Document:

Exhibit 10.1

 

THIRD
Amendment to EXECUTIVE EMPLOYMENT Agreement

 

This
THIRD Amendment to EXECUTIVE EMPLOYMENT Agreement (this “Amendment”),
effective as of March 3, 2016 (the “Effective Date”), is made and entered into by and between Snap Interactive,
Inc., a Delaware corporation (the “Company”), and Alexander Harrington (“Executive”)
for purposes of amending that certain Executive Employment Agreement, dated as of February 28, 2014, as amended by the First Amendment
to Executive Employment Agreement, effective as of March 19, 2015, and as further amended by the Second Amendment to Executive
Employment Agreement (the “Second Amendment”), effective as of October 13, 2015, by and between the
Company and Executive (collectively, the “Agreement”). Terms used in this Amendment with initial capital
letters that are not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.

 

WHEREAS,
Section 12(j) of the Agreement provides that the Agreement can only be amended by a writing signed by the parties thereto; and

 

WHEREAS,
the Company and Executive mutually desire to amend the Agreement to reflect a change to Executive’s Annual Incentive Bonus
for the 2015 calendar year and to clarify that the parties intended the changes made by the Second Amendment to eliminate the
guaranteed bonus provided by Section 5(b)(i) of the Agreement.

 

NOW,
THEREFORE, pursuant to Section 12(j) of the Agreement, in consideration of the mutual promises, conditions, and covenants
contained herein and in the Agreement, and other good and valuable consideration, the adequacy of which is hereby acknowledged,
the parties agree to amend the Agreement as follows, effective as of the Effective Date:

 

1.          
Section 5 of the Agreement is hereby amended by deleting subsections (i) and (ii) of said section in their entirety and substituting
in lieu thereof the following new Section 5(b)(i) and renumbering the current Section 5(b)(iii) as Section 5(b)(ii):

 

(i)
For the 2015 calendar year, Executive shall be eligible to receive an annual incentive bonus (the “Annual Incentive
Bonus”) of Twenty-Five Thousand Dollars (US $25,000), provided Executive is employed by the Company on the date
the Annual Incentive Bonus is paid, which date shall be during the annual review period (generally January through March) in 2016.
In addition, Executive shall be eligible to receive, subject to Board approval, an option to purchase
fifty thousand (50,000) shares of common stock
of the Company, with (A) an exercise price equal to $0.20 per share, which is greater than the fair
market value of the Company’s common stock on the date of grant and (B) twenty-five percent (25%) of the options vesting
on each of the first, second, third, and fourth anniversary of the date of grant, subject to the terms and conditions of the Company’s
Amended and Restated 2011 Long-Term Incentive Plan and the Company’s standard form of nonqualified stock option agreement.

 

2.           Except for the Annual Incentive Bonus described in this Amendment, Executive acknowledges and agrees that he has voluntarily and
irrevocably waived his right to any other incentive bonus for the 2015 calendar year that he may have previously been eligible
to receive under the terms of this Agreement or any prior amendment thereto.

 

3.           Except as expressly amended by this Amendment, the Agreement shall continue in full force and effect in accordance with the provisions
thereof.

 

[Remainder
of Page Intentionally Left Blank

Signature
Page Follows]

 

     

    

    

 

IN
WITNESS WHEREOF, the Company and Executive have executed, or caused to be executed, this Amendment to be effective as of the
Effective Date.

 

	 	SNAP
    INTERACTIVE, INC.
	 	 	 	 
	 	By:	/s/
    Clifford Lerner
	 	 	Name:	Clifford
    Lerner
	 	 	Title:	President
    of The Grade
	 	 	 	 
	 	EXECUTIVE	 
	 	 	 	 
	 	/s/ Alexander Harrington
	 	Alexander Harrington

  

 

 Signature
Page to

Third Amendment to Executive Employment AgreementExhibit 10.2

 

RESTRICTED
STOCK CANCELLATION AND RELEASE AGREEMENT

  

This
RESTRICTED STOCK CANCELLATION AND RELEASE AGREEMENT (this “Agreement”) is entered into by and
between Snap Interactive, Inc., a Delaware Corporation (the “Company”), and Clifford Lerner (the
“Employee”), effective as of March 3, 2016 (the “Effective Date”).

 

WHEREAS,
the Company sponsors the Snap Interactive, Inc. Amended and Restated 2011 Long-Term Incentive Plan (the “Incentive
Plan”); and

 

WHEREAS,
pursuant to that certain Restricted Stock Award Agreement, dated April 10, 2013 (the “Award Agreement”),
the Company granted the Employee, outside of the Incentive Plan, five million (5,000,000) shares (the “Awarded Shares”)
of restricted common stock of the Company, par value $0.001 per share (“Common Stock”), which Awarded
Shares are unvested as of the Effective Date; and

 

WHEREAS,
effective as of the Effective Date and in exchange for the New Awards (defined below), the Company and the Employee desire to
cancel the Award Agreement as it relates to all five million (5,000,000) Awarded Shares, so that on and after the Effective Date,
all of the Awarded Shares and the Award Agreement shall be cancelled and of no further effect.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the sufficiency
of which are hereby acknowledged, the parties to this Agreement agree as follows:

 

CANCELLATION
OF AWARD

 

1.1          Cancellation
of Award. In exchange for the consideration described in Section 1.2 below, the Employee hereby agrees that the Award
Agreement and the Awarded Shares granted thereunder shall be cancelled, terminated, and of no further force or effect, effective
as of the Effective Date, and neither the Company nor the Employee shall have any further rights or obligations with respect to
the Awarded Shares, the Award Agreement, or with respect to any Common Stock of the Company that could have been acquired pursuant
to the Award Agreement.

 

1.2          New Awards. In exchange for the Employee’s agreement to cancel the Awarded Shares, the Award Agreement, and any
other rights, obligations, and liabilities of the Company thereunder, and the release of claims set forth in Section 1.3
below, the Company hereby agrees to grant the Employee, as soon as administratively practicable after the Effective Date and subject
to Board approval, the following new awards under the Incentive Plan (the awards described in Sections 1.2(a) and (b) below are
collectively referred to herein as, the “New Awards”):

 

(a)          Five
million (5,000,000) shares of restricted Common Stock (the “New Awarded Shares”), with all of the New
Awarded Shares vesting upon the earlier of (i) a Change in Control (as defined in the Incentive Plan) and (ii) the tenth anniversary
of the New Awarded Shares’ date of grant, subject to the terms and conditions of the Incentive Plan and of the form of restricted
stock award agreement, a copy of which is attached hereto as Exhibit A (the “New Award Agreement”).

 

(b)          An
option to purchase fifty thousand (50,000) shares of Common Stock (the “New Option”), with (i) an exercise
price equal to $0.20 per share, which is greater than the fair market value of the Company’s Common Stock on the date of
grant and (ii) twenty-five percent (25%) of the New Option vesting on each of the first, second, third and fourth anniversary
of the New Option’s date of grant, subject to the terms and conditions of the Incentive Plan and of the form of nonqualified
stock option agreement, a copy of which is attached hereto as Exhibit B (the “New Option Agreement”).

 

    	 		 

     

    

 

1.3          Release.

 

(a)          Effective
as of the Effective Date, the Employee, for the Employee and the Employee’s successors and assigns forever, does hereby
unconditionally and irrevocably compromise, settle, remise, acquit, and fully and forever release and discharge the Company and
its respective successors, assigns, parents, divisions, subsidiaries, and affiliates, and its present and former officers, directors,
employees, and agents (collectively, the “Released Parties”) from any and all claims, counterclaims,
set-offs, debts, demands, choses in action, obligations, remedies, suits, damages, and liabilities in connection with any rights
to acquire securities of the Company pursuant to the Award Agreement and the Common Stock of the Company issuable thereunder (collectively,
the “Releaser’s Claims”), whether now known or unknown, suspected or claimed, whether arising
under common law, in equity, or under statute, which the Employee or the Employee’s successors or assigns ever had, now
have, or in the future may claim to have against the Released Parties and which may have arisen at any time on or prior to the
date hereof; provided, however, that this Section 1.3(a) shall not apply to any of the obligations or liabilities of the
Released Parties arising under or in connection with this Agreement.

 

(b)          The
Employee covenants and agrees never to commence, voluntarily aid in any way, prosecute, or cause to be commenced or prosecuted
against the Released Parties any action or other proceeding based on any of the released Releaser’s Claims which may have
arisen at any time on or prior to the date hereof.

 

1.4          Further
Assurances. Each party to this Agreement agrees that it will perform all such further acts and execute and deliver all such
further documents as may be reasonably required in connection with the consummation of the transactions contemplated hereby in
accordance with the terms of this Agreement.

 

1.5          Representations
and Warranties. The Employee hereby represents and warrants to the Company that the Employee has full power and authority
to enter into and perform this Agreement and to carry out the transactions contemplated hereby. This Agreement constitutes the
legal, valid, and binding obligation of the Employee, enforceable against the Employee in accordance with its terms. The Employee
has read and understood this Agreement and is entering into this Agreement voluntarily. The Employee agrees that this Agreement
provides good and valuable consideration for the Employee agreements herein.

 

    	 	2	 

     

    

 

MISCELLANEOUS

 

2.1          Headings.
The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute substantive
matters to be considered in construing the terms and provisions of this Agreement.

 

2.2          Parties
Bound. The terms, provisions, representations, warranties, covenants, and agreements that are contained in this Agreement
shall apply to, be binding upon, and inure to the benefit of the parties to this Agreement and their respective heirs, executors,
administrators, legal representatives, and permitted successors and assigns.

 

2.3          Execution.
This Agreement may be executed in two or more counterparts (including facsimile or portable document (“.pdf”) counterparts),
all of which taken together shall constitute one instrument. The exchange of copies of this Agreement and of signature pages by
facsimile or .pdf transmission shall constitute effective execution and delivery of this Agreement as to the parties and may be
used in lieu of the original Agreement for all purposes. Signatures of the parties transmitted by facsimile or .pdf shall be deemed
to be their original signatures for any purpose whatsoever.

 

2.4          Entire
Agreement. This Agreement, together with the New Award Agreement and the New Option Agreement, contains the entire understanding
of the parties to this Agreement with respect to the subject matter contained in this Agreement and supersedes all prior agreements
and understandings among the parties with respect to such subject matter, including, without limitation, the Award Agreement.

 

2.5          Law
Governing. This Agreement shall be governed by and construed in accordance with the substantive laws of the State of Delaware,
without regard to its principles of conflict of laws.

 

2.6          Notice.
Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon personal delivery
or upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid. Notice
shall be addressed to the Company at its principal executive office and to the Employee at the address that he most recently provided
to the Company.

  

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Signature
Page to Follow.]

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Employee, to
evidence his consent and approval of all the terms hereof, has duly executed this Agreement as of the date first written above.

 

	 	SNAP INTERACTIVE, INC.
	 	 	 
	 	By:	/s/
    Alexander Harrington
	 	Name:	Alexander
    Harrington
	 	Title:	Chief
    Executive Officer and Chief Financial Officer
	 	 	 
	 	EMPLOYEE
	 	 	 
	 	/s/ Clifford Lerner
	 	Clifford Lerner
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

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