Document:

Exhibit 10.3

 

EMPLOYMENT AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is entered into as of October __, 2017 (the “Effective Date”),
by and between Truli Media Group, Inc., a Delaware corporation (the “Company”), and Miles Jennings (the “Executive”).

 

WHEREAS,
in its business, the Company has acquired and developed certain trade secrets, including, but not limited to, proprietary processes,
sales methods and techniques, and other like confidential business and technical information, including but not limited to, technical
information, design systems, pricing methods, pricing rates or discounts, processes, procedures, formulas, designs of computer
software, or improvements, or any portion or phase thereof, whether patented or not, or unpatentable, that is of any value whatsoever
to the Company, as well as information relating to the Company’s Services (as defined below), information concerning proposed
new Services, market feasibility studies, proposed or existing marketing techniques or plans (whether developed or produced by
the Company or by any other person or entity for the Company), other Confidential Information, as defined in Section 9(a), and
information about the Company’s executives, officers, and directors, which necessarily will be communicated to the Executive
by reason of his employment by the Company; and 

 

WHEREAS,
the Company has strong and legitimate business interests in preserving and protecting its investment in the Executive, its trade
secrets and Confidential Information, and its substantial, significant, or key relationships with vendors and customers, whether
actual or prospective; and 

 

WHEREAS,
the Company desires to preserve and protect its legitimate business interests further by restricting competitive activities of
the Executive during the term of this Agreement and for a reasonable time following the termination of this Agreement; and

 

WHEREAS,
the Company desires to employ the Executive and to ensure the continued availability to the Company of the Executive’s services,
and the Executive is willing to accept such employment and render such services, all upon and subject to the terms and conditions
contained in this Agreement.

 

NOW,
THEREFORE, in consideration of the premises and the mutual covenants set forth in this Agreement, and intending to be legally
bound, the Company and the Executive agree as follows:

 

1. 
Representations and Warranties - Recruiter.com, Inc.

 

(a) The
Executive hereby represents and warrants to the Company that he (i) is not subject to any non-solicitation or non-competition
agreement affecting his employment with the Company (other than any prior agreement with the Company or an affiliate of the Company),
(ii) is not subject to any confidentiality or nonuse/nondisclosure agreement affecting his employment with the Company (other
than any prior agreement with the Company or an affiliate of the Company), and (iii) has brought to the Company no trade secrets,
confidential business information, documents, or other personal property of a prior employer. The recitals above are incorporated
in this Agreement as representations and covenants. Each party covenants to act in good faith in the discharge of this Agreement.

 

     

     

    

 

(b) Notwithstanding
anything in this Agreement to the contrary, the Executive is specifically allowed to continue to serve on the Board of Directors
of Recruiter.com, Inc., and as President. The Company also allows Executive to operate inside the general employment industry,
both during and after employment, including continued governance and operational work with Recruiter.com, or with other companies
in the industry, so long as that work does not (1) directly conflict with the time commitments required by Employer or (2) intentionally
and directly competes with the Employer's business in the markets in which it operates. Additionally, this Agreement shall in
no way grant Employer rights to the intellectual property, equity, property, personnel or other assets of Recruiter.com, Inc.,
except as specifically provided for in the License Agreement between the two companies. Any work that Executive contributes to
Recruiter.com, Inc. through his work as President and Chairman of the Board shall continue to be the sole property of Recruiter.com,
Inc.

 

2. 
Term of Employment.

 

(a) 
Term. The Company hereby employs the Executive, and the Executive hereby accepts employment with the Company for a period
of one (1) year commencing as of the Effective Date (such period, as it may be extended or renewed, the “Term”), which
employment may be terminated in accordance with the provisions of Section 6. The Term shall be automatically renewed for successive
one-year terms unless notice of non-renewal is given in writing by either party at least 30 days before the end of the Term.

 

(b) Continuing
Effect. Notwithstanding any termination of this Agreement, at the end of the Term or otherwise, the provisions of
Sections 6(e), 7, 8, 9, 10, 12, 15, 18, 19, and 22 shall remain in full force and effect and the provisions of Section 9
shall be binding upon the legal representatives, successors, and assigns of the Executive.

 

3. 
Duties.

 

(a) 
General Duties. The Executive shall serve as the Chief Executive Officer of the Company, with duties and responsibilities
that are customary for such an executive. The Executive shall report to the Company’s Chief Financial Officer. The Executive
shall also perform services for subsidiaries and affiliates of the Company as may be necessary. The Executive shall use his best
efforts to perform his duties and discharge his responsibilities pursuant to this Agreement competently, carefully, and faithfully.
In determining whether or not the Executive has used his best efforts hereunder, the Executive’s and the Company’s
delegation of authority and all surrounding circumstances shall be taken into account and the best efforts of the Executive shall
not be judged solely on the Company’s earnings or other results of the Executive’s performance, except as specifically
provided to the contrary by this Agreement. The Executive shall, if requested, serve as an officer of any subsidiaries of the
Company, including serving as the Chief Executive Officer of the Company’s subsidiary VocaWorks, Inc.

 

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(b) 
Devotion of Time. Subject to the last sentence of this Section 3(b), the Executive shall devote his full time, attention,
and energies to the affairs of the Company and its subsidiaries and affiliates as are necessary to perform his duties and responsibilities
pursuant to this Agreement. The Executive shall not enter the employ of or serve as a consultant to, or in any way perform any
services with or without compensation to, any other person, business, or organization, without the prior consent of the Board
of Directors of the Company (the “Board”), as confirmed in writing to the Executive. Notwithstanding the above, the
Executive shall be permitted to devote a limited amount of his time to the Executive’s professional, charitable, or similar
organizations, including serving as a non-executive director or an advisor to a board of directors, committee of any company or
organization, provided that such activities do not interfere with the Executive’s performance of his duties and responsibilities
as provided hereunder.

 

(c) 
Location of Office. The Executive’s principal business office shall be located at 4 Oakland Street, Bristol CT 06010.
The Executive’s job responsibilities shall include all business travel necessary for the performance of his job.

 

(d) Adherence
to Inside Information Policies. The Executive acknowledges that the Company is publicly-held and, as a result, has
implemented inside information policies designed to preclude its executives and those of its subsidiaries and affiliates
from violating the federal securities laws by trading on material, non-public information or passing such information on to
others in breach of any duty owed to the Company, or any third party. The Executive shall promptly execute any agreements
generally distributed by the Company to its employees requiring such employees, including the Executive, to abide by its
inside information policies.

 

4. 
Compensation and Expenses.

 

(a) 
Salary. For the services the Executive renders under this Agreement, during the Term, the Company shall pay the Executive
a salary in an amount that when annualized equals $150,000 (the “Base Salary”), less such deductions as shall be required
to be withheld by applicable law and regulations payable in accordance with the Company’s customary payroll practices. The
Base Salary shall be subject to annual review by the Board and may be adjusted from time to time by the Board in its sole and
absolute discretion. 

 

(b) 
Equity Incentive Compensation. During the Term, the Executive shall be eligible to participate in the Company’s 2017
Equity Incentive Plan (the “Plan”) or any successor plan, subject to the terms of the Plan or successor plan, as determined
by the Board in its sole discretion. Upon commencement of employment, the Company shall grant the Executive stock options equal
to 500,000 shares of common stock of the Company, subject to the terms and conditions of the Plan. Any additional stock options
or stock appreciation rights shall be granted to the Executive as determined by the Board; provided, that no options or stock
based stock appreciation rights shall be granted at less than $0.02 per share.

 

(c) Expenses.
In addition to any compensation received pursuant to this Section 4, the Company will reimburse or advance funds to the
Executive for all reasonable documented travel, meals, and lodging (including travel expenses incurred by the Executive
related to his travel to the Company’s other offices and on business missions for the Company), entertainment and
miscellaneous expenses incurred in connection with the performance of his duties under this Agreement, provided that
the Executive properly provides a written accounting of such expenses to the Company in accordance with the Company’s
practices. Such reimbursement or advances will be made in accordance with policies and procedures of the Company in effect
from time to time relating to reimbursement of, or advances to, its executive officers, except that no policy shall change
the terms of this Agreement.

 

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5. 
Benefits.

 

(a) Paid
Time Off. During the Term, for each calendar year starting with the calendar year 2018, the Executive shall be eligible to
receive four (4) weeks of Paid Time Off (“PTO”), to be taken at such times as the Executive may select and the affairs
of the Company may permit. The Executive’s eligibility for PTO in calendar year 2017 shall be prorated based on the Effective
Date of this Agreement. Any accrued, but unused days may be carried over to the next calendar year. 

 

(b) Employee
Benefit Programs. The Executive is entitled to participate in any pension, 401(k), insurance, or other employee benefit plan
that is maintained by the Company for its executives, including programs of life insurance and reimbursement of membership fees
in professional organizations. The benefits provided to the Executive may not be less than the Company provides to any of its
executive employees, and shall be subject to the terms and conditions of the applicable plan documents, as they may exist from
time to time, subject to applicable law. 

 

6. 
Termination.

 

(a) Death
or Disability. Except as otherwise provided in this Agreement, this Agreement shall automatically terminate upon the death
or disability of the Executive. For purposes of this Section 6(a), “disability” shall mean (i) the Executive is unable
to engage in his customary duties by reason of any medically determinable physical or mental impairment that can be expected to
result in death, or last for a continuous period of not less than three months; (ii) the Executive is, by reason of any medically
determinable physical or mental impairment that can be expected to result in death, or last for continuous period of not less
than three months, receiving income replacement benefits for a period of not less than two months under an accident and health
plan covering employees of the Company; or (iii) the Executive is determined to be totally disabled by the Social Security Administration.
Any question as to the existence of a disability shall be determined by the written opinion of the Executive’s regularly
attending physician (or his guardian) (or the Social Security Administration, where applicable). In the event that the Executive’s
employment is terminated by reason of the Executive’s death or disability, the Company shall pay the following to the Executive
or his personal representative: (i) any accrued but unpaid Base Salary for services rendered to the date of termination, (ii)
any accrued but unpaid expenses required to be reimbursed under this Agreement, (iii) all equity awards previously granted to
the Executive under the Plan or similar plan shall thereupon become fully vested, and the Executive or his legally appointed guardian,
as the case may be, shall have up to six (6) months from the date of termination (or from the date of death) to exercise all such
previously granted options, provided that in no event shall any option be exercisable beyond its term. The Executive (or
his estate) shall receive the payments provided herein at such times as he would have received them if there was no death or disability.
Additionally, if the Executive’s employment is terminated because of disability, any benefits (except perquisites) to which
the Executive may be entitled pursuant to Section 5(b) hereof shall continue to be paid or provided by the Company, as the case
may be, for six months subject to the terms of any applicable plan or insurance contract and applicable law provided that such
benefits are exempt from Section 409A of the Code by reason of Treasury Regulation 1.409A-1(a)(5) or otherwise. In the event all
or a portion of the benefits to which the Executive was entitled pursuant to Section 5(b) hereof are subject to 409A of the Code,
the Executive shall not be entitled to the benefits that are subject to Section 409A of the Code subsequent to the “applicable
2 1⁄2 month period” (as such term is defined under Treasury Regulation Section 1.409A-1(b)(4)(i)(A)).

 

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(b) Termination
by the Company for Cause or by the Executive Without Good Reason. The Company may terminate the Executive’s employment
pursuant to the terms of this Agreement at any time for Cause (as defined below) by giving the Executive written notice of termination.
Such termination shall become effective upon the giving of such notice. Upon any such termination for Cause, or in the event the
Executive terminates his employment with the Company without Good Reason (as defined in Section 6(c)), then the Executive shall
have no right to compensation, or reimbursement under Section 4, or to participate in any Executive benefit programs under Section
5, except for payments and benefits accrued up to the time of the termination and except as may otherwise be provided for by law,
for any period subsequent to the effective date of termination. For purposes of this Agreement, “Cause” shall mean:
(i) the Executive is convicted of, or pleads guilty or nolo contendere to, a felony related to the business of the Company; (ii)
the Executive, in carrying out his duties hereunder, has acted with gross negligence or intentional misconduct resulting, in any
case, in harm to the Company; (iii) the Executive misappropriates Company funds or otherwise defrauds the Company; (iv) the Executive
breaches his fiduciary duty to the Company resulting in profit to him, directly or indirectly; (v) the Executive materially breaches
any written agreement with the Company and fails to cure such breach within 10 days of receipt of notice, unless the act is incapable
of being cured; (vi) the Executive breaches any provision of Section 8 or Section 9; (vii) the Executive becomes subject to a
preliminary or permanent injunction issued by a United States District Court enjoining the Executive from violating any securities
law administered or regulated by the Securities and Exchange Commission; (viii) the Executive becomes subject to a cease and desist
order or other order issued by the Securities and Exchange Commission after an opportunity for a hearing; (ix) the Executive refuses
to carry out a resolution adopted by the Company’s Board at a meeting in which the Executive was offered a reasonable opportunity
to argue that the resolution should not be adopted, provided that the resolution did not direct the Executive to act or refrain
from acting in a manner which is contrary to this Agreement, is unlawful or would expose the Executive to regulatory, civil or
criminal liability; or (x) the Executive abuses alcohol or drugs in a manner that interferes with the successful performance of
his duties. Any termination made by the Company under this Section of the Agreement shall be approved by the Board.

 

(c) Other
Termination.

 

(1)
This Agreement may be terminated: (i) by the Executive for Good Reason (as defined below), (ii) by the Company without
Cause, (iii) upon any Change of Control event as defined in Treasury Regulation Section 1.409A-3(i)(5) provided, that,
within 12 months of the Change of Control event (A) the Company terminates the Executive’s employment or changes his
title as Chief Executive Officer, or (B) the Executive terminates his employment, or (iv) at the end of a Term after the
Company provides the Executive with notice of non-renewal.

 

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(2)
In the event this Agreement is terminated by the Executive for Good Reason or by the Company “without Cause,” the
Executive shall be entitled to the following:

 

(A) any
accrued but unpaid Base Salary for services rendered to the date of termination;

 

(B) any
accrued but unpaid expenses required to be reimbursed under this Agreement;

 

(C) a
one-time payment equal to three (3) months of the then Base Salary (“Severance Amount”), provided that the Executive
first executes, and does not revoke, a release agreement in a form acceptable to the Company;

 

(D) the
Executive or his legally appointed guardian, as the case may be, shall have up to six (6) months from the date of termination
to exercise all such previously granted options, provided that in no event shall any option be exercisable beyond its term; and

 

(E) any
benefits (except perquisites) to which the Executive was entitled pursuant to Section 5(b) hereof shall continue to be paid or
provided by the Company, as the case may be, for twelve (12) months, subject to the terms of any applicable plan or insurance
contract and applicable law provided that such benefits are exempt from Section 409A of the Code by reason of Treasury Regulation
1.409A-1(a)(5) or otherwise. In the event all or a portion of the benefits to which the Executive was entitled pursuant to Section
5(b) hereof are subject to 409A of the Code, the Executive shall not be entitled to the benefits that are subject to Section 409A
of the Code subsequent to the “applicable 2 1⁄2 month period” (as such term is defined under Treasury Regulation
Section 1.409A-1(b)(4)(i)(A)).

 

(3)
In the event of a Change of Control during the Term, subject to the termination of employment as outlined in Section
6(c)(1), all equity awards previously granted to the Executive under the Plan or similar plan shall thereupon become fully
vested, and the Executive shall have up to six (6) months from the date of termination to exercise all such previously
granted options, provided that in no event shall any option be exercisable beyond its term, and the Executive shall be
entitled to receive each of the provisions of Section 6(c)(2)(A) – (E) above except any Severance Amount shall be equal
to six (6) months of the then Base Salary and the benefits under Section 6(c)(2)(E) shall continue for a 12-month period
provided that such benefits are exempt from Section 409A of the Code by reason of Treasury Regulation 1.409A-1(a)(5) or
otherwise. In the event all or a portion of the benefits under Section 6(c)(2)(E) are subject to 409A of the Code, the
Executive shall not be entitled to the benefits that are subject to Section 409A of the Code subsequent to the
“applicable 2 1⁄2 month period” (as such term is defined under Treasury Regulation Section
1.409A-1(b)(4)(i)(A)).

 

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(4)
In the event this Agreement is terminated at the end of a Term after the Company provides the Executive with notice of
non-renewal and the Executive remains employed until the end of the Term, the Executive shall be entitled to the
following:

 

(A)
 any accrued but unpaid Base Salary for services rendered to the date of termination;

 

(B)
 any accrued but unpaid expenses required to be reimbursed under this Agreement; and

 

(C)
 the Executive or his legally appointed guardian, as the case may be, shall have up to
six (6) months from the date of termination to exercise all such previously granted options, provided that in no event shall any
option be exercisable beyond its term.

 

(5)
In the event of a termination for Good Reason or without Cause, the payment of any Severance Amount, subject to the express
condition of the release noted in Section 6(c)(2)(C), shall be made at the same time as the Company customarily pays
compensation to its employees over the applicable monthly period, and any other payments owed under Section 6(c) shall be
promptly paid, subject to applicable law.

 

The
term “Good Reason” shall mean: (i) a material diminution in the Executive’s authority, duties, or responsibilities
due to no fault of the Executive other than temporarily while the Executive is physically or mentally incapacitated or as required
by applicable law (unless the Executive has agreed to such diminution); (ii) the Company no longer maintains an office in the
New York Metropolitan area; or (iii) any other action or inaction that constitutes a material breach by the Company under this
Agreement. Prior to the Executive terminating his employment with the Company for Good Reason, the Executive must provide written
notice to the Company, within 30 days following the Executive’s initial awareness of the existence of such condition, that
such Good Reason exists and setting forth in detail the grounds the Executive believes constitutes Good Reason. If the Company
does not cure the condition(s) constituting Good Reason within 30 days following receipt of such notice, then the Executive’s
employment shall be deemed terminated for Good Reason.

 

(d) 
Upon (1) voluntary or involuntary termination of the Executive’s employment or (2) at the Company’s request at any
time during the Executive’s employment, the Executive shall (i) provide or return to the Company any and all Company property,
including keys, key cards, access cards, security devices, employer credit cards, network access devices, computers, cell phones,
smartphones, manuals, work product, thumb drives or other removable information storage devices, and hard drives, and all Company
documents and materials belonging to the Company and stored in any fashion, including but not limited to those that constitute
or contain any Confidential Information or work product, that are in the possession or control of the Executive, whether they
were provided to the Executive by the Company or any of its business associates or created by the Executive in connection with
his employment by the Company; and (ii) delete or destroy all copies of any such documents and materials not returned to the Company
that remain in the Executive’s possession or control, including those stored on any non-Company devices, networks, storage
locations, and media in the Executive’s possession or control.

 

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7. 
Indemnification. The Company shall indemnify the Executive, to the maximum extent permitted by applicable law, against
all costs, charges, and expenses incurred or sustained by him in connection with any action, suit, or proceeding to which he may
be made a party by reason of his being an officer, director, or employee of the Company or of any subsidiary or affiliate of the
Company, provided however that this obligation shall exclude any claims or actions between the Executive and the Company and/or
its affiliates. This indemnification shall be pursuant to an Indemnification Agreement, a copy of which is annexed as Exhibit
A. The Executive shall indemnify and hold harmless the Company from and against any and all loss, liability, cost, or expense
based upon, arising out of, or otherwise in respect of any breach or violation of this Agreement.

 

8. 
Non-Competition Agreement.

 

(a) 
Competition with the Company. Until termination of his employment, unless he is terminated by the Company without Cause
or if the Company breaches this Agreement and the Company fails to cure the breach within 10 days after receipt of notice, and
for a period of one (1) year commencing on the date of any other termination, the Executive (individually or in association with,
or as a shareholder, director, officer, consultant, employee, partner, joint venturer, member, or otherwise, of or through any
person, firm, corporation, partnership, association, or other entity) shall not, directly or indirectly, compete with the Company
(which for the purpose of this Agreement also includes any of its subsidiaries or affiliates) by acting as an employee or officer
(or comparable position) of, owning an interest in, or providing services substantially similar to those services the Executive
provided to the Company to any entity within any metropolitan area in the United States or other country in which the Company
was actually engaged in business as of the time of termination of employment or where the Company reasonably expected to engage
in business within three months of the date of termination of employment. For purposes of this Agreement, the term “compete
with the Company” shall refer to any business activity in which the Company was engaged as of the termination of the Executive’s
employment or reasonably expected to engage in within three months of termination of employment; provided, however,
the foregoing shall not prevent the Executive from (i) accepting employment with an enterprise engaged in two or more lines of
business, one of which is the same or similar to the Company’s business (the “Prohibited Business”), if the
Executive’s employment is totally unrelated to the Prohibited Business, (ii) competing in a country where as of the time
of the alleged violation the Company has ceased engaging in business, or (iii) competing in a line of business which as of the
time of the alleged violation the Company has either ceased engaging in or publicly announced or disclosed that it intends to
cease engaging in; provided, further, the foregoing shall not prohibit the Executive from owning up to 5% of the
securities of any publicly-traded enterprise provided that the Executive is not a director, officer, consultant, employee, partner,
joint venturer, manager, or member of, or to such enterprise, or otherwise compensated for services rendered thereby.

 

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(b) 
Solicitation of Customers. During the periods in which the provisions of Section 8(a) shall be in effect, the Executive,
directly or indirectly, will not seek nor accept Prohibited Business from any Customer (as defined below) on behalf of himself
or any enterprise or business other than the Company, refer Prohibited Business from any Customer to any enterprise or business
other than the Company, or receive commissions based on sales or otherwise relating to the Prohibited Business from any Customer,
or any enterprise or business other than the Company. For purposes of this Agreement, the term “Customer” means any
person, firm, corporation, partnership, limited liability company, association, or other entity to which the Company or any of
its affiliates sold or provided goods or services during the 12-month period prior to the time at which any determination is required
to be made as to whether any such person, firm, corporation, partnership, limited liability company, association or other entity
is a Customer, or who or which was approached by or who or which has approached an employee of the Company for the purpose of
soliciting business from the Company or the third party, as the case may be; provided, however, the goods or services
must be competitive in some respect to the Company’s business during such time. Provided, further, the Executive
may continue to do business with Customers of Recruiter.com, Inc. if employed by or an officer of Recruiter.com, Inc.

 

(c) 
Solicitation of Employees. During the period in which the provisions of Section 8(a) and (b) shall be in effect, the Executive
agrees that he shall not, directly or indirectly, request, recommend, or advise any employee of the Company to terminate his or
her employment with the Company, for the purposes of providing services for a Prohibited Business, or solicit for employment or
recommend to any third party the solicitation for employment of any individual who was employed by the Company or any of its subsidiaries
and affiliates at any time during the one (1) year period preceding the Executive’s termination of employment.

 

(d)  
Non-disparagement. The Executive agrees that, after the end of his employment, he will refrain from making, directly or
indirectly, in writing or orally, any unfavorable comments about the Company, its operations, policies, or procedures that would
be likely to injure the Company’s reputation or business prospects; provided, however, that nothing herein
shall preclude the Executive from responding truthfully to a lawful subpoena or other compulsory legal process or from providing
truthful information otherwise required by law. The Company shall use reasonable efforts to cause its senior executive management
team, after the end of Executive’s employment, to refrain from making, directly or indirectly, in writing or orally, any
unfavorable comments about the Executive that would be likely to injure the Executive’s reputation or business prospects;
provided, however, that nothing herein shall preclude the Company and its senior executive management team from responding truthfully
to a lawful subpoena or other compulsory legal process or from providing truthful information otherwise required by law.

 

(e) 
No Payment. The Executive acknowledges and agrees that no separate or additional payment will be required to be made to
him in consideration of his undertakings in this Section 8, and confirms he has received adequate consideration for such undertakings,
provided the Company has not breached this Agreement.

 

(f) 
References. References to the Company in this Section 8 shall include the Company’s subsidiaries and affiliates.

 

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9. 
Non-Disclosure of Confidential Information.

 

(a)
For purposes of this Agreement, “Confidential Information” includes, without limitation, trade secrets, processes,
policies, procedures, techniques, designs, drawings, know-how, show-how, technical information, specifications, computer software
and source code, information and data relating to the development, research, testing, costs, marketing, and uses of the Services
(as defined herein), the Company’s budgets and strategic plans, and the identity and special needs of Customers, vendors,
and suppliers, subjects and databases, data, and all technology relating to the Company’s businesses, systems, methods of
operation, and Customer lists, Customer information, solicitation leads, marketing and advertising materials, methods and manuals
and forms, all of which pertain to the activities or operations of the Company, the names, home addresses and all telephone numbers
and e-mail addresses of the Company’s directors, employees, officers, executives, former executives, Customers and former
Customers. Confidential Information also includes, without limitation, Confidential Information received from the Company’s
subsidiaries and affiliates. For purposes of this Agreement, the following will not constitute Confidential Information: (i) information
which is or subsequently becomes generally available to the public through no act or fault of the Executive, (ii) information
set forth in the written records of the Executive prior to disclosure to the Executive by or on behalf of the Company which information
is given to the Company in writing as of or prior to the date of this Agreement, and (iii) information which is lawfully obtained
by the Executive in writing from a third party (excluding any affiliates of the Executive) who lawfully acquired the confidential
information and who did not acquire such confidential information or trade secret, directly or indirectly, from the Executive
or the Company or its subsidiaries or affiliates and who has not breached any duty of confidentiality. As used herein, the term
“Services” shall include all services offered for sale and marketed by the Company during the Term.

 

(b) Legitimate
Business Interests. The Executive recognizes that the Company has legitimate business interests to protect and as a
consequence, the Executive agrees to the restrictions contained in this Agreement because they further the
Company’s legitimate business interests. These legitimate business interests include, but are not limited to (i) trade
secrets; (ii) valuable confidential business, technical, and/or professional information that otherwise may not qualify as
trade secrets, including, but not limited to, all Confidential Information; (iii) substantial, significant, or key
relationships with specific prospective or existing Customers, vendors, or suppliers; (iv) Customer goodwill associated with
the Company’s business; and (v) specialized training relating to the Company’s technology, Services, methods,
operations and procedures. Notwithstanding the foregoing, nothing in this Section 9(b) shall be construed to impose
restrictions greater than those imposed by other provisions of this Agreement.

 

(c) 
Confidentiality. During the Term of this Agreement and following termination of employment, for any reason, the Confidential
Information shall be held by the Executive in the strictest confidence and shall not, without the prior express written consent
of the Company, be disclosed to any person other than in connection with the Executive’s employment by the Company. The
Executive further acknowledges that such Confidential Information as is acquired and used by the Company or its subsidiaries or
affiliates is a special, valuable, and unique asset. The Executive shall exercise all due and diligent precautions to protect
the integrity of the Company’s Confidential Information and to keep it confidential whether it is in written form, on electronic
media, oral, or otherwise. The Executive shall not copy any Confidential Information except to the extent necessary to his employment,
nor remove any Confidential Information or copies thereof from the Company’s premises except to the extent necessary to
his employment. All records, files, materials, and other Confidential Information obtained by the Executive in the course of his
employment with the Company are confidential and proprietary and shall remain the exclusive property of the Company. The Executive
shall not, except in connection with and as required by his performance of his duties under this Agreement, for any reason use
for his own benefit or the benefit of any person or entity other than the Company or disclose any such Confidential Information
to any person, firm, corporation, association, or other entity for any reason or purpose whatsoever without the prior express
written consent of an executive officer of the Company (excluding the Executive).

 

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(d) References.
References to the Company in this Section 9 shall include the Company’s subsidiaries and affiliates.

 

(e) Whistleblowing.
Nothing contained in this Agreement shall be construed to prevent the Executive from reporting any act or failure to act to
the SEC or other governmental body or prevent the Executive from obtaining a fee as a “whistleblower” under Rule
21F-17(a) under the Securities and Exchange Act of 1934 or other rules or regulations implemented under the Dodd-Frank Wall
Street Reform Act and Consumer Protection Act.

 

(f) Notice
of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016
(“DTSA”). Notwithstanding any other provision of this Agreement, the Executive will not be held criminally or
civilly liable under any federal or state trade secret law for any disclosure of a trade secret that is made (a) in
confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (b)
solely for the purpose of reporting or investigating a suspected violation of law; or is made in a complaint or other
document filed under seal in a lawsuit or other proceeding. If the Executive files a lawsuit for retaliation by the Company
for reporting a suspected violation of law, the Executive may disclose the Company’s trade secrets to the
Executive’s attorney and use the trade secret information in the court proceeding if the Executive files any document
containing trade secrets under seal; and does not disclose trade secrets, except pursuant to court order.

 

10. 
Equitable Relief.

 

(a) The
Company and the Executive recognize that the services to be rendered under this Agreement by the Executive are special, unique,
and of extraordinary character, and that in the event of the breach by the Executive of the terms and conditions of this Agreement
or if the Executive, without the prior express consent of the Board, shall leave his employment for any reason and/or take any
action in violation of Section 8 and/or Section 9, the Company shall be entitled to institute and prosecute proceedings in any
court of competent jurisdiction referred to in Section 10(b) below, to enjoin the Executive from breaching the provisions of Section
8 and/or Section 9.

 

(b) Any
action must be commenced only in the appropriate state or federal court located in New York County, New York. The Executive and
the Company irrevocably and unconditionally submit to the exclusive jurisdiction of such courts and agree to take any and all
future action necessary to submit to the jurisdiction of such courts. The Executive and the Company irrevocably waive any objection
that they now have or hereafter may have to the laying of venue of any suit, action, or proceeding brought in any such court and
further irrevocably waive any claim that any such suit, action, or proceeding brought in any such court has been brought in an
inconvenient forum. Final judgment against the Executive or the Company in any such suit shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment, a certified or true copy of which shall be conclusive evidence of the fact and
the amount of any liability of the Executive or the Company therein described, or by appropriate proceedings under any applicable
treaty or otherwise.

 

    	 	11	 

     

    

 

Conflicts
of Interest. While employed by the Company, the Executive shall not, unless approved by the Board, directly or indirectly:

 

(a)
participate as an individual in any way in the benefits of transactions with any of the Company’s vendors or Customers,
including, without limitation, having a financial interest in the Company’s vendors or Customers, or making loans to, or
receiving loans, from, the Company’s vendors or Customers;

 

(b) realize
a personal gain or advantage from a transaction in which the Company has an interest or use information obtained in connection
with the Executive’s employment with the Company for the Executive’s personal advantage or gain; or

 

(c) accept
any offer to serve as an officer, director, partner, consultant, manager with, or to be employed in a professional, technical,
or managerial capacity by, a person or entity that does business with the Company.

 

11. 
Inventions, Ideas, Processes, and Designs. All inventions, ideas, processes, programs, software, and designs (including
all improvements) (i) conceived or made by the Executive during the course of his employment with the Company (whether or not
actually conceived during regular business hours) and for a period of three months subsequent to the termination (whether by expiration
of the Term or otherwise) of such employment with the Company, and (ii) related to the business of the Company, shall be disclosed
in writing promptly to the Company and shall be the sole and exclusive property of the Company, and the Executive hereby assigns
any such inventions to the Company. An invention, idea, process, program, software, or design (including an improvement) shall
be deemed related to the business of the Company if (a) it was made with the Company’s funds, personnel, equipment, supplies,
facilities, or Confidential Information, (b) results from work performed by the Executive for the Company, or (c) pertains to
the current business or demonstrably anticipated research or development work of the Company. The Executive shall cooperate with
the Company and its attorneys in the preparation of patent and copyright applications for such developments and, upon request,
shall promptly assign all such inventions, ideas, processes, and designs to the Company. The decision to file for patent or copyright
protection or to maintain such development as a trade secret, or otherwise, shall be in the sole discretion of the Company, and
the Executive shall be bound by such decision. The Executive hereby irrevocably assigns to the Company, for no additional consideration,
the Executive’s entire right, title, and interest in and to all work product and intellectual property rights, including
the right to sue, counterclaim, and recover for all past, present and future infringement, misappropriation or dilution thereof,
and all rights corresponding thereto throughout the world. Nothing contained in this Agreement shall be construed to reduce or
limit the Company’s rights, title, or interest in any work product or intellectual property rights so as to be less in any
respect than the Company would have had in the absence of this Agreement. If applicable, the Executive shall provide as a schedule
to this Agreement, a complete list of all inventions, ideas, processes, and designs, if any, patented or unpatented, copyrighted
or otherwise, or non-copyrighted, including a brief description, which he made or conceived prior to his employment with the Company
and which therefore are excluded from the scope of this Agreement. References to the Company in this Section 12 shall include
the Company and its subsidiaries and affiliates.

 

    	 	12	 

     

    

 

12. 
Indebtedness. If, during the course of the Executive’s employment under this Agreement, the Executive becomes indebted
to the Company for any reason, the Company may, if it so elects, and if permitted by applicable law, set off any sum due to the
Company from the Executive and collect any remaining balance from the Executive unless the Executive has entered into a written
agreement with the Company.

 

13. 
Assignability. With written notice to the Executive, the rights and obligations of the Company under this Agreement shall
inure to the benefit of and be binding upon the successors and assigns of the Company, provided that such successor or assign
shall acquire all or substantially all of the securities or assets and business of the Company. The Executive’s obligations
hereunder may not be assigned or alienated and any attempt to do so by the Executive will be void.

 

14. 
Severability.

 

(a) The
Executive expressly agrees that the character, duration, and geographical scope of the non-competition provisions set forth in
this Agreement are reasonable in light of the circumstances as they exist on the date hereof. Should a decision, however, be made
at a later date by a court of competent jurisdiction that the character, duration, or geographical scope of such provisions is
unreasonable, then it is the intention and the agreement of the Executive and the Company that this Agreement shall be construed
by the court in such a manner as to impose only those restrictions on the Executive’s conduct that are reasonable in the
light of the circumstances and as are necessary to assure to the Company the benefits of this Agreement. If, in any judicial proceeding,
a court shall refuse to enforce all of the separate covenants deemed included herein because taken together they are more extensive
than necessary to assure to the Company the intended benefits of this Agreement, it is expressly understood and agreed by the
parties hereto that the provisions of this Agreement that, if eliminated, would permit the remaining separate provisions to be
enforced in such proceeding shall be deemed eliminated, for the purposes of such proceeding, from this Agreement.

 

(b) If
any provision of this Agreement otherwise is deemed to be invalid or unenforceable or is prohibited by the laws of the state or
jurisdiction where it is to be performed, this Agreement shall be considered divisible as to such provision and such provision
shall be inoperative in such state or jurisdiction and shall not be part of the consideration moving from either of the parties
to the other. The remaining provisions of this Agreement shall be valid and binding and of like effect as though such provisions
were not included.

 

    	 	13	 

     

    

 

15. 
Notices and Addresses. All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be
in writing, and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar receipted delivery,
or next business day delivery to the addresses detailed below (or to such other address, as either of them, by notice to the other
may designate from time to time), or by e-mail delivery (in which event a copy shall immediately be sent by FedEx or similar receipted
delivery), as follows:

 

	 	To
    the Company:	Attn:
        Chief Financial Officer

        Truli
        Media Group, Inc.

	 	 	550 Sylvan
    Avenue, Suite 101 
	 	 	Englewood
    Cliffs, New Jersey 07632
	 	 	 Email:
    emaza@outlook.com 
	 	 	 
	 	With a copy
    to:	Nason, Yeager,
    Gerson White & Lioce, P.A.
	 	 	Attn: Michael
    D. Harris, Esq.
	 	 	3001 PGA
    Blvd., Suite 305
	 	 	Palm Beach
    Gardens, Florida 33410
	 	 	Email: mharris@nasonyeager.com
	 	 	 
	 	To the Executive:	Miles Jennings
	 	 	4 Oakland
    Street
	 	 	Bristol,
    CT 06010
	 	 	Email: milesjennings@gmail.com

 

16. 
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual, facsimile,
or e-mail of a PDF or similar electronic format signature.

 

17. 
Attorneys’ Fees. In the event that there is any controversy or claim arising out of or relating to this Agreement,
or to the interpretation, breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of
this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and expenses (including such
fees and costs on appeal).

 

18. 
Governing Law; Jurisdiction and Venue. This Agreement shall be governed or interpreted according to the internal laws of
the State of New York without regard to choice of law considerations. Any action or proceeding by either of the parties to enforce
this Agreement shall be brought only in a state or federal court located in the State of New York, County of New York. The parties
hereby irrevocably submit to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance
of any such action or proceeding in such venue.

 

19. 
Entire Agreement. This Agreement constitutes the entire Agreement between the parties and supersedes all prior oral and
written agreements between the parties hereto with respect to the subject matter hereof. Neither this Agreement nor any provision
hereof may be changed, waived, discharged or terminated orally, except by a statement in writing signed by the party or parties
against which enforcement or the change, waiver discharge or termination is sought.

 

20. 
Section and Paragraph Headings. The section and paragraph headings in this Agreement are for reference purposes only and
shall not affect the meaning or interpretation of this Agreement.

 

    	 	14	 

     

    

 

21. 
Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT, INCLUDING
ANY EXHIBITS, SCHEDULES, AND ATTACHMENTS ATTACHED TO THIS AGREEMENT, IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND,
THEREFORE, EACH 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, INCLUDING ANY EXHIBITS, SCHEDULES, AND ATTACHMENTS ATTACHED TO THIS AGREEMENT,
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

22. 
Section 409A Compliance.

 

(a) This
Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”),
or an exemption thereunder. This Agreement shall be construed and administered in accordance with Section 409A. Notwithstanding
any other provision of this Agreement to the contrary, payments provided under this Agreement may only be made upon an event and
in a manner that complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded
from Section 409A either as separation pay due to an involuntary separation from service (including a voluntary separation from
service for good reason that is considered an involuntary separation for purposes of the separation pay exception under Treasury
Regulation 1.409A-1(n)(2)) or as a short-term deferral shall be excluded from Section 409A to the maximum extent possible. For
purposes of Section 409A, each installment payment provided under this Agreement shall be treated as a separate payment. Any payments
to be made under this Agreement upon a termination of employment shall only be made if such termination of employment constitutes
a “separation from service” under Section 409A. Notwithstanding the foregoing, the Company makes no representations
that the payments and benefits provided under this Agreement comply with Section 409A and in no event shall the Company be liable
for all or any portion of any taxes, penalties, interest, or other expenses that may be incurred by the Executive on account of
non-compliance with Section 409A.

 

(b) Notwithstanding
any other provision of this Agreement, if at the time of the Executive’s termination of employment, the Executive is a “specified
employee”, determined in accordance with Section 409A, any payments and benefits provided under this Agreement that constitute
“nonqualified deferred compensation” subject to Section 409A (e.g., payments and benefits that do not qualify as a
short-term deferral or as a separation pay exception) that are provided to the Executive on account of the Executive’s separation
from service shall not be paid until the first payroll date to occur following the six-month anniversary of the Executive's termination
date (“Specified Employee Payment Date”). The aggregate amount of any payments that would otherwise have been made
during such six-month period shall be paid in a lump sum on the Specified Employee Payment Date without interest and thereafter,
any remaining payments shall be paid without delay in accordance with their original schedule. If the Executive dies during the
six-month period, any delayed payments shall be paid to the Executive’s estate in a lump sum upon the Executive’s
death. 

 

    	 	15	 

     

    

 

(c) To
the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in
accordance with the following: 

 

(i) the
amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;

 

(ii) any
reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the
calendar year in which the expense was incurred; and

 

(iii) any
right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.

 

(d) In
the event the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code at the time of the Executive’s separation from service, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred
compensation subject to Section 409A as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall
not be payable and such benefit shall not be provided until the date that is the earlier of (i) six months and one day after the
Executive’s separation from service, or (ii) the Executive’s death (the “Six Month Delay Rule”).

 

(i)
For purposes of this subparagraph, amounts payable under the Agreement should not provide for a deferral of compensation subject
to Section 409A to the extent provided in Treasury Regulation Section 1.409A-1(b)(4) (e.g., short-term deferrals), Treasury Regulation
Section 1.409A-1(b)(9) (e.g., separation pay plans, including the exception under subparagraph (iii)), and other applicable provisions
of the Treasury Regulations.

 

(ii)
To the extent that the Six Month Delay Rule applies to payments otherwise payable on an installment basis, the first payment shall
include a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application
of the Six Month Delay Rule, and the balance of the installments shall be payable in accordance with their original schedule.

 

(iii)
To the extent that the Six Month Delay Rule applies to the provision of benefits (including, but not limited to, life insurance
and medical insurance), such benefit coverage shall nonetheless be provided to the Executive during the first six months following
his separation from service (the “Six Month Period”), provided that, during such Six Month Period, the Executive pays
to the Company, on a monthly basis in advance, an amount equal to the Monthly Cost (as defined below) of such benefit coverage.
The Company shall reimburse the Executive for any such payments made by the Executive in a lump sum not later than 30 days following
the six-month anniversary of the Executive’s separation from service. For purposes of this subparagraph, “Monthly
Cost” means the minimum dollar amount which, if paid by the Executive on a monthly basis in advance, results in the Executive
not being required to recognize any federal income tax on receipt of the benefit coverage during the Six Month Period.

 

    	 	16	 

     

    

 

(e) The
parties intend that this Agreement will be administered in accordance with Section 409A. To the extent that any provision of this
Agreement is ambiguous as to its compliance with Section 409A, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A. The parties agree that this Agreement may be amended, as reasonably requested by either party,
and as may be necessary to fully comply with Section 409A and all related rules and regulations in order to preserve the payments
and benefits provided hereunder without additional cost to either party.

 

(f) The
Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions
of this Agreement are determined to constitute deferred compensation subject to Section 409A but do not satisfy an exemption from,
or the conditions of, such Section. 

 

23. 
Tolling. Should the Executive violate any of the terms of the restrictive covenants contained herein, the obligation at
issue will run from the first date on which the Executive ceases to be in violation of such obligation. The Executive acknowledges
that the purposes and intended effects of the restrictive covenants herein would be frustrated by measuring the period of the
restriction from the date of termination of this Agreement where the Executive failed to honor the restrictive covenant until
required to do so by court order.

 

24. 
Notification to Subsequent Employer. When the Executive’s employment with the Company terminates, the Executive agrees
to notify any subsequent employer of the restrictive covenants sections contained in this Agreement. The Executive will also deliver
a copy of such notice to the Company before the Executive commences employment with any subsequent employer. In addition, the
Executive authorizes the Company to provide a copy of the restrictive covenants sections of this Agreement to third parties, including
but not limited to the Executive’s subsequent, anticipated, or future employer.

 

25. 
Acknowledgment of Full Understanding; Construction. The Executive acknowledges and agrees that he has fully read, understands,
and voluntarily enters into this Agreement. The Executive acknowledges and agrees that he has had an opportunity to ask questions
and consult with an attorney of his choice before signing this Agreement, and that any rule of construction to the effect that
ambiguities are to be resolved against the drafting party shall not apply in the interpretation of this Agreement.

 

26. 
Gender Neutral. Where appropriate herein, the references to the masculine gender shall include the feminine and neuter,
and vice versa, and the singular shall include the plural and the plural the singular, in each case as the context may require.

 

[Signature
Page To Follow]

 

    	 	17	 

     

    

 

IN
WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the date and year first above written.

 

	 	Truli
    Media Group, Inc.
	 	 	 
	 	By: 	        
	 	 	Elliot Maza
	 	 	Chief Financial
    Officer

 

	 	Executive:
	 	 
	 	            
	 	Miles JenningsSubmission Documents

Exhibit 4.1

 

 

 

 

 

AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

of

 

NATIONAL VISION HOLDINGS, INC.

 

Dated as of October 30, 2017 

 

 

 

TABLE OF CONTENTS

 

	 	 	 	
Page

	 Article I Definitions 	
1

	 	 	 
	 	
SECTION 1.1.

	
Definitions

	
1

	 	
SECTION 1.2.

	
Construction

	
5

	 	 	 	 
	 Article II Corporate Governance 	
5

	 	 	 
	 	
SECTION 2.1.

	
Board of Directors

	
5

	 	
SECTION 2.2.

	
Committees

	
7

	 	
SECTION 2.3.

	
Consent Rights

	
8

	 	
SECTION 2.4.

	
Controlled Company.

	
9

	 	
SECTION 2.5.

	
Permitted Disclosure

	
10

	 	 	 	 
	 Article III Information 	
10

	 	 	 
	 	
SECTION 3.1.

	
Books and Records; Access; Certain Reports

	
10

	 	 	 	 
	 Article IV Miscellaneous 	
11

	 	 	 
	 	
SECTION 4.1.

	
Termination

	
11

	 	
SECTION 4.2.

	
Indemnification.

	
11

	 	
SECTION 4.3.

	
Amendments and Waivers

	
12

	 	
SECTION 4.4.

	
Successors, Assigns and Transferees

	
12

	 	
SECTION 4.5.

	
Third Parties

	
12

	 	
SECTION 4.6.

	
Notices

	
12

	 	
SECTION 4.7.

	
Further Assurances

	
13

	 	
SECTION 4.8.

	
Entire Agreement

	
14

	 	
SECTION 4.9.

	
Restrictions on Other Agreements; Bylaws.

	
14

	 	
SECTION 4.10.

	
Delays or Omissions

	
14

	 	
SECTION 4.11.

	
Governing Law; Jurisdiction; Waiver of Jury Trial

	
14

	 	
SECTION 4.12.

	
Severability

	
15

	 	
SECTION 4.13.

	
Enforcement

	
15

	 	
SECTION 4.14.

	
Titles and Subtitles

	
15

	 	
SECTION 4.15.

	
No Recourse

	
15

	 	
SECTION 4.16.

	
Counterparts; Facsimile Signatures

	
15

	 	
SECTION 4.17.

	
Effectiveness

	
15

 

Exhibits

Exhibit A — Assignment and Assumption Agreement

i

AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT

 

OF

 

NATIONAL VISION HOLDINGS, INC.

This AMENDED AND RESTATED STOCKHOLDERS’ AGREEMENT (as the same may be amended from time to time in accordance with its terms, the “Agreement”) is entered into as of October 30, 2017, by and among National Vision Holdings, Inc. (formerly known as Nautilus Parent, Inc.), a Delaware corporation (the “Company”), and each of the stockholders of the Company whose name appears on the signature pages hereto (each, a “Stockholder” and collectively, the “Stockholders”).

RECITALS

 

WHEREAS, on March 13, 2014, the Company and the Investors (as defined below) entered into that certain Stockholders Agreement (the “Original Agreement”);

WHEREAS, the Company is currently contemplating an underwritten initial public offering (the “IPO”) of shares of its Common Stock; and

WHEREAS, in connection with, and effective upon, the date of completion of the IPO (the “Closing Date”), the parties hereto desire to amend and restate the Original Agreement in its entirety and enter into this Agreement to govern certain of their rights, duties and obligations with respect to their ownership of Common Stock after consummation of the IPO.

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

ARTICLE I

 DEFINITIONS

SECTION 1.1.          Definitions. Capitalized terms used herein shall have the following meanings:

“Affiliate” shall mean, (i) with respect to any Person (other than an Investor), an “affiliate” as defined in Rule 405 of the regulations promulgated under the Securities Act, and (ii) with respect to an Investor, an “affiliate” as defined in Rule 405 of the regulations promulgated under the Securities Act and any investment fund, vehicle or holding company of which such Investor or an Affiliate of such Investor serves as the general partner, managing member or discretionary manager or advisor; provided, however, that notwithstanding the foregoing, (x) except as used in Section 4.2, an Affiliate of an Investor shall not include any Portfolio Company or other investment of any Person or such Investor or any investment fund, vehicle or holding company or any investment fund, vehicle or holding company or any limited partners of such Investor and (y) an Investor or any of its Affiliates shall not be considered an Affiliate of the other Investor.

1

“Agreement” shall have the meaning set forth in the Preamble.

 

“beneficial owner” or “beneficially own” shall have the meaning set forth in Rule 13d-3 under the Exchange Act; provided, however, that no Stockholder shall be deemed to beneficially own any securities of the Company held by any other Stockholder solely by virtue of the provisions of this Agreement (other than this definition which shall be deemed to be read for this purpose without the proviso hereto).

“Berkshire Designee” shall mean the Director designated by the Berkshire Investors pursuant to Section 2.1(a) of this Agreement.

“Berkshire Investor” shall mean Berkshire Fund VI, Limited Partnership, Berkshire Investors LLC, and Berkshire Investors III LLC, and their Permitted Transferees.

“Board” shall mean the board of directors of the Company.

“Business Day” shall mean any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to be closed in the City of New York.

“Bylaws” shall mean the Second Amended and Restated Bylaws of the Company, as in effect on the date hereof and as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof, the terms of the Charter and the terms of this Agreement.

“Change in Control” shall mean any transaction or series of related transactions (whether by merger, consolidation, recapitalization, liquidation or sale or transfer of Common Stock or assets (including equity securities of the Subsidiaries) or otherwise) as a result of which any Person or group, within the meaning of Section 13(d)(3) of the Exchange Act (other than (x) the Investors and their respective Affiliates, any group of which the foregoing are members and any other members of such a group and (y) an employee benefit plan (or trust forming a part thereof) maintained by the Company or its controlled Affiliates), obtains ownership, directly or indirectly, of (i) Common Stock that represent more than 50% of the total voting power of the outstanding capital stock of the Company or applicable successor entity or (ii) all or substantially all of the assets of the Company and its Subsidiaries on a consolidated basis. For purposes of this definition, the term “Affiliates” shall include Portfolio Companies.

“Charter” shall mean the Second Amended and Restated Certificate of Incorporation of the Company, as in effect on the date hereof and as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof and the terms of this Agreement.

“Closing Date” shall have the meaning set forth in the Recitals.

“Common Stock” shall mean the common stock, par value $0.01 per share, of the Company and any securities issued in respect thereof, or in substitution therefor, in connection with any stock split, dividend or combination, or any reclassification, recapitalization, merger, consolidation, exchange or other similar reorganization.

2

“Company” shall have the meaning set forth in the Preamble.

“control” (including the terms “controlling”, “controlled by” and “under common control with”), with respect to the relationship between or among two or more Persons, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, as trustee or executor, by contract or otherwise.

“Director” shall mean any member of the Board.

“Equity Securities” shall mean any and all shares of (i) Common Stock, (ii) preferred stock of the Company, and (iii) any equity securities (including, without limitation, preferred stock) of the Company convertible into, or exchangeable or exercisable for, any of the foregoing shares, and options, warrants or other rights to acquire any of the foregoing shares or other securities. In the event any direct or indirect Subsidiary of the Company issues directly to any Stockholder any common stock of such Subsidiary or any equity securities of the type described in clauses (ii) and (iii), the term “Equity Securities” shall also include the common stock and equity securities of the type described in clauses (ii) and (iii) of such Subsidiary.

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated pursuant thereto.

“Governmental Authority” shall mean any: (i) nation, state, commonwealth, province, territory, county, municipality, district or other jurisdiction of any nature; (ii) U.S. and other federal, state, local, municipal, foreign or other government; or (iii) governmental or quasi-governmental authority of any nature (including any governmental division, department, agency, commission, instrumentality, official, organization, unit, body or entity and any court or other tribunal).

“Indemnification Agreement” shall mean the Indemnification Agreement, dated as of March 13, 2014, by and among the Sponsor Entities, the Company and Nautilus Acquisition Holdings, Inc. and National Vision, Inc., as the same may be amended from time to time in accordance with its terms.

“Investors” shall mean the Berkshire Investor and the KKR Investor.

“IPO” shall have the meaning set forth in the Recitals.

“KKR Designee(s)” shall mean any Director designated by the KKR Investor pursuant to Section 2.1(b) of this Agreement.

“KKR Investor” shall mean KKR Vision Aggregator L.P. and its Permitted Transferees.

“Law” shall mean any applicable constitutional provision, statute, act, code, law, regulation, rule, ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretative or advisory opinion or letter of a Governmental Authority.

3

“Original Agreement” shall have the meaning set forth in the Recitals.

“Permitted Transferee” shall mean, with respect to any Investor, any Transferee that is an Affiliate of such Investor; provided, however, that such Transferee shall agree in a writing in the form attached as Exhibit A hereto to be bound by and to comply with all applicable provisions of this Agreement.

“Person” shall mean any individual, corporation, partnership, trust, joint stock company, business trust, unincorporated association, joint venture or other entity of any nature whatsoever.

“Portfolio Company” shall mean, with respect to any Person, a “portfolio company” (as such term is customarily used among institutional investors), or any entity controlled by any “portfolio company”, of such Person or one of its Affiliates.

“Registration Rights Agreement” shall mean the Registration Rights Agreement, dated as of March 13, 2014, among the Company and each of the stockholders party thereto, as the same may be amended from time to time in accordance with its terms.

“Repurchase” shall have the meaning set forth in Section 2.3(a).

“Securities Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules and regulations promulgated pursuant thereto.

“Sponsor Entities” shall mean Kohlberg Kravis Roberts & Co. L.P. and Berkshire Partners LLC.

“Stock Exchange” shall mean The NASDAQ Global Select Market or such other securities exchange or interdealer quotation system on which shares of Common Stock are then listed or quoted.

“Stockholder” shall have the meaning set forth in the Preamble.

“Subsidiary” shall mean, with respect to an entity, (i) any corporation of which a majority of the securities entitled to vote generally in the election of directors thereof, at the time as of which any determination is being made, are owned by such entity, either directly or indirectly, and (ii) any joint venture, general or limited partnership, limited liability company or other legal entity in which the entity is the record or beneficial owner, directly or indirectly, of a majority of the voting interests or the general partner.

“Total Number of Directors” shall mean, at any time of determination, the total number of Directors comprising the Board.

“Transfer” shall mean, directly or indirectly, to sell, transfer, assign, encumber, hypothecate or similarly dispose of, either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, encumbrance, hypothecation or similar disposition of, any shares of Equity Securities beneficially owned by a Person or any interest in any shares of Equity Securities beneficially owned by a Person. In the event that any Investor that is a corporation, partnership, limited liability company or other legal entity (other than an individual, trust or estate) ceases to be controlled by the Person controlling such Investor or a Permitted Transferee thereof, such event shall be deemed to constitute a “Transfer” subject to the restrictions on Transfer contained or referenced herein.

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“Transferee” shall mean any Person to whom any Stockholder or any Transferee thereof Transfers Equity Securities of the Company in accordance with the terms hereof.

“Voting Securities” shall mean, at any time of determination, shares of any class of Equity Securities of the Company that are then entitled to vote generally in the election of Directors.

SECTION 1.2.          Construction. Whenever the context requires, the gender of all words used in this Agreement includes the masculine, feminine and neuter forms and the singular form of words shall include the plural and vice versa. All references to Articles and Sections refer to articles and sections of this Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. Any percentage set forth herein shall be deemed to be automatically adjusted without any action on the part of any party hereto to take into account any stock split, stock dividend or similar transaction occurring after the date of this Agreement so that the rights provided to the Stockholders shall continue to apply to the same extent such rights would have applied absent such stock split, stock dividend or similar transaction.

ARTICLE II

 CORPORATE GOVERNANCE

SECTION 2.1.          Board of Directors.

(a)        Following the Closing Date, the Berkshire Investor shall have the right, but not the obligation, to nominate to the Board, one (1) Director, so long as the Berkshire Investor and its Affiliates collectively beneficially own 5% or more of the outstanding shares of Common Stock.

(b)        Following the Closing Date, the KKR Investor shall have the right, but not the obligation, to nominate to the Board a number of designees equal to at least: (i) a majority of the Total Number of Directors, so long as the KKR Investor and its Affiliates collectively beneficially own 50% or more of the outstanding shares of Common Stock; (ii) 40% of the Total Number of Directors, in the event that the KKR Investor and its Affiliates collectively beneficially own 40% or more, but less than 50%, of the outstanding shares of Common Stock; (iii) 30% of the Total Number of Directors, in the event that the KKR Investor and its Affiliates collectively beneficially own 30% or more, but less than 40%, of the outstanding shares of Common Stock; (iv) 20% of the Total Number of Directors, in the event that the KKR Investor and its Affiliates collectively beneficially own 20% or more, but less than 30%, of the outstanding shares of Common Stock; and (v) 10% of the Total Number of Directors, in the event that the KKR Investor and its Affiliates collectively beneficially own 5% or more, but less than 20%, of the outstanding shares of Common Stock. For purposes of calculating the number of Directors that the KKR Investor is entitled to designate pursuant to the immediately preceding sentence, any fractional amounts shall automatically be rounded up to the nearest whole number (e.g., one and one quarter (1 and 1/4) Directors shall equate to two (2) Directors), and any such calculations shall be made after taking into account any increase in the Total Number of Directors.

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(c)        Effective as of the Closing Date, the Berkshire Designee shall initially be D. Randolph Peeler and the KKR Designees shall initially be Nathaniel H. Taylor and Felix Gernburd.

(d)        The Company agrees, to the fullest extent permitted by applicable Law (including with respect to fiduciary duties under Delaware law), to include the individuals designated pursuant to this Section 2.1 in the slate of nominees recommended by the Board for election at any meeting of stockholders called for the purpose of electing Directors and to use its best efforts to cause the election of each such designee to the Board, including nominating each such individual to be elected as a Director as provided herein, recommending such individual’s election and soliciting proxies or consents in favor thereof.

(e)         In the event that the Berkshire Investor or the KKR Investor, as applicable, has nominated less than the total number of designees that the Berkshire Investor or the KKR Investor, as applicable, shall be entitled to nominate pursuant to Section 2.1(a) or Section 2.1(b), as applicable, then the Berkshire Investor or the KKR Investor, as applicable, shall have the right, at any time, to nominate such additional designee(s) to which it is entitled, in which case, the Company and the Directors shall take all necessary corporate action, to the fullest extent permitted by applicable Law (including with respect to fiduciary duties under Delaware law), to (x) enable the Berkshire Investor or the KKR Investor, as applicable, to nominate and effect the election or appointment of such additional individuals, whether by increasing the size of the Board or otherwise, and (y) designate such additional individuals nominated by the Berkshire Investor or the KKR Investor, as applicable, to fill such newly created vacancies or to fill any other existing vacancies.

(f)         In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal (with or without cause) of any Director designated by the Berkshire Investor or the KKR Investor, as applicable, pursuant to this Section 2.1, the remaining Directors and the Company shall, to the fullest extent permitted by applicable Law (including with respect to fiduciary duties under Delaware law), cause the vacancy created thereby to be filled by a new designee of the Berkshire Investor or the KKR Investor, as applicable, who designated such Director as soon as possible, and the Company hereby agrees to take, to the fullest extent permitted by applicable Law (including with respect to fiduciary duties under Delaware law), at any time and from time to time, all actions necessary to accomplish the same.

(g)        In the event that the Berkshire Investor or the KKR Investor, as applicable, shall cease to have the right to designate a Director pursuant to this Section 2.1, the designee of such Investor selected by such Investor shall resign immediately or such Investor shall take all action necessary to remove such designee and the Directors remaining in office shall be entitled to decrease the size of the Board to eliminate such vacancy and no consent under Section 2.3(b) shall be required in connection with such decrease.

(h)        The Berkshire Investor or the KKR Investor shall have the right to representation on the board of directors or other similar governing body (or any committee thereof in the case of the KKR Investor) of any Subsidiary of the Company in proportion to their representation on the Board; provided that the Berkshire Investor shall have such right to representation only if and to the extent a KKR Designee is serving on any such board of directors or other similar governing body.

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(i)         The Company shall reimburse the Berkshire Designee and the KKR Designee(s), as applicable, for their reasonable out-of-pocket expenses incurred by them in connection with performing his or her duties as a member of the Board (or any committee thereof), including the reasonable out-of-pocket expenses incurred by such person for attending meetings of the Board (or any committee thereof), or in connection with their service on the board or other similar governing body of any Subsidiary of the Company (or any committee thereof).

(j)         Each of the Stockholders agrees to vote, or act by written consent with respect to, all Voting Securities beneficially owned by it, at each annual or special meeting of stockholders of the Company at which Directors are to be elected, or to take all actions by written consent in lieu of any such meeting as are necessary, to cause the Berkshire Designee and the KKR Designee(s) to be elected to the Board. Each of the Stockholders agrees to use its commercially reasonable efforts to cause the election of each such designee to the Board, including nominating such individuals to be elected as members of the Board. In the event that a vacancy is created at any time by the death, disability, retirement, resignation or removal (with or without cause) of any Director designated pursuant to Section 2.1(a) or Section 2.1(b), as applicable, and the remaining Directors pursuant to Section 2.1(f) have caused the vacancy created thereby to be filled by a new designee of the Berkshire Investor or the KKR Investor, as applicable, then in such case each Stockholder hereby agrees to take, at any time and from time to time, all actions necessary to accomplish the same. Upon the written request of the Berkshire Investor or the KKR Investor, as applicable, each other Stockholder shall vote, or act by written consent with respect to, all Voting Securities beneficially owned by it and otherwise take or cause to be taken all actions necessary to remove any Director designated by such Stockholders and to elect any replacement Director designated as provided in this Section 2.1. Unless the Berkshire Investor or the KKR Investor shall otherwise request in writing, no other Stockholder shall take any action to cause the removal of any Directors designated by such Stockholder. The provisions of this section 2.1(j) shall be terminable at the option of the Berkshire Investor upon the earlier to occur of (i) a Berkshire Designee no longer serving on the Board or (ii) the combined voting power of Common Stock held by the Investors representing less than 50% of the total voting power of the Common Stock outstanding and the Company no longer qualifies as a “controlled company” within the meaning of Stock Exchange rules.

(k)        The rights of the Stockholders pursuant to this Section 2.1 are personal to the Stockholders and shall not be exercised by any Transferee other than a Permitted Transferee.

SECTION 2.2.          Committees.

(a)        For so long as the Berkshire Investor has the right to designate a Director pursuant to Section 2.1, in the event the Board shall establish an executive committee (or any committee performing the functions usually reserved for an executive committee), the Berkshire Investor shall have the right, but not the obligation, to designate the Berkshire Designee as a member of such executive committee; provided that the right of such designee to serve on the executive committee shall be subject to applicable Law and the Company’s obligation to comply with any applicable independence requirements of the Stock Exchange.

(b)        For so long as the KKR Investor has the right to designate at least one (1) Director pursuant to Section 2.1, the KKR Investor shall have the right, but not the obligation, to designate one member of each committee of the Board; provided that the right of any Director to serve on a committee shall be subject to applicable Law and the Company’s obligation to comply with any applicable independence requirements of the Stock Exchange.

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SECTION 2.3.          Consent Rights.

 

(a)        For so long as the Berkshire Investor and its Affiliates collectively beneficially own at least 5% of the outstanding shares of Common Stock, the following actions by the Company or any of its Subsidiaries shall require the approval, in addition to the Board’s approval (or the approval of the required governing body of any Subsidiary of the Company), of the Berkshire Investor:

(i)          any redemption, acquisition or other purchase of any shares of Equity Securities (a “Repurchase”) from the KKR Investor or any of its Affiliates other than on a pro rata basis; and

(ii)            any other transaction with or involving the KKR Investor or any of its Affiliates, other than (A) a Transfer to a Permitted Transferee, (B) transactions pursuant to any agreement in effect on the Closing Date, including, without limitation, the Registration Rights Agreement and the Indemnification Agreement, and any amendment, termination or material waiver under such agreements, (C) customary indemnification agreements with Directors, (D) transactions with Capstone Consulting LLC and its Subsidiaries for services rendered to the Company or its Subsidiaries (other than issuances of Equity Securities or capital stock or other securities of any direct or indirect Subsidiary of the Company to Capstone Consulting LLC or its Subsidiaries not made in compliance with the terms of this Agreement), (E) transactions with KKR Capital Markets LLC for services rendered to the Company or its Subsidiaries (other than issuances of Equity Securities or capital stock or other securities of any direct or indirect Subsidiary of the Company to KKR Capital Markets LLC not made in compliance with the terms of this Agreement), and (F) any transaction or series of related transactions in the ordinary course of business and on arms-length third-party terms and not involving amounts in excess of $5 million per annum.

(b)        For so long as the KKR Investor and its Affiliates collectively beneficially own at least 25% of the outstanding shares of Common Stock, the following actions by the Company or any of its Subsidiaries shall require the approval, in addition to any approval by the stockholders of the Company or the Board’s approval (or the approval of the required governing body of any Subsidiary of the Company), of the KKR Investor:

(i)          entering into or effecting a Change in Control;

(ii)         entering into any agreement providing for the acquisition or divestiture of assets or equity security of any Person, in each case providing for aggregate consideration in excess of $25 million;

(iii)        entering into any joint venture or similar business alliance having a fair market value as of the date of formation thereof (as reasonably determined by the Board) in excess of $25 million;

(iv)        initiating a voluntary liquidation, dissolution, receivership, bankruptcy or other insolvency proceeding involving the Company or any Subsidiary of the Company that is a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X under the Exchange Act;

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(v)         any material change in the nature of the business of the Company and its Subsidiaries, taken as a whole;

(vi)        a Repurchase other than (x) open market Repurchases made pursuant to a share repurchase plan approved by the Board or (y) Repurchases in accordance with any existing compensation plan of the Company or any Subsidiary of the Company or a Repurchase from an employee in connection with such employee’s termination of employment with the Company or any Subsidiary of the Company or otherwise in accordance with such employee’s management stockholder’s agreement with the Company;

(vii)       the incurrence of indebtedness for borrowed money (including through the issuance of debt securities or the guarantee of indebtedness of another Person) in an aggregate principal amount in excess of $50 million in any transaction or series of related transactions, other than borrowings under the Company’s revolving credit facility (or amendments, extensions, or replacements thereof);

(viii)       terminating the employment of the Chief Executive Officer of the Company or hiring a new Chief Executive Officer of the Company;

(ix)         subject to Section 2.1, any increase or decrease in the size or composition of the Board, committees of the Board, and boards and committees of Subsidiaries of the Company; and

(x)          any transaction with or involving any Affiliate of the Company (other than the KKR Investor and its Affiliates), other than (A) a Transfer to a Permitted Transferee, (B) transactions pursuant to any agreement in effect on the Closing Date, including, without limitation, the Registration Rights Agreement and the Indemnification Agreement, and any amendment, termination or material waiver under such agreements, (C) customary indemnification agreements with Directors, (D) transactions permitted by Section 2.3(b)(vi)(y) above and other customary compensation arrangements with employees of the Company; and (E) any transaction or series of related transactions in the ordinary course of business and on arms-length third-party terms and not involving amounts in excess of $5 million per annum.

                

SECTION 2.4.          Controlled Company.

(a)        The Investors acknowledge and agree that, (i) by virtue of this Article II, they are acting as a “group” within the meaning of the Stock Exchange rules as of the date hereof, and (ii) by virtue of the combined voting power of Common Stock held by the Investors representing more than 50% of the total voting power of the Common Stock outstanding as of the Closing Date, the Company qualifies as a “controlled company” within the meaning of Stock Exchange rules as of the Closing Date.

(b)        So long as the Company qualifies as a “controlled company” for purposes of Stock Exchange rules, the Company will elect to be a “controlled company” for purposes of Stock Exchange rules, and will disclose in its annual meeting proxy statement that it is a “controlled company” and the basis for that determination. If the Company ceases to qualify as a “controlled company” for purposes of Stock Exchange rules, the Investors and the Company will take whatever action may be reasonably necessary in relation to such party, if any, to cause the Company to comply with Stock Exchange rules as then in effect within the timeframe for compliance available under such rules.

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SECTION 2.5.          Permitted Disclosure. The Berkshire Designee is permitted to disclose to the Berkshire Investor information about the Company and its Affiliates that he or she receives as a result of being a Director, subject to his or her fiduciary duties under Delaware law. Each KKR Designee is permitted to disclose to the KKR Investor information about the Company and its Affiliates that he or she receives as a result of being a Director, subject to his or her fiduciary duties under Delaware law.

ARTICLE III

 INFORMATION

SECTION 3.1.          Books and Records; Access; Certain Reports.

(a)        The Company shall, and shall cause its Subsidiaries to, keep proper books, records and accounts, in which full and correct entries shall be made of all financial transactions and the assets and business of the Company and each of its Subsidiaries in accordance with generally accepted accounting principles. For so long as the Berkshire Investor or the KKR Investor, as applicable, has the right to designate at least one (1) Director pursuant to Section 2.1, the Company shall, and shall cause its Subsidiaries to, permit the Berkshire Investor or the KKR Investor, as applicable, and its designated representatives, at reasonable times and upon reasonable prior notice to the Company, to review the books and records of the Company or any of such Subsidiaries and to discuss the affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary; provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used its best efforts to provide such information to the Berkshire Investor or the KKR Investor, as applicable, without the loss of any such privilege and notified the Berkshire Investor or the KKR Investor, as applicable, that such information has not been provided.

(b)        So long as the Berkshire Investor or the KKR Investor, as applicable, has the right to designate at least one (1) Director pursuant to Section 2.1, the Company shall deliver or cause to be delivered to the Berkshire Investor or the KKR Investor, as applicable, at their request:

(i)          to the extent otherwise prepared by the Company, operating and capital expenditure budgets and periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries; and

(ii)         such other reports and information as may be reasonably requested by the Berkshire Investor or the KKR Investor, as applicable;

provided, however, that the Company shall not be required to disclose any privileged information of the Company so long as the Company has used its best efforts to enter into an arrangement pursuant to which it may provide such information to the Berkshire Investor or the KKR Investor, as applicable, without the loss of any such privilege.

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ARTICLE IV

MISCELLANEOUS

SECTION 4.1.          Termination. Subject to the early termination of any provision as a result of an amendment to this Agreement agreed to by the Board and the Stockholders as provided under Section 4.3, (i) the provisions of Article II shall, with respect to each Stockholder, terminate as provided in the applicable Section of Article II, (ii) the provisions of Article III shall, with respect to each Stockholder, terminate as provided in the applicable Section of Article III, and (iii) this Article IV shall not terminate. Nothing herein shall relieve any party from any liability for the breach of any of the agreements set forth in this Agreement.

 

SECTION 4.2.          Indemnification.

(a)        The Company agrees to indemnify and hold harmless each Stockholder, their respective directors, officers, partners, members, managers, Affiliates and controlling persons (each, an “Stockholder Indemnitee”) from and against any and all liability, including, without limitation, all obligations, costs, fines, claims, actions, injuries, demands, suits, judgments, proceedings, investigations, arbitrations (including stockholder claims, actions, injuries, demands, suits, judgments, proceedings, investigations or arbitrations) and reasonable expenses, including reasonable accountant’s and reasonable attorney’s fees and expenses (together the “Losses”), incurred by such Stockholder Indemnitee before or after the date of this Agreement to the extent arising out of, resulting from, or relating to (i) such Stockholder Indemnitee’s purchase and/or ownership of any Equity Securities or (ii) any litigation to which any Stockholder Indemnitee is made a party in its capacity as a stockholder or owner of securities (or as a director, officer, partner, member, manager, Affiliate or controlling person of any Stockholder) of the Company; provided that the foregoing indemnification rights in this Section 4.2 shall not be available to the extent that (a) any such Losses are incurred as a result of such Stockholder Indemnitee’s willful misconduct or gross negligence; (b) any such Losses are incurred as a result of non-compliance by such Stockholder Indemnitee with any laws or regulations applicable to any of them; or (c) subject to the rights of contribution provided for below, to the extent indemnification for any Losses would violate any applicable Law or public policy. For purposes of this Section 4.2, none of the circumstances described in the limitations contained in the proviso in the immediately preceding sentence shall be deemed to apply absent a final non-appealable judgment of a court of competent jurisdiction to such effect, in which case to the extent any such limitation is so determined to apply to any Stockholder Indemnitee as to any previously advanced indemnity payments made by the Company under this Section 4.2, then such payments shall be promptly repaid by such Stockholder Indemnitee to the Company. The rights of any Stockholder Indemnitee to indemnification hereunder will be in addition to any other rights any such party may have under any other agreement or instrument to which such Stockholder Indemnitee is or becomes a party or is or otherwise becomes a beneficiary or under law or regulation. In the event of any payment of indemnification pursuant to this Section 4.2, to the extent that any Stockholder Indemnitee is indemnified for Losses, the Company will be subrogated to the extent of such payment to all of the related rights of recovery of the Stockholder Indemnitee to which such payment is made against all other Persons. Such Stockholder Indemnitee shall execute all papers reasonably required to evidence such rights. The Company will be entitled at its election to participate in the defense of any third party claim upon which indemnification is due pursuant to this Section 4.2 or to assume the defense thereof, with counsel reasonably satisfactory to such Stockholder Indemnitee unless, in the reasonable judgment of the Stockholder Indemnitee, a conflict of interest between the Company and such Stockholder Indemnitee may exist, in which case such Stockholder Indemnitee shall have the right to assume its own defense and the Company shall be liable for all reasonable expenses therefor. Except as set forth above, should the Company assume such defense all further defense costs of the Stockholder Indemnitee in respect of such third party claim shall be for the sole account of such party and not subject to indemnification hereunder. The Company will not without the prior written consent of the Stockholder Indemnitee (which consent shall not be unreasonably withheld) effect any settlement of any threatened or pending third party claim in which such Stockholder Indemnitee is or could have been a party and be entitled to indemnification hereunder unless such settlement solely involves the payment of money and includes an unconditional release of such Stockholder Indemnitee from all liability and claims that are the subject matter of such claim. If the indemnification provided for above is unavailable in respect of any Losses, then the Company, in lieu of indemnifying an Stockholder Indemnitee, shall, if and to the extent permitted by Law, contribute to the amount paid or payable by such Stockholder Indemnitee in such proportion as is appropriate to reflect the relative fault of the Company and such Stockholder Indemnitee in connection with the actions which resulted in such Losses, as well as any other equitable considerations.

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(b)        The Company agrees to pay or reimburse (i) the Stockholders for (A) all reasonable costs and expenses (including reasonable attorneys’ fees, charges, disbursement and expenses) incurred in connection with any amendment, supplement, modification or waiver of or to any of the terms or provisions of this Agreement or any related agreements and (B) in connection with any stamp, transfer, documentary or other similar taxes, assessments or charges levied by any governmental or revenue authority in respect of this Agreement or any related agreements; and (ii) each Stockholder for all costs and expenses of such Stockholder (including reasonable attorneys’ fees, charges, disbursement and expenses) incurred in connection with (1) the consent to any departure by the Company or any of its Subsidiaries from the terms of any provision of this Agreement or any related agreements and (2) the enforcement or exercise by such Stockholder of any right granted to it or provided for hereunder.

SECTION 4.3.          Amendments and Waivers. Except as otherwise provided herein, no modification, amendment, restatement, amendment and restatement, or waiver of any provision of this Agreement shall be effective without the approval of the Board and each of the Berkshire Investor and the KKR Investor; provided, however, that any Stockholder may waive (in writing) the benefit of any provision of this Agreement with respect to itself for any purpose. The failure of any party to enforce any of the provisions of this Agreement shall in no way be construed as a waiver of such provisions and shall not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. Any written amendment, restatement, amendment and restatement, or waiver to this Agreement that receives the vote or consent of the Stockholders provided herein need not be signed by all Stockholders, but shall be effective in accordance with its terms and shall be binding upon all Stockholders and any Transferees.

SECTION 4.4.          Successors, Assigns and Transferees. This Agreement shall bind and inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns. This Agreement may not be assigned without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null and void; provided, however, that each of the Berkshire Investor and the KKR Investor shall be entitled to assign, in whole or in part, any of its rights hereunder to any of its Permitted Transferees without such prior written consent.

SECTION 4.5.          Third Parties. Except as may otherwise be expressly provided in this Agreement, this Agreement does not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto.

SECTION 4.6.          Notices. All notices and other communications required or permitted under this Agreement shall be in writing and shall be deemed effectively given: (a) when delivered personally by hand to the party to be notified (with written confirmation of receipt), (b) when sent by facsimile or e-mail (with written confirmation of transmission), (c) when received or rejected by the addressee if sent by registered or certified mail, postage prepaid, return receipt requested, or (d) one Business Day following the day sent by reputable overnight courier (with written confirmation of receipt), in each case at the following addresses and facsimile numbers (or to such other address or facsimile number as a party may have specified by notice given to the other party pursuant to this provision):

		(i)	
if to the Company, to:

National Vision Holdings, Inc.

2435 Commerce Avenue

Bldg. 2200

Duluth, Georgia 30096-4980

Attention: General Counsel

Facsimile: (770) 822-2029

with a copy (which shall not constitute notice) to:

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention: Joseph H. Kaufman, Esq.

 Fax: (212) 455-2502

 

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		(ii)	
if to the Berkshire Investor, to:

 

c/o Berkshire Partners LLC

200 Clarendon Street, 35th Floor

Boston, MA 02116

Attention: Sharlyn C. Heslam, General Counsel

Facsimile: (617) 316-6262

 

with a copy (which shall not constitute notice) to:

 

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

Attn: Craig E. Marcus

Facsimile: (617) 235-0514

		(iii)	
if to the KKR Investor, to:

 

KKR Vision Aggregator L.P.

c/o Kohlberg Kravis Roberts & Co. L.P.

9 West 57th Street

New York, New York 10019

Attention: Nate Taylor

Facsimile: (212) 750-0003

 

SECTION 4.7.          Further Assurances. At any time or from time to time after the date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order to evidence or effectuate the consummation of the transactions contemplated hereby and to otherwise carry out the intent of the parties hereunder.

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SECTION 4.8.          Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein. This Agreement supersedes all other prior agreements and understandings between the parties with respect to such subject matter.

 

SECTION 4.9.          Restrictions on Other Agreements; Bylaws.

(a)        Following the date hereof, no Stockholder or any of its Permitted Transferees shall enter into or agree to be bound by any stockholder agreements or arrangements of any kind with any Person with respect to any Equity Securities except pursuant to the agreements specifically contemplated herein and the Registration Rights Agreement.

(b)        The provisions of this Agreement shall be controlling if any such provisions or the operation thereof conflict with the provisions of the Company’s Bylaws. Each of the parties covenants and agrees to vote their Equity Securities and to take any other action reasonably requested by the Company or any Stockholder to amend the Company’s Bylaws so as to avoid any conflict with the provisions hereof.

SECTION 4.10.         Delays or Omissions. It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement, shall impair any such right, power or remedy, nor shall it be construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of any kind or character on the part of any party hereto of any breach, default or noncompliance under this Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative.

SECTION 4.11.         Governing Law; Jurisdiction; Waiver of Jury Trial.

(a)        This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, applicable to contracts executed in and to be performed entirely within that State, without giving effect to principles or rules of conflict of laws.

(b)        In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties unconditionally accepts the jurisdiction and venue of the Delaware Court of Chancery or, if the Delaware Court of Chancery does not have subject matter jurisdiction over this matter, the Superior Court of the State of Delaware (Complex Commercial Division) or, if jurisdiction over the matter is vested exclusively in federal courts, the United States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by Law, service of process may be made by delivery provided pursuant to the directions in Section 4.6.

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(c)        EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

SECTION 4.12.         Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable Law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable Law in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision or any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein.

SECTION 4.13.         Enforcement. Each party hereto acknowledges that money damages would not be an adequate remedy in the event that any of the covenants or agreements in this Agreement are not performed in accordance with its terms, and it is therefore agreed that in addition to and without limiting any other remedy or right it may have, the non-breaching party will have the right to an injunction, temporary restraining order or other equitable relief in any court of competent jurisdiction enjoining any such breach and enforcing specifically the terms and provisions hereof.

SECTION 4.14.         Titles and Subtitles. The titles of the sections and subsections of this Agreement are for convenience of reference only and are not to be considered in construing this Agreement.

SECTION 4.15.         No Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, may be made only against the entities that are expressly identified as parties hereto, and no past, present or future Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any party hereto shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in respect of, or by reason of the transactions contemplated hereby.

SECTION 4.16.         Counterparts; Facsimile Signatures. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. This Agreement may be executed by facsimile signature(s).

SECTION 4.17.         Effectiveness. This Agreement shall become effective upon the Closing Date.

[Remainder of Page Intentionally Left Blank]

15

 

IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Stockholders’ Agreement as of the date set forth in the first paragraph hereof.

 

	 	NATIONAL VISION HOLDINGS, INC.
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	
By:

	
/s/ Mitchell Goodman 

	 	
 

	
Name:

	
Mitchell Goodman 

	 	
 

	
Title:

	
Senior Vice President, General Counsel and Secretary 

 

 

[Signature Page to National Vision Holdings, Inc. Amended and Restated Stockholders’ Agreement]

	 	KKR VISION AGGREGATOR L.P. 
	 	 	 	 
	 	 	 	 
	 	
By:

	
KKR VISION AGGREGATOR GP LLC, its General Partner 

	 	 	 	 
	 	
By:

	
/s/ Nate Taylor 

	 	
 

	
Name:

	
Nate Taylor 

	 	
 

	
Title:

	
Member 

 

 

[Signature Page to National Vision Holdings, Inc. Amended and Restated Stockholders’ Agreement]

	 	BERKSHIRE FUND VI, LIMITED PARTNERSHIP 
	 	 	 	 
	 	 	 	 
	 	
By:

	
Sixth Berkshire Associates LLC, its general partner

	 	 	 	 
	 	 	 	 
	 	
By:

	
/s/ D. Randolph Peeler 

	 	
 

	
Name:

	
D. Randolph Peeler 

	 	
 

	
Title:

	
Managing Director 

 

	 	BERKSHIRE INVESTORS LLC 
	 	 	 	 
	 	 	 	 
	 	
By:

	
/s/ D. Randolph Peeler 

	 	
 

	
Name:

	
D. Randolph Peeler 

	 	
 

	
Title:

	Managing Director 

 

	 	BERKSHIRE INVESTORS III LLC  
	 	 	 	 
	 	 	 	 
	 	
By:

	
/s/ D. Randolph Peeler

	 	
 

	
Name:

	
D. Randolph Peeler 

	 	
 

	
Title:

	
Managing Director 

 

 

[Signature Page to National Vision Holdings, Inc. Amended and Restated Stockholders’ Agreement]

Exhibit A

 

Assignment and Assumption Agreement

Pursuant to the Amended and Restated Stockholders’ Agreement, dated as of [_________], 2017 (the “Stockholders’ Agreement”), among National Vision Holdings, Inc., a Delaware corporation (the “Company”), and each of the stockholders of the Company whose name appears on the signature pages listed therein (each, a “Stockholder” and collectively, the “Stockholders”), _________, (the “Transferor”) hereby assigns to the undersigned the rights that may be assigned thereunder, and the undersigned hereby agrees that, having acquired Equity Securities as permitted by the terms of the Stockholders’ Agreement, the undersigned shall assume the obligations of the Transferor under the Stockholders’ Agreement. Capitalized terms used but not defined herein shall have the meanings assigned to them in the Stockholders’ Agreement.

Listed below is information regarding the Equity Securities:

Number of Shares of

Common Stock

____________________

[Remainder of Page Intentionally Left Blank]

IN WITNESS WHEREOF, the undersigned has executed this Assumption Agreement as of __________ ___, ________.

 

	 	
[NAME OF TRANSFEROR]

	 	 
	 	 
	 	 
	 	
Name:

	 	
Title:

	 	 
	 	
[NAME OF TRANSFEREE]

	 	 
	 	 
	 	 
	 	
Name:

	 	
Title:

 

Acknowledged by:

 

	
NATIONAL VISION HOLDINGS, INC. 

	 
	 	 	 	 
	By:	 	 
	
 

	
Name: 

	 	 
	
 

	
Title:

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