Document:

Exhibit 10.1

 

 

Performance Bonus Plan

 

As amended by the Board of Directors on August 27, 2014

 

1.             Purposes of the Plan.  The Plan is intended to increase stockholder value and the success of the Company by motivating key executives to: (1) perform to the best of their abilities, and (2) achieve the Company’s objectives.  The Plan’s goals are to be achieved by providing such executives with incentive awards based on the achievement of goals relating to the performance of the Company or upon the achievement of objectively determinable individual performance goals.  The Plan is intended to permit the payment of bonuses that may qualify as performance-based compensation under Code section 162(m).

 

2.             Definitions.

 

(a)           “Award” means, with respect to each Participant, the award determined pursuant to Section 8(a) below for a Performance Period.  Each Award is determined by a Payout Formula for a Performance Period, subject to the Committee’s authority under Section 8(a) to eliminate or reduce the Award otherwise payable.

 

(b)           “Base Salary” means as to any Performance Period, the gross cash wages earned by the Participant during the Performance Period, inclusive of any vacation, sick, or Company provided direct pay during an approved leave of absence. Commissions, Special Performance Incentive Fund (“SPIF”) pay, severance pay, salary continuation, disability payments, workers compensation payments, and other monetary consideration as part of a separation agreement, release agreement, or other similar agreement, shall not be included in Base Salary. Excluded from Base Salary are equity compensation income or gains, spot or other bonus, or variable pay, expense reimbursements and other allowances (such as housing, education reimbursements, etc.), pay during an unapproved leave of absence, and any payments attributable to a period of time other than the Performance Period (other than on account of normal payroll practices), unless mandated by local and foreign jurisdictions.  Also excluded from Base Salary is any compensation paid to a Participant after his or her date of termination or after a Participant transfers to a position within the Company that is not eligible to participate in this Plan.

 

(c)           “Board” means the Board of Directors of the Company.

 

(d)           “Code” means the Internal Revenue Code of 1986, as amended.

 

(e)           “Committee” means the Compensation Committee of the Board.

 

(f)            “Company” means Accuray Incorporated or any of its subsidiaries (as such term is defined in Code Section 424(f)).

 

(g)           “Determination Date” means the latest possible date that will not jeopardize a Target Award or Award’s qualification as Performance-Based Compensation.

 

(h)           “Fiscal Quarter” means a fiscal quarter of the Company.

 

(i)            “Fiscal Year” means a fiscal year of the Company.

 

(j)            “Maximum Award” means as to any Participant for any Performance Period, three (3) million dollars.

 

 

(k)           “Participant” means an executive officer of the Company participating in the Plan for a Performance Period.

 

(l)            “Payout Formula” means as to any Performance Period, the formula or payout matrix established by the Committee pursuant to Section 7 in order to determine the Awards (if any) to be paid to Participants.  The formula or matrix may differ from Participant to Participant.

 

(m)          “Performance-Based Compensation” means compensation that is intended to qualify as “performance-based compensation” within the meaning of Section 162(m) of the Code.

 

(n)           “Performance Goals” means the goal(s) (or combined goal(s)) determined by the Committee (in its discretion) to be applicable to a Participant with respect to an Award.  As determined by the Committee, the performance measures for any performance period will be any one or more of the following objective performance criteria, applied to either the Company as a whole or, except with respect to stockholder return metrics, to a region, business unit, affiliate or business segment, and measured either on an absolute basis or relative to a pre-established target, to a previous period’s results or to a designated comparison group, and, with respect to financial metrics, which may be determined in accordance with United States Generally Accepted Accounting Principles (“GAAP”), in accordance with accounting principles established by the International Accounting Standards Board (“IASB Principles”) or which may be adjusted when established to exclude any items otherwise includable under GAAP or under IASB Principles: (i) cash flow (including operating cash flow or free cash flow), (ii) revenue (on an absolute basis or adjusted for currency effects), (iii) gross margin, (iv) operating expenses or operating expenses as a percentage of revenue, (v) earnings (which may include earnings before interest and taxes, earnings before taxes and net earnings), (vi) earnings per share, (vii) stock price, (viii) return on equity, (ix) total stockholder return, (x) growth in stockholder value relative to the moving average of the S&P 500 Index or another index, (xi) return on capital, (xii) return on assets or net assets, (xiii) return on investment, (xiv) economic value added, (xv) operating profit or net operating profit, (xvi) operating income, (xvii) operating margin, (xviii) market share, (xix) contract awards or backlog, (xx) overhead or other expense reduction, (xxi) credit rating, (xxii) objective customer indicators, (xxiii) new product invention or innovation, (xxiv) attainment of research and development milestones, (xxv) improvements in productivity, (xxvi) attainment of objective operating goals, (xxvii) contingent or non-contingent orders; and (xxviii) growth rates in any of the performance criteria listed in sections (i) through (xxvii) herein.

 

(o)           “Performance Period” means any Fiscal Quarter or Fiscal Year, or such other longer period, as determined by the Committee in its sole discretion.

 

(p)           “Plan” means this Performance Bonus Plan.

 

(q)           “Plan Year” means the Company’s fiscal year.

 

(r)            “Section 162(m)” means Section 162(m) of the Code, or any successor to Section 162(m), as that section may be interpreted from time to time by the Internal Revenue Service, whether by regulation, notice or otherwise.

 

(s)            “Target Award” means the target award payable under the Plan to a Participant for the Performance Period, expressed as a percentage of his or her Base Salary or a specific dollar amount, as determined by the Committee in accordance with Section 6.

 

3.             Plan Administration.

 

(a)           The Committee shall be responsible for the general administration and interpretation of the Plan and for carrying out its provisions.  Subject to the requirements for qualifying compensation as Performance-Based Compensation, the Committee may delegate specific administrative tasks to Company employees or others as appropriate for proper administration of the Plan.  Subject to the limitations on Committee discretion imposed under Section 162(m) of the Code, the Committee shall have such powers as may be necessary to discharge its duties hereunder, including, but not by way of limitation, the following powers and duties, but subject to the terms of the Plan:

 

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(i)            discretionary authority to construe and interpret the terms of the Plan, and to determine eligibility, Awards and the amount, manner and time of payment of any Awards hereunder;

 

(ii)           to prescribe forms and procedures for purposes of Plan participation and distribution of Awards; and

 

(iii)          to adopt rules, regulations and bylaws and to take such actions as it deems necessary or desirable for the proper administration of the Plan.

 

(b)           Any rule or decision by the Committee that is not inconsistent with the provisions of the Plan shall be conclusive and binding on all persons, and shall be given the maximum deference permitted by law.

 

4.             Eligibility.  The employees eligible to participate in the Plan for a given Performance Period shall be executive officers of the Company who are designated by the Committee in its sole discretion.  No person shall be automatically entitled to participate in the Plan.

 

5.             Performance Goal Determination.  The Committee, in its sole discretion, shall establish the Performance Goals for each Participant for the Performance Period.  Such Performance Goals shall be set forth in writing prior to the Determination Date.

 

6.             Target Award Determination.  The Committee, in its sole discretion, shall establish a Target Award for each Participant.  Each Participant’s Target Award shall be determined by the Committee in its sole discretion, and each Target Award shall be set forth in writing prior to the Determination Date.

 

7.             Determination of Payout Formula or Formulae.  On or prior to the Determination Date, the Committee, in its sole discretion, shall establish a Payout Formula or Formulae for purposes of determining the Award (if any) payable to each Participant.  Each Payout Formula shall (a) be set forth in writing prior to the Determination Date, (b) be based on a comparison of actual performance to the Performance Goals, (c) provide for the payment of a Participant’s Target Award if the Performance Goals for the Performance Period are achieved (subject to the Committee’s discretion as described herein), and (d) provide for an Award greater than or less than the Participant’s Target Award, depending upon the extent to which actual performance exceeds or falls below the Performance Goals.  Notwithstanding the preceding, in no event shall a Participant’s Award for any Performance Period exceed the Maximum Award.

 

8.             Determination of Awards; Award Payment.

 

(a)           Determination and Certification.  After the end of each Performance Period, the Committee shall certify in writing (which may be by approval of the minutes in which the certification was made) the extent to which the Performance Goals applicable to each Participant for the Performance Period were achieved or exceeded.  The Award for each Participant shall be determined by applying the Payout Formula to the level of actual performance that has been certified by the Committee.  Notwithstanding any contrary provision of the Plan, the Committee, in its sole discretion, may eliminate or reduce the Award payable to any Participant below that which otherwise would be payable under the Payout Formula, but shall not have the right to increase the Award above that which would otherwise be payable under the Payout Formula.

 

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(b)           Right to Receive Payment.  Each Award under the Plan shall be paid solely from the general assets of the Company.  Nothing in this Plan shall be construed to create a trust or to establish or evidence any Participant’s claim of any right to payment of an Award other than as an unsecured general creditor with respect to any payment to which a Participant may be entitled.  A Participant needs to be employed by the Company through the payment date in order to be eligible to receive an Award payout hereunder.

 

(c)           Form of Distributions.  The Company shall distribute all Awards to the Participant in cash.

 

(d)           Timing of Distributions.  Subject to Section 8(e) below, the Company shall distribute amounts payable to Participants as soon as is practicable following the determination and written certification of the Award for a Performance Period.

 

(e)           Deferral.  The Committee may defer payment of Awards, or any portion thereof, to Covered Employees as the Committee, in its discretion, determines to be necessary or desirable to preserve the deductibility of such amounts under Section 162(m) of the Code, but only in compliance with Section 409A of the Code.  In addition, the Committee, in its sole discretion, may permit a Participant to defer receipt of the payment of cash that would otherwise be delivered to a Participant under the Plan.  Any such deferral elections shall be subject to such rules and procedures as shall be determined by the Committee, in its sole discretion, and in compliance with Section 409A of the Code.

 

(f)            Recoupment.

 

(i)    Recoupment in the Event of a Restatement of Financial Results.  Notwithstanding anything to the contrary set forth in the Plan or any Award, in the event of a restatement of incorrect financial results, the Board will review the conduct of executive officers in relation to the restatement.  If the Board determines that an executive officer has engaged in misconduct, or otherwise violated the Company’s Code of Conduct and Ethics for Employees, Agents and Contractors, and that such misconduct or violation contributed to such restatement, then the Board may, in its discretion, take appropriate action to remedy the misconduct or violation, including, without limitation, seeking reimbursement of any portion of any performance-based or incentive compensation paid or awarded to the employee that is greater than would have been paid or awarded if calculated based on the restated financial results, to the extent not prohibited by governing law. For this purpose, the term “executive officer” means executive officers as defined by the Securities Exchange Act of 1934, as amended. Any such action by the Board would be in addition to any other actions the Board of the Company may take under the Company’s policies, as modified from time to time, or any actions imposed by law enforcement, regulators or other authorities.  If the Board takes any such action, Participants shall be required to reimburse the Company such amounts as directed by the Board, in its sole discretion.

 

(ii)   Recoupment in the Event of a Material Reduction in Publicly Disclosed Backlog.  Notwithstanding anything to the contrary set forth in the Plan or any Award, effective July 1, 2011, in the event the Company is required to make a Material Reduction of its publicly-disclosed backlog figures, the Board will review the conduct of executive officers in relation to the determination and publication of backlog figures and their subsequent Material Reduction.  If the Board determines that an executive officer has engaged in knowing or reckless misconduct, or otherwise violated the Company’s Code of Conduct and Ethics for Employees, Agents, and Contractors, and that such misconduct or violation led to the improper inclusion of a proposed system sale in publicly-disclosed backlog, then the Board shall, in its discretion, take appropriate action to remedy the misconduct or violation, including, without limitation, seeking reimbursement of any portion of any performance-based or incentive compensation paid or awarded to the executive officer that is greater than would have been paid or awarded if calculated based on the Materially Reduced backlog figures, to the extent not prohibited by governing law.  For this purpose, the term 

 

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“executive officer” means executive officers as defined by the Securities Exchange Act of 1934, as amended.  “Material Reduction” shall mean a Reduction of at least 15% of the total backlog publicly reported by the Company in the preceding quarter.  As used herein, “Reduction” is intended to relate to system sales which are included in publicly-disclosed backlog but are then removed due to the cancellation of the transaction. Removals from backlog due to the fact that a system sale shipped and was recognized as revenue or where a system is removed from backlog due to it being in backlog longer than the time provided for by the Company’s backlog criteria shall not count as a “Reduction.” Any action taken by the Board pursuant to this provision would be in addition to any other actions the Board may take under the Company’s policies, as modified from time to time, or any actions imposed by law enforcement, regulators or other authorities.  If the Board takes any such action, Participants shall be required to reimburse the Company such amounts as directed by the Board, in its sole discretion.

 

9.             Term of Plan.  Subject to its approval at the 2009 annual meeting of the Company’s stockholders, the Plan shall first apply to the 2011 Plan Year.  Once approved by the Company’s stockholders, the Plan shall continue until terminated under Section 10 of the Plan.

 

10.            Amendment and Termination of the Plan.  The Committee may amend, modify, suspend or terminate the Plan, in whole or in part, at any time, including the adoption of amendments deemed necessary or desirable to correct any defect or to supply omitted data or to reconcile any inconsistency in the Plan or in any Award granted hereunder; provided, however, that no amendment, alteration, suspension or discontinuation shall be made which would (i) impair any payments to Participants made prior to such amendment, modification, suspension or termination, unless the Committee has made a determination that such amendment or modification is in the best interests of all persons to whom Awards have theretofore been granted; provided further, however, that in no event may such an amendment or modification result in an increase in the amount of compensation payable pursuant to such Award or (ii) cause compensation that is, or may become, payable hereunder to fail to qualify as Performance-Based Compensation.  To the extent necessary or advisable under applicable law, including Section 162(m) of the Code, Plan amendments shall be subject to stockholder approval.  At no time before the actual distribution of funds to Participants under the Plan shall any Participant accrue any vested interest or right whatsoever under the Plan except as otherwise stated in this Plan.

 

11.            Withholding.  Distributions pursuant to this Plan shall be subject to all applicable federal and state tax and withholding requirements.

 

12.            At-Will Employment.  No statement in this Plan should be construed to grant any employee an employment contract of fixed duration or any other contractual rights, nor should this Plan be interpreted as creating an implied or an expressed contract of employment or any other contractual rights between the Company and its employees.  The employment relationship between the Company and its employees is terminable at-will.  This means that an employee of the Company may terminate the employment relationship at any time and for any reason or no reason.

 

13.            Successors.  All obligations of the Company under the Plan, with respect to awards granted hereunder, shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business or assets of the Company.

 

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14.            Indemnification.  Each person who is or shall have been a member of the Committee, or of the Board, shall be indemnified and held harmless by the Company against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award, and (b) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf.  The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, in each case, as amended from time to time, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless.

 

15.            Non-assignment.  The rights of a Participant under this Plan shall not be assignable or transferable by the Participant except by will or the laws of intestacy.

 

16.            Governing Law.  The Plan shall be governed by the laws of the State of California, without regard to conflicts of law provisions thereunder.

 

I hereby certify that the foregoing Plan was duly adopted by the Board of Directors of Accuray Incorporated on September 24, 2009.

 

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I hereby certify that the foregoing Plan was approved by the stockholders of Accuray Incorporated on November 20, 2009.

 

*  *  *  *  *

 

I hereby certify that Board of Directors of Accuray Incorporated amended the foregoing Plan to include Section 8(f) and such amendment was approved on August 24, 2010.

 

*  *  *  *  *

 

I hereby certify that Board of Directors of Accuray Incorporated amended the foregoing Plan to add Section 8(f)(ii) and such amendment was approved on June 23, 2011.

 

*  *  *  *  *

 

I hereby certify that Board of Directors of Accuray Incorporated amended the foregoing Plan to add, “subject to the Committee’s discretion as described herein” to Section 7 and such amendment was approved on November 18, 2011.

 

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*  *  *  *  *

 

I hereby certify that Board of Directors of Accuray Incorporated amended the foregoing Plan to revise the definition of “Base Salary” and correct minor errors and such amendment was approved on August 27, 2014.

 

 

	
 
    	
/s/   Alaleh Nouri
    
	
 
    	
Alaleh   Nouri, Corporate Secretary
    

 

7EXHIBIT 10.1

 

SEVERANCE AGREEMENT

 

SEVERANCE AGREEMENT (this “Agreement”),
dated as of November 5, 2014, by and between TheStreet, Inc., a Delaware corporation (the “Company” or “TheStreet”),
and Erwin Eichmann (“Mr. Eichmann” and together with the Company, each a “Party” and collectively
the “Parties”).

 

WHEREAS, the Company desires that Mr. Eichmann
enter into this Agreement, and Mr. Eichmann desires to enter into this Agreement, on the terms and conditions set forth herein;

 

WHEREAS, the Company granted Mr. Eichmann
275,000 stock options and 25,000 restricted stock units (“RSU”) pursuant to one RSU and two stock option agreement(s),
dated 2/1/2013; 8/17/2012 and 9/13/2013, respectively. (collectively, the “Equity Agreements”);

 

WHEREAS, Mr. Eichmann agreed to be bound
by certain restrictive covenants in the Equity Agreements; and

 

NOW THEREFORE, the parties hereto agree
as follows:

 

Section 1. Severance Benefits.

 

(a)               
General Severance. In the event that the Company (or Successor (as defined below), if applicable) terminates Mr. Eichmann’s
employment with the Company (or Successor, if applicable) without Cause (as defined in the Equity Agreements), then Mr. Eichmann
shall be entitled to the following severance benefits:

 

(A) pay Mr. Eichmann an amount equal to the greater
of (i) six (6) months or (ii) four (4) weeks per year of service of his base salary (at the annual rate in effect immediately prior
to termination, but in no event less than Mr. Eichmann’s original annual salary of $220,000); and

 

(B) If Mr. Eichmann elects continuation coverage pursuant
to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”) for himself and his eligible dependents,
within the time period prescribed pursuant to COBRA, the Company will reimburse Mr. Eichmann for (or pay directly) the COBRA premiums
for such coverage (at the coverage levels in effect immediately prior to Mr. Eichmann’s termination) until the earlier of
(x) a period of twelve (12) months from the last date of employment with the Company, or (y) the date upon which he and/or his
eligible dependents becomes covered under similar plans. COBRA reimbursements will be made by the Company to Mr. Eichmann consistent
with the Company’s normal expense reimbursement policy and will be taxable to the extent required to avoid adverse consequences
to Executive or the Company under either Code Section 105(h) or the Patient Protection and Affordable Care Act of 2010.; and

For purposes of this Agreement, “Successor”
shall mean any person or entity that acquires all or substantially all of the Company’s assets or into which the Company
is merged or combined with the Company ceasing to exist (or the successor to any such entity, whether by merger, assignment or
otherwise).

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(b)              
Payment of Benefits. Subject to Section 15, if Mr. Eichmann becomes entitled to a payment under Section 1(a)(A)(i), the
Company (or Successor, if applicable) shall pay Mr. Eichmann the applicable amount in accordance with the Company’s then
current payroll schedule, less applicable taxes, commencing the pay period immediately following Mr. Eichmann’s date of termination.

 

Section 2. Parachute Payment Limitation.

 

Anything in this Agreement or the Equity
Agreements to the contrary notwithstanding, in the event that:

 

(a)the aggregate payments
or benefits to be made or distributed by the Company or its affiliates to or for the benefit of Mr. Eichmann (whether paid or payable
or distributed or distributable pursuant to the terms of this Agreement or otherwise) which are deemed to be parachute payments
as defined in Internal Revenue Code (“Code”) Section 280G or any successor thereto (the “Change of
Control Benefits”) would be deemed to include an “excess parachute payment” under Code Section 280G; and

 

(b)if such Change of Control Benefits
were reduced to an amount (the “Non-Triggering Amount”), the value of which is one dollar ($1.00) less than
an amount equal to three (3) times Mr. Eichmann’s “base amount,” as determined in accordance with Code Section
280G and the Non-Triggering Amount less the product of the marginal rate of any applicable state and federal income tax times the
Non-Triggering Amount would be greater than the aggregate value of the Change of Control Benefits (without such reduction) minus
(x) the amount of tax required to be paid by Mr. Eichmann thereon by Code Section 4999 and further minus (y) the product of the
Change of Control Benefits times the marginal rate of any applicable state and federal income tax, then the Change of Control Benefits
shall be reduced to the Non-Triggering Amount. Any reduction made pursuant to this Section 2(b) shall be made in accordance with
the following order of priority: (i) stock options whose exercise price exceeds the fair market value of the optioned stock (“Underwater
Options”), (ii) Full Credit Payments (as defined below) that are payable in cash, (iii) non-cash Full Credit Payments that
are taxable, (iv) non-cash Full Credit Payments that are not taxable, (v) Partial Credit Payments (as defined below) and (vi) non-cash
employee welfare benefits. In each case, reductions shall be made in reverse chronological order such that the payment or benefit
owed on the latest date following the occurrence of the event triggering the excise tax will be the first payment or benefit to
be reduced (with reductions made pro-rata in the event payments or benefits are owed at the same time). “Full Credit Payment”
means a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this
Agreement or otherwise, that if reduced in value by one dollar reduces the amount of the parachute payment (as defined in Code
Section 280G) by one dollar, determined as if such payment, distribution or benefit had been paid or distributed on the date of
the event triggering the excise tax. “Partial Credit Payment” means any payment, distribution or benefit that is not
a Full Credit Payment. In no event shall Mr. Eichmann have any discretion with respect to the ordering of payment reductions.

 

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Section 3. Certain Covenants.

 

In partial consideration for the right to
receive the benefits described in Section 1, Mr. Eichmann agrees as follows. For avoidance of doubt, the covenants set forth below
are independent of the covenants set forth in the Equity Agreements and any covenants that may be set forth in any subsequent written
agreements between the Parties:

 

(a)Non-competition. During her/his
employment by the Company or any subsidiary and through the end of one (1) year after the cessation of her/his employment with
the Company or any subsidiary, Mr. Eichmann will not engage in a Competitive Activity (as defined below) with the Company or any
of its subsidiaries. As used herein, “Competitive Activity” means Mr. Eichmann’s service as a director,
officer, employee, principal, agent, stockholder, member, owner or partner of, or Mr. Eichmann permitting her/his name to be used
in connection with the activities of, any other business or organization anywhere in the United States, or in any other geographic
area in which the Company or any of its subsidiaries operates or with respect to which the Company provides financial news and
commentary coverage (or from which such other business or organization provides financial news and commentary coverage of the United
States), which engages in a business that competes with any business in which the Company or any subsidiary is engaged (a “Competing
Business.) Notwithstanding the foregoing, Mr. Eichmann may work in a non-competitive business of a company which is carrying
on a Competing Business.

 

(b)Non-solicitation of Employees.
During her/his employment by the Company or any subsidiary and through the end of one (1) year after the cessation of her/his employment
with the Company or any subsidiary, Mr. Eichmann will not solicit for employment or hire, in any business enterprise or activity,
any employee of the Company or any subsidiary who was employed by the Company or a subsidiary during Mr. Eichmann’s period
of employment by the Company or a subsidiary; provided that (a) the foregoing shall not be violated by any general advertising
not targeted at any Company or subsidiary employees nor by Mr. Eichmann serving as a reference upon request, and (b) Mr. Eichmann
may solicit and hire any one or more former employees of the Company or its subsidiaries who had ceased being such an employee
for a period of at least six (6) months prior to any such solicitation or hiring.

 

(c)Non-solicitation of Clients and
Vendors. During her/his employment by the Company or any subsidiary and through the end of one (1) year after the cessation
of her/his employment with the Company or any subsidiary, Mr. Eichmann will not solicit, in any business enterprise or activity,
any client, customer, licensee, licensor, third-party service provider or vendor (a “Business Relation”) of
the Company or any subsidiary who was a Business Relation of the Company or any subsidiary during Mr. Eichmann’s period of
employment by the Company or any subsidiary to (i) cease being a Business Relation of the Company or any subsidiary or (ii) become
a Business Relation of a Competing Business unless (without you having solicited such third party to cease such relationship) such
third party ceased being a Business Relation of the Company or any subsidiary for a period of at least six (6) months prior to
such solicitation. 

 

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(d)The parties acknowledge that the
restrictions contained in this Section 3 are a reasonable and necessary protection of the immediate interests of the Company, and
any violation of these restrictions could cause substantial injury to the Company and that the Company would not have entered into
this Agreement, without receiving the additional consideration offered by Mr. Eichmann in binding her/himself to these restrictions.
In the event of a breach or threatened breach by Mr. Eichmann of any of these restrictions, the Company shall be entitled to apply
to any court of competent jurisdiction for an injunction restraining Mr. Eichmann from such breach or threatened breach; provided,
however, that the right to apply for an injunction shall not be construed as prohibiting the Company from pursuing any other available
remedies for such breach or threatened breach.

 

Section 4. Notices.

 

Unless otherwise provided herein, any notice,
exercise of rights or other communication required or permitted to be given hereunder shall be in writing and shall be given by
overnight delivery service such as Federal Express or personal delivery against receipt, or mailed by registered or certified mail
(return receipt requested), to the party to whom it is given at, in the case of the Company, General Counsel/Compensation Committee
Chair, TheStreet, Inc., 14 Wall Street, 15th Floor, New York, NY 10005, or, in the case of Mr. Eichmann, at her/his
principal residence address as then reflected on the records of the Company or such other address as such party may hereafter specify
by notice to the other party hereto. Any notice or other communication shall be deemed to have been given as of the date so personally
delivered or transmitted by telecopy or like transmission or on the next business day after sent by overnight delivery service
for next business day delivery or on the fifth business day after sent by registered or certified mail.

 

Section 5. Representations.

 

The Company hereby represents and warrants
that the execution and delivery of this Agreement and the performance by the Company of its obligations hereunder have been duly
authorized by all necessary corporate action of the Company.

 

Section 6. Amendment.

 

This Agreement may be amended only by a
written agreement signed by the parties hereto.

 

Section 7. Binding Effect.

 

The rights and duties under this Agreement
are not assignable by Mr. Eichmann other than as a result of her/his death. None of Mr. Eichmann’s rights under this Agreement
shall be subject to any encumbrances or the claims of Mr. Eichmann’s creditors. This Agreement shall be binding upon and
inure to the benefit of the Company and any successor organization which shall succeed to the Company by merger or consolidation
or operation of law, or by acquisition of all or substantially all of the assets of the Company.

 

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Section 8. Governing Law.

 

This Agreement shall be governed by and
construed in accordance with the internal laws of the State of New York applicable to contracts to be performed wholly within the
state and without regard to its conflict of laws provisions that would defer to the laws of another jurisdiction.

 

Section 9. Severability.

 

If any provision of this Agreement shall
for any reason be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
hereof shall not be affected or impaired thereby. Moreover, if any one or more of the provisions of this Agreement shall be held
to be excessively broad as to duration, activity or subject, such provisions shall be construed by limiting and reducing them so
as to be enforceable to the maximum extent allowable by applicable law. To the extent permitted by applicable law, each party hereto
waives any provision of law that renders any provision of this Agreement invalid, illegal or unenforceable in any way.

 

Section 10. Execution in Counterparts.

 

This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original and all of which shall constitute one and the same instrument.

 

Section 11. Entire Agreement.

 

This Agreement, together with the Equity
Agreements, sets forth the entire agreement, and supersedes all prior agreements and understandings, both written and oral, between
the parties with respect to the subject matter hereof and thereof.

 

Section 12. Titles and Headings.

 

Titles and headings to Sections herein are
for purposes of reference only, and shall in no way limit, define or otherwise affect the meaning or interpretation of any of the
provisions of this Agreement.

 

Section 13. Consent to Jurisdiction.

 

The parties hereto each hereby irrevocably
submit to the exclusive jurisdiction of any New York State or Federal court sitting in the Borough of Manhattan, City of New York
in any action or proceeding to enforce the provisions of this Agreement, and waives the defense of inconvenient forum to the maintenance
of any such action or proceeding.

 

 

 

    	5

    	 

    

 

Section 14. No Duty to Mitigate.

 

Mr. Eichmann shall have no duty to mitigate
or have any off-set made against amounts payable by the Company to Mr. Eichmann hereunder.

 

Section 15. Release.

 

As a condition to the obligation of the
Company to make the payments provided for in this Agreement and otherwise perform its obligations hereunder to Mr. Eichmann upon
termination of Mr. Eichmann’s employment (other than due to her death), Mr. Eichmann or her legal representatives shall deliver
to the Company a written release, substantially in the form attached hereto as Exhibit A (the “Release”), which must
become effective no later than the sixtieth (60th) day following Mr. Eichmann’s termination of employment (the “Release
Deadline”), and if not, Mr. Eichmann will forfeit any right to severance payments or benefits under this Agreement. To become
effective, the Release must be executed by Mr. Eichmann and any revocation periods (as required by statute, regulation, or otherwise)
must have expired without Mr. Eichmann having revoked the Release. In addition, in no event will severance payments or benefits
be paid or provided until the Release actually becomes effective. If the termination of employment occurs at a time during the
calendar year where the Release Deadline could occur in the calendar year following the calendar year in which Mr. Eichmann’s
termination of employment occurs, then any severance payments or benefits under this Agreement that would be considered deferred
compensation not exempt under Section 409A (as defined below) will be paid on the first payroll date to occur during the calendar
year following the calendar year in which such termination occurs, or such later time as required by (i) the date the Release becomes
effective, or (iii) Section 16, provided that the first payment shall include all amounts that would have been paid to Mr. Eichmann
if payment had commenced on the date of Mr. Eichmann’s termination of employment.

 

 

Section 16. Section 409A.

 

(a) Notwithstanding anything to the contrary
in this Agreement, no severance pay or benefits to be paid or provided to Mr. Eichmann, if any, pursuant to this Agreement that,
when considered together with any other severance payments or separation benefits, are considered deferred compensation not exempt
under Section 409A (together, the “Deferred Payments”) will be paid or otherwise provided until Mr. Eichmann has a
“separation from service” within the meaning of Section 409A. Similarly, no severance payable to Mr. Eichmann, if any,
pursuant to this Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9)
will be payable until Mr. Eichmann has a “separation from service” within the meaning of Section 409A. For purposes
of this Agreement, “Section 409A” means Section 409A of the Internal Revenue Code of 1986, as amended or any regulations
or Treasury guidance promulgated thereunder (“Section 409A”).

 

(b) Notwithstanding any provision of this
Agreement to the contrary, if Mr. Eichmann is a “specified employee” as determined by the Board or the Compensation
Committee of the Board in accordance with Section 409A, Mr. Eichmann shall not be entitled to any Deferred Payments until the earlier
of (i) the date which is six (6) months and one (1) day after her/his termination of employment for any reason other than death
(except that during such six (6) month period Mr. Eichmann may receive total payments from the Company that do not exceed the amount
specified in Treas. Reg. Section 1.409A-1(b)(9) or that constitute a short-term deferral within the meaning of Section 409A), or
(ii) the date of her death.

 

    	6

    	 

    

 

 

(c) The foregoing provisions are intended
to be exempt from or comply with the requirements of Section 409A so that none of the severance payments and benefits to be provided
hereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will
be interpreted to be exempt or so comply. If any provision of this Agreement or of any award of compensation, including equity
compensation or benefits would cause Mr. Eichmann to incur any additional tax or interest under Section 409A, the parties agree
to negotiate in good faith to reform such provision in such manner as to maintain, to the maximum extent practicable, the original
intent and economic terms of the applicable provision without violating the provisions of Section 409A.

 

(d) To the extent that reimbursements or
in-kind benefits under this Agreement constitute non-exempt “nonqualified deferred compensation” for purposes of Section
409A, (1) all reimbursements hereunder shall be made on or prior to the last day of the calendar year following the calendar
year in which the expense was incurred by Mr. Eichmann, (2) any right to reimbursement or in-kind benefits shall not be subject
to liquidation or exchange for another benefit, and (3) the amount of expenses eligible for reimbursement or in-kind benefits provided
in any calendar year shall not in any way affect the expenses eligible for reimbursement or in-kind benefits to be provided, in
any other calendar year.

 

[The remainder of
this page is intentionally left blank]

 

    	7

    	 

    

 

 

(e) Notwithstanding any provision of this
Agreement to the contrary, to the extent any compensation or award which constitutes deferred compensation within the meaning of
Section 409A shall vest upon the occurrence of a Change of Control and such Change of Control does not constitute a “change
in the ownership or effective control” or a “change in the ownership of a substantial portion of the assets”
of the Corporation within the meaning of Section 409A, then notwithstanding such vesting, payment will be made to Mr. Eichmann
on the earliest of (i) Mr. Eichmann’s “separation from service” with the Company (determined in accordance
with Section 409A) or, if Mr. Eichmann is a specified employee within the meaning of Section 409A, such later date as provided
in paragraph (b) of this Section 16, (ii) the date payment otherwise would have been made, or (iii) Mr. Eichmann’s
death.

 

 

 

    IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of November 5, 2014.

 

 

	/s/Erwin Eichmann________________	 
	Erwin Eichmann	 
	 	 
	 	 
	THESTREET, INC. 	 
	 	 
	By: /s/Elisabeth DeMarse	 
	Name: Elisabeth DeMarse	 
	Title: Chair and Chief Executive Officer

 

 

 

    	8

    	 

    

 

EXHIBIT A

 

Form of Release

 

This Release (this “Release”) is entered
into by __________ (“________”) and TheStreet, Inc., a Delaware corporation (the “Company”), effective
as of [DATE] (the “Effective Date”).

 

In consideration of the promises set forth in the Severance
Agreement between ________ and the Company, dated as of _______, 2014 (the “Agreement”), ________ and the Company
agree as follows:

 

1. General Releases and Waivers
of Claims.

 

(a)  ________’s Release
of Company. In consideration of the payments and benefits provided to ________ under the Agreement and after consultation with
counsel, ________ on behalf of him/herself and each of her/his respective heirs, executors, administrators, representatives, agents,
successors and assigns (collectively, the “________ Parties”) hereby irrevocably and unconditionally release
and forever discharge the Company and its current and former subsidiaries and affiliates and each of their respective current and
former officers, employees, directors, shareholders and agents (“Company Parties”) from any and all claims,
actions, causes of action, rights, judgments, fees and costs (including attorneys’ fees), obligations, damages, demands,
accountings or liabilities of whatever kind or character (collectively, “Claims”), including, without limitation,
any Claims based upon contract, tort, or under any federal, state, local or foreign law, that the ________ Parties may have, or
in the future may possess, arising out of any aspect of ________’s employment relationship with and service as an employee,
officer, director or agent of the Company, or the termination of such relationship or service, that occurred, existed or arose
on or prior to the date hereof; provided, however, that ________ does not release, discharge or waive (i) any rights to payments
and benefits provided under the Agreement, (ii) any right ________ may have to enforce this Release or the Agreement, (iii) ________’s
eligibility for indemnification in accordance with the Company’s certificate of incorporation, bylaws or other corporate
governance document, any applicable insurance policy or any contract or provision to which ________ is a party or as to which ________
otherwise is entitled to indemnification benefits, with respect to any liability she incurred or might incur as an employee, officer
or director of the Company, (iv) any claims for accrued, vested benefits under any employee benefit or pension plan of the Company
Parties subject to the terms and conditions of such plan and applicable law including, without limitation, any such claims under
COBRA or the Employee Retirement Income Security Act of 1974, or (v) any rights under or in respect of the Agreement for Grant
of Non-Qualified Stock Options between ________ and the Company, dated as of _____ 2014 (the “Non-Qualified Option Agreement”),
the Agreement for Grant of Incentive Stock Option Pursuant to 2007 Performance Incentive Plan between ________ and the Company,
dated as of _____ 2014 (the “Incentive Option Agreement” and together with the Non-Qualified Option Agreement, the
“Equity Agreements”) or any written agreements that may be executed by the parties after the date of the Equity Agreements
(collectively, the “Applicable Agreements”).

    	9

    	 

    

 

 

(b) Executive’s Specific Release
of ADEA Claims. In further consideration of the payments and benefits provided to ________ under the Agreement, ________ on
behalf of him/herself and the other ________ Parties hereby unconditionally release and forever discharge the Company Parties from
any and all Claims that the ________ Parties may have as of the date ________ signs this Release arising under the Federal Age
Discrimination in Employment Act of 1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”).
By signing this Release, ________ hereby acknowledges and confirms the following: (i) ________ was advised by the Company
in connection with his/her termination to consult with an attorney of his/her choice prior to signing this Release and to have
such attorney explain to him/her the terms of this Release, including, without limitation, the terms relating to his/her release
of claims arising under ADEA, and ________ has in fact consulted with an attorney; (ii) ________ was given a period of not
fewer than twenty-one (21) days to consider the terms of this Release and to consult with an attorney of his/her choosing with
respect thereto; and (iii) ________ knowingly and voluntarily accepts the terms of this Release. ________ also understands
that s/he has seven (7) days following the date on which s/he signs this Release within which to revoke the release contained
in this paragraph, by providing the Company a written notice of his/her revocation of the release and waiver contained in this
paragraph.

 

(c)  Company’s Release
of Executive. The Company for itself and on behalf of the Company Parties hereby irrevocably and unconditionally release and
forever discharge the ________ Parties from any and all Claims, including, without limitation, any Claims based upon contract,
tort, or under any federal, state, local or foreign law, that the Company Parties may have, or in the future may possess, arising
out of any aspect of ________’s employment relationship with and service as an employee, officer, director or agent of the
Company, or the termination of such relationship or service, that occurred, existed or arose on or prior to the date hereof, excepting
(i) any Claim which would constitute or result from conduct by ________ that constituted the basis for termination for Cause under
the Agreement or could be a crime of any kind, or (ii) rights arising under or in respect of the Equity Agreements. Anything to
the contrary notwithstanding in this Release, nothing herein shall release ________ or any other ________ Party from any Claims
based on any right the Company may have to enforce this Release or the Agreement or any of the Applicable Agreements.

 

(d)  No Assignment. The parties
represent and warrant that they have not assigned any of the Claims being released under this Release.

 

2. Proceedings. Neither ________
nor the Company have filed any complaint, charge, claim or proceeding against the other party before any local, state or federal
agency, court or other body relating to ________’s employment or the termination thereof (each, individually, a “Proceeding”).

 

    	10

    	 

    

 

 

3. Remedies.

 

(a)  In the event ________ initiates
or voluntarily participates in any Proceeding involving any of the matters waived or released in this Release, or if she fails
to abide by any of the terms of this Release, or if s/he revokes the ADEA release contained in Paragraph 1(b) of this Release
within the seven (7)-day period provided under Paragraph 1(b), the Company may, in addition to any other remedies it may have,
reclaim any amounts paid to him/her, and terminate any benefits or payments that are due pursuant to the termination provisions
of the Agreement, without waiving the release granted herein. In addition, in the event that ________ has failed to comply with
Section 3 of the Agreement or with Sections 11 and/or 12 of either or both of the equity Agreements (other than as a result of
an unintentional and immaterial disclosure of confidential information), the Company may, in addition to any other remedies it
may have, to the extent permitted in the Agreement and the Equity Agreements reclaim any amounts paid to her pursuant to the Agreement
or the Equity Agreements, without waiving the release granted herein. ________ acknowledges and agrees that the remedy at law available
to the Company for breach of any of his/her post-termination obligations under the Agreement or any of the Applicable Agreements
or his/her obligations hereunder or thereunder would be inadequate and that damages flowing from such a breach may not readily
be susceptible to being measured in monetary terms. Accordingly, ________ acknowledges, consents and agrees that, in addition to
any other rights or remedies that the Company may have at law or in equity, the Company shall be entitled to seek a temporary restraining
order or a preliminary or permanent injunction, or both, without bond or other security, restraining ________ from breaching his/her
post-termination obligations under the Agreement or any of the Applicable Agreements or her obligations hereunder or thereunder.
Such injunctive relief in any court shall be available to the Company, in lieu of, or prior to or pending determination in, any
arbitration proceeding.

 

(b)  ________ understands that by
entering into this Release s/he will be limiting the availability of certain remedies that s/he may have against the Company and
limiting also his/her ability to pursue certain claims against the Company.

 

(c)  The Company acknowledges and
agrees that the remedy at law available to ________ for breach of any of its post-termination obligations under the Agreement or
any of the Applicable Agreements or its obligations hereunder or thereunder would be inadequate and that damages flowing from such
a breach may not readily be susceptible to being measured in monetary terms. Accordingly, the Company acknowledges, consents and
agrees that, in addition to any other rights or remedies that ________ may have at law or in equity, ________ shall be entitled
to seek a temporary restraining order or a preliminary or permanent injunction, or both, without bond or other security, restraining
the Company from breaching its post-termination obligations under the Agreement or any of the Applicable Agreements or its obligations
hereunder or thereunder. Such injunctive relief in any court shall be available to ________, in lieu of, or prior to or pending
determination in, any arbitration proceeding.

 

(d)  The Company understands that
by entering into this Release it will be limiting the availability of certain remedies that it may have against ________ and limiting
also its ability to pursue certain claims against ________.

 

4. Severability Clause. In the
event any provision or part of this Release is found to be invalid or unenforceable, only that particular provision or part so
found, and not the entire Release, will be inoperative.

 

5. Nonadmission. Nothing contained
in this Release will be deemed or construed as an admission of wrongdoing or liability on the part of the Company or ________.

 

    	11

    	 

    

 

 

6. Governing Law. All matters
affecting this Release, including the validity thereof, are to be governed by, and interpreted and construed in accordance with,
the laws of the New York applicable to contracts executed in and to be performed in that State.

 

7. Notices. All notices or communications
hereunder shall be made in accordance with Section 4 of the Agreement.

 

________ ACKNOWLEDGES THAT S/HE HAS READ
THIS RELEASE AND THAT SHE FULLY KNOWS, UNDERSTANDS AND APPRECIATES ITS CONTENTS, AND THAT SHE HEREBY EXECUTES THE SAME AND MAKES
THIS RELEASE AND THE RELEASE AND AGREEMENTS PROVIDED FOR HEREIN VOLUNTARILY AND OF HER OWN FREE WILL.

 

IN WITNESS WHEREOF, the parties have executed
this Release as of _______________.

 

 

 

 

	 
	____________
	 	 
	
         

        THESTREET, INC.

	 	 
	By:	 
	Name:	 
	Title:	 

 

 

    	12

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