Document:

Exhibit

Ex.  10.3

ALEXION PHARMACEUTICALS, INC.
AMENDED AND RESTATED 2015 EMPLOYEE STOCK PURCHASE PLAN

Section 1.    Defined Terms

Exhibit A, which is incorporated by reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms.

Section 2.    Purpose of Plan

The Plan is intended to enable Eligible Employees of the Company and its Designated Subsidiaries to use payroll deductions to purchase shares of Stock, and thereby acquire an interest in the future of the Company. The Plan is intended to qualify as an “employee stock purchase plan” under Section 423 and to be exempt from the application and requirements of Section 409A of the Code, and is to be construed accordingly.

Section 3.    Options to Purchase Stock

Subject to adjustment pursuant to Section 16 of this Plan, the maximum aggregate number of shares of Stock available for purchase pursuant to the exercise of Options granted under the Plan to Eligible Employees will be 1,000,000 shares. The shares of Stock to be delivered upon exercise of Options under the Plan may be either shares of authorized but unissued Stock, treasury Stock, or Stock acquired in an open-market transaction, all as the Board may determine.  If any Option granted under the Plan expires or terminates for any reason without having been exercised in full or ceases for any reason to be exercisable in whole or in part, the unpurchased shares of Stock subject to such Option will again be available for purchase pursuant to the exercise of Options under the Plan.  If, on an Exercise Date, the total number of shares of Stock that would otherwise be subject to Options granted under the Plan exceeds the number of shares then available under the Plan (after deduction of all shares for which Options have been exercised or are then outstanding), the Administrator shall make a pro rata allocation of the shares remaining available for the Option grants in as uniform a manner as shall be practicable and as it shall determine to be equitable.  In such event, the Administrator shall give written notice to each Participant of such reduction of the number of Options affected thereby and shall similarly reduce the rate of payroll deductions, if necessary.

Section 4.    Eligibility

Subject to Section 13 and Section 18, and any exceptions and limitations set forth in Section 6 or as permitted under Section 423, or as may be provided elsewhere in the Plan or any sub-plan contemplated by Section 18, each Employee who (a) has been continuously employed by the Company or a Designated Subsidiary as of the first day of any Option Period, (b) customarily works twenty (20) hours or more per week, (c) is employed by the Company or a Designated Subsidiary, and (d) satisfies the requirements set forth in the Plan will be an “Eligible Employee.” Notwithstanding the above, an Employee who is a citizen or resident of a foreign jurisdiction (without regard to whether such Employee is also a citizen of the United States or resident alien in the United States) 

shall not be an Eligible Employee with respect to the Plan if the grant of an Option to such Employee is prohibited under the laws of the Employee’s foreign jurisdiction or compliance with the laws of the foreign jurisdiction would cause the Plan
 or an Option to violate the requirements of Section 423.  In no event, however, may an Employee be granted an Option under the Plan if, immediately after the Option is granted, the Employee would own (or pursuant to Section 424(d) of the Code would be deemed to own) stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of the Company or of any Parent or Subsidiary as may exist from time to time.  The Administrator may, for Option Periods that have not yet commenced, establish additional eligibility requirements not inconsistent with Section 423.

Section 5.    Option Periods

The Plan will generally be implemented by a series of “Option Periods.” Unless otherwise determined by the Administrator, the Option Periods will be the five and one-half month periods commencing January 1 and ending June 15 and commencing July 1 and ending December 15 of each year. Each June 15 and December 15 will be an “Exercise Date.” The Administrator may change the Exercise Date and the commencement date, ending date and duration of the Option Periods to the extent permitted by Section 423.

Section 6.    Option Grant

Subject to the limitations set forth in Section 4 and Section 10 and the Maximum Share Limit, on the first day of an Option Period, each Participant automatically will be granted an Option to purchase shares of Stock on the Exercise Date; provided, however, that no Participant will be granted an Option under the Plan that permits the Participant’s right to purchase shares of Stock under the Plan and under all other employee stock purchase plans of the Company and its Parent and Subsidiaries, if any, to accrue at a rate that exceeds $25,000 in Fair Market Value (or such other maximum as may be prescribed from time to time by the Code) for each calendar year during which any Option granted to such Participant is outstanding at any time, as determined in accordance with Section 423(b)(8) of the Code.

Section 7.    Method of Participation

To participate in an Option Period, an Eligible Employee must execute and deliver to the Administrator a payroll deduction and participation authorization form in accordance with the procedures prescribed by and in a form acceptable to the Administrator and, in so doing, the Eligible Employee will thereby become a Participant as of the first day of such Option Period. Such an Eligible Employee will remain a Participant with respect to subsequent Option Periods until his or her participation in the Plan is terminated as provided herein.  Such payroll deduction and participation authorization must be delivered no later than thirty (30) calendar days prior to the first day of an Option Period, or such other time as specified by the Administrator.

A Participant’s authorization will remain in effect for subsequent Option Periods unless the Participant files a new authorization within thirty (30) calendar days prior to 

the first day of an Option Period (or such other time as specified by the Administrator) or as provided in the paragraph immediately below or the Participant’s Option is cancelled pursuant to Section 13 or Section 14.

During an Option Period, a Participant’s payroll deduction authorization applicable to such Option Period may be decreased only one time. To make such a decrease, the Participant must submit a new payroll deduction and participation authorization form authorizing the new rate of payroll deductions at least thirty (30) calendar days (or such other time as specified by the Administrator) prior to the Exercise Date.  The foregoing does not limit a Participant’s right to terminate his or her payroll deduction authorization by canceling or suspending his or her Option in accordance with Section 13.

Except as otherwise determined by the Administrator, each payroll deduction authorization will request payroll deductions in an amount expressed as a whole percentage, between one percent (1%) and fifteen percent (15%) of the Participant’s total base compensation per payroll period, determined as of the first day of an Option Period, including base pay or base salary.

If the Administrator determines that another limit shall be imposed on maximum payroll deductions hereunder or that eligible compensation shall be defined in a different manner, determinations shall be made in a manner that satisfies the requirements of Treasury Regulation Section 1.423-2(f)(2).

All payroll deductions made pursuant to this Section 7 will be credited to the Participant’s Account.  Amounts credited to a Participant’s Account will not be required to be set aside in trust or otherwise segregated from the Company’s general assets.

Section 8.    Method of Payment

A Participant must pay for shares of Stock purchased upon the exercise of an Option with accumulated payroll deductions credited to the Participant’s Account.

Section 9.    Purchase Price

The Purchase Price of shares of Stock issued pursuant to the exercise of an Option on each Exercise Date will be eighty-five percent (85%) (or such greater percentage specified by the Administrator to the extent permitted under Section 423) of one of the following, as selected by the Administrator prior to the commencement of the relevant Option Period:

(a)    the Fair Market Value of a share of Stock on the date on which the Option was granted pursuant to Section 6 (i.e., the first day of the Option Period);

(b)    the Fair Market Value of a share of Stock on the date on which the Option is deemed exercised pursuant to Section 10 (i.e., the Exercise Date); or

		
	(c)
	the lesser of (a) and (b).

Section 10.    Exercise of Options

Subject to the limitations set forth in Section 6 and this Section 10, with respect to each Option Period, on the applicable Exercise Date, each Participant will be deemed to have exercised his or her Option and total accumulated payroll deductions in the Participant’s Account will be used to purchase full and fractional shares of Stock at the applicable Purchase Price that can be purchased with such Account balance at the applicable Purchase Price; provided, however, that no more than 350 shares of Stock may be purchased by a Participant on any Exercise Date, or such lesser number as the Administrator may prescribe in accordance with Section 423 (the “Maximum Share Limit”). As soon as practicable thereafter, shares of Stock so purchased will be placed, in book-entry form, into a record keeping account in the name of the Participant.  Shares of Stock will be uncertificated; provided, however, that the Administrator shall have the discretion to establish procedures regarding the provision of stock certificates in the event such certificates are requested by a Participant. Prior to the commencement of an Option Period, the Administrator shall determine whether any payroll deductions accumulated in a Participant’s Account that are not sufficient to purchase a full share will be retained in the Participant’s Account for the subsequent Option Period, subject to earlier withdrawal by the Participant as provided in Section 13, or returned to the Participant or his or her legal representative, as applicable, without interest, as soon as administratively practicable after the Exercise Date or earlier withdrawal, as applicable.

Any amount of payroll deductions in a Participant’s Account that are not used for the purchase of shares of Stock, whether because of the Participant’s withdrawal from participation in an Option Period or for any other reason, will be returned to the Participant or his or her legal representative, as applicable, without interest, as soon as administratively practicable after such withdrawal or other event, as applicable.

If the Participant’s accumulated payroll deductions on the Exercise Date would otherwise enable the Participant to purchase shares of Stock in excess of the Maximum Share Limit or the maximum Fair Market Value set forth in Section 6, the excess of the amount of the accumulated payroll deductions over the aggregate Purchase Price of the shares of Stock actually purchased will be returned to the Participant, without interest, as soon as administratively practicable after such Exercise Date.

Notwithstanding any provision of the Plan to the contrary, no Option may be exercised after 27 months from its grant date.

Section 11.    Interest

No interest will be payable on any amount held in the Account of any Participant.

Section 12.    Taxes

Payroll deductions will be made on an after-tax basis. The Administrator will have the right, as a condition to the exercise of an Option, to make such provision as it deems necessary to satisfy its obligations to withhold federal, state, local income or other 

taxes incurred by reason of the purchase or disposition of shares of Stock under the Plan.  In the Administrator’s discretion and subject to applicable law, such tax obligations may be paid in whole or in part by delivery of shares of Stock to the Company, including shares of Stock purchased under the Plan, valued at Fair Market Value, but not in excess of the minimum statutory amounts required to be withheld.

Section 13.    Suspension, Cancellation and Withdrawal

A Participant who holds an Option under the Plan may suspend his or her payroll deduction authorization by revoking such authorization by written notice delivered to the Administrator.  Upon such suspension, the accrued balance in the Participant’s Account will remain and will be used to purchase shares of Stock on the Exercise Date for the current Option Period.

A Participant who holds an Option under the Plan may cancel all (but not less than all) of his or her Option and terminate his or her payroll deduction authorization by revoking such
authorization by written notice delivered to the Administrator, which, to be effective with respect to an upcoming Exercise Date, must be delivered not later than thirty (30) business days prior to such Exercise Date (or such other time as specified by the Administrator).  Upon such termination and cancellation, the balance in the Participant’s Account will be returned to the Participant, without interest, as soon as administratively practicable thereafter.

A Participant who makes a hardship withdrawal from a 401(k) Plan will be deemed to have terminated his or her payroll deduction authorization for subsequent payroll dates relating to the then current Option Period as of the date of such hardship withdrawal and amounts accumulated in the Participant’s Account as of such date will be returned to the Participant, without interest, as soon as administratively practicable thereafter.  An Employee who has made a hardship withdrawal from a 401(k) Plan will not be permitted to participate in Option Periods commencing after the date of his or her hardship withdrawal until the first Option Period that begins at least six (6) months after the date of his or her hardship withdrawal.

Section 14.    Termination of Employment; Death of Participant

Upon the termination of a Participant’s employment with the Company (or a Designated Subsidiary, as applicable) for any reason or the death of a Participant during an Option Period prior to an Exercise Date or in the event the Participant ceases to qualify as an Eligible Employee, the Participant will cease to be a Participant, any Option held by him or her under the Plan will be deemed canceled, the balance in the Participant’s Account will be returned to the Participant (or his or her estate or designated beneficiary in the event of the Participant’s death), without interest, as soon as administratively practicable thereafter, and the Participant will have no further rights under the Plan.

Section 15.    Equal Rights; Participant’s Rights Not Transferable

All Participants granted Options under the Plan will have the same rights and privileges consistent with the requirements set forth in Section 423 except for Participants in certain sub- plans of non-U.S. Designated Subsidiaries, as described in Section 18.  Any Option granted under the Plan will be exercisable during the Participant’s lifetime only by him or her and may not be sold, pledged, assigned, or transferred in any manner.  In the event any Participant violates or attempts to violate the terms of this Section 15, as determined by the Administrator in its sole discretion, any Options held by him or her may be terminated by the Company and, upon the return to the Participant of the balance of his or her Account, without interest, all of the Participant’s rights under the Plan will terminate.

Section 16.    Change in Capitalization; Merger

In the event of any change in the outstanding Stock by reason of a stock dividend, split- up, recapitalization, merger, consolidation, reorganization, or other capital change, the aggregate number and type of shares of Stock available under the Plan, the number and type of shares of Stock granted under any outstanding Options, the maximum number and type of shares of Stock purchasable under any outstanding Options, and the purchase price per share of Stock under any outstanding Option will be appropriately adjusted; provided, that no such adjustment will be made unless the Administrator is satisfied that it will not constitute a modification of the rights
granted under the Plan or otherwise disqualify the Plan as an employee stock purchase plan under the provisions of Section 423.

In the event of a sale of all or substantially all of the Stock or a sale of all or substantially all of the assets of the Company, or a merger or similar transaction in which the Company is not the surviving corporation or that results in the acquisition of the Company by another person, the Administrator may, in its discretion, (a) if the Company is merged with or acquired by another corporation, provide that each outstanding Option will be assumed or exchanged for a substitute Option granted by the acquiror or successor corporation or by a parent or subsidiary of the acquiror or successor corporation, (b) cancel each outstanding Option and return the balances in Participants’ Accounts to the Participants, and/or (c) pursuant to Section 18, terminate the Option Period on or before the date of the proposed sale, merger or similar transaction.

Section 17.    Administration of Plan

The Plan will be administered by the Administrator, which will have the right to determine any questions which may arise regarding the interpretation and application of the provisions of the Plan and to make, administer, and interpret such rules and regulations as it deems necessary or advisable. All determinations and decisions by the Administrator regarding the interpretation or application of the Plan will be final and binding on all Participants.

The Administrator may specify the manner in which Employees are to provide notices and payroll deduction authorizations.  Notwithstanding any requirement of “written notice” herein, the Administrator may permit Employees to provide notices and payroll deduction authorizations electronically.

Section 18.    Sub-Plans; Amendment and Termination of Plan

The Board reserves the right at any time or times to amend the Plan to any extent and in any manner it may deem advisable, by action of the Board; provided, that any amendment that would be treated as the adoption of a new plan for purposes of Section 423 will have no force or effect unless approved by the shareholders of the Company within 12 months before or after its adoption.

The Plan may be suspended or terminated at any time by the Company, by action of the Board.  In connection therewith, the Board may provide, in its sole discretion, either that outstanding Options will be exercisable either at the Exercise Date for the applicable Option Period or on such earlier date as the Board may specify (in which case such earlier date will be treated as the Exercise Date for the applicable Option Period), or that the balance of each Participant’s Account will be returned to the Participant, without interest.

Notwithstanding the foregoing or any provision of the Plan to the contrary, the Administrator may, in its sole discretion, amend the terms of the Plan, or an Option, in order to reflect the impact of local law outside of the United States as applied to one or more Eligible Employees of a Non-U.S. Designated Subsidiary and may, where appropriate, establish one or more sub-plans to reflect such amended provisions; provided, however, in no event shall any sub-plan (a) be considered part of the Plan for purposes of Section 423 of the Code or (b) cause the Plan (other than the sub-plan) to fail to satisfy the requirements of Section 423 of the Code.  In the event of any inconsistency between a sub-plan and the Plan document, the terms of the sub-plan shall govern with respect to any Eligible Employees of a Non-U.S. Designated Subsidiary.  For the avoidance of doubt, shares of Stock purchased under a sub-plan shall reduce the maximum aggregate number of shares available for purchase pursuant to Section 3.

Section 19.    Recycling of Shares.

In the event of the expiration, withdrawal, termination or other cancellation of an Option under the Plan, the number of Shares of Stock that were subject to the Option but not delivered shall again be available for issuance under the Plan.

Section 20.    Approvals

Notwithstanding anything herein to the contrary, the obligation of the Company to issue and deliver shares of Stock under the Plan will be subject to the approval required of any governmental authority in connection with the authorization, issuance, sale or transfer of said shares of Stock and to any requirements of any national securities exchange applicable thereto.

Section 21.    Participants’ Rights as Shareholders and Employees

A Participant will have no rights or privileges as a shareholder of the Company and will not receive any dividends in respect of any shares of Stock covered by an Option granted hereunder until such Option has been exercised, full payment has been 

made for such shares of Stock, and the shares of Stock have been issued to the Participant.

Nothing contained in the provisions of the Plan will be construed as giving to any Employee the right to be retained in the employ of the Company or any Designated Subsidiary or as interfering with the right of the Company or any Designated Subsidiary to discharge, promote, demote or otherwise re-assign any Employee from one position to another within the Company any Designated Subsidiary or non-U.S. Designated Subsidiary at any time.

Section 22.    Governing Law

The Plan will be governed by and interpreted consistently with the laws of the State of Delaware, except as may be necessary to comply with applicable requirements of federal law. For purposes of litigating any dispute that arises under the Plan, such litigation shall be conducted only in the courts of New Haven County, Connecticut, or the federal courts for the United States for the District of Connecticut, and no other courts.

Section 23.    Notices.

Any notice or document required to be filed with the Administrator under or with respect to the Plan will be properly filed if delivered or mailed by registered mail, postage prepaid (or in such other form acceptable to the Administrator), to the Administrator at the Administrator’s principal executive offices.  The Administrator may, by advance written notice to affected persons, revise any notice procedure applicable to it from time to time. Any notice required under the Plan may be waived by the person entitled to notice.
 Section 24.    Effective Date and Term

Subject to the approval by the Company’s shareholders at the Company’s 2015 annual meeting, the Plan will become effective on May 6, 2015 (the “Effective Date”) and no rights will be granted hereunder after the earliest to occur of (a) the Plan’s termination by the
Company, (b) the issuance of all shares of Stock available for issuance under the Plan or (c) May 6, 2025.  This Plan, as amended and restated, shall be effective for Option Periods commencing on or after September 15, 2018.

 EXHIBIT A
Definition of Terms

The following terms, when used in the Plan, will have the meanings and be subject to the provisions set forth below:

“401(k) Plan”:  A savings plan qualifying under Section 401(k) of the Code that is sponsored by the Company or one of its Subsidiaries for the benefit of its employees.

“Account”: A payroll deduction account maintained in the Participant’s name on the books of the Company or a Designated Subsidiary.

“Administrator”:  The Leadership and Compensation Committee of the Board and its delegates, except that the Compensation Committee may delegate its authority under the Plan to a sub-committee comprised of one or more of its members, to members of the Board, or to officers or employees of the Company to the extent permitted by applicable law.  In each case references herein to the Administrator refer, as applicable, to such persons or groups so delegated to the extent of such delegation.

“Board”:  The Board of Directors of the Company.

“Code”: The U.S. Internal Revenue Code of 1986 as from time to time amended and in effect, or any successor statute as from time to time in effect.

“Company”: Alexion Pharmaceuticals, Inc.

“Designated Subsidiary”: A Subsidiary of the Company that has been designated by the Board or the Compensation Committee of the Board from time to time as eligible to participate in the Plan.  Exhibit B sets forth the Designated Subsidiaries as of the Effective Date.

“Effective Date”: The date set forth in Section 24 of the Plan.

“Eligible Employee”:  Any Employee who meets the eligibility requirements set forth in Section 4 of the Plan or any other service provider who is eligible to participate under the specific rules of a sub-plan, as described in Section 18, regardless of whether he or she meets the eligibility requirements under Section 4 of this Plan.

“Employee”:  Any person who is employed by the Company or a Designated Subsidiary. For the avoidance of doubt independent consultants and independent contractors are not “Employees” for purposes of the Plan.  Notwithstanding any other provision of the Plan, individuals who are not treated as common law employees by the Company or a Designated Subsidiary on their payroll records are excluded from Plan participation even if a court or administrative agency determines that such individuals are common law employees and not independent contractors. No employee of the Company or any Designated Subsidiary shall be eligible to participate in the Plan if the Administrator determines that such participation could be in violation of any local law and that it is permissible to exclude such employees from participation in the Plan under Section 423.
 “Exercise Date”:  The date set forth in Section 5 of the Plan or otherwise designated by the Administrator with respect to a particular Option Period on which a Participant will be deemed to have exercised the Option granted to him or her for such Option Period.

“Fair Market Value”:

(a)    If the Stock is readily traded on an established U.S. national exchange or trading system (including the Nasdaq Global Market), the closing price of the Stock as 

reported by the principal exchange on which such Stock is traded; provided, however, that if such day is not a trading day in the U.S. Fair Market Value will mean the reported closing price of the Stock for the immediately preceding day that is a trading day.

(b)    If the Stock is not traded on an established U.S. national exchange or trading system, the average of the bid and ask prices for such Stock where the bid and ask prices are quoted.

(c)    If the Stock cannot be valued pursuant to clauses (a) or (b), the value as determined in good faith by the Board in its sole discretion.

“Maximum Share Limit”: The meaning set forth in Section 10 of the Plan.

“Non-U.S. Designated Subsidiary”: A Subsidiary of the Company incorporated outside of the United States that has been designated by the Board or the Compensation Committee of the Board from time to time as eligible to participate in the Plan. Exhibit C sets forth the Non-
		
	U.S.
	Designated Subsidiaries as of the Effective Date.

“Option”: An option granted pursuant to the Plan entitling the holder to acquire shares of Stock upon payment of the Purchase Price per share of Stock.

 
“Option Period”:  An offering period established in accordance with Section 5 of the Plan
 
       “Parent”: A “parent corporation” as defined in Section 424(e) of the Code.

“Participant”: An Eligible Employee who elects to enroll in the Plan.

“Plan”: The Alexion Pharmaceuticals, Inc. 2015 Employee Stock Purchase Plan, as from time to time amended and in effect.

“Purchase Price”: The price per share of Stock with respect to an Option Period determined in accordance with Section 9 of the Plan.

“Section 423”:  Section 423 of the Code and the regulations thereunder.

“Stock”: Common stock of the Company, par value $0.0001 per share.

“Subsidiary”:  A “subsidiary corporation” as defined in Section 424(f) of the Code.THIS
MASTER SERVICES AGREEMENT is entered into effective on October 19, 2018.

 

BETWEEN:

 

ICOx
USA, Inc.

a
corporation having its office located

at
4115 Redwood Avenue, Los Angeles, CA 90066

 

(“Company”)

 

AND

BitRail,
LLC

a
corporation having its office located

c/o
2690 Cobb Parkway SE

Suite A5-370

Smyrna, GA 30080

(the
“Client”)

 

WHEREAS:

 

A.
The Client wishes to engage in a joint venture with Company, to develop a blockchain-based Payment Processing application allowing
the purchase and sale of cryptocurrencies (the “Business”). Upon the terms set forth herein the Business will
be operated by BitRail Holdings, Inc. (“BitRail”), a company owned by Client.

 

B.
In order to achieve its corporate and business objectives, the Client desires and has agreed to retain the services of Company
to provide various services and complete various duties to be described in one or more Statements of Work to be negotiated and
executed by the parties (the “Services”), and which will form a part of this Agreement (each, an “SOW”);
and

 

NOW
THEREFORE in consideration and mutual covenants herein contained and such good and other consideration, the receipt and sufficiency
of which is acknowledged by each of Company and the Client (each, a “Party” and collectively, the “Parties”),
the Parties hereto agree as follows:

 

	 	1.	BitRail.
    Client shall immediately form BitRail to conduct and operate the Business, and BitRail shall initially have a board of five
    directors or managers, as applicable, 3 of which shall be appointed by Client and 2 of which shall be appointed by Company
    (which board of directors may be expanded except as Client’s rights to do so are limited in writing). Company and Client
    agree that the Company will be issued warrants or similar vehicles for ownership (the “Warrants”) of up
    to 20% of BitRail, for a total consideration of US$1 that can be exercised by Company at any time in the future.. Client and
    Company shall, in good faith, negotiate and enter into a shareholder agreement, operating agreement or other equivalent agreement,
    that includes, among other things, a voting agreement after exercise of Warrants, conditions upon which Company’s rights
    may be bought out, Rights of First Refusal and other arrangements common in such agreements.
	 	 	 
	 	2.	Services,
    Term and Compensation. The term of this Agreement (the “Term”), the nature of the Services to be provided
    by Company, and the compensation to be paid to Company in consideration for the Services (the “Fees”),
    are set forth in the executed SOW attached hereto, along with other SOWs which may be executed during the Term. The initial
    Services for development of a payment processing platform, as well as other software being developed by Company (the “Software
    Services”), and fees associated therewith, shall be provided pursuant to the terms of the SOW attached hereto as
    Exhibit A (the “Software SOW”).
	 	 	 
	 	3.	Independent
    Contractor. Subject to the terms and conditions of this Agreement, the Client hereby engages Company as an independent
    contractor to perform the Services, and Company hereby accepts such engagement. It is expressly agreed that Company is acting
    as an independent contractor in performing the Services hereunder.

    	 		 

     

    

 

		4.	Nature
                                         of Engagement. Company shall perform the Services as an independent contractor, and
                                         nothing contained in this Agreement shall be construed to create or imply a joint venture,
                                         partnership, principal agent, or employment relationship between the Client and Company.
                                         Unless the Client specifically authorizes Company in writing to do so, Company shall
                                         neither act or purport to be acting as the agent of the Client, nor enter into any agreement
                                         on behalf of the Client or otherwise bind, nor purport to bind the Client or cause the
                                         Client to incur liability in any manner whatsoever. All final decisions with respect
                                         to Services provided by Company hereunder shall be entirely the Client’s to make,
                                         and Company shall have no liability relating to or arising from the Client’s decisions;
                                         provided, however, that this shall not prejudice any of Client’s remedies for breaches
                                         of this Agreement. It is understood that Company’s responsibility to the Client
                                         is solely contractual in nature and that Company does not act in a fiduciary capacity
                                         in relation to the Client as a result of this Agreement.

 

Nothing
in this Agreement shall prohibit the Client, or any entity chosen by the Client, from performing some or all of the functions
of Company herein. It is recognized that Company will expend significant time and commit considerable resources to the Client.
The Services are not exclusive to the Client however, and Company may render similar services to other parties both during and
after the Term.

 

		5.	Third
                                         Party Expenses. The Client is responsible for paying all expenses charged by third
                                         parties to Company or Client relating to this Agreement, including, but not limited to,
                                         graphic design, creative, legal fees, accounting fees and other advisory fees specifically
                                         related to provision of the Services (but not any portion of Company’s overhead
                                         costs). The Client shall reimburse Company for any out-of-pocket expenses incurred by
                                         Company within thirty (30) days of presentation of reasonably itemized invoices to the
                                         Client as set forth in clause 6 below.

 

		6.	Billing.
                                         Accounts, including out-of-pocket expenses, will be rendered by Company on a monthly
                                         basis. Other than amounts disputed in good faith, accounts are due when rendered and
                                         payable within thirty (30) days from the date of the account. Any amounts (other than
                                         those disputed in good faith) not paid when due shall immediately begin accruing interest
                                         at a rate of 12% per annum. Where Client has a good faith dispute, Client shall provide
                                         written notice to Company within ten (10) business days, outlining its objections in
                                         reasonable detail, and the parties shall thereupon negotiate in good faith to resolve
                                         the dispute.

 

		7.	Information
                                         Provided to Company. The Client agrees Company is entitled to rely (without independent
                                         verification) upon any information provided by the Client about the Client in relation
                                         to this Agreement, including, without limitation, information with respect to the assets,
                                         liabilities, earnings, earning potential, financial condition, historical performance,
                                         future prospects and financial projections, and any assumptions used in the development
                                         of such projections furnished by the Client or any individual on behalf of the Client
                                         (other than any Company personnel, even if employed by or paid for by BitRail or Client),
                                         and Company is entitled to assume that all such information is true, correct and complete
                                         in all material respects and does not contain any untrue statements of material fact
                                         or omit to state a material fact necessary to ensure the information supplied is not
                                         misleading. Company is not liable or responsible for any loss or damage suffered by the
                                         Client or others if any misstatement, error or omission in any material, information,
                                         document or representation supplied or approved by the Client. If at any time during
                                         the effectiveness of this Agreement, the Client becomes aware of any material change
                                         in any of the information previously furnished to Company, the Client will promptly advise
                                         Company of the change, in writing; provided, however, that “the Client” in
                                         this sentence shall be construed to mean the Client’s management team.

 

    	 		 

     

    

 

		8.	Confidentiality.

 

	 	 	a)	For
    the purpose of this section, the term “Confidential Information” includes, but is not limited to, this
    Agreement (subject to Section 10 below) and any other agreement executed by the parties, all business and financial information,
    marketing and strategic plans, equipment details, software programs, manuals, maps, customer and client lists, partners, employee
    information, supplier information, analyses, reports, technologies, processes and operations, compilations, forecasts, studies.
    lists, summaries, notes, designs, formulae, innovations, techniques, data, patents and trade secrets, as well as the present
    and contemplated products, techniques and other services of the Disclosing Party (as defined below), which are not generally
    known to the public, including, with respect to the Company, Company Property (as defined below) and with respect to Client,
    Client Property (as defined below). Confidential Information does not include such portions of the Confidential Information
    which: (i) are, or prior to the time of disclosure or utilization become, generally available to the public; (ii) are received
    by the Receiving Party (as defined below) from an independent third party who had obtained the Confidential Information lawfully
    and was, to the best of the Receiving Party’s knowledge, under no obligation of secrecy or duty of confidentiality owed
    to the Disclosing Party; (iii) the Receiving Party can show was in its lawful possession before it received such Confidential
    Information from the Disclosing Party, or (iv) the Receiving Party can show that such Confidential Information was independently
    developed by it having no access to the Confidential Information at the time of its independent development. For purposes
    of this section, the term “Disclosing Party,” means the party to this Agreement to which the Confidential
    Information belongs, including where information belongs to such party’s Affiliates or third party licensors. For purposes
    of this section, the term “Receiving Party,” means the party to this Agreement to which Confidential Information
    of the other party is disclosed. “Affiliates,” with respect to a party, means other persons or entities
    under common control with, that control, or that are controlled by that party, where “control” means owning 50%
    or more the equity of an entity. “Client Property” shall include the Work Product (as defined below).
	 	 	 	 
	 	 	b)	In
    the course of the performance of this Agreement and in connection with the discussions between the parties preceding this
    Agreement, each party acknowledges and understands that it has been given and will continue to have access to Confidential
    Information which is not public, but is proprietary and confidential to the other party. Each party agrees that it shall keep
    the Confidential Information of the other party, strictly confidential and shall take all necessary precautions against unauthorized
    disclosure of the Confidential Information during the Term of this Agreement and thereafter for a period of five (5) years.
    Neither party shall use or reproduce any Confidential Information of the other party, in any manner, except as reasonably
    required to fulfill the purposes of this Agreement.
	 	 	 	 
	 	 	c)	Each
    party acknowledges that it shall not acquire any right, title or interest in or to any Confidential Information of the other
    party by virtue of it having access to same during the Term of this Agreement.
	 	 	 	 
	 	 	d)	Each
    party agrees that in the event it is requested or required pursuant to any Court order, or other legal or regulatory demand,
    to disclose any Confidential Information of the other party, to a third party, such Receiving Party will provide the Disclosing
    Party with prompt notice of such request or requirement so that the Disclosing Party, at its option, may seek an appropriate
    protective order or other remedy to ensure that Confidential Information will be accorded confidential treatment.
	 	 	 	 
	 	 	e)	The
    Parties acknowledge that any unauthorized use or disclosure of any Confidential Information by the Receiving Party, or misappropriation
    of the intellectual property (including the Work Product) by the other Party, may cause irreparable damage to the Disclosing
    Party or owning Party, the remedies at law for such a breach may be inadequate, and that the Disclosing Party or owning
    Party will be entitled to seek injunctive and other equitable or legal relief to prevent or compensate for such unauthorized
    use or disclosure, without need to post a bond, in addition to other remedies at law or in equity.

 

    	 		 

     

    

 

		9.	Ownership
                                         of Work Product. Except as otherwise set forth below, any and all Work Product conceived,
                                         developed, reduced to practice or a definite and practical shape, invented, authored,
                                         wrote, created, produced or otherwise generated on behalf of Company or by any employee,
                                         agent, contractor, representative or other individual acting on behalf of Company (“Company
                                         Personnel”) in connection with the performance of the Services will be the
                                         exclusive property of the Client. Company shall assign and waive, and shall cause to
                                         be assigned or waived at Company’s expense, any right, title and interest in and
                                         to the Work Product to or in favor of the Client. In this Agreement, “Work Product”
                                         includes, without limitation, any and all of the following: (a) any invention, process,
                                         formula, algorithm, specification, technique, concept, idea, method, diagnostic, compound,
                                         development, composition, apparatus, machine, test, design, trade secret, know how or
                                         any improvement, modification, thereto or any issued patent, industrial design or application
                                         therefor applied for, issued or granted in any jurisdiction anywhere in the world, including
                                         but not limited to reissues, divisions, continuations, continuations-in-part, re-examinations,
                                         renewals and substitutes thereof, foreign counterparts of the foregoing, including, without
                                         limitation, the right to apply for Letters Patent in the United States, Canada and all
                                         other countries throughout the world and all rights to claim priority based on said applications
                                         under the terms of any international convention, and all rights in the United States,
                                         Canada and all other countries throughout the world to sue and recover for past or future
                                         infringement of such rights; (b) trade names, trademarks, trade secrets, service names,
                                         service marks, business names, product names, brands, logos and other distinctive identifications
                                         used in commerce, whether in connection with products or services, and the goodwill associated
                                         with any of the foregoing; (c) original works of authorship, derivative works and other
                                         copyrightable works of any nature, and fixations of any of the foregoing; (d) computer
                                         software or code of any type (whether source code or object code) in any programming
                                         or markup language, underlying any type of computer programming (whether application
                                         software, middleware, firm ware or system software) including, but not limited to, applets,
                                         assemblers, compilers, design tools, and user interfaces, databases and fixations thereof,
                                         including the deliverables under the Software SOW; (e) uniform resource locators, website
                                         addresses, domain names, website content and all fixations thereof; and (f) any other
                                         intellectual and industrial property in and to the foregoing, which is recognized under
                                         the law of any jurisdiction anywhere in the world, whether under common law, by statute
                                         or otherwise. Notwithstanding the foregoing, certain of the deliverables may incorporate
                                         Company’s or a third party’s processes, procedures, source code, forms and
                                         other information, which shall be the property of Company or such third party (“Company
                                         Property”), and Company grants the Client a non-exclusive, non-transferrable,
                                         non-sublicensable, royalty-free, fully paid-up license, with the right to use the Company
                                         Property, or shall procure the same from any applicable third party; provided, however,
                                         Client shall be bound by the confidentiality provisions herein with respect to such Company
                                         Property. Upon request of Client, Company shall promptly disclose to Company which portions
                                         or aspects of the Work Product are Company Property. Company warrants that Company has
                                         all necessary licenses or other rights from third parties to grant to Client the licenses
                                         and rights granted under this Agreement. For purposes of clarity, the RipKit Software
                                         and system is the sole and exclusive property of the Company.
	 	 	 

		10.	Announcements.
                                         Company may disclose to the public the existence of this Agreement and identify Client
                                         as a client of Company, through any medium, including, but not limited, to electronic
                                         and print publications, Company’s website, interviews and press releases. Client
                                         agrees and understands that Company shall have the authority, at its discretion, to issue
                                         press and media releases on behalf of Client as related to the services and any Client
                                         ICO, with the prior written approval of Client with respect to each release, which shall
                                         not be unreasonably conditioned, delayed or denied. In this regard, Client acknowledges
                                         that time is of the essence with respect to such press and media releases, and agrees
                                         to respond to and provide any comments on any press or media releases prepared by Company,
                                         within two (2) business days of receipt, and to diligently work with Company to finalize
                                         and approve any such press releases. In accordance with all applicable laws, including
                                         the Client’s disclosure obligations under applicable securities laws, the Client
                                         is expressly permitted to make any required disclosures of this Agreement, including
                                         the material terms hereof.

 

		11.	Legal
                                         and Tax Advice. Except as may be stated in an SOW: (i) Company will not provide or
                                         be responsible for obtaining legal or tax advice with respect to the Client, nor any
                                         other legal and regulatory requirements and issues which may arise pursuant to this Agreement;
                                         and (ii) the Client is responsible for ensuring compliance with all of the Client’s
                                         legal and regulatory requirements in connection with all aspects of this Agreement.

 

		12.	Best
                                         Efforts/Timely Performance. Company will use all reasonable efforts to perform the
                                         Services described in the SOWs within the time-frame agreed upon by the Parties. Neither
                                         the execution and/or delivery of this Agreement, nor the provision of Services hereunder
                                         constitutes a guarantee or commitment, express or implied, on the part of Company, as
                                         to the timeliness of Company’s performance of the Services. Further, Company shall
                                         not be liable for failures or delays in performance that arise from causes beyond Company’s
                                         control (which shall not include circumstances arising because of negligence of Company
                                         or its agents).

 

    	 		 

     

    

 

		13.	Indemnification.

 

	 	 	a.	The
    Client shall indemnify and hold Company, its Affiliates and their respective shareholders, directors, managers, officers,
    employees, contractors, agents and other representatives (in each case, an “Company Indemnitee”) harmless
    from and against all third party claims, losses, damages, liabilities, demands, actions, causes of action, lawsuits and proceedings,
    and costs and expenses, including reasonable legal fees (“Losses”) , which may be made or brought against
    or suffered by any Company Indemnitee, or which it may suffer or incur as a result of, in respect of or arising out of, any
    violation of applicable law, breach of Section 7 by the Client, or any claim of infringement of Client Property (except the
    Work Product) or any Client trademarks or other intellectual property, on the rights of any third party. Notwithstanding the
    foregoing, no Company Indemnitee shall be entitled to any indemnification by the Client for or in respect of any act, matter
    or omission caused by: (i) fraud, willful misconduct, bad faith or gross negligence; (ii) violation of applicable laws; or
    (iii) a breach of this Agreement.
	 	 	 	 
	 	 	b.	Company
    will indemnify and hold Client, its Affiliates and their respective agents, directors, officers, managers, shareholders, employees
    and contractors (“Client Indemnitees”) harmless from and against any Losses incurred or sustained by a
    Client Indemnitee arising out the intentional or knowing infringement of the copyright, patent, trade secret or other enforceable
    intellectual property right of a third party by the Work Product.
	 	 	 	 
	 	 	c.	Each
    Party shall defend, indemnify, and hold the other party and its respective indemnitees in Section 13(a) or 13(b) above, from
    and against any and all third party Losses that may be suffered or incurred by the applicable indemnitee arising out of or
    resulting from (i) the fraud, gross negligence or willful misconduct of the indemnifying Party; or (ii) acts of omissions
    of the indemnifying Party resulting in personal injury or death of persons, or damage to personal property.
	 	 	 	 
	 	 	d.	In
    each case above, the indemnified Party shall promptly notify the indemnifying Party of the assertion of the applicable claim
    and reasonably cooperate the indemnifying Party’s defense of the claim. The indemnifying Party shall have full control
    of the defense or settlement of the applicable claim giving rise to Losses; provided that the indemnified Party shall have
    the right to consent to any settlement other than any settlement which solely involves monetary damages that the indemnifying
    Party has agreed to Pay.

 

		14.	Non-Solicitation/Non-Disparagement.
                                         During the Term and for a period of one (1) year thereafter, the Client will not
                                         directly or indirectly recruit, solicit or hire any employee or contractor of Company
                                         or any of its Affiliates, or induce or attempt to induce any employee, contractor, vendor
                                         or service provider of Company or any of its Affiliates, to terminate his/her/its employment
                                         or contractual relationship with, or otherwise cease his/her/its relationship with Company
                                         or its applicable Affiliate. During the Term and for a period of one (1) year thereafter,
                                         Company will not directly or indirectly recruit, solicit or hire any employee or contractor
                                         of the Client or any of its Affiliates, or induce or attempt to induce any employee or
                                         subcontractor of the Client or its Affiliate to terminate his/her employment with, or
                                         otherwise cease his/her relationship with the Client or such Affiliate. Each of Company
                                         and Client agree that it shall not, either during the Term or at any time thereafter,
                                         make, publish or cause to be made or published any disparaging comments or characterizations
                                         about the other party or any of its subsidiaries, affiliates, or any of their respective,
                                         stakeholders, officers, directors, members, managers, employees or agents.

 

		15.	Successors
                                         and Assigns. This Agreement and all obligations and benefits of the Client and Company
                                         shall bind the Client and Company and any of the respective successors and assigns of
                                         either. Neither Party may assign, including by operation of law, this Agreement (other
                                         than in the case of a corporate reorganization of its Affiliate group or sale of all
                                         or substantially all its assets to a third party purchaser), except with the prior written
                                         consent of the other Party, which shall not be unreasonably withheld. Notwithstanding
                                         the foregoing, Client may assign its rights under this Agreement and/or any SOW to BitRail;
                                         provided, however, Client shall remain a primary obligor under this Agreement and any
                                         SOWs.

 

		16.	Termination.
                                         This Agreement shall commence on its effective date and continue until terminated as
                                         provided herein. Either Company or the Client may terminate this Agreement or any SOW
                                         at any time upon the provision of thirty (30) days written notice to the other party,
                                         upon receipt of which, the non-terminating party may elect to immediately terminate this
                                         Agreement or the applicable SOW. Upon such termination, Company will be entitled to no
                                         further compensation except for (1) any Fees earned (as described in an executed SOW)
                                         and out-of-pocket expenses incurred prior to the effective date of the termination of
                                         this Agreement or the SOW, as applicable, and with respect to any Fees earned monthly
                                         pursuant to the Software SOW or any other SOW, if there is a termination during any applicable
                                         monthly period, a pro rata portion of such Fees shall be deemed earned through the date
                                         of termination, and (2) any other amounts or consideration as set forth in any SOW which
                                         are to be paid upon or regardless of the termination of this Agreement or such SOW.

 

    	 		 

     

    

 

		17.	Arbitration
                                         of Disputes. The Client and Company agree that all claims or controversies, whether
                                         such claims or controversies arose prior to, on, or subsequent to the date hereof, between
                                         the Client and Company or any of the present of former members, managers, officers, employees,
                                         agents and representatives of any Party concerning or arising from, without limitation,
                                         the construction, performance or breach of this Agreement, or any duty arising therefrom,
                                         shall be determined by arbitration in Wilmington, Delaware. Any arbitration under this
                                         Agreement shall be conducted pursuant to the laws of State of Delaware before a single
                                         arbitrator, and shall be final and binding upon the Client and Company and non-appealable.
                                         The costs of the arbitrator shall be borne equally by the Client and Company, and each
                                         of the Client and Company shall bear their respective legal and other fees, unless the
                                         arbitrator decides to allocate a greater burden of said costs and fees to the unsuccessful
                                         Party. Notwithstanding the foregoing, the parties hereto shall have all remedies for
                                         breach of this Agreement available to them provided by law or equity in the arbitral
                                         proceedings, and the parties shall be entitled to apply to the state and federal courts
                                         located in Los Angeles, California, or the courts in any other jurisdiction, to obtain
                                         specific performance of the obligations of the other party to this Agreement and/or immediate
                                         injunctive relief, without notice and without the necessity of posting a bond. In addition,
                                         if any action or proceeding is brought in equity to enforce the same, no party will urge,
                                         as a defense, that there is an adequate remedy at law.

 

		18.	Limitation
                                         of Liability. Other than in the case of breach of Section 8 or misappropriation of
                                         intellectual property, neither party will have any liability for any special, indirect
                                         or consequential damages, including, but not limited to, damages for loss of profits,
                                         arising in any way out of the Agreement under any cause of action, whether in tort or
                                         contract, and whether or not such party has been notified of the possibility of such
                                         damages.

 

		19.	Warranty;
                                         Disclaimer of Warranties.

 

	 	 	a.	Company
    represents and warrants that the Services will be performed in accordance with Good Industry Practices, where “Good
    Industry Practices” means, in relation to any undertaking and any circumstance, the exercise of the degree of skill,
    diligence, prudence and foresight that would reasonably be expected from a highly skilled and experienced person engaged in
    the same type of undertaking under the same or similar circumstances. In the event of the breach of the foregoing warranty,
    Company shall re-perform the non-conforming Services without cost to Client.
	 	 	 	 
	 	 	b.	OTHER
    THAN STATED IN SECTION 19(a) OR IN AN SOW, COMPANY MAKES NO REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED, RELATED TO THE
    SERVICES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES RELATED THERETO, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF
    MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT.

 

		20.	Notices.
                                         Any and all notices, demands, or other communications required or desired to be given
                                         hereunder by any Party shall be in:

 

	 	 	a)	writing
    and shall be validly given or made to another party if personally served, or if deposited in the mail, certified or registered,
    postage prepaid, return receipt requested, but not required; or
	 	 	 	 
	 	 	b)	via
    electronic mail.

 

    	 		 

     

    

 

If
such notice or demand is served personally, notice shall be deemed constructively made at the time of such personal service. If
such notice, demand or other communication is given by mail, such notice shall be conclusively deemed given five days after deposit
thereof in the mail addressed to the party to whom such notice, demand or other communication is to be given as follows:

 

If
to Company:

 

ICOx
USA Inc.

4115
Redwood Avenue

Los
Angeles, CA 90066

 

Attention
Michael Blum

e-mail:
Michael.blum@icoxinnovations.com

 

If
to the Client:

 

BitRail,
LLC

2690
Cobb Parkway SE

 

Suite
A5-370

Smyrna,
GA 30080

 

Attention:
Steve Urvan

e-mail:
steve.urvan@gbhinc.com

 

Any
party hereto may change its office or email addresses for purposes of this paragraph by written notice given in the manner provided
above.

 

		21.	Waiver.
                                         Failure of either party hereto to insist upon strict compliance with any of the terms,
                                         covenants and conditions hereof shall not be deemed a waiver or relinquishment of any
                                         similar right or power hereunder at any subsequent time or of any other provision hereof.

 

		22.	Modification
                                         or Amendment. No amendment, change or modification of this Agreement shall be valid
                                         unless in writing signed by the Parties.

 

		23.	Survival.
                                         Any provision of this Agreement which expressly states that it is to continue in
                                         effect after termination or expiration of this Agreement, or which by its nature would
                                         survive the termination or expiration of this Agreement, shall do so.

 

		24.	Severability.
                                         If any one or more of the provisions of this Agreement shall for any reason be held
                                         to be invalid, illegal, or unenforceable in any respect, any such provision shall be
                                         severable from this Agreement, in which event this Agreement shall be construed as if
                                         such provision had never been contained herein and the remainder of this Agreement shall
                                         nevertheless remain in full force and effect.

 

		25.	Entire
                                         Understanding. This Agreement, and any SOWs (which shall be deemed incorporated
                                         into this Agreement), , constitute the entire understanding and agreement of the Parties,
                                         and any and all prior agreements, understandings, and representations are hereby terminated
                                         and cancelled in their entirety and are of no further force and effect.

 

		26.	Jurisdiction.
                                         The laws of the State of California shall govern the validity of this Agreement,
                                         the construction of its terms and the interpretation of the rights and duties of the
                                         Parties. The Parties irrevocably submit to the jurisdiction of California for the purpose
                                         of any legal suit, action or other proceeding arising out of the Agreement.

 

		27.	Counterparts.
                                         Each Party hereto may sign this Agreement in counterparts and deliver such counterparts
                                         by facsimile or other electronic delivery, which parts will be read together and construed
                                         as if all signing Parties had signed one copy of this Agreement.

 

[Signature
Page Follows]

 

    	 		 

     

    

 

IN
WITNESS WHEREOF the undersigned have executed this Agreement as of the day and year first written above.

 

	ICOx USA, Inc.	 
	 	 	 
	Per:	/s/
    Michael Blum	 
	Name:	Michael
    Blum 	 
	Title:	Chief
    Financial Officer	 
	 	 	 
	Date:	October
    19, 2018	 

 

	BitRail,
    LLC	 
	 	 
	Per:	/s/
    Steve Urvan	 
	Name:	Steve
    Urvan	 
	Title:	Founder	 
	 	 	 
	Date:	October
    18, 2018

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