Document:

Exhibit 10.01

 

SECOND
AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

This
SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”), dated as of December 28, 2017, and effective
January 1, 2018, is by and between Genie Energy Ltd., a Delaware corporation (the “Company”) and Avi Goldin,
an individual (the “Employee”).

 

WHEREAS,
the Employee was initially employed as Chief Financial Officer of the Company pursuant to the terms of that certain Employment
Agreement, dated October 28, 2011, between the Company and the Employee (the “Original Agreement”);

 

WHEREAS,
the Employee is currently employed as Chief Financial Officer of the Company pursuant to the terms of that certain Amended and
Restated Employment Agreement dated August 19, 2014 and the Addendum to Amended and Restated Employment Agreement dated April
20, 2015, between the Company and the Employee (collectively, the “Amended Agreement”);

 

WHEREAS,
in recognition of the Employee’s experience and abilities, the Company desires to assure itself of the continued employment
of the Employee in accordance with the terms and conditions provided herein; and

 

WHEREAS,
the Employee wishes to continue to perform services for the Company in accordance with the terms and conditions provided herein;
and

 

WHEREAS,
the parties desire to amend and restate the Amended Agreement, with effect as of January 1, 2018 (the “Amendment Effective
Date”), as follows: 

 

NOW,
THEREFORE, in consideration of the promises and the respective covenants and agreements of the parties herein contained, and intending
to be legally bound hereby, the parties hereto agree as follows:

 

1. Amended
Agreement. Until 11:59 p.m. on December 31, 2017, the Amended Agreement shall remain in full force and effect (unless terminated
in accordance with its terms), other than the provision of Section 3 thereof providing for automatic renewal of the terms thereof.
From and after 12:00 a.m. on January 1, 2018, the Amended Agreement is hereby amended and restated in its entirety.

 

2.
Employment. The Company hereby agrees to continue to employ the Employee, and the Employee hereby agrees to
continue to be employed by the Company and to perform services for the Company or its subsidiaries and affiliates, on the terms
and conditions set forth herein, in each case, with effect as of the Amendment Effective Date.

 

3. Term. The
term of the Agreement as amended and restated (the “Term”) shall commence on the Amendment Effective Date and
shall terminate on December 31, 2020 (the “Initial Expiration Date”), or upon the Employee’s earlier
death, or other termination of employment pursuant to Section 10 hereof. The Term shall automatically be renewed or
extended for additional one year periods beyond its otherwise scheduled expiration unless, not later than ninety (90) days prior
to any such expiration, either party hereto shall have notified the other party in writing that such renewal extension shall not
take effect.

 

     

     

    

 

4. Position.
During the Term, the Employee shall serve as the Chief Financial Officer of the Company or as Chief Financial Officer of one of
the Company’s principal divisions (currently Genie Oil & Gas and IDT Energy) and in such other capacities as shall be
designated by the Board of Directors of the Company (the “Board”) and agreed to by the Employee from time to
time.

 

5. Duties
and Reporting Relationship. During the Term, the Employee shall, on a full-time basis, use his skills and render
services to the best of his abilities on behalf of the Company. The Employee shall report directly to the Chief Executive Officer
of the Company or of the division of the Company of which he serves as Chief Financial Officer. The Employee shall comply with
all policies and procedures of the Company.

 

6. Place
of Performance. The Employee shall perform his duties and conduct his business on a full-time basis at the Company’s
Headquarters, except for required travel on Company business.

 

7. Compensation
and Related Matters.

 

(a) Annual
Base Salary. During the Term, the Company shall pay to the Employee an annual base salary (the “Base Salary”)
at a rate of THREE HUNDRED FIFTY THOUSAND DOLLARS ($350,000), payable in accordance with the Company’s standard payroll
practices, less applicable taxes and customary withholdings. 

 

(b) Bonus;
Equity. 

 

		(i)	During
                                         the Term, the Employee shall also be entitled to an annual bonus in the gross amount
                                         of ONE HUNDRED TWELVE THOUSAND FIVE HUNDRED DOLLARS ($112,500), less applicable taxes
                                         and customary withholdings, in respect of any year commencing with 2018 through the Initial
                                         Expiration Date (“Guaranteed Bonus”). Payment of the Guaranteed Bonus
                                         shall be made to the Employee in accordance with Company policy, but in no event later
                                         than ninety (90) days following the end of the fiscal year in respect of which it is
                                         payable (each such payment date, a “Bonus Payment Date”). It is understood
                                         and agreed that the Employee shall be eligible for such a Guaranteed Bonus only if the
                                         Employee has been continuously employed by the Company from the Amendment Effective Date
                                         through end of the applicable fiscal year, and the Employee has not, as of such Bonus
                                         Payment Date, issued notice of his resignation, regardless of the reason for such resignation
                                         or been terminated by the Company for Cause (as defined below).

 

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		(ii)	Additionally,
                                         the Employee shall be eligible to participate in any bonus pool established for, or broad-based
                                         equity grant made to, employees or management of the Company, in each case at levels
                                         set in the sole discretion of the Company and upon the approval of the Compensation Committee
                                         of the Company’s Board of Directors. The Employee shall have a target bonus of
                                         ONE HUNDRED TWELVE THOUSAND FIVE HUNDRED DOLLARS ($112,500). Any bonus that is awarded
                                         under this provision (a “Discretionary Bonus”) shall be paid to the
                                         Employee on the Bonus Payment Date following the end of the relevant fiscal year. It
                                         is understood and agreed that the Employee shall be eligible for a Discretionary Bonus
                                         only if the Employee has been continuously employed by the Company from the Amendment
                                         Effective Date through end of the applicable fiscal year, and the Employee has not, as
                                         of such Bonus Payment Date, issued notice of his resignation, regardless of the reason
                                         for such resignation or been terminated by the Company for Cause.

 

(c) Employee
Benefits. During the Term, the Employee will be eligible to participate in the Company’s benefit plans, in
each case as available to similarly situated employees (collectively the “Programs”), as such Programs are
adopted by the Company, subject to the terms and conditions of the Programs. In addition, during the Term, the Employee
will be eligible to participate in the Company’s 401(k) savings plan (the “401(k) Plan”) subject to the
terms and conditions of the 401(k) Plan.

 

(d) Business
Expenses. The Company shall reimburse the Employee for all ordinary and necessary business expenses incurred by him in connection
with his employment (including without limitation, expenses for travel (with class of travel in accordance with Company policy)
and entertainment incurred in conducting or promoting business for the Company) upon submission by the Employee of receipts and
other documentation in accordance with the Company’s normal business expense reimbursement policies. The Employee
must use the Company’s travel department (if such a department exists) to arrange for all business related travel.

 

(e) Paid
Vacation. The Company will provide the Employee with paid vacation in addition to Company Closed Days as outlined in the Company’s
Policy Handbook for Employees as it may be amended from time to time.

 

(f) Compensation
on Extension of the Term. (i) Unless the Company shall make a Renewal Election under clause (ii) below, in the event that
the Term of the Agreement is extended beyond the Initial Expiration Date in accordance with Section 3 hereof, then each of the
Base Salary, the Guaranteed Bonus and the target for the Discretionary Bonus will increase by five percent (5%) from the levels
provided for herein during such extended portion of the Term.

 

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(ii)
The Company shall have the right (a “Renewal Election”), at any time not less than nine (9) months, nor more than
twelve (12) months, prior to the then scheduled expiration of the Term, to notify (the Employee that the Base Salary, Guaranteed
Bonus and target for Discretionary Bonus will each be reduced by up to ten percent (10%) for any period following such scheduled
expiration of the Term. The Employee shall have the right to accept such modified terms or, within twenty (20) days following
delivery of the Renewal Election by the Company to the Employee, elect to terminate his employment effective as of the then scheduled
expiration of the Term and, provided that he continues to perform his obligations to the Company hereunder through the expiration
of the Term, he shall be entitled to receive severance under Section 10(d) hereof (upon performance of all obligations set forth
in such section), provided that the Minimum Severance Period (as defined below) for such purpose shall be reduced by 50%. For
the avoidance of doubt, the making of a Renewal Election by the Company shall not constitute Good Reason (as defined below) for
purposes of Section 10(c) hereof.

 

8. Non-Disclosure
and Non-Competition Agreement. The Employee agrees that upon his execution of this Agreement, and as a precondition of his
employment pursuant to this Agreement, he will execute the Non-Disclosure and Non-Competition Agreement attached hereto as Exhibit
A (the “NDNC”).  Notwithstanding anything to the contrary contained herein, the remedies provided
for in the Non-Disclosure and Non-Competition Agreement are separate and distinct from those provided for in this Agreement and
in no event shall such remedies be superseded by any provision contained herein.

 

9. Representations.
The Employee represents and warrants to the Company that the execution and delivery of this Agreement, and the terms of the Non-Disclosure
and Non-Competition Agreement, do not, and the performance by the Employee of his obligations thereunder shall not, conflict with,
result in the breach of any provisions of or the termination of, or constitute a default under, any agreement, contract, or other
obligation to assign inventions or to keep information confidential, to which the Employee is a party or by which the Employee
was, is, or may be bound.

 

10. Termination. The
Employee’s employment hereunder may be terminated without breach of this Agreement as follows:

 

(a) Death;
Disability. The Employee’s employment hereunder shall terminate upon his death or, as permitted by law, Disability
(as hereinafter defined). Upon any such termination, the Employee (or, in the event of his death, his estate) (i) shall
receive any accrued or vested compensation, including salary and bonus(es), through the “Date of Termination”
(as hereinafter defined), and (ii) shall be reimbursed for unpaid and approved business expenses (in accordance with the Company’s
normal business expense reimbursement procedures) through such Date of Termination. The Employee (and in the event
of his death, his estate) shall not be entitled to any other amounts or benefits from the Company or otherwise, except payments
pursuant to any Company life insurance program/policy then in effect. For purposes of this Agreement, “Disability”
shall mean the inability of the Employee to perform his duties on account of a physical or mental illness for a period of sixty
(60) consecutive days or ninety (90) days in any six (6) month period, and the term “Disabled” shall have a
corresponding meaning. If, during the Term, the Employee’s employment is terminated by reason of the Employee
becoming Disabled, the Company shall pay to the Employee (or his estate as applicable) any accrued or vested compensation including
salary and bonus(es), through the Date of Termination and the Employee (or his estate as applicable) shall be reimbursed for unpaid
and approved business expenses (in accordance with the Company’s normal business expense reimbursement procedures) through
such Date of Termination. Notwithstanding anything contained herein to the contrary, during any period of Disability,
the Company shall not be obligated to pay any compensation or other amounts to the Employee except as expressly provided by the
Programs then in effect. 

 

    	 	4	 

     

    

 

(b) Cause;
Resignation Without Good Reason. The Company may terminate the Employee’s employment hereunder for Cause
(as hereinafter defined) or the Employee may resign from his position with the Company without Good Reason (as hereinafter defined). For
purposes of this Agreement, the Company shall have “Cause” to terminate the Employee’s employment hereunder:
(i) upon the Employee’s indictment or conviction for the commission of an act or acts constituting a felony under the laws
of the United States or any State thereof, (ii) upon the Employee’s commission of fraud, embezzlement or gross negligence,
(iii) upon the Employee’s willful or continued failure to perform an act permitted by the Company’s rules, policies
or procedures, including without limitation, the Company’s  Code of Business Conduct and Ethics that is within
his material duties hereunder (other than by reason of physical or mental illness or disability) or directives of the Board, or
material breach of the terms hereof or of the Non-Disclosure and Non-Competition Agreement annexed hereof, in each case, after
written notice has been delivered to the Employee by the Company, which notice specifically identifies the manner in which the
Employee has not substantially performed his duties or has committed a breach, and the Employee’s failure to substantially
perform his duties or breach is not cured within fifteen (15) business days after such notice has been given to the Employee;
(iv) upon any misrepresentation by the Employee of a material fact to or concealment by the Employee of a material fact from the
Board, the Chairman, the Chief Executive Officer and/or general counsel; or (v) upon any material violation of the
Company’s rules, policies or procedures, including without limitation, the Company’s Code of Business Conduct and
Ethics. For purposes of this Section 10(b), no act or failure to act on the Employee’s part shall be deemed “willful”
unless done or omitted to be done, by the Employee not in good faith and without reasonable belief that the Employee’s act,
or failure to act, was in the best interest of the Company.

 

If
the Company terminates the Employee’s employment for Cause, or if the Employee shall resign from the Company without Good
Reason, the Employee shall not be entitled to any severance payments, any unvested stock options, or other unvested equity incentive
awards shall terminate, and the Employee shall relinquish any and all rights to any amounts payable and to any benefits otherwise
provided for herein, provided that the Employee shall (A) be entitled to receive accrued or vested compensation, including salary
and Guaranteed Bonus (to be paid when paid to other officers of the Company), through the Date of Termination, and (B) have the
right to be reimbursed for unpaid and approved business expenses (in accordance with the Company’s normal business expense
reimbursement procedures) through such Date of Termination.

 

If
the Employee resigns from the Company without Good Reason, or if the Employee does not intend to seek renewal of the Term, the
Employee shall provide written notice to the Company at least ninety (90) days prior to the actual Date of Termination of the
Employee’s employment, which ninety day notice period may be waived by the Company in its sole discretion.

 

(c) Termination
Without Cause; Resignation for Good Reason. The Employee’s employment hereunder may also be terminated by the Company
at any time for any reason without Cause or by the Employee for Good Reason.

 

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For
purposes of this Agreement, the Employee shall have “Good Reason” to terminate his employment hereunder upon
(i) the Company’s failure to perform its material duties hereunder, which failure has not been cured by the Company within
fifteen (15) days of its receipt of written notice thereof from the Employee; (ii) a reduction by the Company (without the consent
of the Employee, which consent may be revoked at any time) in the Employee’s Base Salary, or substantial reduction in the
other benefits provided to the Employee; (iii) the assignment to the Employee of duties inconsistent with the Employee’s
status as a senior executive officer of the Company, or the designation by the Company of the Employee to any position or capacity
other than (A) Chief Financial Officer of the Company, (B) Chief Financial Officer of one of the Company’s principal divisions
(as described in the Company’s periodic filings made with the Securities and Exchange Commission), or (C) Chief Operating
Officer of the Company; (iv) the relocation of the Employee’s principle place of employment to a location more than thirty-five
(35) miles from its current Newark, New Jersey location or outside of the New York City metropolitan areas; (v) the assignment
of duties inconsistent with the Company’s rules, policies or procedures, including without limitation, the Company’s
Code of Business Conduct and Ethics; (vi) any purported termination of the Employee’s employment not in accordance with
the terms hereof; or (vii) any Change in Control of the Company. For purposes of this Agreement, a “Change
in Control” shall mean and shall be deemed to have occurred if (A) any person or group (within the meaning of Rule
13d-3 of the rules and regulations promulgated under the Securities Exchange Act of 1934, as amended), other than Howard Jonas,
members of his immediate family, his affiliates, trusts or private foundations established by or on his behalf, and the heirs,
executors or administrators of Howard Jonas, shall acquire in one or a series of transactions, whether through sale of stock or
merger, voting securities representing more than 50% of the voting power of all outstanding voting securities of the Company or
any successor entity of the Company, or (B) the stockholders of the Company shall approve a complete liquidation or dissolution
of the Company. The Employee’s right to terminate the Employee’s employment for Good Reason shall not be affected
by the Employee’s incapacity due to physical or mental illness. The Employee’s continued employment shall
not constitute consent to, or a waiver of rights, with respect to any act or failure to act constituting Good Reason hereunder. Notwithstanding
the foregoing, a termination shall not be treated as a resignation for Good Reason if the Employee shall have consented in writing
to the occurrence of the event giving rise to the claim of resignation for Good Reason.

 

If
the Employee gives notice of his intent to terminate his employment with Good Reason, the Employee shall first provide written
notice to the Company, which notice specifically identifies the event or circumstances giving rise to the Good Reason for which
the Employee is terminating his employment, within ninety (90) days of when such event or circumstance giving rise to the Good
Reason becomes effective or transpires. The notice of Good Reason must give the Company the opportunity to cure and
if the Company fails to cure within thirty (30) business days of its receipt of the notice, the Employee’s resignation for
Good Reason shall be deemed effective.

 

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If
the Company terminates the Employee’s employment without Cause or the Employee terminates his employment for Good Reason,
(1) the terminating Party shall provide the other Party with at least sixty (60) days’ notice (which time period may be
shortened by mutual agreement of the parties) of its intent to terminate this Agreement, if by the Company without Cause or if
by the Employee for Good Reason; (2) ) the Company shall have the sole right to determine whether or not the Employee shall actively
work for the Company during the notice period; (3) the Company shall pay to the Employee all accrued or vested compensation, including
salary, Guaranteed Bonus and Discretionary Bonus (with bonuses to be paid when paid to other officers of the Company) through
the Date of Termination, (4) the Company shall reimburse the Employee for unpaid and approved business expenses through such Date
of Termination (in accordance with the Company’s normal business expense reimbursement procedures), (5) all awards theretofore
granted to the Employee under the Company’s incentive plans shall continue to vest (and the restrictions thereon lapse)
on their then existing schedule notwithstanding the termination of employment, and (6) the Company shall pay to the Employee a
severance payment equal to the greater of (i) the amount he would be entitled to under Company policy in effect at the time of
termination, and (ii) his Base Salary plus the greater of (A) his Guaranteed Bonus plus Discretionary Bonus and the actual bonus
paid to him in the year preceding termination, for the remainder of the Term, but in no event less than the Minimum Severance
Period (the “Severance Payment”). As a condition to receiving the Severance Payment, the Employee will be required
to execute and deliver the Company’s standard release agreement (the “Release Agreement”) within 45 days
of the Date of Termination. Subject to Section 20 hereof, the Severance Payment will be paid over the period of time covered thereby
following the effective date of the Release Agreement on the Company’s regularly scheduled payroll payment dates, and in
accordance with the terms of the Release Agreement. As used in this Agreement, the term “Minimum Severance Period”
shall mean a number of months equal to twelve (12) plus one (1) month for each full year of employment of the Employee with the
Company or its affiliates subsequent to January 1, 2015.

 

(d) Severance
upon expiration of the Term. Upon expiration of the Term, and in the event that, subject to the Company making a Renewal Election
under Section 7(d)(ii) hereof, the Company does not offer to extend the Term on terms that, had such term been implemented by
the Company during the Term, would not have given the Employee the right to terminate his employment for Good Reason under clauses
(ii), (iii) or (iv) of the definition thereof (and which terms comply with Section 7(f) hereof), and the Company and the Employee
do not agree on terms and conditions for continued employment, the Employee shall also be entitled to receive (1) all accrued
or vested compensation, including salary, commission, Guaranteed Bonus and Discretionary Bonus (with bonuses to be paid when paid
to other officers of the Company) through the Date of Termination, (2) unpaid and approved business expenses through such Date
of Termination (in accordance with the Company’s normal business expense reimbursement procedure), and (3) a severance payment
equal to the greater of (A) the amount he would be entitled to under Company policy in effect at that time, and (B) his Base Salary
plus Guaranteed Bonus plus Discretionary Bonus (at the rates in effect on the Date of Termination) for the Minimum Severance Period
(as the same may be adjusted pursuant to Section 7(f)(ii) hereof), subject to his execution and delivery of the Release Agreement
within 30 days of the Date of Termination. Subject to Section 20 hereof, the severance payment will be paid over the period of
time covered thereby following the effective date of the Release Agreement on the Company’s regularly scheduled payroll
payment dates, and in accordance with the terms of the Release Agreement. Further, upon such non-extension of the Term by the
Company, all awards theretofore granted to the Employee under the Company’s incentive plans shall continue to vest (and
the restrictions thereon lapse) on their then existing schedule notwithstanding the termination of employment.

 

    	 	7	 

     

    

 

(e) Notice
of Termination. Any termination of the Employee’s employment by the Company (other than termination upon the death of
the Employee) or by the Employee shall be communicated by written Notice of Termination by such party to the other in accordance
with Section 11 hereof. For purposes of this Agreement, a “Notice of Termination” shall mean a notice
that shall indicate the specific termination provision in this Agreement relied upon and shall set forth in reasonable detail
the facts and circumstances claimed to provide a basis for termination of the Employee’s employment under the provision
so indicated (as applicable).

 

(f) Date
of Termination. “Date of Termination” shall mean (i) if the Employee’s employment is terminated by
his death, the date of his death, (ii) the date of expiration of the Term if either party elects not to renew the Term for an
additional year or (iii) if the Employee’s employment is terminated pursuant to any of the other terms set forth above,
the date specified in the Notice of Termination.

 

11. Notices. For
the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing
and shall be deemed to have been duly given when delivered or (unless otherwise specified) mailed by United States certified or
registered mail, return receipt requested, postage prepaid, or by an overnight courier (signature required), sent by facsimile
(with evidence of successful transmission) or by electronic mail (return receipt requested) in each case addressed as follows:

 

If
to the Company:

 

Genie
Energy Ltd.

520
Broad Street

Newark,
New Jersey 07102

Attn: Chief
Executive Officer

 

with
a copy to:

 

Genie
Energy Ltd.

520
Broad Street

Newark,
New Jersey 07102

Attn: General
Counsel

 

If
to the Employee:

 

Avi
Goldin

499
Emerson Avenue

Teaneck,
NJ 07666

 

or
to such other address, facsimile number or email address as either party may have furnished to the other in accordance herewith,
except that notices of change of address shall be effective only upon receipt.

 

    	 	8	 

     

    

 

12. Miscellaneous. No
provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in
writing signed by the Employee and such officer of the Company as may be specifically designated by the Board. No waiver
by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision
of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied,
with respect to the subject matter hereof have been made by either party, which are not set forth expressly in this Agreement. The
validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the State of New Jersey
without regard to its conflicts of law principles. By executing this Agreement, the Employee consents to the personal
jurisdiction of all state and federal courts and arbitration forums located in the State of New Jersey. This Agreement
shall be binding upon and inure to the benefit of the Company, and its successors and assigns, and upon the Employee. The
obligations of the Employee shall not be assignable or otherwise transferable.

 

13. Validity. The
invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and effect.

 

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

 

15. Entire
Agreement.  Other than the Company’s Non-Disclosure and Non-Competition Agreement referenced above, this
Agreement sets forth the entire agreement of the parties hereto in respect of the subject matter contained herein and supersedes
any and all other prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether
oral or written, by any officer, employee or representative of any party hereof; and any prior agreement, including but not limited
to the Amended Agreement, of the parties hereto in respect of the subject matter contained herein is hereby terminated and canceled.

 

16. Arbitration. Except
as set forth in Sections 8 and Section 18, the Employee and the Company agree that any claim, controversy or dispute between the
Employee and the Company (including, without limitation, its affiliates, officers, representative or agents) arising out of or
relating to this Agreement, the employment of the Employee, the cessation of employment of the Employee, or any matter relating
to the foregoing shall be submitted to and settled by commercial arbitration in a forum of the American Arbitration Association
(“AAA”) located in the State of New Jersey and conducted in accordance with the National Rules for the Resolution
of Employment Disputes. In such arbitration: (i) the arbitrator shall agree to treat all evidence and other information
presented by the parties to the same extent as Confidential Information under the Non-Disclosure and Non-Competition Agreement
must be held confidential by the Employee, (ii) the arbitrator shall have no authority to amend or modify any of the terms of
this Agreement, and (iii) the arbitrator shall have ten business days from the closing statements or submission of post-hearing
briefs by the parties to render his or her decision. Any arbitration award shall be final and binding upon the parties,
and any court, state or federal, having jurisdiction may enter a judgment on the award. The foregoing requirement to
arbitrate claims, controversies, and disputes applies to all claims or demands by the Employee, including, without limitation
any rights or claims the Employee may have under the Age Discrimination in Employment Act of 1967 (which prohibits age discrimination
in employment), Title VII of the Civil Rights Act of 1964 (which prohibits discrimination in employment based on race, color,
national origin, religion, sex, or pregnancy), the Americans with Disabilities Act of 1991 (which prohibits discrimination in
employment against qualified persons with a disability), the Equal Pay Act (which prohibits paying men and women unequal pay for
equal work), ERISA, the New Jersey Law Against Discrimination, the New Jersey Conscientious Employee Protection Act (or other
federal or state whistleblower laws), or any other federal, state, or local laws or regulations pertaining to the Employee’s
employment or the termination of the Employee’s employment. The parties hereby confirm their understanding that by signing
this Agreement they are waiving any right to a trial by jury, and are forfeiting any right to bring claims related to the Employee’s
employment at the Company in a court of law (except as set forth in Sections 8 and Section 18), regardless of whether such claims
would be based on federal, state or local law or regulations.

 

    	 	9	 

     

    

 

17. Choice
of Law. This Agreement shall be interpreted and enforced in accordance with the laws of the State of New Jersey
without regard to conflicts of law principles.

 

18. Remedies
of the Company. Notwithstanding the arbitration provisions of Section 16, upon any termination for Cause that may
cause irreparable harm to the Company or upon the violation of the Company’s Non-Disclosure and Non-Competition Agreement,
the Company shall be entitled, if it so elects, to institute and prosecute proceedings to obtain injunctive relief and damages,
costs and expenses, including, without limitation, reasonable attorneys’ fees and expenses, with respect to such termination.

 

19. Representations. The
Employee has been advised to obtain independent counsel to evaluate the terms, conditions, and covenants set forth herein and
he has been afforded ample opportunity to obtain such independent advice and evaluation. The Employee warrants to the
Company that he has relied upon such independent counsel and not upon any representation (legal or otherwise), statement, or advice
said or offered by the Company or the Company’s counsel in connection herewith.

 

20.
Compliance with Section 409A. All provisions of this Agreement shall be construed and interpreted in a manner consistent
with the requirements for avoiding taxes or penalties under the Internal Revenue Code of 1986 (“Code”) Section
409A (“Section 409A”). By way of example, and not limitation, it is the intent of the parties that the Severance
Payment, including each payment in a series of installment payments, is intended to be a separate payment for purposes of Treas.
Reg. §1.409A-2(b), and is intended to be either: (i) exempt from Section 409A, including, but not limited to, by compliance
with the short-term deferral exemption as specified in Treas. Reg. § 1.409A-1(b)(4) and the involuntary separation pay exception
within the meaning of Treas. Reg. § 1.409A-1(b)(9)(iii), or (ii) in compliance with Section 409A, including, but not limited
to, being paid pursuant to a fixed schedule or specified date pursuant to Treas. Reg. §1.409A-3(a) and the provisions of
this Agreement will be administered, interpreted and construed accordingly. Notwithstanding the foregoing, if any payment would
be subject to additional taxes and interest under Section 409A because the timing of such payment is not delayed as provided in
Code Section 409A(a)(2)(B)(i), and Employee constitutes a “specified employee” within the meaning of Code Section
409A(a)(2)(B)(i), then any such payments that Employee would otherwise be entitled to during the first six months following Employee’s
“separation from service” within the meaning of Code Section 409A(a)(2)(A)(i) shall be accumulated and paid on the
date that is six months after Employee’s separation from service (or if such payment date does not fall on a business day
of the Company, the next following business day of the Company), or such earlier date upon which such amount can be paid under
Section 409A without being subject to such additional taxes and interest. In no event shall the Company be liable to Employee
for any tax, penalty, or interest levied on Employee as a result of the application of Code Section 409A to any payments or benefits
provided to Employee by the Company.

 

    	 	10	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Amended and Restated Employment Agreement as of the date and year first written
above.

 

	 	GENIE
    ENERGY LTD.
	 	 	 
	 	By:	/s/
    Michael Stein
	 	 	Michael Stein
	 	 	Chief Executive
    Officer
	 	 	 
	 	EMPLOYEE:
	 	 	 
	 	/s/
    Avi Goldin
	 	Avi
    Goldin

 

 

11abwn_ex101.htm

EXHIBIT 10.1

 

 

SERVICES AGREEMENT

 

THIS SERVICES AGREEMENT, dated December 26, 2017 (effective date of Agreement), is entered into between:

 

	
Airborne Wireless Networks

4115 Guardian Street

Simi Valley, California 93063

Tel: (805) 583-4302 

Email: j.edward@airbornewirelessnetwork.com 

earle@airbornewirelessnetwork.com 

andrew@airbornewirelessnetwork.com 

 

herein after referred to as “ABWN”, and 

 

	
INTELLICOM TECHNOLOGIES, LTD

a California corporation having a place of business at

15682 Beltaire Lane 

San Diego, California 92127

Tel: (858) 486-1115

Fax: (425) 940-7361

JHindemith@ITCcom.net

FED ID EIN 680508091

 

herein after referred to as “ITC”. 

 

ABWN and ITC are sometimes referred to as Party or collectively as Parties.

 

WHEREAS, ABWN is a developmental stage company with the principal business strategy of developing, marketing and licensing a high-speed broadband airborne wireless network by linking commercial aircraft in flight called the “Infinitus Super Highway” (“Infinitus”). Infinitus is based on, among other things, a United States patent that ABWN acquired in August 2016. The patent gives the holder the exclusive right in the United States and countries honoring United States patents to create a fully-meshed, high-speed broadband wireless network by linking commercial aircraft in flight. ABWN has also filed a patent application on July 25, 2017 seeking exclusive rights to ABWN’s method of synchronizing Hybrid Radio and Laser Communication links between aircraft in flight.

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

www.airbornewirelssnetwork.com

 

	 
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WHEREAS, ITC is in the business of providing engineering design, product implementation and production, integration and test services to its customers. ITC’s team brings over thirty (30) years of experience designing fixed and mobile communication systems, antennas, advanced modems, networks and terminals. ITC also provides its customers with technical and/or marketing consulting and regulatory and spectrum research.

 

WHEREAS, ITC agrees to provide ITC skilled communications engineering services (hereinafter collectively the “Services”) and ABWN wishes to engage ITC to provide the Services and ITC wishes to provide such Services as set forth in this Agreement. Resumes of ITC staff and third parties are available upon request.

WHEREAS, notwithstanding the effective date of this Agreement, the parties agree that ITC began working on some of the Services on or about February 10th, 2017. The parties agree that those Services performed commencing on or about February 10th 2017 shall be subject to this Agreement. ITC agrees to re-invoice ABWN in accordance with this Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants and conditions set forth herein, the parties hereto hereby agree as follows:

 

1. Appointment: ABWN hereby engages ITC to provide the Services and ITC accepts such engagement to render such Services for the rates listed in “Addendum A.2 - ITC Billable Rates”. ITC may from time to time retain third parties to carry out any of its obligations to ABWN, subject to prior written approval of ABWN and ITC providing to ABWN, among other things: 

 

	
 
	·	(1) executed non-disclosure forms from such third parties in a form acceptable to ABWN.
	
 
	·	(2) Third party acceptance of intellectual property agreement consistent with section 10 “Intellectual Property” of this document.
	
 
	·	(3) ITC shall ensure that the terms of engagement of such third parties expressly provide that ABWN has the rights to use work/services undertaken by such third party and paid for by ABWN and consistent with section 10 “Intellectual Property” of this document.

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

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2. Authority and Representations of ITC: 

 

(a) It is understood and acknowledged that the Services which ITC will provide to ABWN hereunder shall be in the capacity of an independent contractor and not as an employee, agent, partner, or a joint venture with ABWN. 

 

(b) ITC shall control the conditions, time, details and means by which ITC performs the Services but shall deliver all deliverables, in accordance with the timelines agreed to by ABWN and ITC. 

 

(c) ABWN shall have the right to inspect the work of ITC as it progresses for the purpose of determining whether the work is completed according to the specifications and/or request and/or requirements and/or Program Tasks created between ITC and ABWN. 

 

(d) ITC has no authority to commit, act for or on behalf of the ABWN or to bind the ABWN to any obligation or liability. 

 

(e) ITC represents that is currently not bound by any obligation that it would breach by signing this Agreement. 

 

(f) In the performance of the Services set forth in this Agreement, ITC shall strictly comply with all applicable laws, regulations and public policies including those of the government of the United States and any of its agencies or departments including, without limitation, the Foreign Corrupt Practices Act and the International Traffic in Arms Regulation of the Department of State and any political subdivisions thereof. ITC shall promptly inform ABWN of anything that it is required to do under this Agreement which will violate any pertinent law, regulation or government order, writ, injunction, decree or treaty. 

 

(g) ITC represents that it has not nor will it give anything of value including gifts to any officer, director, employee, consultant, subcontractor or vendor of ABWN and that no officer, director, employee or consultant of ABWN has any interest whatsoever in ITC.

 

(h) ITC shall give ABWN timely written notice of any changes in any applicable law, regulation or Governmental order or coming into existence of any writ, injunction, decree or treaty, which comes to its attention, that may affect ITC’s performance of its obligations hereunder. 

 

(i) ITC has and shall maintain in effect all the licenses, permissions, authorizations, consents and permits that it needs to carry out its obligations under this Agreement and complied with all the filing requirements and is otherwise fully qualified under the applicable laws and regulations to perform the Services set forth in this Agreement. ITC is legally permitted to conduct the Services at the Locations (as set forth in Section 3 below).

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

www.airbornewirelssnetwork.com

	 
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3. Duties of ITC. ITC shall provide the Services to ABWN: 

 

(a) in accordance with the terms and subject to the conditions set forth in this Agreement and addenda to be defined and agreed; 

 

(b) using personnel of required skill, experience and qualifications; 

 

(c) in a timely, workmanlike and professional manner; 

 

(d) in accordance with the industry practices, recognized industry standards; and 

 

(e) at Locations personal offices, and job sites as needed for the Services which include:

 

	
 
	A.	Lab – storage and use of all equipment, including, but not limited to, equipment and materials provided by ABWN or created in connection with the Services;
	
 
	B.	Home offices of ITC personnel including electronic files. ITC agrees to provide dedicated and fully secured (encrypted and password protected) computers to its personnel strictly for work on the Services. In addition, ITC agrees that ABWN shall have access to and the right to inspect the computers.
	
 
	C.	Third party home offices – concept and design work.
	
 
	D.	Job site – for field testing of systems and services

 

ITC agrees to provide the same level of security, integrity and controls provided to their DOD based customers based on an ABWN security requirements addenda to be defined and agreed. Access to all ABWN Property shall be limited to the ITC Contract Manager and Representatives (as defined in Section 4.1 (b) and (c) below). ITC shall immediately report to ABWN any security or data breaches or any unauthorized access, theft or other loss off ABWN Property. Any data transmitted by ITC under this Agreement shall be submitted in a safe and secure manner as specified by ABWN and as agreed upon by ITC. ABWN has the right to inspect any Location during normal business hours to confirm the Location’s security. ITC shall use ABWN Property only for performing the Services or as approved by the ABWN Contracting Manager (as defined in Section 5.1 below). 

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

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4. ITC Obligations. 

 

ITC shall provide skilled engineering services on a “Time and Materials, Best Efforts Basis”. ITC will do its best to achieve the goals and schedule needs of ABWN. If ABWN is not satisfied with the work performed by ITC, ABWN shall provide notice to immediately re-direct ITC or end the activity.

 

ITC shall:

 

4.1 Appoint representatives to the following positions: 

 

(a) A primary contact to act as its authorized representative with respect to all matters pertaining to this Agreement (the "ITC Contract Manager"). 

 

(b) Employees or agents to perform the Services, each of whose names, positions, billing rates, education, and respective levels of experience and relevant licenses shall be set out in the attached addendum (collectively, with ITC Contract Manager, "ITC Representatives"). 

 

(c) Have all ITC Contract Manager(s) and Representatives, before commencing any work, execute a non-disclosure agreement in a form acceptable to ABWN.

 

(d) Where agreed milestone schedules detailed within the addenda to be defined and agreed may slip, ITC will incorporate a recovery plan / procedure to regain agreed schedules.

 

4.2 Make no changes in ITC Representatives, except:

 

(a) Without notifying ABWN. Any changes shall be communicated by email and an agent of ABWN shall commutate receipt and acceptance of the changes.

 

(b) ITC shall use its best efforts to/use commercially reasonable efforts to promptly appoint a replacement. 

 

(c) Upon the resignation, termination, death or disability of the existing ITC Representative. 

 

4.3 Assign only qualified, legally authorized ITC Representatives to provide the Services. 

 

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4.4 Comply with all applicable laws and regulations in providing the Services. 

 

4.5 Maintain complete and accurate records relating to the provision of the Services under this Agreement, including records of the time spent and materials used by ITC in providing the Services in ITC’s usual format. During the Term and for a period of three (3) years thereafter, upon ABWN’s written request, ITC shall allow ABWN or ABWN's representatives to inspect and make copies of such records and interview ITC and ITC Representatives in connection with the provision of the Services; provided that ABWN provides ITC with at least thirty days advance written notice of the planned inspection. ITC will be compensated for performing such activities and at ITC’s established hourly rates.

 

4.6 Require that the ITC Contract Manager and Representative shall respond promptly to any reasonable requests from ABWN or its officers for information or data in connection with the Services.

 

4.7 ITC shall coordinate with the ABWN Contract Manager before initiating any communications with any third-parties concerning the Services and shall provide copies of written correspondence with any third party concerning the Services.

 

5. ABWN Obligations. ABWN shall: 

 

5.1 Designate one of its employees to serve as its primary contact with respect to this Agreement and to act as its authorized representative with respect to matters pertaining to this Agreement (the "ABWN Contract Manager"), with such designation to remain in force unless and until a successor ABWN Contract Manager is appointed, in ABWN’s discretion. 

 

5.2 Require that the ABWN Contract Manager respond promptly to any reasonable requests from ITC for instructions, information or approvals required by ITC to provide the Services.

 

6. Term. This Agreement shall commence as of the Effective Date and shall continue thereafter until the completion of the Services unless sooner terminated pursuant to Section 8.

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

www.airbornewirelssnetwork.com

	 
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7. Compensation. 

 

7.1 Before commencing any of the Services, ITC shall communicate with ABWN describing the task(s) that need to be performed over a two (2) week period. This should be integrated into the weekly conference calls which discuss, among other things, the current work performed for that week and forecast (at a high level) the upcoming two weeks work expectations to assure awareness and flexibility to allow for refinement of priorities.

 

7.2 ITC will submit bi-monthly labor reports and invoice ABWN monthly accompanied by documentation evidencing all charges. Each invoice shall include the name of the ITC Representative, the Engineering Project worked on (defined in Addendum A.1), the work completed during the period, and the total hours worked for the period. 

 

7.3 Compensation shall be as follows:

 

(a) See Addendum A.2 - ITC Billable Rates for hourly rates.

 

(b) Paid by check or wire, drawn from a US bank in US dollars, within 30 days of receipt of an invoice.

 

(c) No costs for any Engineering Project number set forth on Addendum A.1 shall exceed the Expected to Spend set forth on Addendum A.1 without the prior written approval of ABWN.

 

(d) Compensation shall be provided by ABWN for approved hours worked and approved expenses incurred. 

 

7.4 ABWN shall reimburse ITC for all expenses incurred in accordance with the Services if such expenses have been pre-approved, in writing by the ABWN Contract Manager. Payment shall be made within thirty days of receipt by ABWN of an invoice from ITC accompanied by itemized receipts for amounts of $25 or larger. All ITC expenses not pre-approved by ABWN Contract Manager or not otherwise meeting the requirements of this Agreement or the Services to which it applies shall be the sole responsibility of the ITC. 

 

Travel and daily reimbursement shall not exceed the GSA Per Diem Rates (https://www.gsa.gov/travel/plan-book/per-diem-rates exceed the State Department - Office of Allowances - Bureau of Administration Foreign Per Diem Rates (http://aoprals.state.gov). Personal vehicle mileage shall be at the current US government rate. As ITC may not have the ability to book hotels at GSA rates, ITC will use its best efforts to not exceed the GSA lodging rates. ITC shall survey 2-3 nearby hotels and select the best value. 

 

ABWN will not reimburse for any alcohol and air travel shall be in coach. 

 

If a business conference meal is anticipated with a contracted or potential vendor an estimate of expense for the meeting / meal should be submitted for pre-approval. An ABWN representative must be invited to attend the meeting.

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

www.airbornewirelssnetwork.com

	 
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8. Termination: Either Party, at their sole discretion, may terminate this Agreement, in whole or in part, at any time without cause, and without liability except for required payment for services rendered, and reimbursement for authorized expenses incurred, prior to the termination date, by providing at least 30 days' prior written notice to the other party.

 

8.1 Either Party may terminate this Agreement, effective upon written notice to the other Party (the "Defaulting Party"), if the Defaulting Party: 

 

(a) Breaches this Agreement, and such breach is incapable of cure, or with respect to a breach capable of cure, the Defaulting Party does not cure such breach within 30 days after receipt of written notice of such breach. 

 

(b) Becomes insolvent or admits its inability to pay its debts generally as they become due. 

 

(c) Becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law, which is not fully stayed within five business days or is not dismissed or vacated within 50 days after fling. 

 

(d) Is dissolved or liquidated or takes any corporate action for such purpose. 

 

(e) Makes a general assignment for the benefit of creditors. 

 

(f) Has a receiver, trustee, custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of or sell any material portion of its property or business. 

 

8.2 Upon expiration or termination of this Agreement for any reason, ITC shall promptly: 

 

(a) Deliver to ABWN all documents, work product and other materials, whether or not complete, prepared by or on behalf of ITC in the course of performing the Services for ABWN. 

 

(b) Return to ABWN all ABWN-owned property, equipment or materials in its possession or control. 

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

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(c) Remove any ITC owned property, equipment or materials located at ABWN's locations. 

 

(d) Deliver to ABWN, all documents and tangible materials (and any copies) containing, redacting, incorporating or based on ABWN's Confidential Information. 

 

(e) Provide reasonable cooperation and assistance to ABWN in transitioning the Services to an alternate provider. 

 

(f) On a pro rata basis, repay all fees and expenses paid in advance for any Services which have not been provided. 

 

(g) Permanently erase all of ABWN's Confidential Information from all of its computer systems. 

 

h) Certify in writing to ABWN that it has complied with the requirements of this Section 8. 

 

i) ITC will be compensated for performing such activities and at ITC’s established hourly rates.

 

9. Confidentiality. All non-public, confidential or proprietary information of ABWN ("Confidential Information"), including, but not limited to, specifications, samples, patterns, designs, plans, drawings, documents, data, business operations, ABWN lists, disclosed by ABWN to ITC, whether disclosed orally or disclosed or accessed in written, electronic or other form or media, and whether or not marked, designated or otherwise identified as "confidential," in connection with this Agreement is confidential, solely for ITC's use in performing this Agreement and may not be disclosed or copied unless authorized by ABWN in writing. Confidential Information does not include any information that: (a) is or becomes generally available to the public other than as a result of ITC's breach of this Agreement; (b) is obtained by ITC on a non-confidential basis from a third-party that was not legally or contractually restricted from disclosing such information; (c) ITC establishes by documentary evidence, was in ITC's possession prior to ABWN's disclosure hereunder. Upon ABWN's request, ITC shall promptly return all documents and other materials received from ABWN. 

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

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10. Intellectual Property.

 

10.1 ITC assigns to the ABWN, title and interest in any invention, technique, process, device, discovery, improvement or know-how, whether patentable or not, hereafter made or conceived solely or jointly by ITC while working for or on behalf of the ABWN, which relate to, is suggested by, or results from matters set out in the service and depends on either: 

 

(a) ITC's knowledge of Confidential Information (as defined in Section 9) it obtains from the ABWN. 

 

(b) The use of ABWN equipment, supplies, facilities, information or materials. 

 

10.2 ITC while specifically working on the ABWN project shall disclose any such invention, technique, process, device, discovery, improvement or know-how promptly to the ABWN Contract Manager. ITC shall, upon request of ABWN, promptly execute a specific assignment of title to the ABWN, and do anything else reasonably necessary to enable the ABWN to secure for itself, patent, trade secret or any other proprietary rights in the United States or other countries. It shall be conclusively presumed that any patent applications relating to the Service related to trade secrets of the ABWN or which relate to tasks assigned to ITC by ABWN, which ITC may file within one year after termination of this Agreement, shall belong to the ABWN, and ITC hereby assigns same to ABWN, as having been conceived or reduced to practice during the term of this Agreement. 

 

10.3 All writings or works of authorship, including, without limitation, program codes or documentation, produced or authored by ITC in the course of performing services for ABWN, together with any associated copyrights, are works made for hire and the exclusive property of ABWN. To the extent that any writings or works of authorship may not, by operation of law, be works made for hire, this Agreement shall constitute an irrevocable assignment by ITC to ABWN of the ownership of and all rights of copyright in, such items, and ABWN shall have the right to obtain and hold in its own name, rights of copyright, copyright registrations, and similar protections which may be available in the works. ITC shall give ABWN or its designees all assistance reasonably required to perfect such rights. 

 

10.4 ITC Background intellectual property: ITC and its contractors shall maintain sole rights to intellectual property developed prior to this agreement or which have not been developed with ABWN funding. 

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

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11. ITC Representatives. All persons employed by ITC in connection with this Agreement (the ITC Representatives) shall at all times remain the employees, or agents of ITC only, and shall in no way, either directly or indirectly, be considered employees or agents of ABWN. ITC shall be entirely responsible for the ITC Representatives as their employer and ITC shall be solely responsible for recruiting, managing and paying ITC Representatives for the performance of the Services. ABWN shall not be obligated to pay commissions, salaries, wages or other emoluments or other payments or benefits to parties with whom ITC may deal in connection with the Services hereunder, and ITC hereby agrees not to make any representations, directly or by implication, that any such obligation on the part of ABWN exists or will exist. ITC shall not be eligible for and shall not receive any employee benefits from ABWN and shall be solely responsible for the payment of all taxes, FICA, federal and state unemployment insurance contributions, state disability premiums and all similar taxes and fees relating to the fees earned by ITC and the salaries paid to ITC employees. 

 

12. Non-Circumvention. ABWN hereby agrees that, for a period of two years from the end of the Contract Period or other termination of this Agreement, ABWN will not enter into any agreement, transaction or arrangement with any ITC Representatives which ITC has directly introduced to ABWN. 

 

13. Taxes.

 

13.1 ITC shall be responsible for preparing and filing any tax return, information return, declaration, or similar document, if any including any schedule or attachment thereto, and including any amendment thereof, attributable to taxes arising in connection with any payment contemplated in this Agreement. 

 

(a) ITC acknowledges that ABWN will not withhold or pay any Taxes on behalf of ITC. If any such Taxes are assessed against ABWN, ITC shall reimburse ABWN promptly for all sums paid by ABWN, including any interest and penalties. For purposes of this Section, the term Taxes includes, without limitation, any federal, state, local, or foreign income (including income tax or amounts on account of income tax required to be deducted or withheld from or accounted for in respect of any payment), gross receipts, corporation, premium, windfall, profits, environmental, customs duties, capital stock, franchise, withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, license, transfer, registration, value added, alternative or add-on minimum, estimated, capital gains, development land, inheritance, national insurance contributions, capital duty, stamp duty, stamp duty reserve tax, duties or customs and excise, all taxes, duties or charges replaced by or replacing any of them, and all levies, imposts, duties, charges or withholdings of any nature whatsoever chargeable by any Governmental Authority, together with all penalties, charges and interest relating thereto. 

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

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(b) For purposes of this Section, the term Governmental Authority shall mean any federal, state, provincial, local, tribal, foreign or other government agency, department, branch, commission, board, bureau, court, instrumentality or body, including, without limitation, any taxing or other authority (whether within or without the United States) competent to impose any tax liability. 

 

14. Indemnification. ITC shall indemnify, defend and hold harmless ABWN its affiliates, partners, and their respective directors, officers, agents, employees and shareholders (collectively “Indemnified Party”) from and against any and all claims, demands, actions, causes of action, losses, costs, judgments, settlements, interest, awards, penalties, expenses (including, but not limited to, reasonable attorney’s fees), damages, and liabilities, of whatever kind, and the costs of enforcing any right to indemnification under this Agreement (collectivity “Claims”) resulting or arising in any manner from or in connection with:

 

(a) the failure to comply with any regulations or laws in connection with the provision of the Services by ITC;

 

(b) any breach by ITC of any of the representations, warranties or covenants set forth herein;

 

(c) any breach by ITC of its obligations hereunder;

 

(d) by a third party arising out of or occurring in connection with ITC’s negligence, willful misconduct or breach of this Agreement.

 

ITC shall not enter into any settlement without ABWN's or Indemnified Party's prior written consent. 

 

15. Remedies. 

 

15.1 If either party violates or breaches any provision of this Agreement, other than Section 9, for which remedies are stated in Section 15.2 below, the other party shall, in addition to any damages to which it is entitled, be entitled to immediate injunctive relief against the other party prohibiting further actions inconsistent with its obligations under this Agreement. 

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

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15.2 Regardless of the place of execution or performance, this Agreement and any related indemnification and confidentiality agreements between the parties will be deemed made in California. All actions arising hereunder or in connection herewith will fall under the exclusive jurisdiction and venue of the American Arbitration Association located in Los Angeles, CA and each of the parties hereto hereby agrees to the personal jurisdiction and venue of said arbitrator. The parties hereto agree to service of process by certified mail or receipted courier. Any right to trial by jury with respect to any claim or proceeding related to or arising out of this engagement, or any transaction or conduct in connection herewith, is waived. This Agreement is governed by, and is to be construed in accordance with, the laws of the State of California, without regard to conflict of laws rules. The arbitration award shall be binding on the parties and shall be entered as a judgment in any court of competent jurisdiction. Any action brought to enforce the terms of this Agreement shall be brought in the federal and state courts of Los Angeles County, California. To the extent that the party has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service or notice, attached prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, such party hereby irrevocably waives such immunity in respect of its obligations under this Agreement. 

 

15.4 To the extent a Party is required to seek enforcement of this Agreement or otherwise defend against an unsuccessful claim of breach, the unsuccessful party shall be liable for all attorney's fees and costs incurred by the successful party to enforce the provisions of this Agreement. 

 

15.5 Except for a breach of Section 9, all rights and remedies provided in this Agreement are cumulative and not exclusive, and the exercise by either Party of any right or remedy does not preclude the exercise of any other rights or remedies that may now or subsequently be available at law, in equity, by statute, in any other agreement between the Parties or otherwise. 

 

16. Insurance. ITC shall, at its own expense, maintain and carry insurance in full force and effect with financially sound and reputable insurers, that includes, but is not limited to, commercial general liability with limits no less than $100,000 per occurrence and $500,000 in the aggregate, including bodily injury and property damage and completed operations and advertising liability, which policy will include contractual liability coverage insuring the activities of ITC under this Agreement and will insure the Locations. The insurance in place shall also insure ABWN’s Property while under the control of ITC. Notwithstanding this Section (Insurance) or Remedies (Section 15 above), ABWN may offset any ITC invoice due to the damage or destruction of ABWN Property by the value of the ABWN Property as determined by a mutually agreed upon assessor. Upon ABWN's request, ITC shall provide ABWN with a certificate of insurance from ITC's insurer evidencing the insurance coverage specified in this Agreement. The certificate of insurance shall name ABWN as an additional insured. ITC shall provide ABWN with 10 days' advance written notice in the event of a cancellation or material change in ITC's insurance policy. Except where prohibited by law, ITC shall require its insurer to waive all rights of subrogation against ABWNs insurers and ABWN or the Indemnified Parties. 

 

As and if required by law, ITC shall also provide workers' compensation insurance covering the ITC Representatives for at least $100,000 and shall provide a Certificate of Insurance to ABWN evidencing such coverage within 30 days of the effective date of this Agreement. 

 

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17. General Provisions 

 

17.1 Waiver. No waiver by any Party of any of the provisions of this Agreement shall be effective unless explicitly set forth in writing and signed by the Party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

 

17.2 Entire Agreement. This Agreement, including and together with any related exhibits, schedules, attachments and appendices, constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both written and oral, regarding such subject matter. Each Party expressly warrants and represents that no promise or agreement that is not expressed in this Agreement has been made to that Party and that no Party is relying upon any statement or representation of any of the Parties being released by this Agreement or by anyone acting for them. Instead, each Party is relying on that Party's own judgment and each has been represented by the Party's own attorney. 

 

17.3 Assignment. ITC shall not assign, transfer, delegate or subcontract any of its rights or obligations under this Agreement without the prior written consent of ABWN. Any purported assignment or delegation in violation of this Section 17.3 shall be null and void. No assignment or delegation shall relieve ITC of any of its obligations hereunder. ABWN may at any time assign or transfer any or all of its rights or obligations under this Agreement without ITC's prior written consent.

 

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17.4 Successors and Assigns. This Agreement is binding on and inures to the benefit of the Parties and their respective successors and permitted assigns. 

 

17.5 Amendments. No amendment to, or modification of or rescission, termination or discharge of this Agreement is effective unless it is in writing, identified as an amendment to or rescission, termination or discharge of this Agreement and signed by an authorized representative of each Party.

 

17.6 No Third-Party Beneficiaries. This Agreement benefits solely the Parties and their respective successors and permitted assigns and nothing in this Agreement, express or implied, confers on any third party any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. 

 

17.7 Severability. If any term or provision of this Agreement is found by a court of competent jurisdiction to be invalid, illegal or unenforceable, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon a determination that any term or provision is invalid, illegal or unenforceable, the Parties shall negotiate in good faith to modify this Agreement to affect the original intent of the Parties as closely as possible in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

 

17.8 Notices. Notices. All notices, requests, consents, claims, demands, waivers and other communications under this Agreement (each, a "Notice", and with the correlative meaning "Notify") must be in writing and addressed to the other Party at its address set forth below (or to such other address that the receiving Party may designate from time to time in accordance with this Section). Unless otherwise agreed herein, all Notices must be delivered by personal delivery, nationally recognized overnight courier or certified or registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a Notice is effective only (a) on receipt by the receiving Party; and (b) if the Party giving the Notice has complied with the requirements of this Section 17.8. 

 

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CEO

Airborne Wireless Networks

4115 Guardian Street

Simi Valley, California 93063

Email:

 

With copy to: 

Stephen Older, Esq. 

McGuireWoods LLP 

1345 Avenue of the Americas 

7th Floor 

New York, NY 10105-0106

Email: 

 

VICE PRESIDENT

INTELLICOM TECHNOLOGIES, LTD,

15682 Beltaire Lane 

San Diego, California 92127

Email: jhindemith@itccom.net

 

17.9 Counterparts. This Agreement may be executed in counterparts, each of which is deemed an original, but all of which together are deemed to be one and the same agreement. Notwithstanding anything to the contrary in Section 17.8 (Notices) a signed copy of this Agreement delivered by facsimile, email or other means of electronic transmission is deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063
www.airbornewirelssnetwork.com 

 

	 
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17.10 Force Majeure. Any delay or failure of either Party to perform its obligations under this Agreement will be excused to the extent that the delay or failure was caused directly by an event beyond such Party's control, without such Party's fault or negligence and that by its nature could not have been foreseen by such Party or, if it could have been foreseen, was unavoidable (which events may include natural disasters, embargoes, explosions, riots, wars or acts of terrorism) (each, a "Force Majeure Event"). ITC's financial inability to perform, changes in cost or availability of materials, components or services, market conditions or supplier actions or contract disputes will not excuse performance by ITC under this Section. ITC shall give ABWN prompt written notice of any event or circumstance that is reasonably likely to result in a Force Majeure Event, and the anticipated duration of such Force Majeure Event. ITC shall use all diligent efforts to end the Force Majeure Event, ensure that the effects of any Force Majeure Event are minimized and resume full performance under this Agreement.
 

17.11 Survivability. The rights and obligations of the parties set forth in this Section 6, Section 9, Section 14, Section 15, Section 17, and Section 17.8, and any right or obligation of the parties in this Agreement which, by its nature, should survive termination or expiration of this Agreement, will survive any such termination or expiration of this Agreement. 

 

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4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

www.airbornewirelssnetwork.com

	 
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year below written. 

 

	
Airborne Wireless Networks 
	
 
	
iNTELLICOM Technologies, Inc.

	
 
	
 
	
 

	
By: /s/ Michael J. Warren 
	
 
	
By: /s/ Jesse Hindemith

	
 
	
 
	
 

	
Name: Michael J. Warren
	
 
	
Name: Jesse Hindemith

	
 
	
 
	
 

	
Title: Chief Executive Officer 
	
 
	
Title: Vice President 

	
 
	
 
	
 

	
Date: December 26, 2017 
	
 
	
Date: December 26, 2017

  

4115 Guardian Street, Suite C, Simi Valley, CA USA 93063

www.airbornewirelssnetwork.com

 
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