Document:

Exhibit 10.50

Exhibit
10.50

1997 INCENTIVE PLAN

of

BRIGHAM EXPLORATION COMPANY

(As Amended Effective August 19, 2009)

     1. Plan. This 1997 Incentive Plan of Brigham Exploration Company (the “Plan”) was adopted by
the Board of Directors of Brigham Exploration Company (the “Company”) to reward certain key
employees of the Company and its consolidated subsidiaries by enabling them to acquire shares of
Common Stock, par value $.01 per share, of the Company and/or to be compensated for individual
performances.

     2. Objectives. The Plan is designed to attract and retain key employees of the Company and its
Subsidiaries (as hereinafter defined), to encourage the sense of proprietorship of such employees
and to stimulate the active interest of such persons in the development and financial success of
the Company and its Subsidiaries. These objectives are to be accomplished by making Awards (as
hereinafter defined) under this Plan and thereby providing Participants (as hereinafter defined)
with a proprietary interest in the growth and performance of the Company and its Subsidiaries.

     3. Definitions. As used herein, the terms set forth below shall have the following respective
meanings:

     “Authorized Officer” means the Chairman of the Board or the Chief Executive Officer of
the Company (or any other senior officer of the Company to whom either of them shall
delegate the authority to execute any Award Agreement).

     “Award” means the grant of any Option, SAR, Stock Award, Cash Award or Performance
Award, whether granted singly, in combination or in tandem, to a Participant pursuant to
such applicable terms, conditions and limitations as the Committee may establish in order to
fulfill the objectives of the Plan.

     “Award Agreement” means a written agreement between the Company and a Participant
setting forth the terms, conditions and limitations applicable to an Award.

     “Board” means the Board of Directors of the Company.

     “Cash Award” means an award denominated in cash.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time.

     “Committee” means such committee of the Board as is designated by the Board to
administer the Plan.

     “Common Stock” means the Common Stock, par value $.01 per share, of the Company.

 

 

     “Company” means Brigham Exploration Company, a Delaware corporation.

     “Dividend Equivalents” means, with respect to shares of Restricted Stock that are to be
issued at the end of the Restriction Period, an amount equal to all dividends and other
distributions (or the economic equivalent thereof) that are payable to stockholders of
record during the Restriction Period on a like number of shares of Common Stock.

     “Effective Date” has the meaning set forth in paragraph 18 hereof.

     “Employee” means an employee of the Company or any of its Subsidiaries.

     “Fair Market Value” of a share of Common Stock means, as of a particular date, (i) if
shares of Common Stock are listed on a national securities exchange, the mean between the
highest and lowest sales price per share of Common Stock on the consolidated transaction
reporting system for the principal national securities exchange on which shares of Common
Stock are listed on that date, or, if there shall have been no such sale so reported on that
date, on the last preceding date on which such a sale was so reported, (ii) if the Common
Stock is not so listed, the mean between the closing bid and asked price on that date, or,
if there are no quotations available for such date, on the last preceding date on which such
quotations shall be available, as reported by the Nasdaq Stock Market, or, if not reported
by the Nasdaq Stock Market, by Pink OTC Markets Inc. (or its successor, or if Pink OTC
Markets Inc. or its successor does not then exist, such over-the-counter quotation service
as the Board shall determine), or (iii) if shares of Common Stock are not publicly traded,
the most recent value determined in good faith by the Board using a “reasonable application
of a reasonable valuation method” within the meaning of Treasury Regulation Section
1.409A-1(b)(5)(iv)(B).

     “Incentive Option” means an Option that is intended to comply with the requirements set
forth in Section 422 of the Code.

     “Nonqualified Stock Option” means an Option that is not an Incentive Option.

     “Option” means a right to purchase a specified number of shares of Common Stock at a
specified price.

     “Participant” means an Employee to whom an Award has been made under this Plan.

     “Performance Award” means an award made pursuant to this Plan to a Participant that is
subject to the attainment of one or more Performance Goals.

     “Performance Goal” means a standard established by the Committee to determine in whole
or in part whether a Performance Award shall be earned.

     “Restricted Stock” means any Common Stock that is restricted or subject to forfeiture
provisions.

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     “Restriction Period” means a period of time beginning as of the date upon which an
Award of Restricted Stock is made pursuant to this Plan and ending as of the date upon which
the Common Stock subject to such Award is no longer restricted or subject to forfeiture
provisions.

     “SAR” means a right to receive a payment, in cash or Common Stock, equal to the excess
of the Fair Market Value or other specified valuation of a specified number of shares of
Common Stock on the date the right is exercised over a specified strike price, in each case,
as determined by the Committee.

     “Stock Award” means an award in the form of shares of Common Stock or units denominated
in shares of Common Stock.

     “Subsidiary” means (i) in the case of a corporation, any corporation in which the
Company directly or indirectly owns shares representing more than 50% of the combined voting
power of the shares of all classes or series of capital stock of such corporation which have
the right to vote generally on matters submitted to a vote of the stockholders of such
corporation and (ii) in the case of a partnership or other business entity not organized as
a corporation, any such business entity of which the Company directly or indirectly owns
more than 50% of the voting, capital or profits interests (whether in the form of
partnership interests, membership interests or otherwise).

     4. Eligibility. Employees eligible for Awards under this Plan are those key Employees who hold
positions of responsibility and whose performance, in the judgment of the Committee, can have a
significant effect on the success of the Company and its Subsidiaries. Notwithstanding the
foregoing, Employees that provide services to Subsidiaries that are not considered a single
employer with the Company under Code Section 414(b) or Code Section 414(c) shall not be eligible to
receive Awards which are subject to Code Section 409A until the Subsidiary adopts this Plan as a
participating employer in accordance with Section 20.

     5. Common Stock Available for Awards. Subject to the provisions of paragraph 14 hereof, there
shall be available for Awards under this Plan granted wholly or partly in Common Stock (including
rights or options that may be exercised for or settled in Common Stock) an aggregate number of
shares of Common Stock equal to the lesser of (a) 9,966,003 or (ii) 12% percent of the total number
of shares of Common Stock outstanding from time to time. The number of shares of Common Stock that
are the subject of Awards under this Plan, that are forfeited or terminated, expire unexercised,
are settled in cash in lieu of Common Stock or in a manner such that all or some of the shares
covered by an Award are not issued to a Participant or are exchanged for Awards that do not involve
Common Stock, shall again immediately become available for Awards hereunder. The Committee may from
time to time adopt and observe such procedures concerning the counting of shares against the Plan
maximum as it may deem appropriate. The Board and the appropriate officers of the Company shall
from time to time take whatever actions are necessary to file any required documents with
governmental authorities, stock exchanges and transaction reporting systems to ensure that shares
of Common Stock are available for issuance pursuant to Awards.

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     6. Administration.

     (a) This Plan shall be administered by the Committee.

     (b) Subject to the provisions hereof, the Committee shall have full and exclusive power
and authority to administer this Plan and to take all actions that are specifically
contemplated hereby or are necessary or appropriate in connection with the administration
hereof. The Committee shall also have full and exclusive power to interpret this Plan and to
adopt such rules, regulations and guidelines for carrying out this Plan as it may deem
necessary or proper, all of which powers shall be exercised in the best interests of the
Company and in keeping with the objectives of this Plan. The Committee may, in its
discretion, provide for the extension of the exercisability of an Award, accelerate the
vesting or exercisability of an Award, eliminate or make less restrictive any restrictions
contained in an Award, waive any restrictions or other provision of this Plan or an Award or
otherwise amend or modify an Award in any manner that is either (i) not adverse to the
Participant to whom such Award was granted or (ii) consented to by such Participant;
provided, however, that no such exercise of discretion by the Committee shall cause an Award
to fail to satisfy the requirements of Code Section 409A. The Committee may correct any
defect or supply any omission or reconcile any inconsistency in this Plan or in any Award in
the manner and to the extent the Committee deems necessary or desirable to further the Plan
purposes. Any decision of the Committee in the interpretation and administration of this
Plan shall lie within its sole and absolute discretion and shall be final, conclusive and
binding on all parties concerned.

     (c) No member of the Committee or officer of the Company shall be liable for anything
done by him or her, by any member of the Committee or by any officer of the Company in
connection with the performance of any duties under this Plan, except for his or her own
willful misconduct or as expressly provided by statute.

     7. Delegation of Authority. The Committee may delegate to the Chief Executive Officer and to
other senior officers of the Company its duties under this Plan pursuant to such conditions or
limitations as the Committee may establish.

     8. Awards. The Committee shall determine the type or types of Awards to be made under this
Plan and shall designate from time to time the Employees who are to be the recipients of such
Awards. The Committee shall review and consider the recommendations of the President of the Company
as to such Awards. Awards shall become effective only upon and after approval by the Committee.
Each Award may be embodied in an Award Agreement, which shall contain such terms, conditions and
limitations as shall be determined by the Committee in its sole discretion and shall be signed by
the Participant to whom the Award is made and by an Authorized Officer for and on behalf of the
Company. Awards may consist of those listed in this paragraph 8 hereof and may be granted singly,
in combination or in tandem. Awards may also be made in combination or in tandem with, in
replacement of, or as alternatives to, grants or rights under this Plan or any other employee plan
of the Company or any of its Subsidiaries, including the plan of any acquired entity. Any provision
of this Plan to the contrary notwithstanding, the

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maximum number of shares of Common Stock for which Options and SARs may be granted under the
Plan to any one Employee during a calendar year is 500,000. An Award may provide for the grant or
issuance of additional, replacement or alternative Awards upon the occurrence of specified events,
including the exercise of the original Award granted to a Participant. All or part of an Award may
be subject to conditions established by the Committee, which may include, but are not limited to,
continuous service with the Company and its Subsidiaries, achievement of specific business
objectives, increases in specified indices, attainment of specified growth rates and other
comparable measurements of performance. Upon the termination of employment by a Participant, any
unexercised, deferred, unvested or unpaid Awards shall be treated as set forth in the applicable
Award Agreement.

     (a) Option. An Award may be in the form of an Option. An Option awarded pursuant to
this Plan may consist of an Incentive Option or a Nonqualified Stock Option. The maximum
number of shares of Common Stock with respect to which any Option may be granted to an
Employee hereunder is the number of shares available for Awards, pursuant to paragraph 5
hereof, at the time such Option is granted. Subject to the provisions of this Plan, the
terms, conditions and limitations applicable to any Options awarded pursuant to this Plan,
including the term of any Options and the date or dates upon which they become exercisable,
shall be determined by the Committee.

     (i) Nonqualified Stock Option. A Nonqualified Stock Option may be granted only
to Employees of the Company or a corporation or other entity in a chain of
corporations and/or other entities in which the Company, directly or indirectly, has
a “controlling interest” within the meaning of Treasury Regulation Section
1.414(c)-2(b)(2)(i), but using the threshold of 50% ownership wherever 80% appears.
The price at which shares of Common Stock may be purchased upon the exercise of a
Nonqualified Stock Option shall be such amount as shall be determined by the
Committee, but not less than 100% of the Fair Market Value of the Common Stock on
the date of grant.

     (ii) Incentive Option. An Incentive Option may be granted only to Employees of
the Company or a “subsidiary corporation” of the Company, as such term is defined in
Code Section 424(f). The price at which shares of Common Stock may be purchased upon
the exercise of any Incentive Option shall be not less than 100% of the Fair Market
Value of the Common Stock on the date of grant and such Incentive Option must not be
exercisable after the expiration of ten years from the date such Option is granted,
except that with respect to Incentive Options granted to any Participant who at the
time of such grant owns stock possessing more than 10% of the total combined voting
power of all classes of stock of the Company, the exercise price shall be not less
than 110% of the Fair Market Value of the Common Stock on the date of grant and such
Incentive Option must not be exercisable after the expiration of five years from the
date such Option is granted. To the extent the aggregate Fair Market Value
(determined as of the dates the respective Incentive Options are granted) of Common
Stock with respect to which Incentive Options are exercisable for the first time by
an individual during any calendar year under all incentive stock

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option plans of the Company and its parent and subsidiary corporations exceeds
$100,000, such excess Incentive Options shall be treated as options that do not
constitute Incentive Options.

     (b) Stock Appreciation Right. An Award may be in the form of an SAR. An SAR may be
granted only to Employees of the Company or a corporation or other entity in a chain of
corporations and/or other entities in which the Company, directly or indirectly, has a
“controlling interest” within the meaning of Treasury Regulation Section
1.414(c)-2(b)(2)(i), but using the threshold of 50% ownership wherever 80% appears. The
other terms, conditions and limitations applicable to any SARs awarded pursuant to this
Plan, including the term of any SARs and the date or dates upon which they become
exercisable, shall be determined by the Committee. The exercise price of an SAR shall be
such amount as shall be determined by the Committee, but not less than 100% of the Fair
Market Value of the Common Stock on the date of grant.

     (c) Stock Award. An Award may be in the form of a Stock Award. Stock Awards may be
payable in shares of Common Stock or Restricted Stock. The terms, conditions and
limitations, including any Restriction Period, applicable to any Stock Awards granted
pursuant to this Plan shall be determined by the Committee.

     (d) Cash Award. An Award may be in the form of a Cash Award. The terms, conditions and
limitations applicable to any Cash Awards granted pursuant to this Plan shall be determined
by the Committee.

     (e) Performance Award. Without limiting the type or number of Awards that may be made
under the other provisions of this Plan, an Award may be in the form of a Performance Award.
A Performance Award shall be paid, vested or otherwise deliverable solely on account of the
attainment of one or more pre-established, objective Performance Goals established by the
Committee.

     9. Payment of Awards.

     (a) General. Payment of Awards may be made in the form of cash or Common Stock, or a
combination thereof, and may include such restrictions as the Committee shall determine,
including, in the case of Common Stock, restrictions on transfer and forfeiture provisions.
If payment of an Award is made in the form of Restricted Stock, the Award Agreement relating
to such shares shall specify whether they are to be issued at the beginning or end of the
Restriction Period. In the event that shares of Restricted Stock are to be issued at the
beginning of the Restriction Period, the certificates evidencing such shares (to the extent
that such shares are so evidenced) shall contain appropriate legends and restrictions that
describe the terms and conditions of the restrictions applicable thereto. In the event that
shares of Restricted Stock are to be issued at the end of the Restriction Period, the right
to receive such shares shall be evidenced by book entry registration or in such other manner
as the Committee may determine.

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     (b) Dividends and Interest. Rights to dividends or Dividend Equivalents may be extended
to and made part of any Award consisting of shares of Common Stock or units denominated in
shares of Common Stock, subject to such terms, conditions and restrictions as the Committee
may establish. The Committee may also establish rules and procedures for the crediting of
interest on deferred cash payments and Dividend Equivalents for Awards consisting of shares
of Common Stock or units denominated in shares of Common Stock.

     (c) Substitution of Awards. At the discretion of the Committee, a Participant may be
offered an election to substitute an Award for another Award or Awards of the same or
different type; provided, however, that such substitution shall be effective only to the
extent that it will not cause an Award that is designed to satisfy Section 409A of the Code
to fail to satisfy such section.

     10. Stock Option Exercise. The price at which shares of Common Stock may be purchased under an
Option shall be paid in full at the time of exercise in cash or, if elected by the optionee and to
the extent permitted by the optionee’s Award Agreement, the optionee may purchase such shares by
means of tendering Common Stock or surrendering another Award, including Restricted Stock, valued
at Fair Market Value on the date of exercise, or any combination thereof. The Committee shall
determine acceptable methods for Participants to tender Common Stock or other Awards. The Committee
may provide for procedures to permit the exercise or purchase of such Awards by use of the proceeds
to be received from the sale of Common Stock issuable pursuant to an Award. Unless otherwise
provided in the applicable Award Agreement, in the event shares of Restricted Stock are tendered as
consideration for the exercise of an Option, a number of the shares issued upon the exercise of the
Option, equal to the number of shares of Restricted Stock used as consideration therefor, shall be
subject to the same restrictions as the Restricted Stock so submitted as well as any additional
restrictions that may be imposed by the Committee. In addition, the Committee, at its sole
discretion, may provide for loans, on either a short-term or demand basis, from the Company to a
Participant to permit the payment of the exercise price of an Option.

     11. Tax Withholding. The Company shall have the right to deduct applicable taxes from any
Award payment and withhold, at the time of delivery or vesting of cash or shares of Common Stock
under this Plan, an appropriate amount of cash or number of shares of Common Stock or a combination
thereof for payment of taxes required by law or to take such other action as may be necessary in
the opinion of the Company to satisfy all obligations for withholding of such taxes, including,
withholding from other amounts payable to or with respect to the Participant by the Company. The
Committee may also permit withholding to be satisfied by the transfer to the Company of shares of
Common Stock theretofore owned by the holder of the Award with respect to which withholding is
required. If shares of Common Stock are used to satisfy tax withholding, such shares shall be
valued based on the Fair Market Value when the tax withholding is required to be made. The
Committee may provide for loans, on either a short-term or demand basis, from the Company to a
Participant to permit the payment of taxes required by law.

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     12. Amendment, Modification, Suspension or Termination. The Board may amend, modify, suspend
or terminate this Plan for the purpose of meeting or addressing any changes in legal requirements
or for any other purpose permitted by law, except that no amendment or alteration that would
adversely affect the rights of any Participant under any Award previously granted to such
Participant shall be made without the consent of such Participant.

     13. Transferability.

     (a) Except as provided in subsection (c) below, an Option shall be exercisable only by
the Participant during the Participant’s lifetime, or by the person to whom the
Participant’s rights shall pass by will or the laws of descent and distribution.

     (b) Except as provided in subsection (c) below, no Award and no right under any such
Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by a Participant and any such purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance shall be void and unenforceable against the
Company.

     (c) Except as otherwise provided in the Award Agreement and subject to the consent of
the Committee, a Nonqualified Stock Option may be transferred by a Participant without
consideration to immediate family members or related family trusts, limited partnerships or
similar entities on such terms and conditions as the Committee may from time to time
establish.

     14. Adjustments.

     (a) The existence of outstanding Awards shall not affect in any manner the right or
power of the Company or its stockholders to make or authorize any or all adjustments,
recapitalizations, reorganizations or other changes in the capital stock of the Company or
its business or any merger or consolidation of the Company, or any issue of bonds,
debentures, preferred or prior preference stock (whether or not such issue is prior to, on a
parity with or junior to the Common Stock) or the dissolution or liquidation of the Company,
or any sale or transfer of all or any part of its assets or business, or any other corporate
act or proceeding of any kind, whether or not of a character similar to that of the acts or
proceedings enumerated above.

     (b) In the event of any subdivision or consolidation of outstanding shares of Common
Stock, declaration of a dividend payable in shares of Common Stock or other stock split,
then (i) the number of shares of Common Stock reserved under this Plan, (ii) the number of
shares of Common Stock covered by outstanding Awards in the form of Common Stock or units
denominated in Common Stock, (iii) the exercise or other price in respect of such Awards and
(iv) the appropriate Fair Market Value and other price determinations for such Awards shall
each be proportionately and equitably adjusted by the Board to reflect such transaction. In
the event of any other recapitalization or capital reorganization of the Company, any
consolidation or merger of the Company with another corporation or entity, the adoption by
the Company of any

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plan of exchange affecting the Common Stock or any distribution to holders of Common
Stock of securities or property (other than normal cash dividends or dividends payable in
Common Stock), the Board shall make appropriate and equitable adjustments to (i) the number
of shares of Common Stock covered by Awards in the form of Common Stock or units denominated
in Common Stock, (ii) the exercise or other price in respect of such Awards and (iii) the
appropriate Fair Market Value and other price determinations for such Awards, to give effect
to such transaction; provided that such adjustments shall only be such as are necessary to
maintain the proportionate interest of the holders of the Awards and preserve, without
exceeding, the value of such Awards. In the event of a corporate merger, consolidation,
acquisition of property or stock, separation, reorganization or liquidation, the Board shall
be authorized to issue or assume Awards by means of substitution of new Awards, as
appropriate, for previously issued Awards or to assume previously issued Awards as part of
such adjustment. Notwithstanding the foregoing, outstanding Incentive Options shall be
adjusted only in accordance with Sections 422 and 424 of the Code and the regulations
thereunder, and outstanding Nonqualified Stock Options and SARs shall be adjusted only in
accordance with Section 409A of the Code and the regulations thereunder.

     15. Restrictions. No Common Stock or other form of payment shall be issued with respect to any
Award unless the Company shall be satisfied based on the advice of its counsel that such issuance
will be in compliance with applicable federal and state securities laws. Certificates evidencing
shares of Common Stock delivered under this Plan (to the extent that such shares are so evidenced)
may be subject to such stop transfer orders and other restrictions as the Committee may deem
advisable under the rules, regulations and other requirements of the Securities and Exchange
Commission, any securities exchange or transaction reporting system upon which the Common Stock is
then listed or to which it is admitted for quotation and any applicable federal or state securities
law. The Committee may cause a legend or legends to be placed upon such certificates (if any) to
make appropriate reference to such restrictions.

     16. Unfunded Plan. Insofar as it provides for Awards of cash, Common Stock or rights
thereto, this Plan shall be unfunded. Although bookkeeping accounts may be established with respect
to Participants who are entitled to cash, Common Stock or rights thereto under this Plan, any such
accounts shall be used merely as a bookkeeping convenience. The Company shall not be required to
segregate any assets that may at any time be represented by cash, Common Stock or rights thereto,
nor shall this Plan be construed as providing for such segregation, nor shall the Company, the
Board, the Committee or any officer or other employee of the Company be deemed to be a trustee of
any cash, Common Stock or rights thereto to be granted under this Plan. Any liability or obligation
of the Company to any Participant with respect to an Award of cash, Common Stock or rights thereto
under this Plan shall be based solely upon any contractual obligations that may be created by this
Plan and any Award Agreement, and no such liability or obligation of the Company shall be deemed to
be secured by any pledge or other encumbrance on any property of the Company. None of the Company,
the Board, the Committee or any other officer or other employee of the Company shall be required to
give any security or bond for the performance of any obligation that may be created by this Plan.

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     17. Governing Law. This Plan and all determinations made and actions taken pursuant hereto, to
the extent not otherwise governed by mandatory provisions of the Code or the securities laws of the
United States, shall be governed by and construed in accordance with the laws of the State of
Delaware.

     18. Effectiveness. This Plan shall be effective as of February 26, 1997, (the “Effective
Date”), the date on which it was approved by the Board of Directors of the Company. Notwithstanding
the foregoing, the ability of the Company to issue any Incentive Options under this Plan is
expressly conditioned upon the approval of the Plan by the holders of a majority of shares of
Common Stock before the first anniversary of the Effective Date. If the Stockholders of the Company
should fail to so approve this Plan prior to such date, the Company’s ability to issue Incentive
Options under this Plan shall terminate and cease to be of any further force or effect and any and
all grants of Incentive Options hereunder shall be null and void.

     19. Code Section 409A. Notwithstanding any other provision of the Plan to the contrary, any
Award subject to Code Section 409A is intended to satisfy the application of Code Section 409A to
the Award and the terms of the Award shall be interpreted in a manner consistent with such intent.

     20. Adoption by Subsidiaries. With the consent of the Committee, any Subsidiary that is not
considered a single employer with the Company under Code Section 414(b) or Code Section 414(c) may
adopt the Plan for the benefit of its Employees by written instrument delivered to the Committee
before the grant to such Subsidiary’s Employees under the Plan of any Award subject to Code Section
409A.

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Exhibit 10.6#

EMPLOYMENT AGREEMENT

     This Employment Agreement (this “Agreement”) is effective as of the 28th day of June, 2009,
and is made by and between PREMIER EXHIBITIONS, INC., a Florida corporation (the “Company”), and
John A. Stone (the “Executive”).

WITNESSETH:

     WHEREAS, the Company desires to employ the Executive in accordance with the terms and
conditions contained in this Agreement; and

     WHEREAS, the Executive desires to accept such employment and to render his services in
accordance with the terms and conditions contained in this Agreement; and

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

     1. Term of Employment

          (a) Offer/Acceptance/Effective Date. The Company hereby offers employment to the
Executive, and the Executive hereby accepts employment with the Company, subject to the terms and
conditions set forth in this Agreement.

          (b) Term. The term of this Agreement shall commence as of the date referenced above
(the “Effective Date”) and shall remain in effect until the date that is one (1) year after the
Effective Date (the “Initial Term”). Unless either party notifies the other party, at least 45
days prior to the end of the Initial Term that it does not wish to renew the employment term beyond
the end of the Initial Term, the term of the Executive’s employment will automatically renew for
successive one-year “Renewal Terms” unless and until either party, at least 45 days prior to the
end of the then current Renewal Term, elects not to renew the employment term beyond the end of the
then current Renewal Term. Notwithstanding the foregoing, Section 5 of this Agreement discusses
circumstances under which the Executive’s employment may be terminated either by the Executive
himself or by the Company other than for non-renewal of the employment term as provided in this
Section 1(b). As used in this Agreement, “Term” refers to the entire term of the Executive’s
employment under this Agreement.

     2. Duties.

          (a) General Duties. The Executive shall serve as the Company’s Chief Financial
Officer, reporting directly to the Chief Executive Officer. The Executive shall perform duties that
are customary for a Chief Financial Officer in the Company’s industry and shall perform any
additional duties that are assigned to him by The Company’s Chief Executive
Officer and Board of Directors (the “Board”) from time to time. Without limiting the
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of the foregoing, the Executive shall be responsible for managing and overseeing the
Company’s financial affairs.

          (b) Best Efforts. The Executive shall: (a) conduct himself at all times with
integrity and in an ethical manner; (b) devote substantially all of his effort, working time,
energy, and skill (vacations and absences due to illness excepted) to the duties of his employment;
(c) perform his duties faithfully, loyally, and industriously, and in a manner that accords with
the fiduciary relationship that a senior executive officer owes to his employer, and (d) follow and
implement diligently all lawful management policies and decisions of the Company.

          (c) Location of Employment. The Executive shall work at the Company’s headquarters
located at 3340 Peachtree Road, NE, Suite 2250, Atlanta, GA 30326, or wherever the Company’s
headquarters shall move from time to time.

     3. Compensation and Expenses.

          (a) Base Salary. For the services of the Executive to be rendered by him under this
Agreement, the Company will pay the Executive an annual base salary of two hundred and twenty
thousand dollars ($220,000) (the “Base Salary”). The Company shall pay the Executive his Base
Salary in equal installments no less than semi-monthly.

          (b) Performance Bonus. The Executive shall be eligible to be considered for annual
performance awards consistent with incentive compensation programs established by the Board for
senior executives. Such awards may take the form of cash bonuses, stock option grants or grants of
restricted stock at the discretion of the Board. Nothing in this Agreement shall be interpreted to
convey that a performance bonus or other award of cash, option or stock is guaranteed to the
Executive under the terms of this Agreement; all such awards shall be made in the sole discretion
of the Board.

          (c) Expenses. In addition to any compensation received pursuant to this Section 3,
the Company shall reimburse the Executive for all reasonable, ordinary and necessary travel,
entertainment and approved office expenses incurred in connection with the performance of his
duties under this Agreement, provided that the Executive properly accounts for such expenses to the
Company in accordance with the Company’s policies and practices.

          (d) Restricted Stock. As of the Effective Date, the Company shall grant the Executive
seventy-five thousand (75,000) shares of the common stock of the Company, which shares shall be
restricted (the “Restricted Stock”). The Restricted Stock shall vest, subject to the Executive’s
continued employment in good-standing with the Company through the applicable vesting date, as
follows: one-third on the first year anniversary date of the start of the Term; one-third on the
second year anniversary date of the start of the Term; and one-third on the third year anniversary
date of the start of the Term. The Restricted Stock shall be represented by a restricted stock
agreement, the terms of which shall be consistent with this subsection, and shall contain such
other terms as are consistent with the Company’s award of restricted stock to other senior
executives of the Company.

2

 

     4. Benefits.

          (a) Personal Days. For each calendar year during the Term, the Executive shall be
entitled to six paid personal days. Unused paid personal days will not carryover from calendar
year to calendar year. Accrued but unused paid personal days will not be paid upon termination of
this Agreement.

          (b) Vacation. For each calendar year during the Term, the Executive shall be entitled
to three weeks of vacation without loss of compensation or other benefits to which he is entitled
under this Agreement. The Executive shall take his vacation at such times as the Executive may
select and as the affairs of the Company may permit. Unused vacation time will not carryover from
calendar year to calendar year. Accrued but unused vacation time will be paid upon termination of
this Agreement.

          (c) Employee Benefit Programs. In addition to the compensation to which the Executive
is eligible pursuant to the provisions of Section 3 above, during the Term the Executive will be
entitled to participate in any stock option plan, stock purchase plan, pension or retirement plan,
and insurance or other employee benefit plan that is maintained at that time by the Company for its
senior executive employees, including programs of life, disability, basic medical and dental, and
supplemental medical and dental insurance. Executive’s coverage under all such medical and dental
insurance shall be in effect as of the Effective Date. Any such participation is subject in all
respect to the terms and conditions of such plans and programs.

     5. Termination.

          (a) Termination for Cause. The Company may terminate the Executive’s employment
pursuant to this Agreement for “Cause” upon the occurrence of any of the following events: (i)
Executive’s failure to substantially perform Executive’s employment duties and/or the duties and
obligations outlined in this Agreement (other than any such failure resulting from Executive’s
incapacity due to physical or mental illness) which are demonstrably willful and deliberate on
Executive’s part and which are not remedied in a reasonable period of time after receipt of written
notice from the Company; or (ii) conviction of, or a plea of guilty or no contest by, Executive to
a crime that constitutes a felony involving moral turpitude. No act or failure to act on the part
of Executive shall be considered “willful” unless it is done, or omitted to be done, by Executive
in bad faith or without reasonable belief that Executive’s action or omission was in the best
interests of the Company.

     In the event the Company intends to terminate the Executive’s employment for Cause, the
Company shall provide the Executive with written notice specifying the particular act or acts, or
failure to act, which is or are the basis for the Company’s decision to so terminate the
Executive’s employment for Cause. Except in the case of a violation of Section 6 of this
Agreement, the Company shall give Executive 30 days after such notice to correct such act or
failure to act. Upon failure of the Executive, within such 30 day period, to correct such act or
failure to act to the Company’s satisfaction, the Company may proceed to terminate his employment.

3

 

     Upon any termination for Cause, the Executive shall have no right to compensation, bonus,
severance, or other reimbursement pursuant to this Agreement or otherwise, except that the
Executive shall be entitled to all compensation and benefits that have accrued, except for accrued
but unused personal time, and all restricted stock that has vested as of the effective date of
termination.

          (b) Death. This Agreement and the Company’s obligations hereunder will terminate upon
the death of the Executive. Upon the termination of this Agreement due to the death of the
Executive, the Company will pay the Executive’s legal representative the Base Salary (which may
include any accrued but unused vacation time) at such time pursuant to Section 3(a) through the
date of such termination of employment, plus any other compensation that may be due and unpaid.

          (c) Disability. This Agreement and the Company’s obligations hereunder will terminate
upon the disability of the Executive. For purposes of this Section 5(c), “disability” shall mean
that for a period of six months in any 12-month period, the Executive is incapable of substantially
fulfilling the duties set forth in this Agreement because of physical, mental or emotional
incapacity resulting from injury, sickness or disease as determined by an independent physician
mutually acceptable to the Company and the Executive. Upon the termination of this Agreement due
to the disability of the Executive, the Company will pay the Executive or his legal representative,
as the case may be, the Base Salary (which may include any accrued but unused vacation time) at
such time pursuant to Section 3(a) through the date of such termination of employment (or, if the
Company has a disability policy in effect at the time of termination, until the date upon which
such disability policy begins payment of benefits, subject to Section 12(e) below), plus any other
compensation that may be due and unpaid.

          (d) Termination without Cause or by the Executive for Good Reason. Upon 30 days prior
written notice to the Executive, the Company may terminate the Executive’s employment hereunder for
any reason other than “for Cause”. Upon 30 days prior written notice to the Company, the Executive
may terminate his employment hereunder with the Company for “Good Reason” (as defined below in (e)
and subject to the Company’s right to cure as also provided in (e)). In either such event, the
following terms and conditions shall apply: (i) except as provided for in subsections (v), (vi),
(vii) and (viii) below, Executive shall receive four (4) months of his Base Salary paid in
accordance with the Company’s standard payroll practices; (ii) if Executive is terminated before
the first anniversary date of the Term, one-third of his Restricted Stock shall vest immediately;
(iii) if Executive is terminated after the first anniversary date of the Term but before the second
anniversary date of the term, one-third of his Restricted Stock that was scheduled to vest on the
second anniversary date of the Term shall vest immediately; (iv) if Executive is terminated after
the second anniversary date of the Term but before the third anniversary date of the term,
one-third of his Restricted Stock that was scheduled to vest on the third anniversary date of the
Term shall vest immediately; (v) if the Company replaces the Chief Executive Officer during the
Initial Term and Executive is terminated within ninety (90) days of commencement of the new Chief
Executive Officer’s term, Executive shall not be entitled to any Base Salary (other than accrued
but unpaid Base Salary) but all Restricted Stock, and any other equity awards in the form of
Restricted Stock or stock options granted to
the executive, not yet vested shall vest immediately; (vi) if the Company replaces the Chief

4

 

Executive Officer after the Initial Term but prior to the third anniversary of the Effective Date
and Executive is terminated within ninety (90) days of commencement of the new Chief Executive
Officer’s term, Executive shall be entitled to four (4) months Base Salary and all Restricted
Stock, and any other equity awards in the form of Restricted Stock or stock options granted to the
executive, not yet vested shall vest immediately; (vii) if the Company is sold during the Initial
Term and Executive is terminated within one-hundred and eighty (180) days of the “Sale,” all
Restricted Stock, and any other equity awards in the form of Restricted Stock or stock options
granted to the Executive, not yet vested shall vest immediately; (viii) if the Company is sold
during after the Initial Term but prior to the third anniversary of the Effective Date and
Executive is terminated within one-hundred and eighty (180) days of the “Sale,” Executive shall be
entitled to four (4) months Base Salary and all Restricted Stock, and any other equity awards in
the form of Restricted Stock or stock options granted to the executive, not yet vested shall vest
immediately. For purposes sections (vii) and (viii), “Sale” of the Company shall mean any sale or
merger of the Company in which the shareholders of the Company just prior to the sale or merger
sell more than fifty-percent (50%) of the outstanding shares of common stock of the Company or
substantially all of the assets of the Company are sold, with “substantially all” meaning any
transaction that would reduce the gross revenues of the Company by more than fifty-percent (50%) to
an unrelated third-party in an arms-length negotiated transaction for fair value. To the extent
required by Section 409A of the Internal Revenue Code, any lump sum payment payable to Executive
under this section shall be made on the date that is six months following the date of the
termination, or as soon as administratively practicable thereafter, but in no event later than 90
days thereafter.

          (e) “Good Reason” means and shall be deemed to exist if, without the Executive’s prior
consent, (a) the Executive suffers a material diminution in the duties, responsibilities or
effective authority associated with his titles and positions; (b) a reduction by the Company of the
Executive’s Base Salary below the amount set in Section 3(a); or (c) the Company without just cause
fails to pay the Executive’s accrued compensation or to provide for the Executive’s accrued
benefits when due. The Executive is required to provide notice of the Good Reason within 90 days of
its occurrence. In the event the Executive intends to terminate his employment with the Company for
Good Reason, his prior written notice shall specify the particular act or acts, or failure to act,
which is or are the basis for the Executive’s decision to so terminate his employment for Good
Reason. The Company shall be given 30 days after such notice to correct such act or failure to
act. Upon failure of the Company, within such 30 day period, to correct such act or failure to
act, the Executive may proceed to terminate his employment with the Company. However, in no event
shall the Executive be entitled to terminate this Agreement under this subsection (e) during the
Initial Term.

          (f) Termination Without Good Reason. Upon 30 days prior written notice to the
Company, the Executive shall have the right to terminate his employment hereunder without Good
Reason or any reason at all. In such event, the Executive shall be entitled to: (a) any Base
Salary earned but unpaid through the date of termination; (b) payment of any unpaid expense
reimbursements and unused accrued vacation days through the date of termination; and (c) any other
vested payments and/or benefits, including the restricted stock, to which the Executive is
entitled to receive under this Agreement or otherwise in accordance with the terms of any
applicable benefit plan or arrangement.

5

 

          (g) Expiration of Term. Expiration of the Term because one or the other party elects not to
renew the employment relationship beyond the Initial Term or the then-current Renewal Term does not
constitute an early termination of the employment relationship for severance purposes. In such an
event, the Executive shall have no right to compensation, bonus, severance, or other reimbursement
pursuant to this Agreement or otherwise, except that the Executive shall be entitled to all
compensation and benefits that have accrued, except for accrued but unused personal time, and all
restricted stock that has vested as of the effective date of termination.

     6. Restrictive Covenants.

          (a) Acknowledgments. The Executive and the Company agree that the Executive is being
employed in an important fiduciary capacity with the Company and that the Company is engaged in a
highly competitive business. The Executive and the Company further agree that it is appropriate to
place reasonable limits as set forth herein on his ability to compete with the Company to protect
and preserve the legitimate business interests and goodwill of the Company.

          (b) General Restrictions.

               (i) For purposes of this Agreement, “Restricted Period” shall mean the Term together with a
period of twelve (12) months after the effective date the Executive’s employment with the Company
ends, regardless of the reason. A business shall be considered “Competitive with the Company” if
it offers products or services that are substantially similar to those being provided by the
Company as of the Effective Date of this Agreement, or if it offers products or services that are
otherwise directly competitive with or substitutable for the Company’s products and services as of
the Effective Date.

               (ii) During the Restricted Period, the Executive will not engage or participate in or finance
(or take active steps to prepare to engage or participate in or finance, or to accept an offer of
employment or a contractual relationship to engage or participate in or finance), directly or
indirectly, as principal, agent, employee, employer, consultant, investor or partner, or assist in
the management of, or own any stock or any other ownership interest in, any business that is
Competitive with the Company. After the end of the Term, the covenant in this Section shall
restrict the Executive’s conduct only within a fifty (50) mile radius of Atlanta, Georgia (the
“Restricted Territory”). Notwithstanding the foregoing, the ownership of not more than five
percent (5%) of the outstanding securities of any company listed on any public exchange or
regularly traded in the over-the-counter market, assuming the Executive’s involvement with any such
company is solely that of a security holder, shall not constitute a violation of this Section.

     (c) Non-Solicitation Covenants.

               (i) During the Restricted Period, the Executive will not directly or indirectly, for himself
or on behalf of another, solicit, or attempt to solicit, any officer, member,

6

 

manager, contractor,
consultant, executive or employee of the Company to leave, terminate or minimize his engagement or
relationship with the Company or to accept employment or an engagement or relationship elsewhere if
so accepting would involve leaving, terminating or minimizing his or her employment, engagement or
contractual relationship with the Company.

     (ii) During the Restricted Period, the Executive will not directly or indirectly, for himself
or on behalf of another, solicit, or attempt to solicit, any of the Company’s customers or clients,
or any of the Company’s prospective customers or clients that the Executive knew were being
targeted by the Company during the Term. Notwithstanding the foregoing, after the end of the Term
the restriction in this Section shall apply only to customers or suppliers or prospects with whom
the Executive had material contact during the Term and nothing in this subparagraph (ii) shall be
deemed to prohibit the Executive from calling upon or soliciting a customer or supplier if such
action relates solely to a business which is not Competitive with the Company. For purposes of this
Section, “material contact” with a customer, supplier or prospect includes (A) direct personal
contact with such parties, (B) direct supervision of other employees or personnel of the Company
who have direct personal contact with such parties, or (C) substantial knowledge of non-public
information about the Company’s business relationship with or business strategies with respect to
such parties.

          (d) Notice to Future Employers. If the Executive leaves the employ of the Company
for any reason, (i) the Executive shall, during the Restricted Period, inform any subsequent
employers or business partners of the existence and provisions of Section of this Agreement and, if
requested, provide a copy of such section to such employer or business partner, and (ii) the
Company may, during the Restricted Period, notify any future employer or business partner of the
Executive of the existence and provisions of such section of this Agreement.

          (e) THE EXECUTIVE REPRESENTS AND WARRANTS THAT THE KNOWLEDGE, SKILLS AND ABILITIES HE
POSSESSES AT THE TIME OF COMMENCEMENT OF HIS EMPLOYMENT HEREUNDER ARE SUFFICIENT TO PERMIT HIM, IN
THE EVENT OF TERMINATION OF HIS EMPLOYMENT HEREUNDER, TO EARN A LIVELIHOOD SATISFACTORY TO HIMSELF
WITHOUT VIOLATING ANY PROVISION OF THIS AGREEMENT, FOR EXAMPLE, BY USING SUCH KNOWLEDGE, SKILLS AND
ABILITIES, OR SOME OF THEM, IN THE SERVICE OF A NON-COMPETITOR.

          (f) Disclosure of Confidential Information. The Executive acknowledges that during
his employment with the Company he will gain and have access to confidential information regarding
the Company and its subsidiaries and affiliates. The Executive acknowledges that such confidential
information as acquired and used by the Company or any of its subsidiaries or affiliates
constitutes a special, valuable and unique asset in which the Company or any of its subsidiaries or
affiliates, as the case may be, holds a legitimate business interest. All records, files,
materials, methods of operation, trade secrets, customer information,
personnel information and other confidential information (the “Confidential Information”) obtained
by the Executive in the course of his employment with the Company shall be deemed

7

 

confidential and
proprietary and shall remain the exclusive property of the Company or any of its subsidiaries or
affiliates, as the case may be. The Executive will not, except in connection with and as required
by his performance of his duties under this Agreement (or as required by law or by legal process
such as subpoena, etc.), for any reason use for his own benefit or the benefit of any person or
entity with which he may be associated, disclose any Confidential Information to any person, firm,
corporation, association or other entity for any reason or purpose whatsoever without the prior
consent of the Board of Directors of the Company, unless such information previously shall have
become public knowledge through no action by or omission of the Executive. All tangible
Confidential Information must be returned to the Company upon the termination of this Agreement.
Confidential Information shall not be deemed to include any contract, draft or other template legal
form in the Executive’s possession prior to having been employed by the Company. Except as to
trade secrets, this restrictive covenant will survive for two (2) years following the termination
of this Agreement. This restrictive covenant has no time limit as it relates to trade secrets.

          (g) Enforcement of Restrictions. The parties hereby agree that any violation by the
Executive of the covenants contained in this Section will likely cause irreparable damage to the
Company or its subsidiaries and affiliates and may, as a matter of course, be restrained by process
issued out of a court of competent jurisdiction, in addition to any other remedies provided by law.

          (h) Special Severability. The terms and provisions of this Section are intended to be
separate and divisible provisions and if, for any reason, any one or more of them is held to be
invalid or unenforceable, neither the validity nor the enforceability of any other provision of
this Agreement shall thereby be affected. It is the intention of the parties to this Agreement that
the potential restrictions on the Executive’s future employment imposed by this Section be
reasonable in both duration and geographic scope and in all other respects. If for any reason any
court of competent jurisdiction shall find any provisions of this Section unreasonable in duration
or geographic scope or otherwise, the Executive and the Company agree that the restrictions and
prohibitions contained herein shall be effective to the fullest extent allowed under applicable law
in such jurisdiction.

     7. Assignability. The rights and obligations of the Company under this Agreement
shall inure to the benefit of and be binding upon the successors and assigns of the Company,
provided that such successor or assign shall acquire all or substantially all of the assets and
business of the Company.

     8. Indemnification and Insurance

          (a) Indemnification. The Company shall indemnify and hold harmless Executive from,
against and in respect of any and all losses arising out of or relating to the performance of the
Executive’s services (including, without limitation, attorneys’ fees and expenses);
provided, however, the Company shall have no obligation under this Section 8 to
indemnify Executive for any losses to the extent that such losses (i) are determined by a
court of competent jurisdiction in a final judgment or (ii) are determined by arbitration, pursuant
to

8

 

Section 11 of this Agreement, to have resulted from (A) the gross negligence or willful
misconduct of Executive in the performance of Executive’s employment duties and/or the duties and
obligations outlined in this Agreement, (B) any violation of law by Executive in the performance of
Executive’s employment duties and/or the duties and obligations outlined in this Agreement, or (C)
breach of the terms of this Agreement by Executive.

          (b) Insurance. The Company shall cause Executive to be covered under the Company’s
directors and officers liability insurance policy upon a basis consistent with the Company’s
similarly situated executive officers, subject to and on a basis consistent with the terms and
conditions of such directors and officers liability insurance policy.

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

     10. Notice. Notices given pursuant to the provisions of this Agreement shall be sent
by certified mail, postage prepaid, or by overnight courier, or telecopier to the following
addresses:

	 	 	 	 	 	 	 
	 

	 	To the Company:
	 	Chris Davino	 	 
	 

	 	 	 	3340 Peachtree Road, NE	 	 
	 

	 	 	 	Suite 2250	 	 
	 

	 	 	 	Atlanta, GA 30326	 	 
	 
	 	 	 	 	 	 
	 

	 	To the Executive:
	 	John A. Stone	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 

     Either party may, from time to time, designate any other address to which any such notice to
it or him shall be sent. Any such notice shall be deemed to have been delivered upon the earlier
of actual receipt or four days after deposit in the mail, if by certified mail.

     11. Arbitration.

          (a) Any dispute between the parties under this Agreement, or any dispute between the parties
relating to the breach of this Agreement, the Executive’s employment with Company, or the
termination thereof, will be resolved (except as provided below) through informal arbitration by an
arbitrator, who is licensed to practice law in some jurisdiction in the United States of America,
and who is selected under the rules of the American Arbitration
Association. The arbitration will be conducted under the rules of said Association which are
applicable to employment disputes, to the extent they do not conflict with this Agreement.

9

 

          (b) The arbitrator will have the right only to interpret and apply the provisions of this
Agreement and may not change any of its provisions. The determination of the arbitrator will be
conclusive and binding upon the parties and judgment upon the same may be entered in any court
having jurisdiction thereof. The arbitrator will give written notice to the parties stating his,
her or its determination, and will furnish to each party a signed copy of such determination.

          (c) The expenses of arbitration will be borne equally by the Executive and the Company, and
each party will bear its own costs, including attorneys’ fees; provided, however, that the
arbitrator shall have the power to award such expenses and costs, including attorneys’ fees, to the
prevailing party in accordance with applicable law. The arbitrator shall also have the power to
require the Company, at the beginning of the proceedings, to fully or partially reimburse (or
provide an advance to) the Executive for the expenses of arbitration (but not for costs, including
attorneys’ fees) in the event the Executive can demonstrate that the amount of the expenses of
arbitration is an unreasonable impediment to adjudication of his claims in arbitration. If the
arbitrator awards a monetary amount to either party in excess of $1,000,000, the party against whom
the award was made may seek judicial resolution of the dispute under a de novo standard before any
court with appropriate jurisdiction over the matter.

          (d) Notwithstanding the foregoing, the Company will not be required to seek or participate in
arbitration regarding any breach by the Executive of his obligations under Section 6 hereof, but
may pursue its remedies for such breach in a court of competent jurisdiction in state or federal
courts located in the State of Georgia. Any arbitration or action pursuant to this Section 11 will
be governed by and construed in accordance with the substantive laws of the State of Georgia,
without giving effect to the principles of conflict of laws of such State.

     12. Miscellaneous.

          (a) Governing Law, Venue. The provisions of this Agreement will be governed by and
construed in accordance with the laws of the State of Georgia without giving effect to the
principles of conflict of laws of such State.. The Executive agrees that the state and federal
courts located in the State of Georgia shall have jurisdiction in any action, suit, or proceeding
against the Executive based on or arising out of this Agreement and the Executive hereby: (a)
submits to the personal jurisdiction of such courts; (b) consents to service of process in
connection with any action, suit or proceeding against the Executive; and (c) waives any other
requirement (whether imposed by statute, rule of court or otherwise) with respect to personal
jurisdiction, venue, or service of process.

          (b) Waiver/Amendment. The waiver by any party to this Agreement of a breach of any
provision hereof by any other party shall not be construed as a waiver of any subsequent breach by
any party. No provision of this Agreement may be terminated, amended, supplemented, waived or
modified other than by an instrument in writing signed by the party
against whom the enforcement of the termination, amendment, supplement, waiver or modification is
sought.

10

 

          (c) Entire Agreement. This Agreement represents the entire agreement between the
parties with respect to the subject matter hereof and replaces and supersedes any prior agreements
or understandings.

          (d) Facsimiles/PDF’s/Counterparts. This Agreement may be executed in counterparts,
all of which shall constitute one and the same instrument. Facsimile copies and electronic
Portable Document Format files of executed signature pages transmitted by electronic mail will be
deemed original for all purposes.

          (e) Section 409A of the Code. This Agreement and the benefits provided hereunder are
intended to be exempt from or to comply with the requirements of Section 409A of the Internal
Revenue Code of 1986, as amended, and Treasury regulations and other applicable guidance issued by
the Treasury Department or Internal Revenue Service thereunder (collectively, “Section 409A”), and
shall be interpreted and administered consistent with such intent. To the extent required for
compliance with the requirements of Section 409A, references in this Agreement to a termination of
employment shall mean a “separation of service” with the meaning of Section 409A. Notwithstanding
the terms of Section 3, Section 4 or Section 5 of this Agreement, to the extent the Executive is a
“specified employee” (as defined by Section 409A) at the time of termination of employment and a
payment or provision of a benefit is required to be delayed by six months pursuant to Section 409A,
distribution shall be made no earlier than the six-month anniversary of termination of employment.

          (f) Withholding. The Company may withhold from any amounts payable under this
Agreement such federal, state or local income taxes to the extent the same are required to be
withheld pursuant to any applicable law or regulation.

          (g) Captions. The captions of this Agreement are not part of the provisions hereof
and shall have no force or effect.

          (h) Survivorship. The respective rights and obligations of the parties hereunder
shall survive any termination of this Agreement or the Executive’s Term hereunder for any reason to
the extent necessary to the intended provision of such rights and the intended performance of such
obligations.

11

 

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

	 	 	 	 	 
	 	 	COMPANY:
	 
	 	 	 	 
	 	 	PREMIER EXHIBITIONS, INC.
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Christopher J. Davino
	 

	 	Its:
	 	 
 President
and Chief Executive Officer
	 
	 	 	 	 
	 	 	EXECUTIVE:
	 
	 	 	 	 
	 	 	/s/ John A. Stone
	 	 	  
	 	 	John A. Stone

12

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