Document:

NEW PATRIOT TRANSPORTATION HOLDING, INC. S-8

 

EXHIBIT 4.2

BYLAWS

 

OF

 

NEW PATRIOT TRANSPORTATION HOLDING,
INC.

ARTICLE I.

OFFICES

The principal
office of the Corporation shall be 1801 Art Museum Drive, Jacksonville, Florida 32207. The Corporation may establish and maintain
its principal office at such other place within or without the State of Florida as the Board of Directors may from time to time
determine, and the Corporation may have such other offices, either within or without the State of Florida, as the Board of Directors
may designate or as the business of the Corporation may require from time to time.

ARTICLE II.

STOCKHOLDERS

Section 1.

Annual Meeting.
The annual meeting of the stockholders shall be held on any business day selected by the Board of Directors in the second quarter
of the Corporation’s fiscal year, for the purpose of electing directors and for the transaction of such other business as
may come before the meeting. If the election of directors shall not be held on the day designated herein for any annual meeting
of stockholders, or at any adjournment thereof, the Board of Directors shall cause the election to be held at a special meeting
of the stockholders as soon thereafter as conveniently may be.

Section 2.

Special Meeting.
Special meeting of the stockholders, for any purpose or purposes, unless otherwise prescribed by statute, may be called by the
President or by the Board of Directors and shall be called by the President or by the Board of Directors and shall be called by
the President at the request of the holders of not less than one-half of all the outstanding stock of the Corporation entitled
to vote at the meeting, such request stating the object of the meeting and the propositions to be discussed thereat.

Section 3.

Place of Meeting.
The Board of Directors may designate any place, within or without the State of Florida, as the place of meeting for any annual
meeting or for any special meeting called by the Board of Directors. If no designation is made, or if a special meeting be otherwise
called, the place of meeting shall be the principal office of the Corporation in the State of Florida.

 

    	 

    	 

    

Section 4.

Notice of Meeting.
Written notice, stating the place, day and hour of the meeting and the purpose or purposes for which the meeting is called, shall
be delivered not less than ten nor more than sixty days before the date of the meeting, either personally or by mail (or by
other means permitted under the Florida Business Corporation Act and other law and listing standards applicable to the Corporation),
by or at the direction of the President, or the Secretary; or the persons calling the meeting, to each stockholder of record entitled
to vote at such meeting. If mailed, such notice shall be deemed delivered when deposited in the United States mail, addressed to
the stockholder at his address as it appears on the stock transfer books of the Corporation, with postage thereon prepaid; provided,
however, when stockholders who hold four-fifths of the voting stock having the right and entitled to vote at any meeting
shall be present at such meeting, however called or notified, and shall sign a written consent thereto on the record of the meeting,
the acts of such meeting shall be as valid as if called in the manner hereinabove required or otherwise required by law.

Section 5.

Fixing of Record
Date. For the purpose of determining stockholders entitled to notice of or to vote at any meeting of stockholders , or stockholders
entitled to receive payment of any dividend or in order to make a determination of stockholders for any other proper purpose, the
Board of Directors may fix in advance a date as the record date for any such determination of stockholders. Such date in any case
shall not be more than sixty (60) days and, in the case of a meeting of stockholders, not less than ten (10) days prior to the
date on which the meeting is to be held or the particular action requiring such determination of stockholders is to be taken.

Section 6.

Voting Lists.
The officer or agent having charge of the stock transfer books for stocks of the Corporation shall make a complete list of the
stockholders entitled to vote at each meeting of stockholders or any adjournment thereof, arranged in alphabetical order, with the
address of and the number of shares held by each. Such list shall be produced and kept open at the time and place of the meeting
and shall be subject to the inspection of any stockholder during the whole time of the meeting for the purposes thereof.

Section 7.

Quorum. A majority
of the outstanding shares of stock of the Corporation entitled to vote, represented in person or by proxy, shall constitute a quorum
at a meeting of stockholders. If less than a majority of the outstanding shares of stock are represented at a meeting, a majority
of the shares so represented may adjourn the meeting from time to time without further notice. At such adjourned meeting at which
a quorum shall be present or represented, any business may be transacted which might have been transacted at the meeting as originally
notified. The stockholders present at a duly organized meeting may continue to transact business until adjournment, notwithstanding
the withdrawal of enough stockholders to leave less than a quorum.

Section 8.

Proxies. At
all meetings of stockholders, a stockholder may vote in person or by proxy executed in writing by the stockholder or by his duly
authorized attorney in fact. Such proxy shall be filed with the Secretary of the Corporation before or at the time of the meeting.
In the event that any such instrument shall designate two or more persons to act as proxies, a majority of such persons present
at the meeting, or, if only one is present, that one, shall have all of the powers conferred by the instrument upon all of the
persons so designated unless the instrument shall otherwise provide.

Section 9.

Voting of Stock.
Each outstanding share of stock entitled to vote shall be entitled to one vote upon each matter submitted to a vote at a meeting
of stockholders.

 

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Section 10.

Voting of Stock
by Certain Holders.

(a)

Shares of stock
standing in the name of another corporation (or other entity) may be voted by such officer, agent or proxy as the charter or bylaws
of the entity may prescribe, or as prescribed by the laws under which the entity holds its charter, or in the absence of any such
provision, as the Board of Directors (or manager) of such entity may determine, and the execution and delivery of such proxy, under
the seal of such corporation, shall be prima facie evidence of due corporate authority. The Corporation may, at its option, require
such evidence as it deems appropriate of authority of such officer, agent or proxy to execute a proxy or vote shares of stock standing
in the name of an entity.

(b)

Shares of stock
held by an administrator, executor, guardian or other personal representative may be voted by him, either in person or by proxy,
without a transfer of such shares into his name. Shares of stock standing in the name of a trustee may be voted by him, either
in person or by proxy, but no trustee shall be entitled to vote shares held by him without a transfer of such shares of stock into
his name.

(c)

Shares of stock
standing in the name of a receiver may be voted by such receiver, and shares held by or under the control of a receiver may be
voted by such receiver without the transfer thereof into his name if authority so to do be contained in an appropriate order of
the court by which such receiver was appointed.

(d)

A stockholder
whose shares are pledged shall be entitled to vote such shares until the shares have been transferred into the name of the pledgee,
and thereafter the pledge shall be entitled to vote the shares so transferred.

ARTICLE III.

BOARD OF DIRECTORS

Section 1.

General Powers.
The property, business and affairs of the Corporation shall be managed and controlled by its Board of Directors.

Section 2.

Number, Tenure
and Qualifications. The number of directors of the Corporation shall be not less than three (3), their number to be determined
upon or before their election at each annual stockholders’ meeting, at any special stockholders meeting called for that purpose,
or at a meeting of the Board of Directors at the time in office. The directors shall be divided into four classes: Class I, Class
II, Class III, and Class IV. The respective initial terms of office for each class of directors shall be as follows: the initial
term of Class I directors will expire at the Annual Meeting of Stockholders in 1990; the initial term of Class II directors will
expire at the Annual Meeting of Stockholders in 1992; the initial term of Class III directors will expire at the Annual Meeting
of Stockholders in 1993; and the initial term of Class IV directors will expire at the Annual Meeting of Stockholders in 1994.
After the expiration of the applicable initial term, each successive term of office for each class of directors shall be four years.
If the number of directors is changed, any increase or decrease shall be apportioned among the classes so as to maintain, as nearly
as may be practicable, an equal number of directors in each class. Each director shall hold office until the Annual Meeting of
Stockholders for the year in which his term expires and until his successor shall have been elected and qualified. Directors need
not be residents of the State of Florida, but must be stockholders of the Corporation. The Board of Directors shall have the
power at any special or regular meeting of such Board of Directors to increase the number of directors and to fill any vacancy
created by such increase prior to the Annual Meeting of Stockholders for the year in which the director’s term expires.

 

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Section 3.

Regular Meetings.
A regular meeting of the Board of Directors shall be held without other notice than this bylaw immediately after, and at the same
place as the annual meeting of stockholders. The Board of Directors may provide, by resolution, the time and place, either within
or without the State of Florida, for the holding of additional regular meetings without other notice than such resolution.

Section 4.

Special Meetings.
Special meetings of the Board of Directors may be called by or at the request of the chairman of the Board, the President or any
three directors. The person or persons authorized to call special meetings of the Board of Directors may fix any place, either
within or without the State of Florida, as the place for holding any special meeting of the Board of Directors called by them.

Section 5.

Notice. Written
notice of any special meeting shall be given to each director at least two days prior to the meeting by mail, in person, by electronic
means or by any other means permitted under the Florida Business Corporation Act. Any director may waive notice of any meeting,
either before or after such meeting. The attendance of a director at a meeting shall constitute a waiver of notice of such meeting,
except where a director attends a meeting for the express purpose of objecting to the transaction of any business because the meeting
is not lawfully called or convened. Neither the business to be transacted at, nor the purpose of any regular or special meeting
of the Board of Directors need be specified in the notice or waiver of notice of such meeting.

Section 6.

Quorum. A majority
of the number of directors fixed in the manner provided for by Section 2 of this Article II shall constitute a quorum for the transaction
of business at any meeting of the Board of Directors, but if less than such majority is present at a meeting, a majority of the
directors present may adjourn the meeting from time to time without further notice.

Section 7.

Manner of Acting.
The act of the majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors.

Section 8.

Action Without
a Meeting. Any action that may be taken by the Board of Directors at a meeting may be taken without a meeting if a consent
in writing, setting forth the action so to be taken, shall be signed by all of the directors before such action is taken.

Section 9.

Vacancies.
Any vacancy occurring in the Board of Directors may be filled by the affirmative vote of a majority of the remaining directors
though less than a quorum. Any director of any class elected to fill a vacancy, including a vacancy resulting from an increase
in the number of directors, shall hold office for a term that shall coincide with the remaining term of that class. In no case,
however, will a decrease in the number of directors shorten the term of any incumbent director. A director shall hold office until
the Annual Meeting for the year in which his term expires and until his successor shall be elected and shall qualify.

 

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Section 10.

Compensation.
By resolution of the Board of Directors, each director may be paid his expenses, if any, of attendance at each meeting of the Board
of Directors, and may be paid a stated fee as director or a fixed sum for attendance at each meeting of the Board of Directors,
it’s Committees, or all or any thereof. No such payment shall preclude any director from serving the Corporation in any other
capacity and receiving compensation therefore.

Section 11.

Presumption of
Assent. A director of the Corporation who is present at a meeting of the Board of Directors at which action on any corporate
matter is taken shall be presumed to have assented to the action taken unless his dissent shall be entered in the minutes of the
meeting or unless he shall file his written dissent to such action with the person acting as the secretary of the meeting before
the adjournment thereof or shall forward such dissent by registered mail to the secretary of the Corporation immediately after
the adjournment of the meeting. Such right to dissent shall not apply to a director who voted in favor of such action.

Section 12.

Liability.
No person shall be liable to the Corporation for any loss or damage suffered by it on account of any action taken or omitted to
be taken by him as a director or officer of the Corporation or of any other corporation which he serves as a director or officer
at the request of the Corporation, in good faith if such person (a) exercised and used the same degree of care and skill as a prudent
man would have exercised or used under the circumstances in the conduct of his own affairs, or (b) took or omitted to take such
action in reliance upon advice of counsel for the Corporation or upon statements made or information furnished by officers or employees
of the Corporation which he had reasonable grounds to believe. The foregoing shall not be exclusive of other rights and defenses
to which he may be entitled as a matter of law.

Section 13.

Conference Telephone
Meetings. The Board of Directors may hold meetings of such board by the use of a conference telephone or similar communications
equipment by means of which all persons participating in the meeting can hear each other, and all such members so participating
shall be deemed present at such meeting. Notice of such meeting shall be deemed sufficient, however given, as to all persons participating
in the meeting, Any director not participating in the meeting may waive notice thereof, either before or after the meeting.

Section 14.

Corporate Governance
Guidelines. By resolution the Board of Directors may establish and otherwise adopt guidelines and policies relating to corporate
governance matters. Any such guidelines or policies that may be established by the Board of Directors shall not have the effect
of amending these bylaws. In the event of any inconsistency or conflict between the terms of these bylaws and any such corporate
governance guidelines or policies established by the Board of Directors, the terms of these bylaws shall govern and control.

 

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ARTICLE IV.

OFFICERS

Section 1.

Number. The
officers of the Corporation shall be a President, one or more Vice Presidents (the number thereof to be determined by the Board
of Directors), a Secretary, and a Treasurer, each of whom shall be elected by the Board of Directors. Such other officers and assistant
officers as may be deemed necessary may be elected or appointed by the Board of Directors. Any two or more offices may be held
by the same person, except the offices of the President and Secretary. Officers other than the President may or may not be stockholders.

Section 2.

Election and Term
of Office. The officers of the Corporation to be elected by the Board of Directors shall be elected annually by the Board of
Directors at the first meeting of the Board of Directors held after each annual meeting of the stockholders. If the election of
officers shall not be held at such meeting, such election shall be held as soon thereafter as conveniently may be. Each officer
shall hold office until his successor shall have been duly elected and shall have qualified or until his death or until he shall
resign or shall have been removed in the manner hereinafter provided.

Section 3.

Vacancies, Additional
Offices, and Removal. A vacancy in any office because of death, resignation, removal, disqualification or otherwise, and any
additional offices, may be filled by the Board of Directors for the unexpired portion of the term. All officers shall serve at
the pleasure of the Board of Directors and may be removed by the Board of Directors at any time with or without cause. Any employee
or agent may be removed by the Board of Directors whenever in its judgment the best interest of the Corporation will be served
thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Appointment or employment
of an employee or agent shall not of itself create contract rights.

Section 4.

Chairman of the
Board and Vice Chairman of the Board.

(a)

The Chairman
of the Board of Directors, if elected by the Board of Directors, or failing his election or in his absence, the Vice Chairman,
if any, or failing his election or in his absence, the President, shall preside at all meetings of the Board of Directors and shall
perform such other duties as may be prescribed from time to time by the Board of Directors.

(b)

The Board of
Directors may designate a Vice Chairman of the Board to act in the absence of the Chairman of the Board, and to perform such other
duties as may be prescribed from time to time by the Board of Directors.

 

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Section 5.

President.
The President shall be the principal executive and administrative officer of the Corporation, and, subject to the control of the
Board of Directors, shall in general supervise and control all of the business and affairs of the Corporation. He shall, when present,
preside at all meetings of the stockholders and in the absence of the Chairman or a Vice Chairman of the Board, at all meetings
of the Board of Directors. He may sign, with the Secretary or any other proper officer of the Corporation thereunto authorized
by the Board of Directors, certificates for shares of the Corporation, any deeds, mortgages, bonds, contracts, or other instruments
which the Board of Directors has authorized to be executed, except in cases where the signing and execution thereof shall be expressly
delegated by the Board of Directors or by these bylaws to some other officer or agent of the Corporation, or shall be required
by law to be otherwise signed or executed; he may appoint officers, agents, or employees other than those appointed by the Board
of Directors and in general he shall perform all duties incident to the office of President and such other duties as may be prescribed
by the Board of Directors from time to time.

Section 6.

The Vice Presidents.
In the absence of the President or in the event of his death, inability or refusal to act, the Vice President (or in the event
there be more than one Vice President, the Vice Presidents in the order designated at the time of their election, or in the absence
of any designation, then in the order of their election) shall perform the duties of the President, and when so acting shall have
all the powers of and be subject to all the restriction upon the President. Any Vice President may sign, with the Secretary or
an Assistant Secretary, certificates for shares of the Corporation; and shall perform such other duties as from time to time may
be assigned to him by the President or by the Board of Directors.

Section 7.

The Secretary.
The Secretary shall: (a) keep the minutes of the proceedings of the stockholders and of the Board of Directors in one or more books
provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these bylaws or as required
by law; (c) be custodian of the corporate records and of the seal of the Corporation and see that the seal of the Corporation is
affixed to all documents the execution of which on behalf of the Corporation under its seal is duly authorized; (d) keep a register
of the post office address of each stockholder which shall be furnished to the Secretary by such stockholder; (e) sign with
the President, or a Vice President, certificates for shares of the Corporation, the issuance of which shall have been authorized
by resolution of the Board of Directors; (f) in general perform all duties incident to the office of Secretary and such
other duties as from time to time may be assigned to him by the Board of Directors.

Section 8.

The Treasurer.
The Treasurer shall: (a) have charge and custody of and be responsible for all funds and securities of the Corporation; (b) receive
and give receipts for moneys due and payable to the Corporation from any source whatsoever, and deposit all such moneys in the
name of the corporation in such banks, trust companies or other depositaries as shall be selected in accordance with the provisions
of Article V of these bylaws; and (c) in general perform all of the duties incident to the office of Treasurer and such other duties
as from time to time may be assigned to him by the President or by the Board of Directors. If required by the Board of Directors,
the Treasurer shall give a bond for the faithful discharge of his duties in such sum and with such surety or sureties as the Board
of Directors shall determine.

Section 9.

Assistant Secretaries
and Assistant Treasurers. The Assistant Secretaries, when authorized by the Board of Directors, may sign with the President
or a Vice President certificates for shares of the Corporation the issuance of which shall have been authorized by a resolution
of the Board of directors. The Assistant Treasurers shall respectively, if required by the Board of Directors, give bonds for the
faithful discharge of their duties in such sums and with such sureties as the Board of Directors shall determine. The Assistant
Secretaries and Assistant Treasurers, in general, shall perform such duties as shall be assigned to them by the Secretary or the
Treasurer, respectively, or by the President or the Board of Directors.

 

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ARTICLE V.

CONTRACTS, LOANS, CHECKS AND DEPOSITS

Section 1.

Contracts.
The Board of Directors may authorize any officer or officers, agent or agents, to enter into any contract or execute and deliver
any instrument in the name of and on behalf of the Corporation, and such authority may be general or confined to specific instances.

Section 2.

Loans. No loans
shall be contracted on behalf of the Corporation and no evidences of indebtedness shall be issued in its name unless authorized
by a resolution of the Board of Directors. Such authority may be general or confined to specific instances. No mortgage or
other hypothecation of the assets of the Corporation shall be made, except by order of the majority of the Board of Directors.

Section 3.

Checks, Drafts,
etc. All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name
of the Corporation, shall be signed manually or by facsimile by such officer or officers, agent or agents of the Corporation and
in such manner as shall from time to time be determined by resolution of the Board of Directors.

Section 4.

Deposits. All
funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks,
trust companies or other depositaries as the Board of Directors may select.

ARTICLE VI.

CERTIFICATES FOR SHARES AND THEIR TRANSFER

Section 1.

Certificates for
Shares of Stock. Certificates representing shares of stock of the Corporation shall be in such form as shall be determined
by the Board of Directors. Such certificates shall be signed by the President or a Vice President and by the Secretary or
an Assistant Secretary and sealed with the corporate seal or a facsimile thereof. The signatures of such officers upon a certificate
may be facsimiles if the certificate is countersigned by a transfer agent, or registered by a registrar, other than the Corporation
itself or one of its employees. All certificates for shares shall be consecutively numbered or otherwise identified. The name
and address of the person to whom the shares represented thereby are issued, with the number of shares and date of issue, shall
be entered on the stock transfer books of the Corporation. All certificates surrendered to the Corporation for transfer shall
be cancelled and no new certificate shall be issued until the former certificate for a like number of shares shall have been surrendered
and cancelled, except that in case of a lost, destroyed or mutilated certificate a new one may be issued therefore upon such terms
and indemnity to the Corporation as the Board of Directors may prescribe.

Section 2.

Transfer of Shares
of Stock. Transfer of shares of stock of the Corporation shall be made only on the stock transfer books of the Corporation
by the holder of record thereof or by his legal representative, who shall furnish proper evidence of authority to transfer, or
by his attorney thereunto authorized by power of attorney duly executed and filed with the Secretary of the Corporation, and on
surrender for cancellation of the certificate for such shares. The person in whose name shares stand on the books of the Corporation
shall be deemed by the Corporation to be the owner thereof for all purposes.

 

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ARTICLE VII.

FISCAL YEAR

The fiscal
year of the Corporation shall begin in each calendar year on the first day of October and end on the next succeeding thirtieth
day of September.

ARTICLE VIII.

DIVIDENDS

The Board of
Directors may from time to time declare, and the Corporation may pay, dividends on its outstanding shares of stock in the manner
and upon the terms and conditions provided by law and its Articles of Incorporation without impairing the business of the Corporation
and as the business and profits of the Corporation may justify.

ARTICLE IX.

CORPORATE SEAL

Section 1.

Description.
The Board of Directors shall provide a corporate seal which shall be circular in form and shall have inscribed thereon the name
of the Corporation around the outer margin thereof, and the words, “Corporate Seal, Incorporated 1988, Florida” in
the center thereof.

Section 2.

Custody. The
Secretary of the Corporation shall be the custodian of the seal of the Corporation and shall affix the same, or where permitted
a facsimile thereof, to all papers, writing, stock certificates, and other documents requiring the name of the Corporation, when
directed to do so by the President, or a Vice President or the Board of Directors.

ARTICLE X.

WAIVER OF NOTICE

Whenever any
notice is required to be given to any stockholder or director of the Corporation under the provisions of these bylaws or under
the provisions of the articles of incorporation or under the laws of Florida, a waiver thereof in writing, signed by the person
or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of
such notice.

ARTICLE XI.

AMENDMENTS

Section 1.

By Directors.
These bylaws may be amended consistent with any bylaws adopted by stockholders, or any part thereof that has not been adopted by
stockholders may be repealed, by the Board of Directors at any regular or special meeting of the Board of Directors.

 

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Section 2.

By Stockholders.
These bylaws may be amended, or repealed wholly or in part, by a majority of the stockholders entitled to vote thereon present
at any stockholders’ meeting, if notice of the proposed action was include in the notice of the meeting, or is waived in
writing by a majority of the stockholders entitled to vote thereon.

ARTICLE XII.

COMMITTEES

Section 1.

Appointment.
The Board of Directors by resolution may designate one or more committees to assist the Board of Directors in the discharge of
its duties, each such committee consisting of such members as shall be prescribed from time to time by the Board of Directors.
The designation of any such committee and the delegation thereto of authority shall not operate to relieve the Board of Directors,
or any member thereof, of any responsibility imposed by law.

The following
committees shall be standing committees of the Board of Directors: the Executive Committee, the Compensation Committee, the
Audit Committee and the Nominating and Corporate Governance Committee. The Board of Directors may designate, by resolution
adopted by a majority of the whole Board, additional committees and may prescribe for each such committee such powers and authority
as may properly be granted to such committees.

Section 2.

Tenure and Qualifications.
Each committee member shall hold office until the next regular annual meeting of the Board of Directors following his designation
or at any other time the Board of Directors shall determine.

Section 3.

Meetings. Regular
meetings of a committee may be held without notice at such times and places as the members of the committee may fix from time to
time by resolution. Special meetings of a committee may be called by any member thereof upon not less than two days’ notice
stating the place, date and hour of the meeting, Any committee member may waive notice of the meeting before or after such meeting,
and no notice of any meeting need be given to any member thereof who attends in person. The notice of a meeting of a committee
need not state the business proposed to be transacted at the meeting.

Section 4.

Quorum. A majority
of the members of a committee shall constitute a quorum for the transaction of business at any meeting thereof and action of a
committee must be authorized by the affirmative vote of a majority of the members present at a meeting at which a quorum is present.

Section 5.

Action without
a Meeting. Any action that may be taken by a committee at a meeting may be taken without a meeting if a consent in writing,
setting forth the action so to be taken, shall be signed by all of the members of the committee.

Section 6.

Vacancies.
Any vacancy in a committee may be filled by a resolution adopted by a majority of the Board of Directors.

Section 7.

Resignations and
Removal. Any member of a committee may be removed at any time with or without cause by resolution adopted by a majority of
the Board of Directors. Any committee member may resign at any time by giving written notice to the Chairman of the Board or Secretary
of the Corporation, and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it
effective.

 

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Section 8.

Procedure.
Each standing committee shall adopt a committee charter, shall elect a chair from its members and may fix its own rules of
procedure which shall not be inconsistent with these bylaws or any resolution of the Board of Directors.

Section 9.

Conference Telephone
Meetings. A committee may hold meetings of such committee by the use of a conference telephone or similar communications equipment
by means of which all persons participating in the meeting can hear each other, and all such members so participating shall be
deemed present at such meeting. Notice of such meeting shall be deemed sufficient however given, as to all persons participating
in the meeting. Any member of such committee not participating in the meeting may waive notice thereof, either before or after
the meeting.

Section 10.

Executive Committee.
The Executive Committee of the Board of Directors shall consist of two or more members of the Board of Directors as the Board of
Directors may determine. The primary purpose and function of the Executive Committee shall be to (i) oversee management or other
special projects on behalf of the Board of Directors and (ii) act upon matters when the Board of Directors is not in session or
cannot be assembled. The Executive Committee, when the Board of Directors is not in session, shall have and may exercise all of
the authority of the Board of Directors except to the extent, if any, that such authority shall be limited by resolution of the
Board of Directors or applicable law. The Executive Committee shall have such further purposes, functions, powers and responsibilities
as may be designated by the Board of Directors.

Section 11.

Compensation Committee.
The Compensation Committee shall have such purposes, functions, powers and responsibilities as may be designated by the Board of
Directors in the Charter of the Compensation Committee.

Section 12.

Audit Committee.
The Audit Committee shall have such purposes, functions, powers and responsibilities as may be designated by the Board of Directors
in the Charter of the Audit Committee.

Section 13.

Nominating and
Corporate Governance Committee. The Nominating and Corporate Governance Committee shall have such purposes, functions, powers
and responsibilities as may be designated by the Board of Directors in the Charter of the Nominating and Corporate Governance Committee.

 

 

    	11EXHIBIT 10.1

 

EXCLUSIVE
MARKETING AGREEMENT

 

This
MARKETING AGREEMENT dated the 20th day of August, 2014 (“Agreement”), by and between Overseas BC Marketing,
Inc. (“OBCMI”) with its principal office at 40 Broad Street, New York, New York 10005, and Seaniemac International,
Ltd., (“BETS”). with its principal office at 780 New York Avenue, Suite A, Huntington, New York 11743.

 

RECITALS

 

WHEREAS,
OBCMI and its affiliated companies are the owners and developers
of a software-based online payment; WHEREAS, BETS with its affiliated companies
are in the business of on-line web based sports and casino wagering; and

 

WHEREAS, BETS
desires to retain the marketing services of OBCMI to market its on-line web based waging services and products globally, in
all jurisdictions in the world where and to the extent gaming with Bitcoin and other crypto waging and will be acceptable
(the “Territory”) on an exclusive basis as it concerns (a) Bitcoins and all other crypto currency gambling as
well as (b) such parties that have been introduced by OBCMI and conducted gambling at least once (“OBCMI
Customers” and Bitcoins and all other crypto currency gambling as well as OBCMI Customers, hereinafter the
“B-Service” and BETS agrees to compensate the OBCMI for the B-Service as set forth herein.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained
herein, the parties hereby agree as follows:

 

1.
RECITALS. The parties agree that the recitals are true and accurate and binding
upon them in all respects.

 

2.
LICENSE.

 

2.1
BETS represents: (i) that it is a duly licensed to offer the BETS gaming platform website services and products in
accordance with the terms of this Agreement throughout the Territory covered by this Agreement as presently set forth on
Exhibit “A” attached hereto, (ii) that OBCMI will have the exclusive right for all the B-Service on the BETS
gaming platform website; (iii) that OBCMI will have the exclusive rights for all gambling derived from OBCMI marketing
efforts of B-Service and (iv) and covenants that it shall remain duly licensed and qualified throughout the term of this
Agreement and, as its Territories expand, on the first day of every calendar quarter provide OBCMI with updated information
where it is licensed. Further, it represents that its operational activities shall fully comply with all applicable
governmental laws, regulations, ordinances and resolutions.

 

2.2
OBCMI represents: (i) that it will exclusively promote BETS on-line web based wagering within the Territory; and (ii) that its
operational activities shall fully comply with all applicable governmental laws, regulations, ordinances and resolutions.

 

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3.
MARKETING PROGRAM.

 

OBCMI
agrees to promote the BETS gaming platform website within the Territory, commencing upon the execution of this Agreement and
when all the logistics have been agreed upon and implemented (the “Effective Date”). OBCMI’s marketing
program may include, but not be limited to, the following:

 

a.
Various marketing campaigns to OBCMI’s lists of prospects and leads to direct bitcoin gaming to BETS gaming
platform;

 

b.
develop a strategic plan for 2014;

 

c.
develop marketing strategies and marketing materials to raise the corporate image of BETS both within the Territory;

 

d.
form, as necessary, an entity to process/arbitrage bitcoin into currency as needed for BETS gaming platform;

 

e.
create an affinity campaign with existing networks and or partnerships;

 

f.
make website presence on several websites;

 

g.
distribute approved marketing materials to OBCMI existing networks and or partnerships in target areas;

 

i.
work with BETS personnel on approved marketing campaigns

 

J.
develop marketing strategies and marketing materials to raise the corporate image of BETS in the public markets

 

4.
MARKETING MATERIALS AND EXPENSES.

 

BETS
will provide OBCMI with brochures, promotional materials, and any collateral material promoting its gaming platform as reasonably
determined by BETS, at no cost to OBCMI. However, except as otherwise provided in this Agreement, all marketing expenses whatsoever
incurred pursuant to this Agreement, including, but not limited to, all marketing, advertising and administrative expenses shall
be the sole responsibility of OBCMI.

 

5.
TERMINATION AND UPON TERMINATION.

 

5.1
Unless sooner terminated as provided in Section 5.2, 5.3 and 5.4, the term (the “Term”) of this Agreement shall commence
as of the Effective Date as set forth in Section 3, and shall continue to the end of the First Period as set forth in Section
10 hereof (the “Initial Term”). At that time the Agreement will continue on the same terms and conditions as set forth
herein (the “Extended Term”).

 

5.2
If B-Service has not reached the level of performance expected during the First Period as set forth in 10.1.2, Bets may terminate
this agreement on a six (6) months prior written notice during which time OBCMI may cure.

 

5.3
In the event that BETS shall materially breach any provision of this Agreement, OBCMI may elect to terminate this Agreement upon
fourteen (14) days’ prior written notice to BETS with an opportunity to cure within such period.

 

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5.4
If this agreement shall terminate, BETS hereby agrees that OBCMI will continue to receive revenue pursuant to the same terms and
conditions as received prior to termination from such gambling by the parties that conducted gambling prior to the termination
and for which OBCMI received revenue.

 

5.5
All notices hereunder shall be in writing to the other party and sent via Certified Mail, Return Receipt Requested or via Overnight
Express Mail to the other party at the respective address stated above.

 

6.
APPROVAL OF MARKETING PROGRAMS.

 

OBCMI
shall not implement any marketing programs to sell BETS products or services unless and until BETS has reviewed and approved that
will not be unreasonably withheld, in its sole discretion, any such proposed program and any related marketing materials or any
other promotional materials in any form of media used (Collectively, “Marketing Materials”). Any such Marketing Materials
shall be submitted to the Senior Vice President of Marketing at the address set forth above, who shall review and either approve
or disapprove such Marketing Materials within seven (7) days of receipt thereof.

 

9.
OBCMI REVENUE.

 

9.1
OBCMI will receive in revenue for its performance hereunder from BETS an amount computed as twenty (20%) on all gross profit on
gross revenue up to $900,000 a month by BETS and thereafter an amount of twenty five (25%) on all gross profit on gross revenue
over $900,000 a month of B-Service.

 

9.2
BETS agrees to pay OBCMI to such account as OBCMI will advice all revenue due on the fifth (5th) business day each
month for all revenue earned during the previous month as well as provide OBCMI at that time a written report on all gambling
made in B-Service in the previous month.

 

10.
BETS’ COMMON STOCK.

 

10.1
Upon execution of this Agreement, BETS shall issue to OBCMI or its assigns, Seven Million (7,000,000) common shares (the
“Shares”). Notwithstanding the forgoing, as the parties have set up a minimum schedule for when OBCMI and BETS
expect that BETS will be making gambling with B-Service, unless During each of the following periods BETS will not have
achieved B-Service, as contemplated, BETS may upon six (6) months written notice (during which time OBCMI may cure), cancel
the Shares set forth for that period below which Shares will then no longer be owned by OBCMI. In the event that BETS has
issued such notice and OBCMI cures, the next performance period will commence first when OBCMI cured. If the B-Service in any
given period is reached for a consecutive three (3) months period the end of such period will the commence the
period.

 

10.1.1
One million (1,000,000) Shares are vested at the execution of this Agreement.

 

10.1.2
During the Eighteen (18) months period of the “Term” (as such term is defined herein) the average turnover of wagering
on BETS’ platform as a result of B-Service reaches $900,000 per month, than an additional two million five hundred (2,500,000)
Shares shall vest (the “First Period”).

 

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10.1.3
During the second twelve (12) months period of the “Term” (as such term is defined herein) the average turnover of
wagering on BETS’ platform as a result of B-Service reaches $1,800,000 per month, than an additional two million five
hundred (2,500,000) Shares shall vest.

 

10.1.4
During the third twelve (12) months period of the “Term” (as such term is defined herein) the average turnover of
wagering on BETS’ platform as a result of B-Service reaches $2,500,000 per month, than the final one million (1,000,000)
Shares shall vest.

 

10.1.5
Except for the Shares issued pursuant to 10.1.1 which will immediately be released and transferred to OBCMI, the balance of
the Shares will be held in escrow by Legal and Compliance (“Compliance”) and be released and transferred to OBCMI
as such Shares will vest. Vested shares will each time be forthwith released and transferred to OBCMI by Compliance upon
written notice by either BETS or OBCMI, evidencing that the performance stand for the period in question has been met, such
as by including in such notice a report from Boyles Sports.

 

10.1.6
Notwithstanding the forgoing provisions in Section 10, if BETS will conduct a split of its stock whether by increasing or decreasing
the number of shares without that the reason is an equity infusion, the number of shares set forth in Sections 10 above will be
proportionately adjusted.

 

11.
MISCELLANEOUS.

 

11.1
GOVERNING LAW. Jurisdiction; Venue. The parties consent to the personal jurisdiction
of, and venue in, the courts of the State of New York which shall govern this Agreement and all rights and obligations hereunder,
including matters of construction, validity and performance. Jurisdiction and venue shall be in New York County, New York, USA.

 

11.2
ASSIGNMENT. Neither party may transfer or assign any of its rights or obligations
under this Agreement only upon the prior written consent of the other party. In the event of a transfer or assign any of its rights
or obligations under this Agreement will be binding upon and inure to the benefit of the parties hereto, their successors and
assigns.

 

11.3
NO IMPLIED WAIVERS. The failure of either party at any time to require performance
by the other of any provision hereof shall not affect the right of such party to require performance at any time thereafter, nor
shall the waiver of either party of a breach of any provision hereof be taken or held to be a waiver of a provision itself.

 

11.4
SEVERABILITY. If any provision of this Agreement is held to be invalid by
a court of competent jurisdiction, then the remaining provisions will nevertheless remain in full force and effect. The parties
agree to renegotiate in good faith those provisions so held to be invalid to be valid, enforceable provisions which provisions
shall reflect as closely as possible the original intent of the parties, and further agree to be bound by the mutually agreed
substitute provision.

 

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11.5
FORCE MAJEURE. Except for payment of monies, neither party shall be liable
for failure to fulfill its obligations under this Agreement or any purchase order issued hereunder or for delays in delivery due
to causes beyond its reasonable control, including, but not limited to, acts of God, man-made or natural disasters, earthquakes,
fire, riots, flood, material shortages, strikes, delays in transportation or inability to obtain labor or materials through its
regular sources. The time for performance of any such obligation shall be extended for the time period lost by reason of the delay.

 

11.6
HEADINGS. Headings of paragraphs herein are inserted for convenience of reference
only and shall not affect the construction or interpretation of this Agreement.

 

11.7
NOTICE. Any notice required or permitted to be given under this Agreement
shall be delivered (a) by hand, (b) by registered or certified mail, postage prepaid, return receipt requested, to the address
of the other party first set forth above, or to such other address as a party may designate by written notice in accordance with
this Section 11.7 (c) by overnight courier, or (d) by fax with confirming letter mailed under the conditions described in (b)
above. Notice so given shall be deemed effective when received, or if not received by reason of fault of addressee, when delivered.

 

11.8
ENTIRE AGREEMENT. This Agreement contains the entire understanding of the
parties with respect to the subject matter hereof and supersedes all prior agreements relating thereto, written or oral, between
the parties. Amendments to this Agreement must be in writing, signed by the duly authorized officers of the parties. The terms
of any purchase order are expressly excluded.

 

In
Witness Whereof, the parties hereto have duly executed this Agreement effective as of the Effective Date.

 

IN
WITNESS WHEREOF, the parties have caused this Exclusive Marketing Agreement to be executed on and as of the first date above.

 

Overseas
BC Marketing, Inc.

 

	By:
    	/s/
    Yohan     A. Naraine	 
	Name:	Yohan
    A. Naraine	 
	Title:
    	President
    	 
	Dated:	08/20/2014	 

 

	Seaniemac International, Ltd.	 
	 	 
	By:	/s/
    Barry Brookstein 	 
	Name:	Barry
    Brookstein     	 
	Title:	Chief Executive Officer	 

 

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