Document:

Exhibit 10.3

 

LINE OF CREDIT LOAN AGREEMENT

 

THIS LINE OF CREDIT LOAN AGREEMENT (this “Agreement”)
is entered into as of the 20th day of April, 2018 by and between Embry Capital Inc., with a principal business address located
at 224 Datura St., West Palm Beach, Florida 33401 the “Lender”), and Grey Fox Holdings Inc , a Florida corporation
with a principal business address located at 224 Datura St West Palm Beach FL 33401 (the “Borrower”).

 

RECITALS

 

WHEREAS, the Borrower wishes to borrow from the Lender, and
the Lender wishes to lend to the Borrower through a Line of Credit Loan the sum of up to Two Hundred and Fifty Thousand Dollars
(US $ 250,000).

 

WHEREAS, the Borrower and the Lender wish to memorialize the
terms of such Line of Credit Loan and to set forth their mutual understanding with respect to how the repayment of such amounts
shall be accomplished.

 

NOW, THEREFORE, the parties hereby set forth their understanding
as follows:

 

1. Line of Credit Loan Amount. Subject to and upon the terms
and conditions herein set forth, the Lender shall lend to the Borrower and the Borrower shall borrow from the Lender up to the
sum of Fifty Thousand Dollars (US $250,000).

 

2. Draw Down of Line of Credit Funds by Borrower. Borrower will
request funds in a written email communication to Lender. Lender will under his sole discretion approve or not approve borrowers
request for funds. Lender has 3 business days to approve or not approve the request and will notify Borrower of the approval or
not approval within 3 business days of receiving email of Borrowers request for funds. On Approval by Lender, Lender will electronically
transfer approved funds to Borrower within 2 business days of Lenders Approval of Borrowers fund request.

 

3. Line of Credit Loan. The Line of Credit Loan that is borrowed
by Borrower shall pay the principal amount due the Lender in full 24 months from each funds draw down date that is paid to Borrower.
Interest of 12% per annum on that portion of the unpaid principal balance attributable to each such borrowing shall accrue from
the date of such borrowing payment date paid to Borrower by Lender. No interest shall accrue prior to the first borrowing under
the Line of Credit Loan.

 

4. Payments.

 

4.1 The Borrower shall pay to the Lender on the 1st
of May of each year the interest due the Lender, (for the previous years borrowed amounts at 12% of the Outstanding Principal due
the Lender while the Line of Credit Loan is in force.

 

4.2 The Borrower will issue 30,000,000 REG 144 Shares of Common
Restricted Shares in Grey Fox Holdings, OTC:GFOX, the “Bonus Shares” within 15 business days from the execution date
of this agreement. Said trading restriction will be removed at the Lenders request at anytime 12 months after the issue date of
said 30,000,000 Stock certificate.

 

5. Further Assurances. The Borrower shall, at its sole cost
and expense, upon request of the Lender, duly execute and deliver to the Lender such further instruments, and do and cause to be
done such further acts, as may be necessary or proper in the opinion of the Lender to carry out the provisions and purposes of
this Agreement.

 

6. Events of Default.

 

 

 

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6.1 Events of Default. If any one or more of the following events
(“Events of Default”) shall occur and be continuing (and whether such occurrence shall be voluntary or involuntary
or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree, or order of any court
or any order, rule, or regulation of any administrative or governmental body), the Lender may, at its option, declare the Line
of Credit Loan to be immediately due and payable, whereupon the maturity of the then unpaid balance of the Line of Credit Loan
shall be accelerated and the same, together with all interest accrued thereon, shall forthwith become due and payable without presentment,
demand, protest, or notice of any kind, all of which are hereby expressly waived, anything contained herein or in the Line of Credit
Loan to the contrary notwithstanding.

 

(a) If default shall be made in the due and punctual payment
of the principal or interest under the Line of Credit Loan, when and as the same shall become due and payable, whether at maturity,
by acceleration, or otherwise;

 

(b) If default shall be made in the performance or observance
of, or shall occur under, any covenant, agreement, or other provision of this Agreement or in any instrument or document delivered
to the Lender in connection with or pursuant to this Agreement, or if any such instrument or document shall terminate or become
void or unenforceable without the written consent of the Lender;

 

(c) If any representation or warranty or any other statement
of fact herein or in any writing, certificate, report, or statement at any time furnished to the Lender pursuant to or in connection
with this Agreement, or otherwise, shall be false or misleading in any material respect;

 

(d) If the Borrower shall admit in writing its inability to
pay its debts generally as they become due, file a petition in bankruptcy or a petition to take advantage of any insolvency act;
make an assignment for the benefit of creditors; commence a proceeding for the appointment of a receiver, trustee, liquidator,
or conservator of itself or of a whole or any substantial part of its property; file a petition or answer seeking reorganization
or arrangement or similar relief under the United States federal bankruptcy laws or any similar law or statute of any state or
country;

 

(e) If the Borrower shall be adjudged a bankrupt; or a court
of competent jurisdiction shall enter an order, judgment, or decree appointing a receiver, trustee, liquidator, or conservator
of the Borrower or of the whole or any substantial part of its property, or approve a petition filed against the Borrower seeking
reorganization or similar relief under the United States federal bankruptcy laws or any similar law or statute of any state or
country, or if, under the provisions of any other law for the relief or aid of debtors, a court of competent jurisdiction shall
assume custody or control of the Borrower or of the whole or any substantial part of its property; or if there is commenced against
the Borrower any proceeding for any of the foregoing relief or if a petition in bankruptcy is filed against the Borrower and such
proceeding or petition remains un-dismissed or un-stayed for a period of ninety (90) days; or if the Borrower by any act indicates
its consent to, approval of or acquiescence in any such proceeding or petition;

 

6.2 Suits for Enforcement. If any one or more Events of Default
shall occur and be continuing, the Lender may proceed to protect and enforce its rights or remedies either by suit in equity or
by action at law, or both, whether for the specific performance of any covenant, agreement or other provision contained herein,
in the Line of Credit Loan, or in any document or instrument delivered in connection with or pursuant to this Agreement, or to
enforce the payment of the Line of Credit Loan or any other legal or equitable right or remedy.

 

6.3 Rights and Remedies Not Waived. No course of dealing between
the Borrower and the Lender or any failure or delay on the part of the Lender in exercising any rights or remedies hereunder shall
operate as a waiver of any rights or remedies of the Lender and no single or partial exercise of any rights or remedies hereunder
shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder.

 

7. Modification and Waiver. No modification or waiver of any
provision of the Line of Credit Loan or of this Agreement and no consent by the Lender to any departure therefrom by the Borrower
shall be effective unless such modification or waiver shall be in writing and signed by the Lender, and the same shall then be
effective only for the period, on the conditions and for the specific instances and purposes specified in such writing. No notice
to or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other
circumstances.

 

8. Applicable Law. The Line of Credit Loan and this Agreement
shall be construed in accordance with and governed by the laws of Florida.

 

 

 

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9. Notices. All notices, requests, demands, or other communications
provided for herein shall be in writing and shall be deemed to have been given when sent by registered or certified mail, return
receipt requested, addressed to the parties, at the addresses set forth above, or to such other address as either party shall designate
to the other from time to time in writing forwarded in like manner.

 

 

10. Benefit of Agreement. This Agreement shall be binding upon
and inure to the benefit of the Borrower and the Lender and their successors and assigns, and all subsequent holders of the Line
of Credit Loan.

 

11. Execution in Counterparts. This Agreement may be executed
in counterparts, all of which taken together shall be deemed one original.

 

 

 

IN WITNESS WHEREOF, the parties hereto have set their hands
and seals as of the day and year first set forth above.

 

LENDER:

 

 

 

By: /s/ Miro Zecevic

Name: Miro Zecevic

Its:

Date:

 

 

BORROWER:

 

By: /s/ Daniel Sobolowski

Name: Daniel Sobolowski

Its: CEO

Date: 4.20.18

 

By: /s/ Zoran Cvetojevic

Name: Zoran Cvetojevic

Its: Secretary

Date: 4.20.18

 

 

 

 

The remainder of this page has been intentionally left blank.

 

 

 

    	 	3Exhibit

Exhibit 10.3
Amended and Restated 
Form of Change in Control Agreement
for Senior Management

 May 1, 2018

[INSERT EXECUTIVE NAME]
CafePress Inc.
11909 Shelbyville Road
Louisville, KY 40243

Dear [INSERT EXECUTIVE NAME]: 

I am pleased to provide you with this letter to confirm a supplemental term of your employment with CafePress Inc., a Delaware corporation (“CafePress” or the “Company”), approved by the Compensation Committee of the Board of Directors as of May 1, 2018. 

Change in Control Bonus Payment. The Company shall simultaneously with the closing of a transaction that triggers a Change in Control (as such term is defined below), determine the bonus earned (ranging from 50% - 200% of target) based on the Company’s financial performance achieved through the most recently completed quarter.  Following the Company’s determination, it shall issue a pro-rata payout of the bonus earned equal to the number of quarters that have lapsed in the current year (e.g. 50% if a Change in Control occurred on July 15) (“Bonus Payment”). You will receive the Bonus Payment in a cash lump-sum in accordance with the Company’s standard payroll procedures, which payment will be made no later than the first regular payroll date occurring after the event triggering the Change in Control.

Termination following a Change in Control. In the event you are terminated without Cause or are Constructively Terminated within twelve (12) months following a Change in Control (as such terms are defined below), then you shall receive a lump sum payment equal to twelve (12) months of your then-current base salary (“Severance Payment”). Receipt of the Severance Payment shall be conditioned upon your execution and non-revocation of a general release in a form reasonably acceptable to the Company. This provision for a Severance Payment shall be in addition to any provision in your stock option, restricted stock unit, or performance stock unit or option agreement(s) with the Company that provide for accelerated vesting in the event of a termination of employment following a Change in Control. 

Definitions:
 
“Cause” means (i) conviction of any felony, or any misdemeanor where imprisonment is imposed; (ii) the commission of any act of fraud, embezzlement or dishonesty with respect to the Company; (iii) any unauthorized use or disclosure of confidential information or trade secrets of the Company; (iv) willful misconduct or gross negligence in performance of your duties, including your refusal to comply in any material respect with the legal directives of the Company’s Board of Directors so long as such directives are not inconsistent with your position and duties, and such refusal to comply is not remedied within thirty (30) days after written notice from the Board of Directors, which notice shall state that failure to remedy such conduct may result in termination for Cause; or (v) repeated unexcused absence from the Company. 
“Constructively Terminated” means your voluntary resignation within sixty (60) days following (i) a change in your position which materially reduces your duties or level of responsibility, provided that for this purpose your duties and level of responsibility will not be deemed to be materially diminished if following a Change in Control you retain the same duties and level of responsibility with respect to the Company business or the business with which such business is operationally merged or subsumed; (ii) a material reduction in your base salary, other than in connection with a general decrease in compensation affecting officers of the Company or an acquiring corporation; or (iii) a change in your place of employment which is more than 50 miles from your place of employment, provided that in each case such change or reduction is effected without your written concurrence, and provided further that such change is not remedied within thirty (30) working days after written notice thereof from the you to the Company, which notice shall specifically reference a “Constructive Termination“ pursuant to this provision. Notwithstanding the foregoing, you will not be deemed to be Constructively Terminated on account of a change in your title, change in the person or persons to whom you report or the occurrence of a mere Change in Control or other change in corporate status of the Company (such as pursuant to a “going private” transaction) absent additional action on the part of the Company or a successor company that would result in an event described in (i), (ii) or (iii) of the preceding sentence.

“Change in Control” means the occurrence of any of the following events: 
(a) The consummation of a merger or consolidation of the Company with or into another entity or any other corporate reorganization, if persons who were not shareholders of the Company immediately prior to such merger, consolidation or other reorganization own immediately after such merger, consolidation or other reorganization fifty percent (50%) or more of the voting power of the outstanding securities of each of (A) the continuing or surviving entity and (B) any direct or indirect parent corporation of such continuing or surviving entity; 
(b) The consummation of the sale, transfer or other disposition of all or substantially all of the Company’s assets or the shareholders of the Company approve a plan of complete liquidation of the Company; or 
(c) Any “person” (as defined below) who, by the acquisition or aggregation of securities, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the combined voting power of the Company’s then outstanding securities ordinarily (and apart from rights accruing under special circumstances) having the right to vote at elections of directors (the “Base Capital Stock”); except that any change in the relative beneficial ownership of the Company’s securities by any person resulting solely from a reduction in the aggregate number of outstanding shares of Base Capital Stock, and any decrease thereafter in such person’s ownership of securities, shall be disregarded until such person increases in any manner, directly or indirectly, such person’s beneficial ownership of any securities of the Company. 
For purposes of clause(c) above, the term “person” shall have the same meaning as when used in sections 13(d) and 14(d) of the Exchange Act but shall exclude (1) a trustee or other fiduciary holding securities under an employee benefit plan maintained by the Company or a Parent or Subsidiary and (2) a corporation owned directly or indirectly by the shareholders of the Company in substantially the same proportions as their ownership of the Stock. 
Notwithstanding the foregoing, the term “Change in Control” shall not include a transaction the sole purpose of which is (a) to change the state of the Company’s incorporation or (b) to form a holding company that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such transaction, or (c) to affect an initial or secondary public offering of securities or debt of the Company. 
Governing Law. This agreement will be governed in accordance with the laws of the State of California, without reference to principles of conflicts of law. 
Acceptance. To indicate your acceptance of this agreement, please sign and date this letter in the space provided below and return it to me. A duplicate original is enclosed for your records. To the extent that any agreement between you and the Company currently provides for any severance payment following a Change in Control, the terms of this agreement shall supersede and replace any such prior agreement, whether written or oral, with respect to the payment of severance. This letter may not be modified or amended except by a written agreement, signed by the Company and by you. 

If you have any questions, please contact me. If you find the terms of this letter acceptable, please sign a copy of this letter agreement and return it to me. 
Sincerely, 
I agree to and accept the terms of this letter, 

________________________________                   ________________________________ 
[COMPANY REPRESENTATIVE]            [INSERT EXECUTIVE NAME]

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