Document:

SEPARATION
AND CONSULTING AGREEMENT AND GENERAL MUTUAL RELEASE

 

This
SEPARATION AND CONSULTING AGREEMENT AND GENERAL MUTUAL RELEASE (the “Agreement”), dated as of May 9, 2018,
is made by and between The Crypto Company, Inc. (“Company”), and Michael Poutre (“Executive”
and, collectively with Company, the “Parties”).

 

WHEREAS,
Executive currently is Company’s Chief Executive Officer and Chairman of the Board;

 

WHEREAS,
Company wishes to retain new senior management in order to consider certain strategic opportunities that may be available to Company,
and Executive wishes to support Company by resigning his positions as an officer and director, and consulting with Company for
a period of six months as of the Termination Date as defined herein;

 

WHEREAS,
the Parties have come to an agreement regarding the conclusion of Executive’s employment, service, offices, directorships,
appointments and other positions he holds or held with Company, and all of its parents, subsidiaries and affiliates, and Executive’s
new role as a consultant;

 

WHEREAS,
the Parties acknowledge that (1) the law firm of Drinker Biddle & Reath LLP (“DBR”) currently represents the Company
and the Executive in various separate legal matters unrelated to this Agreement and the attached Release Agreement, (2) DBR represents
the Company in connection with this Agreement; (3) Executive consents to DBR representing Company in connection with this Agreement;
(4) the Parties acknowledge their respective right to consult with and retain separate counsel with respect to their respective
waivers, and have been provided an opportunity to do so; and (5) the Parties hereby waive any actual or potential conflict of
interest as a result of DBR’s legal representation of the Company and the Executive in separate legal matters and DBR’s
legal representation of the Company in connection with this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual promises of the parties to this Agreement and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Company and Executive agree as follows:

 

1.
Incorporation of Recitals. The recitals above are hereby incorporated by reference as contractual terms of this Agreement.

 

2.
Termination of Employment and Resignation from Offices. Executive’s last day of employment with Company, its parents,
subsidiaries, and affiliates shall be the day after expiration of the Revocation Period, as that term is defined in Section
11, below and the Release Agreement attached as Exhibit A (the “Termination Date”), on which Company timely
makes the First Payment as provided for in Section 4c, below. As of the Termination Date, Executive hereby resigns from
all the offices, directorships, appointments, and other positions he holds with Company, and any of Company’s parents, subsidiaries
and affiliates, including without limitation his positions and employment as Chief Executive Officer of Company, Chairman of Company’s
board of directors, and Director. After the Termination Date, Executive shall not represent that Executive is an employee, officer,
or director of Company or any of its parents, subsidiaries and affiliates for any purpose.

 

    	 

    	 

    

 

3.
Termination Payments.

 

a.
Accrued Compensation and Benefits. As of the Termination Date, Company shall pay Executive a lump-sum cash payment equal
to the sum of the following, less applicable payroll deductions, taxes, and withholdings: (A) his earned but unpaid base salary
(as in effect on the Termination Date); (B) his accrued but unpaid vacation as of the Termination Date and (C) any outstanding
requests for expense reimbursements that are approved pursuant to Company policy. As of the Termination Date, Executive shall
terminate participation in all of the benefits programs of Company, and all of its subsidiaries and affiliates in accordance with
the terms of such programs, and Executive shall receive benefits under such programs if and when due in accordance with the terms
of such programs.

 

b.
Severance Benefits / Consideration. In addition to the payments referenced in Section 3a, above, Executive shall be entitled
to severance benefits, consisting of:

 

i.
If Executive timely and properly elects continuation coverage under COBRA, continued payment by Company will make continued payment
for Executive’s health insurance coverage for 6 months, to the same extent that Company paid for such coverage immediately
prior to the Termination Date.

 

ii.
Executive agrees that the Severance Benefits are not compensation for Executive’s services rendered through the Termination
Date, but rather constitute consideration for the promises contained in this Agreement and the Release Agreement, and are above
and beyond any wages or salary or other sums to which Executive is entitled from Company under the terms of employment with Company.

 

4.
Consultancy. Executive will provide services to Company as an independent contractor, though his loanout company, MP2 Ventures,
LLC.

 

a.
Term. Executive shall serve as a consultant to Company for six months, starting as of the Termination Date; provided, however,
that the Company may, upon the written consent of the board of directors, terminate Executive’s consultancy services for
any reason, subject to its payment obligations in Section 4c, below.

 

b.
Services. Executive shall be available for a minimum of fifteen and a maximum of thirty hours per week to consult with
Company, including to Company executives and the board of directors, at Company’s reasonable request on matters relating
to Company’s corporate governance, operations as a public company, product development and any other areas reasonably within
his expertise. Executive may provide consultancy services off-site.

 

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c.
Payment. Executive shall be paid an amount equivalent to his current monthly salary during the consultancy period, with
Ninety Thousand Dollars ($90,000) payable two business days after the Termination Date (the “First Payment”),
and a further Ninety Thousand Dollars ($90,000) payable on or before the ninetieth day after the Termination Date (the “Second
Payment”). In the event the Company has terminated Executive pursuant to Section 4a, Executive’s Second
Payment shall still be due and owing. Company makes no representations as to the taxable status of the amounts paid pursuant to
this Section 4c. Executive shall be solely responsible for the payment of, and promises to pay, any and all taxes, penalties,
or other costs assessed that are associated with the payments in this Section 4c and Executive agrees to indemnify and
hold Company harmless from and against, all taxes and any costs, interest, assessments, penalties, damages, attorneys’ fees
or other losses assessed against, and/or incurred by, Executive by reason of payment in the manner set forth above. Executive
further agrees not to seek or make any claim or claims against Company for contribution, indemnity, compensation, damages, costs
or penalties if a determination is made that some portion or all of the amounts paid pursuant to Section 4c is taxable
or subject to withholding. Executive’s indemnification shall survive this Agreement indefinitely.

 

5.
Releases. As an express condition for the obligations set forth in this Agreement, Executive and Company will execute the
Release Agreement attached hereto as Exhibit A, which shall become binding on the Parties after expiration of the Effective Date
and timely payment of the First Payment as provided for in Section 4c, absent prior revocation of this Agreement by Executive
as provided for in Section 11. In the event the Release Agreement is not fully executed, or Executive timely revokes this
Agreement, this Agreement shall be void ab initio and of no force.

 

6.
Mutual Non-Disparagement. Executive agrees not to make to any person or entity any false, disparaging, or derogatory comments
about Company or any of their parents, subsidiaries and affiliates, or any of their employees, clients, contractors, and agents.
Company’s executive management team and board members agree that it will not make to any person or entity any false, disparaging,
or derogatory comments about Executive, and that it will direct its senior management team not to make to any person or entity
any false, disparaging, or derogatory comments about Executive.

 

7.
Return of Records and Property. Upon the Termination Date or at any time upon Company’s (or its successors’)
reasonable request, Executive shall promptly deliver to Company any and all of Company’s property in his possession or under
his control, including manuals, books, blank forms, documents, letters, memoranda, notes, notebooks, reports, printouts, computer
disks, computer tapes, source codes, data, tables, or calculations, and all copies thereof, documents that in whole or in part
contain any trade secrets or confidential, proprietary, or other secret information of Company, or its respective subsidiaries
or affiliates, and all copies thereof, and keys, access cards, access codes, passwords, credit cards, personal computers, telephones,
and other electronic equipment belonging to Company. Notwithstanding any provision herein, Executive may retain the MacBook Pro
computer assigned to him by Company.

 

8.
Code Section 409A Compliance. The intent of the Parties is that payments under this Agreement either be exempt from or
comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and the Treasury Regulations
and guidance promulgated thereunder, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted to
be in compliance therewith. In no event whatsoever shall Company, or any of its subsidiaries and affiliates or any of their respective
agents be liable for any additional tax, interest, or penalty that may be imposed on Executive by Code Section 409A or damages
for failing to comply with Code Section 409A. Notwithstanding any other provision of this Agreement to the contrary, in no event
shall any payment under this Agreement that constitutes “deferred compensation” for purposes of Code Section 409A
be subject to offset, counterclaim, or recoupment by any other amount payable to Executive unless otherwise permitted by Code
Section 409A. For purposes of Section 409A, each installment payment made pursuant to this Agreement shall be treated as a separate
payment. Company makes no representation or warranty, and shall have no liability, to Executive or any other person if any provisions
of this Agreement are determined to constitute deferred compensation subject to Code Section 409A but do not satisfy an exemption
from, or the conditions of, Code Section 409A.

 

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9.
General Provisions.

 

a.
Restrictions. Notwithstanding anything to the contrary herein, Executive understands that nothing in this Agreement or
any other agreement that Executive may have with Company restricts or prohibits Executive from initiating communications directly
with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible
violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a self-regulatory
authority or a government agency or entity, including but not limited to the Securities Exchange Commission and the federal Office
of Occupational Health (collectively, “Government Agencies”), or from making other disclosures that are protected
under the whistleblower provisions of state or federal law or regulation, and Executive does not need Company’s prior authorization
to engage in such conduct. Notwithstanding, in making any such disclosures or communications, Executive must take all reasonable
precautions to prevent any unauthorized use or disclosure of any information that may constitute Company’s confidential
information to any parties other than the Government Agencies. This Agreement does not limit Executive’s right to receive
an award for information provided to any Government Agencies.

 

b.
No Admission. This Agreement is not, and shall not be construed to be, an admission of liability, culpability, or any other
legal conclusion. The Parties agree that no Party to this Agreement is to be construed as the prevailing or successful party within
the meaning of any federal, state, or local statute, law, ordinance, rule, or regulation with regard to the decision to enter
into this Agreement.

 

c.
Modification. This Agreement may not be released, discharged, abandoned, supplemented, changed, or modified in any manner,
orally or otherwise, except by an instrument in writing signed and duly executed by each of the Parties hereto.

 

d.
Entire Agreement. This Agreement and the Release Agreement contain and constitute the entire understanding and agreement
between the Parties on its subject matter, and, except as otherwise provided herein, they supersede and cancel all previous negotiations,
agreements, commitments, and writings in connection herewith. If a conflict or inconsistency is found between the terms of this
Agreement and any other agreement, the terms of this Agreement shall prevail.

 

e.
Waiver. Failure to insist upon strict compliance with any term, covenant, or condition of this Agreement shall not be deemed
a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of any right or power under this Agreement
at any time or times be deemed a waiver or relinquishment of such right or power at any other time or times.

 

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f.
Severability. Invalidity or unenforceability of any provision of this Agreement shall in no way affect the validity of
enforceability of any other provision.

 

g.
Heirs, Successors, and Assigns. The terms of this Agreement shall be binding upon the Parties hereto and their respective
heirs, successors, and assigns.

 

h.
Governing Law and Choice of Forum. All questions concerning the construction, validity, and interpretation of this Release
Agreement will be governed by the laws of the State of California, as such laws are applied to agreements entered into and to
be performed entirely within California between California residents, and without regard to any choice-of-law or conflict-of-law
provisions. Any action or other proceeding relating in any way to this Agreement and/or the Release Agreement, including but not
limited to any action initiated to construe or enforce any of the provisions herein, shall be filed exclusively in the Superior
Court of the State of California for the County of Los Angeles. In the event of litigation or other legal proceedings arising
out of our related to the interpretation or enforcement of this Agreement and/or the Release Agreement, the prevailing party in
any such proceeding shall be entitled to recover all reasonable costs and expenses incurred by that party, including but not limited
to reasonable attorneys’ fees, in addition to any other relief to which he or it may be entitled.

 

i.
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original,
but all of which together shall constitute one and the same Agreement.

 

10.
Acknowledgements. Executive hereby acknowledges (a) that he has carefully read and fully understands the provisions of
this Agreement and the Release Agreement; (b) that he has had the opportunity to fully discuss them with counsel; and (c) that
he intends to be legally bound hereby and thereby. Executive affirms that the terms stated in this Agreement and the Release Agreement
are the only consideration for executing this Agreement and the Release Agreement and that no other representations, promises,
or agreements of any kind have been made by any person or entity to cause him to sign this Agreement or the Release Agreement.
Executive further acknowledges that he is signing this Agreement and the Release Agreement voluntarily and without coercion because
he believes they are fair and reasonable and for no other reason.

 

11.
Consideration Period and Revocation Period. Executive acknowledges and agrees that: (a) the releases given by him are given
solely in exchange for the payments herein and such consideration includes amounts that are in addition to anything of value to
which Executive was entitled to prior to signing this Agreement; (b) Executive has had the opportunity to consult with an attorney
for advice regarding the effect of this Agreement prior to signing it and has consulted with his counsel Gary Gorham of Raskin
Gorham Anderson Law; (c) Executive was advised to take up to twenty-one (21) days to study this Agreement before signing it but
Executive may voluntarily choose to execute this Agreement before the end of the twenty-one (21)-day period; (d) if there are
any changes to this Agreement before it is signed, the 21-day time period does not start again; (e) Executive understands that
he has seven (7) days following his execution of the Agreement to revoke it in writing and that this Agreement will not be effective
or enforceable until after this seven (7) day period has expired without revocation (the “Revocation Period”).
If Executive wishes to revoke the Agreement after executing it, he must provide written notice of his decision to revoke the Agreement
to Company’s legal counsel, J.R. Lanis, via email at Jr.Lanis@dbr.com, by no later than 12:01a.m. on the eighth (8th)
calendar day after the date by which Executive has executed the Agreement.

 

[SIGNATURE
PAGE FOLLOWS]

 

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IN
WITNESS WHEREOF, Company has caused this Agreement to be executed by its duly authorized officers, and Executive has signed
this Agreement, effective as of the date(s) written below.

 

		THE
    CRYPTO COMPANY
	 	 	 
	Dated:
    May 9, 2018	By:	
	 	Name:	James Gilbert
	 	Title:	Chairman and Chief Executive Officer

 

	 	EXECUTIVE
		 
	Dated:
    May 9, 2018	
	 	Michael
    Poutre

 

[Signature
Page to the Separation Agreement] 

 

    	 

    	 

    

 

Exhibit
A

 

This
MUTUAL RELEASE AGREEMENT (this “Release Agreement”) is made and entered into by and between The Crypto Company,
Inc., a California corporation (the “Company”), and Michael Poutre (the “Executive”).

 

WHEREAS,
Executive currently is Company’s Chief Executive Officer and Chairman of the Board;

 

WHEREAS,
Executive and Company agreed, pursuant to that certain Separation and Consulting Agreement and General Release (the “Agreement”)
to which this Release Agreement is attached);

 

WHEREAS,
pursuant to Section 5 of the Agreement, full execution of this Release Agreement is a condition precedent to Executive’s
and Company’s respective obligations under the Agreement;

 

NOW,
THEREFORE, in consideration of the promises and mutual agreements contained herein and in the Agreement, the sufficiency and
receipt of which are hereby acknowledged, Company and Executive agree as follows:

 

1.
Executive’s General Release and Waiver of Claims.

 

a.
In consideration of Executive’s right to receive consideration as a consultant (as defined in the Agreement) and Company’s
release of claims, and subject to full performance by Company under the terms and conditions specified therein, Executive, on
behalf of himself and Executive’s spouse, attorneys, heirs, executors, administrators, trustees, legal representatives,
agents, successors and assigns (hereinafter collectively referred to for purposes of this Section 1 as the “Executive”),
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, GENERALLY RELEASES, AND FOREVER DISCHARGES Company and its past, present and future
affiliates, related entities, parent companies, subsidiary companies, divisions, and each of their respective predecessors, officers,
directors, managers, employees, trustees, fiduciaries, administrators, executives, agents, representatives, principals, accountants,
insurers, attorneys, successors and assigns (collectively, the “Company Released Parties”) from any and all
claims, charges, demands, sums of money, actions, rights, promises, agreements, causes of action, obligations, losses, suits,
costs, counsel fees, and liabilities of any kind or nature whatsoever, at law or in equity, WHETHER KNOWN OR UNKNOWN, existing
or contingent, suspected or unsuspected, apparent or concealed, foreign or domestic which Executive has now or in the future may
claim to have against any or all of Company Released Parties, including without limitation claims based upon, arising out of,
or in any way relating to any facts, acts, conduct, omissions, transactions, occurrences, contracts, claims, events, causes, matters
or things of any conceivable kind or character existing or occurring or claimed to exist or to have occurred prior to Executive’s
execution of this Release Agreement that are in any way based upon, arising under, or relating to Executive’s employment
with Company or any of its subsidiaries or affiliates, the termination of Executive’s employment with Company or any of
its subsidiaries or affiliates, Executive’s services as an officer, director, or employee of Company or any of its subsidiaries
or affiliates (hereinafter collectively referred to as the “Executive’s Released Claims”). The Executive’s
Released Claims include, without limitation, claims based on, arising under, or relating to the Age Discrimination in Employment
Act, 29 U.S.C. § 621 et seq., as amended; Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et
seq., as amended (including the Civil Rights Act of 1991); the Americans with Disabilities Act of 1990, 42 U.S.C. § 12101
et seq., as amended; the Family and Medical Leave Act of 1993, 29 U.S.C. § 2601 et seq., as amended; the Employee
Retirement Income Security Act of 1974, 29 U.S.C. § 1001 et seq., as amended; the Equal Pay Act of 1963, 29 U.S.C.
§ 206(d), as amended; Section 806 of the Corporate and Criminal Fraud Accountability Act of 2002, 18 U.S.C. § 1681 et
seq., as amended; the Fair Credit Reporting Act, 15 U.S.C. §1681 et seq., as amended; the Labor Management Relations
Act 29 U.S.C. §§ 141 et seq., as amended, the Occupational Safety and Health Act, 29 U.S.C. §§ 651
et seq., as amended; the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §§ 1961 et seq.,
as amended; the Sarbanes Oxley Act of 2002; the Sabine Pilot Doctrine or the American Jobs Creation Act of 2004; any other federal,
state or local statutory laws relating to employment, discrimination in employment (including, without limitation, the California
Fair Employment and Housing Act; the California Family Rights Act; the California Equal Pay Law; the Unruh Civil Rights Act, California
Civil Code Section 51 et seq.; the California Labor Code; the California Civil Code; the California Constitution; the California
Business and Professions Code 17200), termination of employment, wages, benefits or otherwise; or any other federal, state or
local constitution, statute, rule, or regulation, including, but not limited to, any ordinance addressing fair employment practices;
any claims for employment or reemployment by Company Released Parties; any common law claims, including but not limited to actions
in tort, defamation, fraud (including fraudulent inducement into this Release Agreement), promissory estoppel, negligence, and
breach of contract; any claims or damages for wrongful discharge or retaliatory discharge; and any claims arising under any common
law theory or any federal, state, or local statute or ordinance not expressly referenced above.

 

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b.
To the fullest extent permitted by law, and subject to the provisions of Section 1.d below, Executive represents and affirms
that he has not filed or caused to be filed on Executive’s behalf any complaint, action, lawsuit, arbitration, request for
relief, claim, or other proceeding (legal, equitable, administrative, or of any other nature) against any of Company Released
Parties related to the Executive’s Released Claims and, to the best of Executive’s knowledge and belief, there are
no outstanding complaints, actions, lawsuits, arbitrations, requests for relief, claims, or other proceedings (legal, equitable,
administrative or of any other nature) asserted on behalf of Executive against any of Company Released Parties related to any
of the Executive’s Released Claims. Nothing in this Release Agreement shall prevent Executive from filing a charge (including
a challenge to the validity of this Agreement) with the Equal Employment Opportunity Commission (the “EEOC”),
the National Labor Relations Board (the “NLRB”), the California Department of Fair Employment and Housing (the
“DFEH”), or other similar federal, state, or local agency, or from participating in any investigation or proceeding
conducted by the EEOC, the NLRB, the DFEH, or similar federal, state, or local agencies. However, by entering into this Release
Agreement, Executive understands and agrees that Executive is waiving any and all rights to recover any monetary relief or other
personal relief as a result of any such EEOC, NLRB, DFEH, or similar federal, state, or local agency proceeding, including any
subsequent legal action.

 

c.
In waiving and releasing any and all claims whether or not now known, Executive understands that this means that, if he later
discovers facts different from or in addition to those facts currently known by him, or believed by him to be true, the waivers
and releases of this Release Agreement will remain effective in all respects — despite such different or additional facts
and Executive’s later discovery of such facts, even if he would not have agreed to this Release Agreement if he had prior
knowledge of such facts. Executive further acknowledges he had read Section 1542 of the California Civil Code which provides as
follows: 

 

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A
general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time
of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 

 

Executive
understands that Section 1542 gives Executive the right not to release existing claims of which Executive is not now aware, unless
Executive voluntarily chooses to waive this right. Even though Executive is aware of this right, Executive nevertheless hereby
expressly and voluntarily waives the rights described in Section 1542 (or any similar relevant law of any state, other jurisdiction,
or country) and elects to assume all risks for claims that now exist in Executive’s favor, known or unknown, arising
from the Executive’s Released Claims.

 

d.
Nothing in this Section 1, or elsewhere in this Release Agreement, is intended as, or shall be deemed or operate as, a
release by Executive of (i) any claims to enforce obligations or limitations of Company under the Agreement or this Release Agreement,
including without limitation claims for payments and benefits to which Executive is entitled under Sections 3b and 4c of
the Agreement, subject to the terms and conditions specified therein, (ii) any claims for any vested benefits under any agreements
with Company or Company-sponsored benefit plans (e.g., 401(k) benefits), (iii) any rights or claims of Executive for indemnification
or related duties by any Company Released Party under any written indemnification agreement, Company’s By-Laws or Articles
of Incorporation, or under applicable law, (iv) any rights to coverage under any director and officer liability insurance or other
insurance policies, any run-off policy thereto, or under COBRA or similar state law, (v) unemployment insurance, (vi) worker’s
compensation benefits, (vii) state disability compensation, (viii) any rights or claims under federal or state law that cannot,
as a matter of law, be waived by private agreement, (ix) any claims arising out of Executive’s rights as a shareholder of
Company, and (x) any claims arising after the effective date of this Release Agreement.

 

2.
Company’s General Release and Waiver of Claims.

 

a.
In consideration of Executive’s resignation, not revoking his signature during the Revocation Period and agreement to remain
a consultant to Company (as defined in the Agreement) and Executive’s release of claims, and subject to full performance
by Executive under the terms and conditions specified therein, Company, on behalf of itself and its past, present and future affiliates,
related entities, parent companies, subsidiary companies, divisions and each of their respective officers, directors, managers,
employees, trustees, fiduciaries, administrators, executives, agents, representatives, principals, accountants, insurers, attorneys,
successors and assigns (hereinafter collectively referred to for purposes of this Section 2 as the “Company”),
HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, GENERALLY RELEASES, AND FOREVER DISCHARGES Executive and his spouse, attorneys,
heirs, executors, administrators, trustees, legal representatives, agents, successors and assigns, (collectively, the “Executive
Released Parties”) from any and all claims, charges, demands, sums of money, actions, rights, promises, agreements,
causes of action, obligations, losses, suits, costs, counsel fees, and liabilities of any kind or nature whatsoever, at law or
in equity, WHETHER KNOWN OR UNKNOWN, existing or contingent, suspected or unsuspected, apparent or concealed, foreign or domestic
which Company has now or in the future may claim to have against Executive Released Parties, including without limitation claims
based upon, arising out of, or in any way relating to any facts, acts, conduct, omissions, transactions, occurrences, contracts,
claims, events, causes, matters or things of any conceivable kind or character existing or occurring or claimed to exist or to
have occurred prior to Company’s execution of this Release Agreement that are in any way based upon, arising under, or relating
to Executive’s employment with Company, or any of Company’s subsidiaries or affiliates, the termination of Executive’s
employment with Company, or any of its subsidiaries or affiliates, or Executive’s services as an officer, director, or employee
of Company or any of its subsidiaries or affiliates (hereinafter collectively referred to as the “Company’s Released
Claims”).

 

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b.
To the fullest extent permitted by law, and subject to the provisions of Section 3d below, Company represents and affirms
that it has not filed or caused to be filed on Company’s behalf any complaint, action, lawsuit, arbitration, request for
relief, claim, or other proceeding (legal, equitable, administrative, or of any other nature) against any of Executive Released
Parties related to the Company’s Released Claims and, to the best of Company’s knowledge and belief, there are no
outstanding complaints, actions, lawsuits, arbitrations, requests for relief, claims, or other proceedings (legal, equitable,
administrative or of any other nature) asserted on behalf of Company against any of Executive Released Parties related to any
of the Company’s Released Claims.

 

c.
In waiving and releasing any and all claims whether or not now known, Company understands that this means that, if it later discovers
facts different from or in addition to those facts currently known by him, or believed by him to be true, the waivers and releases
of this Release Agreement will remain effective in all respects — despite such different or additional facts and Company’s
later discovery of such facts, even if it would not have agreed to this Release Agreement if it had prior knowledge of such facts.
Company further acknowledges he had read Section 1542 of the California Civil Code which provides as follows: 

 

A
general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time
of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor. 

 

Company
understands that Section 1542 gives Company the right not to release existing claims of which Company is not now aware, unless
Company voluntarily chooses to waive this right. Even though Company is aware of this right, Company nevertheless hereby expressly
and voluntarily waives the rights described in Section 1542 (or any similar relevant law of any state, other jurisdiction, or
country) and elects to assume all risks for claims that now exist in Company’s favor, known or unknown, arising from
the Company’s Released Claims.

 

a.
Nothing in this Section 2, or elsewhere in this Release Agreement, is intended as, or shall be deemed or operate as, a
release by Company of (i) any claims to enforce obligations or limitations of Executive under the Agreement or this Release Agreement,
(ii) any rights or claims under federal or state law that cannot, as a matter of law, be waived by private agreement, (iii) any
public reporting requirements mandated by law, and (iv) any claims arising after the effective date of this Release Agreement.

 

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3.
Covenant Not to Sue.

 

a.
By Executive. Executive, on behalf of himself and Executive’s spouse, attorneys, heirs, executors, administrators,
trustees, legal representatives, agents, successors and assigns (the “Executive Parties”), hereby covenants
forever not to, whether directly or indirectly or whether individually or collectively, initiate, assert, file, prosecute, maintain,
commence, institute, sponsor, encourage, assist, volunteer, advise, represent, cooperate with, or facilitate any complaint, action,
proceeding, investigation, arbitration, lawsuit, or claim or any legal, equitable, or administrative proceeding of any nature,
against any of Company Released Parties in connection with the Executive’s Released Claims (other than with respect to any
rights or claims specified in Sections 1.b and 1.d herein), and represents and warrants that no other person or entity
has initiated or, to the extent within Executive’s control, will initiate any such proceeding on Executive’s or their
behalf.

 

b.
By Company. Company, on behalf of itself and its past, present and future affiliates, related entities, parent companies,
subsidiary companies, divisions and each of their respective officers, directors, managers, employees, trustees, fiduciaries,
administrators, executives, agents, representatives, principals, accountants, insurers, attorneys, successors and assigns (the
“Company Parties”), hereby covenants forever not to, whether directly or indirectly or whether individually
or collectively, initiate, assert, file, prosecute, maintain, commence, institute, sponsor, encourage, assist, volunteer, advise,
represent, cooperate with, or facilitate any complaint, action, proceeding, investigation, arbitration, lawsuit, or claim or any
legal, equitable, or administrative proceeding of any nature, against any of Executive Released Parties in connection with the
Company’s Released Claims (other than with respect to any rights or claims specified in Sections 2b and 2d herein),
and represents and warrants that no other person or entity has initiated or, to the extent within Company’s control, will
initiate any such proceeding on Executive’s or their behalf.

 

4.
No Admission of Liability. It is understood that nothing in this Release Agreement is to be construed as an admission on
behalf of Executive Released Parties or Company Released Parties of any wrongdoing, any such wrongdoing being expressly denied.

 

5.
Restrictions. Notwithstanding anything to the contrary herein, Executive understands that nothing in this Release Agreement
or any other agreement that Executive may have with Company restricts or prohibits Executive from initiating communications directly
with, responding to any inquiries from, providing testimony before, providing confidential information to, reporting possible
violations of law or regulation to, or from filing a claim or assisting with an investigation directly with a self-regulatory
authority or a government agency or entity, including but not limited to the Securities Exchange Commission and the federal Office
of Occupational Health (collectively, “Government Agencies”), or from making other disclosures that are protected
under the whistleblower provisions of state or federal law or regulation, and Executive does not need Company’s prior authorization
to engage in such conduct. Notwithstanding, in making any such disclosures or communications, Executive must take all reasonable
precautions to prevent any unauthorized use or disclosure of any information that may constitute Company’s confidential
information to any parties other than the Government Agencies. This Agreement does not limit Executive’s right to receive
an award for information provided to any Government Agencies.

 

6.
Executive and Company Acknowledgments. Executive and Company acknowledge that,

 

a.
the consideration provided for herein is good and valuable;

 

b.
before entering into this Release Agreement, he or it, as applicable, has had the opportunity to consult with any attorney or
other advisor of the his or its choice, and has done so;

 

    		A-5	 

    	 

    

 

c.
any and all questions regarding this Release Agreement have been asked and answered to his or its complete satisfaction;

 

d.
He or it has read this Release Agreement and understands all of its terms, including, without limitation, the waiver and release
of claims set forth in Section 1a and Section 2a above;

 

e.
He or it has entered into this Release Agreement of his or its own free will;

 

f.
in entering this Release Agreement, the he or it has made his or its own investigation of the facts and is relying solely upon
his or its own judgment, knowledge and the advice of his or its own attorney and/or other advisor;

 

g.
no promises, statements, understandings, or representations have been made to him or it by any person to induce him or it to enter
into the Agreement or this Release Agreement other than the express terms set forth herein, and he or it is not relying upon any
promises, statements, understandings, or representations other than those expressly set forth in the Agreement and this Release
Agreement;

 

h.
this Release Agreement shall not become effective or enforceable until the first day following the end of the Revocation Period,
as that term is defined in Section 7.j below, provided that Executive has executed, returned, and not revoked this Release
Agreement in accordance with the terms hereof, and timely payment of the First Payment as provided for in Section 4c of
the Agreement;

 

i.
Executive has had at least twenty-one (21) days within which to consider and review this Release Agreement or has knowingly and
voluntarily waived Executive’s right to do so;

 

j.
Executive has seven (7) days following the date Executive executes this Release Agreement to revoke this Release Agreement (the
“Revocation Period”) by delivering a written notice of such revocation to Company; and

 

k.
if Executive revokes this Release Agreement prior to expiration of the Revocation Period, this Release Agreement shall be null
and void ab initio and neither Executive nor Company shall be entitled to receive any of the consideration described in
the Agreement.

 

7.
Executive Acknowledgements. Executive further acknowledges that,

 

a.
Executive has not relied on legal counsel from any of Company Released Parties; and

 

b.
pursuant to Section 1a. above, Executive is waiving and releasing any rights Executive may have against Company Released
Parties under the Age Discrimination in Employment Act of 1967, that this waiver and release is knowing and voluntary, and that
the consideration given for this waiver and release is in addition to anything of value to which Executive was already entitled.

 

    		A-6	 

    	 

    

 

8.
Miscellaneous

 

a.
Governing Law. All questions concerning the construction, validity, and interpretation of this Release Agreement will be
governed by the laws of the State of California, as such laws are applied to agreements entered into and to be performed entirely
within California between California residents, and without regard to any choice-of-law or conflict-of-law provisions.

 

b.
Construction. The parties have jointly participated in the negotiation and drafting of this Release Agreement, and, in
the event an ambiguity or question of intent or interpretation arises, this Release Agreement shall be construed as jointly drafted
by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring either party by virtue of the
authorship of any provision of the Release Agreement.

 

c.
Counterparts. This Release Agreement may be executed in separate counterparts, any one of which need not contain signatures
of more than one party, but all of which taken together will constitute one and the same agreement.

 

d.
Successors and Assigns. Executive may not assign this Release Agreement or any of his rights and duties hereunder. Company
may assign this Release Agreement to an entity controlled by or under common control with Company or to an entity that acquires
all or substantially all of the stock or assets of Company. The provisions of this Release Agreement shall be binding on and shall
inure to the benefit of Executive, Company and their respective assigns, including any successor in interest to Company who acquires
all or substantially all of Company’s stock or assets.

 

e.
Severability. It is expressly understood and agreed that although Executive and Company consider the provisions contained
in this Release Agreement to be reasonable, if any one or more of the provisions contained in this Release Agreement will, for
any reason, be held to be invalid, illegal, or unenforceable in any respect by a final judicial determination made by a court
of competent jurisdiction, such invalidity, illegality, or unenforceability will not affect the other provisions of this Release
Agreement, and this Release Agreement will, be construed as if such invalid, illegal, or unenforceable provision had never been
contained herein. If moreover, any one or more of the provisions contained in this Release Agreement will for any reason be held
to be excessively broad as to duration, geographical scope, activity, or subject, it will be construed by limiting and reducing
it, so as to be enforceable to the extent compatible with the applicable law as it will then appear consistent with the general
intent of Executive and Company insofar as possible.

 

f.
Modification. This Release Agreement may not be modified or amended except in writing signed by the parties. No term or
condition of this Release Agreement will be deemed to have been waived except in writing by the party charged with waiver. A waiver
shall operate only as to the specific term or condition waived and will not constitute a waiver for the future or act on anything
other than that which is specifically waived.

 

THE
UNDERSIGNED HAVE CAREFULLY READ THE FOREGOING RELEASE AGREEMENT, KNOW THE CONTENTS THEREOF, FULLY UNDERSTAND IT, AND AGREE TO
ITS TERMS.

 

[SIGNATURE
PAGE FOLLOWS]

 

    		A-7	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Release Agreement as of the date set forth below.

 

		THE
    CRYPTO COMPANY
	 	 	 
	Dated:
May 9, 2018	By:	
	 	Name: 	James
    Gilbert
	 	Title:	Chairman
    and Chief Executive Officer

 

I
ACKNOWLEDGE THAT I HAVE CAREFULLY READ THE FOREGOING RELEASE AGREEMENT, THAT I UNDERSTAND ALL OF ITS TERMS, AND THAT I AM ENTERING
INTO IT VOLUNTARILY. I FURTHER ACKNOWLEDGE THAT I AM AWARE OF MY RIGHTS TO REVIEW AND CONSIDER THIS RELEASE FOR 21 DAYS AND TO
CONSULT WITH AN ATTORNEY ABOUT IT, AND STATE THAT BEFORE SIGNING THIS RELEASE AGREEMENT, I HAVE EXERCISED THESE RIGHTS TO THE
FULL EXTENT THAT I DESIRED.

 

	 	EXECUTIVE
		 
	Dated:
    May 9, 2018	
	 	Michael
    Poutre

 

[Signature
Page to the Release Agreement] 

 

    	 	1	 

    	 

    

 

ELECTION
TO EXECUTE PRIOR TO EXPIRATION

OF 21-DAY CONSIDERATION PERIOD

 

I,
Michael Poutre, understand that I have twenty-one (21) days within which to consider and execute the attached Confidential Separation
Agreement and General Release. However, after having an opportunity to consult counsel, I have freely and voluntarily elected
to execute the Confidential Separation Agreement and General Release before such twenty-one (21)-day period has expired.

 

	May
    9, 2018	 	
	Date	 	Michael
    PoutreExhibit 10.5

 

EMPLOYMENT AGREEMENT

 

This EMPLOYMENT AGREEMENT (this "Agreement"),
dated as of May 16, 2018, between Forward Industries, Inc., (the "Company"),
and Terry Wise ("Executive").

 

RECITALS:

 

WHEREAS, the Company desires to employ Executive
pursuant to the terms and conditions and for the consideration set forth in
this Agreement, and Executive desires to be employed by the Company pursuant to
such terms and conditions and for such consideration.

 

In consideration of the mutual covenants herein
contained and other good and valuable consideration, the receipt of which the
parties hereby acknowledge, the parties agree as follows:

 

1.                 
EMPLOYMENT TERM; PRIOR AGREEMENT

 

The term of employment hereunder (the "Term")
shall commence on the date hereof and, unless earlier terminated in accordance
with the terms of this Agreement, three years thereafter.  

 

2.                 
EMPLOYMENT DUTIES AND SERVICES

 

(a)               The Company hereby employs
Executive as its chief executive officer for the term of this Agreement and any
renewal(s) thereof, and Executive hereby accepts such employment. Executive
shall perform such duties and responsibilities of a chief executive officer
nature for the Company or any subsidiary ("Subsidiary") or
affiliate ("Affiliate") of the Company as shall be consistent
with the provisions of the Company's By-laws in effect, which may be amended
from time to time, and as are customary for a chief executive officer of
companies of similar size and business as the Company, subject to the direction
of the Board of Directors of the Company (the "Board"). The
Company hereby employs Executive as its chief executive officer for the term of
this Agreement and Executive hereby accepts such employment. Executive shall
serve the Company faithfully and to the best of his ability and shall devote his
time and attention to the business and affairs of the Company, subject to
reasonable absences for vacation and illness in accordance with Company
policies. 

 

(b)              
Executive agrees to forego and
shall not be entitled to any benefit, bonus, fees, or other compensation (other
than equity grants) for his service as a member of the Board of Directors
during the Term.

 

3.                 
COMPENSATION AND EXPENSE
REIMBURSEMENT

 

(a)               Salary. Executive shall be entitled to receive for all
services rendered by Executive in any and all capacities in connection with his
employment hereunder a salary (as it may be adjusted, "Salary")
at the rate of $300,000 per annum, payable in equal installments in accordance
with the prevailing practices of the 
Company (but not
less frequently than monthly).

	
	 

 

 

 

(b)              
Bonus: Calculation and Payment.

 

(i)              
Executive shall be eligible to
receive a ("Bonus") with respect to each full fiscal year or
part thereof (subject to Section 4, 5, 6, and 7 hereof) in respect of his
employment hereunder, as set forth in this Section 3. The amount of Bonus, if
any, that Executive is eligible to earn in any fiscal year during the Term
hereof pursuant to this Section 3(b) shall be based on the terms of the bonus
plan and performance metrics that the Compensation Committee (the "Compensation
Committee") of the Board adopts, in its sole discretion from year to
year. Executive's Bonus may range in an amount equal to or between 0 and 25% of
Executive's Salary and may be awarded to Executive in a combination of
restricted stock, restricted stock units and/or other equity, the combination
and vesting of which shall be determined by the Compensation Committee in its
sole discretion.

 

(ii)            
 The Compensation Committee shall
have the authority to pay the Executive a discretionary bonus from time to time
based upon the Executive’s and the Company’s performance. 

 

(c)             
Expenses. Executive will be reimbursed for all reasonable and
necessary expenses incurred by Executive in carrying out the duties
contemplated under this Agreement, in accordance with Company practices and
procedures in effect from time to time, as such practices may be changed from
time to time by the Board.  In addition to the reimbursements provided for in
the preceding sentence, the Executive shall receive an allowance of $900 per
month for automobile and cell phone expenses.

 

(d)            
Benefits. Executive shall be entitled to participate in all
group health and other insurance programs and all other fringe benefits
(including vacation) and retirement plans (including any 40l(k) plan) or other
compensatory plans that the Company may hereafter elect to make available to
its executives generally on terms no less favorable than those provided to
other executives generally, provided Executive meets the qualifications
therefor. This Agreement shall not require the Company to establish any such
program or plan.

 

(e)             
Withholding. All payments required to be made by the Company
hereunder to Executive shall be subject to the withholding of authorized
deductions and such amounts relating to taxes and other governmental assessments
as the Company may reasonably determine it should withhold pursuant to any
applicable law, rule or regulation.

 

(f)             
409A. The intent of the parties is that payments and
benefits under this Agreement comply with, or be exempt from, Internal Revenue Code
Section 
409A and the regulations and guidance
promulgated thereunder (collectively "Code Section 409A") and,
accordingly, to the maximum extent permitted, this Agreement shall be
interpreted to be in compliance therewith.

	
	
	
	2

	
	
	 

 

 

 

(i)               
A termination of employment shall
not be deemed to have occurred for purposes of any provision of this Agreement
providing for the payment of any amounts or benefits upon or following a
termination of employment that are considered "nonqualified deferred
compensation" under Code Section 409A unless such termination is also a
"separation from service" within the meaning of Code Section 409A
and, for purposes of any such provision of this Agreement, references to a
"termination," "termination of employment" or like terms
shall mean "separation from service." If Executive is deemed on the
date of termination to be a "specified employee" within the meaning
of that term under Code Section 409A(a)(2)(B), then with regard to any payment
that is considered non­qualified deferred compensation under Code Section 409A
payable on account of a "separation from service," such payment or
benefit shall be made or provided at the date which is the earlier of (A) the
expiration of the six (6)-month period measured from the date of such "separation
from service" of Executive, and (B) thirty (30) days from the date of
Executive's death (the "Delay Period").

 

(ii)             
With regard to any provision
herein that provides for reimbursement of costs and expenses or in-kind
benefits, except as permitted by Code Section 409A, (i) the right to
reimbursement or in-kind benefits shall not be subject to liquidation or
exchange for another benefit, (ii) the amount of expenses eligible for
reimbursement, or in-kind benefits, provided during any taxable year shall not
affect the expenses eligible for reimbursement, or in-kind benefits to be
provided, in any other taxable year, provided that the foregoing clause (ii)
shall not be violated without regard to expenses reimbursed under any
arrangement covered by Internal Revenue Code Section 105(b) solely because such
expenses are subject to a limit related to the period the arrangement is in
effect and (iii) such payments shall be made on or before the last day of
Executive's taxable year following the taxable year in which the expense occurred.

 

(iii)          
 For purposes of Code Section 409A,
Executive's right to receive any installment payments pursuant to this
Agreement shall be treated as a right to receive a series of separate and
distinct payments. Whenever a payment under this Agreement specifies a payment
period with reference to a number of days (e.g., "within sixty (60)
days following the date of termination"), the actual date of payment
within the specified period shall be within the sole discretion of the
Company."

 

4.                 
TERMINATION BY THE COMPANY FOR CAUSE

 

	
	
	
	3

	
	
	 

 

	
	 

(a)               
The Board may, by written notice
given at any time during the Tern, or any renewal thereof, terminate the
employment of Executive for Cause, as determined by the Board. For purposes of this
Agreement, "Cause" shall mean Executive's:

 

(i)              
willful misconduct in connection
with the performance of any of his duties or services hereunder, including
without limitation (1) misappropriation or improper diversion of funds, rights
or property of the Company or any Subsidiary or Affiliate, or (2) securing or
attempting to secure personally (including for the benefit of any family
member, or person sharing the same household, or any entity (corporate,
partnership, unincorporated association, proprietorship, limited liability
company, trust, or otherwise) in which Executive has any economic or beneficial
interest) any profit or benefit in connection with any transaction entered into
on behalf of the Company or any Subsidiary or Affiliate unless the transaction
benefiting the entity has been approved by the Board upon the basis of full
disclosure of such benefit, or (3) material breach of (x) any provision of this
Agreement or (y) the Company's Insider Trading Policy or Code of Business
Conduct and Ethics or other material policy or procedure of the Company or any
Subsidiary or Affiliate, as in effect from time to time, or (4) any other
action in violation of Executive's fiduciary duty owed to the Company or any
Subsidiary or Affiliate or Executive's acting in a manner adverse to the
interests of the Company or any Subsidiary or Affiliate and for his own
pecuniary benefit or that of a family member (or member of his household) or
any entity (as described in clause (i)(2) of Section 4(a) above) in which he or
any such person has an economic or beneficial interest; or (5) Executive's
failure to cooperate, if requested by the Board, with any investigation or
inquiry into his or the Company's or any Subsidiary's or Affiliate's business
practices, whether internal or external;

 

(ii)             
willful failure, neglect or
refusal to perform his duties or services under this Agreement, which failure,
neglect or refusal shall continue for a period of 30 days after written notice
thereof shall have been given to Executive by or on behalf of the Board; and/or

 

(iii)          
 commission of, conviction of, or
nolo contendere or guilty plea in connection with, a felony or a crime of moral
turpitude.

 

(b)             
Termination for Cause under
paragraph (a) of this Section 4 shall be effective immediately upon the giving
of such notice. For purposes of this Agreement, an act or failure to act on
Executive's part shall be considered "willful" if it was done or
omitted to be done by him not in good faith.

 

(c)              
Upon termination of employment by
the Company for Cause, Executive shall be entitled to receive, and his sole
remedies under this Agreement shall be:

(i)               
any earned and unpaid Salary
accrued through the date of termination for Cause, payable in a lump sum not
later than 15 days following Executive's 
termination of
employment;

	
	
	
	4

	
	
	 

 

 

 

(ii)             
compensation for any unused
vacation days accrued in the fiscal year in which termination occurs through
the date of termination, payable as in clause (i) of this Section 4(c);

 

(iii)           
except for any Bonus compensation
(for which Executive shall not be eligible), any unpaid benefits accrued
through the day immediately prior to the date of termination that may be due
Executive under any employee benefit plans or programs of the Company, payable
in accordance with the terms of such plans or programs, together with any
documented, unreimbursed business expenses, payable in accordance with Company
policies; and

 

(iv)           
any stock options, grants of
common stock, restricted share grants or other benefits under any of the
Company's compensation plans may not be exercised or obtained on or after the
effective date of termination and shall be forfeited for no consideration.

 

(d)             
Termination of Executive's
employment under this Section 4 shall be in addition to and not exclusive of
any other rights and remedies that the Company has or may have relating to
Executive with respect to the facts and circumstances pertaining to such
termination.

 

5.                 
TERMINATION BY EXECUTIVE FOR GOOD
REASON OR TERMINATION WITHOUT CAUSE

 

(a)              
In the event Executive terminates
his employment under this Agreement for Good Reason (as hereinafter defined),
or in the event Executive's employment is terminated without Cause, which
termination shall be effective as of the date specified by the Company in
written notice delivered to Executive not fewer than 15 days prior to the date
of termination) other than due to death or Disability (as hereinafter defined),
Executive shall be entitled to receive, and his sole remedies under this
Agreement shall be:

 

(i)               
any earned and unpaid Salary
accrued through the date of termination, payable in a lump sum not later than
15 days following Executive's termination of employment;

 

(ii)             
Salary, at the annualized rate in
effect on the date of termination of Executive's employment (or, in the event a
reduction in Salary is a basis for termination for Good Reason, then the Salary
in effect immediately prior to such reduction), equal to the amount of Salary
payable for a period of six months following such termination, payable in a
lump sum not later than 15 days following the date the Release in Exhibit I
becomes fully effective and nonrevocable by its terns;

	
	
	
	5

	
	
	 

 

 

 

(iii)           
compensation for any unused
vacation days accrued in the fiscal year in which termination occurs through
the date of termination, payable as in clause (i) of this Section 5(a);

 

(iv)           
any unpaid benefits accrued
through the day immediately prior to the date of termination that may be due
Executive under any employee benefit plans or programs of the Company, payable
in accordance with the terms of such plans or programs, together with any
documented, unreimbursed business expenses, payable in accordance with Company
policies; and

 

(v)             
provided that the Release in
Exhibit I becomes fully effective and nonrevocable by its terms, any stock options,
grants of Common Stock, restricted share grants or other benefits under any of
the Company's compensation plans that were vested as of 5:00 PM on the date
immediately prior to the date of termination, which may be exercised (in the
case of options) or delivered (in the case of restricted stock) in accordance
with the terms of such plans and any applicable plan agreements with Executive.

 

(b)             
Termination by Executive for Good
Reason shall be effected by his giving prior written notice to the Company, in
which case this Agreement shall terminate on the date specified in such notice;
provided,
however, that the circumstances or event asserted as
the basis for termination for Good Reason must have occurred no later than
twenty (20) days before such notice, and 
provided,
that such
notice shall specify (i) in reasonable detail the circumstances or event
asserted as the basis for termination for Good Reason, and (ii) a date of
termination that shall be at least thirty (30) days after the date of delivery
of such notice; and 
provided,
further, that the Company shall
have the right during such thirty (30) day period to remedy the circumstances
or event giving rise to the notice of termination for Good Reason prior to the
date specified in such notice , in which case no right of termination or other
right shall exist.

 

(c)              
For purposes of this Agreement,
the term "Good Reason" shall mean:

 

(i)               
the assignment to Executive
without his consent of duties materially inconsistent with Executive's position
as contemplated by Section 2 of this Agreement:

 

(ii)             
a decrease in annual Salary rate,
other than an across the board decrease in salary applicable to all senior
executives of the Company of not more than 10%;

 

 

(iii)           
any failure by the Company to
perform any material obligation under, or its breach of a material provision
of, this Agreement; or

	
	
	
	6

	
	
	 

 

 

 

(iv)           
failure of a Successor to
expressly assume and agree to perform this Agreement in the same manner and to
the same extent as the Company would have had there been no Successor.

 

6.                 
TERMINATION FOR DEATH OR
DISABILITY

 

(a)              
Executive's employment shall
terminate immediately upon his death or Disability (as hereinafter defined).
Upon such termination, Executive, his estate, or his beneficiaries, as the case
may be, shall be entitled to receive, and their sole remedies under this
Agreement shall be:

 

(i)               
subject to Section 6(b), any
earned and unpaid Salary accrued through the date of termination, payable in a
lump sum not later than 15 days following Executive's termination of
employment;

 

(ii)             
subject to Section 6(b),
compensation for any unused vacation days accrued in the fiscal year in which
termination occurs through the date of termination, payable as in clause (i) of
this Section 6(a);

 

(iii)           
any unpaid benefits accrued
through the date of termination that may be due Executive under any employee
benefit plans or programs of the Company, payable in accordance with the terms
of such plans or programs, together with any documented, unreimbursed business expenses,
payable in accordance with Company policies; and

 

(iv)           
provided that the Release in
Exhibit I becomes fully effective and nonrevocable by its terms (which may be
executed upon Executive's death or Disability by his executor or estate, as
applicable) , any stock options, grants of Common Stock, restricted share
grants or other benefits under any of the Company's compensation plans that
were vested as of 5:00 PM on the date immediately prior to the date of
termination, which may be exercised (in the case of options) or delivered (in
the case of restricted stock) in accordance with the terms of such plans and
any applicable plan agreements with Executive.

 

(b)             
For purposes of this Agreement,
the term "Disability" shall mean any disability, illness, or
other incapacity that prevents Executive from performing services as
contemplated by Section 2, for 60 or more consecutive days, or for 90 days in
any consecutive 12-month period. In such event, the Company shall have the
right to terminate this Agreement upon 10 days' prior written notice to
Executive. During the period of any such disability, illness, or incapacity,
(i) the obligation of the Company to pay Salary to Executive pursuant to
Section 3 shall be reduced to the extent of any amount received by Executive
pursuant to any disability insurance policy maintained and paid for by the
Company, and (ii) no bonus compensation or other employee benefits shall accrue
or be earned or count toward proration. 
Termination
under this Section shall not prejudice any rights of Executive under disability
policies being maintained by the Company for Executive under the terms of this
Agreement, if any.

	
	
	
	7

	
	
	 

 

 

 

7.                 
TERMINATION UPON EXPIRATION OF THE
TERM

 

(a)              
Executive's employment shall
terminate upon the expiration of the Term. Upon such termination, Executive
shall be entitled to receive, and his sole remedies under this Agreement shall
be:

 

(i)               
any earned and unpaid Salary
accrued through the date of termination, payable in a lump sum not later than
15 days following Executive's termination of employment;

 

(ii)             
compensation for any unused
vacation days accrued in the fiscal year in which termination occurs through
the date of termination, payable as in clause (i) of this Section 7(a);

 

(iii)           
any unpaid benefits accrued
through the date of termination that may be due Executive under any employee
benefit plans or programs of the Company, payable in accordance with the terms
of such plans or programs, together with any documented, unreimbursed business
expenses, payable in accordance with Company policies; and

 

(iv)           
provided that the Release in
Exhibit I becomes fully effective and nonrevocable by its terms, any stock
options, grants of Common Stock, restricted share grants or other benefits
under any of the Company's compensation plans that were vested as of 5:00 PM on
the date immediately prior to the date of termination, which may be exercised
(in the case of options) or delivered (in the case of restricted stock) in
accordance with the terms of such plans and any applicable plan agreements with
Executive.

 

8.                 
OBLIGATIONS UPON TERMINATION, ETC.

 

(a)             
Upon the termination of employment
for any reason hereunder, all provisions of this Agreement shall terminate
except for Sections 8, 9, 10 and 11 of this Agreement and the provisions
contained in Exhibit I hereto, the terms of which shall survive such
termination, and the Company shall have no further obligation to Executive
hereunder, except as herein and therein expressly provided. The Company shall
comply with the terms of settlement of all deferred compensation arrangements
to which Executive is a party in accordance with his duly executed deferral
election forms and plan provisions.

 

(b)            
In the event of a termination of
employment by Executive on his own initiative during the Term or any renewal
thereof by delivery of written notice of such 
resignation
ten business days in advance, other than due to Disability or termination for
Good Reason, Executive shall have the same entitlements as provided in Section
4, Termination by the Company for Cause.

	
	
	
	8

	
	
	 

 

 

 

(c)              In the event of a termination of
employment, payment made and performance by the Company in accordance with the
provisions of Section 4, 5, 6, or 7 as the case may be, and this Section 8
shall operate to fully discharge and release the Company and its Subsidiaries,
Affiliates, and their respective directors, officers, employees, shareholders,
successors, assigns, agents, and representatives (all of the foregoing
collectively , the "releasees") from any further obligation or
liability with respect to Executive's rights under this Agreement. Other than
payment and performance as aforesaid, none of the releasees shall have any
further obligation or liability to Executive or any other person under this
Agreement arising out of termination of Executive's employment under this
Agreement except as expressly set forth in Exhibit I hereto. The Company's
payment of any severance or other amounts pursuant to Section 4, 5, 6, 7, or 8
shall be subject to delivery by Executive to the Company of a release in form
and substance satisfactory to the Company releasing any and all claims
Executive, his estate, representatives, and assigns may have against the
Company and any other releasee arising out of this Agreement, as substantially
set forth in Exhibit I hereto.

 

9.                 
COVENANTS

 

(a)              
Executive agrees that during the
Term, any renewal thereof, and for one full year after expiration or
termination of the Term or any renewal thereof (except in the case of clause
(a), as to which Executive's covenant shall not be limited in time), he shall
not, without the express prior written consent of the Company, directly or
indirectly, either individually or as an employee, officer, director, agent,
partner, shareholder, consultant, option holder, joint venturer, contractor,
nominee, lender of money, guarantor, investor, owner, or in any other capacity:

 

(i)               
except as required in the course
of performing his duties hereunder, disclose, copy, divulge, furnish,
distribute or make available in any medium whatsoever to any firm, company,
corporation, organization, or other entity or person (including but not limited
to actual or potential customers or competitors or government officials), or
otherwise misappropriate trade secrets, intellectual property, or other
confidential or non-public information of or concerning the Company, its
Subsidiaries or Affiliates or the business of any of the foregoing, including
without limitation, customer lists, product designs and product know-how,
launch information or plans pertaining to Company, its Subsidiaries or
Affiliates or customer products, arrangements for supplying customers, methods
of operation and organization, sources of supply and arrangements with vendors,
product development, business plans and strategies; 
provided,
however,
Executive may make disclosures as and to the extent required by applicable law
or compelled upon court or administrative order, 
provided,
further,
however, that in the event that
Executive is so required or compelled, he shall notify the Company not fewer than
ten (10) business days in advance of such disclosure in order to afford it the
reasonable opportunity to obtain a protective order or other remedy to limit
the scope of such disclosure (it being understood and agreed that, if such
disclosure is required by applicable law, Executive shall upon the Company's
request furnish the source and precedents with respect to such requirement).
For purposes of this Section 9, information shall not be deemed confidential if
it is within the public domain or becomes publicly known other than through
disclosure by Executive in violation of this provision;

	
	
	
	9

	
	
	 

 

 

 

(ii)             
own (or have any financial
interest in, actual, contingent or otherwise), control, manage, operate,
participate, engage in, invest in or otherwise have any interest in, or
otherwise be connected with, in any manner, any firm, company, corporation,
organization, business, enterprise, venture or other entity, association or
person that is engaged in the business actually engaged in by the Company, its
Subsidiaries or Affiliates during the Term or any renewal thereof, including
without limitation the Company Business (as hereinafter defined); or

 

(iii)           
solicit, employ or retain or
arrange, encourage, facilitate or assist to have any other firm, company,
corporation, organization, business, enterprise, venture or other entity,
association or person solicit, employ, retain, or otherwise participate in the
employment or retention of, any person who is then, or who has been, within the
preceding six (6) months, an employee, consultant, sales representative,
technician or engineer of the Company, its Subsidiaries, Affiliates, or joint
venture counterparties.

 

(iv)           
own (or have any financial
interest in, actual, contingent, future, or otherwise), control, manage,
operate, participate, engage in, invest in or otherwise have any interest in or
through, or otherwise be connected with, in any manner, any firm, company,
corporation, organization, associate, business, enterprise, venture or other
entity, association or person that does or proposes to do any one or more of
the following as it relates to of the Company Business (as hereinafter
defined): (a)(i) engage in, do, or solicit business with, or (ii) interfere
with or affect the Company's (or any Subsidiary's or Affiliate's) business
opportunities with, any of the customers with whom the Company (or any
Subsidiary or Affiliate) has done business with during the most recent two
years, or (b)(i) engage in, do, or solicit business with, or (ii) interfere
with or affect the Company's (or any Subsidiary's or Affiliate's) business
opportunities with, any of the vendors with whom the Company (or any Subsidiary
or Affiliate) has done business with during the most recent two years. The term
"Company Business" shall mean the business of designing, manufacturing,
procuring the supply or manufacture of, sourcing, selling, re-selling, and/or
distributing (at wholesale, retail, or otherwise) of carrying, protective, or
portable cases or cover plates and related carry case or
other accessories supplied to the cellular telephone, portable medical
equipment, laptop computer, tablet, photography, firearms, aeronautic, code
reader, video or audio industries. Nothing in this Section 9 shall be deemed to
prohibit Executive from the acquisition or holding of, solely as a passive
stockholder, not more than one percent (1%) of the shares or other securities
of a publicly-owned corporation if such securities are traded on a national
securities exchange.

	
	
	
	10

	
	
	 

 

 

 

(b)             
Executives agree that Executive
will not, directly or indirectly, make disparaging remarks about the Company,
any of its Subsidiaries or Affiliates, or their owners, officers, directors or
employees, in their individual and representative capacities, or the Company
Business. Executive will not, directly or indirectly, issue or cooperate with
issuance of any article, memorandum, release, interview, publicity, or
statement, whether oral or written of any kind, to the public, the press or the
media, which in any way concerns in a disparaging, offensive, or prejudicial
manner the Company or any Subsidiary or Affiliate. "Disparaging
remarks" when used in this Agreement shall mean the publication of matter
that is untrue or adversely affects the subject's reputation, image or good
will. This Section will not be construed to prevent Executive from complying
with any lawfully served and binding subpoena, 
provided
however,
that Executive forwards a copy of said subpoena(s) to the Company within
seventy-two (72) hours of receipt of the same, unless expressly prohibited by
law from doing so.

 

(c)             
Upon the expiration or termination
of this Agreement for any reason, Executive shall promptly deliver to the
Company all documents, papers and records in his possession relating to the
business or affairs of the Company or any Subsidiary or Affiliate and that he
obtained or received in his capacity as an employee or officer of the Company
or any Subsidiary or Affiliate and any other Company, Subsidiary or Affiliate
property or equipment in his possession or control.

 

(d)            
Executive agrees that Executive will
cooperate with the Company, its Subsidiaries and Affiliates, and each of their
respective attorneys or other legal representatives ("Company attorneys")
in connection with any claim, litigation, or judicial or arbitral proceeding
which is now pending or may hereinafter be brought against the Company or any
of its Subsidiaries or Affiliates by any third party. Executive's duty of
cooperation shall include, but not be limited to (i) meeting with Company
attorneys by telephone or in person, at mutually convenient times and places,
in order to stat e truthfully Executive's knowledge of matters at issue and
recollection of events; (ii) appearance by Executive as a witness at
depositions or trials, without necessity of a subpoena, in order to state
truthfully Executive's knowledge of matters at issues; and (iii) signing, upon
the request of Company attorneys, declaration or affidavits that truthfully
state matters of which Executive has knowledge. The Company shall reimburse
Executive for Executive's actual and reasonable travel expenses which have been
approved by the Company in writing in advance of Executive incurring them that
Executive 
may incur in complying with Executive's
obligations pursuant to this Section.

	
	
	
	11

	
	
	 

 

	
	 

 

(e)             
In the event Executive shall
violate or be in violation of any provision of this Section 9 (which provisions
Executive hereby acknowledges are reasonable and equitable), in addition to the
Company's right to exercise any and all remedies, legal and equitable, which it
may have under applicable laws, Executive shall not be entitled to any, and
hereby waives any and all rights to, each and every, termination payment or
benefit under this Agreement.

 

(f)               
Nothing contained in this
Agreement shall be construed to prevent the Executive from reporting any act or
failure to act to the Securities and Exchange Commission or other governmental
body or prevent the Employee from obtaining a fee as a “whistleblower” under
Rule 21F-17(a) under the Securities and Exchange Act of 1934 or other rules or
regulations implemented under the Dodd-Frank Wall Street Reform Act and
Consumer Protection Act.

 

10.             
SEPARABILITY

 

Executive acknowledges and agrees that the provisions
of Section 9 hereof constitute independent and separable covenants, for which
Executive is receiving consideration, which shall survive the termination of
employment, and which shall be enforceable by the Company notwithstanding any
rights or remedies the Company may have under any other provision hereof.

 

11.             
SPECIFIC PERFORMANCE

 

(a)               
Executive acknowledges and agrees that:

 

(i)                
the services to be rendered and
covenants to be performed under this Agreement are of a special and unique
character and that the Company and any Subsidiary or Affiliate would be
irreparably harmed if such services were lost to it or if Executive breached
its obligations and covenants hereunder;

 

(ii)              
the Company and its Subsidiaries
and Affiliates are relying on Executive's performance of the covenants
contained herein, including, without limitation, those contained in Section 10
above, as a material inducement for its entering into this Agreement;

 

(iii)            
the Company and its Subsidiaries
and Affiliates may be damaged if the provisions hereof are not specifically
enforced; and

 

(iv)            
the award of monetary damages may
not adequately protect the Company and its Subsidiaries and Affiliates in the
event of a breach hereof by Executive.

 

(b)              
By virtue thereof, Executive
agrees and consents that if Executive breaches any of 
the
provisions of this Agreement , the Company and its Subsidiaries and Affiliates,
in addition to any other rights and remedies available under this Agreement or
under applicable laws, shall (without any bond or other security being required
and without the necessity of proving monetary damages) be entitled to a
temporary and/or permanent injunction to be issued by a court of competent
jurisdiction restraining Executive from committing or continuing any violation
of this Agreement, or any other appropriate decree of specific performance.
Such remedies shall not be exclusive and shall be in addition to any other
remedy that the Company and its Subsidiaries and Affiliates may have.

	
	
	
	12

	
	
	 

 

 

 

12.             
MISCELLANEOUS

 

(a)              
Entire Agreement; Amendment. This Agreement constitutes the entire employment
agreement between the parties and may not be modified, amended or terminated
(other than pursuant to the terms hereof) except by a written instrument
executed by the parties hereto. All other agreements, written or oral, between
the parties pertaining to the employment or remuneration of Executive not
specifically contemplated hereby or incorporated or merged herein are hereby
terminated and shall be of no further force or effect.

 

(b)              Assignment; Successors. This Agreement is not assignable by Executive and
any purported assignment by Executive of Executive's rights and/or obligations
under this Agreement shall be null and void. Except as provided below, this
Agreement may be assigned by the Company at any time, upon delivery of written
notice to Executive, to any successor to the business of the Company, or to any
Subsidiary or Affiliate. In the event that another corporation or other
business entity becomes a Successor of the Company, then this Agreement may not
be assigned to such Successor unless the Successor shall assume and agree to
perform this Agreement in the same manner and to the same extent as the Company
would be required to perform if there had been no Successor. The term
"Successor" as used herein shall mean any corporation or other
business entity that succeeds to substantially all of the assets or conducts
the business of the Company, whether directly or indirectly, by purchase,
merger, consolidation or otherwise. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective heirs, executors,
administrators, personal representatives, successors and permitted assigns.

 

(c)               Waivers, etc. No waiver of any breach or default hereunder shall
be considered valid unless in writing, and no such waiver shall be deemed a
waiver of any subsequent breach or default of the same or similar nature. The
failure of any party to insist upon strict adherence to any term of this
Agreement on any occasion shall not operate or be construed as a waiver of the
right to insist upon strict adherence to that term or any other term of this
Agreement on that or any other occasion.

 

(d)              
Provisions Overly Broad. In the event that any term or provision of this
Agreement shall be deemed by a court of competent jurisdiction to be overly
broad in scope, duration or area of applicability, the
court considering the same shall have the power and hereby is authorized and
directed to modify such term or provision to limit such scope, duration or
area, or all of them, so that such term or provision is no longer overly broad
and to enforce the same as so limited. Subject to the foregoing sentence, in the
event that any provision of this Agreement shall be held to be invalid or
unenforceable for any reason, such invalidity or unenforceability shall attach
only to such provision and shall not affect or render invalid or unenforceable
any other provision of this Agreement.

	
	
	
	13

	
	
	 

 

 

 

(e)               Notices. Any notice permitted or required hereunder shall be
in writing and shall be deemed to have been given on the date of delivery or,
if mailed by certified mail, postage prepaid, return receipt requested,
documented overnight courier, or by facsimile transmission, on the date mailed
or transmitted.

 

(i)                
If to Executive to:

 

his address on file with the Company.

 

(ii)              
If to the Company to:

 

477 S. Rosemary Ave. Suite 219

West Palm Beach, FL. 33401

Attention: Chief Financial Officer

 

(f)               
Law Governing. This Agreement shall be governed by and construed in
accordance with the laws of the State of New York governing contracts made and
to be performed in New York without regard to conflict of law principles
thereof.

 

(g)              
Survival. All obligations of the Company to Executive and
Executive to the Company shall terminate upon the termination of this
Agreement, except as expressly provided herein. The provisions of Sections 8,
9, 10 and 11 shall survive termination of this Agreement.

 

(h)              
Counterparts. This Agreement may be executed in counterparts, each
of which shall be deemed an original, and each party may become a party hereto
by executing a counterpart hereof. This Agreement and any counterpart so
executed shall be deemed to be one and the same instrument. It shall not be
necessary in making proof of this Agreement or any counterpart hereof to
produce or account for any of the other counterparts. Facsimile or electronic
copies of this Agreement shall be of the same force and effect as the original.

 

(i)                
Approval. This Agreement is subject to prior review and
approval of the Compensation Committee of the Company's Board of Directors.

 

(j)                
Headings. The headings in this Agreement are for convenience
of reference only.

 

	
	
	
	14

	
	
	 

 

 

(k)              Representation. Executive represents and warrants to the Company,
and Executive acknowledges that the Company has relied on such representations
and warranties in offering to employ Executive, that neither Executive's duties
as an employee of the Company nor his performance of this Agreement will breach
any other agreement to which Executive is a party, including without
limitation, any agreement limiting the use or disclosure of any information
acquired by Executive prior to his employment by the Company. In addition,
Executive represents and warrants and acknowledges that the Company has relied
on such representations and warranties in employing Executive, that he has not
entered into, and will not enter into, any agreement, either oral or written,
in conflict herewith. If it is determined that Executive is in breach or has
breached any of the representations set forth herein, the Company shall have
the right to terminate Executive's employment for Cause.

 

13.             

Indemnification and
Liability Insurance. 
The Company shall indemnify and cover Executive under the Company’s directors’
and officers’ liability insurance during the Term in the same amount and to the
same extent as the Company indemnifies and covers its other officers and
directors.

 

	
	
	
	15

	
	
	 

 

 

 

 

IN WITNESS WHEREOF, the parties have executed this
Agreement dated as of May 16, 2018, intending it to be effective on and as
of the date hereof.

 

 

	
		
		EXECUTIVE

			 FORWARD
		INDUSTRIES, INC.
	
		
		 

			 
	
		
		 

			 
	
		
		 

			 
	
		
		/s/ 
		  Terry
Wise            

			
		By:  /s/
		Michael Matte             
		 
	
		
		Terry
Wise
	
		Michael Matte 
	
		 

			
		Chief Financial Officer 

 

 

 

 

 

 

 

	
	
	
	16

	
	
	 

 

	
	 

EXHIBIT I

 

1.                 
Release. This Release of Claims (the "Release")
is entered into by you as a condition precedent to receiving the severance and
severance related benefits provided in the Employment Agreement to which this
Exhibit I relates (the "Employment Agreement"). In exchange
for the receipt of the severance and severance related benefits, you for
yourself, your heirs and assigns and anyone else acting on your behalf, hereby
voluntarily, knowingly and irrevocably and forever discharge the Company, each
of its subsidiaries and affiliates, and their respective predecessors and
successor s, as well as each of their respective present, former, and future
officers, directors, shareholders, employees, and agents, in both their
individual and representative capacities, and each of their heirs and assigns
(the "Releasees") from all actions, claims , demands, causes
of actions, obligations, damages, liabilities, expenses and controversies of
any nature whatsoever, whether known or not now known or suspected , which you
had, have or may have against the Releasees from the beginning of time up to
and including the date you sign this Release (the "Waived Claims").
The Waived Claims that you forever and irrevocably give up and release when the
Release becomes effective include, but are not limited to, all claims related
to (i) your employment at each of the Company and its subsidiaries or affiliates
or the termination of such employment, (ii) statements, acts or omissions by
the Releasees, (iii) any express or implied agreement between you and the Releasees,
(iv) wrongful discharge, defamation, slander, breach of express or implied
contract, negligent and/or intentional misrepresentation or infliction of
emotional distress, breach of an implied covenant of good faith and fair
dealing, claims of intentional or negligent interference with economic,
employment, or contractual rights or promissory estoppel, (v) any federal,
state, or local law or regulation prohibiting discrimination in employment or
otherwise regulating employment, including but not limited to, the Age
Discrimination in Employment Act of 1967, as amended  (ADEA), the Older Worker
Benefit Protections Act, the Equal Pay Act of  1963, Title VII of the Civil
Rights  Acts of 1964,  as amended, the Civil Rights Act of 199 1, the Family
Medical Leave Act of 1993 (FMLA), the America ns with Disabilities Act of 1990
(ADA), the Worker Adjustment and Retraining Notification Act, the Fair Labor
Standards Act of 1938, as amended, the Employee Retirement Income Security Act
of 1974 (ERISA), as amended, 42 U.S.C. Section s 1981 through 1988, the
Consolidated Omnibus Reconciliation Act of 1986 (COBRA), the New York State
Human Rights Law and the New York City Human Rights Act, the Florida Civil
Rights Act, the Florida Whistleblower Protection Act, the Florida Workers
Compensation Retaliation provision, the Florida Minimum Wage Act, the Florida
Fair Housing Act and Article X, Section 24 of the Florida Constitution, (vi)
any claim for wages, commissions, bonuses, incentive compensation, vacation
pay, employee benefits, expenses or allowances of any kind, or any other
payment or compensation. You are not waiving any claims with respect to your
rights to enforce Section [5][6][7] of the Employment Agreement. You are not
waiving or releasing any rights or claims that may arise after the date that
you sign this Release. 

 

2.                 
Termination and Severance
Benefits. The Release does not affect
your vested rights and eligibility for benefits under the Company 40l(k) Plan,
or any other employee benefit plan covered by ERISA (other than a severance
plan). Eligibility for benefits under these 
plans is
determined by the applicable plan documents. The Release does not affect your
right to reimbursement of expenses incurred but not reimbursed prior to the
date you sign the Release, subject to the Company's expense reimbursement
policies. In particular, this Release shall not affect your right to the
payment provided in Section [5][6][7] of the Employment Agreement.

	
	A-I

	
	
	 

 

	
	 

 

3.                 
No suit. This Release does not impair any rights you have to
file a charge of discrimination with a federal or state administrative agency;
provided, however, that you acknowledge and agree that neither you nor your
heirs, executors, administrators, successors or assigns will be entitled to any
personal recovery in any proceeding of any nature whatsoever against the
Releasees arising out of any of the matters released in Section 1. You
represent and warrant that as of the date hereof, you nor anyone acting on your
behalf has made or filed, commenced, maintained, prosecuted or participated in
any action, suit, charge, grievance, complaint or proceeding of any kind
against the Company, any subsidiary or affiliate thereof, and/or Releasees in
any federal, state or local court, agency or investigative body.

 

4.                 
Representations. You acknowledge and agree that:

 

(a)               
You have read and fully understand
the legal effect and binding nature of the promises and obligations contained
in this Release;

 

(b)              
You are executing this Release
freely and voluntarily;

 

(c)               
You have been advised to consult
with legal counsel, at your own expense, before signing this Release;

 

(d)              
You are receiving benefits as a
condition to signing this Release and it becoming effective that you would not
otherwise be entitled to receive but for this Release becoming effective;

 

(e)               
You have not, during the term of
your employment under the Employment Agreement or thereafter performed any act,
or directed any other person or entity to perform any act on your or their
behalf, the intended or proximate result of which would constitute a violation
of the covenants to be performed by you referred to or set forth in the
Employment Agreement, nor are there any agreements, arrangements, or
understandings, written or oral, that would, if performed or acted upon,
constitute such a violation.

 

(f)               
There are no promises or
representations that have been made to you to sign this Release except those
that are included in the Employment Agreement and this Release;

 

(g)              
You have 21 days to consider this
Release, although you may sign it sooner, and once you sign this Release, you
have 7 days to revoke your consent to this Release. Any such revocation shall
be made in writing by hand delivery, email, or 
overnight
courier so as to be received by the Company prior to (or if by overnight
courier, on or prior to) the 8th day following your execution of this Release;
and if no such revocation occurs, this Release s hall become fully effective on
the 8th day following your execution of this Release. In the event that you do
not sign within such 21-day period or you revoke your consent as permitted
above, this Release shall be null and void.

	
	A-II

	
	
	 

 

	
	 

 

5.                 
Employment Agreement. You further acknowledge and agree that the
following provisions of the Employment Agreement are incorporated by reference
into this Release as if fully set forth herein: 9 (Covenants), 10
(Separability), 11 (Specific Performance) and 12 (Miscellaneous). You hereby
reaffirm such sections and acknowledge and agree that such sections shall
survive the termination of your employment for whatever reason and continue as
set forth in the Employment Agreement.

 

6.                 
No Admission. This Release is not an admission of any liability or
wrongdoing by you, the Company and/or any Releasee.

 

7.                 
No Reinstatement. By entering into this Agreement, you acknowledge
that you (i) waive any claim to reinstatement and/or future employment with the
Company or any subsidiary or affiliate and (ii) are not and shall not be
entitled to any payments, benefits or other obligations from the Company or any
subsidiary or affiliate thereof whatsoever (except as expressly set forth
herein).

 

 

 

 

 

	
	A-III

	
	
	 

 

	
	 

Your signature below
acknowledges that you knowingly and voluntarily agree to all of the terms and
conditions contained in this Release.

 

 

	
		TERRY WISE	
		
		FORWARD
INDUSTRIES, INC.

	 	
		
		 

		
	 	
		
		 

		
	 	
		
		 

		
	/s/  
		Terry Wise           
			
		
		By:
		
		                                                    
		

	
		Terry Wise	
		
		
		       [Name] 

	 	
		
		
		       [Position]

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