Exhibit 10.2


 


 


 


EMPLOYMENT AGREEMENT


 


THIS EMPLOYMENT
AGREEMENT (the “Agreement”) is entered into as of October 1, 2021 (the “Effective Date”), between Agora Digital
Holdings, Inc., a Nevada corporation (“Agora” or the “Company”), and William Hoagland (the “Executive”).


 


WHEREAS, in its business,
the Company has acquired and developed certain trade secrets, including, but not limited to, proprietary processes, sales methods and
techniques, and other like confidential business and technical information, including but not limited to, technical information, design
systems, pricing methods, pricing rates or discounts, processes, procedures, formulas, designs of computer software, or improvements,
or any portion or phase thereof, whether patented, or not, or unpatentable, that is of any value whatsoever to the Company, as well as
information relating to the Company’s Services (as defined below), information concerning proposed new Services, market feasibility
studies, proposed or existing marketing techniques or plans (whether developed or produced by the Company or by any other person or entity
for the Company), other Confidential Information (as defined below), and information about the Company’s executives, officers, and
directors, which necessarily will be communicated to the Executive by reason of his employment by the Company; and


 


WHEREAS, the
Company has strong and legitimate business interests in preserving and protecting its investment in the Executive, its trade secrets and
Confidential Information, and its substantial, significant, or key, relationships with vendors, and, each, as defined below, whether actual
or prospective; and


 


WHEREAS, the
Company desires to preserve and protect its legitimate business interests further by restricting competitive activities of the Executive
during the term of this Agreement and for a reasonable time following the termination of this Agreement; and


 


WHEREAS, the Company
desires to continue to employ the Executive and to ensure the continued availability to the Company of the Executive’s services,
and the Executive is willing to accept such employment and render such services, all upon and subject to the terms and conditions contained
in this Agreement.


 


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


 


1.
Representations and Warranties. The Executive hereby represents and warrants to the Company that he (i) is not subject to any non-solicitation
or non-competition agreement affecting his employment with the Company (other than any prior agreement with the Company or its affiliates),
(ii) is not subject to any confidentiality or nonuse/nondisclosure agreement affecting his employment with the Company (other than any
prior agreement with the Company or its affiliates), and (iii) has brought to the Company no trade secrets, confidential business information,
documents, or other personal property of a prior employer, except with respect to Ecoark Holdings, Inc. (“ZEST”).


 




    


     


    

 


2.
Term of Employment.


 


(a)
Term. The Company hereby employs the Executive, and the Executive hereby accepts employment with the Company for a period of three
years commencing as of the Effective Date (such period, as it may be extended or renewed, the “Term”), unless sooner terminated
in accordance with the provisions of Section 6. The Term shall be automatically renewed for successive one-year terms unless notice of
non-renewal is given by either party at least 30 days before the end of the Term.


 


(b)
Continuing Effect. Notwithstanding any termination of this Agreement, at the end of the Term or otherwise, the provisions of Sections
6(e), 7, 8, 9, 10, 12 15, 18, 19, and 22 shall remain in full force and effect and the provisions of Section 9 shall be binding upon the
legal representatives, successors and assigns of the Executive.


 


3.
Duties.


 


(a) General Duties. The Executive shall serve as the Chief Executive Officer (“CEO”) of the Company, with duties and responsibilities
that are customary for such an executive. The Executive shall report to the Company’s Executive Chairman of the Board of Directors
(the “Executive Chairman”). The Executive shall also perform services for such subsidiaries of the Company as may be necessary.
The Executive shall use his best efforts to perform his duties and discharge his responsibilities pursuant to this Agreement competently,
carefully and faithfully. In determining whether or not the Executive has used his best efforts hereunder, the Executive’s and the
Company’s delegation of authority and all surrounding circumstances shall be taken into account and the best efforts of the Executive
shall not be judged solely on the Company’s earnings or other results of the Executive’s performance, except as specifically
provided to the contrary by this Agreement. The Executive shall, if requested, also serve as a member of the Board of the Company or as
an officer or director of any affiliates of the Company for no additional compensation, except with respect to any Employment Agreement
with ZEST.


 


(b) 
Devotion of Time. Subject to Section 3(a) and the last sentence of this Section 3(b), the Executive shall devote such time,
attention and energies to the affairs of the Company and its subsidiaries and affiliates as are necessary to perform his duties and
responsibilities pursuant to this Agreement. The Executive shall not enter the employ of or serve as a consultant to, or in any way
perform any services with or without compensation to, any other persons, business, or organization, without the prior consent of the
Board. Notwithstanding the above, the Executive shall be permitted to devote a limited amount of his time, to professional,
charitable or similar organizations, including, but not limited to, serving as a non-executive director or committee member or as an
advisor to a board of directors or committee of any company or organization provided that such activities do not interfere with the
Executive’s performance of his duties and responsibilities as provided hereunder. Pending the closing of the Company’s
initial public offer (“IPO”), the Executive shall continue his employment with ZEST which shall pay the Executive the
compensation required under any Employment Agreement between ZEST and the Executive (the “ZEST Agreement”). Following
the closing of the IPO, the Executive shall resign his employment and all positions with ZEST. The Executive may also be required to
perform transitional services as an advisor to ZEST after the IPO.


 


(c)
Location of Office. metropolitan Charleston, South Carolina. necessary business travel. The Executive’s principal business
office shall be in However, the Executive’s duties shall include all


 


(d)
Adherence to Inside Information Policies. The Executive acknowledges that the Company will be publicly-held and, as a result, the
Company will implement inside information policies designed to preclude its executive officers and those of its subsidiaries from violating
the federal securities laws by trading on material, non-public information or passing such information on to others in breach of any duty
owed to the Company, or any third party. The Executive will abide by the Company’s inside information policies as they are adopted
and modified, and shall promote these policies internally and promptly execute any agreements generally distributed by the Company to
its employees requiring such employees to abide by these policies.


 






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4.
Compensation and Expenses.


 


(a)  
Salary. For the services of the Executive to be rendered under this Agreement, the Company shall pay the Executive an annual
salary of $370,000.00 (the “Base Salary”), less such deductions as shall be required to be withheld by applicable law and
regulations payable in accordance with the Company’s customary payroll practices. The Executive’s Base Salary shall be reviewed
at least annually by the Board and the Board may, but shall not be required to, increase the Base Salary during the Term. However, the
Executive’s Base Salary may not be decreased during the Term. As provided in Section 3(b), Agora shall pay any additional compensation
owed under this Agreement. ZEST shall continue to be responsible for the Executive’s compensation under the ZEST Agreement through
the closing of Agora’s IPO.


 


(b)
Target Bonus. In addition to the Annual Base Salary, the Executive shall be eligible to earn, for each completed 12 month period
following the Effective Date of this Agreement during the Term, an annual bonus (the “Annual Bonus”) of up to 100% of the
Executive’s Annual Base Salary based on terms and conditions, including the financial performance of the Company as well as individual
performance goals, as set forth in a bonus plan that is to be established, approved, administered and determined in all respects in the
sole discretion of the Board or, if applicable, the Board’s Compensation Committee.


 


(c)  
Expenses. In addition to any compensation received pursuant to this Section 4, the Company will reimburse or advance funds to the
Executive for all reasonable documented travel (including travel expenses incurred by the Executive related to his travel to the Company’s
offices), entertainment and miscellaneous expenses incurred in connection with the performance of his duties under this Agreement, provided
that the Executive properly provides a written accounting of such expenses to the Company in accordance with the Company’s practices.
Such reimbursement or advances will be made in accordance with policies and procedures of the Company in effect from time to time relating
to reimbursement of, or advances to, its executive officers.


 


(d)
Equity Grant. Under the 2021 Equity Incentive Plan (the “Plan”), the Executive shall receive a grant of 1,000,000 shares
of restricted common stock (the “Stock Grant”) of the Company granted as of the Effective Date of this Agreement (the “Grant
Date”). As a condition of the grant, the Executive shall execute the Company’s Restricted Stock Agreement. The Stock Grant
will be valued as of the Grant Date based on a methodology and guidance as discussed with the Company’s external tax counsel. The
Executive shall have the ability to assign the Stock Grant to entity of his choice, so long that the entity is subject to the same requirements
by the Securities and Exchange Commission (the “SEC”) for changes in beneficial ownership reporting and disclosure.


 


The Stock Grant shall vest in 3 equal increments based on the following
terms and conditions:


 


		(i)	33.33% or 333,334 shares shall vest on the 1-year anniversary of the Effective Date of this Agreement;



 


		(ii)	33.33% or 333,333 shares shall vest upon the Company’s subsidiary, Bitstream Mining LLC (“Bitstream”)
successfully deploying at least a 20-megawatt (“MW”) power contract in the State of Texas; and



 


		(iii)	33.33% or 333,333 shares shall vest upon Bitstream successfully deploying at least a 40-megawatt (“MW”)
power contract in the State of Texas.



 


5.
Benefits.


 


(a)
Paid Time Off. For each 12-month period during the Term, the Executive shall be entitled to 4 weeks of Paid Time Off without loss
of compensation or other benefits to which he is entitled under this Agreement, to be taken at such times as the Executive may select
and the affairs of the Company may permit. Any unused days will not be carried over to the next 12 month period. Accrued but unused paid
time off during the current calendar year with a separation event shall be paid at the Executive’s base rate of pay when used or
upon termination of employment.


 






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(b)
Fringe Benefit and Perquisites. During the Term, the Executive shall be entitled to fringe benefits and perquisites consistent
with the practices of the Company, and to the extent the Company provides similar benefits or perquisites (or both) to similarly situated
executives of the Company.


 


(c)  
Employee Benefits. During the Term, the Executive shall be entitled to participate in all employee benefit plans, practices and
programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”), on a basis which
is no less favorable than is provided to other similarly situated executives of the Company, to the extent consistent with applicable
law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any Employee Benefit Plans
at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law. Notwithstanding the foregoing,
during the Term, the Company shall provide the Executive with health insurance covering the Executive and family dependents.


 


6.
Termination.


 


(a)  
Death or Disability. Except as otherwise provided in this Agreement, this Agreement shall automatically terminate upon the death
or disability of the Executive. For purposes of this Section 6(a), “disability” shall mean (i) the Executive is unable to
engage in his customary duties by reason of any medically determinable physical or mental impairment that can be expected to result in
death, or last for a continuous period of not less than 12 months; (ii) the Executive is, by reason of any medically determinable physical
or mental impairment that can be expected to result in death, or last for a continuous period of not less than 12 months, receiving income
replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company; or
(iii) the Executive is determined to be totally disabled by the Social Security Administration. Any question as to the existence of a
disability shall be determined by the written opinion of the Executive’s regularly attending physician (or his guardian) (or the
Social Security Administration, where applicable). In the event that the Executive’s employment is terminated by reason of Executive’s
death or disability, the Company shall pay the following to the Executive or his personal representative: (i) any accrued but unpaid Base
Salary for services rendered to the date of termination, (ii) accrued but unpaid expenses required to be reimbursed under this Agreement,
(iii) any earned but unpaid bonuses for any prior period and his annual bonus prorated to date of termination (to the extent the Compensation
Committee has set a formula and it can be calculated), and (v) all equity awards previously granted to the Executive under the Plan or
similar plan shall thereupon become fully vested, and the Executive or his legally appointed guardian, as the case may be, shall have
up to two years from the date of termination to exercise all such previously granted options, provided that in no event shall any option
be exercisable beyond its term. The Executive (or his estate) shall receive the payments provided herein at such times as he would have
received them if there was no death or disability. Additionally, if the Executive’s employment is terminated because of disability,
any benefits (except perquisites) to which the Executive may be entitled pursuant to Section 5(b) hereof shall continue to be paid or
provided by the Company, as the case may be, for one year, subject to the terms of any applicable plan or insurance contract and applicable
law, provided that such benefits are exempt from Section 409A of the Code by reason of Treasury Regulation 1.409A-1(a)(5) or otherwise.
In the event all or a portion of the benefits to which the Executive was entitled pursuant to Section 5(b) hereof are subject to 409A
of the Code, the Executive shall not be entitled to the benefits that are subject to Section 409A of the Code subsequent to the “applicable
21⁄2 month period” (as such term is defined under Treasury Regulation Section 1.409A-1(b)(4)(i)(A)).


 


(b)
  Termination by the Company for Cause or by the Executive Without Good Reason. The Company may terminate the
Executive’s employment pursuant to the terms of this Agreement at any time for Cause (as defined below) by giving the
Executive written notice of termination. Such termination shall become effective upon the giving of such notice. Upon any such
termination for Cause, or in the event the Executive terminates his employment with the Company without Good Reason (as defined in
Section 6(c)), then the Executive shall have no right to compensation, or reimbursement under Section 4, or to participate in any
Executive benefit programs under Section 5, except as may otherwise be provided for by law, for any period subsequent to the
effective date of termination. For purposes of this Agreement, “Cause” shall mean: (i) the Executive is convicted of, or
pleads guilty or nolo contendere to, a felony related to the business of the Company; (ii) the Executive, in carrying out his duties
hereunder, has acted with gross negligence or intentional misconduct resulting, in any case, in material harm to the Company; (iii)
the Executive misappropriates Company funds or otherwise defrauds the Company including a material amount of money or property;
(iv) the Executive breaches his fiduciary duty to the Company resulting in material profit to him, directly or indirectly; (v) the Executive
materially breaches any agreement with the Company and fails to cure such breach within 10 days of receipt of notice, unless the act is
incapable of being cured; (vi) the Executive breaches any provision of Section 8 or Section 9; (vii) the Executive becomes subject to
a preliminary or permanent injunction issued by a United States District Court enjoining the Executive from violating any securities law
administered or regulated by the SEC; (viii) the Executive becomes subject to a cease and desist order or other order issued by the SEC
after an opportunity for a hearing; (ix) the Executive refuses to carry out a resolution adopted by the Company’s Board at a meeting
in which the Executive was offered a reasonable opportunity to argue that the resolution should not be adopted; or (x) the Executive abuses
alcohol or drugs in a manner that interferes with the successful performance of his duties.


  






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(c)
Termination by the Company Without Cause, Termination by Executive for Good Reason or Automatic Termination Upon a Change of Control
or at the end of a Term after the Company provides notice of Non-Renewal.


 


(1)  This
Agreement may be terminated: (i) by the Executive for Good Reason (as defined below), (ii) by the Company without Cause, (iii) upon
any Change of Control event in either Agora or Bitstream as defined in Treasury Regulation Section 1.409A-3(i)(5) provided, that,
within 12 months of the Change of Control event (A) the Company terminates the Executive’s employment, fails to obtain an
agreement from any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same extent
that the Company would be required to perform if no succession had taken place, or changes his title or duties, or (B) the Executive
terminates his employment or (iv) at the end of a Term after the Company provides the Executive with a formal notice in writing of
non-renewal.


 


(2) In the event this Agreement is terminated
by the Executive for Good Reason or by the Company without Cause, the Executive shall be entitled to the following:


 


(A)
any accrued but unpaid Base Salary for services rendered to the date of termination;


 


(B) any accrued
but unpaid expenses required to be reimbursed under this Agreement;


 


(C)
a severance payment (“Severance Amount”) equal to 12 months of the then Base Salary;


 


(D)
the Executive or his legally appointed guardian, as the case may be, shall have up to one year from the date of termination to exercise
all such previously granted options, provided that in no event shall any option be exercisable beyond its Term;


 


(E)
all equity awards previously granted to the Executive under the Plan or similar plan shall thereupon become fully vested; and


 


(F) any
benefits (except perquisites) to which the Executive was entitled pursuant to Section 5(b) hereof shall continue to be paid or
provided by the Company, as the case may be, for six months, subject to the terms of any applicable plan or insurance contract and
applicable law provided that such benefits are exempt from Section 409A of the Code by reason of Treasury Regulation 1.409A-1(a)(5)
or otherwise. In the event all or a portion of the benefits to which the Executive was entitled pursuant to Section 5(b) hereof are
subject to 409A of the Code, the Executive shall not be entitled to the benefits that are subject to Section 409A of the Code
subsequent to the “applicable 2 1⁄2 month period” (as such term is defined under Treasury Regulation Section
1.409A-1(b)(4)(i)(A)).


 


(3)  
In the event of a Change of Control during the Term, the Executive, subject to the termination of employment or change in title as outlined
in Section 6(c)(1), shall be entitled to receive each of the provisions of Section 6(c)(2)(A) – (F) above except that (i) the Severance
Amount shall equal to 18 months of the then Base Salary; (ii) the Executive shall receive 100% of the existing Target Bonus, if any, for
that fiscal year; and (iii) the benefits under Section 6(c)(2)(F) shall continue for an 18 month period provided that such benefits are
exempt from Section 409A of the Code by reason of Treasury Regulation 1.409A-1(a)(5) or otherwise. In the event all or a portion of the
benefits under Section 6(c)(2)(F) are subject to 409A of the Code, the Executive shall not be entitled to the benefits that are subject
to Section 409A of the Code subsequent to the “applicable 2 1⁄2 month period” (as such term is defined under Treasury
Regulation Section 1.409A-1(b)(4)(i)(A)).


 






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(4)  
In the event this Agreement is terminated at the end of a Term after the Company provides the Executive with notice of non-renewal and
the Executive remains employed until the end of the Term, the Executive shall be entitled to the following:


 


(A)
any accrued but unpaid Base Salary for services rendered to the date of termination;


 


(B)
any accrued but unpaid expenses required to be reimbursed under this Agreement;


 


(C)
a Severance Amount equal to six months of the then Base Salary;


 


(D)
all equity awards previously granted to the Executive under the Company’s Plan or similar plan shall become fully vested;


 


(E)
the Executive or his legally appointed guardian, as the case may be, shall have up to two years from the date of termination to exercise
all such previously granted options, provided that in no event shall any option be exercisable beyond its Term; and


 


(F)   any benefits
(except perquisites) to which the Executive was entitled pursuant to Section 5(b) hereof shall continue to be paid or provided by the
Company, as the case may be, for six months, subject to the terms of any applicable plan or insurance contract and applicable law provided
that such benefits are exempt from Section 409A of the Code by reason of Treasury Regulation 1.409A-1(a)(5) or otherwise. In the event
all or a portion of the benefits to which the Executive was entitled pursuant to Section 5(b) hereof are subject to 409A of the Code,
the Executive shall not be entitled to the benefits that are subject to Section 409A of the Code subsequent to the “applicable
2 1⁄2 month period” (as such term is defined under Treasury Regulation Section 1.409A-1(b)(4)(i)(A)).


  


Provided, however, that the
Executive shall only be entitled to receive each of the provisions of this Section 6(c)(4)(A)-(F) if the Executive is willing and able
(i) to execute a new agreement providing terms and conditions substantially similar to those in this Agreement and (ii) to continue providing
such services, and therefore, the Company’s non-renewal of the Term will be considered an “involuntary separation from service”
within the meaning of Treasury Regulation Section 1.409A-1(n).


 


(5)  
In the event of a termination for Good Reason, without Cause, or non-renewal by the Company, the payment of the Severance Amount
shall be made at the same times as the Company pays compensation to its employees over the applicable monthly period and any other payments
owed under Section 6(c) shall be promptly paid. Provided, however, that any balance of the Severance Amount remaining due on the
“applicable 21⁄2 month period” (as such term is defined under Treasury Regulation Section 1.409A-1(b)(4)(i)(A)) after
the end of the tax year in which the Executive’s employment is terminated or the Term ends shall be paid on the last day of the
applicable 21⁄2 month period. The payment of the Severance Amount and the acceleration of vesting shall be conditioned on the Executive
signing an Agreement and General Release (in the form which is attached as Exhibit A) which releases the Company or any of its
affiliates (including its officers, directors and their affiliates) from any liability under this Agreement or related to the Executive’s
employment with the Company provided that (x) the payment of the Severance Amount is made on or before the 90th day following the Executive’s
termination of employment; (y) such Agreement and General Release is executed by the Executive, submitted to the Company, and the statutory
period during which the Executive is entitled to revoke the Agreement and General Release under applicable law has expired on or before
that 90th day; and (z) in the event that the 90 day period begins in one taxable year and ends in a second taxable year, then the payment
of the Severance Amount shall be made in the second taxable year. Upon any Change of Control event, all payments owed under Section 6(c)(3)
shall be paid immediately.


 


(d)
Any termination made by the Company under this Agreement shall be approved by the Board.


 






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(e)   Upon
(1) voluntary or involuntary termination of the Executive’s employment or (2) the Company’s request at any time during the
Executive’s employment (provided it does not interfere with his ability to perform his duties and responsibilities hereunder), the Executive
shall (i) provide or return to the Company any and all Company property, including keys, key cards, access cards, security devices, employer
credit cards, network access devices, computers, cell phones, smartphones, manuals, work product, thumb drives or other removable information
storage devices, and hard drives, and all Company documents and materials belonging to the Company and stored in any fashion, including
but not limited to those that constitute or contain any Confidential Information or work product, that are in the possession or control
of the Executive, whether they were provided to the Executive by the Company or any of its business associates or created by the Executive
in connection with his employment by the Company; and (ii) delete or destroy all copies of any such documents and materials
not returned to the Company that remain in the Executive’s possession or control, including those stored on any non-Company devices,
networks, storage locations and media in the Executive’s possession or control.







 


 


7.
Indemnification. As provided in an Indemnification Agreement which the Company and the Executive have previously entered into,
a copy of which is annexed as Exhibit B, the Company shall indemnify the Executive, to the maximum extent permitted by applicable
law, against all costs, charges and expenses incurred or sustained by him in connection with any claim, action, suit or proceeding to
which he may be made a party by reason of him being an officer, director or employee of the Company or of any subsidiary or affiliate
of the Company. The Company shall provide, at its expense, directors and officers insurance for the Executive in amounts and for a term
consistent with industry standards.


 


8.
Non-Competition Agreement.


 


(a)
Competition with the Company. Until termination of his employment and for a period of one year commencing on the date of termination,
the Executive (individually or in association with, or as a shareholder, director, officer, consultant, employee, partner, joint venturer,
manager, member, or otherwise, of or through any person, firm, corporation, partnership, limited liability company, association or other
entity) shall not, directly or indirectly, act as an employee or officer (or comparable position) of, owning an interest in, or providing
Services as defined in Section 9(a) for a direct competitor (either now or in the future) of the Company (any, a “Competitor”).


 


(b)
Solicitation of Employees. During the period in which the provision of Section 8(a) shall be in effect, the Executive agrees that
he shall not, directly or indirectly, request, recommend or advise any employee of the Company to terminate his or her employment with
the Company, for the purposes of providing services for a Competitor, or solicit for employment or recommend to any third party the solicitation
for employment of any individual who was employed by the Company or any of its subsidiaries and affiliates at any time during the one
year period preceding the Executive’s termination of employment.


 


(c)  
Non-disparagement. The Executive agrees that, after the end of his employment, he will refrain from making, in writing or orally,
any unfavorable comments about the Company, its operations, policies, or procedures that would be likely to injure the Company’s
reputation or business prospects; provided, however, that nothing herein shall preclude the Executive from responding truthfully
to a lawful subpoena or other compulsory legal process or from providing truthful information otherwise required by law.


 




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(d)  
No Payment. The Executive acknowledges and agrees that no separate or additional payment will be required to be made to
him in consideration of his undertakings in this Section 8, and confirms he has received adequate consideration for such undertakings.


 


(e)
References. References to the Company in this Section 8 shall include the Company’s subsidiaries and affiliates.


 


9.
Non-Disclosure of Confidential Information.


 


(a) 
Confidential Information. For purposes of this Agreement, “Confidential Information” includes, but is not limited to,
trade secrets, processes, policies, procedures, techniques, designs, drawings, know-how, show-how, technical information, specifications,
computer software and source code, information and data relating to the development, research, testing, costs, marketing, and uses of
the Services (as defined herein), the Company’s budgets and strategic plans, and the identity and special needs of the Company’s
employees, customers, vendors, and suppliers, databases, data, and all technology relating to the Company’s businesses, systems,
methods of operation, leads, marketing and advertising materials, methods and manuals and forms, all of which pertain to the activities
or operations of the Company, the names, home addresses and all telephone numbers and e-mail addresses of the Company’s directors,
employees, officers, executives, and former executives. In addition, Confidential Information also includes the names of employees and
contact persons for customers, vendors and suppliers including the identity of and telephone numbers, e-mail addresses and other addresses
of such persons. Confidential Information also includes, without limitation, Confidential Information received from the Company’s
subsidiaries and affiliates. For purposes of this Agreement, the following will not constitute Confidential Information (i) information
which is or subsequently becomes generally available to the public through no act or fault of the Executive, (ii) information set forth
in the written records of the Executive prior to disclosure to the Executive by or on behalf of the Company which information is given
to the Company in writing as of or prior to the date of this Agreement, and (iii) information which is lawfully obtained by the Executive
in writing from a third party (excluding any affiliates of the Executive) who lawfully acquired the confidential information and who did
not acquire such confidential information or trade secret, directly or indirectly, from the Executive or the Company or its subsidiaries
or affiliates and who has not breached any duty of confidentiality. As used herein, the term “Services” shall include all
services offered for sale and marketed by the Company during the Term. Services also includes any other services which the Company has
taken concrete steps to offer for sale, but has not yet commenced selling or marketing, during or prior to the Term. Services also
include any services disclosed in the Company’s latest Registration Statement, Form
10-K, Form 10-Q or Form 8-K (or successor form) filed with the Securities and Exchange Commission (the “SEC”).


 


(b)  
Legitimate Business Interests. The Executive recognizes that the Company has legitimate business interests to protect and
as a consequence, the Executive agrees to the restrictions contained in this Agreement because they further the Company’s legitimate
business interests. These legitimate business interests include, but are not limited to (i) trade secrets; (ii) valuable confidential
business, technical, and/or professional information that otherwise may not qualify as trade secrets, including, but not limited to, all
Confidential Information; (iii) substantial, significant, or key relationships with specific prospective or existing customers, vendors
or suppliers; (iv) Student goodwill associated
with the Company’s business; and (v) specialized training relating to the Company’s technology, Services, methods, operations
and procedures. Notwithstanding the foregoing, nothing in this Section 9(b) shall be construed to impose restrictions greater than those
imposed by other provisions of this Agreement.


 


(c)  
Confidentiality. During the Term of this Agreement and following termination of employment, for any reason, the Confidential
Information shall be held by the Executive in the strictest confidence and shall not, without the prior express written consent of the
Company, be disclosed to any person other than in connection with the Executive’s employment by the Company. The Executive further
acknowledges that such Confidential Information as is acquired and used by the Company or its subsidiaries or affiliates is a special,
valuable and unique asset. The Executive shall exercise all due and diligent precautions to protect the integrity of the Company’s
Confidential Information and to keep it confidential whether it is in written form, on electronic media, oral, or otherwise. The Executive
shall not copy any Confidential Information except to the extent necessary to his employment nor remove any Confidential Information or
copies thereof from the Company’s premises except to the extent necessary to his employment. All records, files, materials and other
Confidential Information obtained by the Executive in the course of his employment with the Company are confidential and proprietary and
shall remain the exclusive property of the Company. The Executive shall not, except in connection with and as required by his performance
of his duties under this Agreement, for any reason use for his own benefit or the benefit of any person or entity other than the Company
or disclose any such Confidential Information to any person, firm, corporation, association or other entity for any reason or purpose
whatsoever without the prior express written consent of an executive officer of the Company (excluding the Executive).


 






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(d)
References. References to the Company in this Section 9 shall include the Company’s subsidiaries and affiliates.


 


(e)  
Whistleblowing. Nothing contained in this Agreement shall be construed to prevent the Executive from reporting any act or failure
to act to the SEC or other governmental body or prevent the Executive from obtaining a fee as a “whistleblower” under Rule
21F-17(a) under the Securities Exchange Act of 1934 or other rules or regulations implemented under the Dodd-Frank Wall Street Reform
Act and Consumer Protection Act.


 


(f)  
Notice of Immunity Under the Economic Espionage Act of 1996, as amended by the Defend Trade Secrets Act of 2016. Notwithstanding
any other provision of this Agreement:


 


(1)
The Executive will not be held criminally or civilly liable under any federal or state trade secret law for any disclosure of a trade
secret that:


 


(A)
is made (1) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney;
and (2) solely for the purpose of reporting or investigating a suspected violation of law; or


 


(B)
is made in a complaint or other document filed under seal in a lawsuit or other proceeding.


 


(2)
If the Executive files a lawsuit for retaliation by the Company for reporting a suspected violation of law, the Executive may disclose
the Company’s trade secrets to the Executive’s attorney and use the trade secret information in the court proceeding if the
Executive:


 


		(A)	files any document containing trade secrets under seal; and



 


		(B)	does not disclose trade secrets, except pursuant to court order.



 


10.
Equitable Relief.


 


(a)  
The Company and the Executive recognize that the services to be rendered under this Agreement by the Executive are special, unique
and of extraordinary character, and that in the event of the breach by the Executive of the terms and conditions of this Agreement or
if the Executive, without the prior express consent of the Board, shall take any action in violation of Section 8 and/or Section 9, the
Company shall be entitled to institute and prosecute proceedings in any court of competent jurisdiction referred to in Section 10(b) below,
to enjoin the Executive from breaching the provisions of Section 8 and/or Section 9.


 


(b)  
Any action arising from or under this Agreement must be commenced only in the appropriate state or federal court located in New
York County, New York. The Executive and the Company irrevocably and unconditionally submit to the exclusive jurisdiction of such courts
and agree to take any and all future action necessary to submit to the jurisdiction of such courts. The Executive and the Company irrevocably
waive any objection that they now have or hereafter may have to the laying of venue of any suit, action or proceeding brought in any such
court and further irrevocably waive any claim that any such suit, action or proceeding brought in any such court has been brought in an
inconvenient forum. Final judgment against the Executive or the Company in any such suit shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment, a certified or true copy of which shall be conclusive evidence of the fact and the amount of any
liability of the Executive or the Company therein described, or by appropriate proceedings under any applicable treaty or otherwise.


 


11.
Conflicts of Interest. While employed by the Company, the Executive shall not, unless approved by the Compensation Committee, directly
or indirectly:


 


(a)  
participate as an individual in any way in the benefits of transactions with any of the Company’s customers, vendors, or suppliers,
including, without limitation, having a financial interest in the Company’s customers, vendors, or suppliers, or making loans to,
or receiving loans, from, the Company’s customers, vendors, or suppliers;


 






    9


     


    

 


(b)
realize a personal gain or advantage from a transaction in which the Company has an interest or use information obtained in connection
with the Executive’s employment with the Company for the Executive’s personal advantage or gain; or


 


(c)  
accept any new offer during the Term to serve as an officer, director, partner, consultant, manager with, or to be employed in
a professional, technical, or managerial capacity by, a person or entity which does business with the Company other than ZEST.


 


12.
Inventions, Ideas, Processes, and Designs. All inventions, ideas, processes, programs, software, and designs (including
all improvements) (i) conceived or made by the Executive during the course of his employment with the Company (whether or not actually
conceived during regular business hours) and for a period of six months subsequent to the termination (whether by expiration of the Term
or otherwise) of such employment with the Company, and (ii) related to the business of the Company, shall be disclosed in writing promptly
to the Company and shall be the sole and exclusive property of the Company, and the Executive hereby assigns any such inventions to the
Company. An invention, idea, process, program, software, or design (including an improvement) shall be deemed related to the business
of the Company if (a) it was made with the Company’s funds, personnel, equipment, supplies, facilities, or Confidential Information,
(b) results from work performed by the Executive for the Company, or (c) pertains to the current business or demonstrably anticipated
research or development work of the Company. The Executive shall cooperate with the Company and its attorneys in the preparation of patent
and copyright applications for such developments and, upon request, shall promptly assign all such inventions, ideas, processes, and designs
to the Company. The decision to file for patent or copyright protection or to maintain such development as a trade secret, or otherwise,
shall be in the sole discretion of the Company, and the Executive shall be bound by such decision. The Executive hereby irrevocably assigns
to the Company, for no additional consideration, the Executive’s entire right, title and interest in and to all work product and
intellectual property rights, including the right to sue, counterclaim and recover for all past, present and future infringement, misappropriation
or dilution thereof, and all rights corresponding thereto throughout the world. Nothing contained in this Agreement shall be construed
to reduce or limit the Company’s rights, title or interest in any work product or intellectual property rights so as to be less in any
respect than the Company would have had in the absence of this Agreement. If applicable, the Executive shall provide as a schedule to
this Agreement, a complete list of all inventions, ideas, processes, and designs, if any, patented or unpatented, copyrighted or otherwise,
or non-copyrighted, including a brief description, which he made or conceived prior to his employment with the Company and which therefore
are excluded from the scope of this Agreement. References to the Company in this Section 12 shall include the Company, its subsidiaries
and affiliates.


 


13.
Indebtedness. If, during the course of the Executive’s employment under this Agreement, the Executive becomes indebted to
the Company for any reason, the Company may, if it so elects, and if permitted by applicable law, set off any sum due to the Company from
the Executive and collect any remaining balance from the Executive unless the Executive has entered into a written agreement with the
Company.


 


14.
Assignability. The rights and obligations of the Company under this Agreement shall inure to the benefit of and be binding
upon the successors and assigns of the Company, provided that such successor or assign shall acquire all or substantially all of the securities
or assets and business of the Company. The Executive’s obligations hereunder may not be assigned or alienated and any attempt to
do so by the Executive will be void.


 


15.
Severability.


 


(a)  
The Executive expressly agrees that the character, duration and geographical scope of the non-competition provisions set forth
in this Agreement are reasonable in light of the circumstances as they exist on the date hereof. Should a decision, however, be made at
a later date by a court of competent jurisdiction that the character, duration or geographical scope of such provisions is unreasonable,
then it is the intention and the agreement of the Executive and the Company that this Agreement shall be construed by the court in such
a manner as to impose only those restrictions on the Executive’s conduct that are reasonable in the light of the circumstances and
as are necessary to assure to the Company the benefits of this Agreement. If, in any judicial proceeding, a court shall refuse to enforce
all of the separate covenants deemed included herein because taken together they are more extensive than necessary to assure to the Company
the intended benefits of this Agreement, it is expressly understood and agreed by the parties hereto that the provisions of this Agreement
that, if eliminated, would permit the remaining separate provisions to be enforced in such proceeding shall be deemed eliminated, for
the purposes of such proceeding, from this Agreement.


 






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


 


16.
Notices and Addresses. All notices, offers, acceptance and any other acts under this Agreement (except payment) shall be in writing,
and shall be sufficiently given if delivered to the addressees in person, by FedEx or similar receipted delivery, or next business day
delivery to the addresses detailed below (or to such other address, as either of them, by notice to the other may designate from time
to time), or by e-mail delivery (in which event a copy shall immediately be sent by FedEx or similar receipted delivery), as follows:


 


	To the Company:	 	Agora Digital Holdings, Inc.
	 	 	303 Pearl Parkway, Suite 200
	 	 	San Antonio, TX 78215
	 	 	Attention: Jay Puchir, CFO
	 	 	Email: jpuchir@agoradigital.com
	 	 	 
	With a copy to:	 	Nason, Yeager, Gerson, Harris & Fumero, P.A.
	 	 	Attn: Michael D. Harris, Esq.
	 	 	3001 PGA Blvd., Suite 305
	 	 	Palm Beach Gardens, Florida 33410
	 	 	Email: mharris@nasonyeager.com
	 	 	 
	To the Executive:	 	Email: bhoagland@agoradigital.com



 


17.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but
all of which together shall constitute one and the same instrument. The execution of this Agreement may be by actual or facsimile signature.


 


18.
Attorneys’ Fees. In the event that there is any controversy or claim arising out of or relating to this Agreement, or to
the interpretation, breach or enforcement thereof, and any action or proceeding is commenced to enforce the provisions of this Agreement,
the prevailing party shall be entitled to reasonable attorneys’ fees, costs and expenses (including such fees and costs on appeal).


 


19.
Governing Law. This Agreement shall be governed or interpreted according to the internal laws of the State of Nevada without regard
to choice of law considerations and all claims relating to or arising out of this Agreement, or the breach thereof, whether sounding in
contract, tort, or otherwise, shall also be governed by the laws of the State of Nevada without regard to choice of law considerations.


 


20.
Entire Agreement. This Agreement constitutes the entire Agreement between the parties and supersedes all prior oral and written
agreements between the parties hereto with respect to the subject matter hereof. Neither this Agreement nor any provision hereof may be
changed, waived, discharged or terminated orally, except by a statement in writing signed by the party or parties against which enforcement
or the change, waiver discharge or termination is sought.


 


21.
Section and Paragraph Headings. The section and paragraph headings in this Agreement are for reference purposes only and shall
not affect the meaning or interpretation of this Agreement.


 


22.
Section 409A Compliance.


 


(a)  
This Agreement is intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”),
or an exemption thereunder. This Agreement shall be construed and administered in accordance with Section 409A. Notwithstanding any other
provision of this Agreement to the contrary, payments provided under this Agreement may only be made upon an event and in a manner that
complies with Section 409A or an applicable exemption. Any payments under this Agreement that may be excluded from Section 409A either
as separation pay due to an involuntary separation from service (including a voluntary separation from service for good reason that is
considered an involuntary separation for purposes of the separation pay exception under Treasury Regulation 1.409A-1(n)(2)) or as a short-term
deferral shall be excluded from Section 409A to the maximum extent possible. For purposes of Section 409A, each installment payment provided
under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment
shall only be made if such termination of employment constitutes a “separation from service” under Section 409A.
Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply
with Section 409A and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest, or other expenses
that may be incurred by the Executive on account of non-compliance with Section 409A.


 




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(b)
Notwithstanding any other provision of this Agreement, if at the time of the Executive’s termination of employment, the Executive is a
“specified employee”, determined in accordance with Section 409A, any payments and benefits provided under this Agreement that
constitute “nonqualified deferred compensation” subject to Section 409A (e.g., payments and benefits that do not qualify as
a short-term deferral or as a separation pay exception) that are provided to the Executive on account of the Executive’s separation
from service shall not be paid until the first payroll date to occur following the six-month anniversary of the Executive’s termination
date (“Specified Employee Payment Date”). The aggregate amount of any payments that would otherwise have been made during such
six-month period shall be paid in a lump sum on the Specified Employee Payment Date without interest and thereafter, any remaining payments
shall be paid without delay in accordance with their original schedule. If the Executive dies during the six-month period, any delayed
payments shall be paid to the Executive’s estate in a lump sum upon the Executive’s death.


 


(c)  
To the extent required by Section 409A, each reimbursement or in-kind benefit provided under this Agreement shall be provided in accordance
with the following:


 


(1)
the amount of expenses eligible for reimbursement, or in-kind benefits provided, during each calendar year cannot affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year;


 


(2)
any reimbursement of an eligible expense shall be paid to the Executive on or before the last day of the calendar year following the calendar
year in which the expense was incurred; and


 


(3)
any right to reimbursements or in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit.


 





 


(d)  
In the event the Company determines that the Executive is a “specified employee” within the meaning of Section 409A(a)(2)(B)(i)
of the Code at the time of the Executive’s separation from service, then to the extent any payment or benefit that the Executive
becomes entitled to under this Agreement on account of the Executive’s separation from service would be considered deferred compensation
subject to Section 409A as a result of the application of Section 409A(a)(2)(B)(i) of the Code, such payment shall not be payable and
such benefit shall not be provided until the date that is the earlier of (i) six months and one day after the Executive’s separation
from service, or (ii) the Executive’s death (the “Six Month Delay Rule”).


 


(1)  
For purposes of this subparagraph, amounts payable under the Agreement should not provide for a deferral of compensation subject to Section
409A to the extent provided in Treasury Regulation Section 1.409A-1(b)(4) (e.g., short-term deferrals), Treasury Regulation Section 1.409A-1(b)(9) (e.g., separation pay
plans, including the exception under subparagraph (iii)), and other applicable provisions of the Treasury Regulations.


 


(2)
To the extent that the Six Month Delay Rule applies to payments otherwise payable on an installment basis, the first payment shall include
a catch-up payment covering amounts that would otherwise have been paid during the six-month period but for the application of the Six
Month Delay Rule, and the balance of the installments shall be payable in accordance with their original schedule.


 


(3)  
To the extent that the Six Month Delay Rule applies to the provision of benefits (including, but not limited to, life insurance
and medical insurance), such benefit coverage shall nonetheless be provided to the Executive during the first six months following his
separation from service (the “Six Month Period”), provided that, during such Six-Month Period, the Executive pays to the Company,
on a monthly basis in advance, an amount equal to the Monthly Cost (as defined below) of such benefit coverage. The Company shall reimburse
the Executive for any such payments made by the Executive in a lump sum not later than 30 days following the sixth month anniversary of
the Executive’s separation from service. For purposes of this subparagraph, “Monthly Cost” means the minimum dollar
amount which, if paid by the Executive on a monthly basis in advance, results in the Executive not being required to recognize any federal
income tax on receipt of the benefit coverage during the Six Month Period.


 


(e)  
The parties intend that this Agreement will be administered in accordance with Section 409A. To the extent that any provision of
this Agreement is ambiguous as to its compliance with Section 409A, the provision shall be read in such a manner so that all payments
hereunder comply with Section 409A. The parties agree that this Agreement may be amended, as reasonably requested by either party, and
as may be necessary to fully comply with Section 409A and all related rules and regulations in order to preserve the payments and benefits
provided hereunder without additional cost to either party.


 


(f)  
The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions of
this Agreement are determined to constitute deferred compensation subject to Section 409A but do not satisfy an exemption from, or the
conditions of, such Section.


 


[Signature Page To Follow]


 




    12


     


    

 


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


 


	 	Agora Digital Holdings, Inc.
	 	 
	 	By:	/s/ Randy May
	 	Name: 	 Randy May
	 	Title:	 Executive Chairman
	 	 
	 	Executive:
	 	 
	 	/s/ William
    Hoagland
	 	Name:  	 William Hoagland



 


Signature Page to Employment Agreement