Exhibit
10.1


 


EXECUTIVE
EMPLOYMENT AGREEMENT


 


Dated
as of February 2, 2017


 


THIS
EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) dated as of the date first set forth above (the “Effective
Date”) is entered into by and between Life Clips, Inc., a Wyoming corporation (the “Company”), and Huey Long
(the “Executive”). The Company and Executive may collective be referred to as the “Parties” and each individually
as a “Party.”


 


WHEREAS,
the Company desires to employ the Executive as its Chief Executive Officer of the Company and the Executive desires to serve in
such capacity on behalf of the Company, in each case subject to the terms and conditions herein;


 


NOW,
THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Executive hereby
agree as follows:


 


	1.	Employment.
    


 


	 	(a)	Term.
    The term of this Agreement (the “Initial Term”) shall begin as of the Effective Date and shall end on the earlier
    of (i) the second anniversary of the Effective Date and (ii) the time of the termination of the Executive’s employment
    in accordance with Section 3 herein. This Initial Term and any Renewal Term (as defined below) shall automatically be extended
    for one or more additional terms of one (1) year each (each a “Renewal Term” and together with the Initial Term,
    the “Term”), unless either the Company or Executive provide notice to the other Party of their desire to not so
    renew the Initial Term or Renewal Term (as applicable) at least thirty (30) days prior to the expiration of the then-current
    Initial Term or Renewal Term, as applicable. 
	 	 	 
	 	(b)	Duties.
    The Company hereby appoints Executive, and Executive shall serve, as the Chief Executive Officer of the Company and shall
    report directly to the Board of Directors of the Company (the “Board”). The Executive shall have such duties and
    responsibilities as are consistent with Executive’s position as Chief Executive Officer of the Company. In addition,
    the Executive shall perform all other duties and accept all other responsibilities incident to such position as may reasonably
    assigned to Executive by the Board.
	 	 	 
	 	(c)	Board
    Seat. Executive shall be named as a Director of the Company upon the Effective Date and shall have the right to serve
    as a Director of the Company during the Term and each renewal term. 
	 	 	 
	 	(d)	Best
    Efforts. During the Term, the Executive shall devote Executive’s best efforts and full time and attention to promote
    the business and affairs of the Company and its affiliated companies, and shall be engaged in other business activities only
    to the extent that such activities are not competitive with the Company and do not interfere or conflict with Executive’s
    obligations to the Company hereunder, including, without limitation, the obligations pursuant to Section 6. Notwithstanding
    the foregoing, the Executive may (A) serve on corporate, civic, educational, philanthropic or charitable boards or committees,
    (B) deliver lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments
    and consult non competitive businesses so long as such activities do not significantly interfere with the performance of the
    Executive’s responsibilities hereunder. The foregoing shall also not be construed as preventing the Executive from investing
    Executive’s assets in such form or manner as will not require any significant services on Executive’s part in
    the operation of the affairs of the businesses or entities in which such investments are made; provided, however, that the
    Executive shall not invest in any business competitive with the Company, except that the Executive shall be permitted to own
    not more than 5% of the stock of those companies whose securities are listed on a national securities exchange or quoted on
    the OTC Markets.


 




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	2.	Compensation and Other Benefits. As compensation for the services to be rendered hereunder, during the Term the Company shall pay to the Executive the salary and bonuses, and shall provide the benefits, as set forth in this Section 2.
	 	 	 	 
		 	(a)	Base
    Salary. The Company shall pay to the Executive an annual base salary of $300,000, payable on a monthly basis commencing
    on the Effective Date (the “Base Salary”). The Base Salary may be subject to annual increases (but not decreases),
    as determined in the discretion of Board. The Base Salary shall be paid in accordance with the Company’s payroll policies,
    provided, however, that the first payment of Base Salary shall not be due and payable until February 7, 2017. Initially the
    Base Salary shall be paid on a 1099.
	 	 	 	 
		 	(b)	Bonus.
    The Executive shall be eligible for an annual bonus payment in an amount to be determined by the Board and Executive (the
    “Bonus”). The Bonus shall be determined and payable based on the achievement of certain performance objectives
    of the Company as established by the Board and communicated to the Executive in writing as soon as practicable after commencement
    of the year in respect of which the Bonus is paid. 
	 	 	 	 
		 	(c)	Equity
    Grants. The Executive shall be granted the following equity awards:


 


	 	(i)	On
    the Effective Date, Executive shall be granted 15,000,000 shares of restricted common stock, par value $0.001 per share (the
    “Common Stock”) of the Company (the “First Grant”), which shall be subject to vesting as set forth
    in this Section 2(c)(i). 3,750,000 shares of Common Stock in the First Grant shall vest on the 6 month anniversary of the
    Effective Date; 3,750,000 shares of Common Stock in the First Grant shall vest on the 12 month anniversary of the Effective
    Date; and thereafter 625,000 shares of Common Stock in the First Grant shall vest each month thereafter, to modification as
    set forth in Section 3. 
	 	 	 
	 	(ii)	On
    the Effective Date, Executive shall be granted 500,000 shares of Common Stock of the Company (the “Second Grant”),
    which shall be subject to vesting as set forth in this Section 2(c)(ii). The Second Grant shall vest upon the Company (i)
    achieving positive cash flow and (ii) meeting such other goals as determined by the Board, with such vesting being subject
    to modification as set forth in Section 3.
	 	 	 
	 	(iii)	On
    each anniversary of the Effective Date, the Executive shall be granted 500,000 shares of Common Stock of the Company (each,
    a “Third Grant”) that will vest as set forth in this Section 2(c)(iii). 50% of each Third Grant shall vest on
    the first anniversary of the date of the grant of such Third Grant and the remaining 50% of each Third Grant shall vest on
    the second anniversary of the of the date of the grant of such Third Grant, subject in each case to modification as set forth
    in Section 3. The amount of the Third Grant may be increased by the Board.


 




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	 	(iv)	Subject
    to Section 2(c)(v), on each anniversary of the Effective Date during the Term, Executive shall be granted a number of shares
    of Common Stock as required such that, following such grant and counting the shares of Common Stock granted pursuant to the
    First Grant, the Second Grant and the Third Grant (counting all such shares of Common Stock without regard to vesting) Executive
    owns a number of shares of Common Stock equal to a minimum of 10% of the total number of issued and outstanding shares of
    Common Stock on such date, assuming conversion into Common Stock of any other class of shares of capital stock of the Company
    which is so convertible and the exercise or conversion of any other securities of the Company which are so convertible into,
    or exercisable for, shares of Common Stock of the Company (each, an “Annual Grant”). 50% of each Annual Grant
    shall vest on the on the first anniversary of the grant of such Annual Grant and the remaining 50% of each Annual Grant shall
    vest on the second anniversary of the grant of such Annual Grant, subject in each case to modification as set forth in Section
    3.
	 	 	 
	 	(v)	Notwithstanding
    Section 2(c)(iv), in the event that, as of the date of the determination of any Annual Grant pursuant to Section 2(c)(iv),
    Executive already owns, counting the shares of Common Stock granted pursuant to the First Grant, the Second Grant, the Third
    Grant and any prior Annual Grants (counting all such shares of Common Stock without regard to vesting) 10% of the total number
    of issued and outstanding shares of Common Stock on such date, assuming conversion into Common Stock of any other class of
    shares of capital stock of the Company which is so convertible and the exercise or conversion of any other securities of the
    Company which are so convertible into, or exercisable for, shares of Common Stock of the Company, then no Annual Grant shall
    be made on such anniversary. The Board may elect to increase the percent of total ownership by Executive. 
	 	 	 
	 	(vi)	Each
    of the First Grant, the Second Grant, the Third Grant(s), if any, the Annual Grant(s), if any, may be referred to herein collectively
    as the “Stock Grants” and individually as a “Stock Grant.” 


 


	 	(d)	Expenses.
    The Company shall reimburse the Executive for all necessary and reasonable travel, entertainment and other business expenses
    incurred by Executive in the performance of Executive’s duties hereunder in accordance with such reasonable procedures
    as the Company may adopt generally from time to time. 
	 	 	 
	 	(e)	Vacation.
    The Executive shall be entitled to 4 weeks of vacation annually, holiday and sick leave at levels no less than commensurate
    with those provided to any other senior executives of the Company, in accordance with the Company’s vacation, holiday
    and other pay-for-time-not-worked policies. 
	 	 	 
	 	(f)	Retirement
    and Welfare Benefits. The Executive shall be entitled to participate in the Company’s health, life insurance, long
    and short-term disability, dental, retirement, and medical programs, if any, pursuant to their respective terms and conditions,
    on a basis no less than commensurate with those provided to any other senior executives of the Company. Nothing in this Agreement
    shall preclude the Company or any affiliate of the Company from terminating or amending any employee benefit plan or program
    from time to time after the Effective Date, provided that any such amendment or termination shall be effective as to the Executive
    only if it is equally applicable to every other senior executive officer of the Company.


 




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	3.	Termination.
    


 


	 	(a)	Definition of Cause. For purposes hereof, “Cause” shall mean:
	 	 	 	 	 
	 	 	 	(i)	a
    material violation of any material written rule or policy of the Company, a copy of which has been provided to Executive,
    (A) for which violation any employee may be terminated pursuant to the written policies of the Company reasonably applicable
    to an executive employee, and (B) which the Executive fails to correct within 10 days after the Executive receives written
    notice from the Board of such violation; 
	 	 	 	 	 
	 	 	 	(ii)	misconduct
    by the Executive to the material and demonstrable detriment of the Company; 
	 	 	 	 	 
	 	 	 	(iii)	the
    Executive’s conviction (by a court of competent jurisdiction, not subject to further appeal) of, or pleading guilty
    to, a felony; 
	 	 	 	 	 
	 	 	 	(iv)	the
    Executive’s continued and ongoing gross negligence in the performance of Executive’s duties and responsibilities
    to the Company as described in this Agreement; or 
	 	 	 	 	 
	 	 	 	(v)	the
    Executive’s material failure to perform Executive’s duties and responsibilities to the Company as described in
    this Agreement (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness
    or any such failure subsequent to the Executive being delivered a notice of termination without Cause by the Company or delivering
    a notice of termination for Good Reason to the Company), in either case after written notice from the Board to the Executive
    of the specific nature of such material failure and the Executive’s failure to cure such material failure within ten
    (10) days following receipt of such notice.


 


	 	(b)	Definition of Good Reason. For purposes hereof, “Good Reason” shall mean:
	 	 	 	 	 
	 	 	 	(i)	a
    significant diminution by the Company of the Executive’s role with the Company or a significant detrimental change in
    the nature and/or scope of the Executive’s status with the Company (including a diminution in title);
	 	 	 	 	 
	 	 	 	(ii)	a
    reduction in Base Salary or target or maximum Bonus, other than as part of an across-the-board reduction in salaries of management
    personnel (including all vice presidents and positions above) of less than 20%; 
	 	 	 	 	 
	 	 	 	(iii)	 at
    any time following a Change of Control (as defined in Section 4), a material diminution by the Company of compensation and
    benefits (taken as a whole) provided to the Executive as compared to immediately prior to a Change of Control; 
	 	 	 	 	 
	 	 	 	(iv)	the
    relocation of the Executive’s principal executive office to a location more than 50 miles further from the Executive’s
    principal executive office immediately prior to such relocation; or
	 	 	 	 	 
	 	 	 	(v)	any
    other material breach by the Company of any of the terms and conditions of this Agreement which the Company fails to correct
    within 10 days after the Company receives written notice from Executive of such violation. 


 




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	 	(c)	Termination by the Company. The Company may terminate the Term and Executive’s employment hereunder at any time, with or without Cause, subject to the terms and conditions herein. 
	 	 	 	 	 
	 	 	 	(i)	For
    Cause. In the event that the Company terminates the Term or Executive’s employment hereunder with Cause, then in
    such event, subject to Section 3(e), (i) the Company shall pay to Executive any unpaid Base Salary and benefits then owed
    or accrued, and any unreimbursed expenses incurred by the Executive pursuant to Section 2(d), in each case through the termination
    date, and each of which shall be paid within 10 days following the termination date; (ii) any unvested portion of any Stock
    Grants shall immediately be forfeited as of the termination date without any further action of the Parties; and (iii) all
    of the Parties’ rights and obligations hereunder shall thereafter cease, other than such rights or obligations which
    arose prior to the termination date or in connection with such termination, and subject to Section 16. 
	 	 	 	 	 
	 	 	 	(ii)	Without
    Cause. In the event that the Company terminates the Term or Executive’s employment hereunder without Cause, then
    in such event, , subject to Section 3(e), (i) a pro rata portion of the First Grant and the Second Grant, based on a pro rata
    vesting period of 24 months, to the extent not already vested, shall be deemed automatically vested, based on the number of
    full months from the Effective Date to the date of termination (i.e., 4.16666% of the First Grant and the First Grant shall
    be deemed vested for each such month, such that if the termination date is 5 months after the Effective Date, 20.8333% of
    the First Grant and 20.8333% of the Second Grant shall be deemed vested), provided, however, that any portion of the First
    Grant and the Second Grant that have already vested pursuant to Section 2(c)(i) or Section 2(c)(ii), as applicable, shall
    be included in such calculations (e.g., if the termination date is 18 months after the Effective Date, 75% of the First Grant
    in total and 75% of the Second Grant in total, shall be deemed vested), and all remaining unvested portions of the First Grant
    and the Second Grant shall be automatically forfeited; (ii) a pro rata portion of any Third Grant and any Annual Grant, based
    on a pro rata vesting period of 24 months, to the extent not already vested, shall be deemed automatically vested, based on
    the number of full months from the date of grant of such Third Grant or Annual Grant to the date of termination (i.e., 4.16666%
    of such Third Grant or Annual Grant, as applicable, shall be deemed vested for each such month, such that if the termination
    date is 5 months after the grant date of such Third Grant or Annual Grant, 20.8333% of such Third Grant or Annual Grant, as
    applicable, shall be deemed vested), provided, however, that any portion of each such Third Grant or Annual Grant that has
    already vested pursuant to Section 2(c)(iii) or Section 2(c)(iv), respectively, shall be included in such calculations (e.g.,
    if the termination date is 18 months after the grant date of such Third Grant, 75% of such Third Grant in total shall be deemed
    vested and if the termination date is 18 months after the grant date of such Annual Grant, 75% of such Annual Grant in total
    shall be deemed vested), and all remaining unvested portions of any Third Grant and any Annual Grant shall be automatically
    forfeited; (iii) the Company shall pay to Executive any benefits then owed or accrued, and any unreimbursed expenses incurred
    by the Executive pursuant to Section 2(d), in each case through the termination date, and each of which shall be paid on the
    termination date; and (iv) all of the Parties’ rights and obligations hereunder shall thereafter cease, other than such
    rights or obligations which arose prior to the termination date or in connection with such termination, and subject to Section
    16. 


 




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	 	(d)	Termination by the Executive. The Executive may terminate the Term or resign from Executive’s employment hereunder at any time, with or without Good Reason.
	 	 	 	 	 
	 	 	 	(i)	With
    Good Reason. In the event that Executive terminates the Term or resigns from Executive’s employment hereunder with
    Good Reason, the Company shall pay to Executive the amounts, and Executive shall, , subject to Section 3(e), be entitled to
    such benefits (including without limitation any vesting of unvested shares under any Grant), that would have been payable
    to Executive or which Executive would have received had the Term and Executive’s employment been terminated by the Company
    without Cause pursuant to Section 3(c)(ii). 
	 	 	 	 	 
	 	 	 	(ii)	Without
    Good Reason. In the event that Executive terminates the Term or resigns from Executive’s employment hereunder without
    Good Reason, the Company shall pay to Executive the amounts, and Executive shall be entitled, subject to Section 3(e), to
    such benefits (including without limitation any vesting of unvested shares under any Grant), that would have been payable
    to Executive or which Executive would have received had the Term and Executive’s employment been terminated by the Company
    with Cause pursuant to Section 3(c)(i). 
	 	 	 	 	 
	 	(e)	Termination by Death or Disability. In the event of the Executive’s death or total disability (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended) during the Term, the Term and Executive’s employment shall terminate on the date of death or total disability. In the event of such termination, the Company’s sole obligations hereunder to the Executive (or the Executive’s estate) shall be for unpaid Base Salary, accrued but unpaid Bonus and benefits (then owed or accrued and owed in the future), a pro-rata Bonus for the year of termination based on the Executive’s target Bonus for such year and the portion of such year in which the Executive was employed, and reimbursement of expenses pursuant to Section 2(d) through the effective date of termination, each of which shall be paid within 10 days following the date of the Executive’s termination, and any unvested portion of any Stock Grants shall immediately be forfeited as of the termination date without any further action of the Parties. 
	 	 	 	 
	 	(f)	Review Period (180 Days). The Parties acknowledge and agree that the Company is in the process of completing financing transactions. In the event that such financing transactions are not completed to the approval of the Board within 180 days of the Effective Date, the Executive’s compensation may be reviewed and may be adjusted by the Board until suitable financing transactions have been completed.


 


	4.	Change of Control. 
	 	 	 	 
	 	 	(a)	A
    “Change of Control” shall be deemed to have occurred if, after the Effective Date, (i) the beneficial ownership
    (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of securities
    representing more than 50% of the combined voting power of the Company is acquired by any “person” as defined
    in sections 13(d) and 14(d) of the Exchange Act (other than the Company, any subsidiary of the Company, or any trustee or
    other fiduciary holding securities under an employee benefit plan of the Company), (ii) the merger or consolidation of the
    Company with or into another corporation where the shareholders of the Company, immediately prior to the consolidation or
    merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3
    under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power
    of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent
    corporation, if any) in substantially the same proportion as their ownership of the Company immediately prior to such merger
    or consolidation, or (iii) the sale or other disposition of all or substantially all of the Company’s assets to an entity,
    other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at
    least 50% of the combined voting power of the voting securities of which are owned directly or indirectly by shareholders
    of the Company, immediately prior to the sale or disposition, in substantially the same proportion as their ownership of the
    Company immediately prior to such sale or disposition. 


 




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	 	(b)	Anything
    in this Agreement to the contrary notwithstanding, if it is determined that any payment or benefit provided to the Executive
    under this Agreement or otherwise, whether or not in connection with a Change of Control (a “Payment”), would
    constitute an “excess parachute payment” within the meaning of section 280G of the Internal Revenue Code of 1986,
    as amended (the “Code”), such that the Payment would be subject to an excise tax under section 4999 of the Code
    (the “Excise Tax”), the Company shall pay to the Executive an additional amount (the “Gross-Up Payment”)
    such that the net amount of the Gross-Up Payment retained by the Executive after the payment of any Excise Tax and any federal,
    state and local income and employment tax on the Gross-Up Payment, shall be equal to the Excise Tax due on the Payment and
    any interest and penalties in respect of such Excise Tax. For purposes of determining the amount of the Gross-Up Payment,
    Executive shall be deemed to pay federal income tax and employment taxes at the highest marginal rate of federal income and
    employment taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the
    highest marginal rate of taxation in the state and locality of Executive’s residence (or, if greater, the state and
    locality in which Executive is required to file a nonresident income tax return with respect to the Payment) in the calendar
    year in which the Gross-Up Payment is to be made, net of the maximum reduction in federal income taxes that may be obtained
    from the deduction of such state and local taxes. 
	 	 	 
	 	(c)	All
    determinations made pursuant to the foregoing paragraph shall be made by the Company which shall provide its determination
    and any supporting calculations (the “Determination”) to the Executive within thirty days of the date of the Executive’s
    termination or any other date selected by the Executive or the Company. Within ten calendar days of the delivery of the Determination
    to the Executive, the Executive shall have the right to dispute the Determination (the “Dispute”). The existence
    of any Dispute shall not in any way affect the Executive’s right to receive the Gross-Up Payments in accordance with
    the Determination. If there is no dispute, the Determination by the Company shall be final, binding and conclusive upon the
    Executive, subject to the application of Section 4(d). Within ten days after the Company’s determination, the Company
    shall pay to the Executive the Gross-Up Payment, if any. If the Company determines that no Excise Tax is payable by the Executive,
    it will, at the same time as it makes such determination, furnish Executive with an opinion that the Executive has substantial
    authority not to report any Excise Tax on Executive’s federal, state, local income or other tax return. The Company
    agrees to indemnify and hold harmless the Company of and from any and all claims, damages and expenses resulting from or relating
    to its determinations pursuant to this Section 4(c), except for claims, damages or expenses resulting from the gross negligence
    or willful misconduct of the Company. 


 




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	 	(d)	As
    a result of the uncertainty in the application of sections 4999 and 280G of the Code, it is possible that the Gross-Up Payments
    either will have been made which should not have been made, or will not have been made which should have been made, by the
    Company (an “Excess Gross-Up Payment” or a “Gross-Up Underpayment,” respectively). If it is established
    pursuant to (A) a final determination of a court for which all appeals have been taken and finally resolved or the time for
    all appeals has expired, or (B) an Internal Revenue Service (the “IRS”) proceeding which has been finally and
    conclusively resolved, that an Excess Gross-Up Payment has been made, such Gross-Up Excess Payment shall be deemed for all
    purposes to be a loan to the Executive made on the date the Executive received the Excess Gross-Up Payment and the Executive
    shall repay the Excess Gross-Up Payment to the Company either (i) on demand, if the Executive is in possession of the Excess
    Gross-Up Payment or (ii) upon the refund of such Excess Gross-Up Payment to the Executive from the IRS, if the IRS is in possession
    of such Excess Gross-Up Payment, together with interest on the Excess Gross-Up Payment at (X) 120% of the applicable federal
    rate (as defined in Section 1274(d) of the Code) compounded semi-annually for any period during which the Executive held such
    Excess Gross-Up Payment and (Y) the interest rate paid to the Executive by the IRS in respect of any period during which the
    IRS held such Excess Gross-Up Payment. If it is determined (I) by the Company, the Company (which shall include the position
    taken by the Company, together with its consolidated group, on its federal income tax return) or the IRS, (II) pursuant to
    a determination by a court, or (III) upon the resolution to the Executive’s satisfaction of the Dispute, that a Gross-Up
    Underpayment has occurred, the Company shall pay an amount equal to the Gross-Up Underpayment to the Executive within ten
    calendar days of such determination or resolution, together with interest on such amount at 120% of the applicable federal
    rate compounded semi-annually from the date such amount should have been paid to the Executive pursuant to the terms of this
    Agreement or otherwise, but for the operation of this Section 4(d), until the date of payment.


 


	5.	Post-Termination
    Assistance. Upon the Executive’s termination of employment with the Company, the Executive agrees to fully cooperate
    in all matters relating to the winding up or pending work on behalf of the Company and the orderly transfer of work to other
    employees of the Company following any termination of the Executives’ employment. The Executive further agrees that
    Executive will provide, upon reasonable notice, such information and assistance to the Company as may reasonably be requested
    by the Company in connection with any audit, governmental investigation, litigation, or other dispute in which the Company
    is or may become a party and as to which the Executive has knowledge; provided, however, that (i) the Company agrees to reimburse
    the Executive for any related out-of-pocket expenses, including travel expenses, and (ii) any such assistance may not unreasonably
    interfere with Executive’s then current employment. 


 


	6.	Restrictive Covenants. In consideration of the obligations of the Company hereunder, the Executive agrees that Executive shall not:
	 	 	 	 
	 	 	(a)	during
    the Term and for a period of two years after a termination of the Executive’s employment with the Company for any reason,
    (A) directly or indirectly become an employee, director, consultant or advisor of, or otherwise affiliated with, any business
    which provides, in whole or in part, the same or similar services and/or products offered by Company, or (B) directly or indirectly
    solicit or hire or encourage the solicitation or hiring of any person who was an employee of the Company at any time on or
    after the date of such termination (unless more than six months shall have elapsed between the last day of such person’s
    employment by the Company and the first date of such solicitation or hiring); 
	 	 	 	 
	 	 	(b)	during
    or after the Term, make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally,
    or otherwise, or take any other action which disparages the Company or its officers, directors, businesses or reputations;
    or 


 




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	 	(c)	during
    or after the Term, without the written consent of the Board, disclose to any person other than as required by law or court
    order, any confidential information obtained by the Executive while in the employ of the Company, provided, however, that
    confidential information shall not include any information known generally to the public (other than as a result of unauthorized
    disclosure by the Executive) or any specific information or type of information generally not considered confidential by persons
    engaged in the same business as the Company, or information disclosed by the Company by any member of the Board or any other
    officer thereof to a third party without restrictions on the disclosure of such information. 
	 	 	 
	 	(d)	Executive
    agrees that the geographic scope of the above restrictions shall extend to the geographic area in which Company actively conducted
    business immediately prior to termination of this Agreement or expiration of the Term. 
	 	 	 
	 	(e)	For
    the purpose of Section 5 and Section 6 only, the term “Company” shall mean the Company and its subsidiaries. Notwithstanding
    the above, nothing in this Agreement shall preclude the Executive from making truthful statements or disclosures that are
    required by applicable law, regulation or legal process.
	 	 	 
	 	(f)	Executive
    admits and agrees that Executive’s breach of the provisions of this Section 6 would result in irreparable harm to the
    Company. Accordingly, in the event of Executive’s breach or threatened breach of such restrictions, Executive agrees
    that the Company shall be entitled to an injunction restraining such breach or threatened breach without the necessity of
    posting a bond or other security. Further, in the event of Executive’s breach, the duration of the restrictions contained
    in this Section 6 shall be extended for the entire time that the breach existed so that the Company is provided with the benefit
    of the full time period provided herein.
	 	 	 
	 	(g)	In
    addition to injunctive relief, the Company shall be entitled to any other remedy available in law or equity by reason of Executive’s
    breach or threatened breach of the restrictions contained in this Section 6.
	 	 	 
	 	(h)	If
    the Company or Executive retains an attorney to enforce or attest the provisions of this Section 6, the successful Party in
    such proceeding shall be entitled to receive its attorneys’ fees and costs so incurred both prior to filing a lawsuit,
    during the lawsuit and on appeal, from the unsuccessful Party in such proceeding.
	 	 	 
	 	(i)	It
    is the intent and understanding of each Party hereto that if, in any action before any arbitration panel, court or agency
    legally empowered to enforce this Agreement, any term, restriction, covenant or promise in this Section 6 is found to be unreasonable
    and for that reason unenforceable, then such term, restriction, covenant or promise shall be deemed modified to the extent
    necessary to make it enforceable by such arbitration panel, court or agency.


 


	7.	Enforcement.
    The Executive hereby expressly acknowledges that the restrictions contained in Section 6 are reasonable and necessary to protect
    the Company’s legitimate interests, that the Company would not have entered into this Agreement in the absence of such
    restrictions, and that any violation of such restrictions will result in irreparable harm to the Company. The Executive agrees
    that the Company shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual
    damages, as well as an equitable accounting of all earnings, profits and other benefits arising from any violation of the
    restrictions contained in Section 6, which rights shall be cumulative and in addition to any other rights or remedies to which
    the Company may be entitled. The Executive irrevocably and unconditionally (i) agrees that any legal proceeding arising out
    of this paragraph may be brought in any United States District Court located in the State of Wyoming (the “Selected
    Courts”), (ii) consents to the non-exclusive jurisdiction of the Selected Courts in any such proceeding, and (iii) waives
    any objection to the laying of venue of any such proceeding in any Selected Court. 


.




    	9 



    	 



    

 


 


	8.	No
    Mitigation or Set Off. In no event shall the Executive be obligated to seek other employment or take any other action
    by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts
    shall not be reduced, regardless of whether the Executive obtains other employment. The Company’s obligation to make
    the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any
    circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company
    may have against the Executive or others; provided, however, the Company shall have the right to offset the amount of any
    funds loaned or advanced to the Executive and not repaid against any severance obligations the Company may have to the Executive
    hereunder.
	 	 
	9.	Return
    of Documents. Upon termination of Executive’s employment, the Executive agrees to return all documents belonging
    to the Company in Executive’s possession including, but not limited to, contracts, agreements, licenses, business plans,
    equipment, software, software programs, products, work-in-progress, source code, object code, computer disks, books, notes
    and all copies thereof, whether in written, electronic or other form; provided that the Executive may retain copies of Executive’s
    rolodex. In addition, the Executive shall certify to the Company in writing as of the effective date of termination that none
    of the assets or business records belonging to the Company are in Executive’s possession, remain under Executive’s
    control, or have been transferred to any third person.


 


	10.	Intellectual Property Rights. 
	 	 	 	 
	 	 	(a)	Disclosure
    of Work Product. As used in this Agreement, the term “Work Product” means any invention, whether or not patentable,
    know-how, designs, mask works, trademarks, formulae, processes, manufacturing techniques, trade secrets, ideas, artwork, software
    or any copyrightable or patentable works. Executive agrees to disclose promptly in writing to Company, or any person designated
    by Company, all Work Product that is solely or jointly conceived, made, reduced to practice, or learned by Executive in the
    course of any work performed for Company (“Company Work Product”). Executive agrees (a) to use Executive’s
    best efforts to maintain such Company Work Product in trust and strict confidence; (b) not to use Company Work Product in
    any manner or for any purpose not expressly set forth in this Agreement; and (c) not to disclose any such Company Work Product
    to any third party without first obtaining Company’s express written consent on a case-by-case basis. 
	 	 	 	 
	 	 	(b)	Ownership
    of Company Work Product. Executive agrees that any and all Company Work Product conceived, written, created or first reduced
    to practice in the performance of work under this Agreement shall be deemed “work for hire” under applicable law
    and shall be the sole and exclusive property of Company.
	 	 	 	 
	 	 	(c)	Assignment
    of Company Work Product. Executive irrevocably assigns to Company all right, title and interest worldwide in and to the
    Company Work Product and all applicable intellectual property rights related to the Company Work Product, including without
    limitation, copyrights, trademarks, trade secrets, patents, moral rights, contract and licensing rights (the “Proprietary
    Rights”). Except as set forth below, Executive retains no rights to use the Company Work Product and agrees not to challenge
    the validity of Company’s ownership in the Company Work Product. Executive hereby grants to Company a perpetual, non-exclusive,
    fully paid-up, royalty-free, irrevocable and world-wide right, with rights to sublicense through multiple tiers of sublicensees,
    to reproduce, make derivative works of, publicly perform, and display in any form or medium whether now known or later developed,
    distribute, make, use and sell any and all Executive owned or controlled Work Product or technology that Executive uses to
    complete the services and which is necessary for Company to use or exploit the Company Work Product.


 




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	 	(d)	Assistance.
    Executive agrees to cooperate with Company or its designee(s), both during and after the Term, in the procurement and
    maintenance of Company’s rights in Company Work Product and to execute, when requested, any other documents deemed
    necessary by Company to carry out the purpose of this Agreement. Executive will assist Company in every proper way to obtain,
    and from time to time enforce, United States and foreign Proprietary Rights relating to Company Work Product in any and all
    countries. Executive’s obligation to assist Company with respect to Proprietary Rights relating to such Company Work
    Product in any and all countries shall continue beyond the termination of this Agreement, but Company shall compensate
    Executive at a reasonable rate to be mutually agreed upon after such termination for the time actually spent by Executive at
    Company’s request on such assistance.
	 	 	 
	 	(e)	Execution
    of Documents. In the event Company is unable for any reason, after reasonable effort, to secure Executive’s
    signature on any document requested by Company pursuant to this Section 10(f) within seven (7) days of the Company’s
    initial request to Executive, Executive hereby irrevocably designates and appoints Company and its duly authorized officers
    and agents as its agent and attorney in fact, which appointment is coupled with an interest, to act for and on its behalf
    solely to execute, verify and file any such documents and to do all other lawfully permitted acts to further the purposes of
    this Section with the same legal force and effect as if executed by Executive. Executive hereby waives and quitclaims to
    Company any and all claims, of any nature whatsoever, which Executive now or may hereafter have for infringement of any
    Proprietary Rights assignable hereunder to Company.
	 	 	 
	 	(f)	Executive
    Representations and Warranties. Executive hereby represents and warrants that: (i) Company Work Product will be an original
    work of Executive or all applicable third parties will have executed assignments of rights reasonably acceptable to Company;
    (ii) neither the Company Work Product nor any element thereof will infringe the intellectual property rights of any third
    party; (iii) neither the Company Work Product nor any element thereof will be subject to any restrictions or to any mortgages,
    liens, pledges, security interests, encumbrances or encroachments; (iv) Executive will not grant, directly or indirectly,
    any rights or interest whatsoever in the Company Work Product to any third party; (v) Executive has full right and power to
    enter into and perform Executive’s obligations under this Agreement without the consent of any third party; (vi) Executive
    will use best efforts to prevent injury to any person (including employees of Company) or damage to property (including Company’s
    property) during the Term; and (vii) should Company permit Executive to use any of Company’s equipment, tools, or facilities
    during the Term, such permission shall be gratuitous and Executive shall be responsible for any injury to any person (including
    death) or damage to property (including Company’s property) arising out of use of such equipment, tools or facilities.
    


 




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	11.	Confidentiality
	 	 	 	 
	 	 	(a)	Definition.
    For purposes of this Agreement, “Confidential Information” shall mean all Company Work Product and all
    non-public written, electronic, and oral information or materials of Company communicated to or otherwise obtained by
    Executive in connection with this Agreement, which is related to the products, business and activities of Company, its
    Affiliates (as defined below), and subsidiaries, and their respective customers, clients, suppliers, and other entities with
    which such party does business, including: (i) all costing, pricing, technology, software, documentation, research,
    techniques, procedures, processes, discoveries, inventions, methodologies, data, tools, templates, know how, intellectual
    property and all other proprietary information of Company; (ii) the terms of this Agreement; and (iii) any other information
    identified as confidential in writing by Company. Confidential Information shall not include information that: (a) was
    lawfully known by Executive without an obligation of confidentiality before its receipt from Company; (b) is independently
    developed by Executive without reliance on or use of Confidential Information; (c) is or becomes publicly available without a
    breach by Executive of this Agreement; or (d) is disclosed to Executive by a third party which is not required to maintain
    its confidentiality. An “Affiliate” of a Party shall mean any entity directly or indirectly controlling,
    controlled by, or under common control with, such Party at any time during the Term for so long as such control
    exists.
	 	 	 	 
	 	 	(b)	Company
    Ownership. Company shall retain all right, title, and interest to the Confidential Information, including all copies thereof
    and all rights to patents, copyrights, trademarks, trade secrets and other intellectual property rights inherent therein and
    appurtenant thereto. Subject to the terms and conditions of this Agreement, Company hereby grants Executive a non-exclusive,
    non-transferable, license during the Term to use any Confidential Information solely to the extent that such Confidential
    Information is necessary for the performance of Executive’s duties hereunder. Executive shall not, by virtue of this
    Agreement or otherwise, acquire any proprietary rights whatsoever in Confidential Information, which shall be the sole and
    exclusive property and confidential information of Company. No identifying marks, copyright or proprietary right notices may
    be deleted from any copy of Confidential Information. Nothing contained herein shall be construed to limit the rights of Company
    from performing similar services for, or delivering the same or similar deliverable to, third parties using the Confidential
    Information and/or using the same personnel to provide any such services or deliverables.
	 	 	 	 
	 	 	(c)	Confidentiality
    Obligations. Executive agrees to hold the Confidential Information in confidence and not to copy, reproduce, sell, assign,
    license, market, transfer, give or otherwise disclose such Confidential Information to any person or entity or to use the
    Confidential Information for any purposes whatsoever, without the express written permission of Company, other than disclosure
    to Executive’s, partners, principals, directors, officers, employees, subcontractors and agents on a “need-to-know”
    basis as reasonably required for the performance of Executive’s obligations hereunder or as otherwise agreed to herein.
    Executive shall be responsible to Company for any violation of this Section 11 by Executive’s employees, subcontractors,
    and agents. Executive shall maintain the Confidential Information with the same degree of care, but no less than a reasonable
    degree of care, as Executive employs concerning its own information of like kind and character.
	 	 	 	 
	 	 	(d)	Required
    Disclosure. If Executive is requested to disclose any of the Confidential Information as part of an administrative or
    judicial proceeding, Executive shall, to the extent permitted by applicable law, promptly notify Company of that request and
    cooperate with Company, at Company’s expense, in seeking a protective order or similar confidential treatment for the
    Confidential Information. If no protective order or other confidential treatment is obtained, Executive shall disclose only
    that portion of Confidential Information which is legally required and will exercise all reasonable efforts to obtain reliable
    assurances that confidential treatment will be accorded the Confidential Information which is required to be disclosed.


 




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	 	(e)	Enforcement.
    Executive acknowledges that the Confidential Information is unique and valuable, and that remedies at law will be inadequate
    to protect Company from any actual or threatened breach of this Section 11 by Executive and that any such breach would cause
    irreparable and continuing injury to Company. Therefore, Executive agrees that Company shall be entitled to seek equitable
    relief with respect to the enforcement of this Section 11 without any requirement to post a bond, including, without limitation,
    injunction and specific performance, without proof of actual damages or exhausting other remedies, in addition to all other
    remedies available to Company at law or in equity. For greater clarity, in the event of a breach or threatened breach by Executive
    of any of the provisions of this Section 11, in addition to and not in limitation of any other rights, remedies or damages
    available at law or in equity, Company shall be entitled to a permanent injunction or other like remedy in order to prevent
    or restrain any such breach or threatened breach by Executive, and Executive agrees that an interim injunction may be granted
    against Executive immediately on the commencement of any action, claim, suit or proceeding by Company to enforce the provisions
    of this Section 11, and Executive further irrevocably consents to the granting of any such interim or permanent injunction
    or any like remedy. If any action at law or in equity is necessary to enforce the terms of this Section 11, Executive, if
    it is determined to be at fault, shall pay Company’s reasonable legal fees and expenses on a substantial indemnity basis.
	 	 	 
	 	(f)	Related
    Duties. Executive shall: (i) promptly deliver to Company upon Company’s request all materials in Executive’s
    possession which contain Confidential Information; (ii) use its best efforts to prevent any unauthorized use or disclosure
    of the Confidential Information; (iii) notify Company in writing immediately upon discovery of any such unauthorized use or
    disclosure; and (iv) cooperate in every reasonable way to regain possession of any Confidential Information and to prevent
    further unauthorized use and disclosure thereof. 
	 	 	 
	 	(g)	Legal
    Exceptions. Further notwithstanding the foregoing provisions of this Section 11, Executive may disclose confidential information
    as may be expressly required by law, governmental rule, regulation, executive order, court order, or in connection with a
    dispute between the Parties; provided that prior to making any such disclosure, Executive shall use its best efforts to: (i)
    provide Company with at least fifteen (15) days’ prior written notice setting forth with specificity the reason(s) for
    such disclosure, supporting documentation therefor, and the circumstances giving rise thereto; and (ii) limit the scope and
    duration of such disclosure to the strictest possible extent.
	 	 	 
	 	(h)	Limitation.
    Except as specifically set forth herein, no licenses or rights under any patent, copyright, trademark, or trade secret
    are granted by Company to Executive hereunder, or are to be implied by this Agreement. Except for the restrictions on use
    and disclosure of Confidential Information imposed in this Agreement, no obligation of any kind is assumed or implied against
    either Party or their Affiliates by virtue of meetings or conversations between the Parties hereto with respect to the subject
    matter stated above or with respect to the exchange of Confidential Information. Each party further acknowledges that this
    Agreement and any meetings and communications of the Parties and their affiliates relating to the same subject matter shall
    not: (i) constitute an offer, request, invitation or contract with the other Party to engage in any research, development
    or other work; (ii) constitute an offer, request, invitation or contract involving a buyer-seller relationship, joint venture,
    teaming or partnership relationship between the Parties and their affiliates; or (iii) constitute a representation, warranty,
    assurance, guarantee or inducement with respect to the accuracy or completeness of any Confidential Information or the non-infringement
    of the rights of third persons.


 




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	12.	Effect
    of Waiver. The waiver by either Party of a breach of any provision of this Agreement shall not operate or be construed
    as a waiver of any subsequent breach hereof. No waiver shall be valid unless in writing. 
	 	 
	13.	Assignment.
    This Agreement may not be assigned by either Party without the express prior written consent of the other Party hereto, except
    that the Company (i) may assign this Agreement to any subsidiary or affiliate of the Company, provided that no such assignment
    shall relieve the Company of its obligations hereunder without the written consent of the Executive, and (ii) will require
    any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
    the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to
    the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
    “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid
    which assumes and agrees to perform this Agreement by operation of law, or otherwise. This Agreement shall inure to the benefit
    of, and shall be binding upon, the successors and permitted assigns of the Parties.
	 	 
	14.	No
    Third Party Rights. Except as expressly provided in this Agreement, this Agreement is intended solely for the benefit
    of the Parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person or entity
    other than the Parties hereto. 
	 	 
	15.	Entire
    Agreement; Effectiveness of Agreement. This Agreement sets forth the entire agreement of the Parties hereto and shall
    supersede any and all prior agreements and understandings concerning the Executive’s employment by the Company. This
    Agreement may be changed only by a written document signed by the Executive and the Company. Notwithstanding the foregoing,
    this Agreement shall not supercede or replace any agreement entered into between the Company and the Executive with respect
    to any plan or benefit described in Section 2(f). 
	 	 
	16.	Survival.
    The provisions of Section 4, Section 5, Section 6, Section 7, Section 9, this Section 16, Section 18 and Section 19 shall
    survive any termination or expiration of this Agreement.
	 	 
	17.	Severability.
    If any one or more of the provisions, or portions of any provision, of the Agreement shall be held to be invalid, illegal
    or unenforceable, the validity, legality or enforceability of the remaining provisions or parts hereof shall not in any way
    be affected or impaired thereby. 
	 	 
	18.	Governing
    Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE SUBSTANTIVE AND PROCEDURAL
    LAWS OF THE STATE OF WYOMING WITHOUT REGARD TO RULES GOVERNING CONFLICTS OF LAW.


 


	19.	Arbitration. 
	 	 	 	 
	 	 	(a)	Other
    than as set forth in Section 7, any controversy, claim or dispute arising out of or relating to this Agreement or the Executive’s
    employment by the Company, including, but not limited to, common law and statutory claims for discrimination, wrongful discharge,
    and unpaid wages, shall be resolved by arbitration in Charlotte, North Carolina pursuant to then prevailing National Rules
    for the Resolution of Employment Disputes of the American Arbitration Association. The arbitration shall be conducted by three
    arbitrators, with one arbitrator selected by each Party and the third arbitrator selected by the two arbitrators so selected
    by the Parties. The arbitrators shall be bound to follow the applicable Agreement provisions in adjudicating the dispute.
    It is agreed by both Parties that the arbitrators’ decision is final, and that no Party may take any action, judicial
    or administrative, to overturn such decision. The judgment rendered by the arbitrators may be entered in the Selected Courts.
    Each Party will pay its own expenses of arbitration and the expenses of the arbitrators will be equally shared provided that,
    if in the opinion of the arbitrators any claim, defense, or argument raised in the arbitration was unreasonable, the arbitrators
    may assess all or part of the expenses of the other Party (including reasonable attorneys’ fees) and of the arbitrators
    as the arbitrators deem appropriate. The arbitrators may not award either Party punitive or consequential damages.
	 	 	 	 
	 	 	(b)	WAIVER
    OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL
    BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
    HEREBY.


 




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	20.	Indemnification. During the Term, the Executive shall be entitled to indemnification and insurance coverage for directors’ and officers’ liability, fiduciary liability and other liabilities arising out of the Executive’s position with the Company in any capacity, in an amount not less than the highest amount available to any other senior level executive or member of the Board and to the full extent provided by the Company’s certificate of incorporation or by-laws, and such coverage and protections, with respect to the various liabilities as to which the Executive has been customarily indemnified prior to termination of employment, shall continue for at least six years following the end of the Term. Any indemnification agreement entered into between the Company and the Executive shall continue in full force and effect in accordance with its terms following the termination of this Agreement. 
	 	 	 	 






	21.	Notices. 



 


	 	 	(a)	All
    notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party, or
    by registered or certified mail, return receipt requested, postage prepaid, or by email with return receipt requested and
    received or nationally recognized overnight courier service, addressed as set forth below or to such other address as either
    Party shall have furnished to the other in writing in accordance herewith. All notices, requests, demands and other communications
    shall be deemed to have been duly given (i) when delivered by hand, if personally delivered, (ii) when delivered by courier
    or overnight mail, if delivered by commercial courier service or overnight mail, and (iii) on receipt of confirmed delivery,
    if sent by email. 


 


If
to the Company:


 


Life
Clips, Inc.


Attn:
Victoria Rudman


Harbour
Centre


18851
NE 29th Ave.


Suite
700


Aventura,
FL 33180


 


Email:
vrudman@lifeclips.com


 


If
to Executive:


 


Huey
Long


20W
Nottingham Lane


Rogers,
Arkansas 72758


 


Email:
huey.paul.long@gmail.com


 




    	15 



    	 



    

 


	22.	Headings
    The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the
    meaning or interpretation of this Agreement.
	 	 
	23.	Rule
    of Construction. The general rule of construction for interpreting a contract, which provides that the provisions of a
    contract should be construed against the Party preparing the contract, is waived by the Parties hereto. Each Party acknowledges
    that such Party was represented by separate legal counsel in this matter who participated in the preparation of this Agreement
    or such Party had the opportunity to retain counsel to participate in the preparation of this Agreement but elected not to
    do so.
	 	 
	24.	Execution
    in Counterparts, Electronic Transmission. This Agreement may be executed in any number of counterparts, each of which
    shall be deemed an original. The signature of any party to this Agreement which is transmitted by any reliable electronic
    means such as, but not limited to, a photocopy, electronically scanned or facsimile machine, for purposes hereof, is to be
    considered as an original signature, and the document transmitted is to be considered to have the same binding effect as an
    original signature or an original document. 


 


[Signatures
appear on following page]


 




    	16 



    	 



    

 


IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.


 


Life
Clips, Inc.


 


	By:
    	/s/
    Victoria Rudman	 
	Name:
    	Victoria
    Rudman 	 
	Title:
    	CFO	 


 


Huey
Long


 


	By:
    	/s/
    Huey Long	 
	Name:
    	Huey
    Long	 


 




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