Exhibit 10.3


 


RESIGNATION AGREEMENT 


 


THIS RESIGNATION AGREEMENT (the “Agreement”)
is entered into as of August 17, 2015, by and between Global Future City Holding, Inc. (the “Company”) and Junfei
Ren (“Executive”) (together, the “Parties”).


 


R E C I T A L S


 


WHEREAS, Executive is employed by the
Company as its Secretary and member of the Board of Directors since Executive’s appointment to all positions on April 17,
2015; and


 


WHEREAS, Executive has decided to resign
from all of Executive’s officer and director positions with the Company, and the Parties desire to resolve, fully and finally,
all outstanding matters between them.


 


NOW THEREFORE, in consideration of the
mutual covenants and agreements set forth hereinafter, and for other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:


 


AGREEMENT


 


1.             EXECUTIVE’S
RESIGNATION.


 


a.             Executive’s
employment with the Company and any subsidiaries and affiliated entities terminated on August 17, 2015 (the “Resignation
Date”).  As of the Resignation Date, Executive shall no longer be a member of the Board of Directors (the “Board”)
of the Company or any subsidiary or affiliated entity of the Company, Executive shall no longer have any authority to bind the
Company and Executive agrees she shall execute all documents necessary to effect such resignations and removals of authority.


 


b.             Upon
the Resignation Date, Executive shall return to the Company all files, records, credit cards, keys, equipment, and all other Company
property or documents maintained by Executive for the Company’s use or benefit.


  


2.             REPRESENTATIONS
OF EXECUTIVE.  Executive makes the following representations, each of which is an important consideration to the Company’s
willingness to enter into this Agreement:


 


 


a.             Executive
understands and agrees that she or any of her affiliates, affiliated or related entities, business partners, joint venturers, successors,
or assigns (the “Affiliated Parties”) represent and warrant to the Company that they will assume all liabilities as
it relates to the Office and any all liabilities, contracts or any other obligations incurred on behalf of the Company or any of
its subsidiaries not previously disclosed to the Company and further agree to indemnify the Company, its officer, directors, employees,
attorneys, accountants and agents in connection with this representation.


 


b.             Executive
understands and agrees that she has been advised to consult with an attorney of her choice concerning the legal consequences of
this Agreement.  Executive hereby acknowledges that prior to signing this Agreement, she had the opportunity to consult, and
did consult, with an attorney of her choosing regarding the effect of each and every provision of this Agreement.


 






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c.             Executive
acknowledges and agrees that she knowingly and voluntarily entered into this Agreement with complete understanding of all relevant
facts, and that she was neither fraudulently induced nor coerced to enter into this Agreement.


 


d.             Executive
represents and warrants to the Company that she has the capacity and authority to enter into this Agreement and be bound by its
terms and that, when executed, this Agreement will constitute a valid and binding agreement of Executive enforceable against Executive
in accordance with its terms.


 


3.             REPRESENTATIONS
OF COMPANY.  Company represents and warrants to Executive that it has the capacity and authority to enter into this Agreement
and be bound by its terms and that, when executed, this Agreement will constitute a valid and binding agreement of Company enforceable
against Company in accordance with its terms.


 


4.             CONTINUING
OBLIGATIONS OF PARTIES POST-CLOSING. 


 


a.Executive and the Affiliated Parties agree
that they will not disclose or use any information the Company has made available to Executive and the Affiliated Parties related
to the business plans of the Company, financial information, and information about the Company’ business practices and plans,
including, but not limited to, product research, business strategies, marketing strategies, marketing research, technical information,
systems information, customer information, consumer research information, and production information (collectively, the “Confidential
Information”).


 


b.Executive and the Affiliated Parties understand
and agree that they may not assert any rights whatsoever to the use, ownership or any claim of any nature or kind to the name “GLOBAL
FUTURE CITY” or its related logos including in the use of their respective businesses inside or outside the United States.
The Executive and Affiliated Parties further represent and warrant that any existing use of the GLOBAL FUTURE CITY marks or logos
must terminate upon the execution of this agreement, including but not limited to the use of the GLOBAL FUTURE CITY marks or logos
on the internet, in connection with EGD online or off-line, including the website www.futurecity4u.com, or in connection with the
existing office building at 301 Brea Canyon Rd., Walnut, California 91789 (the “Office”).


 


5.             MUTUAL
NON-DISPARAGEMENT.  Executive (i) will not, and will cause her relatives, agents, and representatives to not, knowingly
disparage or make any derogatory statements regarding the Company, its directors, or its officers, and (ii) the Company will
not knowingly disparage or make any derogatory statements regarding Executive; provided, however, that the Company’s obligations
under this Section 5 shall be limited to communications by its senior corporate executives having the rank of Senior Vice
President or above and members of the Board; provided, further, that the foregoing restrictions shall not apply to any statements
by Executive or the Company that are made truthfully in response to a subpoena or as otherwise required by applicable law or other
compulsory legal process.


 


6.             INDEMNIFICATION. 


 


a.                  
Subject to the provisions of this Section 6, Executive and Affiliated Parties agree to indemnify, hold harmless, and defend
the Company and its officers, directors, employees, accountants, attorneys and agents against any damages, liabilities, costs,
claims, proceedings, investigations, penalties, judgments, deficiencies, including taxes, expenses (including, but not limited
to, any and all interest, penalties, and expenses whatsoever reasonably incurred in investigating, preparing, or defending against
any litigation, commenced or threatened, or any claim whatsoever) and losses (each, a “Claim” and collectively, “Claims”)
to which the Company and/or its officers, directors, employees, accountants, attorneys and agents may become subject arising out
of or based on any breach of or inaccuracy in any of the representations and warranties or covenants or conditions made by Executive
and Affiliated Parties.


 






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b.                 
Subject to the provisions of this Section 6, the Company agrees to indemnify, hold harmless, and defend Executive against
any damages, liabilities, costs, claims, proceedings, investigations, penalties, judgments, deficiencies, including taxes, expenses
(including, but not limited to, any and all interest, penalties, and expenses whatsoever reasonably incurred in investigating,
preparing, or defending against any litigation, commenced or threatened, or any claim whatsoever) and losses (each, a “Claim”
and collectively, “Claims”) to which the Executive may become subject arising out of or based on any breach of or inaccuracy
in any of the representations and warranties or covenants or conditions made by the Company in this Agreement or arising out of
or related to Executive’s service as officer or director of the Company (except as to Claims relating to Executive being
affiliated or having control or ownership in EGD, but will indemnify Executive as it relates to the Company’s ownership of
4,000,000 EGD it acquired pursuant to the First Amendment to Stock Purchase Agreement, dated as of February 17, 2015, by and between
Global Future City Holding Inc., and Sky Rover Holdings, Ltd.) to the maximum extent permitted by the Company’s Bylaws and
Certificate of Incorporation.   


 


7.             ARBITRATION. 
The Parties agree that any and all disputes arising out of the terms of this Agreement, Executive’s employment by the Company,
Executive’s service as an officer or director of the Company, will be subject to binding arbitration in Los Angeles, California,
before the Judicial Arbitration and Mediation Services, Inc. (“JAMS”), supplemented by the California Rules of
Civil Procedure.  The Parties agree that the prevailing party in any arbitration will be entitled to injunctive relief in
any court of competent jurisdiction to enforce the arbitration award.  The Parties agree to waive their right to have any
dispute between them resolved in a court of law by a judge or jury.  This paragraph will not prevent either party from seeking
injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter
of their dispute relating to Executive’s obligations under this Agreement.


 


8.          GOVERNING
LAW.  This Agreement and all rights, duties, and remedies hereunder shall be governed by and construed and enforced in
accordance with the laws of the State of California, without reference to its choice of law rules, except as preempted by federal
law.


 


9.          SUCCESSORS
AND ASSIGNS.  This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors, and legal
representatives of Executive upon Executive’s death, and (b) any successor of the Company.  Any such successor
of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes.  For this purpose,
“successor” means any person, firm, corporation, or other business entity which at any time, whether by purchase, merger,
or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company. 


 


10.          AMENDMENTS. 
This Agreement may not be amended or modified other than by a written instrument signed by an authorized representative of the
Company and Executive.


 


 


11.          DESCRIPTIVE
HEADINGS.  The section headings contained herein are for reference purposes only and shall not in any way affect the meaning
or interpretation of this Agreement.


 






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12.          COUNTERPARTS. 
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute
one and the same instrument.  Facsimile and .pdf signatures will suffice as original signatures.


 


13.          NOTICES.  All
notices hereunder shall be in writing and delivered personally or sent by United States registered or certified mail, postage prepaid
and return receipt requested:


 


If to the Company:


 


Global Future City Holding Inc.


c/o Michael R. Dunn


Executive Vice President of Finance


26381 Crown Valley Parkway, Suite 230


Mission Viejo, CA 92691


 


If to Executive:


 


Junfei Ren


301 Brea Canyon Road


Walnut, CA  91789


 


14.          ENTIRE
AGREEMENT.  This Agreement sets forth the entire agreement and understanding of the Parties relating to the subject matter
hereof and merges and supersedes all prior discussions, agreements, and understandings of every kind and nature between the Parties
hereto, and neither Party shall be bound by any term or condition other than as expressly set forth or provided for in this Agreement. 


 


15.          WAIVER
OF BREACH.  The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate
as or be construed to be a waiver of any other previous or subsequent breach of this Agreement.


 


16.          SEVERABILITY. 
If any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable, or void, this
Agreement will continue in full force and effect without said provision.


 


[Signatures on following page]


 






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IN WITNESS WHEREOF, the Parties have
executed this Agreement as of the date first written above.


 


	COMPANY	 	JUNFEI REN
	GLOBAL FUTURE CITY HOLDING, INC.	 	 
	 	 	 
	 	 	 
	By:	/s/ Ning Liu	 	/s/ Junfei Ren
	 	 	 
	Name: Ning Liu	 	 
	Title: President	 	 
	 	 	 
	 	 	 	 


 








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