Document:

Exhibit
10.3

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT is executed on October 1, 2016, and is by and between GEP Equity Holdings Limited, a Seychelles
Corporation domiciled in the UAE, X3 Jumeirah Bay Tower, Office 3305, JLT, Dubai, UAE (“Employer”), and Mr. Patrick
V. Dolan a resident of 24 Harthill Road, Liverpool, L18 6LY, United Kingdom (“Employee”).

 

1.
Duties; Assignment

 

During
the term of employment hereunder, Employee shall initially perform the duties of Head of New Business of GEP Equity
Holdings Limited (a fully owned subsidiary of Global Equity International Inc.). Employee shall oversee the running and development
of the Company to the best of his ability.

 

2.
Compensation

 

In
consideration of the services rendered by Employee to Employer hereunder, Employer shall pay to Employee an annual salary
of no less than $48,000 (“Base Salary”). This Salary shall be paid on a monthly basis to the employee or a
Company owned by the Employee at the option of the Employee.

 

3.
Employment

 

Employer
hereby employs Employee and Employee hereby accepts employment on the terms set forth herein commencing on the first day
of October, 2016.

 

	 	(a)	Employment
    will continue for 12 months and until terminated as hereafter set forth.
	 	 	 
	 	(b)	Employer
    shall have the right to terminate this Agreement and all of Employee’s rights shall thereupon terminate upon the disability
    (for 180 or more days, whether or not consecutive, in any 360 day period) of Employee (“Disability”) and the Employer
    giving written notice thereof, and this Agreement shall automatically terminate upon the death of Employee (“Death”).
	 	 	 
	 	(c)	Employer
    shall have the right to terminate Employee’s employment (1) for any reason or no reason with either (i) 60 days prior
    written notice of termination or (ii) immediate notice of termination with an undertaking to continue payment of Employee’s
    compensation under this Agreement for 60 days, (2) at any time during the thirty six month period following the execution
    of this agreement and with 60 days prior written notice or (3) for Cause (as defined below), upon Employee’s receipt
    of notice thereof. As used herein, “Cause” means (i) willful or serious misconduct or dishonesty in the performance
    of, Employee’s duties hereunder or (ii) the indictment or conviction of Employee for a felony under state or federal
    criminal laws. Upon the effective date of termination specified in such notice, this Agreement shall terminate except for
    the provisions, which expressly survive termination, and Employee shall vacate the offices of Employer.

 

    	 

    	 

    

  

 

	 	(d)	Employee
    shall have the right to terminate employment hereunder by providing 60 days written notice. Thereafter, this Agreement shall
    terminate except for the provisions, which expressly survive termination.

 

4.
Severance Payments

 

	 	(a)	If
    Employer terminates this Agreement for any reason other than Disability, Death, Employee shall be entitled to receive, and
    Employer shall make, the following severance payments:

 

	 	(i)	Continue
    to pay a sum equivalent to three months’ salary.

 

	 	(b)	If
    Employer terminates this Agreement by reason of the Disability of Employee or if this Agreement is automatically terminated
    upon the Death of Employee pursuant to Section 3(b), Employee or his estate shall be entitled to receive, and Employer shall
    make, the following severance payments:

 

	 	(i)	Continue
    to pay a sum equivalent to three month salary.

 

5.
Expenses

 

Employer
shall reimburse Employee’s expenses reasonably incurred in carrying out his duties hereunder within 60 days of submittal
of an itemized account of such expenses together with such receipts and forms as are required by Employer’s normal policies
and practices.

 

6.
Benefits

 

Employer
shall provide and Employee shall be entitled to participate in an all benefit plans and programs generally available to employees
of Employer on the same terms as other employees except as follows:

 

	 	(a)	Vacation:
    Employee shall be entitled to four weeks paid vacation per year scheduled at times mutually convenient to Employee and
    Employer. Employee shall be entitled to carry over unused vacation days into the next year in accordance with Employer’s
    policy, as modified from time to time. Employee shall be entitled to all holidays as allowed to other employees of the Employer
    with similar responsibilities.
	 	 	 
	 	(b)	Stock Options:
    The employee shall be entitled to stock options to be agreed before June 30, 2017.
	 	 	 
	 	(c)	Bonus: For
    every new client that signs a consultancy agreement with the Company as a result of the employee ́s direct introduction,
    the employee will have the right to be issued US$10,000 worth of common restricted shares at the closing bid price of the
    day prior to the issuance.

 

    	-2- 

    	 

    

 

 

 

	 	(d)	Cash commissions:
    The employee will have the right to 3% of all gross cash success fees earned by the Company during the term of this employment
    agreement.

 

7.
Confidentiality; Non-Disclosure

 

	 	(a)	For
    the purpose of this Agreement, “Confidential Information” is defined to include any information, designs, software,
    processes, practices, plans, proposals, markets, pricing, personnel or financial or business information relating to Employer,
    its affiliates (including the Subsidiary), and their respective businesses, customers, suppliers, products or services, whether
    in written, oral or other form. Confidential Information shall not include information, which at the time of disclosure is
    in the public domain by publication or otherwise through no fault of Employee, or information furnished by a third party which
    was not received directly from Employer or otherwise under an obligation of secrecy.
	 	 	 
	 	(b)	At
    all times after the date hereof, including after termination of this Agreement, Employee shall not, except with the expressed
    prior written consent of Employer, directly or indirectly communicate, disclose or divulge any of the Confidential Information
    or use any of the Confidential Information for any purpose other than performance of his duties hereunder.
	 	 	 
	 	(c)	Employee
    agrees that Employer will own all work products of any type and in any form or media produced or created by Employee in the
    course of his employment. Employee hereby acknowledges that all such work products are specially ordered or commissioned by
    Employer and shall be considered works made for hire.

 

8.
Agreement Not to Compete

 

For
so long as Employee is entitled to receive severance payments under Sections 4(a) or 4(b), for a period of three years from the
effective date of termination if Employee voluntarily terminates his employment hereunder or if Employee is terminated by Employer
for Cause, Employee agrees that he will not, directly or indirectly, (1) be employed by, serve as a consultant or advisor to,
or have a material ownership interest in any corporation or other entity whose business is competitive (as reasonably determined
by the Board of Directors of Employer) with the business of Employer, the Subsidiary or any of their affiliates; provided, however
that this clause (1) shall not prohibit any such employment or other relationship with an entity which itself is not, but has
a separate corporate affiliate which is, engaged in such competitive business so long as Employee does not provide services to,
assist or advise such competitive affiliate in any way, or (2) induce or solicit any other person who was employed by Employer,
Subsidiary or any of their affiliates at any time during Employee’s employment by Employer to engage in any line of business
competitive with that of Employer, Subsidiary or their affiliates.

 

9.
No Conflicting Agreements

 

Employee
represents and warrants that he is not a party to or bound by any agreement or subject to any restriction arising out of any current
or prior employment or relationship which would be violated by his entering into and performing his obligations under this Agreement,
including, without limitation, restrictions relating to non-competition or the protection of confidential information.

 

    	-3- 

    	 

    

 

 

10.
Notices

 

All
notices and other communication which are required or permitted hereunder shall be given in writing and either delivered by hand
or overnight courier service or mailed by certified mail, return receipt requested, postage prepaid, to the following addresses:

 

	 	Global
    Equity Partners Plc.	 
	 	 	 
	 	X3
    Jumeirah Bay Tower,	 
	 	Office
    3305,	 
	 	JLT,
    Dubai,	 
	 	UAE.	 
	 	 	 
	 	Patrick
    V. Dolan	 
	 	 	 
	 	24
    Harthill Road,	 
	 	Liverpool,
    L18 6LY,	 
	 	United
    Kingdom.	 

 

11.
Miscellaneous

 

	 	(a)	This
    Agreement shall be binding upon, inure to the benefit of, and enforceable by the successors and assigns of the Employer and
    the heirs, estate, personal representatives and beneficiaries of Employee. The rights, obligations and duties of the Employee
    hereunder shall be personal and are not assignable or delegable in any manner whatsoever; provided, however, that this Agreement
    shall be assigned to and assumed by the Subsidiary if and when required by Section 1.
	 	 	 
	 	(b)	The
    obligations of the parties in Sections 4, 7, 8 and 11 shall survive any termination of this Agreement.
	 	 	 
	 	(c)	This
    Agreement constitutes the entire understanding of the parties with respect to subject matter hereof, and shall not be modified,
    terminated or any provisions waived orally, including this clause. Any such modification, termination or waiver must be in
    writing and signed by each of the parties hereto.
	 	 	 
	 	(d)	No
    failure to exercise or delay in exercising any right, power or remedy hereunder shall preclude any other or further exercise
    of the same or any other right, power or remedy.
	 	 	 
	 	(e)	This
    Agreement shall be construed and enforced in accordance with the laws of the State of Nevada applicable to contracts made
    and to be performed solely therein, and each party consents to the exclusive jurisdiction of and venue in the State and Federal
    courts of Nevada to resolve any disputes between the parties.

 

    	-4- 

    	 

    

 

 

 

IN
WITNESS WHEREOF, the parties have executed this Agreement on the date indicated below intending to be legally bound hereby.

 

	GEP
    Equity Holdings Limited	 	Employee
	 	 	 
	/s/Enzo
    Taddei	 	/s/
    Patrick V. Dolan
	Enzo
    Taddei Director	 	Patrick
    V. Dolan
	Dated:
    October 1, 2016	 	Dated:
    October 1, 2016

 

    	-5-soho-ex40_484.htm

EXHIBIT 4.0

			
	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Number
	

	
Shares

	
 
	
 
	
 

	
 
	
SOTHERLY HOTELS INC.
	
 

	
 
	
INCORPORATED UNDER THE LAWS OF THE STATE OF MARYLAND
	
CUSIP 83600C 103

	
COMMON STOCK
	
 
	
SEE REVERSE FOR IMPORTANT NOTICE ON TRANSFER RESTRICTIONS AND OTHER INFORMATION

	
 
	
 
	
 

	
THIS CERTIFIES THAT

 
	
 
	
 

 

	
is the owner of

 
	
 
	
 

 

	
FULLY PAID AND NONASSESSABLE SHARES OF THE PAR VALUE OF $0.01 PER SHARE OF THE COMMON STOCK OF

	
 
	
SOTHERLY HOTELS INC.
	
 

	
 
	
a Maryland corporation
	
 

	
 
	
 
	
 

	
(the “Corporation”) transferable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney upon the surrender of this Certificate properly endorsed.  This Certificate and the shares represented hereby are issued and shall be held subject to all of the provisions of the charter of the Corporation (the “Charter”) and the Bylaws of the Corporation and any amendments thereto.  This Certificate is not valid unless countersigned by the Transfer Agent and registered by the Registrar.

	
 
	
 
	
 

	
IN WITNESS WHEREOF, the said Corporation has caused this Certificate to be signed by its duly authorized officers and to be sealed with the Seal of the Corporation.

	
 
	
 
	
 

	
        Dated:
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 

	
Secretary
	
 
	
President

	
 
	
 
	
 

	
COUNTERSIGNED AND REGISTERED:
	
 
	
 

	
AMERICAN STOCK TRANSFER & TRUST COMPANY, LLC
	
 

	
TRANSFER AGENT AND REGISTRAR,
	
 
	
 

	
 
	
 
	
 

	
BY  _________________________________
	
 
	
 

	
AUTHORIZED SIGNATURE
	
 
	
 

 

 

SOTHERLY HOTELS INC.

The Corporation will furnish to any stockholder, on request and without charge, a full statement of the information required by Section 2-211(b) of the Corporations and Associations Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any preferred or special class in series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of subsequent series. The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the charter of the Corporation (the “Charter”), a copy of which will be sent without charge to each stockholder who so requests. Such request must be made to the Secretary of the Corporation at its principal office or to the Transfer Agent.

The shares represented by this certificate are subject to restrictions on Beneficial and Constructive Ownership and Transfer. Subject to certain further restrictions and except as expressly provided in the Corporation’s Charter, (i) no Person may Beneficially or Constructively Own shares of the Corporation’s Common Stock in excess of nine and nine-tenths percent (9.9%) of the outstanding shares of Common Stock of the Corporation unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (ii) no Person may Beneficially or Constructively Own shares of Capital Stock of the Corporation in excess of nine and nine-tenths percent (9.9%) of the value of the total outstanding shares of Capital Stock of the Corporation, unless such Person is an Excepted Holder (in which case the Excepted Holder Limit shall be applicable); (iii) no Person may Beneficially or Constructively Own Capital Stock that would result in the Corporation being “closely held” under Section 856(h) of the Internal Revenue Code of 1986, as amended (the “Code”) or otherwise cause the Corporation to fail to qualify as a REIT; (iv) no Person may Transfer Capital Stock to the extent such transfer would result in the Capital Stock of the Corporation being beneficially owned by fewer than one hundred (100) Persons (determined without reference to any rules of attribution), (v) no person may Constructively Own shares of Capital Stock that would cause the Corporation to Constructively Own ten percent (10%) or more of the ownership interests in a tenant of the Corporation’s real property, with the meaning of Section 856(d)(2)(B) of the Code and (vi) no person shall Constructively Own shares of Capital Stock to the extent such Constructive Ownership would cause any “eligible independent contractor” that operates a “qualified lodging facility” on behalf of a “taxable REIT subsidiary” of the Corporation (as such terms are defined in Section 856(d)(9)(A), Section 856(d)(9)(D) and Section 856(l) of the Code, respectively) to fail to qualify as such. Any Person who Beneficially or Constructively Owns or attempts to Beneficially or Constructively Own shares of Capital Stock which causes or will cause a Person to Beneficially or Constructively Own shares of Capital Stock in excess or in violation of the above limitations must immediately notify the Corporation. If any of the restrictions on transfer or ownership are violated, the shares of Capital Stock represented hereby will be automatically transferred to a Trustee of a Charitable Trust for the benefit of one or more Charitable Beneficiaries. In addition, upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms in this legend have the meanings defined in the Charter of the Corporation, as the same may be amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of Capital Stock of the Corporation on request and without charge.

The following abbreviations, when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

																	
	
TEN COM
	
- as tenants in common
	
 
	
UNIF GIFT MIN ACT
	
 
	
Custodian
	
 

	
TEN ENT
	
- as tenants by the entireties
	
 
	
 
	
 
	
(Cust)
	
 
	
(Minor)

	
JT TEN
	
- as joint tenants with right of survivorship and not as tenants in common
	
 
	
 
	
 
	
Under Uniform Gifts to Minors

Act  _____________________

                      (State)

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
Additional abbreviations may also be used though not in the above list.
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
For Value received,
	
 
	
 
	
hereby sell, assign and transfer unto

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 

	
Please print or typewrite name and address, including zip code, of assignee

	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
shares of the capital stock represented by the within Certificate, and do hereby irrevocably constitute 

	
and appoint
	
 
	
Attorney to transfer the said stock on 

	
the books of the within named Corporation with full power of substitution in the premises.

	
 

	
Dated:
	
 
	
 
	
NOTICE:
	
The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

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