Document:

Exhibit 10.1

 

 

AGREEMENT

 

This
AGREEMENT (“Agreement”) is made and entered into as of March __, 2015 (“Effective Date”)
by and between Lifeguard Licensing Corp., (“LLCorp”), a Delaware
corporation, with its principal office at 595 Madison Ave. New York, NY 10022, and Bang Vapor, Inc., a Florida corporation, with
its principal office at 600 NE 36th Street, PH 14, Miami, Florida 33137 (“BVI”, each of LLCorp
and BVI a “Party”, and collectively, the “Parties”). 

 

RECITALS

 

WHEREAS, LLCorp filed
applications with the United States Patent and Trademark Office (“USPTO”) on March 4, 2014 for the marks
“BANGVAPORIZERS” (Ser. No. 86210260) and “BANGVAPS” (Ser. No. 86210253); (collectively, the “Marks”)
on an “Intent-to-Use” basis;

 

WHEREAS, LLCorp wishes
to transfer ownership to BVI, and BVI wishes to acquire from LLCorp, all right, title and interest to the Marks and the goodwill
of the business associated with the aforesaid Marks;

 

NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which is hereby established, and in consideration of the terms
and conditions set forth herein, the Parties agree as follows:

 

1. Process Undertaken.  

 

(a) LLCorp has used
the Marks in interstate commerce.

 

(b) BVI or its agent
will file for LLCorp a Statement of Use with the USPTO for the marks BANGVAPORIZERS (Ser. No. 86210260) and BANGVAPS (Ser. No.
86210253) recording the use in commerce defined above, and LLCorp hereby provides its authorization to BVI or its agent to file
said Statement of Use for LLCorp with the USPTO.

 

(c) LLCorp shall also
execute a Trademark Assignment (attached below) transferring ownership of the marks BANGVAPORIZERS (Ser. No. 86210260) and BANGVAPS
(Ser. No. 86210253) to BVI.

 

3. Further Assurances.
Subsequent to the filing of the Statement of Use above, LLCorp will take all actions and execute all documents as BVI may reasonably
request to complete all necessary requirements and forms with the USPTO to finalize the registration of the Marks and to have the
Marks registered in BVI’s name.

 

4. Representations
and Warranties.

 

(a)  LLCorp
represents and warrants to BVI that:  (i) LLCorp exclusively owns all right, title and interest in and to the
trademarks applications Ser. No. 86210260 and Ser. No. 86210253; (ii) LLCorp has not granted and will not grant any licenses
or other rights to the Marks to any third party; (iii) LLCorp has not granted to any third party any encumbrance in the
Marks; (iv) there are no legal actions, investigations, claims, or proceedings pending or, to its knowledge threatened,
against LLCorp relating to the Marks; (v) to the knowledge of LLCorp without inquiry, the Marks do not violate any trademark,
trade dress, copyright or similar right of any third party under the laws of the United States of America or any state or
territory thereof (but not, for the avoidance of doubt, the  laws of any foreign country) and (f) LLCorp will not
at any point challenge: x) the validity or enforceability of any trademark registrations issuing for the Marks or any related
trademark applications owned by BVI, y) the validity of the transfer of any trademark rights under this Agreement or said
Trademark Assignment, or z) any of BVI’s rights in the Marks or any related marks owned by BVI.

 

    	 

    	 

    

 

(b)  BVI represents
and warrants to LLCorp that: (a) the Products have been manufactured and produced in accordance with applicable law and (b) the
Products are fit for sale to the end consumers without the need for any further licensing, registration or other obligation pursuant
to applicable law.

 

(c)  Bang Holdings
Corp. represents and warrants to LLCorp that: (a) the shares to be issued pursuant to Section 5 below are duly authorized and will
be legally issued, fully paid and non-assessable pursuant to all necessary and appropriate corporate action on the part of Bang
Holdings Corp. and are not subject to any liens or other encumbrances and (b) Subject to Section 6 below, any opinion letter required
to remove the restricted stock legend on the stock certificate shall be provided and issued by Bang Holdings Corp. LLCorp may use
another attorney in its sole discretion for the opinion. The parties hereby agree that Bang Holdings Corp. will cover all legal
costs associated with the issuance of the opinion letter.

 

5. Compensation
and Penalties. As consideration for the processes undertaken by LLCorp under this Agreement, LLCorp shall be issued Five Hundred
Thousand (500,000) shares of common stock, valued at $1.00 per share, of Bang Holdings Corp., the corporate parent of BVI (the
“Shares”), such shares to be issued upon execution hereof and held in escrow by counsel to BVI to be
released without condition to LLCorp upon the final registration of the Marks. In the event that the Marks are not registered by
the USPTO, LLCorp shall not receive the Shares.

 

6. Lock Up.
LLCorp shall not offer, pledge, sell or otherwise dispose of any Shares during the period beginning on and including the date hereof
until 270 days after Bang Holdings Corp. becomes a reporting company under Section 12(g) or 15(d) of the Securities Exchange Act
of 1934, as amended.

 

7. Indemnification.  Each
of the parties hereto will defend, indemnify, and hold harmless the other, and each of such party’s officers, directors,
shareholders, successors, and assigns, from and against all losses, liabilities, and costs including, without limitation, reasonable
attorneys’ fees, expenses, penalties, judgments, claims and demands of every kind and character that such indemnified party,
its officers, directors, shareholders, successors, and assigns may incur, suffer, or be required to pay arising out of, based upon,
or by reason of the breach by an indemnifying party of any of the representations or warranties made by such party in Section 4
of this Agreement.

 

8. Miscellaneous.

 

(a) Expenses.
All costs and expenses, including fees and disbursements of counsel, financial advisors, and accountants, incurred in connection
with this Agreement will be paid by the Party incurring those costs and expenses.

 

(b) Arms-Length.  Each
Party acknowledges and agrees that the Agreement is the product of an arm’s-length negotiation, without duress, coercion,
or collusion, and will be interpreted as agreements between two Parties of equal bargaining strength.  It is the Parties’
intention that the Agreement reflects the conditions which would be obtained between comparable, independent persons in substantially
similar transactions (taking into account the relative responsibilities and risks between the Parties) and comparable circumstances
(taking into account the location, market, and economic conditions), thereby providing the closest approximation of the workings
of the open market.

 

(c) Entire Agreement.  This
Agreement and the accompanying Trademark Assignment constitutes the entire agreement between the Parties and supersedes all prior
oral and written negotiations, communications, discussions, and correspondence pertaining to the subject matter of this Agreement.  

 

    	 

    	 

    

 

(d) Headings, “including.”  The
article and section headings and any table of contents in the Agreement are for reference and convenience only and will not be
considered in the interpretation of any of the Agreement.  The term “including” means by way of example and
not of limitation.

 

(e) Amendments
and Waivers.  This Agreement may only be amended or modified by an instrument in writing signed by each Party’s
President or Chief Executive Officer or Managing Member, as applicable.

 

(f) Binding Effect.  This
Agreement will be binding upon and inure to the benefit of the Parties and their respective heirs, legal representatives, successors,
and permitted assigns. The Parties agree that Bang Holdings Corp. will be a third-party beneficiary of Sections 3-5 of this Agreement,
with the right to enforce same directly against LLCorp without the consent of BVI, and that any recovery obtained by Bang Holdings
Corp when acting as a third-party beneficiary shall be solely for the benefit of (and will be paid directly to) Bang Holdings Corp.

 

(g) Governing Law.  The
interpretation and enforceability of this Agreement and the rights and liabilities of the Parties under this Agreement will be
governed by the laws of the State of Florida without giving effect to any principles of conflict of laws.

 

(h) Jurisdiction.  Each
Party hereby irrevocably submits to the personal jurisdiction of any state or federal court sitting in the State of Florida, Miami
Dade County, in any suit, action or proceeding arising out of or relating to any of this Agreement.  Each Party hereby
irrevocably waives, to the fullest extent permitted by applicable law, any objection which that Party may raise now, or later have,
to the laying of the venue of any such suit, action or proceeding brought in such a court and any claim that any such suit, action
or proceeding brought in such a court has been brought in an inconvenient forum.  Each Party agrees that, to the fullest
extent permitted by applicable law, a final judgment in any such suit, action, or proceeding brought in such a court will be conclusive
and binding upon such Party, and may be enforced in any court of the jurisdiction in which such Party is or may be subject by a
suit upon such judgment.

 

(i) Specific Performance.  The
Parties agree that irreparable damage would occur if any provision of the Agreement were not performed in accordance with the terms
of the Agreement, and that the Parties will be entitled to seek specific performance of the terms of the Agreement, in addition
to any other remedy to which they are entitled at law or in equity.

 

(k)Attorneys’
Fees.  In any suit, action, counterclaim, or arbitration brought relating to this Agreement or the breach or alleged
breach of this Agreement, the prevailing Party will be entitled to recover a reasonable allowance for attorneys’ fees and
litigation expenses.  For purposes of this Section 8(k), “prevailing Party” will mean: (a) a prevailing Party
in any litigation as determined by a court of competent jurisdiction; and (b) a Party who agrees to dismiss an action or proceeding
with prejudice upon the other’s payment of the sums allegedly due or performance of convents allegedly breached.

 

(l) Severability.  If
any provision of the Agreement is held by a court of competent jurisdiction to be invalid, unenforceable, or void, that provision
will be enforced to the fullest extent permitted by applicable law, and the remainder of the Agreement will remain in full force
and effect.  If the time period or scope of any provision is declared by a court of competent jurisdiction to exceed
the maximum time period or scope that that court deems enforceable, then that court will reduce the time period or scope to the
maximum time period or scope permitted by law.  If the geographic region or scope of any provision is declared by a court
of competent jurisdiction to exceed the maximum geographic region or scope that that court deems enforceable, then that court will
reduce the geographic region or scope to the maximum time period or scope permitted by law.

 

    	 

    	 

    

 

(m) Counterparts.  The
Agreement and any document related to the Agreement may be executed by the Parties on any number of separate counterparts,
by facsimile or email, and all of those counterparts taken together will be deemed to constitute one and the same instrument;
signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all
signatures are physically attached to the same document.  A facsimile or portable document format
(“.pdf”) signature page will constitute an original for the purposes of this Section 8(m).

 

(n) Force Majeure.
Neither Party will be in breach or default under this Agreement by reason of any failure or delay in the performance of its obligations
under this Agreement where the failure or delay is due to any unforeseen cause beyond its control, including civil disturbances,
riot, rebellion, invasion, epidemic, war, terrorism, embargo, natural disaster, acts of God, flood, fire, sabotage, other events
or any other circumstances or causes beyond that Party’s control; provided, however, that the delayed Party gives the other
Party prompt written notice of the failure or delay and the reason for that failure or delay and uses its reasonable efforts to
avoid or limit the resulting failure or delay.  Subject to the foregoing sentence, the period of performance for the
delayed obligation will be extended by the duration of the delay.

 

    	 

    	 

    

 

IN WITNESS WHEREOF, LLCorp and BVI have
caused this Agreement to be executed by their duly authorized representatives as of the Effective Date.

 

 

LLCORP:

	 	 	 
	
        Lifeguard Licensing Corp. 

        a Delaware corporation

         

         
	 
	By:	 	 
	Name:	Ruby Azrak	 
	Title:	President	 

 

 

 

 

	 	 	 
	
        BVI:

         

        BANG VAPOR, INC.

        a Florida corporation

         

        

 

 

	By:	 	 
	Name:	Steve Berke	 
	Title:	President	 

 

 

 

BANG HOLDINGS CORP.

a Florida corporation

 

 

	By:	 	 
	Name:	Steve Berke	 
	Title:	President	 

 

 

    	 

    	 

    

 

TRADEMARK ASSIGNMENT

 

 

This
TRADEMARK ASSIGNMENT (this “Assignment”) is made and entered into as of March_________, 2015 (“
Effective Date ”) by and between Lifeguard Licensing Corp., (“LLCorp”),
a Delaware corporation, with its principal office at 595 Madison Ave. New York, NY 10022, and Bang Vapor, Inc., a Florida corporation,
with its principal office at 600 NE 36th Street, PH 14, Miami, Florida 33137 (“BVI”, each
of LLCorp and BVI a “Party”, and collectively, the “Parties”). 

 

WHEREAS, LLCorp has
adopted and used in its business the following trademarks for which applications have been made at the U.S. Patent and Trademark
Office (“USPTO”) on March 4, 2014: Ser. No. 86210260 for the mark “BANGVAPORIZERS” and Ser.
No. 86210253 for the mark “BANGVAPS” (collectively, the “Marks”);

 

WHEREAS, BVI wishes
to acquire from LLCorp, all right, title and interest to the Marks and the goodwill of the business associated with the aforesaid
Marks;

 

Now, therefore, for
ten dollars ($10) and other good and valuable consideration, receipt of which is hereby acknowledged, LLCorp does hereby sell,
assign, transfer and set over unto BVI the entire right, title and interest in and to said Marks, and all related applications
and registrations and the goodwill of the business associated with aforesaid Marks.

 

IN WITNESS
WHEREOF, LLCorp and BVI have caused this Trademark Assignment to be executed by their duly authorized representatives.

 

 

 

LLCORP:

 

Lifeguard Licensing Corp.

a Delaware corporation

 

 

	By:	 	 
	Name:	Ruby Azrak	 
	Title: 	President 	 

 

 

 

BVI:

 

Bang Vapor, Inc.,

a Florida corporation

 

 

	By:	 	 
	Name:	Steve Berke 	 
	Title: 	PresidentExhibit
10.2

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT, dated this 9th of April, 2015, is entered into by and
between:

 

(1)Bang
Vapor, Inc., a Florida company with its principal business address at 1400 NE Miami Gardens Drive, Ste 202, North Miami Beach,
FL (the “Company”); and

 

(2)Lee
Molloy, residing at 600 NE 36 ST PH14, Miami, FL 33139 (the “Employee”).

 

IT
IS AGREED as follows: 

 

		1.	Appointment

 

		1.1	The
                                         Company appoints the Employee and the Employee agrees to serve as Marketing Officer of
                                         the Company.

 

		1.2	The
                                         appointment commenced on January 2, 2015 and shall continue (subject to earlier termination
                                         as provided in this Agreement) for a period of three (3) years.

 

		1.3	The
                                         Employee warrants that by virtue of entering into this Agreement he/she will not be in
                                         breach of any express or implied terms of any contract with or of any other obligation
                                         to any third party binding upon him.

 

		2.	Duties
                                         of the Employee

 

The
Employee shall at all times during the continuance of his employment under this Agreement:

 

		2.1	devote
                                         so much of his time, attention and ability as is reasonably required to the duties of
                                         his appointment;

 

		2.2	faithfully
                                         and diligently perform those duties and exercise such powers consistent with them which
                                         are from time to time assigned to or vested in him;

 

		2.3	abide
                                         by the Articles of Incorporation and Bylaws of the Company and obey
                                         all lawful and reasonable directions of the Board;

 

		2.4	use
                                         his best endeavours to promote the interests of the Company;

 

		2.5	keep
                                         the Board promptly and fully informed (in writing if so requested) of his conduct of
                                         the business or affairs of the Company and provide such explanations as the Board may
                                         require; and

 

		2.6	not
                                         at any time make any untrue or misleading statement relating to the Company.

 

		3.	Remuneration

 

		3.1	During
                                         his appointment the Company shall pay to the Employee an annual salary of $45,000,
                                         payable every two weeks. 

 

    	 

    	 

    

 

		4.	Bonus
                                         and Employee Stock Option

 

		4.1	On June
                                         2, 2015, the Employee shall receive stock options to purchase 100,000 shares of Bang
                                         Holdings Corp. common stock at an exercise price of $0.001 per share, and 50,000 shares
                                         of Bang Holdings Corp. common stock at an exercise price of $0.50 per share.  On June
                                         2, 2016, the Employee shall receive stock options to purchase an additional 100,000 shares
                                         of Bang Holdings Corp. common stock at an exercise price of $0.001 per share, and an
                                         additional 50,000 shares of the Bang Holdings Corp. common stock at an exercise price
                                         of $0.50 per share.   On June 2, 2017, the Employee shall receive stock option
                                         to purchase an additional 150,000 shares of the Bang Holdings Corp. common stock at an
                                         exercise price of $0.001 per share, and an additional 50,000 shares of Bang Holdings
                                         Corp. common stock at an exercise price of $0.50 per share.  All options shall be
                                         exercisable for 2 years from the date of issuance. Employee must continue to be employed
                                         by the Company on the dates set forth above to be eligible for the stock options.

 

		5.	Annual
                                         Leave

 

		5.1	The
                                         Employee will be given 15 days annual leave each year beginning on June 2, 2015. The
                                         Employee may carry forward his unused leave for a maximum period of one calendar year.
                                         Any period of leave not taken within this period will be deemed to be forfeited.

 

		6.	Restrictive
                                         Covenants

 

		6.1	Confidential
                                         & Proprietary Information. The Employee hereby acknowledges that, during his period
                                         of engagement, Employee may be exposed, either directly or indirectly, in writing or
                                         orally, to confidential and proprietary information belonging to the Company or relating
                                         to its affairs. Such information may include, without limitation: (i) technical information;
                                         (ii) business information (sales and marketing research, materials, lists, plans, accounting
                                         and financial information, identification of contacts and vendors, personnel records
                                         and the like); (iii) information or materials received from any third party subject to
                                         a duty to maintain the confidentiality thereof and to use such information only for certain
                                         limited purposes; (iv) work product of the Employee, the Company or any affiliate of
                                         the Company; and (v) other information designated as confidential or proprietary expressly
                                         or by the circumstances in which it is provided or created (“Confidential &
                                         Proprietary Information”). Confidential & Proprietary Information does
                                         not include: (i) information already known or independently developed by the Employee
                                         after the effective date hereof without use of the Company’s or any affiliate’s
                                         time, resources, or facilities; (ii) information in the public domain through no act
                                         of Employee or any other person or; (iii) information received by the Employee outside
                                         the scope of engagement hereunder from a third party who was free to disclose it. Employee
                                         hereby acknowledges and agrees that the Company is the exclusive owner of all Confidential
                                         & Proprietary Information.

 

		6.2	Covenant
                                         Not to Disclose. With respect to all Confidential & Proprietary Information, the
                                         Employee hereby agrees that, during the term of his employment with Employee and at all
                                         times thereafter, he or she shall hold in strictest confidence and not use or commercialize
                                         such Confidential & Proprietary Information, other than for the exclusive benefit
                                         of the Company, or disclose such information to any person or entity unless specifically
                                         authorized by the Company in writing.

 

    	 

    	 

    

 

		6.3	Covenant
                                         Not to Solicit. Employee agrees that for a period of two (2) years following termination
                                         of his employment with the Company, Employee shall not, without the prior written consent
                                         of the Company, solicit any other employees of the Company to leave the Company and join
                                         any other firm for the same period of two (2) years following termination of his employment
                                         with the Company.

 

		6.4	No
                                         Conflicts. Employee represents and warrants that (i) he is not restricted by any other
                                         contract or other limitation of any kind that would prevent or otherwise inhibit Employee
                                         from rendering the services contemplated hereunder; and (ii) in rendering services for
                                         the Company, the Employee will not use any pre-existing work or divulge any information
                                         of any previous employer or third party that would violate or infringe any proprietary
                                         rights of such employer or third party and agrees to defend, indemnify and hold the Company
                                         harmless from any claim to the contrary.

 

		7.	Termination
                                         of agreement

 

		7.1	The
                                         employment will be at-will, meaning that Employee or the Company may terminate the employment
                                         relationship at any time, with or without cause, and with or without notice.

 

		8.	General

 

		8.1	Governing
                                         Law. This Agreement shall be interpreted in accordance with, and the rights of the parties
                                         hereto shall be determined by, the laws of the State of Florida.

 

		8.2	Benefit.
                                         This agreement shall be binding upon and shall inure to the benefit of the parties hereto,
                                         their respective heirs, executors, administrators and assigns. This Agreement may not
                                         be assigned by Employee or the Company.

 

		8.3	Entire
                                         Agreement. This Agreement sets out the entire agreement and understanding of the parties
                                         and is in substitution for any previous contracts of employment or for services between
                                         the Company and the Employee (which shall be deemed to have been terminated by mutual
                                         consent).

 

IN
WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have executed this Employment Agreement as of
the day and year first above written:

 

 

 

 

	The
                                         Employee

         

        Lee
        Molloy

         

         

        Signature
        _____________________________

         

        Date
        _________________________________
	The
                                         Company

         

        Bang
        Holdings Corp.

         

         

        Signature
        ______________________________

        Name
        __________________________________

        Title
        ___________________________________

        Date
        ___________________________________

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