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Exhibit 10.1

January 15, 2021

        
Christine Chambers
Via e-mail

Dear Christine,

I am extremely pleased to offer you employment at RealNetworks, Inc. (“Real”, “RealNetworks”, the “Company” or “us”) as Senior Vice President, Chief Financial Officer and Treasurer, reporting directly to Mike Ensing, President & COO.  Your start date as a Senior Vice President at Real will be February 22, 2021.  You will officially become the Chief Financial Officer and Treasurer of RealNetworks on a date to be determined between your start date and March 15, 2021.

This offer is for a full-time, exempt, regular position with RealNetworks at our headquarters location in Seattle, Washington.  Your responsibilities will be as directed by RealNetworks commensurate with your title.  You will be paid a salary, which is equivalent on an annualized basis to $330,000 (subject to normal withholdings), payable semi-monthly in accordance with our normal payroll procedures.  You are eligible to participate in the Executive MBO Plan with an annual target bonus equivalent to 75% of your base salary, or $247,500, for an annual target total cash compensation of $577,500.  Specific targets will be established by the Compensation Committee of our Board of Directors annually.  For the 2021 plan year, your eligibility in the Executive MBO Plan will be pro-rated based on full months’ eligibility.   Eligible employees hired after the first of the month will not begin pro-ration of their target bonus until the first day of the next month.  Your first year bonus payout will include a guaranteed minimum payout of $126,000.

You will be eligible to receive equity awards subject to the terms of the RealNetworks 2005 Stock Incentive Plan (the “Plan”).  Subject to and effective upon the commencement of your employment and the approval of the Compensation Committee, you will receive a grant of stock options for the purchase of 250,000 shares of RealNetworks common stock. These options will begin vesting on the first day of your employment and will be subject to all other provisions contained in the Plan and your stock option award agreement. These stock options will fully vest after four years of continuous employment in accordance with Real’s standard vesting practices for new employees (i.e. vesting of 25% after the first 12 months of employment and vesting of 12.5% at the expiration of each successive six months of employment). Your stock options will be granted by the Compensation Committee no later than 20 business days after your employment start date (the “Grant Date”).  The exercise price of the stock options granted to you shall be equal to the fair market value of RealNetworks common stock on the Grant Date.  Fair market value shall equal the closing price for a share of RealNetworks common stock on the Grant Date as reported by The NASDAQ Stock Market.  Please be aware that unvested stock options are forfeited upon termination of employment, except as otherwise provided. 

You will receive a sign-on bonus of $100,000.00, subject to standard withholdings, no later than the second pay date following the commencement of your employment from your start date.  The sign-on bonus is subject to repayment by you on a prorated basis if you voluntarily leave RealNetworks within 24 months of your start date other than for “good reason” (as hereinafter defined).

Further, RealNetworks will provide you with $6000.00 annually for each of the next three years to cover your expenses for engaging an executive coach. This amount may be considered taxable income.

RealNetworks offers a comprehensive array of employee benefit programs.  You will receive paid time off and, upon satisfying plan applicable eligibility or waiting periods, medical/ dental/vision coverage, 401(k) participation, disability and life insurance coverage and other benefits (“Benefits”) as described in the RealNetworks Employee Handbook, Benefit Plan descriptions, and RealNetworks policies.  All of the Benefits are subject to change upon notice from RealNetworks.

You will be regarded as a key employee under certain federal regulations governing family and medical leave.  This status will require that you work closely with us in planning should you develop a need for family or medical leave.

In the event that RealNetworks terminates your employment without “cause” or if you terminate your employment for “good reason”, and in consideration for your signing (and not revoking) a customary separation and release agreement to be provided by RealNetworks at the time of termination, RealNetworks will provide you, at its option, with either (a) a lump sum payment equal to 6 months of your then current base salary, or (b) 6 monthly payments of your then current base salary. Also, RealNetworks will cover your COBRA costs for up to 6 months until the earlier of (a) 6 months or (b) you have another employer covering your health care costs.  Such severance benefits are subject to the terms set forth on Exhibit A under the section titled “Release and Section 409A.”  

You agree that in the event you wish to terminate your employment at RealNetworks other than for “good reason,” you will provide us with 90 days written notice and will continue to work fulltime for RealNetworks during that 90 day period unless RealNetworks determines that it does not need your services.  You will be paid for any time actually worked.

In addition to the severance benefits offered above, in the event of a “Change in Control” (“CIC”), the Company agrees to provide you certain benefits as set forth in its Change of Control and Severance Agreement to be effective as of your start date, which agreement will be provided under separate cover (the “CIC Agreement”).  In the event that your employment terminates in a qualifying termination and subject to the other conditions in the CIC Agreement, you will receive 1.5 times your regular severance plus 1 year accelerated vesting of any unvested, non-performance based stock options. 

It is our policy that employees may not use or disclose confidential information or trade secrets obtained from any source or during any prior employment.  RealNetworks requires employees to abide by all contractual and legal obligations they may have to prior employers or others, such as limits on disclosure of information or competition.  Prior to signing this letter, you must inform us if you are subject to any such obligations that would prevent you from working at RealNetworks in your intended capacity or that would otherwise restrict you in the performance of your services to RealNetworks.  Violation of this requirement may result in termination of your employment with RealNetworks.  By signing this letter, you further agree that you will not bring to RealNetworks any confidential documents of another, nor disclose any confidential information of another, and that you will comply fully with these requirements. 

Our employment relationship will be terminable at will, which means that either you or RealNetworks may terminate your employment at any time and for any reason or no reason, subject only to our respective obligations set forth in this letter agreement.  Your right to receive payments described herein are subject to and conditioned upon your signing a valid general and complete release of all claims (except those relating to RealNetworks compensation obligations described under this letter agreement) against RealNetworks (and its related entities and persons) in a form provided by RealNetworks.  Notwithstanding anything in the preceding sentence or elsewhere in this letter agreement to the contrary, the release will preserve and not release (1) your rights to indemnification from RealNetworks or its insurers with respect to any claims against you and (2) your rights pursuant to the CIC Agreement in the event it is later determined that your termination occurred during a Change in Control Period (as defined in the CIC Agreement).

You represent that the execution of this letter agreement, your employment with RealNetworks, and the performance of your proposed duties to RealNetworks will not violate any agreements or obligations you may have to any former employer or third party and you are not subject to any restrictions that would prevent or limit you from carrying out your duties for RealNetworks.

This offer is contingent on (i) the approval of RealNetworks’ Compensation Committee, (ii) your providing evidence of employability as required by federal law (which includes providing RealNetworks within 3 days after your employment commences with acceptable evidence of your identity and US employment eligibility), (iii) our receiving acceptable results from any background check, credit check and/or reference check, and (iv) you signing RealNetworks' Development, Confidentiality and Noncompetition Agreement, attached hereto. You understand and agree to complete a credit, criminal, employment, and educational 
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background check administered by RealNetworks preferred vendor in a timely manner. Further, you understand that any false information, omissions or misrepresentations of facts called for in your application or the completion of any check may result in discharge at any time during your employment.

RealNetworks provides equal opportunity in employment and will administer its policies with regard to recruitment, training, promotion, transfer, demotion, layoff, termination, compensation and benefits without regard to race, religion, color, national origin, citizenship, marital status, sex, sexual orientation, age, disability or status as a disabled veteran or veteran of the Vietnam era or any other characteristic or status protected by applicable law.

This letter agreement, the Development, Confidentiality and Noncompetition Agreement, the 2005 Stock Incentive Plan, the Change of Control and Severance Agreement, and your stock option award agreements contain the entire agreement between you and RealNetworks relating to your employment and supersede all prior oral and written discussion, agreements and understandings.  This letter agreement may not be modified except in writing signed by both you and RealNetworks.  Any disputes regarding this letter agreement or your employment with RealNetworks shall be governed by and construed in accordance with the laws of the State of Washington.  If any provision of this letter agreement is deemed to be invalid or unenforceable, at RealNetworks option, the remaining terms shall continue in full force and effect.   

This offer is subject to the approval of RealNetworks’ Compensation Committee and completion of a background check. 

We are excited about the prospect of you joining RealNetworks and look forward to working with you.  Please let me know if you have questions about this offer.

Sincerely, 

Michael Parham
SVP & General Counsel
RealNetworks, Inc.

I have read and agree to the terms of employment contained in this letter agreement and the attached Development, Confidentiality and Noncompetition Agreement, which represent a full, complete and fair statement of the offer of employment made to me by RealNetworks, Inc.

Christine Chambers:                                         Date: _________________________
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EXHIBIT 10.7 
FORM OF RESTRICTED SHARE AWARD AGREEMENT 
PURSUANT TO THE
2020 OMNIBUS INCENTIVE COMPENSATION PLAN OF 
NEW YORK CITY REIT, INC.

THIS AGREEMENT (this “Agreement”) is made as of [___], 202[_] (the “Grant Date”), by and between New York City REIT, Inc., a Maryland corporation with its principal office at 650 Fifth Avenue, 30th Floor, New York, New York 10019 (the “Company”), and [___] (the “Participant”).  

WHEREAS, the independent directors (the “Independent Directors”), pursuant to authority delegated by the Board of Directors of the Company (the “Board”), adopted the 2020 Omnibus Incentive Compensation Plan of New York City REIT, Inc. (effective on August 18, 2020, as may be amended from time to time, the “Plan”);

WHEREAS, the Plan provides that the Company, through the Committee, has the ability to grant awards of restricted shares of the Company’s Class A common stock, par value $0.01 per share (“Class A Common Stock”) to, among other Eligible Persons, Directors of the Company;
WHEREAS, the Committee has authorized and approved the award of Restricted Shares to the Participant in his or her capacity as a Director of the Company;
WHEREAS, subject to the terms and conditions of this Agreement and the Plan, the Committee has determined that the Participant shall be awarded restricted shares of Class A Common Stock in the amount set forth below.
NOW, THEREFORE, the Company and the Participant agree as follows:
1.     Sale of Shares.   Subject to the terms, conditions and restrictions of the Plan and this Agreement, the Company hereby awards to the Participant [___]1 restricted shares of Class A Common Stock (the “Restricted Shares”); and, accordingly, the Participant shall be entitled to all rights of a holder of shares of Class A Common Stock set forth in Section 3 hereof as of the Grant Date.  Pursuant to the Plan and Section 2 of this Agreement, the Restricted Shares are subject to certain restrictions, which restrictions shall expire in accordance with the provisions of the Plan and Section 2 hereof.

11 For annual awards made to all independent directors starting in 2021, based on dividing $65,000 by the Fair Market Value (as defined in the Plan) of one share of Class A Common Stock on the date of the applicable annual meeting of stockholders

2.     Vesting.  Subject to the terms of the Plan and this Agreement, the Restricted Shares shall vest as follows:
(a)   the Restricted Shares shall vest (i) twenty percent (20%) on the first anniversary of [•]2 (the “Vesting Date”), (ii) twenty percent (20%) on the second anniversary of the Vesting Date, (iii) twenty percent (20%) on the third anniversary of the Vesting Date, (iv) twenty percent (20%) on the fourth anniversary of the Vesting Date and (v) twenty percent (20%) on the fifth anniversary of the Vesting Date; provided, in each case, that the Participant has not incurred a Termination of his or her position as a Director prior to each applicable Vesting Date; provided, further, that there shall be no proportionate or partial vesting in the periods prior to the applicable Vesting Dates.
(b)   One hundred percent (100%) of any unvested Restricted Shares shall automatically vest upon the occurrence of an Acceleration Event (as defined below) occurring prior to the last Vesting Date. For purposes of this Agreement, an “Acceleration Event” shall mean the first to occur of any of the following: (i) a Change of Control; or (ii) the Participant incurs a Termination of his or her position as a Director of the Company pursuant to a Without Cause Termination (as defined below); provided, that, in the case of the Acceleration Event described in clause (i) above, the Participant has not incurred a Termination as described in clause (ii) above.
(c)   Any unvested Restricted Shares that are due to vest in the year in which the Participant incurs a Termination of his or her position as a Director of the Company as a result of (i) the Participant’s voluntary resignation from the Board, or (ii) the Participant’s failure to be re-elected to the Board following his or her nomination by the Board for re-election, shall automatically vest upon the effective date of such Termination (which, in the case of a failure to be re-elected, shall be the last day of such Participant’s service as a member of the Board). Any unvested Restricted Shares due to vest in years subsequent to the year in which the Participant voluntarily resigns or fails to be re-elected to the Board, as applicable, shall be forfeited in accordance with Section 3 below.
i.For purposes of this Agreement, (i) a “Without Cause Termination” shall mean the Participant incurring a Termination of his or her position as a Director of the Company by the Company (x) for any reason other than a Termination for Cause (as defined below) or (y) as a result of the Participant’s death or disability; and (ii) “Cause” shall mean (x) the Participant’s willful misconduct or gross negligence in the performance of his or her duties as a Director of the Company that is not cured by the Participant within thirty (30) days after his or her receipt of written notice thereof from the Company or (y) the Participant’s conviction of, or plea of guilty or nolo contendere to, a crime relating to the Company or any affiliate thereof or any felony.
a.Forfeiture.  Except as otherwise set forth in Section 2(b) or Section 2(c), if a Participant incurs a Termination of his or her position as a Director of the Company by the Company for any reason, then, upon such Termination, the Participant shall automatically forfeit any unvested Restricted Shares, and the Company shall acquire such unvested Restricted Shares 

22 The date of the applicable annual meeting of stockholders
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for the amount, if any, paid by the Participant for such Restricted Shares (or, if no amount was paid by the Participant for such Restricted Shares, then the Company shall acquire such Restricted Shares for no consideration).
3.     Rights as a Holder of Restricted Shares.  From and after the Grant Date, the Participant shall have, with respect to the Restricted Shares, all of the rights of a holder of shares of Class A Common Stock, including, without limitation, the right to vote the shares, to receive and retain all cash dividends and other distributions payable to holders of shares of record on and after the Grant Date (although such dividends and other distributions will be treated, to the extent required by applicable law, as additional compensation for tax purposes and under other applicable legal circumstances), and to exercise all other rights, powers and privileges of a holder of shares of Class A Common Stock with respect to the Restricted Shares; provided, that, to the extent the Company issues a dividend or other distributions in the form of shares or other property, such shares or other property shall be subject to the same restrictions that are then applicable to the Restricted Shares under the Plan and this Agreement and such restrictions shall expire at the same time as the restrictions on the Restricted Shares expire. Participant shall not be required to repay any dividends or other distributions received with respect to Restricted Shares that are subsequently forfeited prior to vesting.  
4.     Taxes; Section 83(b) Election.  To the extent applicable, the Participant shall be subject to the provisions of Section 19 of the Plan with respect to any required withholding or other tax obligations in connection with the issuance, delivery or vesting of the Restricted Shares or otherwise in connection with this Agreement.  The Participant acknowledges that (i) no later than the date on which any Restricted Shares shall have become vested, or, if earlier, upon the making of an election under Section 83(b) of the Code or upon any other tax event, the Participant shall pay to the Company, the Advisor or one of their respective affiliates, or make arrangements satisfactory to the Company, the Advisor or one of their respective affiliates, regarding payment of, any Federal, state or local or other taxes of any kind required by law to be withheld with respect to any such Restricted Shares; and (ii) the Company, the Advisor or one of their respective affiliates shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Participant any Federal, state or local or other taxes of any kind required by law to be withheld with respect to any such Restricted Shares, including by selling or otherwise reducing the number of Shares otherwise deliverable or delivering Shares already owned, in each case, having a Fair Market Value equal to the amount of such tax withholding obligations in accordance with the Plan. The Participant also acknowledges that it is his or her sole responsibility, and not the responsibility of the Company, the Advisor or any of their respective affiliates, to file timely and properly any election under Section 83(b) of the Code, and any corresponding provisions of state tax laws, if the Participant wishes to utilize such election, and to provide a copy of such election to the Company, the Advisor or the relevant affiliate of the Company or the Advisor to whom the services were provided. 
5.     No Obligation to Continue Directorship.    Neither the execution of this Agreement nor the issuance of the Restricted Shares hereunder constitute an agreement by the Company to continue to engage the Participant as a Director during the entire, or any portion of, 
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the term of this Agreement, including but not limited to any period during which any Restricted Shares are outstanding.
6.     Legend.  In the event that a certificate evidencing the Restricted Shares is issued, the certificate representing the Restricted Shares shall have endorsed thereon the following legends:
i.“THE ANTICIPATION, ALIENATION, ATTACHMENT, SALE, TRANSFER, ASSIGNMENT, PLEDGE, ENCUMBRANCE OR CHARGE OF THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING FORFEITURE) OF THE 2020 OMNIBUS INCENTIVE COMPENSATION PLAN OF NEW YORK CITY REIT, INC. (THE “COMPANY”) (ADOPTED ON AUGUST 18, 2020) (AS SUCH PLAN MAY BE AMENDED FROM TIME TO TIME, THE “PLAN”) AND THE RESTRICTED SHARE AGREEMENT THEREUNDER. COPIES OF SUCH PLAN AND AGREEMENT ARE ON FILE AT THE PRINCIPAL OFFICE OF THE COMPANY.”
ii.Any legend required to be placed thereon by applicable blue sky laws of any state. Notwithstanding the foregoing, in no event shall the Company be obligated to issue a certificate representing the Restricted Shares prior to vesting as set forth in Section 2 hereof.
7.     Power of Attorney.  The Company, its successors and assigns, is hereby appointed the attorney-in-fact, with full power of substitution, of the Participant for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instruments which such attorney-in-fact may deem necessary or advisable to accomplish the purposes hereof, which appointment as attorney-in-fact is irrevocable and coupled with an interest. The Company, as attorney-in-fact for the Participant, may in the name and stead of the Participant, make and execute all conveyances, assignments and transfers of the Restricted Shares provided for herein, and the Participant hereby ratifies and confirms that which the Company, as said attorney-in-fact, shall do by virtue hereof. Nevertheless, the Participant shall, if so requested by the Company, execute and deliver to the Company all such instruments as may, in the judgment of the Company, be advisable for this purpose.
8.     Miscellaneous.
iii.This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees. The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree in writing to perform this Agreement. Notwithstanding the foregoing, the Participant may not assign this Agreement or any of the Participant’s rights, interests or obligations hereunder. 
iv.This award of Restricted Shares shall not affect in any way the right or power of the Board or stockholders of the Company to make or authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior 
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preference stock ahead of or affecting the Restricted Shares, the dissolution or liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding, subject to adjustments and other actions in accordance with Section 5 of the Plan.
v.The Participant agrees that the award of the Restricted Shares hereunder is special incentive compensation and that it, any dividends paid thereon (even if treated as compensation for tax purposes) will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement or profit-sharing plan or any life insurance, disability or other benefit plan of the Company, the Advisor or any of their respective affiliates.
vi.No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced.
vii.This Agreement may be executed in one or more counterparts, all of which taken together shall constitute one contract.
viii.The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.
ix.The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof.
x.All notices, consents, requests, approvals, instructions and other communications provided for herein shall be in writing and validly given or made when delivered, or on the second succeeding business day after being mailed by registered or certified mail, whichever is earlier, to the persons entitled or required to receive the same, at the addresses set forth at the heading of this Agreement or to such other address as either party may designate by like notice. Notices to the Company shall be addressed to New York City REIT, Inc. at 650 Fifth Avenue, 30th Floor, New York, New York 10019, Attn: Chief Financial Officer.
xi.This Agreement shall be construed, interpreted and governed and the legal relationships of the parties determined in accordance with the internal laws of the State of Maryland without reference to rules relating to conflicts of law.
9.     Provisions of Plan Control.  This Agreement is subject to all the terms, conditions and provisions of the Plan, including, without limitation, the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted thereunder and as may be in effect from time to time. The Plan is incorporated herein by reference. A copy of the Plan and a related prospectus has been delivered to the Participant. If and to the extent that this Agreement conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed to be modified 
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accordingly. Unless otherwise indicated, any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan. This Agreement contains the entire understanding of the parties with respect to the subject matter hereof (other than any other documents expressly contemplated herein or in the Plan) and supersedes any prior agreements between the Company and the Participant.
[signature page(s) follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

NEW YORK CITY REIT, INC.
            
By:         ______________________________
Name:        [Name]
Title:        [Title]

                           

Participant 

_______________________________
        (Signature)

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