Document:

EmploymentAgreementMichaelHansen2-27-2013

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (this “Agreement”) is made effective as of the 27th day of February 2013 (the “Effective Date”) by and between MICHAEL HANSEN, an individual (“Employee”) and DUBLI, INC. AND SUBSIDIARIES a Nevada corporation (collectively, “DubLi”).

RECITALS

A.    Employee is engaged by DubLi, pursuant to an employment agreement dated October 1, 2009 (the "Original Agreement"). DubLi wishes to continue to employ Employee and Employee wishes to be employed continuously by the Company, in accordance with the amended and restated terms and conditions set forth hereafter.

NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each of Employee and DubLi hereby agree as follows:

1.    Employment.  DubLi hereby employs Employee and hereby affirms the employment of Employee as the Chief Executive Officer of DubLi, and Employee hereby affirms, renews and accepts such employment, for the “Term” (as defined in Section 3 below), upon the terms and conditions set forth herein. This Agreement constitutes an amendment and restatement of the Original Agreement in its entirety, and as of the Effective Date hereof, the terms, conditions and other provisions of this Agreement shall supersede all terms, conditions and other provisions of the Original Agreement.

2.    Position and Duties.  During the Term of this Agreement, the Employee shall be employed and serve as the Chief Executive Officer of DubLi, and shall have such duties typically associated with such title and shall exercise such power and authority as may, from time to time, be delegated to him by the Board of Directors of DubLi.  The Employee shall devote his full business time, attention and efforts to the performance of his duties under this Agreement, render such services to the best of his ability, and use his reasonable best efforts to promote the interests of DubLi.  The Employee shall not engage in any other business or occupation during the Term, including, without limitation, any activity that (i) conflicts with the interests of DubLi and its affiliated entities, (ii) interferes with the proper and efficient performance of his duties for DubLi, or (iii) interferes with the exercise of his judgment in DubLi’s best interest.  Notwithstanding the foregoing or any other provision of this Agreement, it shall not be a breach or violation of this Agreement for the Employee to (x) serve on civic or charitable boards or committees, (y) deliver lectures, fulfill speaking engagements or teach at educational institutions on a part-time basis approved by the Board of Directors, or (z) manage personal investments, so long as such activities do not significantly interfere with or significantly detract from the performance of the Employee’s responsibilities to DubLi in accordance with this Agreement.

3.    Term.  The “Term” of this Agreement shall commence on the Effective Date and continue thereafter for a term of five (5) years (the “Initial Term”, as may be extended or earlier terminated pursuant to the terms and conditions of this Agreement.  The Term of this Agreement shall automatically renew for successive one (1) year periods after the first five (5) years from the Effective Date unless, within sixty (60) days of the expiration of the then existing Term, DubLi or Employee provides written notice to the other party that it elects not to renew the Term.  Upon delivery of such notice, this Agreement shall continue until expiration of the Term, whereupon this Agreement shall terminate.

4.    Compensation.  

4.1    Salary.  DubLi shall pay to Employee a total minimum annual salary of Four Hundred Twenty Thousand Dollars ($420,000.00) (the “Minimum Salary”), payable in equal installments at the end of such regular payroll accounting periods as are established by the Corporation, or in such other installments upon which the parties hereto shall mutually agree.  The Minimum Salary shall be paid to Employee by the Corporation, subject to the terms set out below.  In addition, DubLi may pay additional salary from time to time, and award bonuses in cash, stock or stock options or other property and services, as DubLi may determine in its sole discretion or pursuant to separate 

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agreements with Employee. The Employee is hereby granted the stock award set forth on the Stock Award Agreement attached hereto as Annex A.  

4.2    Benefits.  During the Term, Employee shall be entitled to participate in all medical and other employee benefit plans, including vacation, sick leave, retirement accounts, profit sharing, stock option plans, stock appreciation rights, and other employee benefits, provided by  DubLi to employees similarly situated.  

4.3    Expense Reimbursement.  DubLi shall reimburse Employee for reasonable and necessary expenses incurred by him on behalf of DubLi in the performance of his duties hereunder during the Term, provided that such expenses are adequately documented in accordance with DubLi’s then customary policies.

5.    Indemnification.

5.1    Third Party Actions.  Subject to limitations imposed by law, DubLi shall indemnify and hold harmless the Employee to the fullest extent permitted by law from and against any and all claims, damages, expenses (including reasonable attorneys’ fees), judgments, penalties, fines, settlements, and all other liabilities incurred or paid by him in connection with the investigation, defense, prosecution, settlement or appeal of any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative and to which the Employee was or is a party or is threatened to be made a party by reason of the fact that the Employee is or was an officer, Employee or agent of DubLi, or by reason of anything done or not done by the Employee in any such capacity or capacities, provided that the Employee acted in good faith, in a manner that was not grossly negligent or constituted willful misconduct and in a manner he reasonably believed to be in or not opposed to the best interests of DubLi, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful.  DubLi also shall pay any and all expenses (including reasonable attorney’s fees) incurred by the Employee as a result of the Employee being called as a witness in connection with any matter involving DubLi and/or any of its officers or directors.

5.2    Expense Reimbursement.  DubLi shall advance to Employee any expenses (including reasonable attorneys’ fees), judgments, penalties, fines, settlements, and other liabilities incurred by the Employee in investigating, defending, settling or appealing any action, suit or proceeding described in this Section 5.2 in advance of the final disposition of such action, suit or proceeding and as set forth in the following sentence.  DubLi shall promptly pay the amount of such expenses to the Employee on a monthly basis as such expenses are incurred by Employee, but in no event later than 10 days following the Employee’s delivery to DubLi of a written request for an advance pursuant to this Section 5.2, together with a reasonable accounting of such expenses.

5.3    Reimbursement of Expenses.  The Employee hereby undertakes and agrees to repay to DubLi any advances made pursuant to this Section 24 if and to the extent that it shall ultimately be found that the Employee is not entitled to be indemnified by DubLi for such amounts.

5.4.     Insurance.  DubLi shall collectively purchase and maintain insurance on behalf of Employee insuring against any liability asserted against or incurred by Employee in any capacity or arising out of Employee's status as such (D&O insurance), whether or not DubLi has the power to indemnify Employee against that liability under the provisions of this Section 5 for the period of this agreement and for one (1) year after termination of employment. 

5.5    Survival.  The provisions of this Section 5 shall survive the termination of the Term of Employment or expiration of the term of this Agreement.

6.    Confidential Information/ Inventions.

6.1    Confidentiality.  Employee shall not, in any manner, for any reasons, either directly or indirectly, divulge or communicate to any person, firm or corporation, any confidential information concerning any matters not generally known in DubLi's industry or otherwise made public by DubLi which affects or relates to DubLi's business, finances, marketing and/ or operations, research, development, inventions, products, designs, plans, procedures, or other data (collectively, “Confidential Information”) except in the ordinary course of business or as 

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required by applicable law.  Without regard to whether any item of Confidential Information is deemed or considered confidential, material, or important, the parties hereto stipulate that as between them, to the extent such item is not generally known in the DubLi's industry, such item is important, material, and confidential and affects the successful conduct of DubLi’s business and good will, and that any breach of the terms of this Section 6.1 shall be a material and incurable breach of this Agreement.

6.2    Documents Owned by Company.  Employee further agrees that all documents and materials furnished to Employee by DubLi and relating to DubLi’s business or prospective business are and shall remain the exclusive property of DubLi as the case may be.  Employee shall deliver all such documents and materials to DubLi upon demand therefore and in any event upon expiration or earlier termination of this Agreement.  Any payment of sums due and owing to Employee by DubLi upon such expiration or earlier termination shall be conditioned upon returning all such documents and materials, and Employee expressly authorizes DubLi to withhold any payments due and owing pending return of such documents and materials.

6.3    Inventions.  All ideas, inventions, and other developments or improvements conceived or reduced to practice by Employee, alone or with others, during the term of this Agreement, whether or not during working hours, that are within the scope of the business of DubLi or that relate to or result from any of DubLi's work or projects or the services provided by Employee to DubLi pursuant to this Agreement, shall be the exclusive property of DubLi.  Employee agrees to assist DubLi during the term, at DubLi’s expense, to obtain patents and copyrights on any such ideas, inventions, writings, and other developments, and agrees to execute all documents necessary to obtain such patents and copyrights in the name of DubLi.

7.    Covenant Not to Compete.  During the Term of this Agreement, Employee shall not engage in any of the following competitive activities: (a) engaging directly or indirectly in any business or activity substantially similar to any business or activity engaged in by  DubLi as of the date of this Agreement; (b) soliciting or taking away any employee, agent, representative, contractor, supplier, vendor, customer, franchisee, lender or investor of   DubLi, or attempting to so solicit or take away; (c) interfering with any contractual or other relationship between   DubLi and any employee, agent, representative, contractor, supplier, vendor, customer, franchisee, lender or investor; or (d) using, for the benefit of any person or entity other than   DubLi, any Confidential Information of DubLi.  The foregoing covenant prohibiting competitive activities shall survive the termination of this Agreement and shall extend, and shall remain enforceable against Employee, for the period of one (1) year following the date this Agreement is terminated.  In addition, during the two-year period following such expiration or earlier termination, Employee shall not make or permit the making of any negative statement of any kind concerning DubLi.

8.    Survival of Covenant Not to Compete.  Employee agrees that the provisions of Section 8 shall survive expiration or earlier termination of this Agreement for any reasons, whether voluntary or involuntary, with or without cause, and shall remain in full force and effect thereafter.  

9.    Injunctive Relief.  Employee acknowledges and agrees that the covenants and obligations of Employee set forth in Sections 6 and 7 with respect to non-competition, non-solicitation, confidentiality and the DubLi's property relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants and obligations will cause DubLi irreparable injury for which adequate remedies are not available at law.  Therefore, Employee agrees that DubLi shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) as a court of competent jurisdiction may deem necessary or appropriate to restrain Employee from committing any violation of the covenants and obligations referred to in this Section 10.  These injunctive remedies are cumulative and in addition to any other rights and remedies DubLi may have at law or in equity.

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10.    Termination 

10.1    Termination by Employee.  Employee may terminate this Agreement without cause at any time and for “good reason”.  For purposes of this Agreement, the term “good reason” for termination by Employee shall mean (a) any material reduction in the amount or type of compensation paid to the Employee or material reduction in benefits inconsistent with benefit reductions taken by other members of Company’s senior management; or (b) the Board or Company requests the Employee to engage in actions that would constitute illegal or unethical acts; or (c) any material breach of any written agreement entered into between the Employee and the Company, including this Agreement, which is not remedied by Company within thirty (30) days after receipt of notice thereof given by the Employee.  The Company will have thirty (30) days in which to cure the reason(s) provided by the Employee.  At the end of the 30-day period, if the Company has not cured the Good Reason cause of the Employees termination, the Employees employment will terminate following a reasonable transition period specified by the Company not to exceed thirty (30) days.  The written notice given hereunder by Employee to DubLi shall specify in reasonable detail the cause for termination.  The Employee shall be entitled to voluntarily terminate his employment with the Company prior to the end of the Employment Term upon ninety (90) days prior written notice from the Employee to the Company.

10.2    Termination by DubLi.  DubLi may terminate its employment of Employee under this Agreement without cause at any time and for any reason upon ninety (90) days’ notice to Employee.  DubLi may terminate its employment of Employee under this Agreement for cause at any time by written notice to Employee.  For purposes of this Agreement, the term “cause” for termination by DubLi shall be the Employee’s (a) commission of a felony or other crime involving moral turpitude, or the commission of any other act or omission involving dishonesty or fraud with respect to DubLi or any of its respective customers or suppliers; (b) breach of fiduciary duty, willful misconduct or gross negligence with respect to DubLi; (c) substantial and repeated failure to perform duties as reasonably directed in writing by the Board of Directors; provided, however, that if any such breach is subject to cure, Employee shall be entitled to written notice of and an opportunity to cure such breach to the Board of Directors’ reasonable satisfaction within 30 calendar days of notice of such breach; (d) material breach of this Agreement; provided, however, that if any such breach is subject to cure, Employee shall be entitled to written notice of and an opportunity to cure such breach to the Board of Directors’ reasonable satisfaction within 30 calendar days of notice of such breach; (e) any action taken against Employee by a regulatory body or self-regulatory organization that materially impairs the Employee from performing his duty for a period of more than 180 days; or (f) alcoholism or drug addiction which materially impairs the Employee’s ability to perform his duties.

An act or failure to act shall not be “willful” if (A) done by the Employee in good faith and (B) the Employee reasonably believed that such action or inaction was in the best interests of DubLi.  The written notice given hereunder by DubLi to Employee shall specify in reasonable detail the cause for termination.  In the case of a termination for the cause described in (a) above, such termination shall be effective upon receipt of the written notice. 

10.3    Severance.   Upon a termination of this Agreement without “good reason” by Employee or with cause by DubLi, DubLi shall immediately pay to Employee all accrued and unpaid compensation as of the date of such termination, and Employee shall not be entitled to a “Severance Payment.”   Upon a termination of this Agreement with “good reason” by Employee or without cause by DubLi, DubLi shall immediately pay to Employee all accrued and unpaid compensation as of the date of such termination plus the Severance Payment. The accrued compensation due and payable at termination shall bear interest at the lesser of six percent (6%) per annum or the maximum rate permitted by law until such amounts are paid in full. If this Agreement is terminated with “good reason” by Employee or for any reason by DubLi the “Severance Payment” shall equal the total amount of salary payable to Employee under Section 4.1 of this Agreement from the date of such termination until three (3) months after termination payable in equal installments at the end of such regular payroll accounting periods as are established by DubLi, or in such other installments upon which the parties hereto shall mutually agree.  After one year of employment, the “Severance Payment” shall increase to the total amount of salary payable to Employee under Section 4.1 of this Agreement from the date of such termination until six (6) months after termination. If this Agreement is terminated for any reason by Employee or DubLi, all vested stock options then held by the Employee will remain exercisable for a period of ninety (90) days from the date of such termination, but in no event later than the expiration date of the option. 

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11.    Termination Upon Death.  If Employee dies during the term of this Agreement, this Agreement shall terminate, except that Employee’s legal representatives shall be entitled to receive any earned but unpaid compensation due hereunder. All vested stock options then held by the Employee will remain exercisable for a period of ninety (90) days from the date of the Employee’s death, but in no event later than the expiration date of the option.

12.    Termination Upon Disability.  If, during the term of this Agreement, Employee suffers and continues to suffer from a “Disability” (as defined below), then  DubLi may terminate this Agreement by delivering to Employee sixty (60) calendar days prior written notice of termination based on such Disability, setting forth with specificity the nature of such Disability and the determination of Disability by DubLi.  For the purposes of this Agreement, “Disability” means Employee’s inability, with reasonable accommodation, to substantially perform Employee’s duties, services and obligations under this Agreement due to physical or mental illness or other disability for a continuous, uninterrupted period of ninety (90) calendar days. All vested stock options held by the Employee will remain exercisable for a period of ninety (90) days from the date of termination due to Disability, but in no event later than the expiration date of the option.

13.    Personnel Policies, Conditions, And Benefits.  Except as otherwise provided herein, Employee’s employment shall be subject to the personnel policies and benefit plans which apply generally to DubLi's employees as the same may be interpreted, adopted, revised or deleted from time to time, during the term of this Agreement, by  DubLi in its sole discretion.  During the term hereof, Employee shall receive the following:

13.1    Vacation.  Employee shall be entitled to vacation during each year of the term at the rate of four (6) weeks per year; provided that any unused vacation shall accrue until March 30 of the following calendar year.

14.    Beneficiaries of Agreement.  This Agreement shall inure to the benefit of DubLi and any affiliates, successors, assigns, parent corporations, subsidiaries, and/or purchasers of DubLi as they now or shall exist while this Agreement is in effect.

15.    No Waiver.  No failure by either party to declare a default based on any breach by the other party of any obligation under this Agreement, or failure of such party to act quickly with regard thereto, shall be considered to be a waiver of any such obligation, or of any future breach.

16.    Modification.  No waiver or modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless in writing and duly executed by the parties to be charged therewith.

17.    Choice Of Law/Jurisdiction.  This Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without regard to any conflict-of-laws principles.   DubLi and Employee hereby consent to personal jurisdiction before all courts in the County of Palm Beach, State of Florida, and hereby acknowledge and agree that Orange County, Florida is and shall be the most proper forum to bring a complaint before a court of law.

18.    Entire Agreement.  This Agreement embodies the whole agreement between the parties hereto and there are no inducements, promises, terms, conditions, or obligations made or entered into by DubLi or Employee other than contained herein.

19.    Severability.  All agreements and covenants contained herein are severable, and in the event any of them, with the exception of those contained in Sections 1 and 4 hereof, shall be held to be invalid by any competent court, this Agreement shall be interpreted as if such invalid agreements or covenants were not contained herein.

20.    Headings.  The headings contained herein are for the convenience of reference and are not to be used in interpreting this Agreement.

IN WITNESS WHEREOF, this Agreement has been duly executed by the parties hereto as of the date first above written.

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	DUBLI, INC.
	 
	EMPLOYEE:

	

By: 
	 
	By:

	Andreas Kusche, General Counsel
	 
	Michael Hansen

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AM 18063983.3DubLi-StockAwardAgreementMichaelHansen

DubLi, Inc.
Restricted Stock Award Agreement for Executive Officers
Twenty Five Million Shares of Restricted Stock 
THIS AGREEMENT (this “Agreement”) dated as of February 27, 2013, between DubLi, Inc., a Nevada corporation (the “Company”) and Michael Hansen (“Participant”) is made pursuant and subject to the provisions of the Company’s 2010 Omnibus Equity Compensation Plan (the “Plan”), a copy of which has been made available to Participant.  All terms used herein that are defined in the Plan have the same meaning given them in the Plan.
1.Award of Stock.  Pursuant to the Plan, the Company, on February 27, 2013 (the “Date of Grant”) granted to Participant, subject to the terms and conditions of the Plan and subject further to the terms and conditions herein set forth, an Award of twenty five million (25,000,000) shares of Restricted Stock.
2.    Restrictions.  The shares of Restricted Stock are nontransferable and are subject to forfeiture until vested.
3.    Vesting.  Subject to paragraphs 4 through 7 below, Participant’s interest in the shares of Restricted Stock shall become transferable and nonforfeitable (“vested”) as follows: 2,500,000 of the shares of Restricted Stock shall become vested on September 30, 2013; 2,500,000 of the shares of Restricted Stock shall become vested on March 31 and September 30 of each year, beginning on March 31, 2014, until all shares of Restricted Stock have vested.

4.    Change in Control.
(a)    Acceleration Upon Change in Control.  All shares of Restricted Stock not previously forfeited shall become vested immediately in the event that, prior to the expiration or termination of this Agreement, and during the Participant's continuous service, there is a “Change in Control”, as defined in Article XIII of the Plan.

(b)    Exception to Acceleration Upon Change in Control.  Notwithstanding the foregoing, if in the event of a Change in Control the successor company assumes or substitutes for the Stock Award, the vesting of the shares of Restricted Stock shall not be accelerated as described in Section 5(a).  For the purposes of this paragraph, the Stock Award shall be considered assumed or substituted for if following the Change in Control the Participant is awarded with substantially the same Stock Award benefits as were applicable immediately prior to the Change in Control; provided, however, that if such consideration received in the transaction constituting a Change in Control is not solely common stock of the successor company or its parent or subsidiary, the Compensation Committee may, with the consent of the successor company, or its parent or subsidiary, provide that the consideration to be received upon the exercise or vesting of the shares of Restricted Stock will be solely common stock of the successor company or its parent or subsidiary substantially equal in Fair Market Value to the per share consideration received by holders of Shares in the transaction constituting a Change in Control.  The determination of such substantial equality of value of consideration shall be made by the Compensation Committee in its sole discretion and its determination shall be conclusive and binding.  Notwithstanding the foregoing, in the event of a termination of the Participant’s employment with the Company (if it is the surviving entity in the Change in Control) or the successor company (other than by the surviving company for Cause or by the Participant without Good Reason) within 24 months following such Change in Control, the Participant shall be accelerated as described in paragraph (a) of this Section 5.

5.    Escrow for Restricted Shares.  

(a)    Until the Restricted Stock is vested, the underlying shares shall be held by the Company in escrow.  Upon becoming vested, a share certificate for the newly vested shares shall be delivered to the Participant as soon as administratively feasible after the date of vesting.
(b)    The Participant shall have no rights as a shareholder with respect to the shares held in escrow (including, without limitation, any rights to vote the shares and to receive dividends or non-cash distributions with respect to such shares) unless and until a certificate representing such shares is duly issued and delivered to the Participant. No adjustment shall be made for dividends or other rights for which the record date is prior to the date such certificate is issued.
(c)    Any shares held in escrow under this Agreement shall be held, and a certificate shall be issued, in the name of the Participant.  The Participant does hereby irrevocably constitute and appoint the Company’s Chief Financial Officer and Controller as Participant’s attorney to transfer any forfeited shares on the books of the Company with full power of substitution in the premises.  The Chief Financial Officer and/or the Controller shall use the authority granted in this paragraph 8 to cancel any shares of Restricted Stock that are forfeited.
6.    Fractional Shares.  A fractional share shall not be issued hereunder, and when any provision hereof may cause a fractional share to be issued, any such fractional share shall be disregarded.
7.    Financial Restatements Due to Intentional Misconduct or Gross Negligence
(a)    In the event that the Board of Directors determines (the “Board Determination”) that the Participant’s intentional misconduct or gross negligence directly or indirectly caused or contributed to a restatement of the Company’s consolidated financial statements due to the material non-compliance of the Company with any financial reporting requirement under the U.S. federal securities laws, whether such restatement is required by law or the Board of Directors determines, in its discretion, such restatement is necessary or desirable to serve the best interests of the Company, then any shares of Restricted Stock that are not yet vested that were granted during the three month period prior to or the nine month period following the first public issuance or filing with the Securities Exchange Commission (whichever occurs first) of the incorrect financial statements shall be immediately and irrevocably forfeited without any payment therefor. In addition, for any shares of Restricted Stock that became vested during the nine month period following the first public issuance or filing with the Securities Exchange Commission (whichever occurs first) of the incorrect financial statements (“Covered vested Shares”):
(i)    to the extent that such Covered vested Shares have not been sold or otherwise transferred by the Participant at the time the Company demand is made, such Covered vested Shares shall be immediately and irrevocably forfeited without any payment therefor;
(ii)    to the extent that such Covered vested Shares have been sold, the Participant shall be required to repay or otherwise reimburse the Company, upon demand, an amount in cash or Common Stock equal to the aggregate proceeds received from such sale of such Covered vested Shares; and
(iii)    to the extent that such Covered vested Shares have been transferred otherwise than for value (ex. a transfer by gift, a transfer upon death), the Participant shall be required to repay or otherwise reimburse the Company, upon demand, an amount in cash or Common Stock equal to the greatest of (a) the Fair Market Value (as defined in the Plan) of such Covered vested Shares on the date the Covered vested Shares became vested, (b) the Fair Market Value of such Covered vested Shares on the date the Covered vested Shares were transferred and (c) the Fair Market Value of such Covered vested Shares on the date of the Board Determination.
(b)    This section does not constitute the Company’s exclusive remedy for the Participant’s commission of intentional misconduct or gross negligence.  The Company may seek any additional legal or equitable remedy, including injunctive relief, for any such violations. The provisions in this section are essential economic conditions to the Company’s grant of Restricted Stock to the Participant. By receiving the grant of Restricted Stock hereunder, the Participant agrees that the Company may deduct from any amounts it owes the Participant from time to time (such as wages or other compensation, deferred compensation credits, vacation pay, any severance or other 

payments owed following a termination of employment, as well as any other amounts owed to the Participant by the Company) to the extent of any amounts the Participant owes the Company under this section. The provisions of this section and any amounts repayable by the Participant hereunder are intended to be in addition to any rights to repayment the Company may have under Section 304 of the Sarbanes-Oxley Act of 2002 and other applicable law. 
8.    Termination, Change of Office.  In the event Participants employment with the Company is terminated within two years of the Date of Grant, all shares of Restricted Stock that are not then vested shall cease vesting as of the date of termination of Participant’s employment.  In the event Participant’s employment with the Company is terminated after two years of the Date of Grant, the shares of Restricted Stock shall continue vesting as if the Participant would still be employed by the Company.  A change of office shall have no effect on the vesting of the shares of Restricted Stock.

9.    No Right to Continued Employment.  Neither the Plan nor this Agreement shall confer upon you any right to continue in the employ of (or any other relationship with) the Company or any subsidiary, affiliate, or parent thereof, or limit in any respect the right of the Company or any subsidiary, affiliate, or parent thereof to terminate your employment or other relationship with the Company or any subsidiary, affiliate, or parent thereof, as the case may be, at any time.  
10.    Adjustments.  In the event that, after the date hereof, the outstanding shares of the Company's common stock shall be increased or decreased or changed into or exchanged for a different number or kind of shares of stock or other securities of the Company or of another corporation through reorganization, merger or consolidation, recapitalization, reclassification, stock split, split-up, combination or exchange of shares or declaration of any dividends payable in common stock, the Committee shall appropriately adjust the number of shares of Restricted Stock (to the nearest possible full share), and such adjustment shall be effective and binding for all purposes of this Agreement and the Plan.
11.    Governing Law.  Except as otherwise required by applicable law, this Agreement shall be governed by and construed in accordance with the laws of the State of Florida, but without regard to the principle of conflict of laws thereof.  If any one or more provisions of this Agreement shall be found to be illegal or unenforceable in any respect, the validity and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby.
12.    Plan Documents.  This Agreement is qualified in its entirety by reference to the provisions of the Plan, as amended from time to time, which are hereby incorporated herein by reference.  Capitalized terms not defined herein shall have the meaning ascribed to them in the Plan.  However, notwithstanding the above, no Plan amendment may deprive you of any Restricted Stock theretofore granted under the Plan without your consent, and no Plan amendment requiring shareholder approval (if any) may be made without such shareholder approval.  The interpretation and construction by the Committee of the Plan, this Agreement, the Restricted Stock granted hereunder, and such rules and regulations as may be adopted by the Committee for the purpose of administering the Plan, shall be final and binding upon you.  Until the Restricted Stock shall expire, terminate, or Vest in full, the Company shall, upon written request therefor, send a copy of the Plan, in its then-current form, to you or any other person or entity then entitled to the Restricted Stock.
13.    Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company and upon the legal representatives, executors, administrators, heirs, legatees and any permitted assignee of the Participant.
14.    Section 83(b) Election.  The Participant may make a Section 83(b) election to treat the shares of Restricted Stock granted to him under Paragraph 1 as taxable income at the time of transfer under this Agreement.  
15.    Tax Withholding.  Participant shall make arrangements, satisfactory to the Company, for the satisfaction of income and employment tax withholding requirements related to the Restricted Stock.  In accordance with such procedures as may be established by the Committee, Participant may surrender shares of common stock, including shares of vested Restricted Stock, in satisfaction of the tax withholding requirement; provided, however, that 

the number of shares to be surrendered or withheld shall be determined using the minimum rate at which income and employment taxes must be withheld and the Fair Market Value of common stock as of the date of withholding.
16.    Notices.  All notices under this Agreement shall be mailed or delivered by hand to (i) the Company at the address set forth below, (ii) the Participant at the address set forth below, or (iii) at such other address as may be designated in writing by either of the parties to one another.
If to the Company:    DubLi, Inc.
5200 Town Center Circle, Suite 601
Boca Raton, FL 33486

If to the Participant:    P.O. Box 283612
Dubai, U.A.E.

Such notices and other communications shall not be considered delivered until actually received or deemed received.
17.    Further Assurances.  The parties agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.
18.    Entire Agreement. This Agreement constitutes the entire agreement between the Company and Participant and supersedes any prior agreements and understandings, oral or written, between the Company and you concerning the subject matter of this Agreement.
19.    Construction.  The section headings contained in this Agreement are for reference only and shall have no effect on the interpretation of any of the provisions of this Agreement.
20.    Proviso.  This Agreement is subject to the authorization of the necessary amount of shares by the appropriate bodies and an amendment of the Plan covering the required amount of shares to fulfill this Agreement.
21.    Amendment.  This Agreement may (except as provided in the Plan) only be amended, altered or modified by a written instrument signed by the parties hereto, or their respective successors, and it may not be terminated (except as provided herein or in the Plan).
IN WITNESS WHEREOF, the Company has caused this Agreement to be signed by a duly authorized officer, and Participant has affixed his signature hereto.
DUBLI, INC.                            Participant

By:    _________________________                _________________________
Andreas Kusche, General Counsel            Michael Hansen

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