Document:

EX-10.1

 Exhibit 10.1 

ASSET PURCHASE AGREEMENT 

between 

DOLLARS PER MINUTE INC. 

and 

VALUEVISION MEDIA, INC. 

dated as of 
 November 18,
2014 

 TABLE OF CONTENTS 

 

			
		
	 Section 1.01 Purchase and Sale of Assets
	  	1
		
	 Section 1.02 Excluded Assets
	  	1
		
	 Section 1.03 No Liabilities
	  	1
		
	 Section 1.04 Purchase Price
	  	2
		
	 Section 1.05 Allocation of Purchase Price
	  	2
		
	 Section 2.01 Closing
	  	3
		
	 Section 2.02 Closing Deliverables
	  	3
		
	 Section 3.01 Organization and Authority of Seller; Enforceability
	  	4
		
	 Section 3.02 No Conflicts; Consents
	  	5
		
	 Section 3.03 Title to Purchased Assets
	  	5
		
	 Section 3.04 Intellectual Property
	  	5
		
	 Section 3.05 Non-foreign Status
	  	6
		
	 Section 3.06 Compliance With Laws
	  	6
		
	 Section 3.07 Legal Proceedings
	  	6
		
	 Section 3.08 Brokers
	  	6
		
	 Section 3.09 Taxes
	  	6
		
	 Section 3.10 Full Disclosure
	  	6
		
	 Section 4.01 Organization and Authority of Buyer; Enforceability
	  	7
		
	 Section 4.02 No Conflicts; Consents
	  	7
		
	 Section 4.03 Legal Proceedings
	  	8
		
	 Section 4.04 Brokers
	  	8
		
	 Section 5.01 Public Announcements
	  	8
		
	 Section 5.02 Transfer Taxes
	  	8
		
	 Section 5.03 Further Assurances
	  	9
		
	 Section 6.01 Survival
	  	9
		
	 Section 6.02 Indemnification By Seller
	  	9
		
	 Section 6.03 Indemnification By Buyer
	  	10
		
	 Section 6.04 Indemnification Procedures
	  	10

  
 i 

			
		
	 Section 6.05 Tax Treatment of Indemnification Payments
	  	11
		
	 Section 6.06 Effect of Investigation
	  	11
		
	 Section 6.07 Liability Limits
	  	11
		
	 Section 6.08 Insurance
	  	11
		
	 Section 6.09 Cumulative Remedies
	  	11
		
	 Section 7.01 Expenses
	  	12
		
	 Section 7.02 Notices
	  	12
		
	 Section 7.03 Headings
	  	13
		
	 Section 7.04 Severability
	  	13
		
	 Section 7.05 Entire Agreement
	  	13
		
	 Section 7.06 Successors and Assigns
	  	13
		
	 Section 7.07 No Third-party Beneficiaries
	  	13
		
	 Section 7.08 Amendment and Modification
	  	13
		
	 Section 7.09 Waiver
	  	14
		
	 Section 7.10 Governing Law
	  	14
		
	 Section 7.11 Submission to Jurisdiction
	  	14
		
	 Section 7.12 Waiver of Jury Trial
	  	14
		
	 Section 7.13 Counterparts
	  	14

  
 ii 

 ASSET PURCHASE AGREEMENT 

This Asset Purchase Agreement (this “Agreement”), dated November 18, 2014, is entered into between Dollars Per Minute
Inc., a Delaware corporation (“Seller”) and ValueVision Media, Inc., a Minnesota corporation (“Buyer”). 

RECITALS 
 WHEREAS, Seller
wishes to sell and assign to Buyer, and Buyer wishes to purchase from Seller, the rights of Seller to the Purchased Assets (as defined herein), subject to the terms and conditions set forth herein; 

WHEREAS, simultaneous herewith, Seller wishes to direct the consideration to be paid by Buyer for the Purchased Assets to the holders (the
“Noteholders”) of convertible promissory notes issued and payable by Seller (the “Notes”), pursuant to the allocations set forth in the Schedule of Noteholders to this Agreement, in satisfaction of all
outstanding indebtedness owed thereunder. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

ARTICLE I 

PURCHASE AND SALE 

Section 1.01 Purchase and Sale of Assets. Subject to the terms and conditions set forth herein, Seller shall sell, assign,
transfer, convey and deliver to Buyer, and Buyer shall purchase from Seller, all of Seller’s right, title and interest in the assets set forth on Section 1.01 of the disclosure schedules (“Disclosure Schedules”)
attached hereto (the “Purchased Assets”), free and clear of any mortgage, pledge, lien, charge, security interest, claim or other encumbrance (“Encumbrance”). 

Section 1.02 Excluded Assets. Notwithstanding the foregoing, the Purchased Assets shall only include those assets of Seller set
forth on Section 1.01 of the Disclosure Schedules, and no other assets of Seller (the “Excluded Assets”). 

Section 1.03 No Liabilities. Buyer shall not assume any liabilities or obligations of Seller of any kind, whether known or
unknown, contingent, matured or otherwise, whether currently existing or hereinafter created (the “Excluded Liabilities”); provided that Buyer shall assume on the Closing Date (as defined in Section 2.01) and agrees to pay,
perform and discharge when due all obligations of Seller solely in connection with the Purchased Assets arising and to be performed only on or after the Closing Date, and excluding any obligations thereunder arising or to be performed prior to the
Closing Date (the “Assumed Liabilities”). 

 Section 1.04 Purchase Price. The aggregate purchase price (the “Purchase
Price”) for the Purchased Assets shall be $1,064,437.28, consisting of (i) $970,000 plus (ii) $94,415 (which represents accrued but unpaid interest on the Notes as of the date of the Closing) plus (iii) $22.28
(which represents the impact of rounding up the Share Consideration (as defined below) to the nearest whole share). Buyer shall pay the Purchase Price to Seller in the form of (i) unregistered shares of Buyer’s common stock, par value
$0.01 per share (the “Common Shares” or the “Share Consideration”) valued as provided in this Section 1.04 and (ii) $20,000 in cash (the “Cash Consideration”). By its execution of this
Agreement, Seller hereby directs Buyer to issue to each Noteholder Share Consideration in the amounts listed on the Schedule of Noteholders represented by 178,842 Common Shares in the aggregate (which is rounded up to the nearest whole share
for each Noteholder) to be registered in the legal names of the Noteholders as set forth on the attached Schedule of Noteholders, in full satisfaction of any and all amounts owed by Seller under the Notes. After issuance of the Share
Consideration directly to the Noteholders and the payment of the Cash Consideration directly to the persons and in the amounts listed on the Schedule of Cash Consideration, no further consideration shall be payable by Buyer under this
Agreement. The Share Consideration will be valued at a price equal to the closing price of the Common Shares as of the date that is three trading days prior to the Closing Date. Buyer shall issue and deliver the Common Shares constituting the
Share Consideration at the Closing as provided in Section 2.02(b). 
 Section 1.05 Allocation of Purchase Price.
Seller and Buyer agree to allocate the Purchase Price among the Purchased Assets for United States federal income tax purposes as agreed by their respective accountants, negotiating in good faith on their behalf, which allocation will be
consistent with the provisions of Section 1060 of the Internal Revenue Code of 1986, as amended. The parties hereto shall adopt and utilize the allocation described in this Section 1.05 for purposes of all tax returns and reports filed by
either of them with any tax authority, and Seller and Buyer shall not voluntarily take any position inconsistent therewith in connection with the examination of any tax return of either Seller or Buyer, any refund claim, any litigation proceeding or
otherwise, unless required by the Internal Revenue Service or any other tax authority. 
 Section 1.06 Withholding Tax. Buyer
shall be entitled to deduct and withhold from the Purchase Price all taxes that Buyer may be required to deduct and withhold under any applicable tax law. All such withheld amounts shall be treated as delivered to Seller hereunder. 

  
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 ARTICLE II 

CLOSING 

Section 2.01 Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take
place simultaneously with the execution and delivery of this Agreement on the date of this Agreement (the “Closing Date”) at the offices of Faegre Baker Daniels LLP, at 90 South Seventh Street, Suite 2200, Minneapolis, Minnesota
55402 or by the exchange of documents and instruments by mail, electronic mail, courier, telecopy, PDF and wire transfer to the extent mutually acceptable to the parties hereto. The consummation of the transactions contemplated by this Agreement
shall be deemed to occur at 12:01 a.m. on the Closing Date. 
 Section 2.02 Closing Deliverables. 

(a) At the Closing, Seller shall deliver to Buyer the following: 

(i) a bill of sale in the form of Exhibit A hereto in form and substance satisfactory to Buyer (the “Bill of Sale”) and duly
executed by Seller, transferring the Purchased Assets to Buyer; 
 (ii) releases of any claims from each holder of Notes and any holder of
equity in Seller in the forms satisfactory to Buyer; 
 (iii) accredited investor questionnaires from each holder of Notes to receive Share
Consideration; 
 (iv) evidence reasonably satisfactory to Buyer that no portion of the Share Consideration shall be received by
Mr. Bozek or Mr. Nuce in their capacity as equityholders of Seller; 
 (v) confirmation from BrenesCo LLC that any intellectual
property it prepared in connection with services provided for Seller is property of Seller and Buyer can use such intellectual property (the “BrenesCo Consent”); 

(vi) an assignment in the form of Exhibit B hereto (the “Intellectual Property Assignment”) and duly executed by Seller,
transferring all of Seller’s right, title and interest in and to any intellectual property included in the Purchased Assets to Buyer; 

(vii) a certificate pursuant to Treasury Regulations Section 1.1445-2(b) that Seller is not a foreign person within the meaning of
Section 1445 of the Internal Revenue Code, duly executed by Seller; 
 (viii) a good standing certificate from the state of Delaware and
the state of New York; and 
 (ix) a certificate of the Secretary or Assistant Secretary (or equivalent officer) of Seller certifying as to
(A) the resolutions of the board of directors and stockholders of Seller, duly adopted and in effect, which authorize the execution, delivery and performance of this Agreement and the transactions contemplated hereby, and (B) the names and
signatures of the officers of Seller authorized to sign this Agreement and the documents to be delivered hereunder. 

  
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 (b) At the Closing, Buyer shall deliver to Seller the following: 

(i) the Purchase Price, by issuing the Share Consideration on behalf of Seller to the Noteholders (in satisfaction of any and all amounts owed
by Seller under the Notes, all as set forth on the Schedule of Noteholders); 
 (ii) Buyer shall have executed the Bill of Sale
referred to in Section 2.02(a)(i); and 
 (iii) a certificate of the Secretary or Assistant Secretary (or equivalent officer) of Buyer
certifying as to (A) the resolutions of the board of directors and audit committee of Buyer, duly adopted and in effect, which authorize and approve the execution, delivery and performance of this Agreement and the transactions contemplated
hereby, and (B) the names and signatures of the officers of Buyer authorized to sign this Agreement and the documents to be delivered hereunder. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF SELLER 

Seller represents and warrants to Buyer as set forth below in this Article III as of the date hereof. For purposes of this Article
III, “Seller’s knowledge,” “knowledge of Seller” and any similar phrases shall mean the actual knowledge of Russell Nuce or Mark Bozek, after reasonable inquiry. 

Section 3.01 Organization and Authority of Seller; Enforceability. Seller is a corporation duly organized, validly existing and in
good standing under the laws of the state of Delaware. Seller has full corporate power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and to consummate the transactions
contemplated hereby. The execution, delivery and performance by Seller of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite corporate
action on the part of Seller. Each holder of capital stock or securities convertible into capital stock of Seller is set forth on Section 3.01 of the Disclosure Schedule, other than any holder of Notes set forth on the Schedule of
Noteholders. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by Seller, and (assuming due authorization, execution and delivery by Buyer) this Agreement and the documents to be delivered hereunder
constitute legal, valid and binding obligations of Seller, enforceable against Seller in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws
affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

  
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 Section 3.02 No Conflicts; Consents. The execution, delivery and performance by
Seller of this Agreement and the documents to be delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the certificate of incorporation or by-laws of Seller;
(b) violate or conflict with any judgment, order, decree, statute, law, ordinance, rule or regulation applicable to Seller or the Purchased Assets; (c) conflict with, or result in (with or without notice or lapse of time or both) any
violation of, or default under, or give rise to a right of termination, acceleration or modification of any obligation or loss of any benefit under any contract or other instrument to which Seller is a party or to which any of the Purchased Assets
are subject; or (d) result in the creation or imposition of any Encumbrance on the Purchased Assets. No consent, approval, waiver or authorization is required to be obtained by Seller from any person or entity (including any governmental
authority) in connection with the execution, delivery and performance by Seller of this Agreement and the consummation of the transactions contemplated hereby. 

Section 3.03 Title to Purchased Assets. Seller owns and has good title to the Purchased Assets, free and clear of Encumbrances.

 Section 3.04 Intellectual Property. 

(a) “Intellectual Property” means any and all of the following in any jurisdiction throughout the world: (i) trademarks
and service marks, including all applications and registrations and the goodwill connected with the use of and symbolized by the foregoing; (ii) copyrights, including all applications and registrations related to the foregoing; (iii) trade
secrets and confidential know-how; (iv) patents and patent applications; (v) internet domain name registrations; (vi) all brand guidelines and branding prepared by BrenesCo LLC, and (vii) other intellectual property and related
proprietary rights, interests and protections (including all rights to sue and recover and retain damages, costs and attorneys’ fees for past, present and future infringement and any other rights relating to any of the foregoing). 

(b) Section 1.01 of the Disclosure Schedules lists all Intellectual Property owned by Seller included in the Purchased Assets
(“Purchased IP”). Seller owns or has adequate, valid and enforceable rights to use all of the Purchased IP, free and clear of all Encumbrances. Seller is not bound by any outstanding judgment, injunction, order or decree restricting
the use of the Purchased IP, or restricting the licensing thereof to any person or entity. The Purchased IP does not include any registered Intellectual Property. 

(c) Seller’s prior and current use of the Purchased IP has not and does not infringe, violate, dilute or misappropriate the Intellectual
Property of any person or entity and there are no claims pending or, to the knowledge of Seller, threatened, by any person or entity with respect to the ownership, validity, enforceability, effectiveness or use of the Purchased IP. 

  
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 (d) To the knowledge of Seller, no person or entity is infringing, misappropriating, diluting or
otherwise violating any of the Purchased IP. Neither Seller nor any affiliate of Seller has made or asserted any claim, demand or notice against any person or entity alleging any such infringement, misappropriation, dilution or other violation. 

Section 3.05 Non-foreign Status. Seller is not a “foreign person” as that term is used in Treasury Regulations
Section 1.1445-2. 
 Section 3.06 Compliance With Laws Seller has complied, and is now complying, with all applicable
federal, state and local laws and regulations applicable to ownership and use of the Purchased Assets. 
 Section 3.07 Legal
Proceedings. There is no claim, action, suit, proceeding, or governmental investigation (“Action”), of any nature pending or, to Seller’s knowledge, threatened, against or by Seller (a) relating to or affecting the
Purchased Assets; or (b) that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. To the knowledge of Seller, no event has occurred or circumstances exist that may give rise to, or serve as
a basis for, any such Action. 
 Section 3.08 Brokers. No broker, finder or investment banker is entitled to any brokerage,
finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Seller. 

Section 3.09 Taxes. Seller has timely paid or withheld all material taxes, including without limitation all federal, state, sales,
use production, ad valoreum, transfer, franchise, registration, withholding, payroll, employment, unemployment, or other taxes, fees, assessments or charges of any kind whatsoever (all such taxes, “Taxes”) and filed all Tax returns
required to be filed on or before the date hereof. All such Tax returns filed by, on behalf of, or with respect to Seller are complete and correct in all material respects as related to the Purchased Assets. All material Taxes for which Seller has
or could have any liability related to the Purchased Assets have been timely paid in full or are accrued as liabilities for taxes on the books of Seller. All Tax deficiencies asserted as a result of any examination by a governmental entity with
respect to a Tax assessment have been timely paid in full or finally settled. No written claim has ever been made against or with respect to Seller by any governmental entity in a jurisdiction where Seller does not file Tax returns that Seller is or
may be subject to taxation in such jurisdiction.  
 Section 3.10 Full Disclosure. To the knowledge of Seller, no
representation or warranty by Seller in this Agreement and no statement contained in the Disclosure Schedules to this Agreement or any certificate or other document furnished or to be furnished by Seller to Buyer pursuant to this Agreement contains
any untrue statement of a material fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading. 

  
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 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES OF BUYER 

Buyer represents and warrants to Seller as set forth below in this Article IV as of the date hereof. For purposes of this Article
IV, “Buyer’s knowledge,” “knowledge of Buyer” and any similar phrases shall mean the actual knowledge of any director or officer of Buyer, after reasonable inquiry. 

Section 4.01 Organization and Authority of Buyer; Enforceability. Buyer is a corporation duly organized, validly existing and in
good standing under the laws of the state of Minnesota. Buyer has full corporate power and authority to enter into this Agreement and the documents to be delivered hereunder, to carry out its obligations hereunder and to consummate the transactions
contemplated hereby. The execution, delivery and performance by Buyer of this Agreement and the documents to be delivered hereunder and the consummation of the transactions contemplated hereby have been duly authorized by all requisite corporate
action on the part of Buyer. This Agreement and the documents to be delivered hereunder have been duly executed and delivered by Buyer, and (assuming due authorization, execution and delivery by Seller) this Agreement and the documents to be
delivered hereunder constitute legal, valid and binding obligations of Buyer enforceable against Buyer in accordance with their respective terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). 

Section 4.02 No Conflicts; Consents. The execution, delivery and performance by Buyer of this Agreement and the documents to be
delivered hereunder, and the consummation of the transactions contemplated hereby, do not and will not: (a) violate or conflict with the certificate of incorporation or by-laws of Buyer; (b) violate or conflict with any judgment, order,
decree, statute, law, ordinance, rule or regulation applicable to Buyer; or (c) to the knowledge of Buyer, conflict with, or result in (with or without notice or lapse of time or both) any violation of, or default under, or give rise to a right
of termination, acceleration or modification of any obligation or loss of any benefit under any contract or other instrument to which Buyer is a party or its assets are bound. No consent, approval, waiver or authorization is required to be obtained
by Buyer from any person or entity (including any governmental authority) in connection with the execution, delivery and performance by Buyer of this Agreement and the consummation of the transactions contemplated hereby. 

  
 7 

 Section 4.03 Legal Proceedings. There is no Action of any nature pending or, to
Buyer’s knowledge, threatened against or by Buyer that challenges or seeks to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. To Buyer’s knowledge, no event has occurred or circumstances exist that may
give rise to, or serve as a basis for, any such Action. 
 Section 4.04 Brokers. No broker, finder or investment banker is
entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Buyer. 

Section 4.05 Valid Issuance. Each Common Share to be issued pursuant to this Agreement, when issued, will be (a) duly
authorized, validly issued and fully paid and non-assessable, (b) free of all Encumbrances other than restrictions on transfer under applicable securities laws, (c) offered, transferred, issued and delivered in compliance, in all material
respects, with the terms of any applicable agreement or other understanding to which Buyer is a party and the articles of incorporation and the by-laws of Buyer, and (d) upon the filing of any filings required to be made after the Closing
pursuant to any applicable federal and state securities laws and blue sky laws, issued in material compliance with applicable federal and state laws. When issued, each holder of Common Shares will have good and marketable title to such Common
Shares. 
 ARTICLE V 

COVENANTS 

Section 5.01 Public Announcements. Unless otherwise required by applicable securities law (including the filing of a Form 8-K with
the Securities and Exchange Commission and disclosure in Buyer’s proxy statement) or stock exchange requirements (including any NASDAQ notification), neither party shall make any public announcements regarding this Agreement or the transactions
contemplated hereby without the prior written consent of the other party (which consent shall not be unreasonably withheld or delayed). The parties acknowledge that they intend on issuing a press release promptly following Closing in form and
substance reasonably satisfactory to each of the parties. 
 Section 5.02 Transfer Taxes. All transfer, documentary, sales, use,
stamp, registration, value added and other such Taxes and fees (including any penalties and interest) incurred in connection with this Agreement and the documents to be delivered hereunder shall be borne and paid by Seller when due. Seller shall, at
its own expense, timely file any Tax return or other document with respect to such Taxes or fees (and Buyer shall cooperate with respect thereto as necessary). 

  
 8 

 Section 5.03 Further Assurances. Following the Closing, at the sole expense of Buyer,
each of the parties hereto shall execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and give effect to the
transactions contemplated by this Agreement and the documents to be delivered hereunder; provided that, for the avoidance of doubt, Buyer shall not be responsible for any Taxes of Seller or any Taxes payable under Section 5.02. In addition, at
the sole expense of Buyer, Seller shall take all actions reasonably requested by Buyer to enable Buyer or any affiliate of Buyer to change its name to or adopt Seller’s present trade name. Seller shall also, at its sole expense, take all
actions required to dissolve in the State of Delaware promptly following the Closing only upon the request of Buyer.  
 ARTICLE VI

 INDEMNIFICATION 

Section 6.01 Survival. All representations, warranties, covenants and agreements contained herein and all related rights to
indemnification shall survive the Closing; provided, however, that the representations and warranties of the parties contained herein and all claims for indemnification in connection therewith shall be asserted not less than twelve
(12) months following the closing date for all representations and warranties other than the representations and warranties contained in Sections 3.01,3.02, 3.03, 3.04(c), 3.04(d), 3.08, 3.09, 4.01, 4.02 and 4.04 (the “Fundamental
Representations”). The Fundamental Representations shall survive until 90 days following the expiration of the applicable statute of limitations. 

Section 6.02 Indemnification By Seller. Subject to the other terms and conditions of this Article VI, Seller shall defend,
indemnify and hold harmless Buyer, its affiliates and their respective stockholders, directors, officers and employees from and against all claims, judgments, damages, liabilities, settlements, losses, costs and expenses, including attorneys’
fees and disbursements (collectively, “Losses”), arising from or relating to: 
 (a) any inaccuracy in or breach of any of
the representations or warranties of Seller contained in this Agreement; 
 (b) any breach or non-fulfillment of any covenant, agreement or
obligation to be performed by Seller pursuant to this Agreement; or 
 (c) any Excluded Asset or Excluded Liability, including any claims
brought by consultants of Seller who were or are terminated prior to or as of the Closing or claims by any person who claims to ever have been an employee of Seller. 

  
 9 

 Section 6.03 Indemnification By Buyer. Subject to the other terms and conditions of
this Article VI, Buyer shall defend, indemnify and hold harmless Seller, its affiliates and their respective stockholders, directors, officers and employees from and against all Losses, arising from or relating to: 

(a) any inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement; 

(b) any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement or any document
to be delivered hereunder; or 
 (c) any Assumed Liability. 

Section 6.04 Indemnification Procedures. 

(a) Whenever any claim shall arise for indemnification hereunder, the party entitled to indemnification (the “Indemnified
Party”) shall promptly provide written notice of such claim to the other party (the “Indemnifying Party”). In connection with any claim giving rise to indemnity hereunder resulting from or arising out of any Action by a
person or entity who is not a party to this Agreement, the Indemnifying Party, at its sole cost and expense and upon written notice to the Indemnified Party, may assume the defense of any such Action with counsel of its choice; provided,
however, that the Indemnified Party shall have the right to approve such defense counsel, which approval shall not be unreasonably withheld, conditioned or delayed. The Indemnified Party shall be entitled to participate in the defense of any
such Action, with its counsel and at its own cost and expense. . The Indemnifying Party shall not settle any Action without the Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld, conditioned or
delayed). If an Indemnified Party refuses to consent to a bona fide offer of settlement which the Indemnifying Party wishes to accept, which provides for a full release of the Indemnified Party and its affiliates relating to indemnifiable claims
underlying the offer of settlement and solely for a monetary payment, the Indemnified Party may continue to pursue such matter, free of any participation by the Indemnifying Party, at the sole expense of the Indemnified Party. In such an event, the
obligation of the Indemnifying Party shall be limited to the amount of the offer of settlement which the Indemnified Party refused to accept plus the reasonable costs and expenses of the Indemnified Party incurred prior to the date the Indemnifying
Party notified the Indemnified Party of the offer of settlement (to the extent such costs and expenses are indemnifiable Losses hereunder). 

(b) If the Indemnifying Party does not assume the defense of any such Action and disputes whether any indemnification obligation exists, the
Indemnified Party may, but shall not be obligated to, defend against such Action in such manner as it may deem appropriate, including, but not limited to, settling such Action, after giving notice thereof to the Indemnifying Party, on such terms as
the Indemnified Party may deem appropriate. Once such dispute has been finally resolved in favor of indemnification by a court or other tribunal of competent jurisdiction or by mutual agreement of the Indemnified Party and Indemnifying Party,
subject to the provisions of Section 6.04, the Indemnifying Party shall within 20 days of the date of such resolution or agreement, pay to the Indemnified Party all Losses paid or incurred by the Indemnified Party in connection therewith. 

  
 10 

 Section 6.05 Tax Treatment of Indemnification Payments. All indemnification payments
made by Seller under this Agreement shall be treated by the parties as an adjustment to the Purchase Price for tax purposes, unless otherwise required by law. 

Section 6.06 Effect of Investigation. Buyer’s right to indemnification or other remedy based on the representations,
warranties, covenants and agreements of Seller contained herein will not be affected by any investigation conducted by Buyer, or any knowledge acquired by Buyer at any time, with respect to the accuracy or inaccuracy of or compliance with, any such
representation, warranty, covenant or agreement. 
 Section 6.07 Liability Limits. Notwithstanding anything to the contrary set
forth herein, no Indemnified Party shall make a claim for indemnification under Section 6.02(a) and 6.03(a) until the aggregate amount of any Loss exceeds an amount equal to $10,000 (the “Indemnification Basket”), in which
event the Indemnifying Party shall be liable for such Losses in excess of $10,000; provided, however, that any Loss resulting from a breach of any Fundamental Representation shall not be subject to and shall not count toward the
Indemnification Basket. The total aggregate amount of the liability for Losses with respect any claim for indemnification under Section 6.02(a) and 6.03(a) shall be limited to an amount equal to the Purchase Price (the “Indemnification
Cap”); provided, however, that the total aggregate amount of liability of any Indemnifying Party arising out of fraud, willful breach of this Agreement, an intentional misrepresentation hereunder or a breach of any Fundamental
Representation shall not be subject to any such limits. 
 Section 6.08 Insurance. The amount of Losses otherwise eligible for
indemnification under this Article VI shall be reduced by the amount of any insurance proceeds actually recovered by an Indemnified Party in respect thereof; provided that such indemnification obligation shall be increased for
increases in the cost of such insurance as a result of such Loss, including, without limitation, retrospective premium adjustments and experience based premium adjustments. The parties agree that nothing in this Agreement shall be intended to limit
any obligations a party may have to mitigate damages pursuant to Minnesota law. 
 Section 6.09 Cumulative Remedies. The rights
and remedies provided for in this Article VI are cumulative and are in addition to and not in substitution for any other rights and remedies available at law or in equity or otherwise. Despite the previous sentence, the parties acknowledge and agree
that an Indemnified Party’s right to indemnification under Section 6.02(a) and 6.03(a) is the Indemnified Party’s exclusive remedy for any inaccuracy in or breach of any of the representations or warranties of an Indemnifying Party
contained in this Agreement. 

  
 11 

 ARTICLE VII 

MISCELLANEOUS 

Section 7.01 Expenses. All costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby
shall be paid by the party incurring such costs and expenses. 
 Section 7.02 Notices. All notices, requests, consents, claims,
demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally
recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent
after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following
addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 7.02): 
  

			
	If to Seller:	  	 Dollars Per Minutes Inc.
 158 East Shore
Road
 Huntington Bay, NY 11743
 Attention: Mark Bozek and
Russell Nuce

		
	with a copy to:	  	 Davis & Gilbert LLP
 1740 Broadway

New York, NY 10019
 Attention: Evan D. Weiner

eweiner@dglaw.com

		
	If to Buyer:	  	 ValueVision Media, Inc.
 6740 Shady Oak
Road
 Eden Prairie, MN 55344
 Attention: Teresa J. Dery, Senior
Vice
 President and General Counsel

tdery@shophq.com

  
 12 

			
		
	with a copy to:	  	 Faegre Baker Daniels LLP
 90 South Seventh
Street, Suite 2200
 Minneapolis, Minnesota 55402
 Facsimile:
612-766-1600
 E-mail: Nicole.Leimer@FaegreBD.com
 Attention:
Nicole Leimer

 Section 7.03 Headings. The headings in this Agreement are for reference only and shall not affect
the interpretation of this Agreement. 
 Section 7.04 Severability. If any term or provision of this Agreement is invalid,
illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. 

Section 7.05 Entire Agreement. This Agreement and the documents to be delivered hereunder constitute the sole and entire agreement
of the parties to this Agreement with respect to the subject matter contained herein, and supersede all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. In the event of any
inconsistency between the statements in the body of this Agreement and the Disclosure Schedules (other than an exception expressly set forth as such in the Disclosure Schedules), the statements in the body of this Agreement will control. 

Section 7.06 Successors and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and
their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. No assignment shall
relieve the assigning party of any of its obligations hereunder. 
 Section 7.07 No Third-party Beneficiaries. Except as
provided in Article VI, this Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other person or entity
any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 
 Section 7.08
Amendment and Modification. This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. 

  
 13 

 Section 7.09 Waiver. No waiver by any party of any of the provisions hereof shall be
effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly identified by such written waiver,
whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a
waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

Section 7.10 Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of
Minnesota without giving effect to any choice or conflict of law provision or rule that would cause the application of laws of any jurisdiction other than those of the State of Minnesota. 

Section 7.11 Submission to Jurisdiction. Any legal suit, action or proceeding arising out of or based upon this Agreement or the
transactions contemplated hereby may be instituted in the federal courts of the United States of America or the courts of the State of Minnesota in each case located in the city of Minneapolis and county of Hennepin, and each party irrevocably
submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. 
 Section 7.12 Waiver of Jury
Trial. Each party acknowledges and agrees that any controversy which may arise under this Agreement is likely to involve complicated and difficult issues and, therefore, each such party irrevocably and unconditionally waives any right it may
have to a trial by jury in respect of any legal action arising out of or relating to this Agreement or the transactions contemplated hereby. 

Section 7.13 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of
which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail, PDF or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original
signed copy of this Agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 14 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first written above by their respective officers thereunto duly authorized. 
  

			
	 DOLLARS PER MINUTE INC.

		
	By	 	/s/ George Russell Nuce
	 Name:
	 	George Russell Nuce
	 Title:
	 	Secretary

  

			
	 VALUEVISION MEDIA, INC.

		
	By	 	/s/ William McGrath
	 Name:
	 	 William McGrath

	 Title:
	 	 Executive Vice President & CFO

 Schedule of Noteholders 

 

																	
	 	  	Principal
Amount	 	  	Accrued
Interest	 	  	
Total	 	  	
Shares	 
	 James K. Murray, Jr.
	  	$	100,000	  	  	$	12,712	  	  	$	112,712	  	  	 	19,300	  
	 Lewis Katz
	  	$	100,000	  	  	$	12,712	  	  	$	112,712	  	  	 	19,300	  
	 Clayton McNeal
	  	$	15,000	  	  	$	1,907	  	  	$	16,907	  	  	 	2,896	  
	 David Burns
	  	$	15,000	  	  	$	1,907	  	  	$	16,907	  	  	 	2,896	  
	 Steelpoint Co – Investment Fund LLC
	  	$	50,000	  	  	$	6,356	  	  	$	56,356	  	  	 	9,650	  
	 George Nuce 2005 Insurance Trust
	  	$	25,000	  	  	$	3,178	  	  	$	28,178	  	  	 	4,825	  
	 The Renker Family Trust
	  	$	50,000	  	  	$	6,153	  	  	$	56,153	  	  	 	9,616	  
	 1-800-Flowers.com Inc.
	  	$	50,000	  	  	$	6,153	  	  	$	56,153	  	  	 	9,616	  
	 Gavin Solotar
	  	$	50,000	  	  	$	5,468	  	  	$	55,468	  	  	 	9,498	  
	 Thomas D. Beers
	  	$	495,000	  	  	$	37,867	  	  	$	532,867	  	  	 	91,245	  

 Schedule of Cash Consideration 

 

					
	 Person
	  	Amount of Cash Consideration	 
	 Karen Giberson
	  	$	5,000	  
	 Kathy Levine
	  	$	5,000	  
	 Brian Scevola
	  	$	5,000	  
	 Janet Varney
	  	$	5,000	  

 Schedule 1.01 

Purchased Assets 
 All technology,
intellectual property and general intangibles owned or controlled by, or in the possession of, Seller, including without limitation (i) unregistered copyrights, trademarks, patents, service marks, letters patent, licenses and any applications
or registrations thereof, income or royalties therefrom and infringement claims related thereto; (ii) trade names, trade styles, trade secrets, know-how, processes, formulae, business and marketing plans, worldwide marketing rights, computer
software data, customer and supplier lists, price lists, mailing lists, customer and supplier records and confidential and other proprietary information; (iii) all domain names, Twitter handles, Facebook coordinates and all similar social media
rights; and (iv) all brand guidelines and branding prepared by BrenesCo LLC on behalf of Seller. 

 Schedule 3.01 
  

									
	 	  	Shares of Common Stock	 	  	Percentage	 
	 Mark Bozek
	  	 	3,500,000	  	  	 	50	% 
	 Russell Nuce
	  	 	3,500,000	  	  	 	50	%EX-10.2

 Exhibit 10.2 

EXECUTIVE EMPLOYMENT AND SEVERANCE AGREEMENT 

This Agreement (this “Agreement”) is between Mark C. Bozek (“Executive”) and ValueVision Media, Inc.
(“ValueVision” and, together with its Affiliates, the “Company”). 
 WHEREAS, Executive
commenced employment with ValueVision on June 23, 2014 (the “Employment Commencement Date”) as its Chief Executive Officer, and Executive’s services are valuable to the conduct of the business of the Company; and 

 WHEREAS, ValueVision and Executive desire to specify the terms and conditions on which Executive will continue employment on
and after November 17, 2014 (the “Effective Date”), and under which Executive will receive severance in the event that Executive separates from service with the Company under the circumstances described in this Agreement.

 NOW, THEREFORE, for the consideration described above, the payment of one thousand dollars ($1,000.00), and other good and
valuable consideration, and intending to be legally bound, the parties agree as follows: 
 1. Effective Date;
Term. This Agreement shall become effective on the Effective Date and continue until the third (3rd) anniversary of the Effective Date (the “Initial Term”).
Thereafter, the Agreement shall renew automatically for successive one (1) year periods unless and until either party provides written notice to the other party of the intent not to renew the Agreement at least ninety (90) days prior to
the end of the Initial Term or any subsequent one-year term (the Initial Term and the period, if any, thereafter, during which the Executive’s employment shall continue are collectively referred to herein as the “Term”).
Notwithstanding the foregoing, (a) if a Change in Control (as defined in Section 2(g) below) occurs prior to the end of the Initial Term or any subsequent one-year term, then the Agreement shall be extended automatically until the
later of (i) the end of the Initial Term or (ii) one (1) year from the date of the Change in Control, and (b) if Executive provides notice of resignation for Good Reason (as defined in Section 2(p) below) prior to the
expiration of the Term, and if the Executive terminates his employment for such Good Reason, then the Term of this Agreement will be extended to the date that is one day following the Termination Date (as defined in Section 2(v) below).
The expiration of the Agreement due to the Company’s notice of non-renewal shall not be considered a termination of Executive by the Company for other than Cause (as defined in Section 2(f) below). Rather, if the Initial Term or any
subsequent one-year Term expires as a result of a notice of non-renewal by either party, and if Executive remains employed with the Company thereafter, then Executive will be an at-will employee of the Company during the period that Executive
remains employed with the Company. 
 2. Definitions. For purposes of this Agreement, the following terms shall
have the meanings ascribed to them: 
 (a) “Affiliate” shall mean, with respect to
ValueVision, any partnership, corporation, limited liability company, joint stock company, unincorporated organization or association, trust, joint venture, or other organization that, directly or through one or more intermediaries, is controlled
by, controls, or is under common control with, ValueVision within the meaning of Code Section 414(b) or (c); provided that, in applying such provisions, the phrase “at least 50 percent” shall be used in place of “at least 80
percent” each place it appears therein.  

 (b) “Accrued Benefits” shall mean the following amounts,
payable as described herein: (i) all Base Salary that has accrued but is unpaid as of the Termination Date; (ii) reimbursement of Executive for his reasonable and necessary expenses, which have been approved in accordance with Company
policy and which were incurred by Executive on behalf of the Company as of the Termination Date; (iii) any and all other cash earned by Executive through the Termination Date and deferred at the election of Executive pursuant to any deferred
compensation plan then in effect; and (iv) all other payments and benefits to which Executive (or in the event of Executive’s death, Executive’s surviving spouse or other beneficiaries) is entitled on the Termination Date under the
terms of any benefit plan of the Company, excluding severance payments under any Company severance policy, practice or agreement in effect on the Termination Date. Payment of Accrued Benefits shall be made promptly in accordance with the
Company’s prevailing practice with respect to clauses (i) and (ii) or, with respect to clauses (iii) and (iv), pursuant to the terms of the benefit plan or practice establishing such benefits, and any applicable law (but in each
instance no less favorable than that applied to the most senior executive officers of the Company). 
 (c)
“Base Salary” shall mean Executive’s annual base salary with the Company as in effect from time to time. 

(d) “Board” shall mean the board of directors of ValueVision or a committee of such Board authorized to
act on its behalf in certain circumstances, including the Human Resources and Compensation Committee of the Board. 

(e) “Business Partner” shall mean an individual or entity to whom the Company sold a service or product
(such as advertising services) via or upon one of its sales platforms during the twenty-four (24) month period immediately preceding the Executive’s Termination Date, and (i) about whom Executive, as a result of his employment, had
access to (and actually accessed or knew about) information or goodwill that would assist in solicitation of such Business Partner, or (ii) with whom Executive personally dealt on behalf of the Company in the twelve (12) months immediately
preceding the Executive’s Termination Date and that Executive was introduced to or otherwise had business contact with as a result of his employment with the Company. 

(f) “Cause” shall mean any of the following, as determined by the Company in its
reasonable judgment, exercised in good faith: (i) Executive’s conviction of, or plea of guilty or nolo contendere to, a crime, the circumstances of which are substantially related to Executive’s duties or responsibilities;
(ii) theft, conversion, embezzlement or misappropriation by Executive of funds or other assets of the Company or any other act of fraud or dishonesty with respect to the Company; (iii) Executive’s willful misconduct, including
intentional, grossly negligent, or unlawful misconduct by Executive that causes harm or embarrassment to the Company or exposes the Company to a risk of harm; (iv) Executive’s violation of the Company’s policies on non-discrimination
and/or  

  
 2 

 
harassment; (v) the failure by Executive to materially comply with any other material Company policy generally applicable to Company employees (that are provided or made available to
Executive); or (vi) Executive’s willful or intentional breach of any provision of this Agreement (including but not limited to Section 7) that results in a risk of harm to the Company; provided that prior to a termination due
to Executive’s acts or omissions described in clauses (v) or (vi) herein, the Company shall have provided Executive with a written notice setting forth in reasonable detail the acts or omissions constituting Cause, and Executive shall
have failed to cure such acts or omissions within thirty (30) days of his receipt of the written notice. If the alleged conduct or act constituting Cause is not curable, then Executive’s employment will terminate on the date specified in
the written notice of termination (which may be immediate). If the alleged conduct or act constituting Cause is curable but Executive does not timely cure such conduct or act, then Executive’s employment will terminate on the date immediately
following the end of the cure period. 
 (g) “Change in Control” shall mean a “Change in
Control” as defined in the ValueVision Media, Inc. 2011 Equity Incentive Plan, as amended and in effect from time to time, or any successor incentive plan thereto.  

(h) “COBRA” shall mean the provisions of Code Section 4980B. 

(i) “Code” shall mean the Internal Revenue Code of 1986, as amended, as interpreted by rules and
regulations issued pursuant thereto, all as amended and in effect from time to time. Any reference to a specific provision of the Code shall be deemed to include reference to any successor provision thereto. 

(j) “Company Vendor” shall mean those vendors, suppliers or product developers who did business at any
time with the Company within the twenty-four (24) months preceding Executive’s Termination Date and (i) about whom Executive, as a result of his employment, had access to (and actually accessed or knew about) information or goodwill
that would assist in solicitation of such Company Vendor, or (ii) with whom Executive personally dealt on behalf of the Company in the twelve (12) months immediately preceding the Termination Date and that Executive was introduced to or
otherwise had business contact with as a result of his employment with the Company. “Company Vendor” shall also include an individual or business to whom a pitch to solicit or secure business or product for sale was prepared (even if not
yet made) within the 12-month period preceding the Termination Date, and with which Executive had involvement in the preparation of, or had exposure to information developed for, the specific pitch; provided, a general mailing
or an incidental contact shall not be deemed a pitch. 
 (k) “Competitive Services” shall mean
services of the type that the Company provided or offered to its Customers, Business Partners, or Company Vendors at any time during the twelve (12) months immediately preceding the Termination Date. “Competitive Services” also
includes those services that the Company, within the six-month period prior to the Termination Date, was in the process of developing, had discussed as a possible development or which it was actively engaged in research and

  
 3 

 
development to offer to a customer, anticipated customer, Company Vendor or anticipated Company Vendor at the time of Termination Date. “Competitive Services” does not include any
service that the Company no longer provides, and does not intend to provide in the 12-month period following the Termination Date. 

(l) “Competitive Products” shall mean products (e.g., sales platforms) that serve the same function as,
or that could be used to replace, products the Company provided to, offered to, or was in the process of developing or having developed for a present, former, or future possible customer at any time during the twelve (12) months immediately
preceding the Termination Date. 
 (m) “Customer” shall mean an individual or entity whom
purchased a Competitive Product or Competitive Service via one of the Company’s sales platforms during the twelve (12) month period prior to the Termination Date. 

(n) “Direct Competitor” shall mean a person or entity that sells Competitive Products or Competitive
Services in a manner substantially similar to the Company via a sales platform that is substantially similar to the Company’s sales platform (i.e., primarily engaged in the home shopping business). A Direct Competitor includes an infomercial
business having as a primary focus the marketing to consumers of Competitive Products or Competitive Services through television programming or via the internet (web sites). Examples of Direct Competitors as of the Effective Date include, but are
not limited to: HSN, Inc., QVC, Inc., Jewelry Television Network and their subsidiaries.  
 (o)
“Disability” shall mean, subject to applicable law, that a medically determinable physical or mental impairment of Executive renders Executive unable to perform the essential functions of his position with the Company, either with
or without a reasonable accommodation in substantially the manner and to the extent required hereunder prior to the commencement of such disability, and Executive shall be unable to return to such duties at the end of the short-term disability
period provided under the Company’s short-term disability plan applicable to other senior executive officers of the Company (or such longer period as the Company may grant in its sole discretion or as otherwise required by law). 

(p) “Good Reason” shall mean the occurrence of any of the following events while this Agreement is in
effect, without the Executive’s written consent:  
 (i) A relocation of Executive’s principal place of
employment to a location more than fifty (50) miles from Executive’s current office location (other than a relocation of Executive’s principal place of employment from Eden Prairie, Minnesota to the New York Metropolitan Area) unless
such new location is no further from the Executive’s then-current residence than the immediately prior location; 
 (ii)
Any reduction in Executive’s Base Salary or Annual Bonus opportunity described in Section 3(c)(i) (excluding long-term performance or equity awards described in Section 3(c)(ii)), unless part of an across-the-board

  
 4 

 
reduction applicable on a similar basis to all other senior executive officers of ValueVision and, in that event, provided that such reduction does not exceed five (5%) of Executive’s
total cash compensation opportunity (Base Salary and Annual Bonus); 
 (iii) Any failure to pay Executive amounts due under
this Agreement; or 
 (iv) Any material reduction in Executive’s duties, responsibilities or authority, or any change in
Executive’s title; 
 provided that such event shall constitute Good Reason only if: (A) Executive continues to perform his
job duties as set forth in this Agreement and continues to comply with all of the covenants set forth herein (including the terms of Section 7 hereof) and any other non-compete, confidentiality, invention or other written agreements
otherwise applicable to him; (B) Executive provides ValueVision written notice of resignation, specifying in reasonable detail the event constituting Good Reason, within sixty (60) days after the initial existence of such event; and
(C) ValueVision fails to cure (if curable) the Good Reason event within thirty (30) days following receipt of such notice. If ValueVision timely cures the Good Reason event, then Executive’s notice of resignation shall be
automatically rescinded. If ValueVision does not timely cure the Good Reason event, then the Termination Date shall be the date immediately following the end of the Company’s cure period. 

(q) “Protected Information” shall mean Company information not generally known to, and not readily
ascertainable through proper means by, the Company’s competitors on matters such as: Company Vendor or Business Partner lists or information; the compensation of the Company’s other employees or agents; nonpublic financial information;
marketing, business and strategic plans; business methods; investment strategies and plans; patent applications; sales and marketing plans; future market and product plans; Company (not individual) know-how; trade secrets; Company research and
development, techniques, processes, product development, work processes or methodologies; analytical analyses, product analyses, inventions, formulaic work, formulas, formulaic techniques, analytical methodology, efficacy data and testing data;
technology, drawings, engineering, code, code writing, software (and hardware) development and platform development; and other information of a technical or economic nature relating to the Company’s business. Protected Information includes
negative know-how, which is information about what the Company tried that did not work, if that information is not generally known or easily ascertainable by the Company’s competitors and would give them an advantage in
knowing what not to do. Information, data, and materials received by the Company from others in confidence (or subject to nondisclosure or similar covenants) shall also be deemed to be and shall be Protected Information.  

  
 5 

 Notwithstanding the foregoing, Protected Information shall not
include information that (i) was in the public domain, being publicly and openly known through lawful and proper means, (ii) was independently developed or acquired by Executive without reliance in any way on other Protected Information of
the Company or any Company Vendor or Business Partner, (iii) was approved by the Company for use and disclosure by Executive without restriction, (iv) is required to be disclosed pursuant to any applicable law or court order;
provided that, in the case of this clause (iv), Executive notifies ValueVision of the requirement to disclose such information as soon as possible after Executive becomes aware of the requirement to disclose. 

(r) “Separation Agreement” shall mean the form of Separation Agreement which is substantially similar
to that used for departing executives who receive severance, subject to modifications to reflect the terms of this Agreement.  

(s) “Separation from Service” shall mean Executive’s separation from service (within the meaning
of Code Section 409A) from ValueVision and its Affiliates.  
 (t) “Severance Benefits”
shall mean the payments and benefits described in Section 5 hereof. 
 (u) “Severance
Payment” shall mean 1.5 times the sum of (i) Executive’s then applicable Base Salary, plus (ii) the average of the annual cash incentive plan payments made to Executive (prior to reduction for taxes or deferrals) in the three
fiscal years immediately preceding the fiscal year in which the Termination Date occurs (or such fewer number of immediately preceding fiscal years for which Executive has been employed by the Company) (the “Average Annual Bonus
Amount”); provided that if the Termination Date occurs on or within the one year period following a Change in Control, then the 1.5 multiplier shall be replaced with two (2). For purposes of this definition, the
Executive’s Base Salary shall be the amount in effect immediately preceding the Termination Date; provided that if a reduction in Executive’s Base Salary constituted a Good Reason for the termination, then Base Salary
shall be the amount in effect immediately prior to such reduction.  
 (v) “Severance Period”
shall mean the eighteen (18)-month period following the Termination Date; provided that if the Termination Date occurs on or within the one year period following a Change in Control, then the Severance Period shall mean the
twenty-four (24)-month period following the Termination Date. 
 (w) “Termination Date” shall
mean the date of Executive’s termination of employment from the Company, as further described in Section 4.  
 3.
Employment of Executive 
 (a) Position. 

(i) Executive shall serve as the Chief Executive Officer of ValueVision, accountable to the Board. In such position, Executive
shall have such duties, responsibilities and authority as is customarily associated with such position and shall have such other duties, as may be reasonably assigned from time to time by the Board, consistent with Executive’s position and the
terms of this Agreement. In addition, during the Term, the Executive shall be a member of the Board, subject to the approval of the ValueVision shareholders. 

  
 6 

 (ii) Executive shall devote substantially all of his business time and efforts to
the performance of his duties on behalf of the Company, and will not engage in or be concerned with any other commercial duties or pursuits, either directly or indirectly, without the prior written consent of the Board. Notwithstanding the
foregoing, nothing herein shall preclude Executive from (1) continuing to engage in the outside, activities disclosed here: all production services relating to the feature film projects currently entitled SHOE ADDICTS ANONYMOUS and HERE LIES
BRIDGET, and any transaction contemplated thereby (if left blank, then there are no such activities for which approval has been provided); (2) serving as an officer or a member of charitable, educational or civic organizations;
(3) engaging in charitable activities and community affairs; and (4) managing Executive’s personal investments and affairs; provided, however, that such service and activities do not, in the Company’s reasonable opinion,
interfere with the performance of his duties on behalf of the Company, create any conflict of interest as it relates to the Company, and are not represented in a manner that suggests the Company supports or endorses the services or activities
without the advance approval of the Company. Executive shall be responsible for complying with all policies and operating procedures of the Company applicable to all senior executives of the Company (that are provided or made available to the
Executive) in the performance of his duties on behalf of the Company. 
 (iii) Executive’s principal place of employment
shall be based in Eden Prairie, Minnesota as of the Effective Date. At any time, the Board may determine that the Executive’s principal place of employment shall be in the New York Metropolitan Area, provided that the Company shall pay for all
reasonable costs and expenses incurred by Executive and his family to relocate to the New York Metropolitan area consistent with such relocation assistance as is offered by ValueVision at that time to its senior executives who are relocating. If the
Executive’s principal place of employment is in Minnesota, then Executive also shall work in ValueVision’s New York City office as necessary. In addition, Executive shall travel to such other places, including, without limitation, the site
of such facilities of the Company and its Affiliates as are established from time to time, at such times as are advisable for the performance of Executive’s duties and responsibilities under this Agreement. 

(iv) Executive shall submit to the Company all business, commercial and investment opportunities or offers presented to
Executive or of which Executive becomes aware which relate to the business of the Company (the “Company Opportunities”). Unless approved by the Board, Executive shall not accept or pursue, directly or indirectly, any Company
Opportunities on Executive’s own behalf. 

  
 7 

 (b) Base Salary. Commencing on the Effective Date, ValueVision shall pay
Executive a Base Salary at an annual rate of $625,000, payable in regular installments in accordance with the Company’s usual payroll practices. At least once per year, the Board shall review Executive’s Base Salary for potential increase
based on market trends, performance, and such internal and other considerations as the Board may deem relevant. 
 (c)
Bonus and Equity Incentives.  
 (i) Beginning with the fiscal year following the Effective Date, and
for each fiscal year thereafter during the Term, Executive shall be eligible to participate in such annual cash incentive plans and programs of ValueVision as are generally provided to the senior executives of ValueVision pursuant to such terms and
conditions as the Board may prescribe from time to time; provided that Executive shall be entitled to a payout of at least 100% of Base Salary (the “Target Bonus”) if the target annual performance goal(s)
established by the Board is (are) achieved and at least 200% of the target payout amount if the maximum annual performance goals(s) established by the Board is (are) achieved.  

(ii) Beginning with the fiscal year following the Effective Date, and for each fiscal year thereafter during the Term,
Executive shall be eligible to participate in such long-term cash and equity incentive plans and programs of ValueVision as are generally provided to the senior executives of ValueVision, as determined by the Board in its discretion. 

(d) Executive Benefits. Executive shall be eligible to participate in the Company’s employee benefit plans
(in addition to the annual and/or long-term incentive programs, which are addressed in subsection 3(c)) as in effect from time to time on the same basis as those benefits are generally made available to other similarly-situated senior executives of
ValueVision.  
 (e) Business Expenses. The Company shall reimburse Executive for any reasonable
business expenses incurred by Executive in the performance of Executive’s duties hereunder subject to and in accordance with Company policies. 

(f) Additional Payments and Benefits. Executive shall be entitled to the amounts and benefits set forth on
Exhibit A, subject to the terms and conditions thereof.  
 (g) Withholding. All payments under
this Agreement shall be subject to payroll taxes and other withholdings in accordance with the Company’s (or the applicable employer of record’s) standard payroll practices and applicable law.  

4. Termination of Employment.  

(a) Date and Manner of Termination. Executive’s employment with the Company will terminate during the Term,
and this Agreement will terminate on the date of such termination, as follows: 
 (i) Executive’s employment will
terminate on the date of Executive’s death. 

  
 8 

 (ii) If Executive is subject to a Disability, and if within thirty (30) days
after ValueVision notifies Executive in writing that it intends to terminate Executive’s employment, Executive shall not have returned to the performance of Executive’s essential functions (either with or without a reasonable
accommodation), ValueVision may terminate Executive’s employment, effective immediately following the end of such thirty-day period. 

(iii) ValueVision may terminate Executive’s employment with or without Cause (other than as a result of Disability which
is governed by subsection 4(a)(ii)). If the termination is without Cause, then Executive’s employment will terminate on the date set forth in ValueVision’s written notice of termination to Executive (which may be immediate). If the
termination is for Cause, then Executive’s employment will terminate in accordance with Section 2(f). Unless otherwise directed by ValueVision, from and after the date of the written notice of proposed termination (subject to all
applicable cure periods), Executive shall be relieved of his duties and responsibilities and shall be considered to be on a paid leave of absence pending any final action by ValueVision confirming such proposed termination, provided that
during such notice period Executive shall remain a full-time employee of the Company, and shall continue to receive his then current Base Salary and all other benefits as provided in this Agreement. 

(iv) Executive may terminate his employment with or without Good Reason. If the termination is without Good Reason, then
Executive must provide at least thirty (30) but no more than ninety (90) days advance written notice to ValueVision; provided that the Company may immediately relieve Executive of all duties and responsibilities upon receipt of such
notice, and choose to terminate Executive’s employment without further notice or delay, which termination shall not constitute a termination without Cause. If the termination is for Good Reason, then Executive’s employment will terminate
in accordance with Section 2(p). 
 (b) Relinquishment of Positions Upon Termination. Upon
termination of employment for any reason, Executive shall resign all officerships, directorships or other positions that he then holds with the Company or any of its Affiliates. 

  
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 5. Payments upon Termination.  

(a) Entitlement to Accrued Benefits and Equity Awards. Upon termination of Executive’s employment for any
reason, whether by the Company or by Executive, the Company shall pay or provide Executive with the Accrued Benefits and all of Executive’s outstanding equity awards shall be subject to the terms of the applicable award agreement and plan. 

 (b) Entitlement to Severance. Subject to the other terms and conditions of this Agreement, Executive
shall be entitled to Severance Benefits in the following circumstances:  
 (i) Executive’s employment is
terminated by ValueVision without Cause, except in the case of death or Disability; or 
 (ii) Executive terminates his
employment with the Company for Good Reason. 
 If Executive dies after receiving a notice by ValueVision that Executive is being terminated
without Cause, or after providing notice of termination for Good Reason, then Executive’s estate, heirs and beneficiaries (as the case may be) shall be entitled to the Accrued Benefits and the Severance Benefits at the same time such amounts
would have been paid or benefits provided to Executive had he lived. 
 (c) Requirement for Severance Benefits.
As an additional prerequisite for receipt of the Severance Benefits, Executive must (i) execute, deliver to ValueVision, and not revoke (to the extent Executive is allowed to do so) a Separation Agreement within twenty (20) calendar
days (or such longer period as is provided in the Separation Agreement) following the Executive’s receipt of such Separation Agreement, which ValueVision must provide Executive within ten (10) days following Executive’s Termination
Date, and (ii) comply with all of Executive’s covenants set forth in this Agreement. 
 (d)
Severance Benefits; Timing and Form of Payment. Subject to the limitations imposed by Section 6, if Executive is entitled to Severance Benefits, then:  

(i) The Company shall pay Executive the Severance Payment in equal installments, consistent with the Company’s
normal payroll practices, over the Severance Period (or, in the case of a termination of employment within one year following a Change in Control, in a lump sum, provided such Change in Control meets the requirements of Code Section 409A)
following the date of his Separation from Service; provided that any amounts that would be payable prior to the effectiveness of the Separation Agreement shall be delayed until the Separation Agreement becomes effective. Notwithstanding the
foregoing, if, as of the date of Executive’s Separation from Service (i) he is a “specified employee” as determined under Code Section 409A, then any portion of the Severance Payment that is subject to Code Section 409A
and that would  

  
 10 

 
otherwise be payable within the first six (6) months following such Separation from Service shall be delayed until the first regular payroll date of the Company following the six
(6) month anniversary of Executive’s Separation from Service (or the date of his death, if earlier than that anniversary) or (ii) he is not a “specified employee” as determined under Code Section 409A, then any portion
of the Severance Payment that is subject to Code Section 409A and that would be otherwise payable within the first sixty (60) days after Executive’s Separation from Service shall be paid sixty (60) days after Executive’s
Separation from Service (and not promptly following the effectiveness of the Separation Agreement). 
 (ii) The Company shall
pay, in a lump sum in the fiscal year following the fiscal year of the Termination Date, an amount equal to the product of (A) the annual cash incentive award to which Executive would have been entitled for the fiscal year in which the
Termination Date occurs based on actual performance for such fiscal year had Executive’s employment not terminated, multiplied by (B) a fraction, the numerator of which is the number of days that have elapsed during the annual performance
period through the Termination Date and the denominator of which is 365. Notwithstanding the foregoing, if all or any portion of such annual bonus payment was paid upon a Change in Control, then the amount due under this clause 5(d)(ii) shall be
reduced by the amount of such payment. 
 (iii) The Company shall continue to provide to Executive and his dependents (as
applicable) during the Severance Period, group health, dental and life insurance benefits to the extent that such benefits were in effect for Executive and his family as of the Termination Date, subject to Executive’s timely election of group
health and/or dental continuation coverage pursuant to COBRA or similar state laws. The Company shall be responsible for payment of all premiums necessary to maintain these benefits during the Severance Period. Benefit continuation under this
Section 5(d)(iii) shall be concurrent with any coverage under the Company’s plans pursuant to COBRA or similar state laws. Such benefits shall be terminated prior to the expiration of the Severance Period to the extent Executive has
obtained new employment and is covered by benefits which in the aggregate are comparable to such continued benefits. Executive shall promptly notify the Company when he becomes employed after the Termination Date and shall provide such reasonable
cooperation as the Company requests with respect to determining whether Executive is covered by comparable benefits with such new employer. If the health or dental benefits are fully insured, and the provision of such benefits under this clause
5(d)(iii) would subject the Company or its benefits arrangements to a penalty or adverse tax treatment, then the Company shall provide a cash payment to Executive in an amount reasonably determined by the Company to be equivalent to the COBRA
premiums for such benefits. If the health or dental benefits are self-insured, and the provision of such benefits under this clause 5(d)(iii) is considered discriminatory under Code Section 105(h), then to the extent required by the Code,
Executive acknowledges that the value of the premiums paid by the Company hereunder shall be considered taxable wages to Executive, and the 

  
 11 

 
Company shall be permitted to withhold applicable taxes with respect to such wages from other amounts owed to Executive, or require Executive to make satisfactory arrangements with the Company
for the payment of such withholding taxes. 
 (iv) With respect to any long-term incentive awards (whether cash or equity)
(A) if the award is subject to time-based vesting only, then upon the Termination Date, Executive shall become vested in a pro-rata portion (based on Executive’s length of employment during the applicable vesting period) of such award, and
(B) if the award is subject to performance vesting, then following the completion of the applicable performance period, Executive will receive a pro-rata portion of such award (based on Executive’s length of employment during the
applicable performance period), to the extent the performance goals are otherwise achieved for the performance period. 
 6.
Limitations on Severance Payments and Benefits. Notwithstanding any other provision of this Agreement, if any portion of the Severance Payment or any other payment under this Agreement, or under any other agreement with or plan of the
Company (in the aggregate “Total Payments”), would constitute an “excess parachute payment,” then the Total Payments to be made to Executive shall be reduced such that the value of the aggregate Total Payments that
Executive is entitled to receive shall be One Dollar ($1) less than the maximum amount which Executive may receive without becoming subject to the tax imposed by Code Section 4999 or which the Company may pay without loss of deduction under
Code Section 280G(a); provided that the foregoing reduction in the amount of Total Payments shall not apply if the After-Tax Value to Executive of the Total Payments prior to reduction in accordance herewith is greater than
the After-Tax Value to Executive if Total Payments are reduced in accordance herewith. For purposes of this Agreement, the terms “excess parachute payment” and “parachute payments” shall have the meanings assigned to them in Code
Section 280G, and such “parachute payments” shall be valued as provided therein. Present value for purposes of this Agreement shall be calculated in accordance with Code Section 1274(b)(2). Within twenty (20) business days
following delivery of the notice of termination or notice by ValueVision to Executive of its belief that there is a payment or benefit due Executive that will result in an excess parachute payment as defined in Code Section 280G, Executive and
ValueVision, at ValueVision’s expense, shall obtain the opinion (which need not be unqualified) of nationally recognized tax counsel selected by ValueVision, which opinion sets forth: (A) the amount of the Base Period Income, (B) the
amount and present value of Total Payments, (C) the amount and present value of any excess parachute payments without regard to the limitations of this Section 6, (D) the After-Tax Value of the Total Payments if the reduction in Total
Payments contemplated under this Section 6 did not apply, and (E) the After-Tax Value of the Total Payments taking into account the reduction in Total Payments contemplated under this Section 6. As used in this Section 6, the
term “Base Period Income” means an amount equal to Executive’s “annualized includible compensation for the base period” as defined in Code Section 280G(d)(1). For purposes of such opinion, the value of any
noncash benefits or any deferred payment or benefit shall be determined by ValueVision’s independent auditors in accordance with the principles of Code Sections 280G(d)(3) and (4), which determination shall be evidenced in a certificate of such
auditors addressed to ValueVision and Executive. For purposes of determining the After-Tax Value of Total Payments, Executive shall be deemed to pay federal  

  
 12 

 
income taxes and employment taxes at the highest marginal rate of federal income and employment taxation in the calendar year in which the Severance Payment is to be made and state and local
income taxes at the highest marginal rates of taxation in the state and locality of Executive’s domicile for income tax purposes on the date the Severance Payment is to be made, net of the maximum reduction in federal income taxes that may be
obtained from deduction of such state and local taxes. Such opinion shall be dated as of the Termination Date and addressed to ValueVision and Executive and shall be binding upon ValueVision and Executive. If such opinion determines that there would
be an excess parachute payment and that the After-Tax Value of the Total Payments taking into account the reduction contemplated under this Section is greater than the After-Tax Value of the Total Payments if the reduction in Total Payments
contemplated under this Section did not apply, then the Severance Payment hereunder or any other payment determined by such counsel to be includible in Total Payments shall be reduced or eliminated as specified by Executive in writing delivered to
ValueVision within five business days of Executive’s receipt of such opinion or, if Executive fails to so notify ValueVision, then as ValueVision shall reasonably determine, so that under the bases of calculations set forth in such opinion
there will be no excess parachute payment. If such legal counsel so requests in connection with the opinion required by this Section, Executive and ValueVision shall obtain, at ValueVision’s expense, and the legal counsel may rely on in
providing the opinion, the advice of a firm of recognized executive compensation consultants as to the reasonableness of any item of compensation to be received by Executive. If the provisions of Code Sections 280G and 4999 are repealed without
succession, then this Section 6 shall be of no further force or effect. 
 7. Covenants by Executive. 

(a) Ownership Rights. In the course of his employment with the Company, Executive may be creating, designing,
drafting, developing, or adding to the Company’s trade secrets, inventions, or copyrights. Executive shall promptly communicate all such work product to the Company.  

(i) Inventions. Any design, improvement, discovery, computer program, software development, know how, product or
service idea, whether or not patentable or subject to copyright protection, developed by Executive during his period of employment with the Company shall be considered a “Company Invention” that belongs to the Company if it:
(a) involved the use of working time; (b) involved the use of Company equipment, supplies, facilities, or trade secrets; (c) at the time conceived or first reduced to practice, related to the Company’s current or planned business
activities; or (d) resulted from work performed for the Company (collectively, “Company Inventions”). Executive assigns and agrees to assign to the Company, and the Company accepts and agrees to accept, Executive’s entire
right, title, and interest in all Company Inventions (as just defined), and any patent rights arising therefrom. 

(ii) Copyrights. Any material written, created, designed, discovered, or drafted by Executive for the Company or
connected to Executive’s employment with the Company shall be considered a work for hire and the property of the Company. With respect to all intellectual property that is first created and prepared by Executive that is not covered by the
definition of a “work 

  
 13 

 
made for hire” under 17 U.S.C. § 101 of the U.S. Copyright Act of 1976, such that Executive would be regarded as the copyright author and owner, Executive hereby assigns and agrees to
assign to the Company, and the Company accepts and agrees to accept, Executive’s entire right, title, and interest in and to such works, including all copyrights therein. 

(iii) Trade Secrets. Any trade secret (as defined by law) developed by Executive during his period of employment with
the Company shall belong to the Company if it: (a) involved the use of working time; (b) involved the use of Company equipment, supplies, facilities, trade secrets or Protected Information; (c) at the time conceived or first reduced
to practice, substantially related to the Company’s current or planned business activities made known to Executive; or (d) resulted from work performed for the Company. Executive assigns and agrees to assign to the Company all rights in
all Company Trade Secrets (as just described) and any patent rights arising therefrom. 
 (iv) Cooperation. When
requested by the Company, during or after employment, Executive will use commercially reasonable efforts to support and cooperate with the Company in pursuing any patent, copyright, or trade secret protection in the United States and foreign
countries for any Company Invention or work for hire. Executive will sign such assignments or other documents considered necessary by the Company to convey ownership and exclusive rights, including patent rights, to the Company. The costs of
obtaining and defending patent and copyright rights shall be paid by the Company, and the Company shall pay reasonable compensation to Executive for his services under this Section 7(a)(iv) if Executive is not then employed by the Company. 

(v) Prior Inventions. Executive has described here all inventions, original works of authorship, developments and
improvements which were made by Executive or his affiliates prior to employment with the Company, which belong to Executive or such affiliates, and which are not assigned to the Company hereunder (collectively referred to as “Prior
Inventions”): all property and assets (both tangible and intangible) of Dollars Per Minute Inc. If no items or matters are described, Executive represents and warrants that there are no such Prior Inventions. If, in the course of
employment with the Company, Executive incorporates any Prior Inventions into any work for hire, Company Invention, or Company trade secret, Executive grants the Company an irrevocable, worldwide, fully paid-up, royalty-free, non-exclusive license,
with the right to sublicense through multiple tiers, to make, use, sell, improve, reproduce, distribute, perform, display, transmit, manipulate in any manner, create derivative works based upon, and otherwise exploit or utilize in any manner the
Prior Invention so incorporated. 
 (vi) Notice of Limits to Assignment. The provisions of this
Section 7(a) do not apply to (x) any work product that Executive developed on his own time without using Company equipment, supplies, facilities, trade secrets or Protected Information, unless the work product (1) relates to
the Company’s business or demonstrably anticipated business, (2) relates to the Company’s actual or demonstrably anticipated research or development, or (3) results from any work performed by Executive for the Company and
(y) Dollars Per Minute Inc. and all of its property and assets (both tangible and intangible). 

  
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 (b) Confidentiality.  

(i) Necessity. In the course of his employment with the Company, Executive may be making use of, acquiring, or adding to
the Company’s confidential information, trade secrets, and Protected Information. In addition, Executive’s work for the Company requires Executive be provided access to valuable confidential information, trade secrets, and Protected
Information. The confidential information, trade secrets, and Protected Information to which Executive will have access is valuable to the Company and/or its Business Partners and Company Vendors and each party takes steps to maintain the secrecy
and confidential nature of these matters, including the regular use of computer passwords, locks and other security measures, and requires employees with access to this information to execute agreements with restrictive covenants and confidentiality
obligations where possible. Executive acknowledges that the Company will not provide Executive (on a going forward basis) with access to the valuable confidential information, trade secrets, or Protected Information unless Executive executes this
Agreement. 
 (ii) Promises. Executive makes the following promises regarding Protected Information. 

a) Promise To Protect. Executive promises to use commercially reasonable efforts to protect and maintain the confidentiality of
Protected Information while employed by the Company. Executive will follow all Company policies and procedures made known to Executive for the protection and security of this information. Executive will also promptly report to the Board any
potential or actual security breach or loss. 
 b) Promise to Return. Executive agrees to return (and not retain) any and all
materials reflecting Protected Information that he may possess (including all Company-owned equipment) immediately upon termination of employment. 

c) Promise Not To Use Or Disclose. Executive agrees to not use or disclose, except as necessary for the performance of his services on
behalf of the Company or as required by law or legal process, any Protected Information where such use or disclosure would be detrimental to the interests of the Company. This promise applies only for so long as such Protected Information remains
confidential and not generally known to, and not readily ascertainable through proper means by, the Company’s competitors. 

  
 15 

 (iii) Required Disclosures. If Executive is requested or required to
provide Protected Information in any legal proceeding or governmental investigation, Executive will promptly notify the Company of the request so that the Company may either seek an appropriate protective order or waive Executive’s obligations
under this Agreement. 
 (c) Restrictive Covenants. Executive understands and agrees that the Company has legitimate
interests in protecting its goodwill, its relationships with Company Vendors and Business Partners, and in maintaining its confidential information, trade secrets and Protected Information, and hereby agrees that the following restrictions are
appropriate to protect such interests and are narrowly construed to meet such goals. 
 (i) Non-Solicitation.
Executive acknowledges that the relationships and goodwill that Executive develops with Company Vendors and Business Partners as a result of his employment belong to the Company and that using such relationships and goodwill against the interests of
the Company would be unfair. Executive further acknowledges that because those relationships and goodwill are based on personal trust, the Company will need an opportunity, free from interference by Executive, to secure the relationships and
goodwill for itself after Executive’s employment ends. Executive therefore agrees that while employed by the Company and for a period of two (2) years after Executive’s employment with the Company ends, for whatever reason, Executive
will not, and will not assist anyone else to, (1) solicit or encourage any Company Vendor or Business Partner to terminate or diminish its relationship with the Company; or (2) seek to persuade any Company Vendor or Business Partner to
conduct with anyone other than the Company any business or activity relating to Competitive Services or Products that such Company Vendor or Business Partner conducts or could conduct with the Company. 

(ii) Non-Competition. Executive agrees that while employed by the Company and for a period of eighteen (18) months
after Executive’s employment with the Company ends for any reason, Executive will not, for himself, or on behalf of any other person or entity, directly or indirectly, provide services to a Direct Competitor in a role where Executive’s
knowledge of Protected Information is likely to affect Executive’s decisions or actions for the Direct Competitor, to the detriment of the Company. 

(d) Reasonable Restrictions. Executive agrees that the terms and conditions in Sections 7(a) through 7(c)
are reasonable and necessary for the protection of the Company’s business and to prevent damage or loss to the Company as the result of action taken by Executive. Executive acknowledges that he could continue to actively pursue his career and
earn sufficient compensation without breaching any of the restrictions contained in these Sections. 
 (e) Equitable
Relief. Executive agrees that damages would be an inadequate remedy for the Company in the event of breach or threatened breach of Executive’s obligations under this Section 7, and thus, in any such event, the Company may,
either 

  
 16 

 
with or without pursuing any potential damage remedies, immediately obtain and enforce an injunction prohibiting Executive from violating the promises in this Section. Executive understands that
this provision regarding the issuance of an injunction does not limit any remedies at law or equity otherwise available to the Company. 

(f) Trade Secrets. Nothing in this Agreement diminishes or limits any protection granted by law to trade secrets or
relieves Executive of any duty not to disclose, use, or misappropriate any information that is a trade secret, for as long as such information remains a trade secret. 

(g) Non-Interference. Executive agrees that during his employment with the Company, and for a period of one
(1) year from the voluntary or involuntary termination of employment with the Company for any reason whatsoever, Executive shall not, either personally or in conjunction with others either (i) solicit, interfere with, or endeavor to cause
any employee of the Company to leave such employment or (ii) otherwise induce or attempt to induce any such employee to terminate employment with the Company. Nothing in this Section 7(g) is meant to prohibit an employee of the
Company that is not a party to this Agreement from becoming employed by another organization or person. 
 (h) Notice.
Executive agrees that he will give notice of this Agreement and Executive’s obligations to comply with its terms to any person or organization that Executive may become associated with during the first two years after the termination of his
employment with the Company. Executive further agrees that the Company may, if it desires, send a copy of, or otherwise make the provisions in Section 7 hereof known to any such person, firm or entity during that time. 

(i) Non-Disparagement. The Company shall instruct its Board members and officers not to, and Executive agrees not to,
make any derogatory or negative public statement about, or take any action or make any statement which may adversely affect or disparage, the other or any of their respective Affiliates, or any of their respective owners, stockholders, officers,
directors or employees or any of their respective products, services, businesses, reputations or goodwill; provided that nothing herein shall prevent the Company (including its Board members and officers) or Executive from responding or
answering truthfully if required to by applicable law or compelled by process of law. 
 (j) Return of Company
Property. Upon termination of Executive’s employment, Executive shall promptly return to the Company: (i) all documents, records, procedures, books, notebooks, and any other documentation in any form whatsoever, including but not
limited to written, audio, video or electronic, containing any information pertaining to the Company which includes Protected Information, including any and all copies of such documentation then in Executive’s possession or control regardless
of whether such documentation was prepared or compiled by Executive, Company, other employees of the Company, representatives, agents, or independent contractors, and (ii) all equipment or tangible personal property entrusted to Executive by
the Company. Executive acknowledges that all such documentation, copies of such documentation, equipment, and tangible personal property are and shall at all times remain the sole and exclusive property of the Company. 

  
 17 

 (k) No Conflicts. Executive hereby represents and warrants that
Executive’s signing of this Agreement and the performance of Executive’s obligations under it will not breach or be in conflict with any other agreement to which Executive is a party or is bound and that Executive is not now subject to any
covenants against competition or similar covenants or any court order that could affect the performance of Executive’s obligations under this Agreement. Further, Executive hereby represents and warrants that: (i) Executive will not bring
any confidential information of any former employer, nor any proprietary work product created as part of Executive’s duties with Executive’s former employer; (b) Executive will not use or disclose any former employer’s
confidential information or proprietary work product in the performance of Executive’s duties with the Company; and (c) Executive is not currently, nor will he take or be in a position, that breaches the Company’s ethics policies as
in effect from time to time. 
 8. Notice. Any notice, request, demand or other communication required or permitted herein will
be deemed to be properly given when personally served in writing, by email or when deposited in the United States mail, postage prepaid, addressed to Executive at the address (or email address) last appearing in ValueVision’s personnel records
and to the Company at its headquarters with attention (or an email) to the General Counsel of ValueVision. Either party may change its address by written notice in accordance with this paragraph. 

9. Set Off; Mitigation. The Company’s obligation to pay Executive the amounts and to provide the benefits hereunder shall be
subject to set-off, counterclaim or recoupment of amounts owed by Executive to the Company. However, Executive shall not be required to mitigate the amount of any payment provided for pursuant to this Agreement by seeking other employment or
otherwise. 
 10. Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties
hereto and their respective executors, administrators, successors and assigns. If ValueVision sells, assigns or transfers all or substantially all of its business and assets to any person or entity, then ValueVision shall assign all of its right,
title and interest in this Agreement as of the date of such event to such person or entity, and ValueVision shall cause such person or entity, by written agreement, to expressly assume and agree to perform from and after the date of such assignment
all of the terms, conditions and provisions imposed by this Agreement upon the Company. In case of such assignment by ValueVision and assumption and agreement by such person or entity, as used in this Agreement, “ValueVision” shall
thereafter mean the person which executes and delivers the agreement provided for in this Section 10 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law, and this Agreement shall inure
to the benefit of, and be enforceable by, such person or entity. Except as provided in this Section 10, this Agreement shall not be assignable by ValueVision or Executive. This Agreement shall not be terminated by the voluntary or
involuntary dissolution of ValueVision. 
 11. Applicable Law and Jurisdiction. This Agreement is to be governed by and
construed under the laws of the United States and of the State of Minnesota without resort to Minnesota’s choice of law rules. Each party hereby agrees that the forum and venue for any legal or equitable action or proceeding arising out of, or
in connection with, this Agreement will lie in the appropriate federal or state courts located in Hennepin County, Minnesota and specifically waives any and all objections to such jurisdiction and venue. 

  
 18 

 12. Captions and Paragraph Headings. Captions and section or paragraph headings
used herein are for convenience only and are not a part of this Agreement and will not be used in construing it. 
 13. Divisibility of
Agreement or Modification By Court. To the extent permitted by law, the invalidity of any provision of this Agreement will not and shall not be deemed to affect the validity of any other provision. In the event that any provision of this
Agreement is held to be invalid, it shall be, to the further extent permitted by law, modified to the extent necessary to be interpreted in a manner most consistent with the present terms of the provision, to give effect to the provision. Finally,
in the event that any provision of this Agreement is held to be invalid and not capable of modification by a court, then it shall be considered expunged, and the parties agree that the remaining provisions shall be deemed to be in full force and
effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 
 14. No Waiver.
The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that
term or any other term of this Agreement. 
 15. Survival. The termination or expiration of this Agreement will not affect the
rights or obligations of the parties hereunder arising out of, or relating to, circumstances occurring prior to the termination or expiration of this Agreement, which rights and obligations will survive the termination or expiration of this
Agreement. In addition, the following provisions shall survive the termination or expiration of this Agreement: Sections 5 and 6 (as necessary for the payments and benefits due thereunder to be paid or provided), and Sections 7, 8, 9, and 11 through
18. 
 16. Entire Agreement. This Agreement and the Exhibits attached hereto contain the entire agreement of the parties with
respect to the subject matter of this Agreement except where other agreements are specifically noted, adopted, or incorporated by reference. This Agreement and the Exhibits attached hereto otherwise supersede any and all other agreements, either
oral or in writing, between the parties hereto with respect to the employment of Executive by Company, and all such agreements shall be void and of no effect. Each party to this Agreement acknowledges that no representations, inducements, promises,
or agreements, oral or otherwise, have been made by any party, or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement, or promise not contained in this Agreement will be valid or binding. 

17. Modification or Amendment. This Agreement may not be modified or amended except through a writing signed by hand by both an
authorized representative of ValueVision and Executive, except as required by a court with competent jurisdiction in order to enforce this Agreement. 

  
 19 

 18. Claims by Executive. Executive acknowledges and agrees that any claim or cause
of action by him against the Company shall not constitute a defense to the enforcement of the restrictions and covenants set forth in this Agreement and shall not be used to prohibit injunctive relief. 

19. Directors and Officers Insurance. During the Term, the Company shall maintain commercially reasonable directors and officers
insurance. Any release requirement set forth in the Separation Agreement shall not require Executive to waive any right or claim for coverage under such insurance. 

20. Execution of Agreement. This Agreement may be executed in multiple counterparts, any one of which need not contain the
signature of more than one (1) party, but all such counterparts taken together shall constitute one and the same instrument. Further, this Agreement may be signed and delivered by means of facsimile or scanned pages via electronic mail, and
such scanned or facsimile signatures shall be treated in all manner and respects as an original signature and shall be considered to have the same binding legal effect as if it were an original signature, and no party may raise the use of facsimile
or scanned signatures as a defense to the formation of this Agreement. 
 21. Review by Counsel. Executive represents and
warrants that this Agreement is the result of full and otherwise fair and good faith bargaining over its terms following a full and otherwise fair opportunity to have legal counsel for Executive review this Agreement, propose modifications and
changes, and to verify that the terms and provisions of this Agreement are reasonable and enforceable. Executive acknowledges that he has read and understands the foregoing provisions and that such provisions are reasonable and enforceable. This
Agreement has been jointly drafted by both parties, and shall not be interpreted as against one party as the drafter. 
 22.
Section 409A. It is intended that this Agreement will comply with Code Section 409A and any regulations and other published guidance of the IRS thereunder, to the extent the Agreement is subject thereto, and the Agreement
shall be interpreted on a basis consistent with such intent. With respect to any reimbursement or in-kind benefit arrangements of the Company that constitutes deferred compensation for purposes of Code Section 409A, the following conditions
shall be applicable (except as otherwise permitted by Code Section 409A): (i) the amount eligible for reimbursement, or in-kind benefits provided, under any such arrangement in one calendar year may not affect the amount eligible for
reimbursement, or in-kind benefits to be provided, under such arrangement in any other year (except that any health or dental plan may impose a limit on the amount that may be reimbursed or paid), (ii) any reimbursement must be made on or
before the last day of the calendar year following the calendar year in which the expense was incurred, and (iii) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

  
 20 

 IN WITNESS WHEREOF, the parties hereto have executed, or caused to be executed, this Agreement on
the Effective Date. 
  

			
	EXECUTIVE
	
	 /s/ Mark C. Bozek

	Mark C. Bozek
	
	VALUEVISION MEDIA, INC.
		
	By:	 	 /s/ Teresa Dery

	Name:	 	Teresa Dery
	Title:	 	Senior Vice President and General Counsel

  
 21 

 EXHIBIT A 
  

	1.	First Year Bonus. Upon the completion of the fiscal year ending January 31, 2015 (the “Initial Year”), ValueVision shall pay Executive an initial first year bonus in an amount equal
to $381,849 (the “Initial Year Bonus”), which represents a guaranteed bonus determined by multiplying (A) a fraction, the numerator of which is the number of days during the Initial Year from Executive’s date of employment
(which was June 23, 2014) and the denominator of which is 365, and (B) 100% of Executive’s Base Salary. The Initial Year Bonus shall be payable during the fiscal year following the Initial Year, consistent with the timing of
ValueVision’s payments under its annual cash incentive plan applicable to other senior executives of ValueVision, provided Executive has remained in employment through the date such bonus is paid. 

 

	2.	Signing Bonus. ValueVision shall pay Executive a one-time cash payment of $125,000 within ten (10) days following the Effective Date (the “Signing Bonus”), provided that Executive
shall be required to repay to ValueVision the gross amount of such Signing Bonus if either Executive voluntarily terminates his employment with ValueVision without Good Reason or is terminated by the Company for Cause, in each case during the first
twelve (12) months after the Employment Commencement Date. 

  

	3.	Initial Equity Grant. On the Effective Date, ValueVision shall make a one-time equity award of performance restricted stock units (“Performance RSUs”) to Executive under the ValueVision
Media, Inc. 2011 Omnibus Incentive Plan (the “Plan”) with a grant date fair value of $1,000,000, pursuant to the award agreement attached hereto as Exhibit B. 

 

	4.	Relocation Expenses. To assist Executive’s relocation to Eden Prairie, Minnesota, ValueVision will provide Executive with a living expense allowance of $2,500 per week plus an additional amount (the
“Gross-Up”) such that, after payment of taxes on the $2,500 and on the Gross-Up, Executive retains $2,500 per week, until six (6) months following the Effective Date. Executive also shall be eligible to participate in the
executive relocation program maintained by ValueVision. Executive shall be required to repay to ValueVision the gross amount of relocation assistance received under this subsection if either Executive voluntarily terminates his employment with
ValueVision without Good Reason or is terminated by the Company for Cause, in each case during the first twelve (12) months after the Employment Commencement Date; provided that the amount of such repayment shall be pro-rated to reflect any
portion of such twelve (12) months during which Executive is employed. 

  

	5.	Negotiation Fees. Promptly following the Effective Date, ValueVision will reimburse Executive for up to $20,000 in reasonable and documented legal expenses and other costs associated with the negotiation
of this Agreement. 

  
 22

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