Document:

FORM OF

BANK

EMPLOYMENT AGREEMENT

 

THIS AGREEMENT (the “Agreement”),
made this [x] day of [month, year], by and between FIRST FEDERAL SAVINGS BANK OF FRANKFORT, a federally chartered
savings institution (the “Bank”), and [name] (the “Executive”). References to the Company
herein shall mean Kentucky First Federal Bancorp, a federally chartered corporation and the holding company of the Bank.

 

WHEREAS, Executive serves the Bank
in a position of substantial responsibility;

 

WHEREAS, the Bank wishes to assure
the services of Executive for the period provided in this Agreement; and

 

WHEREAS, Executive is willing to
serve in the employ of the Bank on a full-time basis for said period.

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained, and upon the other terms and conditions hereinafter provided, the parties hereby agree
as follows:

 

1.          Employment.  
Executive is employed as [position] of the Bank.  Executive shall perform all duties and shall have all powers
which are commonly incident to those offices.  During the term of this Agreement, Executive also agrees to serve, if
elected, as an officer and/or director of any subsidiary of the Bank and in such capacity will carry out such duties and responsibilities
as are reasonably appropriate to that office.

 

2.          Location
and Facilities.  Executive will be furnished with the working facilities and staff customary for executive officers
with the title and duties set forth in Section 1 and as are necessary for her to perform her duties.  The location of
such facilities and staff shall be at the principal administrative offices of the Bank, or at such other site or sites customary
for such offices.

 

3.          Term.

 

a.          The
term of this Agreement shall be (i) the initial term, consisting of the period commencing on the date of this Agreement (the “Effective
Date”) and ending on the third anniversary of the Effective Date, plus (ii) any and all extensions of the initial term made
pursuant to this Section 3.

 

b.          Commencing
on the first year anniversary date of this Agreement, and continuing on each anniversary thereafter, the disinterested members
of the boards of directors of the Bank may extend the Agreement for an additional one-year period beyond the then effective expiration
date, unless Executive elects not to extend the term of this Agreement by giving written notice in accordance with Section 19 of
this Agreement.  The Board of Directors of the Bank (the “Board”) will review Executive’s performance
annually for purposes of determining whether to extend the Agreement and the rationale and results thereof shall be included in
the minutes of the Board’s meeting.  The Board shall give notice to Executive as soon as possible after such review
as to whether the Agreement is to be extended.

 

4.          Base
Compensation.

 

a.          The
Bank agrees to pay Executive during the term of this Agreement a base salary at the rate of $[amount] per year, payable
in accordance with customary payroll practices.

 

    	  

    	 

    

 

b.          The
Board shall review annually the rate of Executive’s base salary based upon factors they deem relevant, and may maintain or
increase her salary, provided that no such action shall reduce the rate of salary below the rate in effect on the Effective Date.

 

c.          In
the absence of action by the Board, Executive shall continue to receive salary at the annual rate specified on the Effective Date
or, if another rate has been established under the provisions of this Section 4, the rate last properly established by action of
the Board under the provisions of this Section 4.

 

5.          Bonuses.  Executive
shall be entitled to participate in discretionary bonuses or other incentive compensation programs that the Bank may award from
time to time to senior management employees pursuant to bonus plans or otherwise.

 

6.          Benefit
Plans.  Executive shall be entitled to participate in such life insurance, medical, dental, pension, profit sharing,
retirement and stock-based compensation plans and other programs and arrangements as may be approved from time to time by the Bank
for the benefit of its employees.

 

7.          Vacation
and Leave.  At such reasonable times as the Board shall in its discretion permit, Executive shall be entitled,
without loss of pay, to absent herself voluntarily from the performance of her employment under this Agreement, all such voluntary
absences to count as vacation time, provided that:

 

a.          Executive
shall be entitled to an annual vacation in accordance with the policies that the Board periodically establishes for senior management
employees.

 

b.          Executive
shall accumulate any unused vacation and/or sick leave from one fiscal year to the next, in either case to the extent authorized
by the Board, provided that the Board shall not reduce previously accumulated vacation or sick leave.

 

c.          In
addition to the above mentioned paid vacations, Executive shall be entitled, without loss of pay, to absent herself voluntarily
from the performance of her employment for such additional periods of time and for such valid and legitimate reasons as the Board
may in its discretion determine.  Further, the Board may grant Executive a leave or leaves or absence, with or without
pay, at such time or times and upon such terms and conditions as the Board in its discretion may determine.

 

8.          Expense
Payments and Reimbursements.  Executive shall be reimbursed for all reasonable out-of-pocket business expenses
that she shall incur in connection with her services under this Agreement upon substantiation of such expenses in accordance with
applicable policies of the Bank.

 

9.          Automobile
Allowance.   During the term of this Agreement, Executive may be entitled to an automobile allowance.   In
the event such automobile allowance is provided by the Bank, Executive shall comply with reasonable reporting and expense limitations
on the use of such automobile as may be established by the Bank from time to time, and the Bank shall annually include on Executive’s
Form W-2 any amount of income attributable to Executive’s personal use of such automobile.

 

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10.        Loyalty
and Confidentiality.

 

a.          During
the term of this Agreement and except for illnesses, reasonable vacation periods, and reasonable leaves of absence, Executive:
(i) shall devote her full business time, attention, skill, and efforts to the faithful performance of her duties hereunder; provided,
however, that from time to time, Executive may serve on the boards of directors of, and hold any other offices or positions in,
companies or organizations which will not present any conflict of interest with the Bank or any of their subsidiaries or affiliates
or unfavorably affect the performance of Executive’s duties pursuant to this Agreement, or violate any applicable statute
or regulation and (ii) shall not engage in any business or activity contrary to the business affairs or interests of the Bank.
“Full business time” is hereby defined as that amount of time usually devoted to like companies and institutions by
similarly situated executive officers.

 

b.          Nothing
contained in this Agreement shall prevent or limit Executive’s right to invest in the capital stock or other securities of
any business dissimilar from that of the Bank, or, solely as a passive, minority investor, in any business.

 

c.          Executive
agrees to maintain the confidentiality of any and all information concerning the operation or financial status of the Bank; the
names or addresses of any of its borrowers, depositors and other customers; any information concerning or obtained from such customers;
and any other information concerning the Bank to which she may be exposed during the course of her employment.  Executive
further agrees that, unless required by law or specifically permitted by the Board in writing, she will not disclose to any person
or entity, either during or subsequent to her employment, any of the above-mentioned information which is not generally known to
the public, nor shall she employ such information in any way other than for the benefit of the Bank.

 

11.        Termination
and Termination Pay.  Subject to Section 12 of this Agreement, Executive’s employment under this Agreement
may be terminated in the following circumstances:

 

a.          Death.  Executive’s
employment under this Agreement shall terminate upon her death during the term of this Agreement, in which event Executive’s
estate shall be entitled to receive the compensation due to Executive through the last day of the calendar month in which her death
occurred.

 

b.          Retirement.  This
Agreement shall be terminated upon Executive’s retirement under the retirement benefit plan or plans in which she participates
pursuant to Section 6 of this Agreement or otherwise.

 

c.          Disability.

 

i.          The
Board or Executive may terminate Executive’s employment after having determined Executive has a Disability.  For
purposes of this Agreement, “Disability” means a physical or mental infirmity that impairs Executive’s ability
to substantially perform her duties under this Agreement and that results in Executive becoming eligible for long-term disability
benefits under any long-term disability plans of the Bank (or, if there are no such plans in effect, that impairs Executive’s
ability to substantially perform her duties under this Agreement for a period of one hundred eighty (180) consecutive days).  The
Board shall determine whether or not Executive is and continues to be permanently disabled for purposes of this Agreement in good
faith, based upon competent medical advice and other factors that they reasonably believe to be relevant.  As a condition
to any benefits, the Board may require Executive to submit to such physical or mental evaluations and tests as it deems reasonably
appropriate.

 

ii.          In
the event of such Disability, Executive shall be entitled to the compensation and benefits provided for under this Agreement for
(1) any period during the term of this Agreement and prior to the establishment of Executive’s Disability during which Executive
is unable to work due to the physical or mental infirmity, and (2) any period of Disability which is prior to Executive’s
termination of employment pursuant to this Section 11c.; provided, however, that any benefits paid pursuant to the Bank’s
long-term disability plan will continue as provided in such plan without reduction for payments made pursuant to this Agreement.  During
any period that Executive receives disability benefits and to the extent that Executive shall be physically and mentally able to
do so, she shall furnish such information, assistance and documents so as to assist in the continued ongoing business of the Bank
and, if able, she shall make herself available to the Bank to undertake reasonable assignments consistent with her prior position
and her physical and mental health.  The Bank shall pay all reasonable expenses incident to the performance of any assignment
given to Executive during the Disability period.

 

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d.         Termination
for Cause.

 

i.          The
Board may, by written notice to Executive in the form and manner specified in this paragraph, immediately terminate her employment
at any time, for “Cause.”  Executive shall have no right to receive compensation or other benefits for any
period after termination for Cause except for vested benefits.  Termination for Cause shall mean termination because
of, in the good faith determination of the Board, Executive’s:

 

		(1)	Personal dishonesty;

		(2)	Incompetence;

		(3)	Willful misconduct;

		(4)	Breach of fiduciary duty involving personal profit;

		(5)	Intentional failure to perform stated duties under this Agreement;

		(6)	Willful violation of any law, rule or regulation (other than traffic violations or similar offenses) that reflects adversely
on the reputation of the Bank, any felony conviction, any violation of law involving moral turpitude, or any violation of a final
cease-and-desist order; or

		(7)	Material breach by Executive of any provision of this Agreement.

 

ii.          Notwithstanding
the foregoing, Executive shall not be deemed to have been terminated for Cause unless there shall have been delivered to Executive
a copy of a resolution duly adopted by the affirmative vote of a majority of the entire membership of the Board at a meeting of
such Board called and held for the purpose (after reasonable notice to Executive and an opportunity for Executive to be heard before
the Board with counsel), of finding that, in the good faith opinion of the Board, Executive was guilty of the conduct described
above and specifying the particulars thereof.

 

e.          Voluntary
Termination by Executive.  In addition to her other rights to terminate under this Agreement, Executive may voluntarily
terminate employment during the term of this Agreement upon at least ninety (90) days’ prior written notice to the Board,
in which case Executive shall receive only her compensation, vested rights and employee benefits up to the date of her termination.

 

f.           Without
Cause or With Good Reason.

 

i.          In
addition to termination pursuant to Sections 11a. through 11e., the Board may, by written notice to Executive, immediately terminate
her employment at any time for a reason other than Cause (a termination “Without  Cause”) and Executive may,
by written notice to the Board, immediately terminate this Agreement at any time within ninety (90) days following an event constituting
“Good Reason,” as defined below (a termination “With Good Reason”).

 

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ii.          Subject
to Section 12 of this Agreement, in the event of termination under this Section 11f., Executive shall be entitled to receive her
base salary for the remaining term of the Agreement paid in one lump sum within ten (10) calendar days of such termination.  Also,
in such event, Executive shall, for the remaining term of the Agreement, receive the benefits she would have received during the
remaining term of the Agreement under any retirement programs (whether tax-qualified or non-qualified) in which Executive participated
prior to her termination (with the amount of the benefits determined by reference to the benefits received by Executive or accrued
on her behalf under such programs during the twelve (12) months preceding her termination) and continue to participate in any benefit
plans of the Bank that provide health (including medical and dental), life or disability insurance, or similar coverage, upon terms
no less favorable than the most favorable terms provided to senior executives of the Bank during such period.  In the
event that the Bank is unable to provide such coverage by reason of Executive no longer being an employee, the Bank shall provide
Executive with comparable coverage on an individual policy basis.

 

iii.         “Good
Reason” shall exist if, without Executive’s express written consent, the Bank materially breach any of their respective
obligations under this Agreement.  Without limitation, such a material breach shall be deemed to occur upon any of the
following:

 

		(1)	A material reduction in Executive’s responsibilities or authority in connection with her employment with the Bank;

 

		(2)	Assignment to Executive of duties of a non-executive nature or duties for which she is not reasonably equipped by her skills
and experience;

 

		(3)	A reduction in salary or benefits contrary to the terms of this Agreement, or, following a Change in Control as defined in
Section 12 of this Agreement, any reduction in salary or material reduction in benefits below the amounts to which Executive was
entitled prior to the Change in Control;

 

		(4)	Termination of incentive and benefit plans, programs or arrangements, or reduction of Executive’s participation to such
an extent as to materially reduce their aggregate value below their aggregate value as of the Effective Date;

 

		(5)	A requirement that Executive relocate her principal business office or her principal place of residence outside of the area
consisting of a thirty (30) mile radius from the current main office and any branch of the Bank, or the assignment to Executive
of duties that would reasonably require such a relocation; or

 

		(6)	Liquidation or dissolution of the Bank.

 

iv.          Notwithstanding
the foregoing, a reduction or elimination of Executive’s benefits under one or more benefit plans maintained by the Bank
as part of a good faith, overall reduction or elimination of such plans or benefits thereunder applicable to all participants in
a manner that does not discriminate against Executive (except as such discrimination may be necessary to comply with law) shall
not constitute an event of Good Reason or a material breach of this Agreement, provided that benefits of the type or to the general
extent as those offered under such plans prior to such reduction or elimination are not available to other officers of the Bank
or any company that controls either of them under a plan or plans in or under which Executive is not entitled to participate.

 

g.          Continuing
Covenant Not to Compete or Interfere with Relationships.  Regardless of anything herein to the contrary, following
a termination by the Bank or Executive pursuant to Section 11f.:

 

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i.          Executive’s
obligations under Section 10c. of this Agreement will continue in effect; and

 

ii.         During
the period ending on the first anniversary of such termination, Executive shall not serve as an officer, director or employee of
any bank holding company, bank, savings bank, savings and loan holding company, or mortgage company (any of which shall be a “Financial
Institution”) which Financial Institution offers products or services competing with those offered by the Bank from any office
within fifty (50) miles from the main office or any branch of the Bank and shall not interfere with the relationship of the Bank
and any of its employees, agents, or representatives.

 

12.       Termination
in Connection with a Change in Control.

 

a.          For
purposes of this Agreement, a “Change in Control” means any of the following events with respect to the Bank or Kentucky
First Federal Bancorp, Inc. (the “Company”):

 

i.          Merger:
The Company merges into or consolidates with another corporation, or merges another corporation into the Company, and as a result
less than a majority of the combined voting power of the resulting corporation immediately after the merger or consolidation is
held by persons who were stockholders of the Company immediately before the merger or consolidation.

 

ii.         Acquisition
of Significant Share Ownership: The Company files, or is required to file, a report on Schedule 13D or another form or schedule
(other than Schedule 13G) required under Sections 13(d) or 14(d) of the Securities Exchange Act of 1934, if the schedule discloses
that the filing person or persons acting in concert has or have become the beneficial owner of 25% or more of a class of the Company’s
voting securities, but this clause (b) shall not apply to beneficial ownership of Company voting shares held in a fiduciary capacity
by an entity of which the Company directly or indirectly beneficially owns 50% or more of its outstanding voting securities.

 

iii.        Change
in Board Composition:  During any period of two consecutive years, individuals who constitute the Company’s
Board of Directors at the beginning of the two-year period cease for any reason to constitute at least a majority of the Company’s
Board of Directors; provided, however, that for purposes of this clause (iii), each director who is first elected by the Board
(or first nominated by the Board for election by the stockholders) by a vote of at least two-thirds (2/3) of the directors who
were directors at the beginning of the two-year period shall be deemed to have also been a director at the beginning of such period;
or

 

iv.        Sale
of Assets:  The Company sells to a third party all or substantially all of its assets.

 

Notwithstanding anything in this Agreement to the contrary,
in no event shall the conversion of the Bank from mutual to stock form (including a “second-step” reorganization) constitute
a “Change in Control” for purposes of this Agreement.

 

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b.          Termination.  If
within the period ending one year after a Change in Control, (i) the Bank shall terminate Executive’s employment Without
Cause, or (ii) Executive voluntarily terminates her employment with Good Reason, the Bank shall, within ten calendar days of the
termination of Executive’s employment, make a lump-sum cash payment to her equal to three times Executive’s average
Annual Compensation over the five (5) most recently completed calendar years ending with the year immediately preceding the effective
date of the Change in Control.  In determining Executive’s average Annual Compensation, Annual Compensation shall
include base salary and any other taxable income, including, but not limited to, amounts related to the granting, vesting or exercise
of restricted stock or stock option awards, commissions, bonuses (whether paid or accrued for the applicable period), as well as
retirement benefits, director or committee fees and fringe benefits paid or to be paid to Executive or paid for Executive’s
benefit during any such year, profit sharing, employee stock ownership plan and other retirement contributions or benefits, including
to any tax-qualified plan or arrangement (whether or not taxable) made or accrued on behalf of Executive for such years. The
cash payment made under this Section 12b. shall be made in lieu of any payment also required under Section 11f. of this Agreement
because of a termination in such period.  Executive’s rights under Section 11f. are not otherwise affected by this
Section 12.  Also, in such event, Executive shall, for a thirty-six (36) month period following her termination of employment,
receive the benefits she would have received over such period under any retirement programs (whether tax-qualified or non-tax-qualified)
in which Executive participated prior to her termination (with the amount of the benefits determined by reference to the benefits
received by Executive or accrued on her behalf under such programs during the twelve (12) months preceding the Change in Control)
and continue to participate in any benefit plans of the Bank that provide health (including medical and dental), life or disability
insurance, or similar coverage upon terms no less favorable than the most favorable terms provided to senior executives during
such period.  In the event that the Bank is unable to provide such coverage by reason of Executive no longer being an
employee, the Bank shall provide Executive with comparable coverage on an individual policy basis or the cash equivalent.

 

c.          The
provisions of Section 12 and Sections 14 through 25, including the defined terms used in such sections, shall continue in effect
until the later of the expiration of this Agreement or one year following a Change in Control.

 

Indemnification and Liability Insurance.

 

a.          Indemnification.  The
Bank agrees to indemnify Executive (and her heirs, executors, and administrators), and to advance expenses related thereto, to
the fullest extent permitted under applicable law and regulations against any and all expenses and liabilities reasonably incurred
by her in connection with or arising out of any action, suit, or proceeding in which she may be involved by reason of her having
been a director or Executive of the Bank or any of its subsidiaries (whether or not she continues to be a director or Executive
at the time of incurring any such expenses or liabilities), such expenses and liabilities to include, but not be limited to, judgments,
court costs, and attorneys’ fees and the costs of reasonable settlements, such settlements to be approved by the Board, if
such action is brought against Executive in her capacity as an Executive or director of the Bank or any of its subsidiaries.  Indemnification
for expenses shall not extend to matters for which Executive has been terminated for Cause.  Nothing contained herein
shall be deemed to provide indemnification prohibited by applicable law or regulation.  Notwithstanding anything herein
to the contrary, the obligations of this Section 13 shall survive the term of this Agreement by a period of six (6) years.

 

b.          Insurance.  During
the period in which indemnification of Executive is required under this Section, the Bank shall provide Executive (and her heirs,
executors, and administrators) with coverage under a directors’ and officers’ liability policy at the expense of the
Bank, at least equivalent to such coverage provided to directors and senior executives of the Bank.

 

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14.      Reimbursement
of Executive’s Expenses to Enforce this Agreement.   The Bank shall reimburse Executive for all out-of-pocket
expenses, including, without limitation, reasonable attorneys’ fees, incurred by Executive in connection with successful
enforcement by Executive of the obligations of the Bank to Executive under this Agreement.  Successful enforcement shall
mean the grant of an award of money or the requirement that the Bank take some action specified by this Agreement: (i) as a result
of a court order; or (ii) otherwise by the Bank following an initial failure of the Bank to pay such money or take such action
promptly after written demand therefor from Executive stating the reason that such money or action was due under this Agreement
at or prior to the time of such demand.

 

15.      Limitation
of Benefits under Certain Circumstances.  If the payments and benefits pursuant to Section 12 of this Agreement,
either alone or together with other payments and benefits which Executive has the right to receive from the Bank, would constitute
a “parachute payment” under Section 280G of the Code, the payments and benefits pursuant to Section 12 shall be reduced
or revised, in the manner determined by Executive, by the amount, if any, which is the minimum necessary to result in no portion
of the payments and benefits under Section 12 being non-deductible to the Bank pursuant to Section 280G of the Code and subject
to the excise tax imposed under Section 4999 of the Code.  The determination of any reduction in the payments and benefits
to be made pursuant to Section 12 shall be based upon the opinion of the Bank’s independent public accountants and paid for
by the Bank.  In the event that the Bank and/or Executive do not agree with the opinion of such counsel, (i) the Bank
shall pay to Executive the maximum amount of payments and benefits pursuant to Section 12, as selected by Executive, which such
opinion indicates there is a high probability do not result in any of such payments and benefits being non-deductible to the Bank
and subject to the imposition of the excise tax imposed under Section 4999 of the Code and (ii) the Bank may request, and Executive
shall have the right to demand that they request, a ruling from the IRS as to whether the disputed payments and benefits pursuant
to Section 12 have such consequences.  Any such request for a ruling from the IRS shall be promptly prepared and filed
by the Bank, but in no event later than thirty (30) days from the date of the opinion of counsel referred to above, and shall be
subject to Executive’s approval prior to filing, which shall not be unreasonably withheld.  The Bank and Executive
agree to be bound by any ruling received from the IRS and to make appropriate payments to each other to reflect any such rulings,
together with interest at the applicable federal rate provided for in Section 7872(f)(2) of the Code.  Nothing contained
herein shall result in a reduction of any payments or benefits to which Executive may be entitled upon termination of employment
other than pursuant to Section 12 hereof, or a reduction in the payments and benefits specified in Section 12 below zero.

 

16.      Injunctive
Relief.  If there is a breach or threatened breach of Section 11g. of this Agreement or the prohibitions upon
disclosure contained in Section 10c. of this Agreement, the parties agree that there is no adequate remedy at law for such breach,
and that the Bank shall be entitled to injunctive relief restraining Executive from such breach or threatened breach, but such
relief shall not be the exclusive remedy hereunder for such breach.  The parties hereto likewise agree that Executive,
without limitation, shall be entitled to injunctive relief to enforce the obligations of the Bank under this Agreement.

 

17.      Successors
and Assigns.

 

a.          This
Agreement shall inure to the benefit of and be binding upon any corporate or other successor of the Bank which shall acquire, directly
or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Bank.

 

b.          Since
the Bank is contracting for the unique and personal skills of Executive, Executive shall be precluded from assigning or delegating
her rights or duties hereunder without first obtaining the written consent of the Bank.

 

18.      No
Mitigation.  Executive shall not be required to mitigate the amount of any payment provided for in this Agreement
by seeking other employment or otherwise and no such payment shall be offset or reduced by the amount of any compensation or benefits
provided to Executive in any subsequent employment.

 

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19.       Notices.  All
notices, requests, demands and other communications in connection with this Agreement shall be made in writing and shall be deemed
to have been given when delivered by hand or 48 hours after mailing at any general or branch United States Post Office, by registered
or certified mail, postage prepaid, addressed to the Bank at their principal business offices and to Executive at her home address
as maintained in the records of the Bank.

 

20.       No
Plan Created by this Agreement.   Executive and the Bank expressly declare and agree that this Agreement was
negotiated among them and that no provision or provisions of this Agreement are intended to, or shall be deemed to, create any
plan for purposes of the Employee Retirement Income Security Act or any other law or regulation, and each party expressly waives
any right to assert the contrary.  Any assertion in any judicial or administrative filing, hearing, or process that such
a plan was so created by this Agreement shall be deemed a material breach of this Agreement by the party making such an assertion.

 

21.       Amendments.  No
amendments or additions to this Agreement shall be binding unless made in writing and signed by all of the parties, except as herein
otherwise specifically provided.

 

22.       Applicable
Law.  Except to the extent preempted by federal law, the laws of the Commonwealth of Kentucky shall govern this
Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise.

 

23.       Severability.  The
provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity or enforceability of the other provisions hereof.

 

24.       Headings.  Headings
contained herein are for convenience of reference only.

 

25.       Entire
Agreement.  This Agreement, together with any understanding or modifications thereof as agreed to in writing
by the parties, shall constitute the entire agreement among the parties hereto with respect to the subject matter hereof, other
than written agreements with respect to specific plans, programs or arrangements described in Sections 5 and 6.

 

26.       Required
Provisions.   In the event any of the foregoing provisions of this Section 26 are in conflict with the terms
of this Agreement, this Section 26 shall prevail.

 

a.          The
Bank may terminate Executive’s employment at any time, but any termination by the Bank, other than termination for Cause,
shall not prejudice Executive’s right to compensation or other benefits under this Agreement.  Executive shall
not have the right to receive compensation or other benefits for any period after termination for Cause as defined in Section 7
of this Agreement.

 

b.          If
Executive is suspended from office and/or temporarily prohibited from participating in the conduct of the Bank’s affairs
by a notice served under Section 8(e)(3) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(3) or (g)(1);
the Bank’s obligations under this contract shall be suspended as of the date of service, unless stayed by appropriate proceedings.  If
the charges in the notice are dismissed, the Bank may, in its discretion:  (i) pay Executive all or part of the compensation
withheld while their contract obligations were suspended; and (ii) reinstate (in whole or in part) any of the obligations which
were suspended.

 

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c.          If
Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued
under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1818(e)(4) or (g)(1), all obligations
of the Bank under this contract shall terminate as of the effective date of the order, but vested rights of the contracting parties
shall not be affected.

 

d.          If
the Bank is in default as defined in Section 3(x)(1) of the Federal Deposit Insurance Act, 12 U.S.C. Section 1813(x)(1), all obligations
of the Bank under this contract shall terminate as of the date of default, but this paragraph shall not affect any vested rights
of the contracting parties.

 

e.          All
obligations under this Agreement shall be terminated, except to the extent a determination is made that continuation of the contract
is necessary for the continued operation of the Employer (1) by the director of the Office of the Comptroller of the Currency (the
“OCC”) or his or her designee (the “Director”), at the time the OCC enters into an agreement to provide
assistance to or on behalf of the Employer under the authority contained in Section 13(c) of the FDIA; or (2) by the Director,
at the time the Director approves a supervisory merger to resolve problems related to operation of the Employer when the Employer
is determined by the Director to be in an unsafe and unsound condition. Any rights of the Executive that have already vested, however,
shall not be affected by such action.

 

f.          Any
payments made to Executive pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with 12 U.S.C.
Section 1828(k) and 12 C.F.R. Section 545.121 and any rules and regulations promulgated thereunder.

 

27.        Section
409A.

 

a.          The
Executive will be deemed to have a termination of employment for purposes of determining the timing of any payments that are classified
as deferred compensation only upon a “separation from service” within the meaning of Section 409A.

 

b.          If
at the time of the Executive’s separation from service, (i) the Executive is a “specified employee” (within
the meaning of Section 409A and using the methodology selected by the Bank) and (ii) the Bank make a good faith determination
that an amount payable or the benefits to be provided hereunder constitutes deferred compensation (within the meaning of Section 409A),
the payment of which is required to be delayed pursuant to the six-month delay rule of Section 409A in order to avoid
taxes or penalties under Section 409A, then the Bank will not pay the entire amount on the otherwise scheduled payment date
but will instead pay on the scheduled payment date the maximum amount permissible in order to comply with Section 409A (i.e., any
amount that satisfies an exception under the Section 409A rules from being categorized as deferred compensation) and will pay the
remaining amount (if any) in a lump sum on the first business day after such six month period. 

  

c.          To
the extent the Executive would be subject to an additional 20% tax imposed on certain deferred compensation arrangements pursuant
to Section 409A as a result of any provision of this Agreement, such provision shall be deemed amended to the minimum extent
necessary to avoid application of such tax and the parties shall promptly execute any amendment reasonably necessary to implement
this Section 21.  The Executive and the Bank agree to cooperate to make such amendment to the terms of this Agreement
as may be necessary to avoid the imposition of penalties and taxes under Section 409A; provided, however, that the Executive
agrees that any such amendment shall provide the Executive with economically equivalent payments and benefits, and the Executive
agrees that any such amendment will not materially increase the cost to, or liability of, the Bank with respect to any payment.

 

    	10

    	 

    

 

d.      For
purposes of the this Agreement, Section 409A shall refer to Section 409A of the Internal Revenue Code of 1986, as amended, and
the Treasury regulations and any other authoritative guidance issued thereunder.

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement on the date first set forth above.

 

	ATTEST:	 	FIRST FEDERAL SAVINGS BANK OF FRANKFORT
	 	 	 	 
	 	 	By:  	 
	 	 	 	For the Entire Board of Directors
	 	 	 	 
	WITNESS:	 	EXECUTIVE
	 	 	 	 
	 	 	By:	 

 

    	11Unassociated Document

 

_______________________ BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR
ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED AND WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE OF THE
REGISTRATION STATEMENT (DEFINED BELOW) TO ANYONE OTHER THAN (I) AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER OR PARTNER OF _______________________ OR OF ANY
SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS NOT EXERCISABLE PRIOR TO [______], 2012. VOID AFTER 5:00 P.M. EASTERN TIME ON [______], 2017.

 

COMMON STOCK PURCHASE WARRANT

 

For the Purchase of Shares of Class A Common Stock

 

Of

 

DIGITAL CINEMA DESTINATIONS CORP.

 

1.           
Purchase Warrant. THIS CERTIFIES THAT, in consideration of funds duly paid by or on behalf of _______________________
(“Holder”), as registered owner of this Purchase Warrant, to Digital Cinema Destinations Corp. (the “Company”), Holder is entitled, at any time or from time to time
 commencing [_________], 2012 (the “Commencement Date”), which is a date six months from the effective date (the “Effective Date”) of the registration statement on Form S-1 (File No. 333-17481) as filed with the Securities and Exchange Commission (the “Commission”) on December 20, 2011 (the “Registration Statement”), and at or before 5:00p.m., Eastern Time on [_________], 2017 (the “Expiration Date”), but not thereafter, to subscribe for, purchase and receive, in whole or in part, up to [_____] shares of Class A common stock of the Company, par value $0.01 per share (the “Shares”), subject to adjustment as provided in Section 6 hereof. If the Expiration Date is a day on which banking institutions are authorized by law to close, then this Purchase Warrant may be exercised on the next succeeding day which is not such a day in accordance with the terms herein. During the period ending on the Expiration Date, the Company agrees not to take any action that would terminate the Purchase Warrant. This Purchase Warrant is initially exercisable at $[___] per Share (110% of the price of the Shares sold in the
Offering, as defined below); provided, however, that upon the occurrence of any of the events specified in Section 6 hereof, the rights granted by this
Purchase Warrant, including the exercise price per Share and the number of Shares to be received upon such exercise, shall be adjusted as therein specified.
The term “Exercise Price” shall mean the initial exercise price or the adjusted exercise price, depending on the context.

 

  

  

  

 

2.           Exercise.

 

2.1           Exercise Form. In order to exercise this Purchase Warrant, the exercise form attached hereto must be duly executed and completed and delivered to the Company, together with this Purchase Warrant and payment of the Exercise Price for the Shares being purchased payable in cash (unless exercised pursuant to Section 2.2) by wire transfer of immediately available funds to an account designated by the Company or by certified check or official bank check. If the subscription rights represented hereby shall not be exercised at or before 5:00 p.m., Eastern time, on the Expiration Date, this Purchase Warrant shall become and be void without further force or effect as to any unexercised subscription rights, and all further rights represented hereby shall cease and expire.

 

2.2           Cashless Exercise.  In lieu of exercising this Purchase Warrant by payment of cash or certified check or official bank check payable to the order of the Company pursuant to Section 2.1 above, Holder may elect to receive the number of Shares equal to the value of this Purchase Warrant (or the portion thereof being exercised), by surrender of this Purchase Warrant to the Company, together with the exercise form attached hereto, in which event the Company will issue Shares to Holder in accordance with the following formula:

 

	
X

	
=

	

Y(A-B)

	  	  	  	  
	
A

	  	  	  	  
	  	  	  	
Where,

	
X

	
=

	
The number of Shares to be issued to Holder;

	  	  	  	  	
Y

	
=

	
The number of Shares for which the Purchase Warrant is being exercised;

	  	  	  	  	
A

	
=

	
The fair market value of one Share; and

	  	  	  	  	
B

	
=

	
The Exercise Price.

 

For purposes of this Section 2.2, the fair market value of a Share at any date shall be deemed to be the closing sale price or, in case no reported sales takes place on such day, the average of the closing sale prices for the last three consecutive trading days on which reported sales have taken place, in either case as officially reported by the principal securities exchange on which the Company’s Class A common stock is listed or admitted to trading or, if the Company’s Class A common stock is not listed or admitted to trading on any national securities exchange, the closing bid price as reported by (i) Bloomberg Financial Markets (or any successor thereto) (“Bloomberg”) through the OTC Bulletin Board or successor trading market or (ii) if not listed on the OTC Bulletin Board (or its successor market), the “pink sheets.” If the Company’s Class A common stock is not listed or admitted to trading on any national securities exchange, and bid prices are not reported by Bloomberg through the OTC Bulletin Board or successor trading market, or the “pink sheets,” then the Fair Market Value shall be determined in good faith by the mutual agreement of the Board of Directors of the Company and the Holder, where the Board of Directors of the Company shall prepare and deliver to the Holder its proposed market price and an analysis setting forth the basis for its determination.

 

2.3           Legend. Each certificate for the securities purchased under this Purchase Warrant shall bear a legend as follows unless such securities have been registered under the Securities Act of 1933, as amended (the “Act”):

 

  

-2-

  

 

“The securities represented by this certificate have not been registered under the Securities Act of 1933, as amended (the “Act”) or applicable state law. Neither the securities nor any interest therein may be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement under the Act, or pursuant to an exemption from registration under the Act and applicable state law.”

 

3.           Transfer. The registered Holder of this Purchase Warrant agrees by his, her or its acceptance hereof, that such Holder will not: (a) sell, transfer, assign, pledge or  hypothecate this Purchase Warrant for a period of one hundred eighty (180) days following the  Effective Date to anyone other than: (i) an underwriter or a selected dealer participating in the offering of the Shares sold by the Company pursuant to the Registration Statement (the “Offering”), or (ii) a bona fide officer or partner of the Holder or of any such underwriter or selected dealer, in each case in accordance with FINRA Rule 5110(g)(1), or (b) cause this Purchase Warrant or the securities issuable hereunder to be the subject of any hedging, short sale, derivative, put or call transaction that would result in the effective economic disposition of this Purchase Warrant or the securities hereunder, except as provided for in FINRA Rule 5110(g)(2). On and after 180 days from the Effective Date, transfers to others may be made subject to compliance with or exemptions from applicable securities laws. In order to make any permitted assignment, the Holder must deliver to the Company the assignment form attached hereto duly executed and completed, together with the Purchase Warrant and payment of all transfer taxes, if any, payable in connection therewith. The Company shall within ten (10) business days transfer this Purchase Warrant on the books of the Company and shall execute and deliver a new Purchase Warrant or Purchase Warrants of like tenor to the appropriate assignee(s) expressly evidencing the right to purchase the aggregate number of Shares purchasable hereunder or such portion of such number as shall be
contemplated by any such assignment.

 

4.           Registration Rights.

 

4.1           “Piggy-Back” Registration.

 

4.1.1           Grant of Right. The Holder shall have the right to include all or any portion of the Shares underlying the Purchase Warrant (collectively the “Registrable Securities”) as part of any  registration of securities filed by the Company (other than (i) the Registration Statement, (ii) in connection with a transaction contemplated by Rule 145(a) promulgated under the Act or (iii) pursuant to Form S-8 or any equivalent form); provided, however, that if, solely in connection with any primary underwritten public offering for the account of the Company, the managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of shares of Class A common stock which may be included in such registration statement because, in such underwriter(s)' judgment, marketing or other factors dictate such limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such registration statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder as the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to include Registrable Securities in proportion to the number of Registrable Securities sought to be included by such Holders; provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first excluded all outstanding securities, the holders of which are not entitled to inclusion of such securities in such registration statement or are not entitled to pro rata inclusion with the Registrable Securities.  The Company may withdraw such
registration statement at any time for any reason, and will give prior written notice of such withdrawal to the Holder.

 

  

-3-

  

 

4.1.2           Terms. The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 4.1.1 hereof, but the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by the Company until such time as all of the Registrable Securities have been sold by the Holder. The Holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein by giving written notice, within ten (10) days of the receipt of the Company's notice of its intention to file a registration statement.

 

4.2           General Terms.

 

4.2.1           Indemnification. The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder and each person, if any, who controls such Holders within the meaning of Section 15 of the Act or Section 20 (a) of the Securities Exchange Act of 1934, as amended (“Exchange Act”), against all loss, claim, damage, expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become subject under the Act, the Exchange Act or otherwise, arising from such registration statement but only to the same extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters contained in Section 8(a) of the Underwriting Agreement between the Underwriters and the Company, dated as of [_________], 2012. The Holder(s) of the Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys' fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may become subject under the Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and with the same effect as the
provisions contained in Section 8(b) of the Underwriting Agreement pursuant to which the Underwriters have agreed to indemnify the Company.

 

4.2.2           Exercise of Purchase Warrants. Nothing contained in this Purchase Warrant shall be construed as requiring the Holder(s) to exercise their Purchase Warrants prior to or after the initial filing of any registration statement or the effectiveness thereof.

 

4.2.3           Documents to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

  

-4-

  

 

5.           New Purchase Warrants to be Issued.

 

5.1           Partial Exercise or Transfer. Subject to the restrictions in Section 3 hereof, this Purchase Warrant may be exercised or assigned in whole or in part. In the event of the exercise or assignment hereof in part only, upon surrender of this Purchase Warrant for cancellation, together with the duly executed exercise or assignment form and funds sufficient to pay any Exercise Price and/or transfer tax if exercised pursuant to Section 2.1 hereto, the Company shall cause to be delivered to the Holder without charge a new Purchase Warrant of like tenor to this Purchase Warrant in the name of the Holder evidencing the right of the Holder to purchase the number of Shares purchasable hereunder as to which this Purchase Warrant has not been exercised or assigned.

 

5.2           Lost Certificate. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Purchase Warrant and of reasonably satisfactory indemnification or the posting of a bond, the Company shall execute and deliver a new Purchase Warrant of like tenor and date. Any such new Purchase Warrant executed and delivered as a result of such loss, theft, mutilation or destruction shall constitute a substitute contractual obligation on the part of the Company.

 

6.           Adjustments.

 

6.1           Adjustments to Exercise Price and Number of Securities. The Exercise Price and the number of Shares underlying the Purchase Warrant shall be subject to adjustment from time to time as hereinafter set forth:

 

6.1.1           Share Dividends; Split Ups. If after the date hereof, and subject to the provisions of Section 6.3 below, the number of outstanding Shares is increased by a stock dividend payable in Shares or by a split up of Shares or other similar event, then, on the effective day thereof, the number of Shares purchasable hereunder shall be increased in proportion to such increase in outstanding shares, and the Exercise Price shall be proportionately decreased.

 

6.1.2                  Aggregation of Shares. If after the date hereof, and subject to the provisions of Section 6.3, the number of outstanding Shares is decreased by a consolidation, combination or reclassification of Shares or other similar event, then, on the effective date thereof, the number of Shares purchasable hereunder shall be decreased in proportion to such decrease in outstanding shares, and the Exercise Price shall proportionately increased.

 

6.1.3           Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding Shares other than a change covered by Section 6.1.1 or 6.1.2 hereof or that solely affects the par value of such Shares, or in the case of any share reconstruction or merger or consolidation of the Company with or into another corporation (other than a consolidation or share reconstruction or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding Shares), or in the case of any sale or conveyance to another corporation or entity of the property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Holder of this Purchase Warrant shall have the right thereafter (until the expiration of the right of exercise of this Purchase Warrant) to receive upon the exercise hereof, for the same aggregate Exercise Price payable hereunder immediately prior to such event, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, share reconstruction or merger, or consolidation, or upon a dissolution following any such sale or transfer, by a Holder of the number of Shares of the Company obtainable upon exercise of this Purchase Warrant immediately prior to such event; and if any reclassification also results in a change in Shares covered by Section 6.1.1 or 6.1.2, then such adjustment shall be made pursuant to Sections 6.1.1, 6.1.2 and this Section 6.1.3. The provisions of this Section 6.1.3 shall similarly apply to successive reclassifications, reorganizations, share
reconstructions or mergers, or consolidations, sales or other transfers.

 

  

-5-

  

 

6.1.4           Changes in Form of Purchase Warrant. This form of Purchase Warrant need not be changed because of any change pursuant to this Section 6.1, and Purchase Warrants issued after such change may state the same Exercise Price and the same number of Shares as are stated in the Purchase Warrants initially issued pursuant to this Agreement. The acceptance by any Holder of the issuance of new Purchase Warrants reflecting a required or permissive change shall not be deemed to waive any rights to an adjustment occurring after the Commencement Date or the computation thereof.

 

6.2           Substitute Purchase Warrant. In case of any consolidation of the Company with, or share reconstruction or merger of the Company with or into, another corporation (other than a consolidation or share reconstruction or merger which does not result in any reclassification or change of the outstanding Shares), the corporation formed by such consolidation or share reconstruction or merger shall execute and deliver to the Holder a supplemental Purchase Warrant providing that the holder of each Purchase Warrant then outstanding or to be outstanding shall have the right thereafter (until the stated expiration of such Purchase Warrant) to receive, upon exercise of such Purchase Warrant, the kind and amount of shares of stock and other securities and property receivable upon such consolidation or share reconstruction or merger, by a holder of the number of Shares of the Company for which such Purchase Warrant might have been exercised immediately prior to such consolidation, share reconstruction or merger, sale or transfer. Such supplemental Purchase Warrant shall provide for adjustments which shall be identical to the adjustments provided for in this Section 6. The above provision of this Section shall similarly apply to successive consolidations or share reconstructions or mergers.

 

6.3           Elimination of Fractional Interests. The Company shall not be required to issue certificates representing fractions of Shares upon the exercise of the Purchase Warrant, nor shall it be required to issue scrip or pay cash in lieu of any fractional interests, it being the intent of the parties that all fractional interests shall be eliminated by rounding any fraction up or down, as the case may be, to the nearest whole number of Shares or other securities, properties or rights.

 

7.           Reservation and Listing. The Company shall at all times reserve and keep available out of its authorized Shares, solely for the purpose of issuance upon exercise of the Purchase Warrants or substitute Purchase Warrant pursuant to Section 5 or 6, such number of Shares or other securities, properties or rights as shall be issuable upon the exercise thereof. The Company covenants and agrees that, upon exercise of the Purchase Warrants and payment of the Exercise Price therefor, in accordance with the terms hereby, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. The Company further covenants and agrees that upon exercise of the Purchase Warrants and payment of the exercise price therefor, all Shares and other securities issuable upon such exercise shall be duly and validly issued, fully paid and non-assessable and not subject to preemptive rights of any shareholder. As long as the Purchase Warrants shall be outstanding, the Company shall use its commercially reasonable efforts to cause all Shares issuable upon exercise of the Purchase Warrants to be listed (subject to official notice of issuance) on all securities exchanges (or, if applicable on the Nasdaq Global Market, Capital Market, OTC Bulletin Board or any successor trading market) on which the Shares issued to the public in the Offering may then be listed and/or quoted.

 

  

-6-

  

 

8.           Certain Notice Requirements.

 

8.1           Holder's Right to Receive Notice. Nothing herein shall be construed as conferring upon the Holders the right to vote or consent or to receive notice as a shareholder for the election of directors or any other matter, or as having any rights whatsoever as a shareholder of the Company. If, however, at any time prior to the expiration of the Purchase Warrants and their exercise, any of the events described in Section 8.2 shall occur, then, in one or more of said events, the Company shall give written notice of such event at least fifteen days prior to the date fixed as a record date or the date of closing the transfer books for the determination of the stockholders entitled to such dividend, distribution, conversion or exchange of securities or subscription rights, or entitled to vote on such proposed dissolution, liquidation, winding up or sale. Such notice shall specify such record date or the date of the closing of the transfer books, as the case may be. Notwithstanding the foregoing, the Company shall deliver to each Holder a copy of each notice given to the other stockholders of the Company at the same time and in the same manner that such notice is given to the stockholders.

 

8.2           Events Requiring Notice. The Company shall be required to give the notice described in this Section 8 upon one or more of the following events: (i) if the Company shall take a record of the holders of its Shares for the purpose of entitling them to receive a dividend or distribution payable otherwise than in cash, or a cash dividend or distribution payable otherwise than out of retained earnings, as indicated by the accounting treatment of such dividend or distribution on the books of the Company, (ii) the Company shall offer to all the holders of its Shares any additional shares of capital stock of the Company or securities convertible into or exchangeable for shares of capital stock of the Company, or any option, right or warrant to subscribe therefore, or (iii) a dissolution, liquidation or winding up of the Company(other than in connection with a consolidation or share reconstruction or merger) or a sale of all or substantially all of its property, assets and business shall be proposed.

 

8.3           Notice of Change in Exercise Price. The Company shall, promptly after an event requiring a change in the Exercise Price pursuant to Section 6 hereof, send notice to the Holders of such event and change (“Price Notice”). The Price Notice shall describe the event causing the change and the method of calculating same and shall be certified as being true and accurate by the Company's Chief Financial Officer.

 

8.4           Transmittal of Notices. All notices, requests, consents and other communications hereunder will be in writing and will be mailed (a) if delivered from within the domestic United States, by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, or (b) if delivered from outside the United States, by International Federal Express. All notices, requests, consents and other communications hereunder will be deemed given (i) if delivered by first-class registered or certified mail domestic, three business days after so mailed, (ii) if delivered by nationally recognized overnight carrier, one business day after so mailed and (iii) if delivered by International Federal Express, two business days after so mailed, and will be delivered and addressed (x) if to the registered Holder of the Purchase Warrant, to the address of such Holder as shown on the books of the Company, or (y) if to the Company, to the following address or to such other address as the Company may designate by notice to the Holder:

 

  

-7-

  

 

 

Digital Cinema Destinations Corp.

250 E Broad Street

Westfield, NJ 07090

Attn:  A. Dale Mayo, Chairman and CEO

Fax No.:

 

With a copy to:

 

Eaton & Van Winkle LLP

3 Park Avenue 16th Floor

New York, NY 10016

Attn:  Joseph L. Cannella, Esq.

Fax No.: (212) 779-9928

 

9.             Miscellaneous.

 

9.1           Amendments. This Purchase Warrant may not be amended, changed or modified in any fashion except by written instrument signed by both the Holder and the Company.

 

9.2           Headings. The headings contained herein are for the sole purpose of convenience of reference, and shall not in any way limit or affect the meaning or interpretation of any of the terms or provisions of this Purchase Warrant.

 

9.3.           Entire Agreement. This Purchase Warrant (together with the other agreements and documents being delivered pursuant to or in connection with this Purchase Warrant) constitutes the entire agreement of the parties hereto with respect to the subject matter hereof, and supersedes all prior agreements and understandings of the parties, oral and written, with respect to the subject matter hereof.

 

9.4           Binding Effect. This Purchase Warrant shall inure solely to the benefit of and shall be binding upon, the Holder and the Company and their permitted assignees, respective successors, legal representative and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of this Purchase Warrant or any provisions herein contained.

 

9.5           Governing Law; Submission to Jurisdiction. This Purchase Warrant shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws principles thereof. The Company hereby agrees that any action, proceeding or claim against it arising out of, or relating in any way to this Purchase Warrant shall be brought and enforced in the New York Supreme Court, County of New York, or in the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 8 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. The Company and the Holder agree that the prevailing party(ies) in any such action shall be entitled to recover from the other party(ies) all of its reasonable attorneys' fees and expenses relating to such action or proceeding and/or incurred in connection with the preparation therefore.

 

  

-8-

  

 

9.6           Waiver, etc. The failure of the Company or Holder to at any time enforce any of the provisions of this Purchase Warrant shall not be deemed or construed to be a waiver of any such provision, nor to in any way affect the validity of this Purchase Warrant or any provision hereof or the right of the Company or Holder to thereafter enforce each and every provision of this Purchase Warrant. No waiver of any breach, non-compliance or non-fulfillment of any of the provisions of this Purchase Warrant shall be effective unless set forth in a written instrument executed by the party or parties against whom or which enforcement of such waiver is sought; and no waiver of any such breach, non-compliance or non-fulfillment shall be construed or deemed to be a waiver of any other or subsequent breach, non-compliance or non-fulfillment.

 

9.7           Execution in Counterparts. This Purchase Warrant may be executed in one or more counterparts, and by the different parties hereto in separate counterparts, each of which shall be deemed to be an original, but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts has been signed by each of the parties hereto and delivered to each of the other parties hereto. Such counterparts may be delivered by facsimile transmission or other electronic transmission.

 

[Remainder of page deliberately left blank.]

 

  

-9-

  

 

IN WITNESS WHEREOF, the Company has caused this Purchase Warrant to be signed by its duly authorized officer as of the __ day of _______, 2012.

 

DIGITAL CINEMA DESTINATIONS CORP.

 

 

By:  _________________________________

Name:

Title:

 

  

-10-

  

 

Form to be used to exercise Purchase Warrant:

 

Date: _________, 20__

 

The undersigned hereby elects irrevocably to exercise the Purchase Warrant for [___] Shares of Digital Cinema Destinations Corp. and hereby makes payment of $[_________] (at the rate of $[___________] per Share) in payment of the Exercise Price pursuant thereto. Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been exercised.

 

or

 

The undersigned hereby elects irrevocably to convert its right to purchase [___] Shares under the Purchase Warrant for [___] Shares, as determined in accordance with the following formula:

 

	
X

	
=

	

Y(A-B)

	  
	
A

	  
	  	  	  	  	  	  
	  	  	
Where,

	
X

	
=

	
The number of Shares to be issued to Holder;

	  	  	  	
Y

	
=

	
The number of Shares for which the Purchase Warrant is being exercised;

	  	  	  	
A

	
=

	
The fair market value of one Share which is equal to $[____]; and

	  	  	  	
B

	
=

	
The Exercise Price which is equal to $[_____] per share

 

The undersigned agrees and acknowledges that the calculation set forth above is subject to confirmation by the Company and any disagreement with respect to the calculation shall be resolved by the Company in good faith.

 

 

Please issue the Shares as to which this Purchase Warrant is exercised in accordance with the instructions given below and, if applicable, a new Purchase Warrant representing the number of Shares for which this Purchase Warrant has not been converted.

 

 

  

-11-

  

 

Signature

 

INSTRUCTIONS FOR REGISTRATION OF SECURITIES

 

 

Name:

 

(Print in Block Letters)

 

Address:

 

 

NOTICE: The signature to this form must correspond with the name as written upon the face of the Purchase Warrant without alteration or enlargement or any change whatsoever.

 

  

-12-

  

 

Form to be used to assign Purchase Warrant:

 

ASSIGNMENT

 

(To be executed by the registered Holder to effect a transfer of the within Purchase Warrant):

 

FOR VALUE RECEIVED, does hereby sell, assign and transfer unto the right to purchase Shares of Digital Cinema Destinations Corp. (“Company”) evidenced by the Purchase Warrant and does hereby authorize the Company to transfer such right on the books of the Company.

 

Dated:           ___________, 20__

 

 

Signature

 

NOTICE: The signature to this form must correspond with the name as written upon the face of the within Purchase Warrant without alteration or enlargement or any change whatsoever.

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