AGREEMENT
FOR CHAIRMAN OF BOARD OF DIRECTORS


 


THIS
AGREEMENT is made and entered into effective as of July 25, 2016 (the “Effective Date”), by and between Carolco Pictures,
Inc., a Florida corporation, (“Company”) and Alexander Bafer, an individual (“Director”).


 


1.
Term.


 


(a)
This Agreement shall continue for a period of one (1) year from the Effective Date and shall continue thereafter for as long as
Director is elected as Chairman of the Board of Directors (“Chairman”) of Company.


 


2.
Position and Responsibilities.


 


(a)
Position. Company hereby retains Director to serve as Chairman of the Board of Directors. Director shall perform such duties and
responsibilities as are normally related to such position (“Services”) and Director hereby agrees to use his best
efforts to provide the Services. Director shall not allow any other person or entity to perform any of the Services for or instead
of Director. Director shall comply with the statutes, rules, regulations and orders of any governmental or quasi-governmental
authority, which are applicable to the performance of the Services, and Company’s rules, regulations, and practices as they may
from time-to-time be adopted or modified.


 


(b)
Other Activities. Director may be employed by another company, may serve on other Boards of Directors or Advisory Boards, and
may engage in any other business activity (whether or not pursued for pecuniary advantage), as long as such outside activities
do not violate Director’s obligations under this Agreement or Director’s fiduciary obligations to the shareholders. 


 


(c)
No Conflict. Except as set forth in Section 2(b), Director will not engage in any activity that creates an actual conflict of
interest with Company, regardless of whether such activity is prohibited by Company’s conflict of interest guidelines or this
Agreement, and Director agrees to notify the Board of Directors before engaging in any activity that creates a potential conflict
of interest with Company. Specifically and except as set forth in Section 2(b) and Exhibit B of this Agreement, Director shall
not engage in any activity that is in direct competition with the Company or serve in any capacity (including, but not limited
to, as an employee, consultant, advisor or director) in any company or entity that competes directly with the Company, as reasonably
determined by a majority of Company’s disinterested board members.


 




    	 



    	 	 	 



    

 


3.
Compensation and Benefits.


 


(a)
Director’s Fee. In consideration of the services to be rendered under this Agreement, Company shall irrevocably remit to Director
510,000 shares of Company’s Preferred Class A stock. 


 


(b)
Expenses. The Company shall reimburse Director for all reasonable business expenses incurred in the performance of his duties
hereunder in accordance with Company’s expense reimbursement guidelines.


 


(c)
Indemnification. Company will indemnify and defend Director against any liability incurred in the performance of the Services
to the fullest extent authorized in Company’s Certificate of Incorporation, as amended, bylaws, as amended, and applicable law.
Company shall also maintain adequate Directors and Officers Insurance, adding Director as a named insured.


 


(d)
Records. Director shall have reasonable access to books and records of Company, as necessary to enable Director to fulfill his
obligations as a Director of Company.


 


4.
Termination.


 


(a)
Right to Terminate. At any time, Director may be removed as Chairman by majority vote of Company’s shareholders. 


 


5.
Termination Obligations.


 


(a)
Director agrees that all property, including, without limitation, all equipment, tangible proprietary information, documents,
records, notes, contracts, and computer-generated materials provided to or prepared by Director incident to his services belong
to Company and shall be promptly returned at the request of Company.


 


(b)
Upon termination of this Agreement, Director shall be deemed to have resigned from all offices then held with Company by virtue
of his position as Chairman, except that Director shall continue to serve as a director if elected as a director by the shareholders
of Company as provided in Company’s Certificate of Incorporation, as amended, Company’s bylaws, as amended, and applicable law.
Director agrees that following any termination of this Agreement, he shall cooperate with Company in the winding up or transferring
to other directors of any pending work and shall also cooperate with Company (to the extent allowed by law, and at Company’s expense)
in the defense of any action brought by any third party against Company that relates to the Services.


 


6.
Nondisclosure Obligations. Director shall maintain in confidence and shall not, directly or indirectly, disclose or use, either
during or after the term of this Agreement, any Proprietary Information (as defined below), confidential information, or trade
secrets belonging to Company, whether or not it is in written or permanent form, except to the extent necessary to perform the
Services, as required by a lawful government order or subpoena, or as authorized in writing by Company. These nondisclosure obligations
also apply to Proprietary Information belonging to customers and suppliers of Company, and other third parties, learned by Director
as a result of performing the Services. “Proprietary Information” means all information pertaining in any manner to
the business of Company, unless (i) the information is or becomes publicly known through lawful means; (ii) the information was
part of Director’s general knowledge prior to his relationship with Company; or (iii) the information is disclosed to Director
without restriction by a third party who rightfully possesses the information and did not learn of it from Company.


 




    	 



    	 	 	 



    

 


7.
Dispute Resolution.


 


(a)
Jurisdiction and Venue. The parties agree that any suit, action, or proceeding between Director (and his attorneys, successors,
and assigns) and Company (and its affiliates, shareholders, directors, officers, employees, members, agents, successors, attorneys,
and assigns) relating to the Services or the termination of those Services shall be brought in either the United States District
Court for the Southern District of Florida or in a Florida state court in the County of Broward and that the parties shall submit
to the jurisdiction of such court. The parties irrevocably waive, to the fullest extent permitted by law, any objection the party
may have to the laying of venue for any such suit, action or proceeding brought in such court. If any one or more provisions of
this Section shall for any reason be held invalid or unenforceable, it is the specific intent of the parties that such provisions
shall be modified to the minimum extent necessary to make it or its application valid and enforceable.


 


(b)
Attorneys’ Fees. Should any litigation, arbitration or other proceeding be commenced between the parties concerning the rights
or obligations of the parties under this Agreement, the party prevailing in such proceeding shall be entitled, in addition to
such other relief as may be granted, to a reasonable sum as and for its attorneys’ fees in such proceeding. This amount shall
be determined by the court in such proceeding or in a separate action brought for that purpose. In addition to any amount received
as attorneys’ fees, the prevailing party also shall be entitled to receive from the party held to be liable, an amount equal to
the attorneys’ fees and costs incurred in enforcing any judgment against such party. This Section is severable from the other
provisions of this Agreement and survives any judgment and is not deemed merged into any judgment.


 


8.
Entire Agreement. This Agreement is intended to be the final, complete, and exclusive statement of the terms of Director’s relationship
solely with respect to his position as Chairman with Company. This Agreement entirely supercedes and may not be contradicted by
evidence of any prior or contemporaneous statements or agreements pertaining to Director’s relationship as Chairman or Director.
Agreements related to Director’s ownership of the Securities are not affected by this Agreement.


 


9.
Amendments; Waivers. This Agreement may not be amended except by a writing signed by Director and by a duly authorized representative
of the Company other than Director. Failure to exercise any right under this Agreement shall not constitute a waiver of such right.


 


10.
Assignment. Director agrees that Director will not assign any rights or obligations under this Agreement, with the exception of
Director’s ability to assign rights with respect to the Securities. Nothing in this Agreement shall prevent the consolidation,
merger or sale of Company or a sale of all or substantially all of its assets.


 




    	 



    	 	 	 



    

 





11.
Severability. If any provision of this Agreement shall be held by a court or arbitrator to be invalid, unenforceable, or void,
such provision shall be enforced to fullest extent permitted by law, and the remainder of this Agreement shall remain in full
force and effect. In the event that the time period or scope of any provision is declared by a court or arbitrator of competent
jurisdiction to exceed the maximum time period or scope that such court or arbitrator deems enforceable, then such court or arbitrator
shall reduce the time period or scope to the maximum time period or scope permitted by law.


 


12.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida.


 


13.
Interpretation. This Agreement shall be construed as a whole, according to its fair meaning, and not in favor of or against any
party. Captions are used for reference purposes only and should be ignored in the interpretation of the Agreement.


 


14.
Binding Agreement. Each party represents and warrants to the other that the person(s) signing this Agreement below has authority
to bind the party to this Agreement and that this Agreement will legally bind both Company and Director. This Agreement will be
binding upon and benefit the parties and their heirs, administrators, executors, successors and permitted assigns. To the extent
that the practices, policies, or procedures of Company, now or in the future, are inconsistent with the terms of this Agreement,
the provisions of this Agreement shall control. Any subsequent change in Director’s duties or compensation as Chairman will not
affect the validity or scope of the remainder of this Agreement.


 


15.
Director Acknowledgment. Director acknowledges Director has had the opportunity to consult legal counsel concerning this Agreement,
that Director has read and understands the Agreement, that Director is fully aware of its legal effect, and that Director has
entered into it freely based on his own judgment and not on any representations or promises other than those contained in this
Agreement.


 


16.
Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument.


 


17.
Date of Agreement. The parties have duly executed this Agreement as of the date first written above.


 




    	 



    	 	 	 



    

 





	CAROLCO
    PICTURES, INC.	 	DIRECTOR
	 	 	 	 
	By:	/s/
    David Cohen	 	/s/
    Alexander Bafer
	 	David
    Cohen	 	Alexander
    Bafer