<SEC-DOCUMENT>0001654954-18-009943.txt : 20180907
<SEC-HEADER>0001654954-18-009943.hdr.sgml : 20180907
<ACCEPTANCE-DATETIME>20180907090050
ACCESSION NUMBER:		0001654954-18-009943
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20180906
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180907
DATE AS OF CHANGE:		20180907

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Level Brands, Inc.
		CENTRAL INDEX KEY:			0001644903
		STANDARD INDUSTRIAL CLASSIFICATION:	PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS [2844]
		IRS NUMBER:				473414576
		STATE OF INCORPORATION:			NC
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38299
		FILM NUMBER:		181058956

	BUSINESS ADDRESS:	
		STREET 1:		4521 SHARON ROAD
		STREET 2:		SUITE 450
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28211
		BUSINESS PHONE:		704-807-4032

	MAIL ADDRESS:	
		STREET 1:		4521 SHARON ROAD
		STREET 2:		SUITE 450
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28211

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	LEVEL BEAUTY GROUP, INC.
		DATE OF NAME CHANGE:	20150611
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>levb_8k.htm
<DESCRIPTION>CURRENT REPORT
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UNITED STATES</font></div>
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SECURITIES AND EXCHANGE COMMISSION</font></div>
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FORM 8-K</font></div>
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CURRENT REPORT</font></div>
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Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934</font></div>
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Date of Report (Date of earliest event reported)</font>
<font style="text-decoration: underline">September 6,
2018</font></font></div>
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LEVEL BRANDS, INC.</font></div>
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North Carolina</font></div>
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001-38299</font></div>
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47-3414576</font></div>
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4521 Sharon Road, Suite 450, Charlotte, NC 28211</font></div>
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Indicate by check mark whether the registrant is an emerging growth
company as defined in in Rule 405 of the Securities Act of 1933
(</font>&#xA7;230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (&#xA7;240.12b-2 of this
chapter)<font style="color: #000000">.</font></font></div>
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emerging growth company, indicate by checkmark if the registrant
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 13(a) of the Exchange
Act.&#xA0;&#x2610;</font></div>
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<div style="text-align: left; margin-left: 0px; text-indent: 0px; margin-right: 0px;"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
5.02&#xA0;&#xA0;&#xA0; Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">On
September 6, 2018 Level Brands, Inc. entered into an Employment
Agreement with Martin A. Sumichrast, our Chief Executive Officer,
and an Employment Agreement with Mr. Mark S. Elliott, our Chief
Financial Officer and Chief Operating Officer. The agreements
replace the prior employment agreements with each of Martin A.
Sumichrast and Mr. Mark S. Elliott (each an
&#x201C;Executive&#x201D;) which had expired per their terms. Under
the terms of the new agreements, we agreed to pay Mr. Sumichrast a
base salary of $270,000 and Mr. Elliott an initial base salary of
$180,000. Each Executive will be eligible for a performance bonus,
payable in a combination of cash and awards of common stock, which
such performance bonus shall be based upon his relative achievement
of annual performance goals established by our board of directors
upon recommendation of the compensation committee, with input from
senior executive management. Any performance bonus stock award
shall be granted to the Executive pursuant to the terms and
conditions of our 2015 equity compensation plan or such other
compensation plan as may be adopted by our company and our
shareholders. In addition, the compensation committee of the board
of directors shall review each Executive's performance on an annual
basis, and in connection with such annual review, such Executive
may be entitled to receive an annual discretionary bonus in such
amount as may be determined by the board of directors, upon
recommendation of the compensation committee, in its sole
discretion.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">Each
Executive is also <font style="color: #000000">entitled to
participate in all benefit programs we offer our employees,
reimbursement for business expenses and such amount of paid
vacation as is consistent with his position and length of service
to us. The initial term of each agreement is for three years, and
it may be extended for additional one year terms by written notice
by us at least 60 days before the expiration of the then current
term.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="color: #000000; font-family: Times New Roman; font-size: 13px">We
may terminate each agreement for &#x201C;cause&#x201D; (as defined in
the agreement), upon the Executive&#x2019;s death or disability, or
without cause, and the Executive may terminate the agreement
without cause. If we terminate the agreement for cause, or if it
terminates upon his death, or if the Executive voluntarily
terminates the agreement, neither the Executive nor his estate (as
the case may be) is entitled to any severance or other benefits
following the date of termination. If the agreement is terminated
upon his disability, we are obligated to pay him his base salary
for three months. If we terminate the agreement without cause or by
a &#x201C;constructive termination&#x201D; of the agreement, we are
obligated to pay him his base salary and provide the benefits he
would have otherwise been entitled to for the balance of the then
current term of the agreement. Constructive termination is defined
under the agreement as the occurrence of one or more of the
following events without the express written consent of the
Executive: (1) a material breach of the agreement by our company;
(2) failure by a successor company to assume the obligations under
the agreement; and/or (3) a material change in the
Executive&#x2019;s duties and responsibilities as described under
the agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">In the event of a change of control of our company
(as defined in the agreement), if the Executive&#x2019;s employment
is terminated by us without cause within two years of the date of
the change of control, or in the 90 days prior to the change of
control at the request of the acquiror, we are obligated to pay the
Executive a lump sum payment equal to the greater of (1) 1.5 times
his base salary or (2)</font> all of his base salary remaining to
be paid during the initial term<font style="color: #000000">, plus
all unvested stock options and restricted stock grants will
immediately vest and remain exercisable for twelve months from the
date of termination.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Each
agreement contains customary non-compete, confidentiality and
indemnification provisions; provided, however, that in the event we
terminate the agreement without cause or if it terminates upon a
change of control, the Executive is no longer subject to the
non-compete provisions of the agreement. The foregoing description
of the terms and conditions of each employment agreement is
qualified in its entirety by reference to the agreement, a copy of
which is filed as Exhibit 10.73 and Exhibit 10.74 to this
report.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">Item
9.01.</font><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">&#xA0;&#xA0;&#xA0;
Financial Statement and Exhibits.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;">
<font style="font-family: Times New Roman; font-size: 13px">(d)</font>
<font style="font-family: Times New Roman; font-size: 13px">Exhibits:</font></div>
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px;"></div>
<div style="null"><font>&#xA0;</font></div>
<div style="text-align: left">
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<font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Exhibit No.<br></font></font></font></div>
</td>
<td style="width: 1%;">
<div><font style="font-weight: bold;">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 87%; border-bottom: 2px solid rgb(0, 0, 0);">
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<font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Description</font></font></font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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</td>
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<div><font>&#xA0;</font></div>
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<td style="vertical-align: top; width: 87%;">
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</td>
</tr><tr style="background-color: rgb(204, 238, 255);">
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="levb_ex1073.htm"><font style="font-family: Times New Roman; font-size: 13px">10.73</font></a></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 87%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Executive
Employment Agreement dated September 6, 2018 by and between Level
Brands, Inc. and Martin A. Sumichrast</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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</td>
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<div><font>&#xA0;</font></div>
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<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="levb_ex1074.htm"><font style="font-family: Times New Roman; font-size: 13px">10.74</font></a></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 87%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Executive
Employment Agreement dated September 6, 2018 by and between Level
Brands, Inc. and Mark S. Elliott.</font></div>
</td>
</tr></table>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
SIGNATURES</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant
has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div>
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</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 38%;">
<div><font style="font-family: Times New Roman; font-size: 13px">LEVEL BRANDS,
INC.</font></div>
</td>
<td rowspan="1" style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
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</td>
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</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<td style="vertical-align: top; width: 50%; border-bottom: medium solid rgb(255, 255, 255);">
<font style="font-family: Times New Roman; font-size: 13px">Date:
September 7, 2018</font></td>
<td style="vertical-align: top; width: 3%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">By:&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 35%; border-bottom: 2px solid black; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/&#xA0;
<font style="font-family: Times New Roman; font-size: 13px">Mark
Elliott</font></font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<td style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 35%; white-space: nowrap;">
<font style="font-family: Times New Roman; font-size: 13px">Mark
Elliott</font></td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<td style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top;"><font style="font-family: Times New Roman; font-size: 13px">Chief Financial
Officer and Chief Operating Officer</font></td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Exhibit
Index</font></div>
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<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font>
<table cellpadding="0" cellspacing="0" style="text-align: justify; width: 100%; font-family: Times New Roman; font-size: 13px; margin: 0px auto 0px 0px;">
<tr>
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<font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Exhibit No.<br></font></font></font></div>
</td>
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<div><font style="font-weight: bold;">&#xA0;</font></div>
</td>
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<font style="font-weight: bold"><font style="font-weight: bold"><font style="font-family: Times New Roman; font-size: 13px; font-weight: bold;">
Description</font></font></font></div>
</td>
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<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="levb_ex1073.htm"><font style="font-family: Times New Roman; font-size: 13px">10.73</font></a></div>
</td>
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<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 87%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Executive
Employment Agreement dated September 6, 2018 by and between Level
Brands, Inc. and Martin A. Sumichrast</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
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<td style="vertical-align: top; width: 87%;">
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<td style="vertical-align: top; width: 12%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><a href="levb_ex1074.htm"><font style="font-family: Times New Roman; font-size: 13px">10.74</font></a></div>
</td>
<td style="width: 1%;">
<div><font>&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 87%;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Executive
Employment Agreement dated September 6, 2018 by and between Level
Brands, Inc. and Mark S. Elliott.</font></div>
</td>
</tr></table>
</div>
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<DOCUMENT>
<TYPE>EX-10.73
<SEQUENCE>2
<FILENAME>levb_ex1073.htm
<DESCRIPTION>EXECUTIVE EMPLOYMENT AGREEMENT
<TEXT>
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<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2018 Issuer Direct Corporation -->
<title>Blueprint</title>
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<div style="text-align: right; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Exhibit 10.73</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
EXECUTIVE EMPLOYMENT AGREEMENT</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">THIS EXECUTIVE</font> <a name="jump_exp_2"><!--anchor--></a><font style="font-weight: bold">EMPLOYMENT AGREEMENT</font> (this
&#x201C;<font style="font-weight: bold; text-decoration: underline">Agreement</font>&#x201D;)
is made and entered this ___ day of ____________, 2018 (the
&#x201C;<font style="font-weight: bold; text-decoration: underline">Effective
Date</font>&#x201D;) between Level Brands, Inc., a North Carolina
corporation whose principal place of business is 4521 Sharon Road,
Charlotte, NC 28211 (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Corporation</font>&#x201D;)
and Martin A. Sumichrast, an individual whose address is 11125
Colonial Country Lane, Charlotte, NC 28277 (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Executive</font>&#x201D;).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
RECITALS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">WHEREAS</font>, the Corporation is a branding
and marketing company focusing on lifestyle based segments
including women&#x2019;s, men&#x2019;s and entertainment segments
(the &#x201C;<font style="font-weight: bold; text-decoration: underline">Business</font>&#x201D;).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">WHEREAS</font>, the Corporation desires to
continue to employ the Executive and the Executive desires to
continue to be employed by the Corporation pursuant to the terms of
this Agreement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">WHEREAS</font>, the Executive, by virtue of the
Executive&#x2019;s employment with the Corporation, will become
familiar with and possessed with the manner, methods, trade secrets
and other confidential information pertaining to the
Corporation&#x2019;s business, including the Corporation&#x2019;s
client base.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">NOW, THEREFORE</font>, in consideration of the
mutual agreements herein made, the Corporation and the Executive do
hereby agree as follows:</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">1.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Recitals</font>.
The above recitals are true, correct, and are herein incorporated
by reference.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">2.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Employment</font>.
The Corporation hereby agrees to continue to employ the Executive,
and the Executive hereby accepts continued employment, upon the
terms and conditions hereinafter set forth.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">3.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Authority and Power
During Employment Period</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">a.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="text-decoration: underline">Duties
and Responsibilities</font>. During the term of this Agreement, the
Executive will serve as Chief Executive Officer and in this
capacity, shall serve as the Corporation&#x2019;s Chief Executive
Officer and perform such other or additional duties and
responsibilities consistent with Executive&#x2019;s title(s),
status, and position as the Chief Executive Officer.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">b.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Time
Devoted</font>. Throughout the term of the Agreement, the Executive
shall devote a majority of the Executive&#x2019;s business time and
attention to the business and affairs of the Corporation consistent
with the Executive&#x2019;s senior executive position with the
Corporation, except for reasonable vacations and except for illness
or incapacity, but nothing in the Agreement shall preclude the
Executive from engaging in a business other than the Business of
the Corporation which do not compete with the Corporation,
including as a member of the Board of Directors of affiliated
companies, charitable and community affairs, provided that such
activities do not interfere with the regular performance of the
Executive&#x2019;s duties and responsibilities under this
Agreement.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
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<div id="ftr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">1</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">c.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Corporate
Policies</font>. The Executive shall abide by all corporate
governance and employment policies of the Corporation which may be
adopted or modified from time to time including, but not limited
to, any insider trading and code of ethics polities.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">4.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Term</font>. The
initial term (&#x201C;<font style="font-weight: bold; text-decoration: underline">Initial
Term</font>&#x201D;) of employment hereunder will commence on the
Effective Date and end on the third (3rd) anniversary of the
Effective Date and may be extended for additional one (1) year
periods (each a &#x201C;<font style="font-weight: bold; text-decoration: underline">Renewal
Term&#x201D;</font>) upon mutual consent of the parties by written
notice given by the Corporation to the Executive at least 60 days
before the expiration of the Initial Term or the Renewal Term, as
the case may be, unless this Agreement shall have been terminated
pursuant to Section 6 of this Agreement. When used herein,
&#x201C;<font style="font-weight: bold; text-decoration: underline">Term</font>&#x201D;
shall mean the Initial Term and any Renewal Term(s).</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-family: Times New Roman; font-size: 13px">5.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Compensation and
Benefits</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">a.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Salary</font>.
The Executive shall be paid a base salary (&#x201C;<font style="font-weight: bold; text-decoration: underline">Base
Salary</font>&#x201D;), payable in accordance with the
Corporation&#x2019;s policies from time to time for senior
executives, at an annual rate Two Hundred Seventy Thousand dollars
($270,000). The Base Salary thereafter may be increased, but not
decreased, from time to time, by the Compensation Committee of the
Board of Directors in connection with reviews of Executive&#x2019;s
performance, which such reviews shall occur no less frequently than
annually.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">b.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline; color: #000000">Performance
Bonus Opportunities</font><font style="color: #000000">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">(1)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="color: #000000">During
the Term, the Executive will be eligible for a performance
bonus</font> (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Performance
Bonus</font>&#x201D;), <font style="color: #000000">payable in a
combination of c</font>ash and awards of common stock
(&#x201C;<font style="font-weight: bold; text-decoration: underline">Performance Bonus
Stock Awards</font>&#x201D;), which such Performance Bonus shall be
based upon his relative achievement of annual performance goals
established by the Corporation&#x2019;s Board of Directors upon
recommendation of the Compensation Committee of the Board of
Directors, with input from the Corporation&#x2019;s senior executive
management, including the Executive. Such performance goals are to
be established by the Board of Directors no later than the
beginning of each fiscal year. So long as the Executive is a member
of the Corporation&#x2019;s Board of Directors, he shall abstain
from participation in the deliberations of the Board of Directors
in the establishment of the annual performance goals.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Any
Performance Bonus Stock Award shall be granted to the Executive
pursuant to the terms and conditions of the Corporation&#x2019;s
2015 Equity Compensation Plan, or such other compensation plan as
may be adopted by the Corporation and its shareholders during the
Term (collectively, the &#x201C;<font style="font-weight: bold; text-decoration: underline">Plan</font>&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
determination of the achievement of the annual performance goals
shall be made by the Compensation Committee of the Board of
Directors as soon as practicable following the completion of the
Corporation&#x2019;s audited financial statements for the applicable
fiscal year. The payment of each annual Performance Bonus, if any,
shall be made to the Executive within thirty (30) days of such
determination.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">2</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">c.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Discretionary
Bonus.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Compensation Committee of the Board of Directors shall review the
Executive&#x2019;s performance on an annual basis, and in connection
with such annual review, the Executive may be entitled to receive
an annual discretionary bonus (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Annual
Discretionary Bonus</font>&#x201D;) in such amount as may be
determined by the Board of Directors, upon recommendation of the
Compensation Committee, in its sole discretion. So long as the
Executive is a member of the Corporation&#x2019;s Board of
Directors, he shall abstain from participation in the deliberations
of the Board of Directors in the establishment of the annual
performance goals.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Compensation Committee shall commence each annual review by the
last business day of January of the following year. The Annual
Discretionary Bonus, if any, shall be paid to the Executive by the
last business day of February of the following year, or, if no
Annual Discretionary Bonus is awarded, the Compensation Committee
shall so notify the Executive in writing of such determination by
the last business day of February of the following year. For
example, the Compensation Committee review for the year ending
December 31, 2018 shall commence no later than January 31, 2019,
and, assuming an Annual Discretionary Bonus is to be awarded, the
Executive shall be paid the Annual Discretionary Bonus for the year
ending December 31, 2018 on or before February 28, 2019. The Annual
Discretionary Bonus, if any, may be paid to the Executive in the
form of cash, equity awards made under the Plan or a combination
thereof, as determined by the Compensation Committee in its sole
discretion.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">d.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Executive
Benefits</font>. The Executive shall be entitled to participate in
all benefit programs of the Corporation currently existing or
hereafter made available to executive and/or salaried employees
including, but not limited to, stock option plans, pension and
other retirement plans, group life insurance, hospitalization,
surgical and major medical coverage, sick leave, salary
continuation, vacation and holidays, long-term disability, and
other fringe benefits.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">e.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Vacation</font>.
During each fiscal year of the Corporation, the Executive shall be
entitled to such amount of vacation consistent with the
Executive&#x2019;s position and length of service to the
Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">f.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Business
Expense Reimbursement</font>. During the Term of employment, the
Executive shall be entitled to receive proper reimbursement for all
reasonable, out of-pocket expenses incurred by the Executive (in
accordance with the policies and procedures established by the
Corporation) in performing services hereunder, provided the
Executive properly accounts therefor.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">g.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Clawback
Provisions</font>. Notwithstanding any other provisions in this
Agreement to the contrary, any incentive-based compensation, or any
other compensation, paid to the Executive pursuant to this
Agreement or any other agreement or arrangement with the
Corporation which is subject to recovery under any law, government
regulation or stock exchange listing requirement, will be subject
to such deductions and clawback as may be required to be made
pursuant to such law, government regulation or stock exchange
listing requirement (or any policy adopted by the Corporation
pursuant to any such law, government regulation or stock exchange
listing requirement).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">3</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 48px"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">6.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="text-decoration: underline; font-weight: bold; font-family: Times New Roman; font-size: 13px">Termination.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">a.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Death</font>. This
Agreement will terminate upon the death of the
Executive.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="margin-left: 0px; text-indent: 96px"><font style="font-family: Times New Roman; font-size: 13px">b.</font><font id="tab2" style="letter-spacing: 12px; color: black">&#xA0;</font><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold; text-decoration: underline">Disability</font>.</font></div>
<div><font style="font-family: Times New Roman; font-size: 10">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Executive&#x2019;s employment will terminate in the event of his
disability, upon the first day of the month following the
determination of disability as provided below. Following such a
termination, the Executive shall be entitled to compensation in
accordance with the Corporation&#x2019;s disability compensation
practice for senior executives, including any separate arrangement
or policy covering the Executive, but in all events the Executive
shall continue to receive his Base Salary, at the annual rate in
effect immediately prior to the commencement of disability, for
three (3) months after the termination. Any amounts provided for in
this Section 6b shall not be offset by other long-term disability
benefits provided to the Executive by the Corporation or Social
Security.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#x201C;<font style="font-weight: bold; text-decoration: underline">Disability</font>,&#x201D;
for the purposes of this Agreement, shall be deemed to have
occurred if (A) the Executive is unable, by reason of a physical or
mental condition, to perform his duties under this Agreement for an
aggregate of ninety (90) days in any 12-month period or (B) the
Executive has a guardian of the person or estate appointed by a
court of competent jurisdiction. Anything herein to the contrary
notwithstanding, if, following a termination of employment due to
disability, the Executive becomes re-employed, whether as an
executive or a consultant, any compensation, annual incentive
payments or other benefits earned by the Executive from such
employment shall be offset against any compensation continuation
due to the Executive hereunder.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">c.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Termination
by the Corporation For Cause</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Nothing
herein shall prevent the Corporation from terminating Executive for
Cause, as hereinafter defined. The Executive shall continue to
receive compensation only for the period ending with the date of
such termination as provided in this Section 6c. Any rights and
benefits the Executive may have in respect of any other
compensation shall be determined in accordance with the terms of
such other compensation arrangements or such plans or
programs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#x201C;<font style="font-weight: bold; text-decoration: underline">Cause</font>&#x201D;
shall mean (A) committing or participating in an injurious act of
fraud, gross neglect, misrepresentation, embezzlement or dishonesty
against the Corporation; (B) committing or participating in any
other injurious act or omission wantonly, willfully, recklessly or
in a manner which was grossly negligent against the Corporation;
(C) engaging in a criminal enterprise involving moral turpitude;
(D) conviction for a felony under the laws of the United States or
any state thereof; (E) violation of any Federal or state securities
laws, rules or regulations, or any rules or regulations of any
stock exchange or other market on which the Corporation&#x2019;s
securities may be listed or quoted for trading; (F) violation of
the Corporation&#x2019;s corporate governance policies; or (G) any
assignment of this Agreement in violation of Section 14 of this
Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">4</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Notwithstanding
anything else contained in this Agreement, this Agreement will not
be deemed to have been terminated for Cause unless and until there
shall have been delivered to the Executive a notice of termination
stating that the Executive committed one of the types of conduct
set forth in Section 6c(2) of this Agreement and specifying the
particulars thereof and the Executive shall be given a thirty (30)
day period to cure such conduct set forth in Section
6c(2).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">d.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Termination
by the Corporation Other Than For Cause and Not in Connection with
a Change of Control</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
foregoing notwithstanding, the Corporation may terminate the
Executive&#x2019;s employment for whatever reason it deems
appropriate; <font style="font-style: italic">provided,
however</font>, that in the event such termination is not based on
Cause, as provided in Section 6c above, and not in connection with
a Change of Control, as provided in Section 6g below, the
Corporation may terminate this Agreement upon giving the Executive
thirty (30) days&#x2019; prior written notice. During such thirty
(30) day period, the Executive shall continue to perform the
Executive&#x2019;s duties pursuant to this Agreement.
Notwithstanding any such termination, the Corporation shall
continue to pay to the Executive the Base Salary and Executive
Benefits he would be entitled to receive under this Agreement for
the balance of the Term of this Agreement in accordance with the
Corporation&#x2019;s regular payroll policies.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;In
the event that the Executive&#x2019;s employment with the
Corporation is terminated pursuant to this Section 6d, Section 6f,
or Section 6g then Section 7a of this Agreement and all references
thereto shall be voidable as to the Executive and the Corporation.
In addition, in the event that the Executive&#x2019;s employment
with the Corporation is terminated pursuant to this Section 6d,
Section 6f, or Section 6g, the Executive&#x2019;s stock options
and/or restricted shares granted to the Executive during the Term
(to the extent not fully vested as of the termination date), shall
become fully vested as of the termination date, and the Executive
shall be permitted to exercise such options for up to twelve (12)
months following the termination date.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">e.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Voluntary
Termination</font>. If the Executive terminates the
Executive&#x2019;s employment on the Executive&#x2019;s own volition
(except as provided in Section 6f prior to the expiration of the
Term of this Agreement, including any renewals thereof, such
termination shall constitute a voluntary termination and in such
event the Executive shall be limited to the same rights and
benefits as provided in connection with a termination for Cause as
provided in Section 6c.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">f.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Constructive
Termination of Employment</font>. A termination by the Corporation
without Cause under Section 6d (a &#x201C;<font style="font-weight: bold; text-decoration: underline">Constructive
Termination</font>&#x201D;) shall be deemed to have occurred upon
the occurrence of one or more of the following events without the
express written consent of the Executive:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;a
material breach of the Agreement by the Corporation;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">5</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;failure
by a successor company to assume the obligations under the
Agreement; and/or</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;a
material change in the Executive&#x2019;s duties and
responsibilities as described in Section 3a hereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Anything
herein to the contrary notwithstanding, the Executive shall give
written notice to the Board of Directors of the Corporation that
the Executive believes an event has occurred which would result in
a Constructive Termination of the Executive&#x2019;s employment
under this Section 6f, which written notice shall specify the
particular act or acts, on the basis of which the Executive intends
to so terminate the Executive&#x2019;s employment, and the
Corporation shall then be given the opportunity, within thirty (30)
days of its receipt of such notice, to cure said event; provided,
however, there shall be no period permitted to cure a second
occurrence of the same event and in no event will there be any
period to cure following the occurrence of two events described in
this Section 6f.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 84px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(g)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
<font style="font-weight: bold; text-decoration: underline">Change
in Control</font>. If at any time during the Term,
Executive&#x2019;s employment with the Corporation is terminated by
the Corporation not for Cause within two years after the Change of
Control (as hereinafter defined) or in the 90 days prior to the
Change of Control upon the request of the acquiror, the Corporation
shall pay to Executive an amount equal to the greater of (i) 1.5
<font style="font-style: italic">multiplied</font> by
Executive&#x2019;s Base Salary that Executive is then earning or
(ii) all Executive&#x2019;s Base Salary remaining to be paid to
Executive during the Initial Term, payable in a lump-sum payment on
the termination date of Executive&#x2019;s employment hereunder but
not earlier than the closing of the Change of Control. For purposes
hereof, a &#x201C;<font style="font-weight: bold; text-decoration: underline">Change of
Control</font>&#x201D; s<font style="color: #1A1A1A">hall mean
a</font> change of control <font style="color: #1A1A1A">of a nature
that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A promulgated under the Securities
Exchange Act of 1934, as amended (the &#x201C;</font><font style="font-weight: bold; text-decoration: underline; color: #1A1A1A">Exchange
Act</font><font style="color: #1A1A1A">&#x201D;), whether or not the
Corporation is in fact required to comply with that regulation,
provided that, without limitation, such a change in control shall
be deemed to have occurred if (A) any &#x201C;</font><font style="font-weight: bold; text-decoration: underline; color: #1A1A1A">person</font><font style="color: #1A1A1A">&#x201D;
(as such term is used in Sections 13(d) and 14(d) of the Exchange
Act), other than a trustee or other fiduciary holding securities
under an employee benefit plan of the Corporation or a corporation
owned, directly or indirectly, by the shareholders of the
Corporation in substantially the same proportions as their
ownership of stock of the Corporation, is or becomes the
&#x201C;beneficial owner&#x201D; (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the
Corporation representing more than 50% of the combined voting power
of the Corporation&#x2019;s then outstanding securities; or (B)
during any period of two consecutive years (not including any
period prior to the execution of this Agreement), individuals who
at the beginning of such period constitute the Board of Directors
and any new director (other than a director designated by a person
who has entered into an agreement with the Corporation to effect a
transaction described in clauses (A) or (D) of this Section) whose
election by the Board of Directors or nomination for election by
the Corporation&#x2019;s shareholder&#x2019;s was approved by a vote
of at least two-thirds of the directors then still in office who
either were directors at the beginning of the period or whose
election or nomination for election was previously so approved,
cease for any reason to constitute a majority; (C) the Corporation
enters into an agreement, the consummation of which would result in
the occurrence of a change in control of the Corporation; or (D)
the shareholders of the Corporation approve a merger or
consolidation of the Corporation with any other corporation, other
than a merger or consolidation which would result in the voting
securities of the Corporation outstanding immediately prior to it
continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) of
more than 50% of the combined voting power of the voting securities
of the Corporation or such surviving entity outstanding immediately
after such merger or consolidation, or the shareholders of the
Corporation approve a plan of complete liquidation of the
Corporation or an agreement for the sale or disposition by the
Corporation of all or substantially all the Corporation&#x2019;s
assets.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">6</font></div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">7.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Covenant
Not To Compete and Non-Disclosure of
Information</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">a.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Covenant
Not To Compete</font>. The Executive acknowledges and recognizes
the highly competitive nature of the Corporation&#x2019;s Business
and the goodwill, continued patronage, and the names and addresses
of the Corporation&#x2019;s Clients (as hereinafter defined)
constitute a substantial asset of the Corporation having been
acquired through considerable time, money and effort. Accordingly,
in consideration of the execution of this Agreement, and as except
as may specifically otherwise approved by the Corporation&#x2019;s
Board of Directors, the Executive agrees to the
following:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;That
during the Restricted Period (as hereinafter defined) and within
the Restricted Area (as hereinafter defined), the Executive will
not, individually or in conjunction with others, directly or
indirectly, engage in any Business Activities (as hereinafter
defined), whether as an officer, director, proprietor, employer,
partner, independent contractor, investor (other than as a holder
solely as an investment of less than four and ninety-nine one
hundred percent (4.99%) of the outstanding
capital stock of a publicly traded corporation), consultant,
advisor, agent or otherwise.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;That
during the Restricted Period and within the Restricted Area, the
Executive will not, directly or indirectly, compete with the
Corporation by soliciting, inducing or influencing any of the
Corporation&#x2019;s Clients which have a business relationship with
the Corporation at the time during the Restricted Period to
discontinue or reduce the extent of such relationship with the
Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;That
during the Restricted Period and within the Restricted Area, the
Executive will not (A) directly or indirectly recruit, solicit or
otherwise influence any employee or agent of the Corporation to
discontinue such employment or agency relationship with the
Corporation, or (B) employ or seek to employ, or cause or permit
any business which competes directly or indirectly with the
Business Activities of the Corporation (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Competitive
Business</font>&#x201D;) to employ or seek to employ for any
Competitive Business any person who is then (or was at any time
within two (2) years prior to the date Executive or the Competitive
Business employs or seeks to employ such person) employed by the
Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">b.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Non-Disclosure
of Information</font>. The Executive acknowledges that the
Corporation&#x2019;s trade secrets, private or secret processes,
methods and ideas, as they exist from time to time, customer lists
and information concerning the Corporation&#x2019;s sources,
products, services, pricing, training methods, development,
technical information, marketing activities and procedures, credit
and financial data concerning the Corporation and/or the
Corporation&#x2019;s Clients, and (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Proprietary
Information</font>&#x201D;) are valuable, special and unique assets
of the Corporation, access to and knowledge of which are essential
to the performance of the Executive hereunder. In light of the
highly competitive nature of the industry in which the
Corporation&#x2019;s business is conducted, the Executive agrees
that all Proprietary Information, heretofore or in the future
obtained by the Executive as a result of the Executive&#x2019;s
association with the Corporation shall be considered
confidential.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-size: 70%; vertical-align: top; background-color: #FFFF00">
</font><font style="background-color: #FFFF00"><br></font></font></div>
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<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
recognition of this fact, the Executive agrees that the Executive,
during the Restricted Period, will not use or disclose any of such
Proprietary Information for the Executive&#x2019;s own purposes or
for the benefit of any person or other entity or organization
(except the Corporation) under any circumstances unless such
Proprietary Information has been publicly disclosed generally or,
unless upon written advice of legal counsel reasonably satisfactory
to the Corporation, the Executive is legally required to disclose
such Proprietary Information. Documents (as hereinafter defined)
prepared by the Executive or that come into the Executive&#x2019;s
possession during the Executive&#x2019;s association with the
Corporation are and remain the property of the Corporation, and
when this Agreement terminates, such Documents shall be returned to
the Corporation at the Corporation&#x2019;s principal place of
business, as provided in the Notice provision (Section 10) of this
Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">c.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Documents</font>.
&#x201C;<font style="font-weight: bold; text-decoration: underline">Documents</font>&#x201D;
shall mean all original written, recorded, or graphic matters
whatsoever, and any and all copies thereof, including, but not
limited to: papers; books; records; tangible things;
correspondence; communications; telex messages; memoranda;
work-papers; reports; affidavits; statements; summaries; analyses;
evaluations; client records and information; agreements; agendas;
advertisements; instructions; charges; manuals; brochures;
publications; directories; industry lists; schedules; price lists;
client lists; statistical records; training manuals; computer
printouts; books of account, records and invoices reflecting
business operations; all things similar to any of the foregoing
however denominated. In all cases where originals are not
available, the term &#x201C;Documents&#x201D; shall also mean
identical copies of original documents or non-identical copies
thereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">d.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Corporation&#x2019;s
Clients</font>. The &#x201C;<font style="font-weight: bold; text-decoration: underline">Corporation&#x2019;s
Clients</font>&#x201D; shall be deemed to be any persons,
partnerships, corporations, professional associations or other
organizations for <font style="color: #000000">or with</font> whom
the Corporation has performed Business Activities<font style="color: #000000">, including, but not limited to, suppliers or
vendors with whom the Corporation has done or is endeavoring to do
business</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">e.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Restrictive
Period</font>. The &#x201C;<font style="font-weight: bold; text-decoration: underline">Restrictive
Period</font>&#x201D; shall be deemed to be one (1) year following
termination of this Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">f.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Restricted
Area</font>. The &#x201C;<font style="font-weight: bold; text-decoration: underline">Restricted
Area</font>&#x201D; shall be deemed to mean the United
States.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">g.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Business
Activities</font>. &#x201C;<font style="font-weight: bold; text-decoration: underline">Business
Activities</font>&#x201D; shall be deemed to any business activities
concerning owning, operating, managing<font style="color: #000000">,</font> promoting <font style="color: #000000">or
soliciting clients for</font> <font style="color: #000000">the
Corporation&#x2019;s Business</font>, and any additional activities
which the Corporation or any of its affiliates may engage in during
<font style="color: #000000">any portion of</font> the twelve (12)
months prior to the termination of Executive&#x2019;s
employment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">h.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Covenants
as Essential Elements of this Agreement</font>. It is understood by
and between the parties hereto that the foregoing covenants
contained in Sections 7a and b are essential elements of this
Agreement, and that but for the agreement by the Executive to
comply with such covenants, the Corporation would not have agreed
to enter into this Agreement. Such covenants by the Executive shall
be construed to be agreements independent of any other provisions
of this Agreement. The existence of any other claim or cause of
action, whether predicated on any other provision in this
Agreement, or otherwise, as a result of the relationship between
the parties shall not constitute a defense to the enforcement of
such covenants against the Executive.<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="color: #000000">To
the extent that the covenants contained in this Section 7 may later
be deemed by a court to be too broad to be enforced with respect to
their duration or with respect to any particular activity or
geographic area, the court making such determination shall have the
power to reduce the duration or scope of the provision, and to add
or delete specific words or phrases to or from the provision. The
provision as modified shall then be enforced.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">i.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Survival
After Termination of Agreement</font>. Notwithstanding anything to
the contrary contained in this Agreement, the covenants in Sections
7a and b shall survive the termination of this Agreement and the
Executive&#x2019;s employment with the Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">j.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Remedies</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Executive acknowledges and agrees that the Corporation&#x2019;s
remedy at law for a breach or threatened breach of any of the
provisions of Section 7a or b herein would be inadequate and the
breach shall be per se deemed as causing irreparable harm to the
Corporation. In recognition of this fact, in the event of a breach
by the Executive of any of the provisions of Section 7a or b, the
Executive agrees that, in addition to any remedy at law available
to the Corporation, including, but not limited to monetary damages,
all rights of the Executive to payment or otherwise under this
Agreement and all amounts then or thereafter due to the Executive
from the Corporation under this Agreement may be terminated and the
Corporation, without posting any bond, shall be entitled to obtain,
and the Executive agrees not to oppose the Corporation&#x2019;s
request for equitable relief in the form of specific performance,
temporary restraining order, temporary or permanent injunction or
any other equitable remedy which may then be available to the
Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Executive acknowledges that the granting of a temporary injunction,
temporary restraining order or permanent injunction merely
prohibiting the use of Proprietary Information would not be an
adequate remedy upon breach or threatened breach of Section 7a or b
and consequently agrees, upon proof of any such breach, to the
granting of injunctive relief prohibiting any form of competition
with the Corporation. Nothing herein contained shall be construed
as prohibiting the Corporation from pursuing any other remedies
available to it for such breach or threatened breach.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">8.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Indemnification</font>.
The Executive shall be continue to be covered by the Articles of
Incorporation, as amended, and By-Laws of the Corporation with
respect to matters occurring on or prior to the date of termination
of the Executive&#x2019;s employment with the Corporation, subject
to all the provisions of North Carolina and Federal law, the
Articles of Incorporation, as amended, of the Corporation and the
By-Laws of the Corporation then in effect. Such reasonable
expenses, including attorneys&#x2019; fees, that may be covered by
the these indemnification provisions shall be paid by the
Corporation on a current basis in accordance with such provision,
the Corporation&#x2019;s Articles of Incorporation, as amended,
By-Laws and North Carolina law. To the extent that any such
payments by the Corporation pursuant to these provisions may be
subject to repayment by the Executive pursuant to the provisions of
the Articles of Incorporation, as amended, and/or By-Laws, or
pursuant to North Carolina or Federal law, such repayment shall be
due and payable by the Executive to the Corporation within twelve
(12) months after the termination of all proceedings, if any, which
relate to such repayment and to the Corporation&#x2019;s affairs for
the period prior to the date of termination of the
Executive&#x2019;s employment with the Corporation and as to which
Executive has been covered by such applicable
provisions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">9.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Withholding</font>.
Anything to the contrary notwithstanding, all payments required to
be made by the Corporation hereunder to the Executive or the
Executive&#x2019;s estate or beneficiaries shall be subject to the
withholding of such amounts, if any, relating to tax and other
payroll deductions as the Corporation may reasonably determine it
should withhold pursuant to any applicable law or regulation. In
lieu of withholding such amounts, the Corporation may accept other
arrangements pursuant to which it is satisfied that such tax and
other payroll obligations will be satisfied in a manner complying
with applicable law or regulation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">10.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Notices</font>.
Any notice required or permitted to be given under the terms of
this Agreement shall be sufficient if in writing and if sent
postage prepaid by registered or certified mail, return receipt
requested; by overnight delivery; by courier; or by confirmed
telecopy, in the case of the Executive to the Executive&#x2019;s
last place of business or residence as shown on the records of the
Corporation, or in the case of the Corporation to its principal
office as set forth in the first paragraph of this Agreement, or at
such other place as it may designate.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">11.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Waiver</font>.
Unless agreed in writing, the failure of either party, at any time,
to require performance by the other of any provisions hereunder
shall not affect its right thereafter to enforce the same, nor
shall a waiver by either party of any breach of any provision
hereof be taken or held to be a waiver of any other preceding or
succeeding breach of any term or provision of this Agreement. No
extension of time for the performance of any obligation or act
shall be deemed to be an extension of time for the performance of
any other obligation or act hereunder.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">12.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Completeness
and Modification</font>. This Agreement constitutes the entire
understanding between the parties hereto superseding all prior and
contemporaneous agreements or understandings among the parties
hereto concerning the Agreement, including, but not limited to the
Original Agreement. This Agreement may be amended, modified,
superseded or canceled, and any of the terms, covenants,
representations, warranties or conditions hereof may be waived,
only by a written instrument executed by the parties or, in the
case of a waiver, by the party to be charged.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">13.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Counterparts</font>.
This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original but all of which shall constitute
but one agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">14.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Binding
Effect/Assignment</font>. This Agreement shall be binding upon the
parties hereto, their heirs, legal representatives, successors and
assigns. This Agreement shall not be assignable by the Executive
but shall be assignable by the Corporation in connection with the
sale, transfer or other disposition of its business or to any of
the Corporation&#x2019;s affiliates controlled by or under common
control with the Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">15.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Governing
Law</font>. This Agreement shall become valid when executed and
accepted by the Corporation. The parties agree that it shall be
deemed made and entered into in the State of North Carolina and
shall be governed and construed under and in accordance with the
laws of the State of North Carolina. Anything in this Agreement to
the contrary notwithstanding, the Executive shall conduct the
Executive&#x2019;s business in a lawful manner and faithfully comply
with applicable laws or regulations of the state, city or other
political subdivision in which the Executive is
located.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">16.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Further
Assurances</font>. All parties hereto shall execute and deliver
such other instruments and do such other acts as may be necessary
to carry out the intent and purposes of this
Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">17.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Headings</font>.
The headings of the sections are for convenience only and shall not
control or affect the meaning or construction or limit the scope or
intent of any of the provisions of this Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">18.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Survival</font>.
Any termination of this Agreement shall not, however, affect the
ongoing provisions of this Agreement which shall survive such
termination in accordance with their terms.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">19.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Severability</font>.
The invalidity or unenforceability, in whole or in part, of any
covenant, promise or undertaking, or any section, subsection,
paragraph, sentence, clause, phrase or word or of any provision of
this Agreement shall not affect the validity or enforceability of
the remaining portions thereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">20.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Enforcement</font>.
Should it become necessary for any party to institute legal action
to enforce the terms and conditions of this Agreement, the
successful party will be awarded reasonable attorneys&#x2019; fees
at all trial and appellate levels, expenses and costs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">21.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Venue</font>.
The Corporation and Executive acknowledge and agree that the U.S.
District Court for the State of North Carolina, or if such court
lacks jurisdiction, the State of North Carolina(or its successor)
in and for Mecklenburg County, North Carolina, shall be the venue
and exclusive proper forum in which to adjudicate any case or
controversy arising either, directly or indirectly, under or in
connection with this Agreement and the parties further agree that,
in the event of litigation arising out of or in connection with
this Agreement in these courts, they will not contest or challenge
the jurisdiction or venue of these courts.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">22.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Construction.</font>
This Agreement shall be construed within the fair meaning of each
of its terms and not against the party drafting the
document.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">23.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Role
of Counsel</font>. The Executive acknowledges his understanding
that this Agreement was prepared at the request of the Corporation
by Pearlman Law Group LLP, its counsel, and that such firm did not
represent the Executive in conjunction with this Agreement or any
of the related transactions. The Executive, as further evidenced by
his signature below, acknowledges that he has had the opportunity
to obtain the advice of independent counsel of his choosing prior
to his execution of this Agreement and that he has availed himself
of this opportunity to the extent he deemed necessary and
advisable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
THE EXECUTIVE ACKNOWLEDGES THAT THE EXECUTIVE HAS READ ALL OF THE
TERMS OF THIS AGREEMENT, UNDERSTANDS THE AGREEMENT, AND AGREES TO
ABIDE BY ITS TERMS AND CONDITIONS.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">IN WITNESS WHEREOF</font>, the parties have
executed this Agreement as of the Effective
Date.<br></font></div>
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<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Witness:</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 38%;"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">THE CORPORATION</font>:</font></td>
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</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 38%;"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">&#xA0;</font> &#xA0;</font></td>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">_____________________________&#xA0;&#xA0;</font></font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 38%;"><font style="font-family: Times New Roman; font-size: 13px"> <font style="font-family: Times New Roman; font-size: 13px">LEVEL BRANDS,
INC.</font></font></td>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">_____________________________&#xA0;&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">By:&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 35%; border-bottom: 2px solid black; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">/s/&#xA0;</font></div>
</td>
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<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: bottom; width: 35%; white-space: nowrap;">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Mark S.
Elliott</font></font></div>
</td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="width: 50%; vertical-align: top;">
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top;"><font style="font-family: Times New Roman; font-size: 13px">Chief Financial
Officer</font></td>
<td style="width: 12%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px;">

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<font style="font-family: Times New Roman; font-size: 13px">Witness:</font></div>
</td>
<td colspan="2" rowspan="1" style="vertical-align: bottom; width: 38%;"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold"><font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">THE
EXECUTIVE</font></font></font></td>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top;">
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">_____________________________&#xA0;&#xA0;</font></font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: medium solid rgb(255, 255, 255);">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">_____________________________&#xA0;&#xA0;</font></font></font></div>
</td>
<td style="width: 3%; vertical-align: top;">
<div style="margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top;"><font style="font-family: Times New Roman; font-size: 13px"><font style="font-family: Times New Roman; font-size: 13px">Martin A.
Sumichrast</font></font></td>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.74
<SEQUENCE>3
<FILENAME>levb_ex1074.htm
<DESCRIPTION>EXECUTIVE EMPLOYMENT AGREEMENT
<TEXT>
<html>
<head>
<!-- Document created using Blueprint(R) - powered by Issuer Direct - www.issuerdirect.com -->
<!-- Copyright 2018 Issuer Direct Corporation -->
<title>Blueprint</title>
</head>
<body style="font-family: Times New Roman; font-size: 13px;">
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
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<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
Exhibit 10.74</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
EXECUTIVE EMPLOYMENT AGREEMENT</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">THIS EXECUTIVE</font> <a name="jump_exp_2"><!--anchor--></a><font style="font-weight: bold">EMPLOYMENT AGREEMENT</font> (this
&#x201C;<font style="font-weight: bold; text-decoration: underline">Agreement</font>&#x201D;)
is made and entered this ___ day of ____________, 2018 (the
&#x201C;<font style="font-weight: bold; text-decoration: underline">Effective
Date</font>&#x201D;) between Level Brands, Inc., a North Carolina
corporation whose principal place of business is 4521 Sharon Road,
Charlotte, NC 28211 (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Corporation</font>&#x201D;)
and Mark S. Elliott, an individual whose address is 7154 Chameroy
Ct., Charlotte, NC 28270 (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Executive</font>&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: center; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
RECITALS</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">WHEREAS</font>, the Corporation is a
<font style="color: #000000">branding and marketing company
focusing on lifestyle based segments including women&#x2019;s,
men&#x2019;s and entertainment segments</font> (the
&#x201C;<font style="font-weight: bold; text-decoration: underline">Business</font>&#x201D;).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">WHEREAS</font>, the Corporation desires to
continue to employ the Executive and the Executive desires to
continue to be employed by the Corporation pursuant to the terms of
this Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">WHEREAS</font>, the Executive, by virtue of the
Executive&#x2019;s employment with the Corporation, will become
familiar with and possessed with the manner, methods, trade secrets
and other confidential information pertaining to the
Corporation&#x2019;s business, including the Corporation&#x2019;s
client base.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">NOW, THEREFORE</font>, in consideration of the
mutual agreements herein made, the Corporation and the Executive do
hereby agree as follows:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">1.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Recitals</font>.
The above recitals are true, correct, and are herein incorporated
by reference.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">2.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Employment</font>.
The Corporation hereby agrees to continue to employ the Executive,
and the Executive hereby accepts continued employment, upon the
terms and conditions hereinafter set forth.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">3.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Authority
and Power During Employment Period.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">a.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Duties
and Responsibilities</font>. During the term of this Agreement, the
Executive will serve as Chief Financial Officer and Chief Operating
Officer and in this capacity, shall serve as the
Corporation&#x2019;s Chief Financial Officer and Chief Operating
Officer and perform such other or additional duties and
responsibilities consistent with Executive&#x2019;s title(s),
status, and position as the Chief Financial Officer and Chief
Operating Officer.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">b.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Time
Devoted</font>. Throughout the term of the Agreement, the Executive
shall devote a majority of the Executive&#x2019;s business time and
attention to the business and affairs of the Corporation consistent
with the Executive&#x2019;s senior executive position with the
Corporation, except for reasonable vacations and except for illness
or incapacity, but nothing in the Agreement shall preclude the
Executive from engaging in a business other than the Business of
the Corporation which do not compete with the Corporation,
including as a member of the Board of Directors of affiliated
companies, charitable and community affairs, provided that such
activities do not interfere with the regular performance of the
Executive&#x2019;s duties and responsibilities under this
Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">c.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Corporate
Policies</font>. The Executive shall abide by all corporate
governance and employment policies of the Corporation which may be
adopted or modified from time to time including, but not limited
to, any insider trading and code of ethics polities.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">4.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Term</font>.
The initial term (&#x201C;<font style="font-weight: bold; text-decoration: underline">Initial
Term</font>&#x201D;) of employment hereunder will commence on the
Effective Date and end on the third (3rd) anniversary of the
Effective Date and may be extended for additional one (1) year
periods (each a &#x201C;<font style="font-weight: bold; text-decoration: underline">Renewal
Term&#x201D;</font>) upon mutual consent of the parties by written
notice given by the Corporation to the Executive at least 60 days
before the expiration of the Initial Term or the Renewal Term, as
the case may be, unless this Agreement shall have been terminated
pursuant to Section 6 of this Agreement. When used herein,
&#x201C;<font style="font-weight: bold; text-decoration: underline">Term</font>&#x201D;
shall mean the Initial Term and any Renewal Term(s).</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">5.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Compensation
and Benefits</font>.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">a.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Salary</font>.
The Executive shall be paid a base salary (&#x201C;<font style="font-weight: bold; text-decoration: underline">Base
Salary</font>&#x201D;), payable in accordance with the
Corporation&#x2019;s policies from time to time for senior
executives, at an annual rate One Hundred Eighty Thousand dollars
($180,000). The Base Salary thereafter may be increased, but not
decreased, from time to time, by the Compensation Committee of the
Board of Directors in connection with reviews of Executive&#x2019;s
performance, which such reviews shall occur no less frequently than
annually.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">b.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline; color: #000000">Performance
Bonus Opportunities</font><font style="color: #000000">.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="color: #000000">(1)</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="color: #000000">During
the Term, the Executive will be eligible for a performance
bonus</font> (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Performance
Bonus</font>&#x201D;), <font style="color: #000000">payable in a
combination of c</font>ash and awards of common stock
(&#x201C;<font style="font-weight: bold; text-decoration: underline">Performance Bonus
Stock Awards</font>&#x201D;), which such Performance Bonus shall be
based upon his relative achievement of annual performance goals
established by the Corporation&#x2019;s Board of Directors upon
recommendation of the Compensation Committee of the Board of
Directors, with input from the Corporation&#x2019;s senior executive
management, including the Executive. Such performance goals are to
be established by the Board of Directors no later than the
beginning of each fiscal year.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Any
Performance Bonus Stock Award shall be granted to the Executive
pursuant to the terms and conditions of the Corporation&#x2019;s
2015 Equity Compensation Plan, or such other compensation plan as
may be adopted by the Corporation and its shareholders during the
Term (collectively, the &#x201C;<font style="font-weight: bold; text-decoration: underline">Plan</font>&#x201D;).</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
determination of the achievement of the annual performance goals
shall be made by the Compensation Committee of the Board of
Directors as soon as practicable following the completion of the
Corporation&#x2019;s audited financial statements for the applicable
fiscal year. The payment of each annual Performance Bonus, if any,
shall be made to the Executive within thirty (30) days of such
determination.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">c.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Discretionary
Bonus.</font></font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Compensation Committee of the Board of Directors shall review the
Executive&#x2019;s performance on an annual basis, and in connection
with such annual review, the Executive may be entitled to receive
an annual discretionary bonus (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Annual
Discretionary Bonus</font>&#x201D;) in such amount as may be
determined by the Board of Directors, upon recommendation of the
Compensation Committee, in its sole discretion.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Compensation Committee shall commence each annual review by the
last business day of January of the following year. The Annual
Discretionary Bonus, if any, shall be paid to the Executive by the
last business day of February of the following year, or, if no
Annual Discretionary Bonus is awarded, the Compensation Committee
shall so notify the Executive in writing of such determination by
the last business day of February of the following year. For
example, the Compensation Committee review for the year ending
December 31, 2018 shall commence no later than January 31, 2019,
and, assuming an Annual Discretionary Bonus is to be awarded, the
Executive shall be paid the Annual Discretionary Bonus for the year
ending December 31, 2018 on or before February 28, 2019. The Annual
Discretionary Bonus, if any, may be paid to the Executive in the
form of cash, equity awards made under the Plan or a combination
thereof, as determined by the Compensation Committee in its sole
discretion.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">d.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Executive
Benefits</font>. The Executive shall be entitled to participate in
all benefit programs of the Corporation currently existing or
hereafter made available to executive and/or salaried employees
including, but not limited to, stock option plans, pension and
other retirement plans, group life insurance, hospitalization,
surgical and major medical coverage, sick leave, salary
continuation, vacation and holidays, long-term disability, and
other fringe benefits.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">e.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Vacation</font>.
During each fiscal year of the Corporation, the Executive shall be
entitled to such amount of vacation consistent with the
Executive&#x2019;s position and length of service to the
Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">f.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Business
Expense Reimbursement</font>. During the Term of employment, the
Executive shall be entitled to receive proper reimbursement for all
reasonable, out of-pocket expenses incurred by the Executive (in
accordance with the policies and procedures established by the
Corporation) in performing services hereunder, provided the
Executive properly accounts therefor.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px"><font style="font-style: italic">g.</font>&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Clawback
Provisions</font>. Notwithstanding any other provisions in this
Agreement to the contrary, any incentive-based compensation, or any
other compensation, paid to the Executive pursuant to this
Agreement or any other agreement or arrangement with the
Corporation which is subject to recovery under any law, government
regulation or stock exchange listing requirement, will be subject
to such deductions and clawback as may be required to be made
pursuant to such law, government regulation or stock exchange
listing requirement (or any policy adopted by the Corporation
pursuant to any such law, government regulation or stock exchange
listing requirement).</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">6.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Termination</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">a.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Death</font>.
This Agreement will terminate upon the death of the
Executive.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">b.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Disability</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Executive&#x2019;s employment will terminate in the event of his
disability, upon the first day of the month following the
determination of disability as provided below. Following such a
termination, the Executive shall be entitled to compensation in
accordance with the Corporation&#x2019;s disability compensation
practice for senior executives, including any separate arrangement
or policy covering the Executive, but in all events the Executive
shall continue to receive his Base Salary, at the annual rate in
effect immediately prior to the commencement of disability, for
three (3) months after the termination. Any amounts provided for in
this Section 6b shall not be offset by other long-term disability
benefits provided to the Executive by the Corporation or Social
Security.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#x201C;<font style="font-weight: bold; text-decoration: underline">Disability</font>,&#x201D;
for the purposes of this Agreement, shall be deemed to have
occurred if (A) the Executive is unable, by reason of a physical or
mental condition, to perform his duties under this Agreement for an
aggregate of ninety (90) days in any 12-month period or (B) the
Executive has a guardian of the person or estate appointed by a
court of competent jurisdiction. Anything herein to the contrary
notwithstanding, if, following a termination of employment due to
disability, the Executive becomes re-employed, whether as an
executive or a consultant, any compensation, annual incentive
payments or other benefits earned by the Executive from such
employment shall be offset against any compensation continuation
due to the Executive hereunder.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">c.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Termination
by the Corporation For Cause</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Nothing
herein shall prevent the Corporation from terminating Executive for
Cause, as hereinafter defined. The Executive shall continue to
receive compensation only for the period ending with the date of
such termination as provided in this Section 6c. Any rights and
benefits the Executive may have in respect of any other
compensation shall be determined in accordance with the terms of
such other compensation arrangements or such plans or
programs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#x201C;<font style="font-weight: bold; text-decoration: underline">Cause</font>&#x201D;
shall mean (A) committing or participating in an injurious act of
fraud, gross neglect, misrepresentation, embezzlement or dishonesty
against the Corporation; (B) committing or participating in any
other injurious act or omission wantonly, willfully, recklessly or
in a manner which was grossly negligent against the Corporation;
(C) engaging in a criminal enterprise involving moral turpitude;
(D) conviction for a felony under the laws of the United States or
any state thereof; (E) violation of any Federal or state securities
laws, rules or regulations, or any rules or regulations of any
stock exchange or other market on which the Corporation&#x2019;s
securities may be listed or quoted for trading; (F) violation of
the Corporation&#x2019;s corporate governance policies; or (G) any
assignment of this Agreement in violation of Section 14 of this
Agreement.</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Notwithstanding
anything else contained in this Agreement, this Agreement will not
be deemed to have been terminated for Cause unless and until there
shall have been delivered to the Executive a notice of termination
stating that the Executive committed one of the types of conduct
set forth in Section 6c(2) of this Agreement and specifying the
particulars thereof and the Executive shall be given a thirty (30)
day period to cure such conduct set forth in Section
6c(2).</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">d.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Termination
by the Corporation Other Than For Cause and Not in Connection with
a Change of Control</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
foregoing notwithstanding, the Corporation may terminate the
Executive&#x2019;s employment for whatever reason it deems
appropriate; <font style="font-style: italic">provided,
however</font>, that in the event such termination is not based on
Cause, as provided in Section 6c above, and not in connection with
a Change of Control, as provided in Section 6g below, the
Corporation may terminate this Agreement upon giving the Executive
thirty (30) days&#x2019; prior written notice. During such thirty
(30) day period, the Executive shall continue to perform the
Executive&#x2019;s duties pursuant to this Agreement.
Notwithstanding any such termination, the Corporation shall
continue to pay to the Executive the Base Salary and Executive
Benefits he would be entitled to receive under this Agreement for
the balance of the Term of this Agreement in accordance with the
Corporation&#x2019;s regular payroll policies.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;In
the event that the Executive&#x2019;s employment with the
Corporation is terminated pursuant to this Section 6d, Section 6f,
or Section 6g then Section 7a of this Agreement and all references
thereto shall be voidable as to the Executive and the Corporation.
In addition, in the event that the Executive&#x2019;s employment
with the Corporation is terminated pursuant to this Section 6d,
Section 6f, or Section 6g, the Executive&#x2019;s stock options
and/or restricted shares granted to the Executive during the Term
(to the extent not fully vested as of the termination date), shall
become fully vested as of the termination date, and the Executive
shall be permitted to exercise such options for up to twelve (12)
months following the termination date.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">e.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Voluntary
Termination</font>. If the Executive terminates the
Executive&#x2019;s employment on the Executive&#x2019;s own volition
(except as provided in Section 6f prior to the expiration of the
Term of this Agreement, including any renewals thereof, such
termination shall constitute a voluntary termination and in such
event the Executive shall be limited to the same rights and
benefits as provided in connection with a termination for Cause as
provided in Section 6c.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">f.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Constructive
Termination of Employment</font>. A termination by the Corporation
without Cause under Section 6d (a &#x201C;<font style="font-weight: bold; text-decoration: underline">Constructive
Termination</font>&#x201D;) shall be deemed to have occurred upon
the occurrence of one or more of the following events without the
express written consent of the Executive:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;a
material breach of the Agreement by the Corporation;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">5</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;failure
by a successor company to assume the obligations under the
Agreement; and/or</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;a
material change in the Executive&#x2019;s duties and
responsibilities as described in Section 3a hereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">Anything
herein to the contrary notwithstanding, the Executive shall give
written notice to the Board of Directors of the Corporation that
the Executive believes an event has occurred which would result in
a Constructive Termination of the Executive&#x2019;s employment
under this Section 6f, which written notice shall specify the
particular act or acts, on the basis of which the Executive intends
to so terminate the Executive&#x2019;s employment, and the
Corporation shall then be given the opportunity, within thirty (30)
days of its receipt of such notice, to cure said event; provided,
however, there shall be no period permitted to cure a second
occurrence of the same event and in no event will there be any
period to cure following the occurrence of two events described in
this Section 6f.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; text-indent: 96px; margin-right: 0px;"><font style="font-family: Times New Roman; font-size: 13px">(g)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;
<font style="font-weight: bold; text-decoration: underline">Change
in Control</font>. If at any time during the Term,
Executive&#x2019;s employment with the Corporation is terminated by
the Corporation not for Cause within two years after the Change of
Control (as hereinafter defined) or in the 90 days prior to the
Change of Control upon the request of the acquiror, the Corporation
shall pay to Executive an amount equal to the greater of (i) 1.5
<font style="font-style: italic">multiplied</font> by
Executive&#x2019;s Base Salary that Executive is then earning or
(ii) all Executive&#x2019;s Base Salary remaining to be paid to
Executive during the Initial Term, payable in a lump-sum payment on
the termination date of Executive&#x2019;s employment hereunder but
not earlier than the closing of the Change of Control. For purposes
hereof, a &#x201C;<font style="font-weight: bold; text-decoration: underline">Change of
Control</font>&#x201D; s<font style="color: #1A1A1A">hall mean
a</font> change of control <font style="color: #1A1A1A">of a nature
that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A promulgated under the Securities
Exchange Act of 1934, as amended (the &#x201C;</font><font style="font-weight: bold; text-decoration: underline; color: #1A1A1A">Exchange
Act</font><font style="color: #1A1A1A">&#x201D;), whether or not the
Corporation is in fact required to comply with that regulation,
provided that, without limitation, such a change in control shall
be deemed to have occurred if (A) any &#x201C;</font><font style="font-weight: bold; text-decoration: underline; color: #1A1A1A">person</font><font style="color: #1A1A1A">&#x201D;
(as such term is used in Sections 13(d) and 14(d) of the Exchange
Act), other than a trustee or other fiduciary holding securities
under an employee benefit plan of the Corporation or a corporation
owned, directly or indirectly, by the shareholders of the
Corporation in substantially the same proportions as their
ownership of stock of the Corporation, is or becomes the
&#x201C;beneficial owner&#x201D; (as defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, of securities of the
Corporation representing more than 50% of the combined voting power
of the Corporation&#x2019;s then outstanding securities; or (B)
during any period of two consecutive years (not including any
period prior to the execution of this Agreement), individuals who
at the beginning of such period constitute the Board of Directors
and any new director (other than a director designated by a person
who has entered into an agreement with the Corporation to effect a
transaction described in clauses (A) or (D) of this Section) whose
election by the Board of Directors or nomination for election by
the Corporation&#x2019;s shareholder&#x2019;s was approved by a vote
of at least two-thirds of the directors then still in office who
either were directors at the beginning of the period or whose
election or nomination for election was previously so approved,
cease for any reason to constitute a majority; (C) the Corporation
enters into an agreement, the consummation of which would result in
the occurrence of a change in control of the Corporation; or (D)
the shareholders of the Corporation approve a merger or
consolidation of the Corporation with any other corporation, other
than a merger or consolidation which would result in the voting
securities of the Corporation outstanding immediately prior to it
continuing to represent (either by remaining outstanding or by
being converted into voting securities of the surviving entity) of
more than 50% of the combined voting power of the voting securities
of the Corporation or such surviving entity outstanding immediately
after such merger or consolidation, or the shareholders of the
Corporation approve a plan of complete liquidation of the
Corporation or an agreement for the sale or disposition by the
Corporation of all or substantially all the Corporation&#x2019;s
assets.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">6</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">7.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Covenant
Not To Compete and Non-Disclosure of
Information</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">a.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Covenant
Not To Compete</font>. The Executive acknowledges and recognizes
the highly competitive nature of the Corporation&#x2019;s Business
and the goodwill, continued patronage, and the names and addresses
of the Corporation&#x2019;s Clients (as hereinafter defined)
constitute a substantial asset of the Corporation having been
acquired through considerable time, money and effort. Accordingly,
in consideration of the execution of this Agreement, and as except
as may specifically otherwise approved by the Corporation&#x2019;s
Board of Directors, the Executive agrees to the
following:</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;That
during the Restricted Period (as hereinafter defined) and within
the Restricted Area (as hereinafter defined), the Executive will
not, individually or in conjunction with others, directly or
indirectly, engage in any Business Activities (as hereinafter
defined), whether as an officer, director, proprietor, employer,
partner, independent contractor, investor (other than as a holder
solely as an investment of less than four and ninety-nine one
hundred percent (4.99%) of the outstanding capital stock of a
publicly traded corporation), consultant, advisor, agent or
otherwise.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;That
during the Restricted Period and within the Restricted Area, the
Executive will not, directly or indirectly, compete with the
Corporation by soliciting, inducing or influencing any of the
Corporation&#x2019;s Clients which have a business relationship with
the Corporation at the time during the Restricted Period to
discontinue or reduce the extent of such relationship with the
Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(3)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;That
during the Restricted Period and within the Restricted Area, the
Executive will not (A) directly or indirectly recruit, solicit or
otherwise influence any employee or agent of the Corporation to
discontinue such employment or agency relationship with the
Corporation, or (B) employ or seek to employ, or cause or permit
any business which competes directly or indirectly with the
Business Activities of the Corporation (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Competitive
Business</font>&#x201D;) to employ or seek to employ for any
Competitive Business any person who is then (or was at any time
within two (2) years prior to the date Executive or the Competitive
Business employs or seeks to employ such person) employed by the
Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">b.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Non-Disclosure
of Information</font>. The Executive acknowledges that the
Corporation&#x2019;s trade secrets, private or secret processes,
methods and ideas, as they exist from time to time, customer lists
and information concerning the Corporation&#x2019;s sources,
products, services, pricing, training methods, development,
technical information, marketing activities and procedures, credit
and financial data concerning the Corporation and/or the
Corporation&#x2019;s Clients, and (the &#x201C;<font style="font-weight: bold; text-decoration: underline">Proprietary
Information</font>&#x201D;) are valuable, special and unique assets
of the Corporation, access to and knowledge of which are essential
to the performance of the Executive hereunder. In light of the
highly competitive nature of the industry in which the
Corporation&#x2019;s business is conducted, the Executive agrees
that all Proprietary Information, heretofore or in the future
obtained by the Executive as a result of the Executive&#x2019;s
association with the Corporation shall be considered
confidential.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">7</font></div>
</div>
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<div id="hdr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">In
recognition of this fact, the Executive agrees that the Executive,
during the Restricted Period, will not use or disclose any of such
Proprietary Information for the Executive&#x2019;s own purposes or
for the benefit of any person or other entity or organization
(except the Corporation) under any circumstances unless such
Proprietary Information has been publicly disclosed generally or,
unless upon written advice of legal counsel reasonably satisfactory
to the Corporation, the Executive is legally required to disclose
such Proprietary Information. Documents (as hereinafter defined)
prepared by the Executive or that come into the Executive&#x2019;s
possession during the Executive&#x2019;s association with the
Corporation are and remain the property of the Corporation, and
when this Agreement terminates, such Documents shall be returned to
the Corporation at the Corporation&#x2019;s principal place of
business, as provided in the Notice provision (Section 10) of this
Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">c.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Documents</font>.
&#x201C;<font style="font-weight: bold; text-decoration: underline">Documents</font>&#x201D;
shall mean all original written, recorded, or graphic matters
whatsoever, and any and all copies thereof, including, but not
limited to: papers; books; records; tangible things;
correspondence; communications; telex messages; memoranda;
work-papers; reports; affidavits; statements; summaries; analyses;
evaluations; client records and information; agreements; agendas;
advertisements; instructions; charges; manuals; brochures;
publications; directories; industry lists; schedules; price lists;
client lists; statistical records; training manuals; computer
printouts; books of account, records and invoices reflecting
business operations; all things similar to any of the foregoing
however denominated. In all cases where originals are not
available, the term &#x201C;Documents&#x201D; shall also mean
identical copies of original documents or non-identical copies
thereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">d.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Corporation&#x2019;s
Clients</font>. The &#x201C;<font style="font-weight: bold; text-decoration: underline">Corporation&#x2019;s
Clients</font>&#x201D; shall be deemed to be any persons,
partnerships, corporations, professional associations or other
organizations for <font style="color: #000000">or with</font> whom
the Corporation has performed Business Activities<font style="color: #000000">, including, but not limited to, suppliers or
vendors with whom the Corporation has done or is endeavoring to do
business</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">e.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Restrictive
Period</font>. The &#x201C;<font style="font-weight: bold; text-decoration: underline">Restrictive
Period</font>&#x201D; shall be deemed to be one (1) year following
termination of this Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">f.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Restricted
Area</font>. The &#x201C;<font style="font-weight: bold; text-decoration: underline">Restricted
Area</font>&#x201D; shall be deemed to mean the United
States.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">g.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Business
Activities</font>. &#x201C;<font style="font-weight: bold; text-decoration: underline">Business
Activities</font>&#x201D; shall be deemed to any business activities
concerning owning, operating, managing<font style="color: #000000">,</font> promoting <font style="color: #000000">or
soliciting clients for</font> <font style="color: #000000">the
Corporation&#x2019;s Business</font>, and any additional activities
which the Corporation or any of its affiliates may engage in during
<font style="color: #000000">any portion of</font> the twelve (12)
months prior to the termination of Executive&#x2019;s
employment.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">h.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Covenants
as Essential Elements of this Agreement</font>. It is understood by
and between the parties hereto that the foregoing covenants
contained in Sections 7a and b are essential elements of this
Agreement, and that but for the agreement by the Executive to
comply with such covenants, the Corporation would not have agreed
to enter into this Agreement. Such covenants by the Executive shall
be construed to be agreements independent of any other provisions
of this Agreement. The existence of any other claim or cause of
action, whether predicated on any other provision in this
Agreement, or otherwise, as a result of the relationship between
the parties shall not constitute a defense to the enforcement of
such covenants against the Executive.<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font><font style="color: #000000">To
the extent that the covenants contained in this Section 7 may later
be deemed by a court to be too broad to be enforced with respect to
their duration or with respect to any particular activity or
geographic area, the court making such determination shall have the
power to reduce the duration or scope of the provision, and to add
or delete specific words or phrases to or from the provision. The
provision as modified shall then be enforced.</font></font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">8</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">i.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Survival
After Termination of Agreement</font>. Notwithstanding anything to
the contrary contained in this Agreement, the covenants in Sections
7a and b shall survive the termination of this Agreement and the
Executive&#x2019;s employment with the Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 96px">
<font style="font-family: Times New Roman; font-size: 13px">j.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Remedies</font>.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(1)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Executive acknowledges and agrees that the Corporation&#x2019;s
remedy at law for a breach or threatened breach of any of the
provisions of Section 7a or b herein would be inadequate and the
breach shall be per se deemed as causing irreparable harm to the
Corporation. In recognition of this fact, in the event of a breach
by the Executive of any of the provisions of Section 7a or b, the
Executive agrees that, in addition to any remedy at law available
to the Corporation, including, but not limited to monetary damages,
all rights of the Executive to payment or otherwise under this
Agreement and all amounts then or thereafter due to the Executive
from the Corporation under this Agreement may be terminated and the
Corporation, without posting any bond, shall be entitled to obtain,
and the Executive agrees not to oppose the Corporation&#x2019;s
request for equitable relief in the form of specific performance,
temporary restraining order, temporary or permanent injunction or
any other equitable remedy which may then be available to the
Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 144px">
<font style="font-family: Times New Roman; font-size: 13px">(2)&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;The
Executive acknowledges that the granting of a temporary injunction,
temporary restraining order or permanent injunction merely
prohibiting the use of Proprietary Information would not be an
adequate remedy upon breach or threatened breach of Section 7a or b
and consequently agrees, upon proof of any such breach, to the
granting of injunctive relief prohibiting any form of competition
with the Corporation. Nothing herein contained shall be construed
as prohibiting the Corporation from pursuing any other remedies
available to it for such breach or threatened breach.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">8.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Indemnification</font>.
The Executive shall be continue to be covered by the Articles of
Incorporation, as amended, and By-Laws of the Corporation with
respect to matters occurring on or prior to the date of termination
of the Executive&#x2019;s employment with the Corporation, subject
to all the provisions of North Carolina and Federal law, the
Articles of Incorporation, as amended, of the Corporation and the
By-Laws of the Corporation then in effect. Such reasonable
expenses, including attorneys&#x2019; fees, that may be covered by
the these indemnification provisions shall be paid by the
Corporation on a current basis in accordance with such provision,
the Corporation&#x2019;s Articles of Incorporation, as amended,
By-Laws and North Carolina law. To the extent that any such
payments by the Corporation pursuant to these provisions may be
subject to repayment by the Executive pursuant to the provisions of
the Articles of Incorporation, as amended, and/or By-Laws, or
pursuant to North Carolina or Federal law, such repayment shall be
due and payable by the Executive to the Corporation within twelve
(12) months after the termination of all proceedings, if any, which
relate to such repayment and to the Corporation&#x2019;s affairs for
the period prior to the date of termination of the
Executive&#x2019;s employment with the Corporation and as to which
Executive has been covered by such applicable
provisions.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">9</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">9.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Withholding</font>.
Anything to the contrary notwithstanding, all payments required to
be made by the Corporation hereunder to the Executive or the
Executive&#x2019;s estate or beneficiaries shall be subject to the
withholding of such amounts, if any, relating to tax and other
payroll deductions as the Corporation may reasonably determine it
should withhold pursuant to any applicable law or regulation. In
lieu of withholding such amounts, the Corporation may accept other
arrangements pursuant to which it is satisfied that such tax and
other payroll obligations will be satisfied in a manner complying
with applicable law or regulation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">10.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Notices</font>.
Any notice required or permitted to be given under the terms of
this Agreement shall be sufficient if in writing and if sent
postage prepaid by registered or certified mail, return receipt
requested; by overnight delivery; by courier; or by confirmed
telecopy, in the case of the Executive to the Executive&#x2019;s
last place of business or residence as shown on the records of the
Corporation, or in the case of the Corporation to its principal
office as set forth in the first paragraph of this Agreement, or at
such other place as it may designate.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">11.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Waiver</font>.
Unless agreed in writing, the failure of either party, at any time,
to require performance by the other of any provisions hereunder
shall not affect its right thereafter to enforce the same, nor
shall a waiver by either party of any breach of any provision
hereof be taken or held to be a waiver of any other preceding or
succeeding breach of any term or provision of this Agreement. No
extension of time for the performance of any obligation or act
shall be deemed to be an extension of time for the performance of
any other obligation or act hereunder.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">12.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Completeness
and Modification</font>. This Agreement constitutes the entire
understanding between the parties hereto superseding all prior and
contemporaneous agreements or understandings among the parties
hereto concerning the Agreement, including, but not limited to the
Original Agreement. This Agreement may be amended, modified,
superseded or canceled, and any of the terms, covenants,
representations, warranties or conditions hereof may be waived,
only by a written instrument executed by the parties or, in the
case of a waiver, by the party to be charged.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">13.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Counterparts</font>.
This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original but all of which shall constitute
but one agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">14.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Binding
Effect/Assignment</font>. This Agreement shall be binding upon the
parties hereto, their heirs, legal representatives, successors and
assigns. This Agreement shall not be assignable by the Executive
but shall be assignable by the Corporation in connection with the
sale, transfer or other disposition of its business or to any of
the Corporation&#x2019;s affiliates controlled by or under common
control with the Corporation.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">15.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Governing
Law</font>. This Agreement shall become valid when executed and
accepted by the Corporation. The parties agree that it shall be
deemed made and entered into in the State of North Carolina and
shall be governed and construed under and in accordance with the
laws of the State of North Carolina. Anything in this Agreement to
the contrary notwithstanding, the Executive shall conduct the
Executive&#x2019;s business in a lawful manner and faithfully comply
with applicable laws or regulations of the state, city or other
political subdivision in which the Executive is
located.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">10</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">16.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Further
Assurances</font>. All parties hereto shall execute and deliver
such other instruments and do such other acts as may be necessary
to carry out the intent and purposes of this
Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">17.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Headings</font>.
The headings of the sections are for convenience only and shall not
control or affect the meaning or construction or limit the scope or
intent of any of the provisions of this Agreement.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">18.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Survival</font>.
Any termination of this Agreement shall not, however, affect the
ongoing provisions of this Agreement which shall survive such
termination in accordance with their terms.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">19.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Severability</font>.
The invalidity or unenforceability, in whole or in part, of any
covenant, promise or undertaking, or any section, subsection,
paragraph, sentence, clause, phrase or word or of any provision of
this Agreement shall not affect the validity or enforceability of
the remaining portions thereof.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">20.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Enforcement</font>.
Should it become necessary for any party to institute legal action
to enforce the terms and conditions of this Agreement, the
successful party will be awarded reasonable attorneys&#x2019; fees
at all trial and appellate levels, expenses and costs.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">21.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Venue</font>.
The Corporation and Executive acknowledge and agree that the U.S.
District Court for the State of North Carolina, or if such court
lacks jurisdiction, the State of North Carolina(or its successor)
in and for Mecklenburg County, North Carolina, shall be the venue
and exclusive proper forum in which to adjudicate any case or
controversy arising either, directly or indirectly, under or in
connection with this Agreement and the parties further agree that,
in the event of litigation arising out of or in connection with
this Agreement in these courts, they will not contest or challenge
the jurisdiction or venue of these courts.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">22.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Construction.</font>
This Agreement shall be construed within the fair meaning of each
of its terms and not against the party drafting the
document.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px">23.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;<font style="font-weight: bold; text-decoration: underline">Role
of Counsel</font>. The Executive acknowledges his understanding
that this Agreement was prepared at the request of the Corporation
by Pearlman Law Group LLP, its counsel, and that such firm did not
represent the Executive in conjunction with this Agreement or any
of the related transactions. The Executive, as further evidenced by
his signature below, acknowledges that he has had the opportunity
to obtain the advice of independent counsel of his choosing prior
to his execution of this Agreement and that he has availed himself
of this opportunity to the extent he deemed necessary and
advisable.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-weight: bold; font-family: Times New Roman; font-size: 13px">
THE EXECUTIVE ACKNOWLEDGES THAT THE EXECUTIVE HAS READ ALL OF THE
TERMS OF THIS AGREEMENT, UNDERSTANDS THE AGREEMENT, AND AGREES TO
ABIDE BY ITS TERMS AND CONDITIONS.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pgbrk" style="width: 100%; margin-left: 0px; text-indent: 0px; margin-right: 0px">
<div id="ftr">
<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">11</font></div>
</div>
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<div style="text-align: left; width: 100%; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
</div>
</div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 0px">
<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px"><font style="font-weight: bold">IN WITNESS WHEREOF</font>, the parties have
executed this Agreement as of the Effective Date.</font></div>
<div style="text-align: justify; margin-left: 0px; margin-right: 0px; text-indent: 48px">
<font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<tr>
<td rowspan="1" style="width: 50%; vertical-align: top">
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<font style="font-size: 13px; font-family: Times New Roman">_____________________________&#xA0;&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="width: 3%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="width: 35%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="vertical-align: top; width: 50%; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">_____________________________&#xA0;&#xA0;</font></div>
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<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">By:&#xA0;&#xA0;</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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Sumichrast</font></font></div>
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<td style="width: 12%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="width: 50%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-family: Times New Roman; font-size: 13px">Chief Executive
Officer</font></font></div>
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<td style="width: 12%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr></table>
</div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">Witness:</font></div>
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<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman"><font style="font-weight: bold"><font style="font-weight: bold; font-size: 13px; font-family: Times New Roman">THE
EXECUTIVE</font></font></font></div>
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<td rowspan="1" style="width: 12%; vertical-align: top">
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</td>
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<td style="width: 50%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
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<td style="width: 3%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 12%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
</tr><tr>
<td style="vertical-align: top; width: 50%; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">_____________________________&#xA0;&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 3%; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 35%; white-space: nowrap; border-bottom: 2px solid black">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="vertical-align: top; width: 12%; border-bottom: 2px solid #ffffff">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<td style="width: 50%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">_____________________________&#xA0;&#xA0;</font></div>
</td>
<td style="width: 3%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
<td style="width: 35%; vertical-align: top">
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Elliott</font></font></div>
</td>
<td style="width: 12%; vertical-align: top">
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
</td>
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<font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: left; margin-left: 0px; margin-right: 0px; text-indent: 0px"><font style="font-size: 13px; font-family: Times New Roman">&#xA0;</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
<div style="text-align: justify"><font style="font-family: Times New Roman; font-size: 13px;">&#xA0;</font></div>
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<font style="font-family: Times New Roman; font-size: 13px">&#xA0;</font></div>
<div id="pn" style="text-align: center"><font style="font-family: Times New Roman; font-size: 13px">12</font></div>
</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
