Document:

f8k013113ex10i_snap.htm

Exhibit 10.1

 

SEVERANCE AND GENERAL RELEASE AGREEMENT

For good and valuable consideration, receipt of which is hereby acknowledged, the Parties agree as follows:

1.      Parties.  The parties to this Severance and General Release Agreement (this “Agreement”) are Darrell Lerner (“Employee”) and Snap Interactive, Inc. (the “Company”) (collectively, the “Parties”).

 

2.      Termination.   Employee’s employment with the Company will terminate effective January 31, 2013 (the “Termination Date”).

 

3.      Severance.  In consideration of Employee’s execution of this Agreement and promises herein, including the release of claims described in Paragraph 5 below, the Company shall (a) issue 150,000 restricted shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), that vest in accordance with and are subject to the terms and conditions of the Snap Interactive, Inc. Amended and Restated 2011 Long-Term Incentive Plan (the “Plan”) and a restricted stock award agreement, which terms include: (i) vesting upon the earlier of (A) ten (10) years, (B) the date the Company terminates Employee’s consulting services without “cause” (as such term is defined in the written consulting agreement between the Parties that is in effect on the date of Employee’s termination of service), (C) the date the written consulting agreement with the Employee expires, in the event that the Company does not renew the term of the written consulting agreement prior to or on the date such agreement expires without “cause,” or (D) the date that there is a “change in control” (as defined in the Plan) and (ii) forfeiture of all unvested restricted shares of Common Stock upon a termination of Employee’s service for any reason, other than a termination of service without “cause,” and (b) pay COBRA premiums on an after-tax basis for Employee for eighteen (18) months from the Termination Date (collectively “Severance Benefits”).  The Company is only obligated to provide these Severance Benefits if Employee signs and returns this Agreement and does not revoke his acceptance in accordance with Paragraph 12 below.  Employee agrees and acknowledges that the Severance Benefits to be made to Employee pursuant to this paragraph are payments and consideration to which Employee is not otherwise entitled as a result of the termination of Employee’s employment.  Employee further agrees that Employee has received all other wages, commissions, bonuses, monies, benefits, and whatever else of any nature due from the Company.

 

4.      Volume Limitation.  Notwithstanding the language in Paragraph 3 above, Employee agrees that he will not execute sales of his shares of Common Stock so as to exceed the volume limitations set forth in Rule 144(e) promulgated under the Securities Act of 1933, as amended (excluding private sales that are executed off-market).

 

5.      Employee Release of Claims.  In consideration of the Severance Benefits and promises by the Company described in this Agreement, Employee releases, waives, discharges, and forever holds the Company and any of its predecessors, successors, divisions, parents, subsidiaries, affiliates or related companies, founders, joint venture partners, partners, owners, investors and each of its or their present and former officers, trustees, directors, shareholders, agents, fiduciaries, employee benefit plans, employees, attorneys, representatives, agents, successors and assigns (hereinafter referred to collectively as “Released Parties”) harmless from any and all claims, demands, causes of action, damages, costs, fees, bonuses, commissions, compensation, suits and all liability whatsoever, whether known or unknown, fixed or contingent, liquidated or unliquidated, arising or existing on, or at any time prior to, the date this Agreement is executed by Employee.  Such released claims include, without limitation: (i) any claims arising out of Employee’s employment with the Company, (ii) any claims arising out of or related to Employee’s previous employment agreement, including any amendments thereto, with the Company, (iii) any claims arising out of Employee’s separation from employment with the Company; and (iv) all claims known or unknown that could or have been asserted by Employee against any of the Released Parties, at law or equity or sounding in contract (express or implied) or tort, claims arising under any federal, state, or local laws of any jurisdiction including laws that prohibit discrimination, harassment or retaliation based on age, sex, race, national origin, color, disability, religion, veteran, military status, sexual orientation, or any other protected category, claims under the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act (“OWBPA”), the Americans with Disabilities Act (“ADA”) and Americans with Disabilities Act Amendment Act (“ADAAA”), Title VII of the Civil Rights Act of 1964, as amended (“Title VII”), the Rehabilitation Act, the Family and Medical Leave Act (“FMLA”), the Fair Labor Standards Act (“FLSA”), the Sarbanes-Oxley Act of 2002 (“Sarbanes-Oxley”), the Employee Polygraph Protection Act (“EPPA”), the Lily Ledbetter Fair Pay Act, the Genetic Information Nondiscrimination Act (“GINA”), the Uniform Services Employment and Re-employment Rights Act (“USERRA”), the Worker Adjustment Retraining Notification Act (“WARN”), the Employee Retirement Income Security Act (“ERISA”) and any other federal, state, local or municipal statute or ordinance.  This release does not cover claims that may arise or occur after the date this Agreement is signed.

 

  

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By signing this Agreement, Employee represents that Employee has not filed any claims, complaints, charges or lawsuits against any of the Released Parties, with any governmental agency or court and that Employee will not bring any legal action against any of the Released Parties at any time hereafter for any matter, claim, or incident, known or unknown, that occurred or arose out of occurrences on or prior to the date Employee signs this Agreement; provided, however, that this paragraph shall not limit Employee from filing a claim or lawsuit for the sole purpose of enforcing Employee’s rights under this Agreement, the Consulting Agreement between the Parties or the Subscription Agreement between the Parties.

 

Employee understands that this Agreement does not affect Employee’s ability to bring a charge of discrimination with or participate in an investigation conducted by the Equal Employment Opportunity Commission (“EEOC”) or any state or local human rights commission.  This Agreement does constitute a release and waiver of Employee’s right to individually recover in any EEOC or state or local human rights’ commission proceeding.

 

6.      Company Release of Claims.  In consideration of Employee’s release and promises by Employee described in this Agreement, the Company releases, waives, discharges, and forever holds Employee harmless from any and all claims, demands, causes of action, damages, costs, fees, bonuses, commissions, compensation, suits and all liability whatsoever, whether known or unknown, fixed or contingent, liquidated or unliquidated, arising or existing on, or at any time prior to, the date this Agreement is executed by the Company.  Such released claims include, without limitation: (i) any claims arising out of Employee’s employment with the Company, (ii) any claims arising out of or related to Employee’s previous employment agreement, including any amendments thereto, with the Company, (iii) any claims arising out of Employee’s separation from employment with the Company; and (iv) all claims known or unknown that could or have been asserted by the Company against Employee, at law or equity or sounding in contract (express or implied) or tort and claims arising under any federal, state, or local laws of any jurisdiction.  This release does not cover claims that may arise or occur after the date this Agreement is signed. Notwithstanding the foregoing, the Company does not release claims, demands, and causes of action arising from any intentional conduct on the part of Employee outside the course and scope of his employment, which have accrued or which may ever accrue to the Company or to the Released Parties.

 

  

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By signing this Agreement, the Company represents that the Company has not filed any claims, complaints, charges or lawsuits against Employee, with any governmental agency or court and that the Company will not bring any legal action against Employee at any time hereafter for any matter, claim, or incident, known or unknown, that occurred or arose out of occurrences on or prior to the date the Company signs this Agreement and is released in this Agreement; provided, however, that this paragraph shall not limit the Company from filing a claim or lawsuit for the sole purpose of enforcing the Company’s rights under this Agreement, the Consulting Agreement between the Parties or the Subscription Agreement between the Parties.

 

7.      Employee’s Covenant Not to Sue.  In further consideration of the foregoing, Employee agrees that Employee will not ever sue any of the Released Parties for any cause of action released herein or cause any person or entity claiming by, through, under or on behalf of Employee to do so. 

 

8.      The Company’s Covenant Not to Sue.  In further consideration of the foregoing, the Company agrees that the Company will not ever sue the Employee for any cause of action released herein or cause any person or entity claim by, through, under or on behalf of the Company to do so.

 

9.      Non-Disclosure and Confidentiality.  Employee agrees to keep the facts of his employment with the Company, including the terms of this Agreement and the term sheet upon which the terms of this Agreement were based, completely confidential.  Employee may, however, disclose the terms of this Agreement to Employee’s spouse, CPA or tax advisor, attorney, or as required by law but agrees to instruct any person to whom disclosure is authorized that he or she must keep this Agreement and its terms completely confidential.

 

10.    Employee Non-Disparagement.  Employee agrees that Employee will not, directly or indirectly, disclose, communicate, or publish any disparaging information concerning the Released Parties, including the Company’s operations or services or cause others to disclose, communicate, or publish any such disparaging information. Nothing in this Agreement is intended to prevent Employee from testifying truthfully in any legal proceeding.

 

11.    Company Non-Disparagement.  The Company agrees that it will instruct the following people, Clifford Lerner and Jon D. Pedersen, Sr., that they should not directly or indirectly, disclose, communicate, or publish any disparaging information concerning the Employee, including the Employee’s services or cause others to disclose, communicate, or publish any such disparaging information. Nothing in this Agreement is intended to prevent the Company from testifying truthfully in any legal proceeding.

 

  

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12.    Return of Company Property/Deletion of Electronic Information.  Employee agrees that he has not and will not, directly or indirectly, use or disclose any confidential information of the Company outside of the Company.  Employee further agrees that, on or before the Termination Date, he will return all company property to the Company, including but not limited to, his Company credit card, office keys, equipment, data, lists, correspondence, notes, memos, reports, or other writings prepared by the Company or by Employee on the Company’s behalf.  With respect to documents and other information that Employee possess electronically, including but not limited to information on his cell phone, laptop, personal computer or any other personal repository, Employee agrees to download and transfer any original information regarding the Company to the Company and to permanently delete such information without retaining any copies.

 

13.    Voluntary Nature of Agreement and Right to Consult Attorney.  Employee is advised to consult with an attorney prior to signing this Agreement.  Employee acknowledges that Employee has had an opportunity to discuss and review all aspects of this Agreement with an attorney of Employee’s own choosing and is voluntarily entering into this Agreement.

 

14.    Time to Consider.  Employee acknowledges that Employee has twenty-one (21) calendar days after he receives this Agreement, to review and consider this Agreement.  Employee understands that if Employee does not sign this Agreement on or before the expiration of this twenty-one (21) day period, this Agreement offer will be withdrawn automatically.  The signed Agreement must be returned to: Snap Interactive, Inc. c/o Jon D. Pedersen, Sr., 462 7th Avenue, 4th Floor, New York, NY 10018.

 

15.    Revocation Period. Employee understands and acknowledges that Employee has seven (7) calendar days following the execution of this Agreement to revoke Employee’s acceptance of the Agreement.  If Employee decides to revoke Employee’s acceptance of this Agreement during the 7-day revocation period, Employee should do so in writing and deliver the revocation by certified mail return receipt requested or some other traceable method to: Snap Interactive, Inc. c/o Jon D. Pedersen, Sr., 462 7th Avenue, 4th Floor, New York, NY 10018.  This Agreement will not become effective or enforceable, and the Severance Benefits will not be due, until after this revocation period has expired.

 

16.    No Assignment of Claims.  Employee represents that Employee has not transferred or assigned, to any person or entity, any claim involving the Released Parties, or any portion thereof or interest therein.

 

17.    No Admission of Liability. This Agreement shall not in any way be construed as an admission by the Company of any acts of wrongdoing or violation of any statute, law, or legal right.  Rather, the Company specifically denies and disclaims any liability to the Employee except as set forth in this Agreement.

 

18.    Binding Effect of Agreement.  This Agreement shall be binding upon the Company and upon Employee and Employee’s heirs, spouse, representatives, successors and assigns.

 

19.    Controlling Law.  This Agreement shall in all respects be interpreted, enforced, and governed under the laws of the State of New York.  Employee agrees that any disputes or litigation that may arise with respect to this Agreement shall be brought by Employee only in New York County, New York and Employee agrees to waive any objection to the location of such litigation.  The Company and Employee agree that the language in this Agreement shall, in all cases, be construed as a whole, according to its fair meaning, and not strictly for, or against, any of the parties.

 

  

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20.    Severability.  Should any provision of this Agreement be declared or determined to be illegal or invalid by any government agency or court of competent jurisdiction, the validity of the remaining parts, terms or provisions of this Agreement shall not be affected and such provisions shall remain in full force and effect.

 

21.    Entire Agreement.  This Agreement sets forth the entire agreement between the parties, and fully supersedes any and all prior agreements, understandings, or representations between the parties, whether oral or written, pertaining to the subject matter of this Agreement, including any prior Employment Agreements or amendments thereto.  Employee represents and acknowledges that in executing this Agreement, Employee does not rely, and has not relied, upon any representation(s) by the Company or its agents except as expressly contained in this Agreement.

 

22.    No Waiver.  Any failure to enforce any provision(s) of this Agreement shall not constitute a waiver thereof or of any other provision hereof. 

 

23.    Execution in Multiple Counterparts.  This Agreement may be executed in multiple counterparts, whether or not all signatories appear on these counterparts, and each counterpart shall be deemed an original for all purposes.

 

  

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PLEASE READ CAREFULLY – THIS AGREEMENT INCLUDES A RELEASE OF CLAIMS

MY SIGNATURE BELOW MEANS THAT I HAVE READ THIS RELEASE AND SEVERANCE AGREEMENT AND AGREE AND CONSENT TO ALL THE TERMS AND CONDITIONS CONTAINED IN THE AGREEMENT.

 

	 Darrell Lerner	 	Snap Interactive, Inc.	 
	 	 	 	 	 	 
	Signature:	
/s/ Darrell Lerner

	 	Signature:	
/s/ Jon D. Pedersen, Sr.

	 
	Date: 	
January 31, 2013 

	 	Name: 	Jon D. Pedersen, Sr.	 
	 	 	 	
Title:

	
Chief Financial Officer

	 
	 	 	 	Date: 	January 31, 2013 	 

 

 

6f8k013113ex10ii_snap.htm

Exhibit 10.2

 

RESTRICTED STOCK AWARD AGREEMENT

 

SNAP INTERACTIVE, INC.

AMENDED AND RESTATED 2011 LONG-TERM INCENTIVE PLAN

 

1.      Grant of Award.  Pursuant to the Snap Interactive, Inc. Amended and Restated 2011 Long-Term Incentive Plan (the “Plan”) for Employees, Contractors, and Outside Directors of Snap Interactive, Inc., a Delaware corporation (the “Company”),

        Darrell Lerner        

 (the “Participant”)

has been granted a Restricted Stock Award in accordance with Section 6.3 of the Plan.  The number of restricted shares of Common Stock awarded under this Restricted Stock Award Agreement (this “Agreement”) is one hundred fifty thousand (150,000) shares (the “Awarded Shares”).  The “Date of Grant” of this Award is January 31, 2013.

2.      Subject to Plan.  This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control to the extent not otherwise inconsistent with the provisions of this Agreement.  To the extent the terms of the Plan are inconsistent with the provisions of the Agreement, this Agreement shall control.  The capitalized terms used herein that are defined in the Plan shall have the same meanings assigned to them in the Plan.  This Agreement is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and communicated to the Participant in writing.

3.      Vesting.  Except as specifically provided in this Agreement and subject to certain restrictions and conditions set forth in the Plan, the Awarded Shares shall be vested as follows:

One hundred percent (100%) of the total Awarded Shares shall vest on the tenth (10th) anniversary of the Date of Grant, provided the Participant is employed by (or if the Participant is an Outside Director or Contractor, is providing services to) the Company or a Subsidiary on such date.

Notwithstanding the foregoing, one hundred percent (100%) of the unvested Awarded Shares immediately shall vest (i) on the date of a Change in Control, provided the Participant is employed by (or if the Participant is an Outside Director or Contractor, is providing services to) the Company or a Subsidiary on such date; and (ii) on the date of the Participant’s Termination of Service without “cause” (as such term is defined in the written employment or consulting agreement between the Company and the Participant that is in effect on the date of the Participant’s Termination of Service).  For purposes of clarity, if the Company decides not to renew any written employment agreement or consulting agreement between the Company and the Participant without “cause” (as such term is defined in such agreement), and the Participant suffers a Termination of Service in connection with such non-renewal, then the Participant’s Termination of Service shall be treated as a Termination of Service without “cause” for purposes of this Agreement.

4.      Forfeiture of Awarded Shares.  Awarded Shares that are not vested in accordance with Section 3 shall be forfeited on the date that the Participant suffers a Termination of Service for any reason.  Upon forfeiture, all of the Participant’s rights with respect to the forfeited Awarded Shares shall cease and terminate, without any further obligations on the part of the Company.

 

  

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5.      Restrictions on Awarded Shares.  Subject to the provisions of the Plan and the terms of this Agreement, from the Date of Grant until the date the Awarded Shares are vested in accordance with Section 3 and are no longer subject to forfeiture in accordance with Section 4 (the “Restriction Period”), the Participant shall not be permitted to sell, transfer, pledge, hypothecate, margin, assign or otherwise encumber any of the Awarded Shares.  Except for these limitations, the Committee may in its sole discretion, remove any or all of the restrictions on such Awarded Shares whenever it may determine that, by reason of changes in applicable laws or changes in circumstances after the date of this Agreement, such action is appropriate.

6.      Legend.  The following legend shall be placed on all certificates issued representing Awarded Shares:

On the face of the certificate:

“Transfer of this stock is restricted in accordance with conditions printed on the reverse of this certificate.”

On the reverse:

“The shares of stock evidenced by this certificate are subject to and transferable only in accordance with that certain Snap Interactive, Inc. Amended and Restated 2011 Long-Term Incentive Plan, a copy of which is on file at the principal office of the Company in New York, New York and that certain Restricted Stock Award Agreement dated as of January 31, 2013, by and between the Company and Darrell Lerner.  No transfer or pledge of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said Plan and Agreement.  By acceptance of this certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said Plan and Agreement.”

The following legend shall be inserted on a certificate evidencing Common Stock issued under the Plan if the shares were not issued in a transaction registered under the applicable federal and state securities laws:

“Shares of stock represented by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions otherwise in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon an opinion of counsel satisfactory to the Company.”

All Awarded Shares owned by the Participant shall be subject to the terms of this Agreement and shall be represented by a certificate or certificates bearing the foregoing legend.

 

  

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7.      Delivery of Certificates.  Certificates for Awarded Shares free of restriction under this Agreement shall be delivered to the Participant promptly after, and only after, the Restriction Period has expired without forfeiture pursuant to Section 4.  In connection with the issuance of a certificate for Restricted Stock, the Participant shall endorse such certificate in blank or execute a stock power in a form satisfactory to the Company in blank and deliver such certificate and executed stock power to the Company.

8.      Rights of a Stockholder.  Except as provided in Section 4 and Section 5 above, the Participant shall have, with respect to the Awarded Shares, all of the rights of a stockholder of the Company, including the right to vote the shares, and the right to receive any dividends thereon.

9.      Voting.  The Participant, as record holder of the Awarded Shares, has the exclusive right to vote, or consent with respect to, such Awarded Shares until such time as the Awarded Shares are transferred in accordance with this Agreement; provided, however, that this Section 9 shall not create any voting right where the holders of such Awarded Shares otherwise have no such right.

10.     Adjustment to Number of Awarded Shares.  The number of Awarded Shares shall be subject to adjustment in accordance with Articles 11-13 of the Plan.

11.     Specific Performance.  The parties acknowledge that remedies at law will be inadequate remedies for breach of this Agreement and consequently agree that this Agreement shall be enforceable by specific performance.  The remedy of specific performance shall be cumulative of all of the rights and remedies at law or in equity of the parties under this Agreement.

12.     Participant’s Representations.  Notwithstanding any of the provisions hereof, the Participant hereby agrees that he will not acquire any Awarded Shares, and that the Company will not be obligated to issue any Awarded Shares to the Participant hereunder, if the issuance of such shares shall constitute a violation by the Participant or the Company of any provision of any law or regulation of any governmental authority.  Any determination in this connection by the Company shall be final, binding, and conclusive.  The rights and obligations of the Company and the rights and obligations of the Participant are subject to all applicable laws, rules, and regulations.

13.     Investment Representation.  Unless the Awarded Shares are issued in a transaction registered under applicable federal and state securities laws, by his execution hereof, the Participant represents and warrants to the Company that all Common Stock which may be purchased and or received hereunder will be acquired by the Participant for investment purposes for his own account and not with any intent for resale or distribution in violation of federal or state securities laws.  Unless the Common Stock is issued to him in a transaction registered under the applicable federal and state securities laws, all certificates issued with respect to the Common Stock shall bear an appropriate restrictive investment legend and shall be held indefinitely, unless they are subsequently registered under the applicable federal and state securities laws or the Participant obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not required.

14.     Participant’s Acknowledgments.  The Participant acknowledges that a copy of the Plan has been made available for his review by the Company, and represents that he is familiar with the terms and provisions thereof, and hereby accepts this Award subject to all the terms and provisions thereof.  The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this Agreement.

15.     Law Governing.  This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware (excluding any conflict of laws rule or principle of Delaware law that might refer the governance, construction, or interpretation of this Agreement to the laws of another state).

 

  

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16.     No Right to Continue Service.  Nothing herein shall be construed to confer upon the Participant the right to continue to provide services to the Company or any Subsidiary as a Contractor or interfere with or restrict in any way the right of the Company or any Subsidiary to discharge the Participant as a Contractor at any time.

17.     Legal Construction.  In the event that any one or more of the terms, provisions, or agreements that are contained in this Agreement shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that is contained in this Agreement and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable term, provision, or agreement had never been contained herein.

18.     Covenants and Agreements as Independent Agreements.  Each of the covenants and agreements that are set forth in this Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement.  The existence of any claim or cause of action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.

19.     Entire Agreement.  This Agreement together with the Plan supersede any and all other prior understandings and agreements, either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements between the parties with respect to the said subject matter.  All prior negotiations and agreements between the parties with respect to the subject matter hereof are merged into this Agreement.  Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied in this Agreement or the Plan and that any agreement, statement or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or effect.

20.     Parties Bound.  The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors and assigns, subject to the limitation on assignment expressly set forth herein.  No person shall be permitted to acquire any Awarded Shares without first executing and delivering an agreement in the form satisfactory to the Company making such person or entity subject to the restrictions on transfer contained herein.

21.     Modification.  No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in writing and signed by the parties.  Notwithstanding the preceding sentence, the Company may amend the Plan to the extent permitted by the Plan.

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

23.     Gender and Number.  Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.

 

  

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24.     Notice.  Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received by the Company or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore specified by written notice delivered in accordance herewith:

a.      Notice to the Company shall be addressed and delivered as follows:

Snap Interactive, Inc.

462 7th Avenue, 4th Floor

New York, NY 10018

Attn:                                          

Fax:                                            

b.      Notice to the Participant shall be addressed and delivered as set forth on the signature page.

25.     Tax Requirements.  The Participant is hereby advised to consult immediately with his own tax advisor regarding the tax consequences of this Agreement, the method and timing for filing an election to include this Agreement in income under Section 83(b) of the Code, and the tax consequences of such election. By execution of this Agreement, the Participant agrees that if the Participant makes such an election, the Participant shall provide the Company with written notice of such election in accordance with the regulations promulgated under Section 83(b) of the Code. The Company or, if applicable, any Subsidiary (for purposes of this Section 25, the term “Company” shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in cash or other form in connection with the Plan, any federal, state, local, or other taxes required by law to be withheld in connection with this Award.  The Company may, in its sole discretion, also require the Participant receiving shares of Common Stock issued under the Plan to pay the Company the amount of any taxes that the Company is required to withhold in connection with the Participant’s income arising with respect to this Award.  Such payments shall be required to be made when requested by the Company and may be required to be made prior to the delivery of any certificate representing shares of Common Stock.  Such payment may be made (i) by the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding obligations of the Company; (ii) if the Company, in its sole discretion, so consents in writing, the actual delivery by the Participant to the Company of shares of Common Stock, other than (A) Restricted Stock, or (B) Common Stock that the Participant has acquired from the Company within six (6) months  prior thereto, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares under (iii) below) the required tax withholding payment; (iii) if the Company, in its sole discretion, so consents in writing, the Company’s withholding of a number of shares to be delivered upon the vesting of this Award, which shares so withheld have an aggregate Fair Market Value that equals (but does not exceed) the required tax withholding payment; or (iv) any combination of (i), (ii), or (iii).  The Company may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Participant.

 

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[Remainder of Page Intentionally Left Blank.

Signature Page Follows]

  

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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Participant, to evidence his consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof.

 

	 	
COMPANY:

 

Snap Interactive, Inc.

	 
	 	 	 	 
	 	
By: 

	
/s/ Jon D. Pedersen, Sr.

	 
	 	Name:	
Jon D. Pedersen, Sr.

	 
	 	Title:	
Chief Financial Officer                                                                

	 

 

	 	

PARTICIPANT:

	 
	 	 	 	 
	 	/s/ Darrell Lerner	 
	 	Signature	 
	 	 	 	 
	 	Name:	

Darrell Lerner                                                      

	 
	 	Title:	
141 Great Neck Rd., Apt. 2H

	 
	 	 	Great Neck, NY  11021	 

 

 

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