such termination. 
 (b)
Other Termination by the Company. If Employee’s employment with the Company is terminated by the Company for a reason other than those specified in Section 9(a): 

(i) The Employee Shares shall not be subject to the Buyback Right; and 

(ii) The Company shall pay Employee (A) his compensation (including any bonus awarded but not yet paid) (pursuant to
Paragraph 4(a)) earned up to and including the date of any such termination and (B) as severance, his Base Salary in effect at the time of such termination for six (6) months, payable periodically in the same amounts, at the same intervals
and subject to the same withholdings as Base Salary prior to the date of termination. 
 (c) Termination by
Reason of Death, Disability, Breach by the Company or a Material Transaction. Notwithstanding the provisions of subsection (a) or (b) hereof to the contrary, if (I) Employee’s employment with the Company is terminated by
reason of Employee’s death or Disability, (II) Employee’s employment with the Company is terminated by Employee because of a material breach of this Agreement by the Company 

  
 6 

 
that remains uncured for a period of forty-five (45) days after notice of such breach by Employee to the Company, (III) a Material Transaction occurs and Employee’s employment with the
Company is thereupon terminated (x) by Employee because he is not offered a position having duties, rights and responsibilities similar to those of Employee immediately prior to such Material Transaction or (y) by the Company in
contemplation of such Material Transaction or (IV) Employee terminates this Agreement due to relocation to a location other than a principal office of the Company: 

(i) The Employee Shares shall not be subject to the Buyback Right; and 

(ii) The Company shall pay Employee his Base Salary (pursuant to Paragraph 4(a)) earned up to and including the date of
any such termination (plus any bonus awarded but not yet paid) and, in the case of (II), (III) and (IV) above, severance pay as specified in Section 9(b)(ii). 
 10. Notice. All notices and other communications required or permitted under this Agreement shall be deemed to have been duly given and made if in writing and if served either by personal delivery
to the party for whom intended (which shall include delivery by Federal Express or similar service) or three (3) business days after being deposited, postage prepaid, certified or registered mail, return receipt requested, in the United States
mail bearing the address shown in this Agreement for, or such other address as may be designated in writing hereafter by, such party: 
  

			
	If to Employee:	  	At the address specified on the signature
		  	page hereto or such other address as
		  	appears on the Company’s records.
		
	If to the Company:	  	CKMP, Inc. 
		  	465 Main Street, 8th Floor
		  	Buffalo, NY 14203
		  	Attention: Chief Executive Officer

 11. Reformation; Severability. Whenever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is finally determined by a court of competent jurisdiction to be unenforceable or invalid under applicable law, such provision shall
be effective only to the extent of its enforceability or validity, without affecting the enforceability or validity of the remainder of this Agreement, and such court shall have jurisdiction to reform this Agreement to the maximum extent permitted
by law. In the event that any such provision of this Agreement cannot be reformed, such provision shall be deemed severed from this Agreement, but every other provision of this Agreement shall remain in full force and effect. 

12. Binding Effect; Waiver. The terms and provisions of this Agreement shall be binding on and inure to the benefit of Employee,
his heirs, executors, administrators, and other legal representatives and shall be binding on and inure to the benefit of the Company, its affiliates, successors or assigns. The failure of the Company at any time or from time to time to

  
 7 

 
require performance of any of Employee’s obligations under this Agreement shall in no manner affect the Company’s right to enforce any provision of this Agreement at a subsequent time,
and the waiver of any rights arising out of any breach shall not be construed as a waiver of any rights arising out of any subsequent or prior breach. 
 13. Entire Agreement. This Agreement constitutes the entire agreement and understanding between Employee and the Company with respect to the subject matter hereof, and supersedes all prior
agreements and understandings relating to the subject matter hereof. 
 14. Amendment. No amendment, modification, or
waiver of any provision of this Agreement, or consent to any departure by Employee therefrom, shall be effective unless the same shall be in writing and signed by the parties hereto. 

15. Assignment. This Agreement is for personal services to be performed by Employee and may not be assigned or transferred either
the Company or by Employee. 
 16. Counterparts. This Agreement may be executed in counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same instrument. 
 17. Headings. The various
headings of this Agreement are inserted for convenience only and shall not affect the meaning or interpretation of this Agreement or any provisions hereof. 
 18. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 

  
 8 

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

			
	THE COMPANY:
	
	CKMP, INC.
		
	By: 	 	/s/    Darren J. Ascore
		 	Name: Darren J. Ascore
		 	Title: VP

  

			
	EMPLOYEE:
	
	/s/    George Chamoun
	George Chamoun
	Address: 	 	 
		 	 
		 	 

  
 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00196-of-00352.parquet"}]]