Document:

EX-10.1

 Exhibit 10.1 

SIXTEENTH AMENDMENT TO THE 

FIRST AMENDED AND RESTATED 

AGREEMENT OF LIMITED PARTNERSHIP OF 

SAUL HOLDINGS LIMITED PARTNERSHIP 

THIS SIXTEENTH AMENDMENT TO THE FIRST AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF SAUL HOLDINGS LIMITED PARTNERSHIP (this
“Sixteenth Amendment”), dated as of September 17, 2019, is entered into by the undersigned party. 
 W
I T N E S S E T H: 
 WHEREAS, Saul Holdings Limited Partnership (the
“Partnership”) was formed as a Maryland limited partnership pursuant to that certain Certificate of Limited Partnership dated June 16, 1993 and filed on June 16, 1993 among the partnership records of the Maryland State
Department of Assessments and Taxation, and that certain Agreement of Limited Partnership dated June 16, 1993 (the “Original Agreement”); 

WHEREAS, the Original Agreement was amended and restated in its entirety by that certain First Amended and Restated Agreement of Limited
Partnership of the Partnership dated August 26, 1993, which was further amended by that certain First Amendment dated August 26, 1993, by that certain Second Amendment dated March 31, 1994, by that certain Third Amendment dated
July 21, 1994, by that certain Fourth Amendment dated December 1, 1996, by that certain Fifth Amendment dated July 6, 2000, by that certain Sixth Amendment dated November 5, 2003, by that certain Seventh Amendment dated
November 26, 2003, by that certain Eighth Amendment dated December 31, 2007, by that certain Ninth Amendment dated March 27, 2008, by that certain Tenth Amendment dated April 4, 2008, by that certain Eleventh Amendment dated
September 23, 2011, by that certain Twelfth Amendment dated February 12, 2013, by that certain Thirteenth Amendment dated November 12, 2014, by that certain Fourteenth amendment dated January 23, 2018 and that certain Fifteenth
amendment dated May 9, 2018 (as amended, the “Agreement”); 
 WHEREAS, on September 17, 2019, Saul Centers, Inc. (the
“General Partner”) issued 40,000 shares of 6.000% Series E Cumulative Redeemable Preferred Stock (the “Series E Preferred Shares,” each a “Series E Preferred Share”) at a gross offering price of
$2,500.00 per Series E Preferred Share and, in connection therewith, the General Partner, pursuant to Section 8.7.C of the Agreement, is required to contribute the proceeds of such issuance to the Partnership and cause the Partnership to issue
to the General Partner preferred equity ownership interests in the Partnership (“Series E Preferred Partnership Units”); and 

WHEREAS, the General Partner desires to amend the Agreement pursuant to its authority under Sections 2.4 and 14.1.B of the Agreement and the
powers of attorney granted to the General Partner by the Limited Partners in order to reflect the aforementioned issuance of the Series E Preferred Partnership Units; 

 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and
other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, the undersigned party, intending legally to be bound, hereby agrees as follows: 

1.    The Agreement is hereby amended by the addition of a new exhibit, entitled Exhibit J, in the form attached
hereto, which sets forth the designations, allocations, preferences and other special rights, powers and duties of the Series E Preferred Partnership Units and which shall be attached to and made a part of the Agreement. 

2.    Pursuant to Section 8.7.C of the Agreement, effective as of September 17, 2019, the issuance date of the
Series E Preferred Shares by the General Partner, the Partnership hereby issues 40,000 Series E Preferred Partnership Units to the General Partner as provided in Exhibit J. The Series E Preferred Partnership Units have been created and are
being issued in conjunction with the General Partner’s issuance of the Series E Preferred Shares, and, therefore, the Series E Preferred Partnership Units are intended to have designations, preferences and other rights, all such that the
economic interests are substantially similar to the designations, preferences and other rights of the Series E Preferred Shares, and the terms of this Sixteenth Amendment, including without limitation the attached Exhibit J, shall be
interpreted in a fashion consistent with this intent. In return for the issuance to the General Partner of the Series E Preferred Partnership Units, the General Partner has contributed to the Partnership the funds raised through its issuance of the
Series E Preferred Shares (the General Partner’s capital contribution shall be deemed to equal the amount of the gross proceeds of that share issuance, i.e., the net proceeds actually contributed, plus any underwriter’s discount or
other expenses incurred, with any such discount or expense deemed to have been incurred by the General Partner on behalf of the Partnership). 

3.    In order to reflect the issuance of the Series E Preferred Partnership Units, Exhibit A to the Agreement is
hereby amended by adding to the end of such Exhibit A the following table: 
 Series E Preferred Partnership Units 

 

					
	Holder	  	 Number of Series E

Preferred Partnership

Units
	  	Issuance Date
	 Saul Centers, Inc.
	  	40,000	  	9/17/19

 4.    The foregoing recitals are incorporated in and are part of this Sixteenth Amendment.

 5.    Except as the context may otherwise require, any terms used in this Sixteenth Amendment that are defined in the
Agreement shall have the same meaning for purposes of this Sixteenth Amendment as in the Agreement. 
 6.    Except as
specifically amended hereby, the terms, covenants, provisions and conditions of the Agreement shall remain unmodified and continue in full force and effect and, except as amended hereby, all of the terms, covenants, provisions and conditions of the
Agreement are hereby ratified and confirmed in all respects. 

  
 - 2 - 

 IN WITNESS WHEREOF, the undersigned parties have executed this Sixteenth Amendment as of the
date first written above. 
  

			
	GENERAL PARTNER
	
	SAUL CENTERS, INC.
	a Maryland corporation
		
	By:	 	 /s/ Scott V. Schneider

	Name:	 	Scott V. Schneider
	Title:	 	Senior Vice President,
		 	Chief Financial Officer,
		 	Treasurer and Secretary

  
 Sixteenth Amendment to
SHLP Partnership Agreement – Series E 

 EXHIBIT J 

DESIGNATION OF THE 
 SERIES E
PREFERRED PARTNERSHIP UNITS 
 OF SAUL HOLDINGS LIMITED PARTNERSHIP 

1.    Number of Units and Designation. 

A class of ownership interests in the Partnership entitled “Series E Preferred Partnership Units” is hereby designated and the number
of Series E Preferred Partnership Units constituting such class shall be 40,000. 
 2.    Definitions. 

For purposes of the Series E Preferred Partnership Units, the following terms shall have the meanings indicated in this Section 2, and
capitalized terms used and not otherwise defined herein shall have the meanings assigned thereto in the Agreement: 
 “Distribution
Payment Date” means any date on which cash dividends are paid on all outstanding shares of the Series E Preferred Shares. 

“Liquidation Preference” has the meaning set forth in Section 4 of this Exhibit J. 

“Series E Preferred Partnership Units” means the preferred equity ownership interests in the Partnership issued to the
General Partner by the Partnership in connection with the issuance by the General Partner of the Series E Preferred Shares, having the designations, preferences and rights set forth in this Exhibit J. 

“Series E Preferred Shares” means the 6.000% Series E Cumulative Redeemable Preferred Stock issued by the General Partner.

 3.    Distributions. 

Notwithstanding anything to the contrary contained in Section 5.2 of the Agreement, on each Distribution Payment Date, the General Partner
shall cause distributions of Available Cash to be made in cash to the General Partner with respect to the Series E Preferred Partnership Units in an amount equal to the amount that is required to be distributed by the General Partner on that date to
the holders of Series E Preferred Shares. The Series E Preferred Partnership Units shall not be entitled to any distributions of Available Cash, whether payable in cash, property or stock, except as provided herein. 

4.    Liquidation Preference. 

In the event of any liquidation, dissolution or winding up of the Partnership, whether voluntary or involuntary, before any payment or
distribution of the Partnership (whether capital, surplus or otherwise) shall be made under Section 13.2.A(3) to any classes of ownership interest in the Partnership that are junior in priority to the Series E Preferred Partnership Units, the
Series E Preferred Partnership Units shall be entitled to a preference (the “Liquidation Preference”) 

 
equal to the sum of (i) $2,500 per Series E Preferred Partnership Unit, plus (ii) an amount per Series E Preferred Partnership Unit equal to any accrued and unpaid dividends on one Series E
Preferred Share to the date of final distribution. Until the Liquidation Preference with respect to the Series E Preferred Partnership Units has been paid in full, no payment shall be made under Section 13.2.A(3) with respect to any classes of
ownership interest in the Partnership that are junior in priority to the Series E Preferred Partnership Units. If, upon any liquidation, dissolution or winding up of the Partnership, the assets of the Partnership, or proceeds thereof, distributable
with respect to the Series E Preferred Partnership Units shall be insufficient to pay in full the Liquidation Preference and liquidating payments on any ownership interests in the Partnership that are on a parity with the Series E Preferred
Partnership Units, then such assets, or the proceeds thereof, shall be distributed among the Series E Preferred Partnership Units and any such ownership interests in the Partnership on the same parity as the Series E Preferred Partnership Units,
ratably in the same proportion as the respective amounts that would be payable on such Series E Preferred Partnership Units and any such other ownership interests in the Partnership on the same parity if all amounts payable thereon were paid in
full. After payment in full of the Liquidation Preference, the Series E Preferred Partnership Units shall have no right or claim to any of the remaining assets of the Partnership. For the purposes of this Section 4, (i) a consolidation or
merger of the Partnership with one or more partnerships, or (ii) a sale or transfer of all or substantially all of the Partnership’s assets shall not be deemed to be a liquidation, dissolution or winding up, voluntary or involuntary, of
the Partnership. 
 5.    Redemption. 

Series E Preferred Partnership Units shall be redeemable by the Partnership as follows: 

(a)    At any time that the General Partner exercises its right to redeem all or any of the Series E Preferred Shares, the
General Partner shall cause the Partnership to concurrently redeem an equal number of Series E Preferred Partnership Units, at a redemption price per Series E Preferred Partnership Unit payable in cash and equal to the same price per share paid by
the General Partner to redeem the Series E Preferred Shares (i.e., a redemption price of $2,500.00 per Series E Preferred Share, plus any accrued and unpaid dividends thereon). No interest shall accrue for the benefit of the Series E Preferred
Partnership Units to be redeemed on any cash set aside by the Partnership. 
 (b)    If the Partnership shall redeem
Series E Preferred Partnership Units pursuant to paragraph (a) of this Section 5, from and after the redemption date (unless the Partnership shall fail to make available the amount of cash necessary to effect such redemption), (i) except
for payment of the redemption price, the Partnership shall not make any further distributions on the Series E Preferred Partnership Units so called for redemption, (ii) said units shall no longer be deemed to be outstanding and (iii) all
rights of the holders thereof as holders of Series E Preferred Partnership Units of the Partnership shall cease except the rights to receive the cash payable upon such redemption, without interest thereon. 

(c)    If fewer than all the outstanding Series E Preferred Partnership Units are to be redeemed, units to be redeemed
shall be determined pro rata or by lot. Upon any such redemption, the General Partner shall amend Exhibit A to the Agreement as appropriate to reflect such redemption. 

 6.    Status of Reacquired Units. 

All Series E Preferred Partnership Units which shall have been issued and reacquired in any manner by the Partnership shall be deemed
cancelled. 
 7.    Ranking. 

The Series E Preferred Partnership Units shall be deemed to rank: 

(a)    senior to all existing Partnership Interests; 

(b)    senior to any class or series of ownership interests in the Partnership, as to the payment of distributions and as
to distributions of assets upon liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the future issuance by the General Partner of common stock or any other equity securities ranking junior to the
Series E Preferred Shares; 
 (c)    on a parity with any class or series of ownership interests in the Partnership, as
to the payment of distributions and as to distributions of assets upon liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the future authorization or designation by the General Partner of equity
securities, the terms of which specifically provide that such equity securities rank on a parity with the Series E Preferred Shares; and 

(d)    junior to any class or series of ownership interests in the Partnership, as to payment of distributions and as to
distribution of assets upon liquidation, dissolution or winding up, if such class or series is hereafter issued in connection with the future authorization or designation by the General Partner of equity securities, the terms of which specifically
provide that such class or series ranks senior to the Series E Preferred Shares. 
 The term “ownership interests in the
Partnership” does not include convertible debt securities issued in the future by the Partnership, which will rank senior to the Series E Preferred Partnership Units prior to conversion. All Series E Preferred Partnership Units shall rank
equally with one another and shall be identical in all respects. 
 8.    Special Allocations. 

Notwithstanding Sections 6.1.A and B of the Agreement, after giving effect to the special allocations set forth in Section 1 of Exhibit
C to the Agreement, each year gross income of the Partnership shall be allocated first to the General Partner until the cumulative amount allocated under this Section 8 to the General Partner for the current year and all prior years is
equal to the cumulative amount for the current year and all prior years of the sum of (A) the distributions made to the General Partner under Section 3 of this Exhibit J, (B) the portion of the distributions made to the General
Partner under Section 5 of this Exhibit J (if any) that exceeds $2,500 per Series E Preferred Partnership Unit and (C) for the year in which a distribution is to be made to the General Partner under Section 4 of this Exhibit
J, the portion of the Liquidation Preference payable to the General Partner under Section 4 (if any) that exceeds $2,500 per Series E Preferred Partnership Unit. Any remaining Net Income or Net Loss shall be allocated as set forth in
Sections 6.1.A and B of the Agreement. 

 9.    Restrictions on Ownership. 

The Series E Preferred Partnership Units shall be owned and held solely by the General Partner. 

10.    Conversion. 

Series E Preferred Partnership Units are not convertible into or exchangeable for any other property or securities of the Partnership, except
to the extent that the holders of the Series E Preferred Shares convert the Series E Preferred Shares into shares of the General Partner’s common stock, in which case, for each Series E Preferred Share being converted, the Partnership shall
convert one Series E Preferred Partnership Unit into a number of Partnership Units equal to the number of shares of the General Partner’s common stock into which each Series E Preferred Share is converted. If the holders of the Series E
Preferred Shares receive cash, securities or other property upon conversion of the Series E Preferred Shares, an equal number of Series E Preferred Partnership Units shall also convert into such cash, securities or other property. 

11.    General. 

(a)    The General Partner shall have a zero percent Partnership Interest with respect to the Series E Preferred
Partnership Units and shall have no voting rights with respect to the Series E Preferred Partnership Units other than the right to vote on an amendment to the Agreement if it would alter the distribution, redemption or liquidation rights of the
Series E Preferred Partnership Units or any other rights or preferences of the Series E Preferred Partnership Units as set forth in this Exhibit J. 

(b)    The Series E Preferred Partnership Units shall not be entitled to the benefits of any retirement or sinking fund.

 (c)    The Series E Preferred Partnership Units shall not have any preferences or other rights, voting powers,
restrictions, limitations as to distributions, qualifications or terms or conditions of redemption other than as expressly set forth in this Exhibit J. 

(d)    No holder of Series E Preferred Partnership Units shall have any preemptive or preferential right to subscribe for,
or to purchase, any additional ownership interests in the Partnership of any class or series, or any other security of the Partnership which the Partnership may issue or sell. 

(e)    The ownership of Series E Preferred Partnership Units may (but need not, in the sole and absolute discretion of the
General Partner) be evidenced by one or more certificates. The General Partner shall amend Exhibit A to the Agreement from time to time to the extent necessary to reflect accurately the issuance of, and subsequent redemption, or any other
event having an effect on the ownership of, Series E Preferred Partnership Units. 

 (f)    The rights of the General Partner, in its capacity as holder of
the Series E Preferred Partnership Units, are in addition to and not in limitation of any other rights or authority of the General Partner in any other capacity under the Agreement or applicable law. In addition, nothing contained herein shall be
deemed to limit or otherwise restrict the authority of the General Partner under the Agreement, other than in its capacity as holder of the Series E Preferred Partnership Units. 

(g)    If any preferences or other rights, restrictions, distributions, qualifications, allocations or terms or conditions
of redemption of the Series E Preferred Partnership Units set forth in this Exhibit J are invalid, unlawful or incapable of being enforced by reason of any rule of law or public policy, all other preferences or other rights, restrictions,
distributions, qualifications, allocations or terms or conditions of redemption of Series E Preferred Partnership Units set forth in this Exhibit J which can be given effect without the invalid, unlawful or unenforceable provision thereof
shall, nevertheless, remain in full force and effect and no preferences or other rights, restrictions, distributions, qualifications, allocations or terms or conditions of redemption of the Series E Preferred Partnership Units herein set forth shall
be deemed dependent on any other provision thereof unless so expressed therein. 
 (h)    The headings of the various
subdivisions of this Exhibit J are for convenience only and shall not affect the interpretation of any of the provisions hereof.Exhibit 10.1

 

 

 

Personal and Confidential

July 5, 2019

 

Kunal Chopra

 

Dear Kunal:

 

I am pleased to offer you the position of “Chief
Executive Officer - etailz” with Trans World Entertainment Corporation (the “Company”). You will report directly
to Mike Feurer, Chief Executive Officer (or his successor).

 

This position is offered on and subject to
the following terms and conditions, and on your acceptance, these terms and conditions will become our binding agreement with regard
to your employment:

 

		1.	Base Salary: $400,000 per annum (subject to witholdings) with annual performance
reviews each year and annual compensation reviews for increases (but not decreases) beginning in 2020. The annual review cycle
runs from February 1 through January 31 with any merit increases being awarded around May 1 of that year.
	 	 	 
		2.	Bonus Program: For fiscal year 2019, you will be eligible to participate in the Board
approved Executive EBITDA plan. Currently, this plan provides for a cash bonus of 50% of your base salary at Target, with a maximum
cash bonus potential of 100% of your base salary should the applicable bonus targets be exceeded. The terms of future bonus plans
and targets, as changed from time to time, will be communicated to you each fiscal year. For 2019, you will receive a guaranteed
bonus of $50,000 and for 2020, you will receive a guaranteed bonus of $100,000. Additionaly, you will be given a one-time sign
on bonus of $10,000.
	 	 	 
		3.	Relocation Assistance: The following relocation assistance will be provided to you for your move to the Spokane
area;

		·	$50,000 for any and all costs related to the selling of your existing home, relocation (including but not limited to; packing,
transportation, storage, and house hunting expenses) and purchase of a new home.

		·	Up to twelve (12) months of furnished, temporary living.

		·	Please note that all relocation expenses are required to be reported as taxable income, and must be reimbursed within 30
days if you voluntarily end your employment relationship or are terminated for willful/gross misconduct within two (2) years of
your commencement date.

    	 

    	

    

		4.	Stock Options: On the Commencement Date, pursuant to the Company’s 2005 Long
Term Incentive and Share Award Plan, as amended and restated (the “Plan”), you will be granted options to purchase
100,000 shares of common stock of the Company(which number of shares is subject to adjustment as described below in the event of
a reverse stock split by the Company). The stock options will vest in four equal annual installments commencing on the first anniversary
of the date of grant. The exercise price per share will be equal to the closing trading price per share on the on the date of grant
on the Nasdaq stock market. The vesting of the stock options will be subject to your continued employment with the Company on the
applicable vesting date, except such options will become immediately vested and exercisable in full upon your death, upon termination
of your employment due to your disability or upon a change of control of the Company (as defined in the Plan). Except as otherwise
set forth in this offer letter, the terms of your stock options shall be governed by the Plan as in effect from time to time, as
well as the individual award agreement between you and the Company.
	 	 	 
	 	 	Please note that the Board of Directors
was given authorization at the recent annual shareholders meeting to implement a reverse stock split, in up to a 1:20 ratio. Any
reverse split implemented by the Company will result in corresponding adjustments to the stock options in accordance with the Plan
(i.e., the number of shares subject to the stock options will be reduced by the split ratio and the exercise price per share will
be increased by the split ratio). In the event a reverse stock split occurs prior to the date of grant of the stock options described
above, the number of shares subject to the options to be granted will be reduced to reflect the reverse stock split. 
	 	 	 
		5.	Benefits; Group Health Insurance: During your employment, you shall be entitled to
participate in all employee welfare benefit plans and programs available to the Company’s senior level executives or to its
employees generally, subject to the terms of such plans or programs as such plan and programs may change from time to time. Your
health insurance coverage will begin on the first day of the month following sixty (60) days from your Commencement Date. Cost
of this protection is currently $112.86 per month for an individual, $361.16 per month to add an additional spouse or dependent,
and $564.32 per month for family coverage. The premiums may change from time to time. A lower cost Consumer Driven Plan and Dental
Insurance are also available.
	 	 	 
		6.	401-K Plan: You have the opportunity to participate in the etailz 401(k) Profit Sharing
Program. You will be eligible for plan participation on the first day of the month following your first thirty days of employment.
The Company matches 100% against the first 6% of your eligible contributions, which will begin after one year of employment. You
are also eligible to immediately roll over an existing 401(k) balance into the Company plan.
	 	 	 
		7.	Group Life Insurance: You are eligible for $30,000 group life insurance provided
at no cost to you. Supplemental group life insurance is available to you through payroll deduction.

 

Confidential – pg. 2

    	 

    	

    

		8.	Vacation: In addition to the nine (9) Holidays recognized by etailz, as a etailz
Senior Executive, you will be granted flexible time off to use at your discretion.
	 	 	 
		9.	Cell Phone: You will be reimbursed for use of a cell phone with a maximum monthly
allowance of up to $100.00 before applicable taxes and fees are applied.
	 	 	 
		10.	Severance Pay: In the event your employment is terminated by the Company other than
for Cause (and not due to your death of disablility), subject to you signing a severance agreement containing a general release
of all claims in a form prepared by the Company (and not revoking it during any statutory revocation period), and which shall become
effective not more than fifty (50) days after the date of your termination, you shall be entitled to severance pay in the form
of salary continuation for a period of six (6) months (the “Severance Period”). The foregoing notwithstanding, if you
obtain a subsequent employment position or engagement prior to the expiration of the Severance Period, any compensation or fees
you earn or receive during the Severance Period pursuant to such subsequent employment or engagement shall reduce the Company’s
severance payment obligations hereunder on a dollar for dollar basis. You will provide the Company with written notice as soon
as practicable following the date you obtain a subsequent position, which notice shall further specify the amount of compensation
you will receive from such subsequent employment or engagement during the Severance Period. For purposes of this Agreement, you
shall be deemed terminated for Cause if the Company terminates your employment because you: (a) committed fraud, theft, misappropriation
or embezzlement of the funds of TWE (as defined below); (b) have been indicted for or entered a plea of guilty or nolo contendere
to (i) any felony or any other crime involving fraud or misrepresentation or (ii) any other crime (whether or not connected with
your employment) the effect of which is likely to adversely affect TWE; (c) have committed intentional acts that materially impair
or cause material damage to the goodwill or business of TWE; (d) breached any material provision of this Agreement or any material
policy of TWE; or (e) have refused to perform or have materially neglected or engaged in misconduct in the performance of your
material job duties and responsibilities.
	 	 	 
		11.	Background Check: This offer is contingent upon the successful completion of a background
check. Please contact Vice President of Human Resources, Jeff Davis at 518-452-1242, ext. 7157 to make the necessary arrangements.
	 	 	 
		12.	Commencement Date/At Will Employment: The terms of this offer of employment will
take effect upon you joining the Company (the “Commencement Date”) September 3, 2019. This offer of employment does
not and shall not constitute any guarantee of employment and, as such, your employment is “at will.”

 

Confidential – pg. 3

    	 

    	

    

		13.	Non-Solicitation: For
a period of twenty-four (24) months commencing on the date you leave the employ of Trans World Entertainment and its subsidiaries
and affiliates (collectively, “TWE”) for whatever reason, you shall not, directly or indirectly, without the prior
written consent of the Company, (i) solicit, induce or attempt to induce any employee or service provider of TWE to leave the
employ of TWE, or in any way interfere with the relationship between TWE and any employee or service provider thereof or (ii) solicit any business
from any person or entity who was (A) a client, customer, supplier or other business
relation of etailz as of the date hereof, (B) a client, customer, supplier or other business
relation of TWE with whom you or any employee directly or indirectly supervised by you
had direct contact at any time during the two-year period immediately preceding the termination
of your employment from TWE (each a “Restricted Party”), (iii) otherwise
interfere with the relationship between TWE and any Restricted Party, or (iv) accept
or service any e-commerce or online marketplace or similar business of any type from
any Restricted Party.
	 	 	 
		14.	Non-Compete: If your employment relationship
with the Company terminates, for whatever reason, you shall not for a period of six (6) months commencing on your last day of work,
directly or indirectly, without the prior written consent of the Company, engage in or become employed by, or become an
officer, employee, director, agent, consultant, contractor, shareholder, member or partner of or lender to, or otherwise hold an
interest in, any person or entity that competes with or engages in the sale or provision of products or services similar to those
sold, provided or offered by etailz during the two year period immediately prior to date on
which your employment with TWE terminates, except for your ownership of less than 5% of the stock or other equity interests of
a publicly traded firm or corporation. 
	 	 	 
		15.	Confidentiality: In consideration of this offer of employment, you agree not to misappropriate
or use (other than for the benefit of the Company) the Company’s Confidential Information or disclose it to any third party
unless you are required by law to make any such disclosure. This covenant shall run for the period of your employment and survive
your separation from the Company for any reason whatsoever. “Confidential Information” includes trade secrets and other
non-public or proprietary TWE information, reports, material and documents, including but not limited to any information about
sales, financial reports, employee information including compensation, store profitability, product costs, and any information
relating to accounting and reporting matters of TWE. You will execute as a condition of employment all free-standing trade secrets,
confidentiality and intellectual property agreements as the Company may present you.
	 	 	 
	 	 	You also agree to keep the terms
of this offer letter confidential and not to disclose its contents, in whole or in part, to any persons other than to your family
members and advisors, unless the Company shall have publicly disclosed the contents hereof.
	 	 	 
	 	 	Anything herein to the contrary notwithstanding,
the provisions of this Pararaph 15 shall not apply: (i) when disclosure is required by law or legal process, (ii) with respect
to any litigation, arbitration or mediation involving this offer letter, or (iii) as to Confidential Information that becomes
generally known to the public or within the relevant trade or industry other than due to your violation of this Paragraph 15.

 

Confidential – pg. 4

    	 

    	

    

	 	 	Notwithstanding your obligation not
to directly or indirectly disclose, reveal, divulge or communicate Confidential Information as outlined herein, you have the right,
without notice to or authorization of the Company, to communicate and cooperate in good faith with any self-regulatory organization
or U.S. federal, state, or local governmental or law enforcement branch, agency, commission, or entity (collectively, a “Government
Entity”) for the purpose of (i) reporting a possible violation of any U.S. federal, state, or local law or regulation,
(ii) participating in any investigation or proceeding that may be conducted or managed by any Government Entity, including by providing
documents or other information, or (iii) filing a charge or complaint with a Government Entity, provided that in each case, such
communications, participation, and disclosures are consistent with applicable law. Additionally, you shall not be held criminally
or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence
to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a suspected
violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under
seal. If you file a lawsuit for retaliation by an employer for reporting a suspected violation of law, you may disclose the trade
secret to your attorney and use the trade secret information in the court proceeding, if you file any document containing the trade
secret under seal; and do not disclose the trade secret, except pursuant to court order. Notwithstanding the foregoing, under no
circumstance will you be authorized to disclose any Confidential Information as to which TWE may assert protections from disclosure
under the attorney-client privilege or the attorney work product doctrine, without prior written consent of Company’s Chief
Executive Officer or other authorized officer designated by the Company.
	 	 	 
		16.	Miscellaneous: You
hereby agree and acknowledge that (i) the foregoing restrictions under this Agreement (A) are reasonable as to time and scope, (B) are reasonable and necessary in
order to protect the legitimate interests of TWE, (C) do not impose on you undue hardship and (D) are not injurious to the public, (ii) TWE competes for clients and
customers throughout the world, (iii) the Company would not have entered into this Agreement in the absence of the restrictions set forth here, (iv) a breach or
threatened breach of your covenants and restrictions could cause irreparable harm to TWE for which it would have no adequate remedy at law. Accordingly,
notwithstanding any language contained in this Agreement, and in addition to any remedies which the Company may have at law, in the event of an actual or
threatened breach of your covenants and restrictions contained in this Agreement, the Company shall have the absolute right to apply to any court of competent
jurisdiction for such injunctive or other equitable relief as such court may deem necessary or appropriate in the circumstances (without the requirement of
posting a bond or any other type of undertaking). Additionally, you agree that in the event that any court of competent jurisdiction should hold that the
duration, area, scope or other term of a restriction set forth in this Agreement is unreasonable or unenforceable under circumstances now or hereafter
existing, the maximum duration, area and scope of restriction and other term reasonable under the circumstances shall be substituted. In the event that
you or the Company initiates any proceeding in an attempt to confirm or enforce either of your rights under Paragraph 13 or 14 of this Agreement, the
parties agree that the time period during which you are restricted pursuant to this Agreement will be tolled to the furthest extent allowed under
applicable law. In the event of any proceeding relating to the foregoing, or otherwise relating to the enforcement of any of the provisions of this
Agreement, the prevailing party shall be entitled to recover its reasonable attorneys’ fees and expenses. This offer letter shall be governed
by and construed and interpreted in accordance with the laws of the State of New York without reference to the principles of conflict of laws. This
offer letter may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute
one and the same instrument. Signatures delivered by facsimile or PDF shall be effective for all purposes.

 

Confidential – pg. 5

    	 

    	

    

		17.	Section 409A: The parties intend that this Agreement and the payments and benefits
provided hereunder be exempt from the application of Section 409A, and the rules and regulations issued thereunder, to the maximum
extent possible, whether pursuant to the short-term deferral exception described in Treasury Regulation Section 1.409A-1(b)(4),
the involuntary separation pay plan exception described in Treasury Regulation Section 1.409A-1(b)(9)(iii), or otherwise. To the
extent Section 409A is applicable to this Agreement, the parties intend that this Agreement and any payments and benefits hereunder
comply with the deferral, payout and other limitations and restrictions imposed under Section 409A so as to avoid the imputation
of any tax, penalties, accelerated taxation or interest under Section 409A. Notwithstanding anything herein to the contrary, this
Agreement shall be construed, interpreted, operated and administered in a manner consistent with such intentions; provided that
no action or failure to act pursuant to this Paragraph 17 shall subject TWE to any claim, liability, or expense, and TWE shall
not have any obligation to indemnify or otherwise protect you from any obligation to pay any taxes, interest or penalties pursuant
to Section 409A.
	 	 	 
	 	 	Without limiting the generality of the foregoing, and notwithstanding
any other provision of this Agreement to the contrary, the parties agree that if (i) it is determined that you are a “specified
employee” within the meaning of Section 409A upon the date of your termination, and (ii) some or any portion of the amounts
payable to you (the “Deferred Compensation Separation Benefits”) would result in the imposition of the penalty
tax under Section 409A if paid to you on or within the six (6) month period following the termination date, then to the extent
such portion of the Deferred Compensation Separation Benefits resulting in the imposition of additional tax would otherwise have
been payable on or within the first six (6) months following the date of your termination, it will instead become payable on the
first payroll date that occurs on or after the date six (6) months and one (1) day following the termination date (or such longer
period as is required to avoid the imposition of additional tax under Section 409A). All subsequent Deferred Compensation Separation
Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or benefit.

 

Confidential – pg. 6

    	 

    	

    

Kunal, congratulations on the offer. I look
forward to working with you and all your future successes with the Company. If you have any questions, please do not hesitate to
contact me. Also feel free to contact Jeff Davis if you have HR-related questions. The signed offer acceptance should be returned
to Jeff as well.

 

	Sincerely,	 	 	 
	 	 	 	 
	/s/ Mike Feurer	 	 	 
	 	 	 	 
	Mike Feurer	 
	Chief Executive Officer	 
	 	 	 	 
	ACKNOWLEDGED AND AGREED TO:
	 	 	 	 
	/s/ Kunal Chopra	 	 	 
	 	 	 	 
	Kunal Chopra	July 6, 2019	 

 

Confidential – pg. 7

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