# EDGAR Filing Document

**Accession Number:** 0001593001
**File Stem:** 0001641172-25-021593
**Filing Date:** 2025-7
**Character Count:** 91304
**Document Hash:** 4f92f7dceff3285fe3a0a74c1de94d29
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-021593.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001641172-25-021593

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250729

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NightFood Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001593001
- **STANDARD INDUSTRIAL CLASSIFICATION:** SUGAR & CONFECTIONERY PRODUCTS [2060]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 463885019
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-55406
- **FILM NUMBER:** 251168303

**BUSINESS ADDRESS:**
- **STREET 1:** 500 WHITE PLAINS ROAD
- **STREET 2:** SUITE 520
- **CITY:** TARRYTOWN
- **STATE:** NY
- **ZIP:** 10591
- **BUSINESS PHONE:** 866-291-7778

**MAIL ADDRESS:**
- **STREET 1:** 500 WHITE PLAINS ROAD
- **STREET 2:** SUITE 520
- **CITY:** TARRYTOWN
- **STATE:** NY
- **ZIP:** 10591

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**Form 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): July 29, 2025

**NIGHTFOOD HOLDINGS, INC** **.**

(Exact name of the registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Nevada** | **000-55406** | **46-3885019** |
| (State or other jurisdiction<br> of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

**520 White Plains Road - Suite 500**

**<u>Tarrytown, New York 10591</u>**

(Address of principle executive offices) (Zip code)

Registrant's telephone number, including area code: **(866) 291-7778**

Not Applicable

(Former name or address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14A-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14D-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class:** | **Trading Symbol(s)** | **Name of each exchange on which registered**: |
| Not applicable | Not applicable | Not applicable |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

*Appointment of Chief Operating Officer*

On July 29, 2025, the Board of Directors (the "Board") of NightFood Holdings, Inc. (the "Company") appointed James Steigerwald to serve as Chief Operating Officer of the Company, effective as of March 25, 2025.

Mr. Steigerwald, age 51, is a seasoned entrepreneur with three decades of experience. He served as Chief Marketing Officer of Nug Avenue from January 2021 to February 2022 and as its General Manager from February 2022 to March 2024. Mr. Steigerwald played a key role in Nug Avenue's growth during the COVID pandemic. Before entering the cannabis industry, Mr. Steigerwald worked in the real estate and mortgage sector, eventually starting his own mortgage brokerage in 2003. However, following the 2008 mortgage crisis, he shifted his focus to consulting and became a principal in various industries, specializing in marketing, sales, and operations. Since July 2012, Mr. Steigerwald has owned SwiftLead, Inc., a sales, business operations, and marketing consulting firm. From July 2017 to March 2020, he owned 3JE, Inc., an AT&T Direct TV and cell phone reseller. From February 2019 to December 2019, he owned ESSRW, Inc., an equestrian equipment manufacturer and repairer. From January 2021 to October 2023, Mr. Steigerwald served as Chief Operating Officer of Sugarmade, Inc., a company formerly quoted on the OTC until the Company acquired it in September 2024.

In connection with his appointment as Chief Operating Officer, on March 25, 2025, Mr. Steigerwald entered into an employment agreement with the Company (the "Agreement"). Pursuant to the Agreement, the Company agreed to pay Mr. Steigerwald an annual base salary of $120,000 and to issue 10,500 shares of the Company's Class C Preferred Stock (the "Restricted Stock"), which shares shall vest in 3 equal increments upon the achievement of performance milestones as set forth in the Restricted Stock Award Agreement dated March 25, 2025 (the "Award Agreement"), attached as Exhibit A to the Agreement. Any unvested shares will be subject to forfeiture upon termination of the Agreement.

The foregoing summary of the Agreement and Restricted Stock Award Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Agreement and Restricted Stock Award Agreement, a copy of each of which is attached to this Current Report on Form 8-K as Exhibit 10.1, and incorporated herein by reference as if fully set forth herein.

There are no arrangements or understandings between Mr. Steigerwald and any other person pursuant to which he was appointed as Chief Operating Officer of the Company. There are no family relationships between Mr. Steigerwald and any director or executive officer of the Company, and he has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Employment Agreement, dated March 25, 2025, between NightFood Holdings, Inc. and James Steigerwald](ex10-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on behalf of the undersigned hereunto duly authorized.

Date: July 30, 2025

---

| | |
|:---|:---|
| **NIGHTFOOD HOLDINGS, INC.** | **NIGHTFOOD HOLDINGS, INC.** |
| By: | */s/ Jimmy Chan* |
| Name: | Jimmy Chan |
| Title: | Chief Executive Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**Executive Employment Agreement**

Dated as of March 25, 2025

This Executive Employment Agreement (the "Agreement") dated as of the date first set forth above (the "Effective Date") is entered into by and between Nightfood Holdings, Inc., a Nevada corporation (the "Company") and Jamie Steigerwald (the "Executive"). The Company and Executive may collective be referred to as the "Parties" and each individually as a "Party".

WHEREAS, the Company now desires to employ the Executive as the Chief Operating Officer of the Company and the Executive desires to serve in such capacities 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:

Section 1. <u>Employment</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Term</u>.
 The term of this Agreement (the "Initial Term") shall begin as of the Effective
 Date and shall end on the earlier of (i) the first (1<sup>st</sup>) annual anniversary of
 the Effective Date and (ii) the time of the termination of the Executive's employment
 in accordance with Section 3. The 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 provides 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. Executive's employment
 with the Company shall be "at will," meaning that either Executive or the Company
 may terminate Executive's employment at any time and for any reason, subject to Section
 3. Any contrary representations that may have been made to Executive are superseded by this
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Duties</u>.
 The Company hereby appoints Executive, and Executive shall serve, as the Chief Operating
 Officer of the Company and shall report to the [Chief Executive Officer] and the Board of
 Directors of the Company (the "Board") and to such other persons as designated
 by the Chief Executive Officer or the Board. The Executive shall have such duties and responsibilities
 as are consistent with Executive's position with 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.

Section 2. <u>Compensation and Other Benefits</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Base Salary</u>. The Company shall pay to the Executive an annual base salary of $120,000, payable
 on a monthly basis commencing on the Effective Date (as the same may be adjusted herein,
 the "Base Salary"). The Base Salary shall be paid in accordance with the Company's
 payroll policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Equity Issuances</u>. On the Effective Date, the Company shall award to the Executive 10,500 shares
 of Class C Preferred Shares, par value $0.001 per share, of the Company (the "Preferred
 Stock") pursuant to the Restricted Stock Award Agreement in the form as attached hereto
 as Exhibit A (the "RSA"), which shall be restricted shares of Preferred Stock
 subject to vesting and forfeiture as set forth herein and in the RSA (the "Restricted
 Stock Award").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Bonus</u>.
 The Executive shall be eligible to receive any discretionary bonuses as determined by the
 Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Fringe Benefits.</u> During the Term, the Executive shall be entitled to fringe benefits consistent
 with the practices of the Company, and to the extent the Company provides similar benefits
 to the Company's executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Business Expenses</u>. The Executive shall be entitled to reimbursement for all reasonable and necessary
 out-of-pocket business, entertainment and travel expenses incurred by the Executive in connection
 with the performance of Executive's duties hereunder and in accordance with the Company's
 expense reimbursement policies and procedures.

Section 3. <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definition of Cause</u>. For purposes hereof, "Cause" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 violation of any material written rule or policy of the Company for which violation any employee
 may be terminated pursuant to the written policies of the Company reasonably applicable to
 an executive employee;

(ii) misconduct
 by the Executive to the material 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 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 10 days following
 receipt of such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Definition of Good Reason</u>. For purposes hereof, "Good Reason" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) at
 any time following a Change of Control (as defined below), a material diminution by the Company
 of compensation and benefits (taken as a whole) provided to the Executive immediately prior
 to a Change of Control;

(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;

(iii) 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

(iv) a
 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Definition of Change of Control</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination by the Company</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>For Cause</u>. In the event that the Company terminates the Term or Executive's employment
 hereunder with Cause, then in such event, subject to Section 3(i), (i) the Company shall
 pay to Executive any unpaid Base Salary and benefits then owed or accrued, and any unreimbursed
 expenses, pursuant to the terms of Section 2(e), incurred by the Executive 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 equity granted to Executive hereunder or under the
 RSA or any other agreements with the Company (collectively, the "Equity 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 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Without Cause</u>. In the event that the Company terminates the Term or Executive's employment
 hereunder without Cause, then in such event, subject to Section 3(i), (i) the Company shall
 pay to Executive any Base Salary, bonuses, and benefits then owed or accrued, and any unreimbursed
 expenses incurred by the Executive in each case through the termination date, and each of
 which shall be paid within 10 days following the termination date; (ii) the Company shall
 pay to Executive, in one lump sum, an amount equal to the Base Salary that would have been
 paid to Executive for the remainder of the Initial Term (if such termination occurs during
 the Initial Term) or Renewal Term (if such termination occurs during a Renewal Term), as
 applicable, which shall be paid within 10 days following the termination date; (iii) any
 Equity Grant already made to Executive shall, to the extent not already vested, be deemed
 forfeited automatically; 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 14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Termination by the Executive</u>. The Executive may terminate the Term and resign from Executive's
 employment hereunder at any time, with or without Good Reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>With Good Reason</u>. 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(i), be entitled to such benefits (not including without
 limitation any vesting of unvested shares under any Equity Grant which will automatically
 be forfeited), 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(d)(ii).

(ii) <u>Without Good Reason</u>. 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(i), to such benefits (not including
 without limitation any vesting of unvested shares under any Equity Grant which will automatically
 be forfeited), 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(d)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Termination by Death or Disability</u>. 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 the terms hereon 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 Equity Grants shall immediately be forfeited as of the termination date without
 any further action of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Renewal</u>.
 In the event that the Term is not renewed by either Party pursuant to the provisions of Section
 1(a), any unvested portion of any Equity Grants shall immediately be forfeited as of the
 expiration of the Term without any further action of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Change of Control.</u> In the event that a Change of Control occurs during the Term, any unvested
 portion of any Equity Grants shall, to the extent not already vested, be deemed automatically
 vested immediately without any further action of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Conflict</u>.
 In the event of a conflict between the terms and conditions herein and those in any other
 agreement or contract between the Company and the Executive with respect to any Equity Grants
 granted to Executive, the terms and conditions of such other agreement or contract shall
 control.

Section 4. <u>Intentionally Left Blank</u>.

Section 5. <u>Post-Termination Assistance</u>. 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.

Section 6. <u>No Mitigation or Set Off</u>. 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.

Section 7. <u>Confidentiality</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definition.</u> For purposes of this Agreement, "Confidential Information" shall mean all Company
 Work Product (as hereinafter defined) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Company Ownership.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Confidentiality Obligations.</u> 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, subEmployments
 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 7 by Executive's employees,
 subEmployments, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Required Disclosure.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Enforcement.</u> 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 7 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 7 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 7, 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 7, 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
 7, Executive, if it is determined to be at fault, shall pay Company's reasonable legal
 fees and expenses on a substantial indemnity basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Related Duties.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Legal Exceptions.</u> Further notwithstanding the foregoing provisions of this Section 7, 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, subject to applicable law, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Limitation.</u> 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.

Section 8. <u>Intellectual Property Rights</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Disclosure of Work Product.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Ownership of Company Work Product.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Assignment of Company Work Product.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Assistance.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Execution of Documents.</u> 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 8 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 8 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Executive Representations and Warranties.</u> 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.

Section 9. <u>Representations and Warranties Relating to Securities.</u> The Restricted Stock Award and any shares of Preferred Stock or other securities of the Company that may be issued or granted to the Executive hereunder or pursuant to any other agreement between the Company and the Executive in connection with the transactions contemplated herein may be referred to as the "Securities", and Executive represents and warrants to the Company as set forth in this Section 9 with respect to the Securities and Executive's receipt thereof, as of the Effective Date and as of the date of any issuance or granting of any Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Executive
 is an "accredited investor" as that term is defined in Rule 501(a) of Regulation
 D promulgated pursuant to the Securities Act (an "Accredited Investor").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Executive
 hereby represent that the Securities awarded pursuant to this Agreement are being acquired
 for Executive's own account and not for sale or with a view to distribution thereof.
 Executive acknowledges and agrees that any sale or distribution of Securities which have
 vested may be made only pursuant to either (a) a registration statement on an appropriate
 form under the Securities Act of 1933, as amended (the "Securities Act"), which
 registration statement has become effective and is current with regard to the shares being
 sold, or (b) a specific exemption from the registration requirements of the Securities Act
 that is confirmed in a favorable written opinion of counsel, in form and substance satisfactory
 to counsel for the Company, prior to any such sale or distribution. Executive hereby consents
 to such action as the Board or the Company deems necessary or appropriate from time to time
 to prevent a violation of, or to perfect an exemption from, the registration requirements
 of the Securities Act or to implement the provisions of this Agreement, including but not
 limited to placing restrictive legends on certificates evidencing shares of Securities (whether
 or not the Restrictions applicable thereto have lapsed) and delivering stop transfer instructions
 to the Company's stock transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Executive
 understands that the Securities is being offered and sold to Executive in reliance upon specific
 exemptions from the registration requirements of United States federal and state securities
 laws and that the Company is relying upon the truth and accuracy of, and Executive's
 compliance with, the representations, warranties, agreements, acknowledgments and understandings
 of the Executive set forth herein in order to determine the availability of such exemptions
 and the eligibility of the Executive to acquire the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Executive
 has been furnished with all documents and materials relating to the business, finances and
 operations of the Company and information that Executive requested and deemed material to
 making an informed investment decision regarding its acquisition of the Securities. Executive
 has been afforded the opportunity to review such documents and materials and the information
 contained therein. Executive has been afforded the opportunity to ask questions of the Company
 and its management. Executive understands that such discussions, as well as any written information
 provided by the Company, were intended to describe the aspects of the Company's business
 and prospects which the Company believes to be material, but were not necessarily a thorough
 or exhaustive description and the Company makes no representation or warranty with respect
 to the completeness of such information and makes no representation or warranty of any kind
 with respect to any information provided by any entity other than the Company. Some of such
 information may include projections as to the future performance of the Company, which projections
 may not be realized, may be based on assumptions which may not be correct and may be subject
 to numerous factors beyond the Company's control. Additionally, Executive understands
 and represents that Executive is acquiring the Securities notwithstanding the fact that the
 Company may disclose in the future certain material information that the Executive has not
 received. Executive has sought such accounting, legal and tax advice as Executive has considered
 necessary to make an informed investment decision with respect to Executive's investment
 in the Securities. Executive has full power and authority to make the representations referred
 to herein, to acquire the Securities and to execute and deliver this Agreement. Executive,
 either personally, or together with Executive's advisors has such knowledge and experience
 in financial and business matters as to be capable of evaluating the merits and risks of
 an investment in the Securities, is able to bear the risks of an investment in the Securities
 and understands the risks of, and other considerations relating to, a purchase of the Securities.
 The Executive and Executive's advisors have had a reasonable opportunity to ask questions
 of and receive answers from the Company concerning the Securities. Executive's financial
 condition is such that Executive is able to bear the risk of holding the Securities that
 Executive may acquire pursuant to this Agreement for an indefinite period of time, and the
 risk of loss of Executive's entire investment in the Company. Executive has investigated
 the acquisition of the Securities to the extent Executive deemed necessary or desirable and
 the Company has provided Executive with any reasonable assistance Executive has requested
 in connection therewith. No representations or warranties have been made to Executive by
 the Company, or any representative of the Company, or any securities broker/dealer, other
 than as set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Executive
 also acknowledges and agrees that an investment in the Securities is highly speculative and
 involves a high degree of risk of loss of the entire investment in the Company and there
 is no assurance that a public market for the Securities will ever develop and that, as a
 result, Executive may not be able to liquidate Executive's investment in the Securities
 should a need arise to do so. Executive is not dependent for liquidity on any of the amounts
 Executive is investing in the Securities. Executive has full power and authority to make
 the representations referred to herein, to acquire the Securities and to execute and deliver
 this Agreement. Executive understands that the representations and warranties herein are
 to be relied upon by the Company as a basis for the exemptions from registration and qualification
 of the issuance and sale of the Securities under the federal and state securities laws and
 for other purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Executive
 understands that no United States federal or state agency or any other government or governmental
 agency has passed upon or made any recommendation or endorsement of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Executive
 understands that until such time as the Securities have been registered under the Securities
 Act or may be sold pursuant to Rule 144, Rule 144A under the Securities Act or Regulation
 S without any restriction as to the number of securities as of a particular date that can
 then be immediately sold, the Securities may bear a restrictive legend in substantially the
 following form (and a stop-transfer order may be placed against transfer of the certificates
 for such Securities):

"NEITHER THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL (WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR REGULATION S UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) This
 Agreement has been duly and validly authorized by Executive. This Agreement has been duly
 executed and delivered on behalf of Executive, and this Agreement constitutes a valid and
 binding agreement of Executive enforceable in accordance with its terms, subject to the application
 of applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and
 other similar laws of general application affecting enforcement of creditors' rights
 generally and general principles of equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executive
 is an individual resident of the state set forth in the notices provision for Executive herein.

Section 10. <u>Effect of Waiver</u>. 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.

Section 11. <u>Assignment</u>. No Party shall have any power or any right to assign or transfer, in whole or in part, this Agreement, or any of its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant to this Agreement or the transactions contemplated herein, or to pursue any claim for any breach or default of this Agreement, or any right arising from the purported assignor's due performance of its obligations hereunder, without the prior written consent of the other Party and any such purported assignment in contravention of the provisions herein shall be null and void and of no force or effect. Notwithstanding the foregoing, the Company may transfer, assign or delegate to 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 any of Company's rights, obligations or duties hereunder. 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.

Section 12. <u>No Third-Party Rights</u>. 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.

Section 13. <u>Entire Agreement; Effectiveness of Agreement</u>. This Agreement, the RSA and any other agreement entered into between the Company and Executive with respect to the issuance of any equity securities of the Company or other equity awards relating to the Company set 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.

Section 14. <u>Survival</u>. The provisions of Section 3, Section 4, Section 5, Section 6, Section 7, Section 8 and Section 12 through Section 25, inclusive, shall survive any termination or expiration of this Agreement, and provided that any expiration or termination of this Agreement shall not excuse a Party from compliance with, or fulfillment of, any obligations or conditions which arose prior to such expiration or termination.

Section 15. <u>Severability</u>. 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.

Section 16. <u>Governing Law and Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement, and any and all claims, proceedings or causes of action relating to this Agreement
 or arising from this Agreement or the transactions contemplated herein, including, without
 limitation, tort claims, statutory claims and contract claims, shall be interpreted, construed,
 governed and enforced under and solely in accordance with the substantive and procedural
 laws of the State of California, in each case as in effect from time to time and as the same
 may be amended from time to time, and as applied to agreements performed wholly within the
 State of California.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Section 17, each Party agrees that all legal proceedings concerning this Agreement shall
 be commenced in the state and federal courts sitting in ORANGE COUNTY, CALIFORNIA (the "Selected
 Courts"). Each Party hereto hereby irrevocably submits to the exclusive jurisdiction
 of the Selected Courts for the adjudication of any dispute hereunder or in connection herewith
 or with any transaction contemplated hereby or discussed herein (including with respect to
 the enforcement of the rights of a Party under this Agreement), and hereby irrevocably waives,
 and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
 subject to the jurisdiction of such Selected Courts, or such Selected Courts are improper
 or inconvenient venue for such proceeding. Each Party hereby irrevocably waives personal
 service of process and consents to process being served in any such suit, action or proceeding
 by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
 of delivery) to such Party at the address in effect for notices to it under this Agreement
 and agrees that such service shall constitute good and sufficient service of process and
 notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
 serve process in any other manner permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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. EACH PARTY HERETO (A) CERTIFIES
 THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
 OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
 FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
 TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
 IN THIS Section 16(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject
 to the provisions of Section 17, if any Party shall commence an action or proceeding to enforce
 any provisions of this Agreement, then the prevailing Party in such action or proceeding
 shall be reimbursed by the other Party for its attorneys' fees and other costs and
 expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

Section 17. <u>Arbitration</u>. 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 Orange County, California pursuant to then-prevailing National Rules for the Resolution of Employment Disputes of the American Arbitration Association. The arbitration shall be conducted by one arbitrator jointly selected by the Parties. In the event that the Parties are unable to agree on the identity of the arbitrator within ten days of the commencement of efforts to do so, each Party shall select one arbitrator and the two arbitrators so selected shall select the sole arbitrator who shall hear and resolve controversy, claim or dispute. The arbitrator shall be bound to follow the applicable Agreement provisions in adjudicating the dispute. It is agreed by both Parties that the arbitrator's decision is final, and that no Party may take any action, judicial or administrative, to overturn such decision. The judgment rendered by the arbitrator may be entered in the Selected Courts. Subject to the provisions of Section 16(d), each Party will pay its own expenses of arbitration and the expenses of the arbitrator will be equally shared provided that, if in the opinion of the arbitrator any claim, defense, or argument raised in the arbitration was unreasonable, the arbitrator may assess all or part of the expenses of the other Party (including reasonable attorneys' fees) and of the arbitrator as the arbitrator deems appropriate. The arbitrator may not award either Party punitive or consequential damages.

Section 18. <u>General Remedies.</u> Each Party acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the other Party, and thus each Party acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by such Party of the provisions of this Agreement, that the other Party shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.

Section 19. <u>Indemnification</u>. During the Term, the Executive shall be entitled to indemnification and insurance coverage for 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 executive, 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.

Section 20. <u>Expenses</u>. Other than as specifically set forth herein, each of the Parties will bear their own respective expenses, including legal, accounting and professional fees, incurred in connection with this Agreement and the transactions contemplated herein.

Section 21. <u>Notices</u>. 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:

Nightfood Holdings, Inc.

Attn: John Vu

520 White Plains Road

Tarrytown, NY 10591

E-mail: john@jvlawcorp.com

If to Executive, to:

Jamie Steigerwald

Email: jamie@swiftlead.com

Section 22. <u>Headings</u>. 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.

Section 23. <u>LEFT BLANK ON PURPOSE</u>

Section 24. <u>Rule of Construction</u>. 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.

Section 25. <u>Execution in Counterparts, Electronic Transmission</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original. The signature of any Party 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]*

 

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

---

| | |
|:---|:---|
| Nightfood Holdings, Inc. | Nightfood Holdings, Inc. |
| By: | */s/ Lei Sonny Wang* |
| Name: | Lei Sonny Wang |
| Title: | Chief Executive Officer |
| Executive: | Executive: |
| */s/ Jamie Steigerwald* | */s/ Jamie Steigerwald* |
| Jamie Steigerwald | Jamie Steigerwald |

---

Exhibit A

Restricted Stock Award Agreement

*(Rest of Page Left Blank Intentionally)*

 

**Restricted Stock Award Agreement**

**[JAMIE STEIGERWALD]**

Dated as of March 25, 2025

This Restricted Stock Award Agreement (this "Agreement") dated as of the date first set forth above (the "Award Date") is entered into by and between Nightfood Holdings, Inc., a Nevada corporation and JAMIE STEIGERWALD ("Grantee"). The Company and Grantee may collective be referred to as the "Parties" and each individually as a "Party".

WHEREAS, the Company and Grantee are the parties to that certain Independent Employment Agreement dated as of the Award Date (the "Employment Agreement");

WHEREAS, pursuant to the Employment Agreement the Parties have agreed to enter into the Agreement to grant to Grantee certain Class C Preferred Shares, par value $0.001 per share, of the Company (the "Preferred Stock");

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 Grantee hereby agree as follows:

Section 1. <u>Defined Terms</u>. Defined terms used herein without definition shall have the meanings given in the Employment Agreement.

Section 2. <u>Grant</u>. Pursuant to the terms of the Employment Agreement and the terms herein, the Company hereby grants to Grantee as of the Award Date the number of shares of Preferred Stock (the "Restricted Stock") as set forth in Schedule A attached to this Agreement, subject to the terms and conditions of this Agreement and the Employment Agreement.

Section 3. <u>Vesting and Rights to the Restricted Stock</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantee
 shall be entitled to exercise and enjoy all rights and entitlements of ownership of the Restricted
 Stock, including the right to vote such Restricted Stock on all matters which come before
 the shareholders of the Company and the right to receive dividends and other distributions
 thereon, except that, until the Restricted Stock vests pursuant to the terms and conditions
 herein the following restrictions (the "Restrictions") shall apply: (i) Grantee
 may not sell, transfer, assign, give, place in trust, or otherwise dispose of or pledge,
 grant a security interest in, or otherwise encumber the Restricted Stock and any such attempted
 disposition or encumbrance shall be void and unenforceable against the Company; (ii) dividends
 and other distributions on the Restricted Stock will be subject to the provisions set forth
 in Section 3(d), Section 4 and Section 6; and (iii) Grantee's shares of Restricted
 Stock will be subject to forfeiture pursuant to the provisions herein and in the Employment
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to the other provisions herein, the Restricted Stock will vest in accordance with the vesting
 schedule and terms set forth in Schedule A attached hereto. If the Restricted Stock does
 not vest according to the terms and conditions set forth in Schedule A, the Restricted Stock
 will be forfeited and returned to the Company, and all Grantee's rights, or the rights
 of Grantee's heirs in and to such Restricted Stock and stock dividends thereon will
 terminate, unless the Board of Directors of the Company (the "Board") determines
 otherwise in its sole and absolute discretion.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding
 the foregoing, the Restricted Stock, and the acceleration of vesting thereof, and any forfeiture
 thereof, shall be subject to and shall be governed in accordance with the provisions of the
 Employment Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash
 dividends, if any, that are declared on each share of Restricted Stock prior to the date
 they vest in accordance with the provisions herein, will be paid in Grantee's name
 and will be delivered to Grantee by the Company, as soon as practicable following the payment
 thereof. Stock dividends or other distributions, if any, that are declared on each share
 of Restricted Stock prior to the date they vest in accordance with the provisions herein,
 will be issued in Grantee's name but will be subject to the same restrictions as the
 Restricted Stock and will be held in custody by the Company until the date they vest as provided
 herein.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject
 to the provisions herein, upon the date the Restricted Stock vests in accordance with the
 terms of this Section 3, Grantee shall become entitled to receive a stock certificate evidencing
 such shares or have shares delivered electronically to Grantee's broker, as determined
 by the Company, and the Restrictions applicable to those shares of Restricted Stock shall
 become null and void and cease to exist with respect to such shares.

&nbsp;&nbsp;&nbsp;&nbsp;(f) At
 the discretion of the Board, the certificates representing the Restricted Stock may, upon
 issuance, be deposited in escrow with the Company to be held in accordance with the provisions
 of this Agreement. All regular cash dividends on Restricted Stock (or other securities) at
 the time held in escrow shall be paid directly to the Grantee and shall not be held in escrow.
 Restricted Stock, together with any other assets or securities held in escrow hereunder,
 shall be (i) surrendered to the Company for cancellation upon forfeiture thereof; or (ii)
 released to the Grantee upon request, but only to the extent that the Restricted Stock is
 no longer Restricted Stock.

Section 4. <u>Issuance and Delivery</u>. The issuance or delivery of any shares of Restricted Stock which have vested may be postponed by the Board for such period as may be required to comply with any applicable requirements under the federal or state securities laws, any applicable listing requirements of any national securities exchange, and any applicable requirements under any other law, rule or regulation applicable to the issuance or delivery of such shares, and the Company shall not be obligated to deliver any such shares of Restricted Stock to Grantee if either delivery thereof would constitute a violation of any provision of any law or of any regulation of any governmental authority, any national securities exchange, or Grantee shall not yet have complied fully with the provisions herein.

Section 5. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) *General Representations and Warranties of Grantee*. Grantee represents and warrants hereunder
 that this Agreement and the transactions contemplated hereunder have been duly and validly
 authorized by all requisite action; that Grantee has the full right, power and capacity to
 execute, deliver and perform its obligations hereunder; and that this Agreement, upon execution
 and delivery of the same by Grantee, will represent the valid and binding obligation of Grantee
 enforceable in accordance with its terms, except to the extent that enforcement thereof may
 be limited by bankruptcy, insolvency, reorganization, moratorium and other laws enacted for
 the relief of debtors generally and other similar laws affecting the enforcement of creditors'
 rights generally or by equitable principles which may affect the availability of specific
 performance and other equitable remedies. Grantee represents and warrants that all personnel
 or agents of Grantee who perform any activities on behalf of the Company hereunder or otherwise
 are legally authorized and permitted to work in the United States and for the benefit of
 the Company hereunder. The representations and warranties set forth herein shall survive
 the termination or expiration of this Agreement The representations and warranties set forth
 herein shall survive the termination or expiration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Representation and Warranties of Grantee Related to the Restricted Stock*. The Grantee hereby makes the
 representations and warranties as set forth in the Employment Agreement, on the Award Date
 and thereafter such representations and warranties shall be deemed re-made and re-given by
 Grantee to the Company on and as of each date that any shares of Restricted Stock vest as
 set forth herein.

Section 6. <u>No Transfer</u>. Grantee may not sell or transfer this Agreement or the Restricted Stock prior to vesting, or any rights herein or therein, and any attempted transfer shall be null and void *ab initio* and the Company shall not recognize any purported transferee as the holder thereof.

Section 7. <u>Taxes.</u>

&nbsp;&nbsp;&nbsp;&nbsp;(a) Grantee
 shall pay to the Company, or make arrangements satisfactory to the Company regarding the
 payment of, all federal, state, local and foreign taxes that are required by applicable laws
 and regulations to be withheld by the Company with respect to such amount. Grantee shall
 be responsible for the payment of all taxes required to be paid in connection with the issuance
 or vesting of the Restricted Stock.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to provisions discussed herein, under Section 83 of the Code, Grantee will recognize ordinary
 income upon transfer of the shares of Restricted Stock to Grantee, measured as the difference
 between the fair market value of the granted shares of Restricted Stock on the date of transfer
 and the amount paid for the granted shares of Restricted Stock, if any. The capital gains
 holding period will begin on the date of transfer.

&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the extent that the granted shares of Restricted Stock are subject to a "substantial
 risk of forfeiture" (within the meaning of Section 83 of the Code) on the Award Date,
 Grantee will not recognize ordinary income until the granted shares of Restricted Stock are
 no longer subject to a substantial risk of forfeiture (i.e., as the shares of Restricted
 Stock vest). Grantee's ordinary income is measured as the difference between the amount
 paid for the granted shares of Restricted Stock, if any, and the fair market value of the
 granted shares of Restricted Stock when such shares of Restricted Stock are no longer subject
 to a substantial risk of forfeiture. The capital gains holding period for shares of Restricted
 Stock subject to a substantial risk of forfeiture begins on the date when such shares of
 Restricted Stock are no longer subject to a substantial risk of forfeiture.

&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the shares of Restricted Stock are subject to a substantial risk of forfeiture, Grantee may
 nonetheless accelerate Grantee's recognition of ordinary income, if any, and begin
 Grantee's capital gains holding period by timely filing an election pursuant to Section
 83(b) of the Code (the "83(b) Election"). If Grantee makes an 83(b) Election,
 the excess of (i) the fair market value of the granted shares of Restricted Stock on the
 Award Date over (ii) the purchase price, if any, paid for the granted shares of Restricted
 Stock will be included in Grantee's ordinary income. If the granted shares of Restricted
 Stock are later forfeited, however, Grantee will not be entitled to a tax deduction or a
 refund of the tax already paid. If Grantee makes the 83(b) Election, Grantee will not recognize
 any additional income when the granted shares of Restricted Stock vest and any appreciation
 in the value of the granted shares of Restricted Stock after the election is not taxed as
 compensation but instead is taxed as capital gains when the granted shares of Restricted
 Stock are sold.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 83(b) Election must be filed with the Internal Revenue Service within 30 days after the shares
 of Restricted Stock are transferred. Any ordinary income resulting from the election will
 be subject to applicable tax withholding requirements. The election is generally irrevocable
 and cannot be made after the 30-day period has expired. In the event that Grantee makes an
 83(b) Election, Grantee (i) shall promptly provide the Company with a copy of the 83(b) Election,
 as filed with the Internal Revenue Service; and (ii) the Company may withhold from any payments
 due to Grantee any applicable federal, state, or local taxes and such other deductions as
 are prescribed by law, or Grantee will pay to the Company all such tax withholding amounts
 promptly upon request.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 foregoing is only a summary of the effect of U.S. federal income taxation on Grantee with
 respect to the grant of the Restricted Stock. It does not purport to be a complete discussion
 of the U.S. federal income tax consequences. It does not discuss the income tax laws of any
 state, municipality, or foreign country in which Grantee's income or gain may be taxable.
 In any event, Grantee is hereby advised to consult Grantee's own tax advisor as to
 the consequences of making an 83(b) Election. If Grantee desires to make an 83(b) Election,
 then it is Grantee's responsibility to timely make a valid election.

&nbsp;&nbsp;&nbsp;&nbsp;(g) THIS
 SUMMARY DOES NOT ADDRESS SPECIFIC STATE, LOCAL OR FOREIGN TAX CONSEQUENCES THAT MAY BE APPLICABLE
 TO GRANTEE. GRANTEE UNDERSTANDS THAT THIS SUMMARY IS NECESSARILY INCOMPLETE, AND THE TAX
 LAWS AND REGULATIONS ARE SUBJECT TO CHANGE. GRANTEE ACKNOWLEDGES THAT IT IS GRANTEE'S
 SOLE RESPONSIBILITY AND NOT THE COMPANY'S TO FILE TIMELY THE ELECTION UNDER SECTION
 83(b) OF THE CODE, EVEN IF GRANTEE REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO MAKE THIS
 FILING ON GRANTEE'S BEHALF. BY SIGNING THIS AGREEMENT, GRANTEE REPRESENTS THAT GRANTEE
 HAS REVIEWED WITH GRANTEE'S OWN TAX ADVISORS THE FEDERAL, STATE, LOCAL AND FOREIGN
 TAX CONSEQUENCES OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND THAT GRANTEE IS RELYING
 SOLELY ON SUCH ADVISORS AND NOT ON ANY STATEMENTS OR REPRESENTATIONS OF THE COMPANY OR ANY
 OF ITS AGENTS. GRANTEE UNDERSTANDS AND AGREES THAT GRANTEE (AND NOT THE COMPANY) SHALL BE
 RESPONSIBLE FOR ANY TAX LIABILITY THAT MAY ARISE AS A RESULT OF THE TRANSACTIONS CONTEMPLATED
 BY THIS AGREEMENT.

Section 8. <u>Data Privacy Consent</u>. In order to administer the this Agreement and to implement or structure future equity grants, the Company, its subsidiaries and affiliates and certain agents thereof (together, the "Relevant Companies") may process any and all personal or professional data, including but not limited to Social Security or other identification number, home address and telephone number, date of birth and other information that is necessary or desirable for the administration of this Agreement (the "Relevant Information"). By entering into this Agreement, the Grantee (i) authorizes the Company to collect, process, register and transfer to the Relevant Companies all Relevant Information; (ii) waives any privacy rights the Grantee may have with respect to the Relevant Information; (iii) authorizes the Relevant Companies to store and transmit such information in electronic form; and (iv) authorizes the transfer of the Relevant Information to any jurisdiction in which the Relevant Companies consider appropriate. The Grantee shall have access to, and the right to change, the Relevant Information. Relevant Information will only be used in accordance with applicable law.

Section 9. <u>Review</u>. The Grantee has reviewed this Agreement in its entirety, has had an opportunity to obtain the advice of counsel before executing this Agreement and fully understands all provisions of this Agreement. The Grantee hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Board upon any questions relating to this Agreement.

Section 10. <u>No Rights to Continued Engagement</u>. This Agreement does not confer upon Grantee any right to continued engagement by the Company or any of its subsidiaries or affiliated companies, nor shall it interfere in any way with the Company's right to terminate Grantee's engagement at any time.

Section 11. <u>No Restriction</u>. Nothing in this Agreement will restrict or limit in any way the right of the Board to issue or sell stock of the Company (or securities convertible into stock of the Company) on such terms and conditions as it deems to be in the best interests of the Company, including, without limitation, stock and securities issued or sold in connection with mergers and acquisitions, stock issued or sold in connection with any stock option or similar plan, and stock issued or contributed to any qualified stock bonus or employee stock ownership plan.

Section 12. <u>Power of Attorney</u>. Grantee hereby irrevocably appoints the Company and each of its officers, employees and agents as Grantee's true and lawful attorneys with power (i) to sign in Grantee's name and on Grantee's behalf stock certificates and stock powers covering some or all of the Restricted Stock and such other documents and instruments as the Board deems necessary or desirable to carry out the terms of this Agreement and (ii) to take such other action as the Board deems necessary or desirable to effectuate the terms of this Agreement. This power, being coupled with an interest, is irrevocable. Grantee agrees to execute such other stock powers and documents as may be reasonably requested from time to time by the Board to effectuate the terms of this Agreement.

Section 13. <u>Effect of Waiver</u>. 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.

Section 14. <u>Assignment</u>. No Party shall have any power or any right to assign or transfer, in whole or in part, this Agreement, or any of its rights or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant to this Agreement or the transactions contemplated herein, or to pursue any claim for any breach or default of this Agreement, or any right arising from the purported assignor's due performance of its obligations hereunder, without the prior written consent of the other Party and any such purported assignment in contravention of the provisions herein shall be null and void and of no force or effect, provided that, notwithstanding the foregoing, the Company may transfer, assign or delegate to 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 any of Company's rights, obligations or duties hereunder. Notwithstanding the foregoing, the Company may transfer, assign or delegate to 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 any of Company's rights, obligations or duties hereunder. 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.

Section 15. <u>No Third-Party Rights</u>. 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.

Section 16. <u>Entire Agreement; Effectiveness of Agreement</u>. This Agreement, the Employment Agreement and the other documents referenced therein, and any other agreement entered into between the Company and Grantee with respect to the issuance of any equity securities of the Company or other equity awards relating to the Company set forth the entire agreement of the Parties hereto and shall supersede any and all prior agreements and understandings concerning the Grantee's employment by the Company. This Agreement may be changed only by a written document signed by the Grantee and the Company.

Section 17. <u>Severability</u>. 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.

Section 18. <u>Governing Law and Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;(a) This
 Agreement, and any and all claims, proceedings or causes of action relating to this Agreement
 or arising from this Agreement or the transactions contemplated herein, including, without
 limitation, tort claims, statutory claims and contract claims, shall be interpreted, construed,
 governed and enforced under and solely in accordance with the substantive and procedural
 laws of the State of California, in each case as in effect from time to time and as the same
 may be amended from time to time, and as applied to agreements performed wholly within the
 State of California.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Section 19, each Party agrees that all legal proceedings concerning this Agreement shall
 be commenced in the state and federal courts sitting in ORANGE CouNTY, CALIFORNIA (the "Selected
 Courts"). Each Party hereto hereby irrevocably submits to the exclusive jurisdiction
 of the Selected Courts for the adjudication of any dispute hereunder or in connection herewith
 or with any transaction contemplated hereby or discussed herein (including with respect to
 the enforcement of the rights of a Party under this Agreement), and hereby irrevocably waives,
 and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
 subject to the jurisdiction of such Selected Courts, or such Selected Courts are improper
 or inconvenient venue for such proceeding. Each Party hereby irrevocably waives personal
 service of process and consents to process being served in any such suit, action or proceeding
 by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence
 of delivery) to such Party at the address in effect for notices to it under this Agreement
 and agrees that such service shall constitute good and sufficient service of process and
 notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
 serve process in any other manner permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 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. EACH PARTY HERETO (A) CERTIFIES
 THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
 OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
 FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED
 TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
 IN THIS Section 18(c).

&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject
 to the provisions of Section 19, if any Party shall commence an action or proceeding to enforce
 any provisions of this Agreement, then the prevailing Party in such action or proceeding
 shall be reimbursed by the other Party for its attorney's fees and other costs and
 expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

Section 19. <u>Arbitration</u>. Any controversy, claim or dispute arising out of or relating to this Agreement or the Grantee'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 Orange County, California pursuant to then-prevailing National Rules for the Resolution of Employment Disputes of the American Arbitration Association. The arbitration shall be conducted by one arbitrator jointly selected by the Parties. In the event that the Parties are unable to agree on the identity of the arbitrator within ten days of the commencement of efforts to do so, each Party shall select one arbitrator and the two arbitrators so selected shall select the sole arbitrator who shall hear and resolve controversy, claim or dispute. The arbitrator shall be bound to follow the applicable Agreement provisions in adjudicating the dispute. It is agreed by both Parties that the arbitrator's decision is final, and that no Party may take any action, judicial or administrative, to overturn such decision. The judgment rendered by the arbitrator may be entered in the Selected Courts. Subject to the provisions of Section 18(d), each Party will pay its own expenses of arbitration and the expenses of the arbitrator will be equally shared provided that, if in the opinion of the arbitrator any claim, defense, or argument raised in the arbitration was unreasonable, the arbitrator may assess all or part of the expenses of the other Party (including reasonable attorneys' fees) and of the arbitrator as the arbitrator deems appropriate. The arbitrator may not award either Party punitive or consequential damages.

Section 20. <u>General Remedies.</u> Each Party acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the other Party, and thus each Party acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and agrees, in the event of a breach or threatened breach by such Party of the provisions of this Agreement, that the other Party shall be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.

Section 21. <u>Expenses</u>. Other than as specifically set forth herein, each of the Parties will bear their own respective expenses, including legal, accounting and professional fees, incurred in connection with this Agreement and the transactions contemplated herein.

Section 22. <u>Notices</u>. All notices and other communications hereunder shall be given in accordance with the provisions of the Employment Agreement.

Section 23. <u>Headings</u>. 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.

Section 24. <u>Intentionally Left Blank</u>

Section 25. <u>Rule of Construction</u>. 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.

Section 26. <u>Execution in Counterparts, Electronic Transmission</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original. The signature of any Party 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]*

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

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| | |
|:---|:---|
| Nightfood Holdings, Inc. | Nightfood Holdings, Inc. |
| By: | */s/ Lei Sonny Wang* |
| Name: | Lei Sonny Wang |
| Title: | Chief Executive Officer |
| Grantee: | JAMIE STEIGERWALD |
| By: | */s/ Jamie Steigerwald* |
| Name: | JAMIE STEIGERWALD |

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