EMPLOYMENT AGREEMENT


 


This Employment Agreement
(this “Agreement”) is entered into effective March 31, 2017 (the “Effective Date”) by and
between Grey Cloak Tech Inc., a Nevada corporation (the “Company”) and Joseph Nejman, an individual (the “Executive”).


 


WHEREAS, the Company desires
to employ the Executive, and the Executive desires employment with the Company, on the terms and conditions set forth in this Agreement.


 


NOW, THEREFORE, in consideration
of the mutual covenants set forth below, the parties agree as follows:


 


ARTICLE 1. DUTIES AND SCOPE OF EMPLOYMENT


 


Section 1.1.Employment.
Executive shall be employed by the Company on an “at-will” basis, meaning that either Executive or the Company
shall be entitled to terminate Executive’s employment at any time and for any reason, with or without cause and with or without
notice, subject to the terms of this Agreement, beginning on the Effective Date and ending as provided in Article 3 (the “Employment
Term”). The date on which Executive’s employment under this Agreement terminates is referred to herein as the “Termination
Date”.


 


Section 1.2Duties
and Services. During the Employment Term, Executive shall serve as the President, reporting directly to the CEO. Executive’s
duties and services will be consistent with Executive’s title, position and stature with the Company, subject to the direction
of the Company’s Board of Directors (the “Board”). Executive will devote his reasonable best efforts and substantially
all of his business time and attention (except for vacation periods and reasonable periods of illness or other incapacity) to the
provision of duties and services under this Agreement and shall perform such duties and services to the best of his abilities in
a diligent, trustworthy, businesslike and efficient manner. Executive agrees, during the Employment Term, not to actively engage
in any other employment, occupation or consulting activity for any direct or indirect remuneration without prior approval of the
Board; provided, however, that Executive may (i) serve in any capacity with any civic, educational or charitable organization,
or (ii) engage in consulting for up to ten (10) hours per month. If Company is unable to pay Executive the Base Salary as agreed
upon in Section 2.1, then Company waives the ten (10) hour per month consulting restriction in this section entirely, and Executive
may engage in consulting until such time as the Company is able to resume payment of the Base Salary requirement as given in Section
2.1.


 


ARTICLE 2. COMPENSATION AND BENEFITS


 


Section 2.1 Base Salary. The
Company will pay Executive as compensation for his services a base salary at the rate of $140,000 per annum commencing March 31,
2017, payable in installments consistent with the Company’s normal payroll schedule,




    


    


    

subject to applicable withholding and other
taxes (the “Base Salary”), subject to deferment to the following month for any portion of the payment the Company
is unable to make until Company has sufficient capital at which time any deferred amount will be paid as part of the subsequent
monthly payment, subject thereafter to increase or decrease in the sole discretion of the Board in connection with each annual
performance review cycle. Nothing in this section shall alter Executive at-will employment status.


 


Section 2.2 Benefits. During
the Employment Term, Executive will be entitled to participate in the employee benefit plans currently and hereafter maintained
by the Company of general applicability to other similarly situated executives of the Company, subject in each case to the generally
applicable terms and conditions of the plan in question and to the determinations of any person or committee administering such
plan. The Company reserves the right to cancel or change the benefit plans and programs it offers to its employees at any time.
If the Company does not provide health care insurance, Executive will be reimbursed for monthly health care expenses, up to a maximum
of $1,000 per month.


 


Section 2.3Paid Time Off. During
the Employment Term, Executive will be entitled to paid time off of twenty (20) days per calendar year to be taken in such amounts
and at such times as approved in advance by the CEO.


 


Section 2.4 Expenses. The Company
will reimburse Executive for reasonable business expenses incurred by Executive in the furtherance of or in connection with the
performance of Executive’s duties hereunder upon presentation of an itemized account and appropriate supporting documentation,
all in accordance with the Company’s generally applicable policies.


 


Section 2.5Employee Stock Options.
In addition to the compensation set forth above, effective upon its adoption by the Board, Executive will be issued options
to acquire shares of the Company’s common stock, exercisable for a term and at an exercise price determined by the Board.


 


Section 2.6Executive Commission
Plan. Executive will receive a commission equal to twenty percent (20%) on all sales, up to a maximum gross sales amount of
Seven Hundred Thousand Dollars ($700,000) per calendar year, that are a direct result of Executive’s sales efforts, provided
that these commissions do not exceed an amount equal to Executive’s then current Base Salary in any calendar year.


 


Section 2.7Accelerated Options Vesting.
Any employee stock options granted to Executive pursuant to Section 2.5, above, will immediately vest upon the consummation of
equity financing by the Company equal to at least Two Million Dollars ($2,000,000) as a direct result of Executive’s efforts.
In the event Executive is individually and directly responsible for equity investments into the Company of an aggregate of at least
Two Million Dollars ($2,000,000) during the Employment Term, the Option to Purchase pursuant to Section 3 and Section
4 of that certain Shareholders Agreement, between the Company and certain of its shareholders, shall be extinguished




    Page 2 of 11


    


    

in its entirety but only with respect to the
securities held by Executive. Executive will be deemed directly responsible for an equity investment if the investment was made
as a result of a direct, personal contact with the investor by Executive, which does not include general solicitation or general
marketing efforts.


 


ARTICLE 3. TERMINATION AND SEVERANCE


 


Section 3.1Definitions. For
purposes of this Agreement,


 


3.1.1        “Cause”
means Executive’s: (i) conviction of, or plea of no contest with respect to, any felony, or of any misdemeanor involving
dishonesty or moral turpitude; (ii) participation in a fraud or act of dishonesty (or an attempted fraud or act of dishonesty)
that results in (or could result in) material harm to the Company, including but not limited to material harm to reputational interests;
(iii) violation of a fiduciary duty owed to the Company; (iv) material breach of any fully executed agreement between Executive
and the Company, including but not limited to this Agreement; (v) persistent, unsatisfactory performance or neglect of job duties,
which is not cured within ten (10) business days after Executive is provided written notice by the Company (provided, that, such
written notice and opportunity to cure are not required if Executive’s performance or neglect is not reasonably susceptible
to being cured); or (vi) gross misconduct or material failure to comply with a written instruction of the Company.


 


3.1.2.        
“Constructive Termination” means Executive’s resignation from Executive’s employment with the Company
within twelve (12) months after any of the following: (i) any reduction of Executive’s base salary which is not part of a
broad cross-company cost cutting effort; (ii) any requirement that Executive engage in any illegal or unethical conduct, after
Executive has given the Company thirty (30) days’ notice and opportunity to cure; (iii) the Company’s failure to fully
cure within thirty (30) days any material breach by the Company of this Agreement, or any other agreement between Executive and
the Company, of which Executive has notified the Board in writing; (iv) a relocation of Executive’s principal place of employment
by more than fifty (50) miles.


 


3.1.3.        
Executive shall be deemed to be disabled if a majority of the Board (excluding Executive) determines in good faith that Executive
is unable to perform the essential functions of his position with Company, even with reasonable accommodation, for a period of
not less than ninety (90) consecutive days, due to a mental or physical illness or incapacity (hereafter “Disability”).


 


3.2 Termination for
Cause, Voluntary Termination, Death, Disability. If the Company terminates Executive’s employment for Cause or if Executive
voluntarily resigns from his employment with the Company (other than pursuant to a Constructive Termination) or if Executive’s
employment is terminated in the event of Death or Disability, then Executive shall not be entitled to receive payment of, and the
Company shall have no obligation to pay, any severance other than: (i) the portion of the Base Salary then earned but unpaid; (ii)
vested benefits under any applicable employee benefit plan or as otherwise specified herein (including without limitation any accrued
but




    Page 3 of 11


    


    

unused paid time off); and (iii) any unreimbursed
business expenses incurred by Executive as of the date of such termination.


 


3.3       Termination
Without Cause, Constructive Termination. In the event Executive’s employment with the Company is terminated by the Company
without Cause, or as a result of Executive’s Constructive Termination Executive will receive from the Company, within fourteen
(14) days after Executive’s Termination Date, a lump sum cash payment equal to three (3) months of Executive’s most
recent Base Salary, less applicable withholdings and deductions.


 


ARTICLE 4. COVENANTS


 


Section 4.1Confidential Information.



 


4.1.1 Company Information.
During the Employment Term and following the Termination Date, Executive (i) will hold all Confidential Information (defined
hereafter) in trust and in strict confidence; (ii) will not disclose, and will use commercially reasonable efforts to protect,
the Confidential Information; (iii) will not, directly or indirectly, use or assist others to use Confidential Information; and
(iv) will not, directly or indirectly, use, disseminate or otherwise disclose any Confidential Information to any third party,
except in the case of each of (i) through (iv) above, as required by Executive’s duties in the course of his employment by
the Company or requested or legally compelled (by oral questions, interrogatories, requests for information or documents, subpoena,
civil or criminal investigative demand or similar process) or required by a regulatory body to make any disclosure which is prohibited
or otherwise constrained by this Agreement, provided, that Executive shall: (A) provide the Company with prompt notice of
any such request(s) so that the Company may seek an appropriate protective order or other appropriate remedy and (B) provide reasonable
assistance to the Company in obtaining any such protective order. If such protective order or other remedy is not obtained or the
Company grants a waiver hereunder, then Executive may finish that portion (and only that portion) of the Confidential Information
which, in the written opinion of counsel reasonably acceptable to the Company, Executive is legally compelled or otherwise required
to disclose; provided, that Executive shall use reasonable efforts to obtain reliable assurance that confidential treatment
will be accorded any Confidential Information so disclosed. “Confidential Information” shall mean any Company
proprietary information, technical data, trade secrets or know-how, including, but not limited to, research, product plans, products,
services, customer lists, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering,
hardware configuration information, marketing, finances or other business information disclosed to Executive or of which Executive
became aware as a consequence of or through his employment with the Company. Notwithstanding the foregoing, the term “Confidential
Information” shall not include information that (x) is or becomes available to the public, other than because of disclosure
by Executive in breach of this Agreement; (y) was or becomes available to Executive from a source other than the Company, but only
if such source is not known to Executive to be bound by an obligation of secrecy to the Company with respect to the information
disclosed; or (z) has




    Page 4 of 11


    


    

been independently developed by Executive without
breaching an of his obligations under this Agreement.


 


4.1.2. Prior Obligations.
Executive represents that Executive’s performance of all terms of this Agreement as an employee of the Company has not
breached and will not breach any agreement to keep in confidence proprietary information, knowledge or data acquired by Executive
prior or subsequent to the commencement of employment with the Company, and Executive will not disclose to the Company or use any
inventions, confidential or non-public proprietary information or material belonging to any current or former client or employer
or any other party. Executive will not induce the Company to use any inventions, confidential or non-public proprietary information,
or material belonging to any current or former client or employer or any other party. Executive acknowledges and agrees that Executive
has listed on Exhibit A all agreements (e.g., non-competition agreements, non-solicitation of customers agreements, non-solicitation
of employees agreements, confidentiality agreements, inventions agreements, etc.) with a current or former employer, or any other
person or entity, that may restrict Executive’s ability to accept employment with the Company or ability as an employee to
recruit or engage customers or service providers on behalf of the Company, or otherwise relate to or restrict Executive’s
ability to perform duties as an employee of the Company or any obligation Executive may have to the Company.


 


4.1.3 Third Party Information.
Executive recognizes that the Company has received and in the future will receive from third parties their confidential or
proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and to
use it only for certain limited purposes. Executive agrees to hold all such confidential or proprietary information in the strictest
confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out Executive’s
work for the Company consistent with the Company’s agreement with such third party.


 


Section 4.2 Assignment of Inventions.
All inventions, innovations or improvements related to the Company’s methods of conducting its business (including new
any new product or formulation not currently available within the United States, contributions, improvements, ideas and discoveries,
whether patentable or not), conceived or made by Executive during his employment with the Company belong to the Company, and Executive
hereby will assign and assigns all of such inventions, innovations and improvements, contributions, ideas and discoveries to the
Company. Executive will cooperate and perform all actions reasonably requested to establish and confirm such ownership in the Company.


 


Section 4.3Company Property; Returning
Company Property. Executive acknowledges and agrees that Executive has no expectation of privacy with respect to the Company’s
telecommunications, networking or information processing systems (including, without limitation, stored company files, e-mail messages
and voice messages) and that Executive’s activity and any files or messages on or using any of




    Page 5 of 11


    


    

those systems may be monitored at any time
without notice. Executive further agrees that any property situated on the Company’s premises and owned by the Company, including
disks and other storage media, filing cabinets or other work areas, is subject to inspection by Company personnel at any time with
or without notice. Executive agrees that, on the Termination Date or on the Company’s request at any time, Executive will
deliver to the Company (and will not destroy or keep in Executive’s possession, recreate or deliver to anyone else) any and
all Trade Secrets (defined below) devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings,
blueprints, sketches, notebooks, materials, flow charts, equipment, other documents or property, or reproductions of any of the
aforementioned items obtained by Executive during Executive’s Employment Term.


 


Section 4.4. Notification of Future
Employer. Executive hereby grants consent to notification by the Company to any future or prospective employer about any rights
and obligations under this Agreement.


 


Section 4.5Noncompetition. During
the Employment Term and for a period of twelve (12) months from and after the Termination Date, Executive will not, directly or
indirectly, engage in, or have any interest in any other Person (defined hereafter), as a President, or in a similar executive
financial role, whether as an employee, officer, director, member, manager, partner, agent, consultant or otherwise, that, directly
or indirectly is engaged in the business of enabling and/or using online inventory for shopping malls or retailers (“Restricted
Business”) in the United States. Nothing in this Section 4.5 shall be deemed to prevent Executive from acquiring and
owning, solely as a passive investment, equity securities (including options to purchase equity securities) that aggregate to less
than two percent (2%) in the aggregate of the equity securities of any class of any issuer that are registered under Section 12(b)
or 12(g) of the Securities Exchange Act of 1934, as amended (or successor provisions). “Person” shall mean an
individual, partnership, corporation, business trust, limited liability company, limited liability partnership, joint stock company,
trust, unincorporated association, joint venture, other entity, or a governmental body.


 


Section 4.6 Non-Solicitation of
Employees. During the Employment Term and for a period of twelve (12) months from and after the Termination Date, Executive
will not, directly or indirectly, (i) solicit for employment or employ (or attempt to solicit for employment or employ), for Executive
or on behalf of any other Person (other than the Company) (provided that nothing herein shall prevent Executive from making a general
solicitation not targeted at the Company’s employees), any employee of the Company or any Person who was such an employee
during the Employment Term; or (ii) otherwise encourage any such employee to leave his or her employment with the Company.


 


Section 4.7Non-Solicitation of Others.
During the Employment Term and for a period of twelve (12) months from and after the Termination Date, Executive will not,
directly or indirectly, (i) solicit, call on or transact or engage in the Restricted Business with (or attempt to do any of the
foregoing with respect to) any customer, distributor,




    Page 6 of 11


    


    

vendor, supplier or agent with whom the Company
shall have dealt, or that the shall have actively sought to deal, at any time during the Employment Term for or on behalf of Executive
or any other Person (other than the Company) in connection with a Restricted Business; or (ii) encourage any such customer, distributor,
vendor, supplier or agent to cease, in whole or in part, its business relationship with the Company.


 


Section 4.8Covenants Reasonable;
Court Modification. Executive acknowledges and agrees that the Company sells its products and competes throughout the United
States and that the covenants provided for in this Agreement are reasonable and necessary in terms of scope, duration, area, line
of business and all other matters to protect the Company’s legitimate business interests. To the extent that any of the provisions
contained in this Agreement may later be adjudicated by a court of competent jurisdiction to be too broad to be enforced with respect
to such provision’s scope, duration, area, line of business or any other matter, such provision shall be deemed amended by
limiting and reducing such provision, scope, duration, area, line of business or other matter, as the case may be, so as to be
valid and enforceable to the maximum extent compatible with the applicable laws of such jurisdiction and this Agreement as drafted.
Any such deemed amendment shall only apply with respect to the operation of such provision in the applicable jurisdiction in which
such adjudication is made.


 


Section 4.9Intentionally left
blank.


 


Section 4.10 Trade Secrets


 


4.10.1 Definition. The
parties acknowledge and agree that during Executive’s employment and in the course of the discharge of his duties hereunder,
Executive shall have access to and become acquainted with information concerning the operation and processes of the Company, including
without limitation, financial, personnel, sales, intellectual property, and other information that is owned by the Company’s
business, and that such information constitutes the Company’s trade secrets (“Trade Secrets”). Notwithstanding
the foregoing, Trade Secrets do not include: (i) information that is or becomes available to the public, other than because of
disclosure by Executive in breach of this Agreement; or (ii) information that subsequently becomes part of public knowledge or
literature through a deliberate act of the Company as of the date of its becoming public.


 


4.10.2 Covenant. Executive
specifically agrees that he shall not misuse, misappropriate, or disclose any such Trade Secrets, directly or indirectly to any
other Person or use them in any way, either during the term of this Agreement or at any other time thereafter, except as is required
in the course of his employment hereunder.


 


4.10.3 Trade Secret Misappropriation.
Executive acknowledges and agrees that the sale or unauthorized use or disclosure of any Company’s Trade Secrets obtained
by Executive during the course of his employment with the Company, including information concerning the Company’s current
or any future and proposed work, services, or products, the facts that any such work production, as well as any descriptions




    Page 7 of 11


    


    

thereof, would constitute unfair trade practices
and unauthorized use of the Company’s Trade Secrets, whether such information is used during the Employment Term or at any
other time thereafter.


 


ARTICLE 5. GENERAL PROVISIONS.


 


Section 5.1Advice of Counsel. Executive
hereby acknowledges and represents that Executive has had the opportunity to seek independent legal counsel regarding Executive’s
rights and obligations under this Agreement, and has done so or decided not to do so, at Executive’s choosing, and that he
fully understands the terms and conditions contained herein. This Agreement shall not be construed against any party by reason
of the drafting or preparation thereof.


 


Section 5.2Any notice provided
for in this Agreement must be in writing and must be either personally delivered, or mailed by first class mail (postage prepaid
and return receipt requested) or sent by reputable overnight courier service, to the recipient at the return address below indicated.


 


To the Company:Grey Cloak Tech Inc.


10300 W. Charleston


Las Vegas, NV 89135


Attn: William Bossung


 


with a copy to:Clyde Snow &
Sessions


201 South Main Street, Thirteenth
Floor


Salt Lake City, UT 84111


Attn: Brian A. Lebrecht


Email: bal@clydesnow.com


 


To the Executive:At the Executive’s
last known address, as listed with the


Company


 


Or to such address or to the attention of such
other person as the recipient party shall have specified by prior written notice to the sending party. Any notice under this Agreement
will be deemed to have been given when so delivered or sent or if mailed, five (5) days after so mailed.


 


Section 5.3Severability. Whenever
possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under any applicable law
or rule in any, jurisdiction, such invalidity, illegality or unenforceability will not affect any other provision or such application
in any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision had never been contained herein; provided, that if any of the provisions of this Agreement are




    Page 8 of 11


    


    

held to be invalid, illegal or unenforceable,
then such provisions shall be deemed amended in the manner and to the extent provided for in Section 4.8 above.


 


Section 5.4Complete Agreement. This
Agreement embodies the complete agreement and understanding among the parties relating to the subject matter hereof and supersede
and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related
to the subject matter hereof in any way.


 


Section 5.5Counterparts. This
Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute
one and the same agreement. Any signature delivered by facsimile transmission or by e-mail delivery of a “.pdf” format
data file, such signature shall be deemed a manually executed and delivered original.


 


Section 5.6Successors and Assigns.
Executive may not delegate any of his obligations hereunder. Further, this Agreement may not be assigned by either the Company
or Executive, except that the Company may assign this Agreement to a Person who purchases or succeeds to all or substantially all
of the assets of the Company, by operation of law, asset purchase or otherwise. Subject to the two immediately preceding sentences,
this Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company and their respective
successors and assigns (and, in the case of Executive, heirs and personal representatives).


 


Section 5.7Attorney’s Fees
and Costs. If any action at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing
party, whether at trial or on appeal, shall be entitled to reasonable attorney’s fees, costs, and necessary disbursements
in addition to any other relief to which that party may be entitled. This provision shall be construed as applicable to the entire
Agreement.


 


Section 5.8Choice of Law; Jurisdiction
and Venue. This Agreement shall be governed and construed in accordance with the laws of the State of Nevada without regard
to conflicts of laws principles thereof and all questions concerning the validity and construction hereof shall he determined in
accordance with the laws of said State. Each party irrevocably submits to the personal and exclusive jurisdiction of any federal
or state court of competent jurisdiction located in Clark County, State of Nevada, in any action or proceeding arising out of or
relating to this Agreement and hereby irrevocably agrees on behalf of himself, herself or itself and on behalf of such party’s
heirs, personal representatives, successors and assigns that all claims in respect of such action or proceeding may be heard and
determined in any such court.


 


Section 5.9Waiver of Jury Trial.
THE PARTIES HERETO HEREBY IRREVOCABLY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY
MATTER (WHETHER IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO,




    Page 9 of 11


    


    

OR CONNECTED WITH THIS AGREEMENT OR THE RELATIONSHIP
ESTABLISHED HEREUNDER.


 


Section 5.10 Amendments
and Waivers. No provision of this Agreement may be amended or waived without the prior written consent of the parties hereto.
The waiver by either party to this Agreement of a breach of any provision of this Agreement shall not be construed or operate as
a waiver of any preceding or succeeding breach of the same, or any other term or provision, or as a waiver of any contemporaneous
breach of any other term, or provision or as a continuing waiver of the same or any other term or provision.


 


[remainder of page intentionally left blank; signature page to follow]




    Page 10 of 11


    


    

 


IN WITNESS WHEREOF, the
parties have executed this Employment Agreement as of the day and year first above written.


 


	“Company”	“Executive”
	 	 
	Grey Cloak Tech Inc.,	 
	a Nevada corporation	 
	 	 
	 	 
	/s/ Fred Covely	/s/ Joseph Nejman
	By:Fred Covely	Joseph Nejman
	Its:CEO	 


 


 




    Page 11 of 11