Document:

Exhibit 10.4

 

SECURITIES PURCHASE AGREEMENT

 

This SECURITIES PURCHASE
AGREEMENT (the “Agreement”), dated as of May 10, 2017, by and between NIGHTFOOD HOLDINGS, INC., a Nevada
corporation, with headquarters located at 520 White Plains Road, Suite 500, Tarrytown, NY 10591 (the “Company”), and
AUCTUS FUND, LLC, a Delaware limited liability company, with its address at 101 Arch Street, 20th Floor, Boston, MA 02110
(the “Buyer”).

 

WHEREAS:

 

A.   The
Company and the Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded
by the rules and regulations as promulgated by the United States Securities and Exchange Commission (the “SEC”) under
the Securities Act of 1933, as amended (the “1933 Act”);

 

B.    Buyer
desires to purchase and the Company desires to issue and sell, upon the terms and conditions set forth in this Agreement the 12%
convertible note of the Company, in the form attached hereto as Exhibit A, in the aggregate principal amount of US$80,000.00 (together
with any note(s) issued in replacement thereof or as a dividend thereon or otherwise with respect thereto in accordance with the
terms thereof, the “Note”), convertible into shares of common stock, $0.001 par value per share, of the Company (the
“Common Stock”), upon the terms and subject to the limitations and conditions set forth in such Note.

 

C.    The
Buyer wishes to purchase, upon the terms and conditions stated in this Agreement, such principal amount of Note as is set forth
immediately below its name on the signature pages hereto; and

 

NOW THEREFORE,
the Company and the Buyer severally (and not jointly) hereby agree as follows:

 

1.     PURCHASE
AND SALE OF NOTE.

 

a.     Purchase
of Note. On the Closing Date (as defined below), the Company shall issue and sell to the Buyer and the Buyer agrees to purchase
from the Company such principal amount of Note as is set forth immediately below the Buyer’s name on the signature pages
hereto.

 

b.     Form
of Payment. On the Closing Date (as defined below), (i) the Buyer shall pay the purchase price for the Note to be issued
and sold to it at the Closing (as defined below) (the “Purchase Price”) by wire transfer of immediately available
funds to the Company, in accordance with the Company’s written wiring instructions, against delivery of the Note in the
principal amount equal to the Purchase Price as is set forth immediately below the Buyer’s name on the signature pages
hereto, and (ii) the Company shall deliver such duly executed Note on behalf of the Company, to
the Buyer, against delivery of such Purchase Price.

 

     

     

    

 

c.     Closing
Date. Subject to the satisfaction (or written waiver) of the conditions thereto set forth in Section 7 and Section 8 below,
the date and time of the issuance and sale of the Note pursuant to this Agreement (the “Closing Date”) shall be 12:00
noon, Eastern Standard Time on or about May 10, 2017, or such other mutually agreed upon time. The closing of the transactions
contemplated by this Agreement (the “Closing”) shall occur on the Closing Date at such location as may be agreed to
by the parties.

 

2.     REPRESENTATIONS
AND WARRANTIES OF THE BUYER. The Buyer represents and warrants to the Company that:

 

a.     Investment
Purpose. As of the date hereof, the Buyer is purchasing the Note and the shares of Common Stock issuable upon conversion of
or otherwise pursuant to the Note (including, without limitation, such additional shares of Common Stock, if any, as are issuable
(i) on account of interest on the Note (ii) as a result of the events described in Sections 1.3 and 1.4(g) of the Note or (iii)
in payment of the Standard Liquidated Damages Amount (as defined in Section 2(f) below) pursuant to this Agreement, such shares
of Common Stock being collectively referred to herein as the “Conversion Shares” and, collectively with the Note,
the “Securities”) for its own account and not with a present view towards the public sale or distribution thereof,
except pursuant to sales registered or exempted from registration under the 1933 Act; provided, however, that by making
the representations herein, the Buyer does not agree to hold any of the Securities for any minimum or other specific term and
reserves the right to dispose of the Securities at any time in accordance with or pursuant to a registration statement or an exemption
under the 1933 Act.

 

b.    Accredited
Investor Status. The Buyer is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D
(an “Accredited Investor”).

 

c.     Reliance
on Exemptions. The Buyer understands that the Securities are being offered and sold to it 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 the Buyer’s compliance with, the representations, warranties, agreements, acknowledgments and
understandings of the Buyer set forth herein in order to determine the availability of such exemptions and the eligibility of
the Buyer to acquire the Securities.

 

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d.     Information.
The Buyer and its advisors, if any, have been, and for so long as the Note remains outstanding will continue to be, furnished
with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale
of the Securities which have been requested by the Buyer or its advisors. The Buyer and its advisors, if any, have been, and for
so long as the Note remains outstanding will continue to be, afforded the opportunity to ask questions of the Company. Notwithstanding
the foregoing, the Company has not disclosed to the Buyer any material nonpublic information and will not disclose such information
unless such information is disclosed to the public prior to or promptly following such disclosure to the Buyer. Neither such inquiries
nor any other due diligence investigation conducted by Buyer or any of its advisors or representatives shall modify, amend or
affect Buyer’s right to rely on the Company’s representations and warranties contained in Section 3 below. The Buyer
understands that its investment in the Securities involves a significant degree of risk. The Buyer is not aware of any facts that
may constitute a breach of any of the Company's representations and warranties made herein.

 

e.     Governmental
Review. The Buyer 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.

 

f.     Transfer
or Re-sale. The Buyer understands that (i) the sale or re-sale of the Securities has not been and is not being
registered under the 1933 Act or any applicable state securities laws, and the Securities may not be transferred unless (a)
the Securities are sold pursuant to an effective registration statement under the 1933 Act, (b) the Buyer shall have
delivered to the Company, at the cost of the Company, an opinion of counsel that shall be in form, substance and scope
customary for opinions of counsel in comparable transactions to the effect that the Securities to be sold or transferred may
be sold or transferred pursuant to an exemption from such registration, which opinion shall be accepted by the Company, (c)
the Securities are sold or transferred to an “affiliate” (as defined in Rule 144 promulgated under the 1933 Act
(or a successor rule) (“Rule 144”)) of the Buyer who agrees to sell or otherwise transfer the Securities only in
accordance with this Section 2(f) and who is an Accredited Investor, (d) the Securities are sold pursuant to Rule 144, or (e)
the Securities are sold pursuant to Regulation S under the 1933 Act (or a successor rule) (“Regulation S”), and
the Buyer shall have delivered to the Company, at the cost of the Company, an opinion of counsel that shall be in form,
substance and scope customary for opinions of counsel in corporate transactions, which opinion shall be accepted by the
Company; (ii) any sale of such Securities made in reliance on Rule 144 may be made only in accordance with the terms of said
Rule and further, if said Rule is not applicable, any re-sale of such Securities under circumstances in which the seller (or
the person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act) may
require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC thereunder; and (iii)
neither the Company nor any other person is under any obligation to register such Securities under the 1933 Act or any state
securities laws or to comply with the terms and conditions of any exemption thereunder (in each case). Notwithstanding
the foregoing or anything else contained herein to the contrary, the Securities may be pledged as collateral in connection
with a bona fide margin account or other lending arrangement. In the event that the Company does not accept the
opinion of counsel provided by the Buyer with respect to the transfer of Securities pursuant to an exemption from
registration, such as Rule 144 or Regulation S, within three (3) business days of delivery of the opinion to the Company, the
Company shall pay to the Buyer liquidated damages of five percent (5%) of the outstanding amount of the Note per day plus
accrued and unpaid interest on the Note, prorated for partial months, in cash or shares at the option of the Buyer
(“Standard Liquidated Damages Amount”). If the Buyer elects to be pay the Standard Liquidated Damages Amount in
shares of Common Stock, such shares shall be issued at the Conversion Price (as defined in the Note) at the time of
payment.

 

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g.    Legends. The
Buyer understands that the Note and, until such time as the Conversion Shares have been registered under the 1933 Act may be sold
pursuant to Rule 144 or Regulation S without any restriction as to the number of securities as of a particular date that can then
be immediately sold, the Conversion Shares 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 NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE 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 OR RULE
144A 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.”

 

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of any
Security upon which it is stamped, if, unless otherwise required by applicable state securities laws, (a) such Security is
registered for sale under an effective registration statement filed under the 1933 Act or otherwise may be sold pursuant to
Rule 144 or Regulation S without any restriction as to the number of securities as of a particular date that can then be
immediately sold, or (b) such holder provides the Company with an opinion of counsel, in form, substance and scope customary
for opinions of counsel in comparable transactions, to the effect that a public sale or transfer of such Security may be made
without registration under the 1933 Act, which opinion shall be accepted by the Company so that the sale or transfer is
effected. The Buyer agrees to sell all Securities, including those represented by a certificate(s) from which the legend has
been removed, in compliance with applicable prospectus delivery requirements, if any. In the event that the Company does not
accept the opinion of counsel provided by the Buyer with respect to the transfer of
Securities pursuant to an exemption from registration, such as Rule 144 or Regulation S, at the Deadline, it will be
considered an Event of Default pursuant to Section 3.2 of the Note.

 

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h.     Authorization;
Enforcement. This Agreement has been duly and validly authorized. This Agreement has been duly executed and delivered on behalf
of the Buyer, and this Agreement constitutes a valid and binding agreement of the Buyer enforceable in accordance with its terms.

 

i.      Residency.
The Buyer is a resident of the jurisdiction set forth in the preamble.

 

3.     REPRESENTATIONS
AND WARRANTIES OF THE COMPANY. The Company represents and warrants to the Buyer that:

 

a.     Organization
and Qualification. The Company and each of its Subsidiaries (as defined below), if any, is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is incorporated, with full power and authority (corporate
and other) to own, lease, use and operate its properties and to carry on its business as and where now owned, leased, used, operated
and conducted. The Company and each of its Subsidiaries is duly qualified as a foreign corporation to do business and is in good
standing in every jurisdiction in which its ownership or use of property or the nature of the business conducted by it makes such
qualification necessary except where the failure to be so qualified or in good standing would not have a Material Adverse Effect.
“Material Adverse Effect” means any material adverse effect on the business, operations, assets, financial condition
or prospects of the Company or its Subsidiaries, if any, taken as a whole, or on the transactions contemplated hereby or by the
agreements or instruments to be entered into in connection herewith. “Subsidiaries” means any corporation or other
organization, whether incorporated or unincorporated, in which the Company owns, directly or indirectly, any equity or other ownership
interest.

 

b.    Authorization;
Enforcement. (i) The Company has all requisite corporate power and authority to enter into and perform this Agreement, the
Note and to consummate the transactions contemplated hereby and thereby and to issue the Securities, in accordance with the terms
hereof and thereof, (ii) the execution and delivery of this Agreement, the Note by the Company and the consummation by it of the
transactions contemplated hereby and thereby (including without limitation, the issuance of the Note and the issuance and reservation
for issuance of the Conversion Shares issuable upon conversion or exercise thereof) have been duly authorized by the Company’s
Board of Directors and no further consent or authorization of the Company, its Board of Directors, or its shareholders is required,
(iii) this Agreement has been duly executed and delivered by the Company by its authorized representative, and such authorized
representative is the true and official representative with authority to sign this Agreement and the other documents executed
in connection herewith and bind the Company accordingly, and (iv) this Agreement
constitutes, and upon execution and delivery by the Company of the Note, each of such instruments will constitute, a legal, valid
and binding obligation of the Company enforceable against the Company in accordance with its terms.

 

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c.     Capitalization.
As of the date hereof, the authorized capital stock of the Company consists of: (i) 100,000,000 shares of Common Stock, of which
approximately 29,384,432 shares are issued and outstanding; and (ii) 1,000,000 shares of preferred stock, of which approximately
0 are issued and outstanding. Except as disclosed in the SEC Documents and for convertible notes issued by the Company, no shares
are reserved for issuance pursuant to the Company’s stock option plans, no shares are reserved for issuance pursuant to
securities (other than the Note and any other convertible promissory note issued to the Buyer) exercisable for, or convertible
into or exchangeable for shares of Common Stock and 12,121,212 shares are reserved for issuance upon conversion of the Note. All
of such outstanding shares of capital stock are, or upon issuance will be, duly authorized, validly issued, fully paid and non-assessable.
No shares of capital stock of the Company are subject to preemptive rights or any other similar rights of the shareholders of
the Company or any liens or encumbrances imposed through the actions or failure to act of the Company. Except as disclosed in
the SEC Documents, as of the effective date of this Agreement, (i) there are no outstanding options, warrants, scrip, rights to
subscribe for, puts, calls, rights of first refusal, agreements, understandings, claims or other commitments or rights of any
character whatsoever relating to, or securities or rights convertible into or exchangeable for any shares of capital stock of
the Company or any of its Subsidiaries, or arrangements by which the Company or any of its Subsidiaries is or may become bound
to issue additional shares of capital stock of the Company or any of its Subsidiaries, (ii) there are no agreements or arrangements
under which the Company or any of its Subsidiaries is obligated to register the sale of any of its or their securities under the
1933 Act and (iii) there are no anti-dilution or price adjustment provisions contained in any security issued by the Company (or
in any agreement providing rights to security holders) that will be triggered by the issuance of the Note or the Conversion Shares.
The Company has filed in its SEC Documents true and correct copies of the Company’s Certificate of Incorporation as in effect
on the date hereof (“Certificate of Incorporation”), the Company’s By-laws, as in effect on the date hereof
(the “By-laws”), and the terms of all securities convertible into or exercisable for Common Stock of the Company and
the material rights of the holders thereof in respect thereto. The Company shall provide the Buyer with a written update of this
representation signed by the Company’s Chief Executive on behalf of the Company as of the Closing Date.

 

d.     Issuance
of Shares. The issuance of the Note is duly authorized and, upon issuance in accordance with the terms of this
Agreement, will be validly issued, fully paid and non-assessable and free from all preemptive or similar rights, taxes,
liens, charges and other encumbrances with respect to the issue thereof. The Conversion Shares are duly authorized and
reserved for issuance and, upon conversion of the Note in accordance with its respective terms, will be validly issued, fully
paid and non-assessable, and free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall
not be subject to preemptive rights or other similar rights of shareholders of the Company and
will not impose personal liability upon the holder thereof.

 

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e.     Acknowledgment
of Dilution. The Company understands and acknowledges the potentially dilutive effect to the Common Stock upon the issuance
of the Conversion Shares upon conversion of the Note. The Company further acknowledges that its obligation to issue Conversion
Shares upon conversion of the Note in accordance with this Agreement, the Note is absolute and unconditional regardless of the
dilutive effect that such issuance may have on the ownership interests of other shareholders of the Company.

 

f.      No
Conflicts. The execution, delivery and performance of this Agreement and the Note by the Company and the consummation by
the Company of the transactions contemplated hereby and thereby (including, without limitation, the issuance and reservation
for issuance of the Conversion Shares) will not (i) conflict with or result in a violation of any provision of the
Certificate of Incorporation or By-laws, or (ii) violate or conflict with, or result in a breach of any provision of, or
constitute a default (or an event which with notice or lapse of time or both could become a default) under, or give to others
any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture, patent, patent license or
instrument to which the Company or any of its Subsidiaries is a party, or (iii) result in a violation of any law, rule,
regulation, order, judgment or decree (including federal and state securities laws and regulations and regulations of any
self-regulatory organizations to which the Company or its securities are subject) applicable to the Company or any of its
Subsidiaries or by which any property or asset of the Company or any of its Subsidiaries is bound or affected (except for
such conflicts, defaults, terminations, amendments, accelerations, cancellations and violations as would not, individually or
in the aggregate, have a Material Adverse Effect). Neither the Company nor any of its Subsidiaries is in violation of its
Certificate of Incorporation, By-laws or other organizational documents and neither the Company nor any of its Subsidiaries
is in default (and no event has occurred which with notice or lapse of time or both could put the Company or any of its
Subsidiaries in default) under, and neither the Company nor any of its Subsidiaries has taken any action or failed to take
any action that would give to others any rights of termination, amendment, acceleration or cancellation of, any agreement,
indenture or instrument to which the Company or any of its Subsidiaries is a party or by which any property or assets of the
Company or any of its Subsidiaries is bound or affected, except for possible defaults as would not, individually or in the
aggregate, have a Material Adverse Effect. The businesses of the Company and its Subsidiaries, if any, are not being
conducted, and shall not be conducted so long as the Buyer owns any of the Securities, in violation of any law, ordinance or
regulation of any governmental entity. Except as specifically contemplated by this Agreement and as required under the 1933
Act and any applicable state securities laws, the Company is not required to obtain any consent, authorization or order of,
or make any filing or registration with, any court, governmental agency, regulatory agency, self-regulatory organization
or stock market or any third party in order for it to execute, deliver or perform any of its obligations under this
Agreement, the Note in accordance with the terms hereof or thereof or to issue and sell the Note in accordance with the terms
hereof and to issue the Conversion Shares upon conversion of the Note. All consents, authorizations, orders, filings
and registrations which the Company is required to obtain pursuant to the preceding sentence have been obtained or effected
on or prior to the date hereof. The Company is not in violation of the listing requirements of the OTC Pink (the “OTC
Pink”), the OTCQB or any similar quotation system, and does not reasonably anticipate that the Common Stock will be
delisted by the OTC Pink, the OTCQB or any similar quotation system, in the foreseeable future nor are the Company's
securities “chilled” by DTC. The Company and its Subsidiaries are unaware of any facts or circumstances which
might give rise to any of the foregoing.

 

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g.   
SEC Documents; Financial Statements. The Company has timely filed all reports, schedules, forms, statements and other documents
required to be filed by it with the SEC pursuant to the reporting requirements of the Securities Exchange Act of 1934, as amended
(the “1934 Act”) (all of the foregoing filed prior to the date hereof and all exhibits included therein and financial
statements and schedules thereto and documents (other than exhibits to such documents) incorporated by reference therein, being
hereinafter referred to herein as the “SEC Documents”). The Company has delivered to the Buyer true and complete copies
of the SEC Documents, except for such exhibits and incorporated documents. As of their respective dates, the SEC Documents complied
in all material respects with the requirements of the 1934 Act and the rules and regulations of the SEC promulgated thereunder
applicable to the SEC Documents, and none of the SEC Documents, at the time they were filed with the SEC, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made, not misleading. None of the statements made in any
such SEC Documents is, or has been, required to be amended or updated under applicable law (except for such statements as have
been amended or updated in subsequent filings prior the date hereof). As of their respective dates, the financial statements of
the Company included in the SEC Documents complied as to form in all material respects with applicable accounting requirements
and the published rules and regulations of the SEC with respect thereto. Such financial statements have been prepared in accordance
with United States generally accepted accounting principles, consistently applied, during the periods involved and fairly present
in all material respects the consolidated financial position of the Company and its consolidated Subsidiaries as of the dates
thereof and the consolidated results of their operations and cash flows for the periods then ended (subject, in the case of unaudited
statements, to normal year-end audit adjustments). Except as set forth in the financial statements of the Company included in
the SEC Documents, the Company has no liabilities, contingent or otherwise, other than (i) liabilities incurred in the ordinary
course of business subsequent to December 31, 2016, and (ii) obligations under contracts and commitments incurred in the ordinary
course of business and not required under generally accepted accounting principles to be reflected in such financial statements,
which, individually or in the aggregate, are not material to the financial condition or operating results of the Company. The
Company is subject to the reporting requirements of the 1934 Act. For the avoidance of doubt, filing of the documents required
in this Section 3(g) via the SEC’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”) shall
satisfy all delivery requirements of this Section 3(g).

 

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h.     Absence
of Certain Changes. Since December 31, 2016, there has been no material adverse change and no material adverse development
in the assets, liabilities, business, properties, operations, financial condition, results of operations, prospects or 1934 Act
reporting status of the Company or any of its Subsidiaries.

 

i.     Absence
of Litigation. There is no action, suit, claim, proceeding, inquiry or investigation before or by any court, public board,
government agency, self-regulatory organization or body pending or, to the knowledge of the Company or any of its Subsidiaries,
threatened against or affecting the Company or any of its Subsidiaries, or their officers or directors in their capacity as such,
that could have a Material Adverse Effect. Schedule 3(i) contains a complete list and summary description of any pending or, to
the knowledge of the Company, threatened proceeding against or affecting the Company or any of its Subsidiaries, without regard
to whether it would have a Material Adverse Effect. The Company and its Subsidiaries are unaware of any facts or circumstances
which might give rise to any of the foregoing.

 

j.      Patents,
Copyrights, etc. The Company and each of its Subsidiaries owns or possesses the requisite licenses or rights to use all patents,
patent applications, patent rights, inventions, know-how, trade secrets, trademarks, trademark applications, service marks, service
names, trade names and copyrights (“Intellectual Property”) necessary to enable it to conduct its business as now
operated (and, as presently contemplated to be operated in the future). Except as disclosed in the SEC Documents, there is no
claim or action by any person pertaining to, or proceeding pending, or to the Company’s knowledge threatened, which challenges
the right of the Company or of a Subsidiary with respect to any Intellectual Property necessary to enable it to conduct its business
as now operated (and, as presently contemplated to be operated in the future); to the best of the Company’s knowledge, the
Company’s or its Subsidiaries’ current and intended products, services and processes do not infringe on any Intellectual
Property or other rights held by any person; and the Company is unaware of any facts or circumstances which might give rise to
any of the foregoing. The Company and each of its Subsidiaries have taken reasonable security measures to protect the secrecy,
confidentiality and value of their Intellectual Property.

 

k.     No
Materially Adverse Contracts, Etc. Neither the Company nor any of its Subsidiaries is subject to any charter, corporate or
other legal restriction, or any judgment, decree, order, rule or regulation which in the judgment of the Company’s officers
has or is expected in the future to have a Material Adverse Effect. Neither the Company nor any of its Subsidiaries is a party
to any contract or agreement which in the judgment of the Company’s officers has or is expected to have a Material Adverse
Effect.

 

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l.      Tax
Status. The Company and each of its Subsidiaries has made or filed all federal, state and foreign income and all other
tax returns, reports and declarations required by any jurisdiction to which it is subject (unless and only to the extent that
the Company and each of its Subsidiaries has set aside on its books provisions
reasonably adequate for the payment of all unpaid and unreported taxes) and has paid all taxes and other governmental
assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations,
except those being contested in good faith and has set aside on its books provisions reasonably adequate for the payment of
all taxes for periods subsequent to the periods to which such returns, reports or declarations apply. There are no unpaid
taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company
know of no basis for any such claim. The Company has not executed a waiver with respect to the statute of limitations
relating to the assessment or collection of any foreign, federal, state or local tax. None of the Company’s tax returns
is presently being audited by any taxing authority.

 

m.    Certain
Transactions. Except for arm’s length transactions pursuant to which the Company or any of its Subsidiaries makes payments
in the ordinary course of business upon terms no less favorable than the Company or any of its Subsidiaries could obtain from
third parties and other than the grant of stock options disclosed on Schedule 3(c), none of the officers, directors, or employees
of the Company is presently a party to any transaction with the Company or any of its Subsidiaries (other than for services as
employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services
to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer,
director or such employee or, to the knowledge of the Company, any corporation, partnership, trust or other entity in which any
officer, director, or any such employee has a substantial interest or is an officer, director, trustee or partner.

 

n.     Disclosure.
All information relating to or concerning the Company or any of its Subsidiaries set forth in this Agreement and provided to the
Buyer pursuant to Section 2(d) hereof and otherwise in connection with the transactions contemplated hereby is true and correct
in all material respects and the Company has not omitted to state any material fact necessary in order to make the statements
made herein or therein, in light of the circumstances under which they were made, not misleading. No event or circumstance has
occurred or exists with respect to the Company or any of its Subsidiaries or its or their business, properties, prospects, operations
or financial conditions, which, under applicable law, rule or regulation, requires public disclosure or announcement by the Company
but which has not been so publicly announced or disclosed (assuming for this purpose that the Company’s reports filed under
the 1934 Act are being incorporated into an effective registration statement filed by the Company under the 1933 Act).

 

o.     Acknowledgment
Regarding Buyer’ Purchase of Securities. The Company acknowledges and agrees that the Buyer is acting solely in the
capacity of arm’s length purchasers with respect to this Agreement and the transactions contemplated hereby.
The Company further acknowledges that the Buyer is not acting as a financial advisor or fiduciary of the Company (or in
any similar capacity) with respect to this Agreement and the transactions contemplated hereby and any statement made by the
Buyer or any of its respective representatives or agents in connection with this Agreement and the transactions contemplated
hereby is not advice or a recommendation and is merely incidental to the Buyer’ purchase of the Securities. The
Company further represents to the Buyer that the Company’s decision to enter into this Agreement has been based solely
on the independent evaluation of the Company and its representatives.

 

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p.     No
Integrated Offering. Neither the Company, nor any of its affiliates, nor any person acting on its or their behalf, has directly
or indirectly made any offers or sales in any security or solicited any offers to buy any security under circumstances that would
require registration under the 1933 Act of the issuance of the Securities to the Buyer. The issuance of the Securities to the
Buyer will not be integrated with any other issuance of the Company’s securities (past, current or future) for purposes
of any shareholder approval provisions applicable to the Company or its securities.

 

q.     No
Brokers. The Company has taken no action which would give rise to any claim by any person for brokerage commissions, transaction
fees or similar payments relating to this Agreement or the transactions contemplated hereby.

 

r.      Permits;
Compliance. The Company and each of its Subsidiaries is in possession of all franchises, grants, authorizations, licenses,
permits, easements, variances, exemptions, consents, certificates, approvals and orders necessary to own, lease and operate its
properties and to carry on its business as it is now being conducted (collectively, the “Company Permits”), and there
is no action pending or, to the knowledge of the Company, threatened regarding suspension or cancellation of any of the Company
Permits. Neither the Company nor any of its Subsidiaries is in conflict with, or in default or violation of, any of the Company
Permits, except for any such conflicts, defaults or violations which, individually or in the aggregate, would not reasonably be
expected to have a Material Adverse Effect. Since December 31, 2016, neither the Company nor any of its Subsidiaries has received
any notification with respect to possible conflicts, defaults or violations of applicable laws, except for notices relating to
possible conflicts, defaults or violations, which conflicts, defaults or violations would not have a Material Adverse Effect.

 

s.     Environmental
Matters.

 

(i)     There
are, to the Company’s knowledge, with respect to the Company or any of its Subsidiaries or any predecessor of the
Company, no past or present violations of Environmental Laws (as defined below), releases of any material into the
environment, actions, activities, circumstances, conditions, events, incidents, or contractual obligations which may give
rise to any common law environmental liability or any liability under the Comprehensive Environmental Response, Compensation
and Liability Act of 1980 or similar federal, state, local or foreign laws and neither the Company nor any of its
Subsidiaries has received any notice with respect to any of the foregoing, nor is any action pending or, to the
Company’s knowledge, threatened in connection with any of the foregoing. The term “Environmental Laws”
means all federal, state, local or foreign laws relating to pollution or protection of human health or the environment
(including, without limitation, ambient air, surface water, groundwater, land surface or subsurface strata), including,
without limitation, laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants
contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into
the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal,
transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands or demand letters,
injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations issued, entered,
promulgated or approved thereunder.

 

    	 	11	 

     

    

 

(ii)    Other
than those that are or were stored, used or disposed of in compliance with applicable law, no Hazardous Materials are contained
on or about any real property currently owned, leased or used by the Company or any of its Subsidiaries, and no Hazardous Materials
were released on or about any real property previously owned, leased or used by the Company or any of its Subsidiaries during the
period the property was owned, leased or used by the Company or any of its Subsidiaries, except in the normal course of the Company’s
or any of its Subsidiaries’ business.

 

(iii)   There
are no underground storage tanks on or under any real property owned, leased or used by the Company or any of its Subsidiaries
that are not in compliance with applicable law.

 

t.      Title
to Property. Except as disclosed in the SEC Documents the Company and its Subsidiaries have good and marketable title in fee
simple to all real property and good and marketable title to all personal property owned by them which is material to the business
of the Company and its Subsidiaries, in each case free and clear of all liens, encumbrances and defects or such as would not have
a Material Adverse Effect. Any real property and facilities held under lease by the Company and its Subsidiaries are held by them
under valid, subsisting and enforceable leases with such exceptions as would not have a Material Adverse Effect.

 

u.     Internal
Accounting Controls. Except as disclosed in the SEC Documents the Company and each of its Subsidiaries maintain a system of
internal accounting controls sufficient, in the judgment of the Company’s board of directors, to provide reasonable assurance
that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles
and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or
specific authorization and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals
and appropriate action is taken with respect to any differences.

 

    	 	12	 

     

    

 

v.    Foreign
Corrupt Practices. Neither the Company, nor any of its Subsidiaries, nor any director, officer, agent, employee or other person
acting on behalf of the Company or any Subsidiary has, in the course of his actions for, or on behalf of, the Company, used any
corporate funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to political activity;
made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds;
violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended, or made any bribe,
rebate, payoff, influence payment, kickback or other unlawful payment to any foreign or domestic government official or employee.

 

w.    Solvency.
The Company (after giving effect to the transactions contemplated by this Agreement) is solvent (i.e., its assets have
a fair market value in excess of the amount required to pay its probable liabilities on its existing debts as they become absolute
and matured) and currently the Company has no information that would lead it to reasonably conclude that the Company would not,
after giving effect to the transaction contemplated by this Agreement, have the ability to, nor does it intend to take any action
that would impair its ability to, pay its debts from time to time incurred in connection therewith as such debts mature. The Company
did not receive a qualified opinion from its auditors with respect to its most recent fiscal year end and, after giving effect
to the transactions contemplated by this Agreement, does not anticipate or know of any basis upon which its auditors might issue
a qualified opinion in respect of its current fiscal year. For the avoidance of doubt any disclosure of the Borrower’s ability
to continue as a “going concern” shall not, by itself, be a violation of this Section 3(w).

 

x.     No
Investment Company. The Company is not, and upon the issuance and sale of the Securities as contemplated by this Agreement
will not be an “investment company” required to be registered under the Investment Company Act of 1940 (an “Investment
Company”). The Company is not controlled by an Investment Company.

 

y.     Insurance.
The Company and each of its Subsidiaries are insured by insurers of recognized financial responsibility against such losses and
risks and in such amounts as management of the Company believes to be prudent and customary in the businesses in which the Company
and its Subsidiaries are engaged. Neither the Company nor any such Subsidiary has any reason to believe that it will not be able
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers
as may be necessary to continue its business at a cost that would not have a Material Adverse Effect. Upon written request the
Company will provide to the Buyer true and correct copies of all policies relating to directors’ and officers’ liability
coverage, errors and omissions coverage, and commercial general liability coverage.

 

z.      Bad
Actor. No officer or director of the Company would be disqualified under Rule 506(d) of the Securities Act as amended on the
basis of being a “bad actor” as that term is established in the September 19, 2013 Small Entity Compliance Guide published
by the SEC.

 

    	 	13	 

     

    

 

aa.  
Shell Status. The Company represents that it is not a “shell” issuer and has never been a “shell”
issuer, or that if it previously has been a “shell” issuer, that at least twelve (12) months have passed since the
Company has reported Form 10 type information indicating that it is no longer a “shell” issuer. Further, the Company
will instruct its counsel to either (i) write a 144- 3(a)(9) opinion to allow for salability of the Conversion Shares or (ii)
accept such opinion from Holder’s counsel.

 

bb. 
No-Off Balance Sheet Arrangements. There is no transaction, arrangement, or other relationship between the Company or any
of its Subsidiaries and an unconsolidated or other off balance sheet entity that is required to be disclosed by the Company in
its 1934 Act filings and is not so disclosed or that otherwise could be reasonably likely to have a Material Adverse Effect.

 

cc.   Manipulation
of Price. The Company has not, and to its knowledge no one acting on its behalf has: (i) taken, directly or indirectly, any
action designed to cause or to result, or that could reasonably be expected to cause or result, in the stabilization or manipulation
of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased,
or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any person any
compensation for soliciting another to purchase any other securities of the Company.

 

dd.   Sarbanes-Oxley
Act. The Company and each Subsidiary is in material compliance with all applicable requirements of the Sarbanes-Oxley Act
of 2002 that are effective as of the date hereof, and all applicable rules and regulations promulgated by the SEC thereunder that
are effective as of the date hereof.

 

ee.
  Employee Relations. Neither the Company nor any of its Subsidiaries is a party to any collective
bargaining agreement or employs any member of a union. The Company believes that its and its Subsidiaries’ relations
with their respective employees are good. No executive officer (as defined in Rule 501(f) promulgated under the 1933 Act) or
other key employee of the Company or any of its Subsidiaries has notified the Company or any such Subsidiary that such
officer intends to leave the Company or any such Subsidiary or otherwise terminate such officer’s employment with the
Company or any such Subsidiary. To the knowledge of the Company, no executive officer or other key employee of the Company or
any of its Subsidiaries is, or is now expected to be, in violation of any material term of any employment contract,
confidentiality, disclosure or proprietary information agreement, non-competition agreement, or any other contract or
agreement or any restrictive covenant, and the continued employment of each such executive officer or other key employee (as
the case may be) does not subject the Company or any of its Subsidiaries to any liability with respect to any of the
foregoing matters. The Company and its Subsidiaries are in compliance with all federal, state, local and foreign laws and
regulations respecting labor, employment and employment practices and benefits, terms and conditions of employment and wages
and hours, except where failure to be in compliance would not, either individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect.

 

    	 	14	 

     

    

 

ff.     Breach
of Representations and Warranties by the Company. The Company agrees that if the Company breaches any of the representations
or warranties set forth in this Section 3, and in addition to any other remedies available to the Buyer pursuant to this Agreement
and it being considered an Event of Default under Section 3.5 of the Note, the Company shall pay to the Buyer the Standard Liquidated
Damages Amount in cash or in shares of Common Stock at the option of the Company, until such breach is cured. If the Company elects
to pay the Standard Liquidated Damages Amounts in shares of Common Stock, such shares shall be issued at the Conversion Price
at the time of payment.

 

4.     COVENANTS.

 

a.     Best
Efforts. The parties shall use their commercially reasonable best efforts to satisfy timely each of the conditions described
in Section 7 and 8 of this Agreement.

 

b.     Blue
Sky Laws. The Company shall, on or before the Closing Date, take such action as the Company shall reasonably determine is
necessary to qualify the Securities for sale to the Buyer at the applicable closing pursuant to this Agreement under applicable
securities or “blue sky” laws of the states of the United States (or to obtain an exemption from such qualification),
and shall provide evidence of any such action so taken to the Buyer on or prior to the Closing Date.

 

c.     Use
of Proceeds. The Company shall use the proceeds from the sale of the Note for working capital and other general corporate
purposes and shall not, directly or indirectly, use such proceeds for any loan to or investment in any other corporation, partnership,
enterprise or other person (except in connection with its currently existing direct or indirect Subsidiaries).

 

d.    [Intentionally
Omitted.

 

e.     Expenses.
The Company shall reimburse Buyer for any and all expenses incurred by them in connection with the negotiation, preparation,
execution, delivery and performance of this Agreement and the other agreements to be executed in connection herewith
(“Documents”), including, without limitation, reasonable attorneys’ and consultants’ fees and
expenses, transfer agent fees, fees for stock quotation services, fees relating to any amendments or modifications of the
Documents or any consents or waivers of provisions in the Documents, fees for the preparation of opinions of counsel, escrow
fees, and costs of restructuring the transactions contemplated by the Documents. When possible, the Company must pay these
fees directly, including, but not limited to, any and all wire fees, otherwise the Company must make immediate payment for
reimbursement to the Buyer for all fees and expenses immediately upon written notice by the Buyer or the submission of an
invoice by the Buyer. At Closing, the Company’s obligation with respect to this
transaction is to reimburse Buyer’s legal expenses shall be $2,750.00 plus the cost of wire fees, and the Company shall
not be required to pay any other additional fees under this Section 4(e).

 

    	 	15	 

     

    

 

f.      Financial
Information. The Company agrees to send or make available the following reports to the Buyer until the Buyer transfers, assigns,
or sells all of the Securities: contemporaneously with the making available or giving to the shareholders of the Company, copies
of any notices or other information the Company makes available or gives to such shareholders. For the avoidance of doubt, filing
the documents required in (i) above via EDGAR or releasing any documents set forth in (ii) above via a recognized wire service
shall satisfy the delivery requirements of this Section 4(f).

 

g.     Listing.
The Company shall promptly secure the listing of the Conversion Shares upon each national securities exchange or automated quotation
system, if any, upon which shares of Common Stock are then listed (subject to official notice of issuance) and, so long as the
Buyer owns any of the Securities, shall maintain, so long as any other shares of Common Stock shall be so listed, such listing
of all Conversion Shares from time to time issuable upon conversion of the Note. The Company will obtain and, so long as the Buyer
owns any of the Securities, maintain the listing and trading of its Common Stock on the OTC Pink, OTCQB or any equivalent replacement
exchange, the Nasdaq National Market (“Nasdaq”), the Nasdaq SmallCap Market (“Nasdaq SmallCap”), the New
York Stock Exchange (“NYSE”), or the NYSE MKT and will comply in all respects with the Company’s reporting,
filing and other obligations under the bylaws or rules of the Financial Industry Regulatory Authority (“FINRA”) and
such exchanges, as applicable. The Company shall promptly provide to the Buyer copies of any material notices it receives from
the OTC Pink, OTCQB and any other exchanges or quotation systems on which the Common Stock is then listed regarding the continued
eligibility of the Common Stock for listing on such exchanges and quotation systems. The Company shall pay any and all fees and
expenses in connection with satisfying its obligation under this Section 4(g).

 

h.     Corporate
Existence. So long as the Buyer beneficially owns any Note, the Company shall maintain its corporate existence and shall not
sell all or substantially all of the Company’s assets, except in the event of a merger or consolidation or sale of all or
substantially all of the Company’s assets, where the surviving or successor entity in such transaction (i) assumes the Company’s
obligations hereunder and under the agreements and instruments entered into in connection herewith and (ii) is a publicly traded
corporation whose Common Stock is listed for trading on the OTC Pink, OTCQB, Nasdaq, NasdaqSmallCap, NYSE or AMEX.

 

i.      No
Integration. The Company shall not make any offers or sales of any security (other than the Securities) under
circumstances that would require registration of the Securities being offered or sold hereunder under the 1933 Act or cause
the offering of the Securities to be integrated with any other offering of securities by the
Company for the purpose of any stockholder approval provision applicable to the Company or its securities.

 

    	 	16	 

     

    

 

j.      Failure
to Comply with the 1934 Act. So long as the Buyer beneficially owns the Note, the Company shall comply with the reporting
requirements of the 1934 Act; and the Company shall continue to be subject to the reporting requirements of the 1934 Act.

 

k.     Trading
Activities. Neither the Buyer nor its affiliates has an open short position (or other hedging or similar transactions) in
the common stock of the Company and the Buyer agree that it shall not, and that it will cause its affiliates not to, engage in
any short sales of or hedging transactions with respect to the common stock of the Company.

 

l.      Restriction
on Activities. Commencing as of the date first above written, and until the sooner of the six month anniversary of the date
first written above or payment of the Note in full, or full conversion of the Note, the Company shall not, directly or indirectly,
without the Buyer’s prior written consent, which consent shall not be unreasonably withheld: (a) change the nature of its
business; (b) sell, divest, acquire, change the structure of any material assets other than in the ordinary course of business;
or (c) solicit any offers for, respond to any unsolicited offers for, or conduct any negotiations with any other person or entity
in respect of any variable rate debt transactions (i.e., transactions were the conversion or exercise price of the security issued
by the Company varies based on the market price of the Common Stock) above $500,000, whether a transaction similar to the one
contemplated hereby or any other investment; or (d) file any registration statements with the SEC.

 

m.    Legal
Counsel Opinions. Upon the request of the Buyer from to time to time, the Company shall be responsible (at its cost) for promptly
supplying to the Company’s transfer agent and the Buyer a customary legal opinion letter of its counsel (the “Legal
Counsel Opinion”) to the effect that the sale of Conversion Shares by the Buyer or its affiliates, successors and assigns
is exempt from the registration requirements of the 1933 Act pursuant to Rule 144 (provided the requirements of Rule 144 are satisfied
and provided the Conversion Shares are not then registered under the 1933 Act for resale pursuant to an effective registration
statement). Should the Company’s legal counsel fail for any reason to issue the Legal Counsel Opinion, the Buyer may (at
the Company’s cost) secure another legal counsel to issue the Legal Counsel Opinion, and the Company will instruct its transfer
agent to accept such opinion.

 

n.     Par
Value. If the closing bid price at any time the Note is outstanding falls below $0.001, the Company shall cause the par value
of its Common Stock to be reduced to $0.0001 or less.

 

    	 	17	 

     

    

 

o.    Breach
of Covenants. The Company agrees that if the Company breaches any of the covenants set forth in this Section 4, and in
addition to any other remedies available to the Buyer pursuant to this Agreement, it will be considered an Event of Default
under Section 3.4 of the Note, the Company shall pay to the Buyer the Standard Liquidated Damages Amount in cash or in shares
of Common Stock at the option of the Buyer, until such breach is cured, or with respect to Section 4(d) above, the Company
shall pay to the Buyer the Standard Liquidated Damages Amount in cash or shares of Common Stock, at the option of the Buyer,
upon each violation of such provision. If the Company elects to pay the Standard Liquidated Damages Amounts in shares of
Common Stock, such shares shall be issued at the Conversion Price at the time of payment.

 

5.     Transaction
Expense Amount. Upon Closing, the Company shall pay Six Thousand and No/100 United States Dollars (US$6,000.00) to Auctus
Fund Management, LLC (“Auctus Management”) to cover the Holder's due diligence, monitoring, and other transaction
costs incurred for services rendered in connection herewith (the “Transaction Expense Amount”). The Transaction Expense
Amount shall be offset against the proceeds of the Note and shall be paid to Auctus Management upon the execution hereof.

 

6.     Transfer
Agent Instructions. The Company shall issue irrevocable instructions to its transfer agent to issue certificates,
registered in the name of the Buyer or its nominee, for the Conversion Shares in such amounts as specified from time to time
by the Buyer to the Company upon conversion of the Note in accordance with the terms thereof (the “Irrevocable Transfer
Agent Instructions”). In the event that the Borrower proposes to replace its transfer agent, the Borrower shall
provide, prior to the effective date of such replacement, a fully executed Irrevocable Transfer Agent Instructions in a form
as initially delivered pursuant to the Purchase Agreement (including but not limited to the provision to irrevocably reserve
shares of Common Stock in the Reserved Amount) signed by the successor transfer agent to Borrower and the Borrower. Prior to
registration of the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to
Rule 144 without any restriction as to the number of Securities as of a particular date that can then be immediately sold,
all such certificates shall bear the restrictive legend specified in Section 2(g) of this Agreement. The Company warrants
that: (i) no instruction other than the Irrevocable Transfer Agent Instructions referred to in this Section, and stop
transfer instructions to give effect to Section 2(f) hereof (in the case of the Conversion Shares, prior to registration of
the Conversion Shares under the 1933 Act or the date on which the Conversion Shares may be sold pursuant to Rule 144 without
any restriction as to the number of Securities as of a particular date that can then be immediately sold), will be given by
the Company to its transfer agent and that the Securities shall otherwise be freely transferable on the books and records of
the Company as and to the extent provided in this Agreement and the Note; (ii) it will not direct its transfer agent not to
transfer or delay, impair, and/or hinder its transfer agent in transferring (or issuing)(electronically or in certificated
form) any certificate for Conversion Shares to be issued to the Buyer upon conversion of or otherwise pursuant to the Note as
and when required by the Note and this Agreement; and (iii) it will not fail to remove (or directs its transfer agent not to
remove or impairs, delays, and/or hinders its transfer agent from removing) any restrictive legend (or to withdraw any stop
transfer instructions in respect thereof) on any certificate for any Conversion Shares issued to the Buyer upon conversion of
or otherwise pursuant to the Note as and when required by the Note and this Agreement.
Nothing in this Section shall affect in any way the Buyer’s obligations and agreement set forth in Section 2(g) hereof
to comply with all applicable prospectus delivery requirements, if any, upon re-sale of the Securities. If the Buyer provides
the Company, at the cost of the Company, with (i) an opinion of counsel in form, substance and scope customary for opinions
in comparable transactions, to the effect that a public sale or transfer of such Securities may be made without registration
under the 1933 Act and such sale or transfer is effected or (ii) the Buyer provides reasonable assurances that the Securities
can be sold pursuant to Rule 144, the Company shall permit the transfer, and, in the case of the Conversion Shares, promptly
instruct its transfer agent to issue one or more certificates, free from restrictive legend, in such name and in such
denominations as specified by the Buyer. The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Buyer, by vitiating the intent and purpose of the transactions contemplated hereby. Accordingly, the
Company acknowledges that the remedy at law for a breach of its obligations under this Section may be inadequate and agrees,
in the event of a breach or threatened breach by the Company of the provisions of this Section, that the Buyer shall be
entitled, in addition to all other available remedies, to an injunction restraining any breach and requiring immediate
transfer, without the necessity of showing economic loss and without any bond or other security being required.

 

    	 	18	 

     

    

 

7.     CONDITIONS
PRECEDENT TO THE COMPANY’S OBLIGATIONS TO SELL. The obligation of the Company hereunder to issue and sell the Note to
the Buyer at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions thereto,
provided that these conditions are for the Company’s sole benefit and may be waived by the Company at any time in its sole
discretion:

 

a.     The
Buyer shall have executed this Agreement and delivered the same to the Company.

 

b.     The
Buyer shall have delivered the Purchase Price in accordance with Section 1(b) above.

 

c.     The
representations and warranties of the Buyer shall be true and correct in all material respects as of the date when made and as
of the Closing Date as though made at that time (except for representations and warranties that speak as of a specific date), and
the Buyer shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Buyer at or prior to the Closing Date.

 

d.     No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

    	 	19	 

     

    

 

8. CONDITIONS
PRECEDENT TO THE BUYER’S OBLIGATION TO PURCHASE. The obligation of the Buyer hereunder to purchase the
Note at the Closing is subject to the satisfaction, at or before the Closing Date of each of the following conditions, provided
that these conditions are for the Buyer’s sole benefit and may be waived by the Buyer at any time in its sole discretion:

 

a.     The
Company shall have executed this Agreement and delivered the same to the Buyer.

 

b.     The
Company shall have delivered to the Buyer the duly executed Note (in such denominations as the Buyer shall request) and in accordance
with Section 1(b) above.

 

c.     The
Irrevocable Transfer Agent Instructions, in form and substance satisfactory to a majority-in-interest of the Buyer, shall have
been delivered to and acknowledged in writing by the Company’s Transfer Agent.

 

d.    The
representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as
of the Closing Date as though made at such time (except for representations and warranties that speak as of a specific date) and
the Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions
required by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date. The Buyer
shall have received a certificate or certificates, executed by the chief executive officer of the Company, dated as of the Closing
Date, to the foregoing effect and as to such other matters as may be reasonably requested by the Buyer including, but not limited
to certificates with respect to the Company’s Certificate of Incorporation, By-laws and Board of Directors’ resolutions
relating to the transactions contemplated hereby.

 

e.     No
litigation, statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated
or endorsed by or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority
over the matters contemplated hereby which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

f.     No
event shall have occurred which could reasonably be expected to have a Material Adverse Effect on the Company including but not
limited to a change in the 1934 Act reporting status of the Company or the failure of the Company to be timely in its 1934 Act
reporting obligations.

 

g.     The
Conversion Shares shall have been authorized for quotation on the OTC Pink, OTCQB or any similar quotation system and trading
in the Common Stock on the OTC Pink, OTCQB or any similar quotation system shall not have been suspended by the SEC or
the OTC Pink, OTCQB or any similar quotation system.

 

    	 	20	 

     

    

 

h.     The Buyer shall
have received an officer’s certificate described in Section 3(c) above, dated as of the Closing Date.

 

9.     GOVERNING
LAW; MISCELLANEOUS.

 

a.     Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada without regard to
principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Agreement, the Note or any other agreement, certificate, instrument or document contemplated hereby shall be brought only
in the state courts of Massachusetts or in the federal courts located in the state of Massachusetts. The parties to this Agreement
hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not assert any defense
based on lack of jurisdiction or venue or based upon forum non conveniens. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY
RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR UNDER ANY OTHER
TRANSACTION DOCUMENT OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR ANY TRANSACTION
CONTEMPLATED HEREBY OR THEREBY. The prevailing party shall be entitled to recover from the other party its reasonable attorney's
fees and costs. In the event that any provision of this Agreement or any other agreement delivered in connection herewith is invalid
or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that
it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may
prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement.
Each party hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding
in connection with this Agreement or any other Transaction Document 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 law.

 

b.     Counterparts;
Signatures by Facsimile. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original
but all of which shall constitute one and the same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party. This Agreement, once executed by a party, may be delivered to the other party hereto
by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this Agreement.

 

    	 	21	 

     

    

 

c.     Construction;
Headings. This Agreement shall be deemed to be jointly drafted by the Company and the Buyer and shall not be construed against
any person as the drafter hereof. The headings of this Agreement are for convenience of reference only and shall not form part
of, or affect the interpretation of, this Agreement.

 

d.     Severability.
In the event that any provision of this Agreement is invalid or unenforceable under any applicable statute or rule of law, then
such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified to conform
with such statute or rule of law. Any provision hereof which may prove invalid or unenforceable under any law shall not affect
the validity or enforceability of any other provision hereof.

 

e.     Entire
Agreement; Amendments. This Agreement, the Note and the instruments referenced herein contain the entire understanding of
the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein, neither
the Company nor the Buyer makes any representation, warranty, covenant or undertaking with respect to such matters. No provision
of this Agreement may be waived or amended other than by an instrument in writing signed by the majority in interest of the Buyer.

 

f.     Notices.
All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder shall be in writing
and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered or certified, return
receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid, or (iv) transmitted
by hand delivery, telegram, email, or facsimile, addressed as set forth below or to such other address as such party shall have
specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder shall
be deemed effective (a) upon hand delivery or delivery by email or facsimile, with accurate confirmation generated by the transmitting
facsimile machine, at the address or number designated below (if delivered on a business day during normal business hours where
such notice is to be received), or the first business day following such delivery (if delivered other than on a business day during
normal business hours where such notice is to be received) or (b) on the second business day following the date of mailing by
express courier service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first
occur. The addresses for such communications shall be:

 

If
to the Company, to:

 

Nightfood
Holdings, Inc. 

520
White Plains Road, Suite 500 

Tarrytown,
NY 10591 

Attn:
Sean Folkson 

E-mail:
Sean@nightfood.com

 

    	 	22	 

     

    

 

With
a copy to (which copy shall not constitute notice):

 

Frank
J. Hariton, Esq.

1065
Dobbs Ferry Road

White
Plains, NY 10607

E-mail:
hariton@sprynet.com

 

If
to the Buyer:

 

Auctus
Fund, LLC 

101
Arch Street, 20th Floor 

Boston,
MA 02110

Attn:
Lou Posner

Facsimile:
(617) 532-6420

 

With
a copy to (which copy shall not constitute notice):

 

Chad
Friend, Esq., LL.M. 

Legal
& Compliance, LLC

330
Clematis Street, Suite 217 

West
Palm Beach, FL 33401 

e-mail:
CFriend@LegalandCompliance.com

 

Each
party shall provide notice to the other party of any change in address.

 

g.     Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and assigns.
Neither the Company nor the Buyer shall assign this Agreement or any rights or obligations hereunder without the prior written
consent of the other. Notwithstanding the foregoing, subject to Section 2(f), the Buyer may assign its rights hereunder to any
person that purchases Securities in a private transaction from the Buyer or to any of its “affiliates,” as that term
is defined under the 1934 Act, without the consent of the Company.

 

h.     Third
Party Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors
and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

i.      Survival.
The representations and warranties of the Company and the agreements and covenants set forth in this Agreement shall survive
the closing hereunder not withstanding any due diligence investigation conducted by or on behalf of the Buyer. The Company
agrees to indemnify and hold harmless the Buyer and all their officers, directors, employees and agents for loss or damage
arising as a result of or related to any breach or alleged breach by the Company of any of its
representations, warranties and covenants set forth in this Agreement or any of its covenants and obligations under this
Agreement, including advancement of expenses as they are incurred.

 

    	 	23	 

     

    

 

j.      Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall
execute and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request
in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated
hereby.

 

k.     No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rules of strict construction will be applied against any party.

 

l.      Remedies.
The Company acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the Buyer by vitiating
the intent and purpose of the transaction contemplated hereby. Accordingly, the Company 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 the Company of the provisions of this Agreement, that the Buyer 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.

 

m.    Publicity.
The Company, and the Buyer shall have the right to review a reasonable period of time before issuance of any press releases, SEC,
OTCQB or FINRA filings, or any other public statements with respect to the transactions contemplated hereby; provided,
however, that the Company shall be entitled, without the prior approval of the Buyer, to make any press release or SEC,
OTCQB (or other applicable trading market) or FINRA filings with respect to such transactions as is required by applicable law
and regulations (although the Buyer shall be consulted by the Company in connection with any such press release prior to its release
and shall be provided with a copy thereof and be given an opportunity to comment thereon).

 

    	 	24	 

     

    

 

n.     Indemnification.
In consideration of the Buyer’s execution and delivery of this Agreement and acquiring the Securities hereunder, and
in addition to all of the Company’s other obligations under this Agreement or the Note, the Company shall defend,
protect, indemnify and hold harmless the Buyer and its stockholders, partners, members, officers, directors, employees and
direct or indirect investors and any of the foregoing persons’ agents or other representatives (including, without
limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the
“Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties,
fees, liabilities and damages, and expenses in connection therewith (irrespective of whether any such Indemnitee is a party
to the action for which indemnification hereunder is sought), and including reasonable attorneys’ fees and
disbursements (the “Indemnified Liabilities”), incurred by any Indemnitee as a result of, or arising out of, or
relating to (a) any misrepresentation or breach of any representation or warranty made by the Company in this Agreement or
the Note or any other agreement, certificate, instrument or document contemplated hereby or thereby, (b) any breach of any
covenant, agreement or obligation of the Company contained in this Agreement or the Note or any other agreement, certificate,
instrument or document contemplated hereby or thereby or (c) any cause of action, suit or claim brought or made against such
Indemnitee by a third party (including for these purposes a derivative action brought on behalf of the Company) and arising
out of or resulting from (i) the execution, delivery, performance or enforcement of this Agreement or the Note or any other
agreement, certificate, instrument or document contemplated hereby or thereby, (ii) any transaction financed or to be
financed in whole or in part, directly or indirectly, with the proceeds of the issuance of the Securities, or (iii) the
status of the Buyer or holder of the Securities as an investor in the Company pursuant to the transactions contemplated by
this Agreement. To the extent that the foregoing undertaking by the Company may be unenforceable for any reason, the Company
shall make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities that is
permissible under applicable law

 

[signature page follows]

 

    	 	25	 

     

    

 

IN WITNESS WHEREOF, the undersigned
Buyer and the Company have caused this Agreement to be duly executed as of the date first above written.

 

	NIGHTFOOD HOLDINGS, INC.	 
	 	 
	By	/s/ Sean
    Folkson	 
	Name:	Sean Folkson	 
	Title:	Chief Executive Officer	 
	 	 	 
	AUCTUS FUND, LLC

	 
	 	 
	By	/s/ Lou
    Posner	 
	Name:	Lou Posner  	 
	Title:	Managing Director  	 

 

	AGGREGATE SUBSCRIPTION AMOUNT:	 
	 	 
	Aggregate Principal Amount of Note: 	US$80,000.00
	 	 
	Aggregate Purchase Price:	US$80,000.00

 

 

26EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made and entered into as of May 1, 2017 (the “Effective
Date”), by and between Peter Taddeo (the “Executive”) and Mint Organics Inc., a Florida corporation
(the “Company”).

 

WHEREAS,
the Company desires to employ the Executive on the terms and conditions set forth herein; and

 

WHEREAS,
the Executive desires to be employed by the Company on such terms and conditions.

 

NOW,
THEREFORE, in consideration of the mutual covenants, promises and obligations set forth herein, the parties agree as follows:

 

1. Term.
The Executive’s employment hereunder shall be effective as of the Effective Date and shall continue until the third anniversary
thereof, unless terminated earlier pursuant to Section 5 of this Agreement; provided that, on such third anniversary
of the Effective Date and each annual anniversary thereafter (such date and each annual anniversary thereof, a “Renewal
Date”), the Agreement shall be deemed to be automatically extended, upon the same terms and conditions, for successive
periods of one year, unless either party provides written notice of its intention not to extend the term of the Agreement at least
90 days’ prior to the applicable Renewal Date. The period during which the Executive is employed by the Company hereunder
is hereinafter referred to as the “Employment Term”.

 

2. Position
and Duties.

 

2.1 Position.
During the Employment Term, the Executive shall serve as the Chief Executive Officer, reporting to the Chief Executive Officer
of Biotech Products Services and Research, Inc. (“BPSR”) (“BPSR CEO”). In such position,
the Executive shall have such duties, authority and responsibility as shall be determined from time to time by the BPSR CEO, which
duties, authority and responsibility are consistent with the Executive’s position. The Company will also take action to
immediately have the formal appointment of Executive to the Board of Directors of the Company (the “Board”).
The Company shall take all proper and legal actions to have Executive elected and remain a member of the Board during the Employment
Term, subject to state and federal law and the bylaws of the Company. At any time that the Executive elects not to serve on the
Board, then the Executive’s right to a full voting seat on the Board will no longer exist and instead will be subject to
the determination of the Board.

 

2.2 Duties.
During the Employment Term, the Executive shall devote substantially all of his business time and attention to the performance
of the Executive’s duties hereunder and will not engage in any other business, profession or occupation for compensation
or otherwise which would conflict or interfere with the performance of such services either directly or indirectly without the
prior written consent of the Board. Notwithstanding the foregoing, the Executive will be permitted to (a) with the prior written
consent of the Board (which consent can be withheld by the Board in its discretion) act or serve as a director, trustee, committee
member or principal of any type of business, civic or charitable organization as long as such activities are disclosed in writing
to the BPSR CEO, and (b) purchase or own less than five percent (5%) of the publicly traded securities of any corporation; provided
that, such ownership represents a passive investment and that the Executive is not a controlling person of, or a member of
a group that controls, such corporation; provided further that, the activities described in clauses (a) and (b) do not interfere
with the performance of the Executive’s duties and responsibilities to the Company as provided hereunder, including, but
not limited to, the obligations set forth in Section 2 hereof.

 

    	 	 	 

    	 		 

    

 

3. Place
of Performance. The principal place of Executive’s employment shall be at the Executive’s residence in Miami Beach,
Florida, until such time that a corporate office location for the Company is determined. In addition, the Executive may be required
to travel on Company business during the Employment Term.

 

4. Compensation.

 

4.1 Base
Salary. The Company shall pay the Executive an annual rate of base salary of $180,000 during the period prior
to the Company, through one of its subsidiaries, or by other means, obtains or acquires access for a license from a state to dispense
cannabis (“License”) which shall accrue commencing as of the Effective Date and shall be payable upon the Company
generating sufficient net revenue or obtaining sufficient third party financing; and thereafter payable in periodic installments
in accordance with the Company’s customary payroll practices, but no less frequently than monthly. The Executive’s
base salary shall automatically be adjusted to an annual rate of base salary of $250,000 once the License is obtained.
The Executive’s base salary shall be reviewed at least annually by the Board and the Board may, but shall not be required
to, increase the base salary during the Employment Term. The Executive’s annual base salary, as in effect from time to time,
is hereinafter referred to as “Base Salary”.

 

4.2 Annual
Bonus. For each complete fiscal year of the Employment Term, the Executive shall be eligible to earn an annual bonus (the
“Annual Bonus”) equal to a percentage of Base Salary (the “Target Bonus”) established by
the Board, as in effect at the beginning of the applicable fiscal year, based on achievement of target performance goals and benchmarks
(i.e., Licenses obtained, timing and budget to build dispensaries, products brought to market, funding, supply arrangements, production
and revenue goals) mutually established by the Board and the Executive. The Target Bonus is expected to be a minimum of one times
the Base Salary, consistent with bonuses that are paid to other key executive management members of the Company and subject to
determination and approval by the Board.

 

    	 	 2	 

    	 		 

    

 

4.3 Signing
Bonus. The Company shall pay the Executive a lump sum cash signing bonus of $25,000 (the “Signing Bonus”)
in consideration for services rendered by the Executive to the Company and which shall be accrued and paid by the Company upon
the Company having sufficient cash flow.

 

4.4 Equity
Awards.

 

(a) As
incentive to enter into this Agreement, on the Effective Date, the Company will grant the Executive 1,000,000 shares of unregistered
Common Stock of BPSR, vesting on the date the Company, through one of its subsidiaries, obtains a license from a state to dispense
cannabis (“License”) or December 31, 2017, whichever is earlier, and provided that Executive’s employment has
not been terminated prior to the time the vesting conditions herein have been met.

 

(b) The
Executive shall be eligible to receive annual equity awards under the Company’s equity plan, if any, which is no less favorable
than is provided to other key executive management members of the Company. Nothwithstanding the foregoing, the Executive shall
be eligible to participate in BPSR’s equity plan, if any, to be determined by the Board of BPSR. The target equity award
under the Company’s equity plan and/or BPSR’s equity plan, if any, is expected to be a factor of the Executive’s
Base Salary, consistent with bonuses that are paid to other key executive management members of the Company and subject to determination
and approval by the Board.

 

4.5 Fringe
Benefits and Perquisites. During the Employment Term, the Executive shall be entitled to fringe benefits and perquisites consistent
with the practices of the Company, and to the extent the Company provides similar benefits or perquisites (or both) to similarly
situated executives of the Company. Notwithstanding the foregoing, during the Employment Term, the Company shall provide the Executive
with the following benefits;

 

(a) Health
and dental insurance for the Executive and his spouse which is no less favorable than is provided to other similarly situated
executives of the Company; Company shall also agree to reimburse the amount of family deductible required to be paid by insured
under such plans or contribute the maximum allowable HSA contribution limits per year depending on which type of plans are obtained
by the Company.

 

(b) An
automobile expense allowance of $1,000 per month.

 

(c) Reimbursement
for all reasonable and necessary out-of-pocket business, entertainment and travel expenses incurred by the Executive in connection
with the performance of the Executive’s duties hereunder in accordance with the Company’s expense reimbursement policies
and procedures; provided, however, any expenditure or budget for travel and entertainment shall be pre-approved by the
BPSR CEO.

 

    	 	 3	 

    	 		 

    

 

4.6 Employee
Benefits. During the Employment Term, the Executive shall be entitled to participate in all employee benefit plans, practices
and programs maintained by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”),
on a basis which is no less favorable than is provided to other similarly situated executives of the Company, to the extent consistent
with applicable law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel
any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable
law.

 

4.7 Vacation;
Paid Time-off. During the Employment Term, the Executive shall be entitled to five (5) weeks of paid vacation days per year
during the Employment Term, and prorated for partial periods and in accordance with the Company’s vacation policies, as
in effect from time to time. The Executive shall receive other paid time-off in accordance with the Company’s policies for
executive officers as such policies may exist from time to time.

 

4.8 Indemnification.
In the event that the Executive is made a party or threatened to be made a party to any action, suit, or proceeding, whether civil,
criminal, administrative or investigative (a “Proceeding”), other than any Proceeding initiated by the Executive
or the Company related to any contest or dispute between the Executive and the Company or any of its affiliates with respect to
this Agreement or the Executive’s employment hereunder, by reason of the fact that the Executive is or was a director or
officer of the Company, or any affiliate of the Company, or is or was serving at the request of the Company as a director, officer,
member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise, the Executive shall
be indemnified and held harmless by the Company to the fullest extent applicable to any other officer or director of the Company
from and against any liabilities, costs, claims and expenses, including all costs and expenses incurred in defense of any Proceeding
(including attorneys’ fees).

 

4.9 Clawback
Provisions. Notwithstanding any other provisions in this Agreement to the contrary, any incentive-based compensation, or any
other compensation, paid to the Executive pursuant to this Agreement or any other agreement or arrangement with the Company which
is subject to recovery under any law, government regulation or stock exchange listing requirement, will be subject to such deductions
and clawback as may be required to be made pursuant to such law, government regulation or stock exchange listing requirement (or
any policy adopted by the Company pursuant to any such law, government regulation or stock exchange listing requirement).

 

5. Termination
of Employment. The Employment Term and the Executive’s employment hereunder may be terminated by either the Company
or the Executive at any time and for any reason; provided that, unless otherwise provided herein, either party shall be
required to give the other party at least 90 days’ advance written notice of any termination of the Executive’s employment.
Upon termination of the Executive’s employment during the Employment Term, the Executive shall be entitled to the compensation
and benefits described in this Section 5 and shall have no further rights to any compensation or any other benefits from
the Company or any of its affiliates.

 

    	 	 4	 

    	 		 

    

 

5.1 Non-renewal
by the Executive, Termination for Cause or Resignation without Good Reason.

 

(a) The
Executive’s employment hereunder may be terminated upon either Executive’s decision to not renew the Agreement in
accordance with Section 1, by the Company for Cause or by the Executive without Good Reason. If the Executive’s employment
is terminated upon the Executive’s failure to renew the Agreement, by the Company for Cause or by the Executive without
Good Reason, the Executive shall be entitled to receive:

 

	 	(i)	any
    accrued but unpaid Base Salary and accrued but unused vacation which shall be paid within one (1) week following the Termination
    Date (as defined below) in accordance with the Company’s customary payroll procedures; 
	 	 	 
	 	(ii)	any
    earned but unpaid Annual Bonus with respect to any completed period immediately preceding the Termination Date, which shall
    be paid on the otherwise applicable payment date; provided that, if the Executive’s employment is terminated by the
    Company for Cause, then any such accrued but unpaid Annual Bonus shall be forfeited;
	 	 	 
	 	(iii)	reimbursement
    for all unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance
    with the Company’s expense reimbursement policy; 
	 	 	 
	 	(iv)	such
    employee benefits (including equity compensation), if any, to which the Executive may be entitled under the Company’s
    employee benefit plans as of the Termination Date; provided that, in no event shall the Executive be entitled to any payments
    in the nature of severance or termination payments except as specifically provided herein; 
	 	 	 
	 	(v)	equity
    awards granted to Executive that are vested and/or earned through date of termination; and 
	 	 	 
	 	(vi)	any
    of the Past Due Amounts which are outstanding as of the date of the termination.

 

Items
(i) through (vi) are referred to herein collectively as the “Accrued Amounts”.

 

(a)
For purposes of this Agreement, “Cause” shall mean

 

    	 	 5	 

    	 		 

    

 

	 	(i)	the
    Executive’s failure to perform his duties (other than any such failure resulting from incapacity due to physical or
    mental illness) after demand for substantial performance is delivered by the Company to Executive that specifically identifies
    the manner in which the Company believes that Executive has not substantially performed his duties; 
	 	 	 
	 	(ii)	the
    Executive’s failure to comply with any valid, legal, material directive of the BPSR CEO which reasonably relates to
    the performance of his duties (other than any such failure resulting from incapacity due to physical or mental illness);
	 	 	 
	 	(iii)	the
    Executive’s proven engagement in dishonesty, illegal conduct or gross misconduct, which is, in each case, injurious
    to the Company or its affiliates;
	 	 	 
	 	(iv)	the
    Executive’s proven embezzlement, misappropriation or fraud, whether or not related to the Executive’s employment
    with the Company;
	 	 	 
	 	(v)	the
    Executive’s conviction of or plea of guilty or nolo contendere to a crime that constitutes a felony (or state
    law equivalent); 
	 	 	 
	 	(vi)	the
    Executive’s proven willful unauthorized disclosure of Confidential Information (as defined below);
	 	 	 
	 	(vii)	the
    Executive’s intentional material breach of any material obligation under this Agreement or any other written agreement
    between the Executive and the Company; or
	 	 	 
	 	(viii)	any
    material failure by the Executive to comply with the Company’s written policies or rules, as they may be in effect from
    time to time during the Employment Term, provided such failure causes reputational or financial harm to the Company.

 

For
purposes of this section, no act or failure to act on the part of the Executive shall be considered “willful” unless
it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action
or omission was in the best interests of the Company.

 

Except
for a failure, breach or refusal which, by its nature, cannot reasonably be expected to be cured, the Executive shall have ten
(10) business days from the delivery of written notice by the Company within which to address and make efforts to reasonably cure
any acts constituting Cause and such failure, breach or refusal is not cured within ninety (90) days from the date of notice;
provided however, that, if the Company reasonably expects irreparable injury from a delay of ninety (90) days, the Company
may give the Executive notice of such shorter period within which to cure as is reasonable under the circumstances, which may
include the termination of the Executive’s employment without notice and with immediate effect.

 

    	 	 6	 

    	 		 

    

 

For
purposes of this Agreement, “Good Reason” shall mean the occurrence of any of the following, in each case during
the Employment Term without the Executive’s written consent:

 

	 	(ix)	a
    material reduction in the Executive’s Base Salary;
	 	 	 
	 	(x)	any
    material breach by the Company of any material provision of this Agreement or any material provision of any other agreement
    between the Executive and the Company; 
	 	 	 
	 	(xi)	the
    Company’s failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement
    in the same manner and to the same extent that the Company would be required to perform if no succession had taken place,
    except where such assumption occurs by operation of law; or
	 	 	 
	 	(xii)	a
    material, adverse change in the Executive’s authority, duties or responsibilities (other than temporarily while the
    Executive is physically or mentally incapacitated or as required by applicable law) taking into account the Company’s
    size, status as a public company and capitalization as of the date of this Agreement. 

 

The
Executive cannot terminate his employment for “Good Reason” unless he has provided written notice to the Company of
the existence of the circumstances providing grounds for termination for Good Reason and the Company has had at least (ten) 10
business days from the date on which such notice is provided to address and make efforts to reasonably cure any acts constituting
Cause and such failure, breach or refusal is not cured within ninety (90) days from the date of notice. If the Executive does
not terminate his employment for Good Reason within six months after the first occurrence of the applicable grounds unrelated
to financial breaches, then the Executive will be deemed to have waived his right to terminate for Good Reason with respect to
such non-financial related grounds. Unless specifically waived in writing by Executive to the Company, the right of Executive
to terminate his employment for Good Reason based on financially related grounds shall not terminate unless the grounds for termination
have been cured by the Company within the appropriate time constraints. The Executive may elect at his sole discretion to defer
providing notification to the Company with respect to the existence of any circumstances providing financial grounds for termination
for Good Reason and in no way does such deferral by Executive constitute a suspension or waiver by Executive of such financial
grounds for termination unless agreed to specifically in writing by Executive.

 

    	 	 7	 

    	 		 

    

 

5.2 Non-renewal
by the Company, Termination without Cause or Resignation for Good Reason. The Employment Term and the Executive’s employment
hereunder may be terminated by the Executive for Good Reason or by the Company without Cause or on account of the Company’s
failure to renew the Agreement in accordance with Section 1. In the event of such termination, the Executive shall be entitled
to receive the Accrued Amounts and subject to the Executive’s compliance with Section 6, Section 7, Section
8 and Section 9 of this Agreement and the execution of a mutual release of claims to each party, their affiliates and
their respective officers and directors in a form (to be reasonable and customary for this purpose) provided by the Company (the
“Release”), the Executive shall be entitled to receive the following:

 

(a) continued
Base Salary for two years following the Termination Date or the remaining term of the Agreement at time of Termination, whichever
is longer. Amounts shall be payable in equal monthly installments in accordance with the Company’s normal payroll practices,
but no less frequently than monthly; provided that, the first installment payment shall include all amounts of Base Salary that
would otherwise have been paid to the Executive during the period beginning on the Termination Date and ending on the first payment
date if no delay had been imposed;

 

(b) a
payment equal to the product of (i) the Annual Bonus, if any, that the Executive would have earned for the fiscal year in which
the Termination Date occurs based on achievement of the applicable performance goals for such year and (ii) a fraction, the numerator
of which is the number of days the Executive was employed by the Company during the year of termination and the denominator of
which is the number of days in such year (the “Pro-Rata Bonus”). This amount shall be paid on the date that
annual bonuses are paid to similarly situated executives;

 

(c) The
treatment of any outstanding equity awards shall be determined in accordance with the terms of the applicable award agreements.

 

(d) Notwithstanding
the terms of any applicable award agreements:

 

	 	(i)	all
    outstanding unvested stock options or warrants granted to the Executive during the Employment Term shall become fully vested
    and exercisable for the remainder of their full term;
	 	 	 
	 	(ii)	all
    outstanding equity-based compensation awards that are intended to constitute performance-based compensation under Section
    162(m)(4)(C) of the Code shall remain outstanding and shall vest or be forfeited in accordance with the terms of the applicable
    award agreements, if the applicable performance goals are satisfied.

 

    	 	 8	 

    	 		 

    

 

5.3 Death
or Disability.

 

(a) The
Executive’s employment hereunder shall terminate automatically upon the Executive’s death during the Employment Term,
and the Company may terminate the Executive’s employment on account of the Executive’s Disability.

 

(b) If
the Executive’s employment is terminated during the Employment Term on account of the Executive’s death or Disability,
the Executive (or the Executive’s estate and/or beneficiaries, as the case may be) shall be entitled to receive the following:

 

	 	(i)	the
    Accrued Amounts; 
	 	 	 
	 	(ii)	the
    Executive’s Base Salary for two years; 
	 	 	 
	 	(iii)	continued
    health insurance for Executive’s spouse for one year; 
	 	 	 
	 	(iv)	full
    vesting of all equity grants, warrants or other stock options issued to Executive and
	 	 	 
	 	(v)	a
    lump sum payment equal to the Annual Bonus, if any, that the Executive would have earned for the fiscal year in which the
    Termination Date occurs based on the achievement of applicable performance goals for such year, which shall be payable on
    the date that annual bonuses are paid to the Company’s similarly situated executives, but in no event later than two-and-a-half
    (2 1/2) months following the end of the fiscal year in which the Termination Date occurs. Notwithstanding any other provision
    contained herein, all payments made in connection with the Executive’s Disability shall be provided in a manner which
    is consistent with federal and state law.

 

(c) For
purposes of this Agreement, Disability shall mean the Executive’s inability, due to physical or mental incapacity, to substantially
perform his duties and responsibilities under this Agreement for or one hundred twenty (120) consecutive days. Any question as
to the existence of the Executive’s Disability as to which the Executive and the Company cannot agree shall be determined
in writing by a qualified independent physician mutually acceptable to the Executive and the Company. If the Executive and the
Company cannot agree as to a qualified independent physician, each shall appoint such a physician and those two physicians shall
select a third who shall make such determination in writing. The determination of Disability made in writing to the Company and
the Executive shall be final and conclusive for all purposes of this Agreement.

 

    	 	 9	 

    	 		 

    

 5.4 Change
in Control Termination.

 

(a) Notwithstanding
any other provision contained herein, if the Executive’s employment hereunder is terminated by the Executive for Good Reason
or by the Company on account of its failure to renew the Agreement in accordance with Section 1 or without Cause (other
than on account of the Executive’s death or Disability), in each case within twelve (12) months following a Change in Control,
the Executive shall be entitled to receive the Accrued Amounts and the Executive shall be entitled to receive the following:

 

	 	(i)	a
    lump sum payment equal to three (3) times the sum of the Executive’s Base Salary and Target Bonus for the year in which
    the Termination Date occurs (or if greater, the year immediately preceding the year in which the Change in Control occurs),
    which shall be paid within 50 days following the Termination Date; and
	 	 	 
	 	(ii)	a
    lump sum payment equal to the Executive’s Target Bonus for the fiscal year in which the Termination Date occurs, which
    shall be paid within sixty (60) days following the Termination Date.

 

(b) Notwithstanding
the terms of any equity incentive plan or award agreements, as applicable:

 

	 	(i)	all
    outstanding unvested stock options and warrants granted to the Executive during the Employment Term shall become fully vested
    and exercisable for the remainder of their full term; 
	 	 	 
	 	(ii)	all
    outstanding equity-based compensation awards that are intended to constitute performance-based compensation under Section
    162(m)(4)(C) of the Code shall remain outstanding and shall vest or be forfeited in accordance with the terms of the applicable
    award agreements, if the applicable performance goals are satisfied.

 

(c) For
purposes of this Agreement, “Change in Control” shall mean

 

	 	(i)	the
    sale of all or substantially all of the Company’s assets.
	 	 	 
	 	(ii)	a
    Person (or more than one Person acting as a group) acquires ownership interests in the Company that, together with the Company
    interests held by such Person or group, constitutes more than 50% of the total voting power of the stock of the Company as
    the result of a transaction other than one in which the stockholders of the Company transfer a portion of the Company interests
    held by them to a third party as part of a financing and/or a transaction associated with the acquisition of additional assets
    by the Company or an Affiliate; provided, that a Change in Control shall not occur if any Person (or more than one
    Person acting as a group) owns more than 50% of the total voting power of the Company’s stock and acquires additional
    stock. 

 

    	 	 10	 

    	 		 

    

 

5.5 Notice
of Termination. Any termination of the Executive’s employment hereunder by the Company or by the Executive during the
Employment Term (other than termination on account of the Executive’s death) shall be communicated by written notice of
termination (“Notice of Termination”) to the other party hereto in accordance with Section 23. The Notice
of Termination shall specify:

 

(a) The
termination provision of this Agreement relied upon;

 

(b) To
the extent applicable, the facts and circumstances claimed to provide a basis for termination of the Executive’s employment
under the provision so indicated; and

 

(c) The
applicable Termination Date.

 

5.6 Termination
Date. The Executive’s Termination Date shall be:

 

(a) If
the Executive’s employment hereunder terminates on account of the Executive’s death, the date of the Executive’s
death;

 

(b) If
the Executive’s employment hereunder is terminated on account of the Executive’s Disability, the date that it is determined
that the Executive has a Disability;

 

(c) If
the Company terminates the Executive’s employment hereunder for Cause, the date the Notice of Termination is delivered to
the Executive;

 

(d) If
the Executive’s employment hereunder terminates because either party provides notice of non-renewal pursuant to Section
1, the Renewal Date immediately following the date on which the applicable party delivers notice of non-renewal.

 

Notwithstanding
anything contained herein, the Termination Date shall not occur until the date on which the Executive incurs a “separation
from service” within the meaning of Section 409A.

 

5.7 Resignation
of All Other Positions. Upon termination of the Executive’s employment hereunder for any reason, the Executive shall
be deemed to have resigned from all positions that the Executive holds as an officer or member of the board of directors (or a
committee thereof) of the Company, its subsidiaries or any of its affiliates.

 

6. Cooperation.
The parties agree that certain matters in which the Executive will be involved during the Employment Term may necessitate the
Executive’s cooperation in the future. Accordingly, following the termination of the Executive’s employment for any
reason, to the extent reasonably requested by the Board, the Executive shall cooperate with the Company in connection with matters
arising out of the Executive’s service to the Company; provided that, the Company shall make reasonable efforts to minimize
disruption of the Executive’s other activities. The Company shall reimburse the Executive for reasonable expenses incurred
in connection with such cooperation and, to the extent that the Executive is required to spend substantial time on such matters,
the Company shall compensate the Executive at an hourly rate based on the Executive’s Base Salary on the Termination Date.

 

    	 	 11	 

    	 		 

    

 

7. Confidential
Information. The Executive understands and acknowledges that during the Employment Term, he will have access to and learn
about Confidential Information, as defined below.

 

7.1 Confidential
Information Defined.

 

(a) Definition.

 

For
purposes of this Agreement, “Confidential Information” includes, but is not limited to, all information not
generally known to the public, in spoken, printed, electronic or any other form or medium, relating directly or indirectly to:
business processes, practices, methods, policies, plans, publications, documents, research, operations, services, strategies,
techniques, agreements, contracts, terms of agreements, transactions, potential transactions, negotiations, pending negotiations,
know-how, trade secrets, computer programs, computer software, applications, operating systems, software design, web design, work-in-process,
databases, manuals, records, articles, systems, material, sources of material, supplier information, vendor information, financial
information, results, accounting information, accounting records, legal information, marketing information, advertising information,
pricing information, credit information, design information, payroll information, staffing information, personnel information,
employee lists, supplier lists, vendor lists, developments, reports, internal controls, security procedures, graphics, drawings,
sketches, market studies, sales information, revenue, costs, formulae, notes, communications, algorithms, product plans, designs,
styles, models, ideas, audiovisual programs, inventions, unpublished patent applications, original works of authorship, discoveries,
experimental processes, experimental results, specifications, customer information, customer lists, client information, client
lists, manufacturing information, factory lists, distributor lists, and buyer lists of the Company or its businesses or any existing
or prospective customer, supplier, investor or other associated third party, or of any other person or entity that has entrusted
information to the Company in confidence.

 

The
Executive understands that the above list is not exhaustive, and that Confidential Information also includes other information
that is marked or otherwise identified as confidential or proprietary, or that would otherwise appear to a reasonable person to
be confidential or proprietary in the context and circumstances in which the information is known or used.

 

The
Executive understands and agrees that Confidential Information includes information developed by him in the course of his employment
by the Company as if the Company furnished the same Confidential Information to the Executive in the first instance. Confidential
Information shall not include information that is generally available to and known by the public at the time of disclosure to
the Executive; provided that, such disclosure is through no direct or indirect fault of the Executive or person(s) acting on the
Executive’s behalf.

 

    	 	 12	 

    	 		 

    

 

(b) Company
Creation and Use of Confidential Information.

 

The
Executive understands and acknowledges that the Company has invested, and continues to invest, substantial time, money and specialized
knowledge into developing its resources, creating a customer base, generating customer and potential customer lists, training
its employees, and improving its offerings. The Executive understands and acknowledges that as a result of these efforts, the
Company has created, and continues to use and create Confidential Information. This Confidential Information provides the Company
with a competitive advantage over others in the marketplace.

 

(c) Disclosure
and Use Restrictions.

 

The
Executive agrees and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly
disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated
or made available, in whole or part, to any entity or person whatsoever (including other employees of the Company) not having
a need to know and authority to know and use the Confidential Information in connection with the business of the Company and,
in any event, not to anyone outside of the direct employ of the Company except as required in the performance of the Executive’s
authorized employment duties to the Company or with the prior consent of the BPSR CEO acting on behalf of the Company in each
instance (and then, such disclosure shall be made only within the limits and to the extent of such duties or consent); and (iii)
not to access or use any Confidential Information, and not to copy any documents, records, files, media or other resources containing
any Confidential Information, or remove any such documents, records, files, media or other resources from the premises or control
of the Company, except as required in the performance of the Executive’s authorized employment duties to the Company or
with the prior consent the BPSR CEO acting on behalf of the Company in each instance (and then, such disclosure shall be made
only within the limits and to the extent of such duties or consent). Nothing herein shall be construed to prevent disclosure of
Confidential Information as may be required by applicable law or regulation, or pursuant to the valid order of a court of competent
jurisdiction or an authorized government agency, provided that the disclosure does not exceed the extent of disclosure required
by such law, regulation or order. The Executive shall promptly provide written notice of any such order to BPSR CEO.

 

The
Executive understands and acknowledges that his obligations under this Agreement with regard to any particular Confidential Information
shall commence immediately upon the Executive first having access to such Confidential Information (whether before or after he
begins employment by the Company) and shall continue during and after his employment by the Company until such time as such Confidential
Information has become public knowledge other than as a result of the Executive’s breach of this Agreement or breach by
those acting in concert with the Executive or on the Executive’s behalf.

 

    	 	 13	 

    	 		 

    

 

Notwithstanding
the foregoing or anything contained herein, the Company acknowledges and consents to the Executive’s use of his personal
computers, email, texting services, smartphone, PDAs, fax machines and similar devices (collectively, “Personal Property”),
to conduct business on behalf of the Company, which may include the transmittal of Confidential Information; provided, however,
that the Executive shall take reasonable care to prevent the disclosure of any Confidential Information to unauthorized third
parties without the consent of the Company.

 

8. Restrictive
Covenants.

 

8.1 Acknowledgment.
The Executive understands that the nature of the Executive’s position gives him access to and knowledge of Confidential
Information and places him in a position of trust and confidence with the Company. The Executive understands and acknowledges
that the intellectual or other services he provides to the Company are unique, special or extraordinary.

 

The
Executive further understands and acknowledges that the Company’s ability to reserve these for the exclusive knowledge and
use of the Company is of great competitive importance and commercial value to the Company, and that improper use or disclosure
by the Executive is likely to result in unfair or unlawful competitive activity.

 

8.2 Non-competition.
Because of the Company’s legitimate business interest as described herein and the good and valuable consideration offered
to the Executive, during the Employment Term and for the 12 months, to run consecutively, beginning on the last day of the Executive’s
employment with the Company, for any reason or no reason and whether employment is terminated at the option of the Executive or
the Company, the Executive agrees and covenants not to engage in Prohibited Activity.

 

For
purposes of this Section 8, “Prohibited Activity” is activity in which the Executive contributes his
knowledge, directly or indirectly, in whole or in part, as an employee, employer, owner, operator, manager, advisor, consultant,
agent, employee, partner, director, stockholder, officer, volunteer, intern or any other similar capacity to an entity engaged
in the same or similar business as the Company. Prohibited Activity also includes activity that may require or inevitably requires
disclosure of trade secrets, proprietary information or Confidential Information.

 

This
Section 8 does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such
rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent
jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation
or order. The Executive shall promptly provide written notice of any such order to the Chief Executive Officer of the Company.

 

    	 	 14	 

    	 		 

    

 

8.3 Non-solicitation
of Employees. The Executive agrees and covenants not to directly or indirectly solicit, hire, recruit, attempt to hire or
recruit, or induce the termination of employment of any employee of the Company during 24 months, to run consecutively, beginning
on the last day of the Executive’s employment with the Company.

 

8.4 Non-solicitation
of Customers. The Executive understands and acknowledges that because of the Executive’s experience with and relationship
to the Company, he will have access to and learn about much or all of the Company’s customer information. “Customer
Information” includes, but is not limited to, names, phone numbers, addresses, e-mail addresses, order history, order
preferences, chain of command, pricing information and other information identifying facts and circumstances specific to the customer
and relevant to sales.

 

The
Executive understands and acknowledges that loss of this customer relationship and/or goodwill will cause significant and irreparable
harm.

 

The
Executive agrees and covenants, during 12 months, to run consecutively, beginning on the last day of the Executive’s employment
with the Company, not to directly or indirectly solicit, contact (including but not limited to e-mail, regular mail, express mail,
telephone, fax, and instant message), attempt to contact or meet with the Company’s current, former or prospective customers
for purposes of offering or accepting goods or services similar to or competitive with those offered by the Company.

 

9. Non-disparagement.
The Executive agrees and covenants that he will not at any time make, publish or communicate to any person or entity or in any
public forum any defamatory or disparaging remarks, comments or statements concerning the Company or its businesses, or any of
its employees, officers, and existing and prospective customers, suppliers, investors and other associated third parties.

 

This
Section 9 does not, in any way, restrict or impede the Executive from exercising protected rights to the extent that such
rights cannot be waived by agreement or from complying with any applicable law or regulation or a valid order of a court of competent
jurisdiction or an authorized government agency, provided that such compliance does not exceed that required by the law, regulation
or order. The Executive shall promptly provide written notice of any such order to Chief Executive Officer of the Company.

 

The
Company agrees and covenants that it shall cause its officers and directors to refrain from making any defamatory or disparaging
remarks, comments or statements concerning the Executive to any third parties.

 

    	 	 15	 

    	 		 

    

 

10. Acknowledgement.
The Executive acknowledges and agrees that the services to be rendered by him to the Company are of a special and unique character;
that the Executive will obtain knowledge and skill relevant to the Company’s industry, methods of doing business and marketing
strategies by virtue of the Executive’s employment; and that the restrictive covenants and other terms and conditions of
this Agreement are reasonable and reasonably necessary to protect the legitimate business interest of the Company.

 

The
Executive further acknowledges that the amount of his compensation reflects, in part, his obligations and the Company’s
rights under Section 7, Section 8 and Section 9 of this Agreement; that he has no expectation of any additional
compensation, royalties or other payment of any kind not otherwise referenced herein in connection herewith; that he will not
be subject to undue hardship by reason of his full compliance with the terms and conditions of Section 7, Section 8
and Section 9 of this Agreement or the Company’s enforcement thereof.

 

11. Proprietary
Rights.

 

11.1 Work
Product. The Executive acknowledges and agrees that all writings, works of authorship, technology, inventions, discoveries,
ideas and other work product of any nature whatsoever, that are created, prepared, produced, authored, edited, amended, conceived
or reduced to practice by the Executive individually or jointly with others during the period of his employment by the Company
and relating in any way to the business or contemplated business, research or development of the Company (regardless of when or
where the Work Product is prepared or whose equipment or other resources is used in preparing the same) and all printed, physical
and electronic copies, all improvements, rights and claims related to the foregoing, and other tangible embodiments thereof (collectively,
“Work Product”), as well as any and all rights in and to copyrights, trade secrets, trademarks (and related
goodwill), patents and other intellectual property rights therein arising in any jurisdiction throughout the world and all related
rights of priority under international conventions with respect thereto, including all pending and future applications and registrations
therefor, and continuations, divisions, continuations-in-part, reissues, extensions and renewals thereof (collectively, “Intellectual
Property Rights”), shall be the sole and exclusive property of the Company.

 

11.2 Work
Made for Hire; Assignment. The Executive acknowledges that, by reason of being employed by the Company at the relevant times,
to the extent permitted by law, all of the Work Product consisting of copyrightable subject matter is “work made for hire”
as defined in 17 U.S.C. § 101 and such copyrights are therefore owned by the Company. To the extent that the foregoing does
not apply, the Executive hereby irrevocably assigns to the Company, for no additional consideration, the Executive’s entire
right, title and interest in and to all Work Product and Intellectual Property Rights therein, including the right to sue, counterclaim
and recover for all past, present and future infringement, misappropriation or dilution thereof, and all rights corresponding
thereto throughout the world. Nothing contained in this Agreement shall be construed to reduce or limit the Company’s rights,
title or interest in any Work Product or Intellectual Property Rights so as to be less in any respect than that the Company would
have had in the absence of this Agreement.

 

    	 	 16	 

    	 		 

    

 

11.3 Reserved.

 

11.4 Further
Assurances; Power of Attorney. During and after his employment, the Executive agrees to reasonably cooperate with the Company
to (a) apply for, obtain, perfect and transfer to the Company the Work Product as well as an Intellectual Property Right in the
Work Product in any jurisdiction in the world; and (b) maintain, protect and enforce the same, including, without limitation,
executing and delivering to the Company any and all applications, oaths, declarations, affidavits, waivers, assignments and other
documents and instruments as shall be requested by the Company. The Executive hereby irrevocably grants the Company power of attorney
to execute and deliver any such documents on the Executive’s behalf in his name and to do all other lawfully permitted acts
to transfer the Work Product to the Company and further the transfer, issuance, prosecution and maintenance of all Intellectual
Property Rights therein, to the full extent permitted by law, if the Executive does not promptly cooperate with the Company’s
request (without limiting the rights the Company shall have in such circumstances by operation of law). The power of attorney
is coupled with an interest and shall not be effected by the Executive’s subsequent incapacity.

 

11.5 No
License. The Executive understands that this Agreement does not, and shall not be construed to, grant the Executive any license
or right of any nature with respect to any Work Product or Intellectual Property Rights or any Confidential Information, materials,
software or other tools made available to him by the Company.

 

12. Security.

 

12.1 Security
and Access. The Executive agrees and covenants (a) to comply with all Company security policies and procedures as in force
from time to time including without limitation those regarding computer equipment, telephone systems, voicemail systems, facilities
access, monitoring, key cards, access codes, Company intranet, internet, social media and instant messaging systems, computer
systems, e-mail systems, computer networks, document storage systems, software, data security, encryption, firewalls, passwords
and any and all other Company facilities, IT resources and communication technologies (“Facilities Information Technology
and Access Resources”); (b) not to access or use any Facilities and Information Technology Resources except as authorized
by the Company; and (iii) not to access or use any Facilities and Information Technology Resources in any manner after the termination
of the Executive’s employment by the Company, whether termination is voluntary or involuntary. The Executive agrees to notify
the Company promptly in the event he learns of any violation of the foregoing by others, or of any other misappropriation or unauthorized
access, use, reproduction or reverse engineering of, or tampering with any Facilities and Information Technology Access Resources
or other Company property or materials by others.

 

    	 	 17	 

    	 		 

    

 

12.2 Exit
Obligations. Upon (a) voluntary or involuntary termination of the Executive’s employment or (b) the Company’s
request at any time during the Executive’s employment, the Executive shall (i) provide or return to the Company any and
all Company property, including keys, key cards, access cards, identification cards, security devices, employer credit cards,
network access devices, computers, cell phones, smartphones, PDAs, pagers, fax machines, equipment, speakers, webcams, manuals,
reports, files, books, compilations, work product, e-mail messages, recordings, tapes, disks, thumb drives or other removable
information storage devices, hard drives, negatives and data and all Company documents and materials belonging to the Company
and stored in any fashion, including but not limited to those that constitute or contain any Confidential Information or Work
Product, that are in the possession or control of the Executive, whether they were provided to the Executive by the Company or
any of its business associates or created by the Executive in connection with his employment by the Company; and (ii) delete or
destroy all copies of any such documents and materials not returned to the Company that remain in the Executive’s possession
or control, including those stored on any non-Company devices, networks, storage locations and media in the Executive’s
possession or control. Notwithstanding the foregoing, the Company acknowledges and agrees that any Personal Property purchased
by the Executive with his personal funds shall remain the property of the Executive; provided, however, the Executive shall
delete all Confidential Information stored on such Personal Property upon the termination of this Agreement; and, provided,
further, the Company shall have the right to have such Personal Property inspected by an independent third party to ensure
the Executive’s compliance with the foregoing.

 

13.
Publicity. The Company may not, without
the written consent of the Executive, use and display, by the Company and its agents, representatives and licensees, the Executive’s
name, voice, likeness, image, appearance and biographical information in, on or in connection with any pictures, photographs,
audio and video recordings, digital images, websites, television programs and advertising, other advertising and publicity, sales
and marketing brochures, books, magazines, other publications, CDs, DVDs, tapes and all other printed and electronic forms and
media throughout the world, at any time during or after the period of his employment by the Company, for all legitimate commercial
and business purposes of the Company (“Permitted Uses”) without further consent from or royalty, payment or
other compensation to the Executive. The Executive hereby forever waives and releases the Company and its directors, officers,
employees and agents from any and all claims, actions, damages, losses, costs, expenses and liability of any kind, arising under
any legal or equitable theory whatsoever at any time during or after the period of his employment by the Company, arising directly
or indirectly from the Company’s and its agents’, representatives’ and licensees’ exercise of their rights
in connection with any Permitted Uses.

 

    	 	 18	 

    	 		 

    

  

14. Remedies.
In the event of a breach or threatened breach by the Executive of Section 7, Section 8 or Section 9 of this
Agreement, the Executive hereby consents and agrees that the Company shall be entitled to seek, equitable relief against such
breach or threatened breach from any court of competent jurisdiction, with the necessity of showing actual damages or that money
damages would not afford an adequate remedy, and with the necessity of posting bond or other security to move forward on legal
actions. The aforementioned equitable relief shall be in addition to, not in lieu of, legal remedies, monetary damages or other
available forms of relief, understanding that should the Executive prevail, the Company will pay executive for all legal expenses,
lost income, and lost opportunity costs. The only damages the executive will pay should he not prevail will be for proven losses
and actual damages, excluding legal costs.

 

15. Mediation
/Arbitration. Any dispute, controversy or claim arising out of or related to this Agreement or any breach of this Agreement
shall be submitted to an independent third party mediator. Should there be issues that cannot be resolved in a mediation process,
then the dispute shall be forwarded to arbitration and shall be administered by the American Arbitration Association and conducted
consistently with the rules, regulations and requirements thereof as well as any requirements imposed by state law. Any award
determination shall be final and binding upon the Parties. The Company will be responsible for all costs of these proceedings.

 

16. Governing
Law: Jurisdiction and Venue. This Agreement, for all purposes, shall be construed in accordance with the laws of Florida without
regard to conflicts of law principles. Any action or proceeding by either of the parties to enforce this Agreement shall be brought
only in a state or federal court located in the state of Florida, county of Miami-Dade. The parties hereby irrevocably submit
to the exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance of any such action
or proceeding in such venue.

 

17. Entire
Agreement. Unless specifically provided herein, this Agreement contains all of the understandings and representations between
the Executive and the Company pertaining to the subject matter hereof and supersedes all prior and contemporaneous understandings,
agreements, representations and warranties, both written and oral, with respect to such subject matter. The parties mutually agree
that the Agreement can be specifically enforced in court and can be cited as evidence in legal proceedings alleging breach of
the Agreement.

 

18. Modification
and Waiver. No provision of this Agreement may be amended or modified unless such amendment or modification is agreed to in
writing and signed by the Executive and by Chief Executive Officer of the Company. No waiver by either of the parties of any breach
by the other party hereto of any condition or provision of this Agreement to be performed by the other party hereto shall be deemed
a waiver of any similar or dissimilar provision or condition at the same or any prior or subsequent time, nor shall the failure
of or delay by either of the parties in exercising any right, power or privilege hereunder operate as a waiver thereof to preclude
any other or further exercise thereof or the exercise of any other such right, power or privilege.

 

    	 	 19	 

    	 		 

    

 

19. Severability.
Should any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if
any portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of
the remainder of this Agreement, the balance of which shall continue to be binding upon the parties with any such modification
to become a part hereof and treated as though originally set forth in this Agreement.

 

The
parties further agree that any such court is expressly authorized to modify any such unenforceable provision of this Agreement
in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision,
deleting any or all of the offending provision, adding additional language to this Agreement or by making such other modifications
as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted
by law.

 

The
parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable against each of
them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in
any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision
or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable
provisions had not been set forth herein.

 

20. Captions.
Captions and headings of the sections and paragraphs of this Agreement are intended solely for convenience and no provision of
this Agreement is to be construed by reference to the caption or heading of any section or paragraph.

 

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

 

22. Successors
and Assigns. This Agreement is personal to the Executive and shall not be assigned by the Executive. Any purported assignment
by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement
to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all of the business or assets of the Company. This Agreement shall inure to the benefit of the Company and permitted successors
and assigns.

 

23. Notice.
Notices and all other communications provided for in this Agreement shall be in writing and shall be delivered personally or sent
by registered or certified mail, return receipt requested, or by overnight carrier to the parties at the addresses as specified
by the parties.

 

    	 	 20	 

    	 		 

    

 

24. Representations
of the Executive. The Executive represents and warrants to the Company that:

 

24.1 The
Executive’s acceptance of employment with the Company and the performance of his duties hereunder will not conflict with
or result in a violation of, a breach of, or a default under any contract, agreement or understanding to which he is a party or
is otherwise bound.

 

24.2 The
Executive’s acceptance of employment with the Company and the performance of his duties hereunder will not violate any non-solicitation,
non-competition or other similar covenant or agreement of a prior employer.

 

25. Withholding.
The Company shall have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for
the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation.

 

26. Survival.
Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall
survive such expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement.

 

27. Acknowledgment
of Full Understanding. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS FULLY READ, UNDERSTANDS AND VOLUNTARILY ENTERS INTO
THIS AGREEMENT. THE EXECUTIVE ACKNOWLEDGES AND AGREES THAT HE HAS HAD AN OPPORTUNITY TO ASK QUESTIONS AND CONSULT WITH AN ATTORNEY
OF HIS CHOICE BEFORE SIGNING THIS AGREEMENT.

 

    	 	 21	 

    	 		 

    

 

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

 

	 	MINT
    ORGANICS, INC. 
	 	 	 
	 	By	/s/
    Albert Mitrani
	 	Name:	Albert
    Mitrani
	 	Title:
    	President
	 	 	 
	 	BIOTECH
PRODUCTS SERVICES AND RESEARCH, INC. 
	 	 
	 	By	/s/
    Albert Mitrani
	 	Name:
    	Albert
    Mitrani
	 	Title:	Chief
    Executive Officer

 

	EXECUTIVE	 
	 	 
	Signature:	/s/
    Peter Taddeo	 
	Name:	Peter
    Taddeo	 

 

    	 	 22

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