Document:

Exhibit 4.1

 

EXECUTION VERSION

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THIS SECURITY AND THE SECURITIES ISSUABLE UPON EXERCISE
OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

COMMON STOCK PURCHASE WARRANT

 

NXT-ID,
INC.

 

	Warrant Shares: 2,512,500	Issue Date: December 31, 2015
	 	 
	 	Initial Exercise Date: May 31, 2016

 

THIS COMMON STOCK
PURCHASE WARRANT (the “Warrant”) certifies that, for value received, WorldVentures Holdings, LLC. or its assigns
(the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter
set forth, at any time on or after May 31, 2016 (the “Initial Exercise Date”) and on or prior to the close of
business on December 31, 2018 (the “Termination Date”) but not thereafter, to subscribe for and purchase from
NXT-ID, INC., a Delaware corporation (the “Company”), up to 2,512,500 shares (as subject to adjustment hereunder,
the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall
be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1.              Definitions.
The following terms shall have the meanings ascribed to such terms:

 

“Common
Stock Deemed Outstanding” means the number of shares of Common Stock issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

“Convertible
Securities” means any securities (directly or indirectly) convertible into or exchangeable for Common Stock, but excluding
Options.

 

“Options”
means any warrants or other rights or options to subscribe for or purchase Common Stock or Convertible Securities.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase
Agreement (the “Purchase Agreement”), dated December 31, 2015, among the Company and the purchasers
signatory thereto.

 

    	 		 

     

    

 

Section 2.              Exercise.

 

a.            Exercise
of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times
on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or
agency of the Company as the Company may designate by notice in writing to the registered Holder at the address of the Holder appearing
on the books of the Company) of a duly executed facsimile copy of the Notice of Exercise in the form attached hereto as Exhibit
A and within three (3) Trading Days of the date said Notice of Exercise is delivered to the Company, the Company shall have
received payment of the aggregate Exercise Price of the number of Warrant Shares being purchased by the Holder as set forth in
the Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank. No ink-original Notice of Exercise
shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form
be required. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available
hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to
the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant
Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of Exercise within one (1)
Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that,
by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number
of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.

 

b.            Exercise
Price. The exercise price per share of the Common Stock under this Warrant shall be $0.75, subject to adjustment hereunder
(the “Exercise Price”).

 

c.            Mechanics
of Exercise.

 

i.              Delivery
of Warrant Shares Upon Exercise. Warrant Shares purchased hereunder shall be transmitted by the Transfer Agent to the Holder
by crediting the account of the Holder’s prime broker with The Depository Trust Company through its Deposit or Withdrawal
at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an
effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder
or (B) the shares are eligible for resale by the Holder pursuant to Rule 144, and otherwise by physical delivery of a certificate,
registered in the Company's share register in the name of the Holder or its designee, for the number of Warrant Shares to which
the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that
is three (3) Trading Day after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery
Date”). The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named
therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been
exercised, with payment to the Company of the Exercise Price and all taxes required to be paid by the Holder, if any, pursuant
to Section 2(c)(vi) prior to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to the
Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise, $10 per Trading
Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading
Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.

 

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ii.            Delivery
of New Warrants Upon Exercise. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant
has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three
(3) Trading Days of the date the final Notice of Exercise is delivered to the Company.

 

iii.           Rescission
Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(c)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.           Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to an exercise on or before
the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction
or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a
sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”),
then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including
brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the
number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times
(2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder,
either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have
been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases
Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common
Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding
sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating
the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss.
Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including,
without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely
deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.

 

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v.            No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise
of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the
Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction
multiplied by the Exercise Price or round up to the next whole share.

 

vi.           Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or
other incidental expense in respect of the issuance of Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, the Notice
of Exercise shall be accompanied by the Assignment Form attached hereto as Exhibit B duly executed by the Holder, and the
Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.
The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository
Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery
of the Warrant Shares. As provided in that certain Registration Rights Agreement dated as of even date herewith, the Company shall
use commercially reasonable efforts to cause the Warrant Shares, immediately upon such exercise, to be listed on any Trading Market
upon which shares of Common Stock or other securities of the Company are listed at the time of such exercise.

 

vii.          Conditional
Exercise. Notwithstanding any other provision hereof, if an exercise of any portion of this Warrant is to be made in connection
with a public offering or a sale of the Company (pursuant to merger, sale of stock or otherwise), such exercise may at the election
of the Holder be conditioned upon the consummation of such transaction, in which case such exercise shall not be deemed to be effective
until immediately prior to the consummation of such transaction.

 

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viii.         Closing
of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this
Warrant, pursuant to the terms hereof.

 

Section 3.              Certain
Adjustments.

 

a.            Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend
or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities
payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company
upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines
(including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by
reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price
shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares,
if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding
immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted
such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3.a.
shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend
or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

 

c.             Pro
Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other
distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital
or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of
a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock
acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation,
the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such
record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in
such Distribution (provided, however, to the extent that the Holder's right to participate in any such Distribution
would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate
in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution
to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if
ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

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d.            Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or indirectly,
effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets
in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange
their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common
Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization
or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted
into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions
consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization,
recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby such other Person or group
acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person
or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share
purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent
exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon
such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder, the number of shares
of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such Fundamental Transaction by a holder
of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental Transaction.
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice
as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice
as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. Notwithstanding
anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall,
at the Holder’s option, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental
Transaction, purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value of
the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black
Scholes Value” means the value of this Warrant based on the Black and Scholes Option Pricing Model obtained from the
“OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable
Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate
for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination
Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg
as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying
price per share used in such calculation shall be the sum of the price per share being offered in cash, if any, plus the value
of any non-cash consideration, if any, being offered in such Fundamental Transaction and (D) a remaining option time equal to the
time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The Company
shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor
Entity”) to assume in writing all of the obligations of the Company under this Warrant and the other Transaction Documents
in accordance with the provisions of this Section 3.d. pursuant to written agreements in form and substance reasonably satisfactory
to the Holder and approved by the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option
of the Holder, deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise
of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and
with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the
relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock,
such number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein.

 

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e.             Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.

 

f.             Notice
to Holder.

 

i.             Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3,
the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting
adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment..

 

ii.            Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever
form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common
Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase
any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required
in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale
or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock
is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution,
liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder
at its last address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable
record or effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose
of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders
of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined
or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective
or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their
shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger,
sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof
shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided
hereunder constitutes, or contains, material, non-public information regarding the Company or any of the Subsidiaries, the Company
shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K. The Holder shall remain entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice except as may otherwise be expressly set forth herein.

 

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Section 4.              Transfer
of Warrant.

 

a.            Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4.d. hereof and to the provisions
of Section 4.4 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within
three (3) Trading Days of the date the Holder delivers an assignment form to the Company assigning this Warrant full. The Warrant,
if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having
a new Warrant issued.

 

b.            New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such
division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants
to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Issue
Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

 

c.            Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and
for all other purposes, absent actual notice to the contrary.

 

d.            Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer
of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws or (ii) eligible for resale pursuant to Rule 144, the Company may require, as
a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the provisions
of Section 5.6 of the Purchase Agreement.

 

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e.            Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5.              Miscellaneous.

 

a.            No
Rights as Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set forth in Section 2.c.i., except as expressly set forth in Section
3.

 

b.            Loss,
Theft, Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant
Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of
the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate,
if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation,
in lieu of such Warrant or stock certificate.

 

c.            Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding
Business Day.

 

d.            Authorized
Shares.

 

i.             The Company covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued
Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase
rights under this Warrant. The Company further covenants that its issuance of this Warrant shall constitute full authority to its
officers who are charged with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this
Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which
the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase
rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such
Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes,
liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring
contemporaneously with such issue).

 

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ii.            Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without
limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of
any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking
of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be
necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon
the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations
under this Warrant.

 

iii.           Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable
or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be
necessary from any public regulatory body or bodies having jurisdiction thereof.

 

e.             Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

f.             Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.

 

g.            Nonwaiver
and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all
rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of
this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be
sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of
appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its
rights, powers or remedies hereunder.

 

    	 	10	 

     

    

 

h.            Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

i.             Limitation
of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

j.             Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

k.            Successors
and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

l.             Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

 

m.           Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n.            Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

 

********************

 

(Signature Page Follows)

 

    	 	11	 

     

    

 

IN WITNESS WHEREOF,
the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

 

	 	NXT-ID, INC.
	 	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

    	 	12	 

     

    

 

EXHIBIT A

 

NOTICE OF EXERCISE

 

To:
NXT-ID, INC.

 

(1)           The undersigned
hereby elects to purchase ________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised
in full), and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

 

(2)           Payment shall
take the form of lawful money of the United States.

 

(3)           Please issue said
Warrant Shares in the name of the undersigned or in such other name as is specified below:

 

	 	 	 

 

The Warrant Shares shall be delivered
to the following DWAC Account Number:

 

	 	 	 
	 	 	 
	 	 	 

 

(4)           Accredited
Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under the Securities
Act of 1933, as amended.

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 

 

	Signature of Authorized Signatory of Investing Entity:	 

 

	Name of Authorized Signatory:	 

 

	Title of Authorized Signatory:	 

 

	Date:	 

 

    	 	13	 

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the
foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)

 

FOR VALUE RECEIVED,
the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

	Name:	 	 
	 	 	(Please Print)
	 	 	 
	Address:	 	 
	 	 	(Please Print)
	Dated: _______________ __, ______	 	 

 

	Holder’s Signature:	 	 	 
	 	 	 	 
	Holder’s Address:	 	 	 

 

 

 

14Exhibit
10.1

 

Master
Product Development Agreement

 

This
Master Product Development Agreement (the "Agreement"), dated as of December 31, 2015 (the "Effective
Date"), is by and between Nxt-ID, Inc., a Delaware corporation with offices located at 288 Christian Street, Oxford,
Connecticut 06478 ("Developer"), and WorldVentures Holdings, LLC, a Nevada limited liability company with
offices located at 5100 Tennyson Parkway, Plano, Texas 75024 ("Customer").

 

R
E C I T A L S

 

WHEREAS,
Developer is engaged in the business of providing biometric secure access controls and related technology to the m-commerce market,
currently to secure card technology intended to hold multiple credit card, debit card, loyalty card, identification card information
in a single dynamic, electronic card to replicate any of the copied cards, and in the future for biometric security solutions
utilizing "dynamic pairing codes" (random numbers) to secure users, devices, accounts, locations and servers over any
communication media without exposing identifiers or keys; and

 

WHEREAS,
Developer has developed certain patented and other technologies related to the encryption and biometric identification of users
for card technologies and the manufacture and production of ISO compliant cards utilizing these technologies; and

 

WHEREAS,
Developer has created the hardware and software necessary to produce an ISO compliant secure card capable of holding information
related to multiple cards; and

 

WHEREAS,
Customer wishes to retain Developer to develop a series of proprietary products for distribution through its distribution network
that includes sales representatives, members, consumers, employees, contractors or Affiliates utilizing Developer's existing Background
Technology (as defined herein) and customized hardware designs/solutions and software tools/applications developed by Developer
for Customer; and

 

WHEREAS,
Developer desires to provide the hardware configuration, software development, manufacturing processes and related services and
work product described herein and from time to time in separately executed statements of work to design, develop and manufacture
Proprietary Products (as defined therein), and Customer desires to retain Developer to provide the same, each on the terms and
conditions set forth therein.

 

A
G R E E M E N T

 

NOW,
THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, Customer and Developer agree as follows:

 

1.            Definitions.
For purposes of this Agreement, the following terms have the following meanings:

 

"Acceptance" has
the meaning set forth in Section 10.5.

 

"Acceptance
Tests" means such tests as may be conducted in accordance with Section 10 and the applicable Statement of
Work to determine whether any Product Deliverable meets the requirements of this Agreement and the Specifications and Documentation
therefor.

 

    	 		 

     

    

 

"Action" has
the meaning set forth in Section 19.1.

 

"Affiliate" of
a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or
is under common control with, such Person. The term "control" (including the terms "controlled by" and "under
common control with") means the direct or indirect power to direct or cause the direction of the management and policies
of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

"Agreement" has
the meaning set forth in the preamble.

 

"Allegedly
Infringing Materials" has the meaning set forth in Section 19.3(a)(ii).

 

"Background
Technology" means all Hardware and Software, data, know-how, ideas, methodologies, specifications and other technology,
together with all enhancements, updates, improvements, fixes, extensions or other developments made to such technology from time
to time, in which Developer owns such Intellectual Property Rights as are necessary for Developer to grant the rights and licenses
set forth in Section 15.1, and for Customer (including its licensees, successors and assigns) to exercise such rights and
licenses, without violating any right of any Third Party or any Law or incurring any payment obligation to any Third Party, and
that: (a) are identified as background technology in any Statement of Work; and (b) were or are developed or otherwise acquired
by Developer prior to the Effective Date, with respect to the Initial Statement of Work, or the date of Customer's request for
additional Services, with respect to any other Statement of Work.

 

"Business
Requirements Specification" means the initial specification setting forth Customer's business requirements regarding
the features and functionality of the WorldVentures Card attached as Schedule B hereto.

 

"Change" has
the meaning set forth in Section 4.4.

 

"Change
Agreement" has the meaning set forth in Section 4.4(b).

 

"Change
Proposal" has the meaning set forth in Section 4.4(a).

 

"Change
Request" has the meaning set forth in Section 4.4.

 

"Code"
has the meaning set forth in Section 22.1.

 

"Confidential
Information" means any information that is treated as confidential by either party, including trade secrets, technology,
information pertaining to business operations and strategies, and information pertaining to customers, pricing and marketing,
in each case to the extent it is: (a) if in tangible form, marked as confidential; or (b) otherwise, identified at the time of
disclosure as confidential. Without limiting the foregoing, Confidential Information of Customer includes the Customer-Owned Work
Product, and the terms and existence of this Agreement. Confidential Information of Developer means the Hardware designs and Software
and proprietary Source Code related thereto, product information and product operating functionality or methodology (excluding
Proprietary Product), trade secrets, evaluations, pricing, technical or business specifications, research, development and know-how
related to Developer products. Confidential Information does not include information that the Receiving Party can demonstrate
by documentation: (w) was already known to the Receiving Party without restriction on use or disclosure prior to receipt of such
information directly or indirectly from or on behalf of the Disclosing Party; (x) was or is independently developed by the Receiving
Party without reference to or use of any of the Disclosing Party's Confidential Information; (y) was or becomes generally known
by the public other than by breach of this Agreement by, or other wrongful act of, the Receiving Party or any of its Representatives;
or (z) was received by the Receiving Party from a Third Party who was not, at the time, under any obligation to the Disclosing
Party or any other Person to maintain the confidentiality of such information.

 

    	 	2	 

     

    

 

"Controlled
Technology" means any hardware, software, documentation, technology or other technical data, or any products that
include or use any of the foregoing, the export, re-export or release of which to certain jurisdictions or countries is prohibited
or requires an export license or other governmental approval, under any Law, including the U.S. Export Administration Act and
its associated regulations.

 

"CPI" has
the meaning set forth in Section 12.2.

 

"Customer" has
the meaning set forth in the preamble.

 

"Customer
Indemnity" has the meaning set forth in Section 19.1.

 

"Customer
Materials" means all materials and information, including documents, data, know-how, ideas, methodologies, specifications,
hardware designs, software, content and technology, in any form or media, directly or indirectly provided or made available to
Developer by or on behalf of Customer in connection with this Agreement, whether or not the same: (a) are owned by Customer, a
Third Party or in the public domain; or (b) qualify for or are protected by any Intellectual Property Rights.

 

"Customer
Project Manager" has the meaning set forth in Section 8.2(a).

 

"Customer
Resources" has the meaning set forth in Section 8.1(b).

 

"Customer-Owned
Work Product" means all Work Product other than materials expressly identified in a schedule to this Agreement or
Statement of Work as Background Technology, Third-Party Materials or Open-Source Components.

 

"Defect"
or "Error" means a material failure of the Hardware and Software that materially impairs the intended function
of the Hardware and Software and, as a result the Proprietary Product, as provided in this Agreement or the Documentation as reasonably
determined by the Customer in its sole discretion.

 

"Deliverables" means
all Proprietary Products, including all embedded Background Technology, Developments, Hardware and Software, Work Product, Third-Party
Materials, Open-Source Components, documentation and other materials associated with or incorporated into such Proprietary Product,
that Developer provides to Customer or its designee under this Agreement and otherwise in connection with any Services, including
any and all items specifically identified as Deliverables in the Initial Statement of Work and any additional Statement of Work.

 

"Deposit
Materials" means all Hardware and Software layouts, designs, Specifications, Source Code, Documentation, Work Product,
manufacturing processes and know-how related to the Background Technology included in a Proprietary Product and further described
in Schedule A to the Escrow Agreement.

 

    	 	3	 

     

    

 

"Developer" has
the meaning set forth in the preamble.

 

"Developer
Personnel" means all employees of Developer or any Permitted Subcontractors involved in the performance of Services
or providing Work Product hereunder.

 

"Development
Funds" has the meaning set forth in Section 12.1(a).

 

"Developments"
means all inventions, improvements, updates and Updated Versions, modifications, enhancements, conceptions, written works, know-how
and other developments and information of any kind that are made or acquired on or after the Effective Date and that pertain to
the performance of, or may be incorporated in, the Proprietary Product.

 

"Direct
Selling" means the marketing of products and services by an independent salesperson directly to consumers away from permanent
fixed retail locations, typically occurring through the party plan, one-on-one demonstrations, or other personal contact arrangements,
as well as through digital/App/internet connections, referrals, and sales. For the avoidance of doubt, affiliate marketing, social
media marketing, referral marketing and other similar marketing models are not contemplated as direct selling.

 

"Disclosing
Party" has the meaning set forth in Section 21.1.

 

"Dispute
Resolution Procedure" means the procedure for resolving disputes under this Agreement as set forth in Schedule
E.

 

"Documentation" means
all user manuals, operating manuals, technical manuals and any other instructions, specifications, documents and materials, in
any form or media, that describe the functionality, installation, testing, operation, use, maintenance, support and technical
and other components, features and requirements of any Proprietary Product, other than Documentation with respect to Background
Technology which Documentation will be deposited with the Escrow Agent,.

 

"Effective
Date" has the meaning set forth in the preamble.

 

"End
Users" means all users of Customer products and technology. This includes sales representatives, members, consumers,
employees, contractors or Affiliates who acquire a Proprietary Product for their personal use and enjoyment.

 

"Escrow
Agent" has the meaning set forth in Section 16.1.

 

"Escrow
Agreement" has the meaning set forth in Section 16.1.

 

"Force
Majeure" has the meaning set forth in Section 22.2.

 

"Functional
Specification" means, with respect to any Proprietary Product, the document setting forth Customer's requirements with
respect to such Proprietary Product's features and functions, and included in the Statement of Work for such Proprietary Product.

 

"GAAP"
means United States generally accepted accounting principles.

 

"Hardware
and Software" means the particular hardware layouts, designs, specifications and product application Software in source
or object code form, including but not limited to the Source Code, Developments, improvements, updates, enhancements, error corrections,
release notes, Updated Version(s), upgrades and changes to the Hardware and Software as delivered to Customer; provided, however,
all Work Product and any Updated Version(s) of such Work Product is specifically excluded as a component from Hardware and Software.

 

    	 	4	 

     

    

 

"Harmful
Code" means any software, hardware or other technologies, devices or means, the purpose or effect of which is to: (a)
permit unauthorized access to, or to destroy, disrupt, disable, distort, or otherwise harm or impede in any manner, any (i) computer,
software, firmware, hardware, system or network, or (ii) any application or function of any of the foregoing or the integrity,
use or operation of any data processed thereby; or (b) prevent Customer or any End User from accessing or using the Services or
Proprietary Products as intended by this Agreement, and includes any virus, bug, trojan horse, malware, worm, backdoor or other
malicious computer code or program or hardware devices, and any time bomb or drop dead device designed to disable a software program
or Proprietary Product automatically with the passage of time or under the positive control of any Person, or otherwise deprive
Customer of its lawful right to use such Proprietary Product.

 

"Implementation
Plan" means the schedule included in each Statement of Work setting forth the sequence of events for the performance
of Services under such Statement of Work, including the Milestones and Milestone Dates thereunder.

 

"Initial
Statement of Work" means the Statement of Work for the initial Proprietary Product development and related Services
hereunder, as developed by Developer and agreed by the parties as set forth in Section 3.2 and attached as Schedule
C hereto.

 

"Initial
Term" has the meaning set forth in Section 17.1.

 

"Integration
Testing" has the meaning set forth in Section 10.1(c).

 

"Intellectual
Property Rights" means all or any of the following, whether owned or held for use under license, whether registered
or unregistered, including without limitation rights in and to: (a) trademarks, trade dress, service marks, certification marks,
logos and trade names, and the goodwill associated with the foregoing (collectively, "Marks"); (b) patents and
patent applications, and any and all divisions, continuations, continuations-in-part, reissues, continuing patent applications,
reexaminations, and extensions thereof, any counterparts claiming priority therefrom, utility models, patents of importation/confirmation,
certificates of invention, certificates of registration and like rights; (c) inventions, invention disclosures, discoveries and
improvements, whether or not patentable; (d) writings and other works of authorship; (e) inventions (whether or not patentable),
trade secrets, ideas, technical data, databases, customer lists, designs (including product and user interaction models, hardware
and software, tools, methods, processes, technology, source code, product road maps, and other non-public and confidential business,
technical and know-how information and rights to limit the use or disclosure thereof by any Person; (f) computer programs, including
any and all software implementations of algorithms, models and methodologies, whether in source code or object code, data files,
application programming interfaces, databases design documents, flow-charts, user manuals and training materials, and other software-related
specifications and documentation; (g) registered domain names and uniform resource locators; (h) moral rights; and (i) claims,
causes of action and defenses relating to the enforcement of any of the foregoing; in each case, including any registrations of,
applications to register, and renewals and extensions of, any of the foregoing clauses (a) through (h) with or by any governmental
authority in any jurisdiction throughout the world.

 

    	 	5	 

     

    

 

"Key
Personnel" means any Developer Personnel identified as key personnel in this Agreement or, with respect to any Statement
of Work, such Statement of Work.

 

"Law" means
any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any federal, state, local or foreign government or political subdivision thereof, or any arbitrator, court or
tribunal of competent jurisdiction.

 

"Licensed
Software" has the meaning set forth in Section 15.1.

 

"Losses" has
the meaning set forth in Section 19.1.

 

"Maintenance
and Support Services" means the Software maintenance and support services Developer is required to or otherwise
does provide under this Agreement as set forth in the Maintenance and Support Schedule to be attached hereto as Schedule D
upon the finalization of the Initial Statement of Work by the parties.

 

"Maintenance
Release" means new or additional code that is intended to make improvements in the performance, operation or functionality
of the Hardware and Software, including, but not limited to, remedial measures to fix bugs, flaws or other minor problems.

 

"Milestone" means
an event or task described in the Implementation Plan under any Statement of Work that must be completed by the corresponding
Milestone Date set forth therein.

 

"Milestone
Date" means the date by which a particular Milestone must be completed as set forth in the Implementation Plan under
any Statement of Work.

 

"Net
Cost" means the direct costs associated with the manufacture, warehousing and shipping of WorldVentures Cards, as recognized
in accordance with GAAP.

 

"Non-Conformity" means
any failure of any (a) Proprietary Product or Documentation to conform to the requirements of this Agreement (including any applicable
Statement of Work); or (b) Hardware and Software to conform to the requirements of this Agreement or the Specifications or Documentation
therefor.

 

"Open-Source
Components" means any software component that is subject to any open-source copyright license agreement, including
any GNU General Public License or GNU Library or Lesser Public License, or other license agreement that substantially conforms
to the Open Source Definition as prescribed by the Open Source Initiative or otherwise may require disclosure or licensing to
any third party of any source code with which such software component is used or compiled.

 

"Open-Source
License" has the meaning set forth in Section 5.3.

 

"Permitted
Subcontractor" has the meaning set forth in Section 7.3.

 

"Person" means
an individual, corporation, partnership, joint venture, limited liability entity, governmental authority, unincorporated organization,
trust, association or other entity.

 

"Proprietary
Product" means (a) the "WorldVentures Card" as described in the Business Requirement Specifications attached
hereto in Schedule B and (b) any other product Customer requests Developer to develop for and on behalf of Customer pursuant
to an Additional Statement of Work mutually agreed by the parties in accordance with Section 4.3.

 

    	 	6	 

     

    

 

"Receiving
Party" has the meaning set forth in Section 21.1.

 

"Reimbursable
Expenses" has the meaning set forth in Section 12.6.

 

"Release
Event" has the meaning set forth in Section 16.2.

 

"Renewal
Term" has the meaning set forth in Section 17.2.

 

"Representatives" means
a party's and its Affiliates' employees, officers, directors, consultants, legal advisors, Permitted Subcontractors and, with
respect to Customer, its independent contractors and service providers.

 

"Services" means
any of the services Developer is required to or otherwise does provide under this Agreement, any Statement of Work or any Maintenance
and Support Schedule included in this Agreement or a Statement of Work.

 

"Software" means
the programs, including mobile software development kits (SDK), programming tools, scripts and routines, Developer is required
to or otherwise does develop or otherwise provide under this Agreement for use with respect to a Proprietary Product, including
all updates, upgrades, new versions, new releases, enhancements, improvements and other modifications made or provided pursuant
to the Maintenance and Support Services.

 

"Source
Code" means the sequence of statements and/or declarations written in readable programming language for subsequent
translation or conversion into object code of the Hardware and Software and Work Product to which it relates, together with all
related flow charts and technical documentation, including a description of the procedure for generating object code, all of a
level sufficient to enable a programmer reasonably fluent in such programming language to understand, operate, support, maintain
and develop modifications, upgrades, updates, enhancements, improvements and new versions of the Hardware and Software and Work
Product.

 

"Specifications" means,
for any Proprietary Product, the specifications collectively set forth in the Business Requirements Specification, Functional
Specification and Technical Specification therefor, together with any other specifications set forth in Developer's Proposal,
if any, for such Proprietary Product, or elsewhere in the relevant Statement of Work, if any.

 

"Statement
of Work" means any statement of work entered into by the parties and attached as a schedule to this Agreement. The
Initial Statement of Work shall be attached as Schedule C, and subsequent Statements of Work shall be sequentially identified
and attached as Schedules C-1, C-2, etc.

 

"Support
Fees" means the fees, if any, payable by Customer for Maintenance and Support Services as set forth in the Maintenance
and Support Schedule or any Statement of Work.

 

"Technical
Specification" means, with respect to any Proprietary Product, the document setting forth the technical specifications
for such Proprietary Product and included in the Statement of Work for such Proprietary Product.

 

"Term" has
the meaning set forth in Section 17.2.

 

    	 	7	 

     

    

 

"Testing
Period" has the meaning set forth in Section 10.1(b).

 

"Third
Party" means any Person that is not an employee, officer, manager, members, director, shareholder or other Affiliate
of Developer or Customer.

 

"Third-Party
Materials" means any materials and information, including documents, data, know-how, ideas, methodologies, specifications,
software, hardware components, content and technology, in any form or media, in which any Person other than Customer or Developer
owns any Intellectual Property Right, but specifically excluding Open-Source Components.

 

"Updated
Version" means the most recent updated and released version of the Hardware and Software at any given time and specifically
excludes a new release which provides new, different or increased functionality, it being specifically understood by the parties
that any “work for hire” (as defined in 17 U.S.C. § 101) integrated into or used with respect to any Hardware
and Software does not constitute an Updated Version.

 

"Warranty
Period" means, for any Software, the 12-month period commencing (a) in the case of a Proprietary Product, Customer's
Acceptance thereof; and (b) in the case of any updates, upgrades, new versions, new releases, enhancements and other modifications
to previously accepted Proprietary Product, including those made pursuant to the Maintenance and Support Services, Customer's
receipt thereof.

 

"Work
Product" means all Hardware and Software, Documentation, Specifications and other documents, work product and materials
related thereto, that Developer is required to, or otherwise does, provide to Customer or its designee pursuant to the terms of
this Agreement and any Statement of Work, together with all ideas, concepts, processes and methodologies developed in connection
therewith whether or not embodied therein, all of which constitutes "work made for hire" as defined in 17 U.S.C. §
101.

 

"WorldVentures
Card" means the ISO compliant card developed and manufactured by Developer for Customer pursuant to the terms of this
Agreement and the Initial Statement of Work and any enhancements thereto developed pursuant to the terms of one or more additional
Statements of Work and which is designated a "Proprietary Product."

 

2.            Engagement
of Developer; Time of the Essence.

 

2.1            Engagement
of Developer. Customer hereby engages Developer, and Developer hereby accepts such engagement, to develop Proprietary Product
and provide Services related thereto as described herein or otherwise requested by Customer from time to time and described in
Statements of Work therefor, all on the terms and conditions set forth in this Agreement and such Statements of Work.

 

2.2            Relationship
Managers. Throughout the Term of this Agreement, each party shall maintain within its organization a relationship manager
to serve as such party's primary point of contact for day-to-day communications, consultation and decision making regarding this
Agreement. Each party shall ensure its relationship manager has the requisite authority and skill to perform in such capacity.
The parties' initial relationship managers are identified on Schedule A hereto. Each party shall use commercially reasonable
efforts to maintain the same relationship manager in place throughout the Term. If either party's relationship manager ceases
to be employed by such party or such party otherwise wishes to replace its relationship manager, such party shall promptly name
a new relationship manager by written notice to the other party.

 

    	 	8	 

     

    

 

2.3            Time
of the Essence. Developer acknowledges that time is of the essence with respect to Developer's obligations hereunder and agrees
that prompt and timely performance of all such obligations in accordance with this Agreement and each Statement of Work (including
the Implementation Plan and all Milestone Dates included therein) is strictly required.

 

3.            WorldVentures
Card Development.

 

3.1            Consulting
Services. The parties acknowledge that as of the Effective Date, the initial consulting and related Services with respect
to developing the WorldVentures Card are underway and the parties are working to finalize the Business Requirement Specification
set forth in Schedule B hereto. Upon finalizing the Business Requirement Specifications for the WorldVentures Card, Developer
will complete the consulting and related Services for purposes of creating and providing to Customer Developer's proposal for
an Initial Statement of Work regarding development and production of the WorldVentures Card, including the criteria set forth
in Section 4.1 below.

 

3.2            Demonstration
and Work Product Delivery Timeline. It is the intention of the parties that the initial demonstration of the capabilities
of the WorldVentures Card will be made during the United! Event to be held by Customer from January 15-17, 2016, at the Orange
County Convention Center in Orlando, Florida, and the Initial Statement of Work will be finalized and a pre-production version
of the WorldVentures Card (in conformance with the finalized Business Requirement Specifications) will be completed within 90
days of mutually approved Business Requirements Specifications.

 

3.3            Production
Target. Customer is requesting and Developer is committed to providing production capacity for up to 200,000 WorldVentures
Cards per month to be in place within 16 weeks of such capacity requirement notification from Customer, subject to purchase orders
for production tooling, components and materials being placed no later than 12 weeks prior to such capacity delivery.

 

4.            Statements
of Work. Developer shall provide Services and Work Product pursuant to Statements of Work entered into as set forth herein.
No Statement of Work shall be effective unless signed by duly authorized representatives of both parties. The term of each Statement
of Work shall be as set forth therein or, if no term is specified, shall commence on the parties' full execution thereof and terminate
when the parties have fully performed their obligations thereunder. Unless a Statement of Work expressly states otherwise, Customer
shall have the right to terminate such Statement of Work as set forth in Section 17.3.

 

4.1          Statement
of Work Requirements. Each Statement of Work shall include the following:

 

(a)           names
and contact information for the parties' project managers and, if relevant, Key Personnel of Developer under such Statement of
Work;

 

(b)           a
detailed description of the Services to be provided thereunder;

 

(c)           a
detailed description of the Work Product to be developed or otherwise provided under such Statement of Work, including a:

 

(i)            Functional
Specification;

 

    	 	9	 

     

    

 

(ii)          Technical
Specification; and

 

(iii)         description
of the Documentation to be provided;

 

(d)          an
Implementation Plan, including all Milestones, the corresponding Milestone Dates and the parties' respective responsibilities
therefor;

 

(e)          The
fees payable under such Statement of Work, the manner in which such Fees shall be calculated, the due dates for payment thereof
including any Milestones on which any such Fees are conditioned, and such other information as the parties deem necessary;

 

(f)           disclosure
of all non-Background Technology, in each case accompanied by such related documents as may be required by this Agreement with
respect thereto; and

 

(g)          a
detailed description of all Customer Resources required under such Statement of Work.

 

4.2          Initial
Statement of Work.

 

(a)          Commencing
on the Effective Date, Developer shall commence performing the consulting and related Services necessary for developing the Initial
Statement of Work for the development and manufacture of the WorldVentures Card.

 

(b)          Developer
shall prepare and deliver its proposed Initial Statement of Work to Customer on or before January 15, 2016 as set forth in Schedule
C, whereupon Customer shall have seven (7) calendar days to review and, in its discretion, approve or raise objections to
Developer's proposed Initial Statement of Work. If Customer raises any such objections, the parties shall negotiate in good faith
to amend the proposal, provided that:

 

(i)           to
the extent the proposal does not comply with the requirements of this Agreement and the Business Requirements Specification, it
shall be amended to so comply; and

 

(ii)          either
party may terminate negotiations and this Agreement if the parties fail to agree on the Initial Statement of Work by March 1,
2016.

 

(c)            Upon
the parties' agreement to the Initial Statement of Work, each party shall cause the same to be signed by its duly authorized representative.
Upon its mutual execution, the Initial Statement of Work shall be attached as Schedule C and form a part of this Agreement.

 

4.3          Additional
Statements of Work. Each additional Proprietary Product which Customer requests Developer to produce and manufacture, will
be performed pursuant to an Additional Statement of Work. Promptly following receipt of Customer's request for additional Proprietary
Product development or other Services, Developer shall provide Customer with a proposal substantially in the form of, and containing
all information specified in, Section 4.1. Upon the parties' agreement with respect to the terms of such proposal, all
such terms shall be incorporated in a Statement of Work and each party shall cause the same to be signed by its duly authorized
representative. Each fully executed Statement of Work shall be attached as a schedule to, and by this reference incorporated in
and made a part of, this Agreement.

 

    	 	10	 

     

    

 

4.4          Changes
to Statements of Work. Customer may at any time request in writing (each, a "Change Request") changes to
any Statement of Work, including changes to the Services, Work Product, Implementation Plan or any Specifications (each, a "Change").
Upon Customer's submission of a Change Request, the parties shall evaluate and implement all Changes in accordance with this Section
4.4.

 

(a)           As
soon as reasonably practicable, and in any case within seven (7) days following receipt of a Change Request, Developer shall provide
Customer with a written proposal for implementing the requested Change ("Change Proposal"), setting forth:

 

(i)           a
written description of the proposed Changes to any Services, Work Product or Deliverables;

 

(ii)          an
amended Implementation Plan reflecting: (A) the schedule for commencing and completing any additional or modified Services, Work
Product or Deliverables; and (B) the effect of such Changes, if any, on completing any other Services or Work Product under the
Statement of Work;

 

(iii)         any
additional Third-Party Materials, Open-Source Components, Controlled Technology and Customer Resources Developer deems necessary
to carry out such Changes; and

 

(iv)         any
increase or decrease in Fees resulting from the proposed Changes, which increase or decrease shall reflect only the increase or
decrease in time and expenses Developer requires to carry out the Change.

 

(b)           Within
five (5) days following Customer's receipt of a Change Proposal, Customer shall by written notice to Developer, approve, reject
or propose modifications to such Change Proposal. If Customer proposes modifications, Developer shall modify and re-deliver the
Change Proposal reflecting such modifications, or notify Customer of any disagreement therewith, in which event the parties shall
negotiate in good faith to resolve their disagreement. Upon Customer's approval of the Change Proposal or the parties' agreement
on all proposed modifications thereto, as the case may be, the parties shall execute a written agreement to the Change Proposal
("Change Agreement"), which Change Agreement shall constitute an amendment to the Statement of Work to which
it relates; and

 

(c)           If
the parties fail to enter into a Change Agreement within fifteen (15) days following Customer's response to a Change Proposal,
Customer shall have the right, in its discretion, to:

 

(i)           require
Developer to perform the Services under the Statement of Work without the Change;

 

(ii)          require
Developer to continue to negotiate a Change Agreement;

 

(iii)         initiate
a Dispute Resolution Procedure; or

 

(iv)         notwithstanding
any provision to the contrary in such Statement of Work, terminate the Statement of Work pursuant to Section 17.3(a)(iii).

 

    	 	11	 

     

    

 

No
Change will be effective until the parties have executed a Change Agreement with respect thereto. Except as Customer may request
in its Change Request or otherwise in writing, Developer shall continue to perform its obligations in accordance with the Statement
of Work pending negotiation and execution of a Change Agreement. Developer shall use its commercially reasonable efforts to limit
any delays or Fee increases from any Change to those necessary to perform the Change in accordance with the applicable Change
Agreement. Each party shall be responsible for its own costs and expenses of preparing, evaluating, negotiating and otherwise
processing any Change Request, Change Proposal and Change Agreement.

 

5.            Proprietary
Product. Developer shall design, develop, manufacture, test, deliver and otherwise provide each Proprietary Product as described
in each Statement of Work on a timely and professional basis in accordance with all terms, conditions and Specifications set forth
in this Agreement and such Statement of Work.

 

5.1            Proprietary
Product Specifications. Developer shall ensure that each Proprietary Product complies with the Specifications therefore. Developer
shall provide to Customer all non-Background Technology included in a Proprietary Product in appropriate form for hardware and
both Source Code and object code form for software (including firmware) and deposit all Deposit Materials with the Escrow Agent.

 

5.2            Third-Party
Materials. A Proprietary Product may include or operate in conjunction with Third-Party Materials. Developer will identify
to Customer all Third-Party Materials Developer includes in or that are required for use with any Proprietary Product on or prior
to delivery of such Proprietary Product and provide to Customer: (a) a copy of all Documentation, Specifications and Third Party
license agreements relating to such Third-Party Materials as are available to Developer; or (b) the website or other information
specifying where Customer can access such documentation and third-party license agreements. All Third-Party Materials are provided
pursuant to the terms and conditions of the applicable third-party license agreement.

 

5.3            Open-Source
Components. Developer may, with Customer prior written approval, include in any Proprietary Product, and operation of a Proprietary
Product in accordance with its Specifications and Documentation may require the use of, Open-Source Components. Developer will
identify to Customer all Open-Source Components Developer includes in or that are required for use with any Proprietary Product
on or prior to delivery of such Proprietary Product and provide to Customer: (a) copies of the relevant open-source license(s)
(each, an "Open-Source License") available to Developer; and (b) the website or other information specifying
where Customer can access such documentation and third-party license agreements. Developer shall provide Customer with a complete,
machine-readable copy of the Source Code for Open-Source Components included in any Proprietary Product in accordance with the
terms of the Open-Source License(s) therefore at no cost to the Customer.

 

5.4            Controlled
Technology. Developer shall not include in any Proprietary Product any Controlled Technology, except to the extent expressly
disclosed and approved in writing by Customer in the Statement of Work for such Proprietary Product.

 

    	 	12	 

     

    

 

6.            Documentation.
Prior to or concurrently with the delivery of any Proprietary Product hereunder, or by such earlier date as may be specified in
the Implementation Plan for such Proprietary Product, Developer shall provide Customer with complete and accurate Documentation
for such Proprietary Product in sufficient detail to enable Customer to replicate the Proprietary Product in the event this Agreement
is terminated or Developer is in default under the provisions of this Agreement or any Statement of Work. Where the applicable
Statement of Work requires or permits delivery of a Proprietary Product in two or more phases, Developer shall also provide Customer
with integrated Documentation for completed Proprietary Product upon its delivery.

 

6.1            Adequacy
of Documentation. All Documentation shall include all such information as may be reasonably necessary for the effective installation,
testing, use, support and maintenance of the applicable Proprietary Product by the End User, including the effective configuration,
integration, and systems administration of the Proprietary Product and performance of all other functions set forth in the Specifications.

 

6.2            Documentation
Specifications. Developer shall provide all Documentation in both hard copy and electronic form, in such formats and media
as are set forth in the relevant Statement of Work, or as Customer may otherwise reasonably request.

 

6.3            Third-Party
Documentation. To the extent Documentation consists of or includes Third-Party Materials, Developer shall secure, at Customer's
sole cost and expense, all rights, licenses, consents, approvals and authorizations specified in Section 15.3 with respect
to Third-Party Materials.

 

7.            Performance
of Services. Developer shall provide all Services and Work Product hereunder in a timely, professional and workmanlike manner
and in accordance with the terms, conditions and Specifications set forth in this Agreement and each Statement of Work.

 

7.1          Developer
Personnel.

 

(a)          Developer
is solely responsible for all Developer Personnel and for the payment of their compensation, including, if applicable, withholding
of income taxes, and the payment and withholding of social security and other payroll taxes, unemployment insurance, workers'
compensation insurance payments and disability benefits.

 

(b)          Prior
to any Developer Personnel performing any Services hereunder, Developer shall:

 

(i)           ensure
that such Developer Personnel have the legal right to work in the United States;

 

(ii)          require
such Developer Personnel to execute written agreements, in form and substance reasonably acceptable to Customer, that bind such
Developer Personnel to confidentiality provisions that are at least as protective of Customer's information (including all Confidential
Information) as those contained in this Agreement and Intellectual Property Rights provisions that grant Customer rights in the
Work Product consistent with the provisions of Section 14.1 and, upon Customer's request, provide Customer with a copy
of each such executed agreement; and

 

(iii)         at
its sole cost and expense, conduct background checks on any new Developer Personnel retained to provide Services to Customer,
which background checks shall comprise, at a minimum, a review of credit history, references and criminal record, in accordance
with applicable Law.

 

    	 	13	 

     

    

 

(c)            Developer
shall, and shall ensure that all Developer Personnel comply with all rules, regulations and policies of Customer that are communicated
to Developer in writing, including security procedures concerning systems and data and remote access thereto, building security
procedures and general health and safety practices and procedures.

 

7.2          Developer
Project Managers. Upon the execution of each Statement of Work, Developer shall appoint, and throughout the term of such Statement
of Work Developer shall maintain, a Developer employee reasonably acceptable to Customer to serve as Developer's project manager
(each, a "Developer Project Manager") under such Statement of Work.

 

(a)           Each
Developer Project Manager shall:

 

(i)           have
the requisite authority, and necessary skill, experience and qualifications, to perform in such capacity;

 

(ii)          be
responsible for overall management and supervision of Developer's performance under such Statement of Work; and

 

(iii)         be
Customer's primary point of contact for communications with respect to such Statement of Work, including with respect to giving
and receiving all day-to-day approvals and consents thereunder.

 

(b)           The
Developer Project Manager shall attend all regularly scheduled meetings as set forth in the Implementation Plan and all additional
meetings scheduled on at least two (2) days' prior notice, and otherwise shall be available as set forth in the Statement of Work.

 

(c)           Developer
shall maintain the same Developer Project Manager throughout the term of such Statement of Work, unless:

 

(i)           Customer
requests in writing the removal of the Developer Project Manager;

 

(ii)          Customer
consents in writing to any removal reasonably requested by Developer in writing; or

 

(iii)         the
Developer Project Manager ceases to be employed by Developer, whether by resignation, involuntary termination or otherwise.

 

(d)           Developer
shall promptly replace the Developer Project Manager under any Statement of Work on the occurrence of any event set forth in Section
7.2(c). Such replacement shall be subject to Customer's reasonable prior written approval.

 

7.3          Subcontractors.
Developer may from time to time in its discretion engage any Third Party to perform Services (including to create any Work Product)
hereunder (each a "Permitted Subcontractor"). Developer shall:

 

(a)           be
responsible and liable for the acts and omissions of each such Permitted Subcontractor (including such Permitted Subcontractor's
employees who, to the extent providing Services or creating Work Product, shall be deemed Developer Personnel) to the same extent
as if such acts or omissions were by Developer or its employees;

 

    	 	14	 

     

    

 

(b)           name
Customer a third party beneficiary under Developer's agreement with each Permitted Subcontractor with respect to the Services
and Work Product;

 

(c)           be
responsible for all fees and expenses payable to, by or on behalf of each Permitted Subcontractor in connection with this Agreement,
including, if applicable, withholding of income taxes, and the payment and withholding of social security and other payroll taxes,
unemployment insurance, workers' compensation insurance payments and disability benefits; and

 

(d)           prior
to the provision of Services or creation of Work Product by any Permitted Subcontractor:

 

(i)           obtain
from such Permitted Subcontractor confidentiality, work-for-hire and intellectual property rights assignment agreements, in form
and substance acceptable by Customer, giving Customer rights consistent with those set forth in Section 14.1 (Customer
Ownership of Work Product) and Section 21 (Confidentiality) and, upon request, provide Customer with a fully-executed copy
of each such agreement; and

 

(ii)          with
respect to all Permitted Subcontractor employees providing Services or Work Product, comply with its obligations under Section
7.1.

 

8.            Customer
Obligations.

 

8.1          Customer
Resources and Cooperation. Customer shall be responsible, on a timely basis in accordance with each Statement of Work, including
the Implementation Plan and Milestone Dates set forth therein, for:

 

(a)            performing
all obligations identified as "Customer Responsibilities" in such Statement of Work;

 

(b)            providing
the Customer Materials and such other resources as may be specified in such Statement of Work (collectively, "Customer
Resources");

 

(c)            providing
Developer Personnel with such access to sites and operating environments as is necessary for Developer to perform its obligations
on a timely basis as set forth in such Statement of Work;

 

(d)            participating
with suitably qualified and authorized personnel in all meetings scheduled in, or in accordance with, such Statement of Work and
such other meetings as may be scheduled on no less than two (2) days' prior notice; and

 

(e)            providing
all consents, approvals, exception notices and other communications specified in such Statement of Work or as otherwise may be
required under this Agreement.

 

    	 	15	 

     

    

 

8.2          Customer
Project Managers.

 

(a)            Upon
the execution of each Statement of Work Customer shall appoint, and throughout the term of such Statement of Work Customer shall
maintain, a Customer employee to serve as Customer's project manager under such Statement of Work (each, a "Customer Project
Manager"). Each Customer Project Manager shall:

 

(i)           have
the requisite authority, and necessary skill, experience and qualifications, to perform in such capacity;

 

(ii)          be
responsible for overall management and supervision of Customer's performance under such Statement of Work; and

 

(iii)         be
Developer's primary point of contact for communications with respect to such Statement of Work, including with respect to providing
and receiving all day-to-day approvals and consents thereunder.

 

(b)           Each
Customer Project Manager shall attend all regularly scheduled meetings as set forth in the Implementation Plan and additional
meetings scheduled on at least two (2) days' prior notice, and otherwise shall be available as set forth in the Statement of Work.

 

8.3          Effect
of Customer Delays. If, as a result of any failure by Customer to perform any of its obligations set forth in Section 8.1
on a timely basis under any Statement of Work, Developer is unable to timely meet all or any remaining Milestones under such
Statement of Work either at all or without incurring additional costs, Developer may extend such Milestone Dates for up to the
length of Customer's delay or, at Customer's option, increase the related Fees solely to recover any such additional costs in
accordance with the following:

 

(a)          Developer
shall promptly notify Customer in writing, proposing a revised Implementation Plan reflecting new Milestone Dates for each affected
Milestone, which Milestone Dates may be extended by no longer than the length of Customer's delay and, if Developer is able to
meet the original Milestone Dates by incurring additional costs:

 

(i)           for
fixed-fee Services, its proposed Fee increase for meeting the original Milestone Dates; or

 

(ii)          for
time-and-materials Services, the estimated costs of overtime Customer would incur for Developer to meet the original Milestone
Dates.

 

(b)          Upon
receipt of any notice given under Section 8.3(a), subject to Section 8.3(c), Customer shall promptly notify Developer
in writing of its election. Customer's failure to notify Developer within five (5) days after such receipt shall be deemed an
acceptance of the new Milestone Dates and rejection of all Fee increases.

 

(c)           If
Customer disputes Developer's right to extend Milestone Dates or increase Fees, or the extent of any proposed extension or increase,
Customer shall promptly notify Developer and the parties shall comply with the Dispute Resolution Procedure.

 

Notwithstanding
anything contained in this Section 8.3 or otherwise in this Agreement, Developer shall use its commercially reasonable
efforts to meet the Milestone Dates specified in the Statement of Work without any extension or Fee increase. Customer shall not
be deemed in breach of this Agreement for failure to perform its obligations on a timely basis, and the provisions of this Section
8.3 set forth Developer's sole and exclusive remedy, and Customer's sole and exclusive liability, for Customer's failure to
perform its obligations under this Section 8.

 

    	 	16	 

     

    

 

9.            Pre-Delivery
Testing.

 

9.1          Testing
By Developer. Before delivering any Proprietary Product, Developer shall:

 

(a)            test
such Proprietary Product to confirm that it is fully operable, meets all applicable Specifications and will function in accordance
with the Specifications and Documentation;

 

(b)            test
hardware and scan software for such Proprietary Product using the most up-to-date testing equipment and scanning software and
definitions to confirm it is stable, secure and free of Harmful Code;

 

(c)            remedy
any Non-Conformity or Harmful Code identified and retest and rescan the Proprietary Product; and

 

(d)            prepare,
test and, as necessary, revise the Documentation component of the Proprietary Product to confirm it is complete and accurate and
conforms to all requirements of this Agreement.

 

9.2          Customer
Participation. Customer shall have the right to be present for all pre-delivery testing. Developer shall give Customer at
least seven (7) days' prior notice of all such testing.

 

10.         Acceptance
Testing; Acceptance.

 

10.1        Acceptance
Testing.

 

(a)          Acceptance
Tests shall be conducted as set forth in this Section 10.1 to ensure the Proprietary Product, including all Hardware and
Software, conforms to the requirements of this Agreement, including the applicable Specifications and, in the case of the Hardware
and Software, the Documentation.

 

(b)          All
Acceptance Tests shall be conducted diligently for up to thirty (30) days, or such other period as may be set forth in the relevant
Statement of Work ("Testing Period"). Acceptance Tests shall be conducted by the party responsible therefore
as set forth in the applicable Statement of Work or, if the Statement of Work does not specify, Developer, provided that:

 

(i)           for
Acceptance Tests conducted by Customer, if requested by Customer, Developer shall make suitable Developer Personnel available
to observe or participate in such Acceptance Tests; and

 

(ii)          for
Acceptance Tests conducted by Developer, Customer shall have the right to observe or participate in all or any part of such Acceptance
Tests.

 

Developer's
performance of, participation in and observation of Acceptance Testing shall be at Developer's sole cost and expense.

 

    	 	17	 

     

    

 

(c)           Upon
delivery of a Proprietary Product under any Statement of Work, additional Acceptance Tests shall be performed on the Proprietary
Product as a whole to ensure full operability, integration and compatibility among all elements of the Proprietary Product ("Integration
Testing"). Integration Testing shall be subject to all procedural and other terms and conditions set forth in Sections
10.1, 10.3 and 10.4. The scope of Integration Testing on any previous version of a Proprietary Product shall
be limited to ensuring full operability, integration and compatibility and Customer shall not have the right to condition its
acceptance thereof on Developer's correction of any nonconformity that could have reasonably been, but was not, identified by
Customer during initial testing of such previous version of a Proprietary Product.

 

(d)           Customer
may suspend Acceptance Tests and the corresponding Testing Period by written notice to Developer if Customer discovers a Non-Conformity
in the tested Proprietary Product or part or feature thereof. In such event, Developer shall immediately, and in any case within
fifteen (15) days, correct such Non-Conformity, whereupon the Acceptance Tests and Testing Period shall resume for the balance
of Testing Period.

 

10.2         Notices
of Completion, Non-Conformities and Acceptance. Immediately upon the completion of any Acceptance Tests, including any Integration
Testing, the party responsible for conducting the tests shall prepare and provide to the other party written notice of the completion
of the tests. Such notice shall include a report describing in reasonable detail the tests conducted and the results thereof,
including any uncorrected Non-Conformity in the tested Software Deliverable(s).

 

(a)           If
such notice is provided by either party and identifies any Non-Conformities, the parties' rights, remedies and obligations will
be as set forth in Sections 10.3 and 10.4.

 

(b)           If
such notice is provided by Customer and identifies no Non-Conformities, such notice shall constitute Customer's Acceptance of
such Proprietary Product.

 

(c)           If
such notice is provided by Developer and identifies no Non-Conformities, Customer shall have up to thirty (30) days to use such
Proprietary Product and determine, in the exercise of its reasonable discretion, whether it is satisfied that such Proprietary
Product contains no Non-Conformities, on the completion of which Customer shall, as appropriate:

 

(i)           notify
Developer in writing of Non-Conformities Customer has observed in the Proprietary Product or, in the case of Integration Testing,
the modified Proprietary Product, and of Customer's non-acceptance thereof, whereupon the parties' rights, remedies and obligations
will be as set forth in Sections 10.3 and 10.4; or

 

(ii)          provide
Developer with a written notice of its Acceptance of such Proprietary Product.

 

10.3        Failure
of Acceptance Tests. If Acceptance Tests identify any Non-Conformities, Developer, at Developer's sole cost and expense, shall
remedy all such Non-Conformities and re-deliver the Proprietary Product, in accordance with the applicable requirements set forth
in the Statement of Work as promptly as commercially possible and, in any case, within fifteen (15) days following, as applicable,
its:

 

(a)            completion
of such Acceptance Tests, in the case of Acceptance Tests conducted by Developer; or

 

(b)            receipt
of Customer's notice pursuant to Section 10.2(a) identifying any Non-Conformities, in the case of Acceptance Tests conducted
by Customer.

 

    	 	18	 

     

    

 

10.4        Repeated
Failure of Acceptance Tests. If Acceptance Tests identify any Non-Conformity in any Proprietary Product after a second or
subsequent delivery thereof, or Developer fails to re-deliver the Proprietary Product on a timely basis, Customer may, in its
sole discretion, by written notice to Developer:

 

(a)            continue
the process set forth in this Section 10;

 

(b)            accept
the Proprietary Product as a nonconforming deliverable, in which case the Fees therefor shall be reduced equitably to reflect
the value of the Proprietary Product as received relative to the value of the Proprietary Product had it conformed; or

 

(c)            deem
the failure to be a non-curable material breach of this Agreement and the relevant Statement of Work and terminate this Agreement
and such Statement of Work in accordance with Section 17.3(b).

 

10.5        Acceptance.
Acceptance ("Acceptance") of each Proprietary Product (subject, where applicable, to Customer's right to Integration
Testing) shall occur on the date that is the earliest of:

 

(a)           Customer's
delivery of a notice accepting such Proprietary Product pursuant to Section 10.2(b) or Section 10.2(c)(ii);

 

(b)           Solely
if Customer is responsible for performing such Acceptance Tests or Integration Testing, Section 10.1(c) upon the expiration
of the Testing Period therefor if Customer has not notified Developer of one or more Non-Conformities prior thereto; or

 

(c)           Solely
if Developer is responsible for performing such Acceptance Tests or Integration Tests, the number of days specified in Section
10.2(c) after Customer receives Developer's Notice of Completion, if Customers fails to respond to such Notice of Completion
prior to such date.

 

11.          Training;
Maintenance and Support.

 

11.1        Training.
With respect to each Proprietary Product, Developer shall provide Customer with such training as is set forth in the applicable
Statement of Work in accordance with the training specifications, including times and locations, set forth in such Statement of
Work. Unless expressly provided in any Statement of Work, all training set forth in such Statement of Work shall be provided at
no additional charge to Customer, it being acknowledged and agreed that the development and other Fees include full consideration
therefor. Customer may request, and if so requested Developer shall provide on a timely basis, additional training at the rates
specified in the Statement of Work.

 

11.2        Maintenance
and Support. With respect to each Proprietary Product, Developer shall provide Customer with Maintenance Releases from time
to time. Such Maintenance Releases shall be provided free of charge, it being acknowledged and agreed by the parties that the
development and other Fees include full consideration for such Services during such period.

 

    	 	19	 

     

    

 

12.          Development
Funds, Pricing and Reimbursable Expenses.

 

12.1        Development
Funds for Initial Statement of Work.

 

(a)           Subject
to all terms and conditions set forth in this Section 12 and Developer's performance of Services to Customer's reasonable
satisfaction and Customer's Acceptance of the initial production version of the WorldVentures Card, Developer agrees that the
sum of US$1,500,000.00 will be deposited in a restricted cash account of Developer on the Effective Date (the "Development
Funds"). The parties agree that the Development Funds are to be used only to pay for Services rendered pursuant to the
Initial Statement of Work, including the development and production of the WorldVentures Card, and such amount is a good faith
estimate of such costs and expenses.

 

(b)           On
an ongoing monthly basis, commencing on February 1, 2016, Developer will provide Customer with an itemized invoice of expenses
incurred in the prior month in connection with Services provided pursuant to the terms of this Agreement, and Customer shall agree
to the release of the funds in an amount equal to such itemized invoice from the restricted account within seven (7) days of receipt
of such invoice where Customer is in agreement with the amount charged for the Services completed.

 

(c)           Developer
covenants that (a) it will not release any funds from the restricted account without the prior written consent of Customer’s
Chief Information Officer or his delegated designee (after consultation with the Customer's Chief Technology Officer), and (b)
it will provide to Customer the ability to view the daily activity in the restricted account.

 

12.2        Development
Fund Increases. With respect to any adjustment to the amount of Development Funds, Developer shall give Customer at least
ninety (90) days' prior written notice of any such change; and only increase the Development Funds or Fees to reflect its actual
cost increases and, in any case, not increase the Development Funds by a percentage that exceeds 80% of the percentage by which
the then most-recently published Consumer Price Index, All Urban Consumers, United States, All Items (1982 - 1984 = 100), as published
by the Bureau of Labor Statistics of the United States Department of Labor "(CPI") exceeds the CPI as of the
Effective Date.

 

12.3        Fees
for Additional Statements of Work. Fees for any Services provided under the terms of any additional Statements of Work shall
be agreed by the parties and included in the terms of such additional Statements of Work.

 

12.4        Pricing.
If Developer hits production targets and Customer issues purchase orders as set forth in Section 7.3, the parties agree
that the initial price per WorldVentures Card shall not exceed Developer's Net Cost plus 30%, payable within thirty (30) days
after delivery of such card. The parties agree that such initial pricing cap shall be reduced to Developer’s Net Cost plus
25% after one (1) year, and as order volume increases.

 

12.5        Most
Favored Pricing. At all times during the Term, the Fees, Pricing and other charges hereunder shall be the lowest fees, prices
and rates contemporaneously charged by Developer to any of its customers for similar volumes of goods and services of the same
or comparable type and scope. If at any time Developer charges any comparable customer a lower fee, rate or price for similar
volumes of such comparable goods or services than the corresponding Fees, Pricing or other prices charged hereunder, Developer
shall immediately apply such lower rate or amount, as applicable, for all comparable Deliverables, Services and other Work Product
provided to Customer. Such lower rates or amounts, as applicable, shall apply retroactively to the date on which Developer began
charging them to such comparable customer.

 

    	 	20	 

     

    

 

12.6        Reimbursable
Expenses. Customer shall reimburse Developer, in accordance with Customer's standard expense reimbursement policy in effect
from time to time for direct, documented, pre-approved reasonable out-of-pocket travel and lodging expenses ("Reimbursable
Expenses") incurred by Developer in performing its obligations under this Agreement. Notwithstanding the foregoing or
anything else contained in this Agreement, in no event shall license fees, royalties or other amounts incurred by Developer to
any Subcontractor or for any Third-Party Materials be a Reimbursable Expense, except to the extent expressly stated otherwise
in any Statement of Work for the Services or Work Product to be provided thereunder.

 

13.          Invoices
and Payment.

 

13.1        Invoices.
Developer shall invoice Customer for Fees and Reimbursable Expenses in accordance with the invoicing requirements set forth below.
Developer shall submit each invoice in electronic format, via such delivery means and to such address as are specified by Customer
in writing from time to time. If more than one Statement of Work is outstanding, Developer shall provide an aggregate invoice
for all Fees being invoiced, together with separate invoices for each Statement of Work. Each separate invoice shall:

 

(a)            clearly
identify the Statement of Work to which it relates, in such manner as is required by Customer;

 

(b)            list
each Fee item and Reimbursable Expense separately;

 

(c)            include
sufficient detail for each line item to enable Customer to verify the calculation thereof;

 

(d)            for
Fees determined on a time and materials basis, report details of time taken to perform Services, and such other information as
Customer requires, on a per-individual basis;

 

(e)            be
accompanied by all supporting documentation required hereunder for Reimbursable Expenses; and

 

(f)            include
such other information as may be required by Customer as set forth in the applicable Statement of Work.

 

Developer
shall provide separate invoices for the payment of amounts owed to Developer by Customer for WorldVentures Cards in accordance
with Section 12.4 above.

 

13.2        Payment.

 

(a)           Customer
shall pay all properly invoiced Fees and Reimbursable Expenses within thirty (30) days after the later of:

 

(i)           Customer's
receipt of the proper invoice therefor; or

 

(ii)          the
due date for such amounts as set forth in the applicable Statement of Work.

 

    	 	21	 

     

    

 

(b)         Customer
may withhold from payment any amount disputed by Customer in good faith, pending resolution of the dispute, provided that Customer:

 

(i)           timely
pays all amounts not subject to dispute;

 

(ii)          notifies
Developer of the dispute prior to the due date, specifying in such notice (A) the amount in dispute, and (B) the reason for the
dispute set out in sufficient detail to facilitate investigation by Developer and resolution by the parties;

 

(iii)         works
with Developer in good faith to resolve the dispute promptly; and

 

(iv)         promptly
pays any amount determined to be due by resolution of the dispute.

 

Developer
shall continue performing its obligations in accordance with this Agreement notwithstanding any such dispute or actual or alleged
nonpayment that is the subject of the dispute, pending its resolution.

 

(c)           All
payments hereunder shall be in US dollars and made, at Customer's option, by check or wire transfer. Payments shall be made to
the address or account as is specified by Developer in writing from time to time, provided that Developer shall give Customer
at least thirty (30) days' prior notice of any account, address or other change in payment instructions. Customer will not be
liable for any late or misdirected payment caused by Developer's failure to provide timely notice of any such change.

 

13.3        Taxes.
All fees set forth herein are inclusive of taxes. Developer shall be responsible for the payment of any and all sales, use, customs,
excise, ad valorem, value added, withholding or other similar taxes, assessments, duties and charges of any kind imposed by any
federal, state or local governmental entity on any amounts payable by Customer hereunder.

 

13.4        Audit
Right. During the Term and for three (3) years after, Developer shall maintain complete and accurate books and records regarding
its business operations relevant to the calculation of Development Funds, Pricing, Reimbursable Expenses and any other information
relevant to Developer's representations, warranties and covenants under this Agreement. During the Term and for three (3) years
after, upon Customer's request, Developer shall make such books and records, and appropriate personnel, available during normal
business hours for inspection or audit by Customer or its authorized representative, provided that Customer shall:

 

(a)            provide
Developer with reasonable prior notice of any audit;

 

(b)            undertake
an audit no more than once per calendar quarter; and

 

(c)            conduct
or cause to be conducted such audit in a manner designed to minimize disruption of Developer's normal business operations.

 

    	 	22	 

     

    

 

Customer
may take copies and abstracts of materials audited, provided that such material shall be deemed Confidential Information of Developer.
Customer will pay the cost of such audits unless an audit reveals an overbilling or over-reporting of five percent (5%) or more,
in which case Developer shall reimburse Customer for the reasonable cost of the audit. Developer shall immediately upon notice
from Customer pay Customer the amount of any overpayment revealed by the audit, together with any reimbursement pursuant to the
preceding sentence.

 

14.          Intellectual
Property Rights.

 

14.1        Customer
Ownership of Work Product. Except as set forth in Section 14.3, Customer is and will be the sole and exclusive owner
of all right, title and interest in and to all Work Product, including all Intellectual Property Rights therein and for purposes
of clarity the WorldVentures Card, in perpetuity. In furtherance of the foregoing, subject to Section 14.3:

 

(a)           Developer
shall create all Work Product as "work made for hire" as defined in Section 101 of the Copyright Act of 1976; and

 

(b)          to
the extent any Work Product or Intellectual Property Right therein does not qualify as, or otherwise fails to be, "work made
for hire," Developer shall, and hereby does:

 

(i)           assign,
transfer and otherwise convey to Customer, irrevocably and in perpetuity, throughout the universe, all right, title and interest
in and to such Work Product, including all Intellectual Property Rights therein; and

 

(ii)          irrevocably
waive any and all claims Developer may now or hereafter have in any jurisdiction to so-called "moral rights" or rights
of droit moral with respect to the Work Product.

 

(c)           For
purposes of clarity, the parties to this Agreement agree that Customer shall have the right to use the Work Product, including
the Intellectual Property Rights therein and for purposes of clarity the WorldVentures Card, in any manner it determines appropriate
anywhere in the world with or without the involvement of Developer during the term of this Agreement or subsequent to its termination
for any reason.

 

14.2        Further
Actions. Developer shall, and shall cause Developer Personnel and Subcontractors to, take all appropriate action and execute
and deliver all documents, necessary or reasonably requested by Customer to effectuate any of the provisions or purposes of Section
14.1, or otherwise as may be necessary or useful for Customer to prosecute, register, perfect, record or enforce its rights
in or to any Work Product or any Intellectual Property Right therein. Developer hereby appoints Customer as Developer's attorney-in-fact
with full irrevocable power and authority to take any such actions and execute any such documents if Developer refuses, or within
a period deemed reasonable by Customer otherwise fails, to do so.

 

14.3        Background
Technology, Third-Party Materials and Open-Source Components.

 

(a)           Developer
is and will remain the sole and exclusive owner of all right, title and interest in and to the Background Technology, including
all Intellectual Property Rights therein, subject to the license granted in Section 15.1.

 

    	 	23	 

     

    

 

(b)          Ownership
of all Third-Party Materials, and all Intellectual Property Rights therein, is and will remain with the respective owners thereof,
subject to any express licenses or sublicenses granted to Customer pursuant to or in accordance with this Agreement.

 

(c)          Ownership
of all Open-Source Components, and all Intellectual Property Rights therein, is and will remain with the respective owners thereof,
subject to Customer's rights under the applicable Open-Source Licenses.

 

14.4        Customer
Materials. Customer and its licensors, if any, are and will remain the sole and exclusive owners of all right, title and interest
in and to the Customer Materials, including all Intellectual Property Rights therein. Developer shall have no right or license
to, and shall not, use any Customer Materials except solely during the Term of the Statement of Work(s) for which they are provided
to the extent necessary to perform the Services and provide the Work Product to Customer. All other rights in and to the Customer
Materials are expressly reserved by Customer.

 

15.          Licenses.

 

15.1        Background
Technology License.

 

(a)          Developer
hereby grants to Customer such rights and licenses with respect to the Background Technology as necessary to allow Customer to
use and otherwise exploit perpetually throughout the world for all or any purposes whatsoever the Work Product, to the same extent
as if Customer owned the Background Technology, without incurring any fees or costs to Developer (other than the Development Funds
and Reimbursable Expenses set forth herein) or any other Person in respect of the Background Technology (the "Licensed
Software"). In furtherance of the foregoing, such rights and licenses shall:

 

(i)           be
irrevocable, perpetual, fully paid-up and royalty-free;

 

(ii)          include
the rights to (1) utilize the Hardware and Software in test, evaluate, demo or demonstrate mode and utilize the Hardware and Software
as intended for the Customer and End User solely as part of, or as necessary to use and exploit, the Work Product, (2) sublicense
the use of the Hardware and Software to End Users to process transactions and (3) use multiple versions or releases of the Hardware
and Software and prior releases, versions, substitutions and downgrades of the Hardware and Software if available; and

 

(iii)         grant
all rights set forth in this Section 15.1 to others acting on behalf of Customer for Customer's internal use only.

 

(b)          The
license granted in this Section 15.1 to Customer shall be exclusive with respect to:

 

(i)           Direct
Selling of the Work Product to any targeted industry, anywhere in the world; and

 

(ii)          all
sales/distributions to the travel and entertainment industries anywhere in the world, for the first 12-month period after the
delivery of the initial production version of the WorldVentures Card, irrespective of volume, and continue thereafter for
each successive 12-month period subject to Customer purchasing a minimum of 200,000 WorldVentures Cards during such
successive 12-month period.

 

    	 	24	 

     

    

 

(c)           So
long as this Agreement is not terminated due to an event described in Section 17.3(c), neither Developer nor Customer shall:
(a) transfer, rent, commercialize, sublicense or otherwise distribute any portion or components of the Background Technology Hardware
and Software to any third party; (b) modify, extract, create derivative works, disassemble, decompile or reverse engineer the
design or object code of the Background Technology or Hardware and Software (except as permitted by applicable Law) nor permit
any Third Party to do so; (c) use, access, export or re-export the Hardware and/or Software in violation of United States Laws
in accordance with Section 22.19; or (d) acquire any license, right or interest in or to any Mark of Developer other than
the rights granted in Section 15.1(a).

 

(d)           Developer
reserves all rights in the Background Technology not expressly granted to Customer herein, including but not limited to Developer's
rights to (i) continue its research and development and product development to customers other than Customer (ii) enhance and
extend Background Technology from time to time for use in Customer Proprietary Products and products developed by Developer for
other customers that are not in conflict with the exclusivity clause set forth in Section 15.1(b) above.

 

(e)           The
license granted pursuant to this Section 15.1 to the Background Technology shall survive the termination for any reason
of this Agreement and any Statement of Work.

 

15.2        Customer
Materials. Customer hereby grants to Developer the limited, royalty-free, non-exclusive right and license to Customer Materials
solely as necessary to incorporate such Customer Materials into, or otherwise use such Customer Materials in connection with creating,
the Work Product. The term of such license shall commence upon Customer's delivery of the Customer Materials to Developer, and
shall terminate upon Customer's acceptance or rejection of the Work Product to which the Customer Materials relate. Subject to
the foregoing license, Customer reserves all rights in the Customer Materials. Customer Materials shall be deemed Customer's Confidential
Information.

 

15.3       Third-Party
Materials.

 

(a)           Prior
to the delivery date for any Deliverables under the Initial Statement of Work, Developer shall procure for Customer the grant
of such license rights in the Third-Party Materials as set forth in each license agreement for such Third-Party Materials.

 

(b)           With
respect to each additional Statement of Work, prior the delivery date for any Deliverables under the additional Statement of Work,
Developer shall secure for Customer, at Developer's sole cost and expense, such rights, licenses, consents and approvals as are
specified in such Statement of Work.

 

(c)           All
royalties, license fees or other consideration payable in respect of such licenses are included in the Fees specified in each
Statement of Work unless such Statement of Work expressly states otherwise. Any additional amounts shall be the sole responsibility
of Developer.

 

    	 	25	 

     

    

 

15.4        Open-Source
Components. Any use of the Open-Source Components by the Customer will be governed by, and subject to, the terms and conditions
of the applicable Open-Source Licenses.

 

16.         Source
Code Escrow.

 

16.1        Escrow
Agreement. As soon as practicable after the Effective Date, the parties shall enter into a Intellectual Property Escrow Agreement
with a mutually agreed third-party escrow agent ("Escrow Agent"). Such Intellectual Property Escrow Agreement
includes hardware specifications and designs, manufacturing/production and testing processes, Software Source Code and Documentation,
and shall be on the terms and conditions, and in substantially the form, attached as Exhibit 1 ("Escrow Agreement").
All terms and conditions of the Escrow Agreement are a part of, and by this reference are incorporated in, this Agreement, and
any breach thereof by Developer shall be a breach of this Agreement.

 

16.2        Release
Events. Each of the following shall constitute a "Release Event" for purposes of this Agreement and the Escrow
Agreement should they occur at any time during the Term:

 

(a)            Developer
(i) becomes insolvent or admits its inability to pay its debts generally as they become due; (ii) becomes subject, voluntarily
or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency Law that is not fully stayed within
seven (7) business days or is not dismissed or vacated within forty-five (45) business days after filing; (iii) makes a general
assignment for the benefit of creditors; or (iv) has a receiver, trustee, custodian or similar agent appointed by order of any
court of competent jurisdiction to take charge of or sell any material portion of its property or business;

 

(b)            Developer
becomes incapable of providing, or refuses to provide, the Proprietary Product at agreed production volumes or quality, Maintenance
Releases and Maintenance Support Services, it being understood and agreed that Developer shall be deemed to be "incapable"
of performing, or as having "refused" to perform, an activity or obligation if either an officer of Developer so informs
Customer in writing or, as a result of any (i) employee layoffs, (ii) termination of any contract, supply of goods or services
or grant of rights, licenses or privileges (other than by Customer) or (iii) sale or loss of assets, Developer for five (5) or
more consecutive days fails to maintain sufficient sustaining resources to (A) provide manufactured Proprietary Product at agreed
production volumes or quality, including but not limited to the WorldVentures Card and subsequent Work Product mutually agreed
to in statements of work, (B) Maintenance Releases or (C) materially perform Maintenance Support Services, in the case of each
of clause (A) and clause (B), in accordance with the applicable provisions of the this Agreement and, in the case of clause (C),
in accordance with Schedule D;

 

(c)            Developer
action consisting of the: (i) dissolution, liquidation, discontinuance of business in the ordinary course or failure to operate
as a going concern, or any corporate action taken for any of the foregoing purposes; (ii) transfer to a third party of all or
substantially all of the assets or obligations relating to or affecting the delivery of Proprietary Products to Customer or Customer's
use of any Deposit Materials; or (iii) discontinuance of general commercial production, maintenance or support of a Proprietary
Product, provided that, in the case of each of clauses (i) through (iii), no successor or permitted assignee of Developer has
assumed and given customer written assurance of its performance of (A) the ongoing and continuous production, maintenance and
support of the Proprietary Product in accordance with the terms and conditions of the this Agreement and (B) the deposit and updating
of the Deposit Materials in accordance with the Escrow Agreement, in the case of each of clauses (A) through (B), prior to or
within five (5) days after the occurrence of any of the Release Events stated in this Section 16.2(c);

 

    	 	26	 

     

    

 

(d)            Developer
breaches this Agreement, any Statement of Work or any other agreement between Developer and Customer that does or threatens to
adversely affect Customer's access to manufactured Proprietary Products or access to or use of any Licensed Software or Deposit
Materials and is not cured within seven (7) days after Developer's receipt of Customer's written notice describing, in reasonable
detail, the nature of the breach and the actions Customer believes are necessary to effect its cure;

 

(e)            Developer's
failure to perform any Services under this Agreement or any Statement of Work on a consistent, continuous and timely basis and,
in any event, within seven (7) days after written notice of Customer's request for such services pursuant to this Agreement or
any Statement of Work or Maintenance and Support Agreement, provided that such suspension or termination is not pursuant to the
expiration or termination of this Agreement in accordance with the terms and conditions thereof; and

 

(f)            Developer
breaches any of this Agreement, a Statement of Work or the Maintenance and Support Agreement by assigning or otherwise transferring
any of its rights in, to or relating to Proprietary Product development and manufacturing, the Licensed Software or Deposit Materials
or delegating or otherwise transferring any of its obligations or performance under any of the aforementioned agreements without
the prior written consent of Customer.

 

17.          Term.

 

17.1       Term.
The initial term ("Initial Term") of this Agreement commences as of the Effective Date and, unless this Agreement
is terminated earlier pursuant to any of its express provisions, will continue in effect until two (2) years from such date.

 

17.2        Renewal.
Following expiration of the Initial Term, Customer may renew this Agreement for additional successive one (1) year terms (each
a "Renewal Term" and, collectively, together with the Initial Term, the "Term") automatically
unless and until Customer provides written notice of renewal at least thirty (30) days prior to the end of the Initial Term or
then-current Renewal Term. Each Renewal Term will commence immediately on expiration of the Initial Term or preceding Renewal
Term and, unless this Agreement is terminated earlier pursuant to any of its express provisions, continue in effect for one (1)
year from such date.

 

17.3        Termination.

 

(a)          Customer
may terminate, at any time without cause and without incurring any additional obligation, liability or penalty:

 

(i)            this
Agreement, by written notice to Developer;

 

(ii)            Maintenance
and Support Services for all or any Proprietary Product, by providing at least thirty (30) days' prior written notice to Developer;
or

 

(iii)            except
as may be set forth in therein, any Statement of Work, by providing at least thirty (30) days' prior written notice to Developer.

 

    	 	27	 

     

    

 

(b)          Either
party may terminate this Agreement, the Maintenance and Support Services and any outstanding Statements of Work, effective upon
written notice to the other party, if the other party materially breaches this Agreement, Maintenance and Support Services or
such Statements of Work, and such breach:

 

(i)           is
incapable of cure; or

 

(ii)          being
capable of cure, remains uncured fifteen (15) days after the breaching party receives written notice thereof.

 

(c)           Either
party may terminate this Agreement, the Maintenance and Support Services and all Statements of Work by written notice to the other
party if the other party:

 

(i)           becomes
insolvent or admits inability to pay its debts generally as they become due;

 

(ii)          becomes
subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law, which is
not fully stayed within seven (7) business days or is not dismissed or vacated within forty-five (45) business days after filing;

 

(iii)         is
dissolved or liquidated or takes any corporate action for such purpose;

 

(iv)         makes
a general assignment for the benefit of creditors; or

 

(v)          has
a receiver, trustee, custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of or
sell any material portion of its property or business.

 

17.4        Effect
of Expiration or Termination.

 

(a)           Termination
of this Agreement shall not effectuate a termination of Maintenance and Support Services or any Statement of Work then in effect
and not otherwise expressly terminated, and the terms and conditions set forth herein shall continue in effect with respect to
any such Maintenance and Support Services and Statements of Work until their expiration or termination as set forth herein.

 

(b)           Upon
any expiration or termination of any Maintenance and Support Services or Statement of Work:

 

(i)           Developer
shall (A) with respect to termination of a Statement of Work, promptly deliver to Customer all Work Product generated by Developer
under such Statement of Work (whether complete or incomplete), and Customer will continue to retain ownership of prior Work Product
delivered by Developer, and any licenses to Background Technology already granted to Customer; (B) provide reasonable cooperation
and assistance to Customer in transitioning the Services to an alternate service provider, and (C) with respect to any Services
being provided pursuant to an additional Statement of Work and/or the Maintenance and Support Schedule included therein, amounts
paid in advance for such Services that have not been provided as of the time of termination.

 

    	 	28	 

     

    

 

(ii)          All
licenses granted to Developer in the Customer Materials with respect to such Services or Statement of Work shall immediately and
automatically also terminate, and Developer shall promptly return to Customer all Customer Materials not required by Developer
for continuing Maintenance and Support Services or Statement of Work hereunder, if any.

 

(iii)         Developer
shall (A) return to Customer all documents and tangible materials (and any copies) containing, reflecting, incorporating or based
on Customer's Confidential Information, (B) permanently erase Customer's Confidential Information from its computer systems and
(C) certify in writing to Customer that it has complied with the requirements of this Section 17.4(b)(iii), in each case
to the extent such materials are not required by Developer for continuing Maintenance and Support Services or Statement of Work
hereunder, if any.

 

(c)           If
Customer terminates any Maintenance and Support Services or Additional Statement of Work pursuant to Section 17.3(b), Customer
shall be relieved of any obligation to pay any future Fees thereunder, and Developer shall promptly refund to Customer all Fees
previously paid in respect thereof. In such event, Customer shall not retain any rights in or to the future Deliverables thereunder
(other than Customer Materials), but will continue to retain ownership of any Work Product delivered by Developer to Customer,
and any and all licenses to Background Technology granted by Section 15.1 herein.

 

(d)           Except
as set forth in Section 17.4(c), if this Agreement terminates early Customer will remain obligated to pay Fees for all
Services and Work Product received before the effective date of such termination.

 

(e)           Except
as set forth in Section 17.4(c), no expiration or termination of this Agreement will affect Customer's rights in any of
the Deliverables.

 

17.5        Survival.
The rights and obligations of the parties set forth in this Section 17.5 and Section 1, Section 14, Section
15.1, Section 15.3, Section 15.4, Section 16, Section 18, Section 19, Section 21
and Section 22, and any right or obligation of the parties in this Agreement which, by its express terms or nature and
context is intended to survive termination or expiration of this Agreement, will survive any such termination or expiration.

 

18.          Representations
and Warranties.

 

18.1        Mutual
Representations and Warranties. Each Party represents and warrants to the other Party that:

 

(a)           it
is duly organized, validly existing and in good standing as a corporation or other entity as represented herein under the laws
and regulations of its jurisdiction of incorporation, organization or chartering;

 

(b)           it
has the full right, power and authority to enter into this Agreement, to grant the rights and licenses granted hereunder and to
perform its obligations hereunder;

 

(c)           the
execution of this Agreement by its representative whose signature is set forth at the end hereof has been duly authorized by all
necessary action of the party in accordance with its organizational and operating documents; and

 

    	 	29	 

     

    

 

(d)           when
executed and delivered by both parties, this Agreement will constitute the legal, valid and binding obligation of such party,
enforceable against such party in accordance with its terms.

 

18.2        Additional
Representations and Warranties.

 

(a)           Developer
represents and warrants to Customer that:

 

(i)           it
will perform all Services in a professional and workmanlike manner in accordance with commercially reasonable industry standards
and practices for similar services, using personnel with the requisite skill, experience and qualifications, and shall devote
adequate resources to meet its obligations under this Agreement;

 

(ii)          it
is in compliance with, and will perform all Services in compliance with, all applicable Law;

 

(iii)         Customer
will receive good and valid title to all Work Product, free and clear of all encumbrances and liens of any kind;

 

(iv)         when
delivered by Developer, no Proprietary Product will contain any unapproved security risk or Harmful Code;

 

(v)          except
as may be expressly approved by Customer in writing and disclosed in the Statement of Work therefor, the Proprietary Product will
not contain any Controlled Technology;

 

(vi)         all
Work Product, including all updates, upgrades, new versions, new releases, enhancements, improvements and other modifications
thereof, but excluding Customer Materials, Third-Party Materials and Open-Source Components, is or will be the original creation
of Developer;

 

(vii)        as
delivered, specified or approved by Developer and used by Customer or any End User, in accordance with this Agreement and the
Documentation, the Work Product (excluding Customer Materials) and related Documentation: (i) will not infringe, misappropriate
or otherwise violate any Intellectual Property Right or other right of any Third Party; and (ii) will comply with all applicable
Laws;

 

(viii)       no
expiration or loss of any patent or application for patent rights with respect to any technology included in the Work Product
is pending, or, to Developer's knowledge after reasonable inquiry, threatened or reasonably foreseeable, and Developer has no
reason to believe that any claims of any such patent or patent application are or will be invalid, unenforceable, fail to issue,
or be materially limited or restricted beyond the current claims, except for patent rights expiring at the end of their statutory
term;

 

(ix)          Developer
is the owner of the Background Technology, has the right to license the Background Technology, and the Background Technology does
not infringe the Intellectual Property Rights or other rights of any Third Party, and any known existing or pending legal action
to the contrary will be disclosed to Customer within seven (7) days of Developer becoming aware of the same;

 

    	 	30	 

     

    

 

(x)           Developer
will treat Customer and its Affiliates as a preferred customer and prioritize any development project covered by a mutually approved
Additional Statement of Work in accordance with such standing; and

 

(xi)          during
the Term and for five (5) years after, neither Developer nor its Affiliates will compete with the business of Customer nor recruit
or solicit, or assist any other Person to, directly or indirectly, to recruit or solicit (other than by general advertisement
not directed specifically to any Person or Persons) for employment or engagement as an independent contractor any Person employed
by Customer.

 

(b)          Customer
represents and warrants to Developer that it will use its commercially reasonable efforts to market the WorldVentures Card and
any subsequent Work Product, at its sole expense, to all appropriate End Users.

 

18.3        Performance
Warranty and Limited Remedy.

 

(a)           Developer
warrants that during the Warranty Period therefor:

 

(i)           all
Proprietary Product will be, and as used in accordance with the Documentation will function in all respects, in conformity with
this Agreement and the Specifications and Documentation therefor; and

 

(ii)          any
media on which any Deliverable is delivered will be free of damage or defect in design, material and workmanship, and will remain
so under ordinary use as contemplated by this Agreement and the Specifications and, with respect to the Software component thereof,
the Documentation therefor.

 

(b)           If
Developer breaches any of the warranties set forth in Section 18.3(a), Developer shall, upon written notice from Customer
and at Developer's sole cost and expense, remedy such breach by repairing or replacing any component of the Background Technology
or delivering a Maintenance Release or revising and updating the Work Product. In the event Developer fails to remedy such breach
on a timely basis, Customer shall be entitled to such remedies as are specified in the Maintenance and Support Schedule or as
may otherwise be available under this Agreement, at law or in equity for breach of Developer's Maintenance and Support obligations.
Nothing in this Section 18.3(b) shall limit Customer's right to indemnification pursuant to Section 19.

 

18.4        DISCLAIMER.
OTHER THAN THE WARRANTIES EXPRESSLY SET FORTH IN THIS AGREEMENT, THERE ARE NO OTHER WARRANTIES OR GUARANTEES WITH RESPECT TO THE
HARDWARE AND SOFTWARE, THE LICENSED SOFTWARE OR THE WORK PRODUCT, AND ALL OTHER WARRANTIES OR GUARANTEES, WHETHER EXPRESS OR IMPLIED,
STATUTORY OR COMMON LAW, OF ANY KIND, TYPE OR NATURE INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR
A PARTICULAR PURPOSE, ARE HEREBY DISCLAIMED. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, DEVELOPER SHALL HAVE NO LIABILITY
WHATSOEVER TO ANY CLIENT OF CUSTOMER OR THIRD PARTIES UNDER THIS AGREEMENT.

 

    	 	31	 

     

    

 

19.          Indemnification.

 

19.1        General
Indemnification. Developer shall defend, indemnify and hold harmless Customer and Customer's Affiliates, and each of their
respective officers, directors, employees, agents, successors and assigns (each, a "Customer Indemnitee") from
and against all any and all losses, damages, liabilities, deficiencies, claims, actions, judgments, settlements, interest, awards,
penalties, fines, costs, or expenses of whatever kind, including reasonable attorneys' fees, fees and the cost of enforcing any
right to indemnification hereunder and the cost of pursuing any insurance providers that are incurred by a Customer Indemnitee
("Losses") arising out of or resulting from any third party claim, demand, suit, action or proceeding, whether
civil, criminal, administrative or investigatory in nature (each, an "Action") that arises out of or results
from:

 

(a)          Developer's
breach of any representation, warranty, covenant or obligation of Developer (including any action or failure to act by any Subcontractor
that, if taken or not taken by Developer, would constitute such a breach by Developer) under this Agreement; or

 

(b)          any
action or failure to take a required action or more culpable act or omission (including recklessness or willful misconduct) in
connection with the performance or activity required by or conducted in connection with this Agreement by Developer or any Subcontractor
in connection with performing Services under this Agreement.

 

19.2        Indemnification
Procedure. Customer will promptly notify Developer in writing of any Action for which it seeks to be indemnified pursuant
to Section 19.1 and cooperate with Developer at Developer's sole cost and expense. Developer shall immediately take control
of the defense and investigation of such Action and shall employ legal counsel and other advisors reasonably acceptable to Customer
to handle and defend the same, at Developer's sole cost and expense. Developer shall not settle any Action in a manner that adversely
affects the rights of Customer or any Customer Indemnitee without Customer's prior written consent. Customer's failure to perform
any obligations under this Section 19.2 will not relieve Developer of its obligations under Section 19.1 except
to the extent that Developer can demonstrate that it has been materially prejudiced as a result of such failure. Customer may
participate in and observe the proceedings at its own cost and expense with legal counsel of its own choosing.

 

19.3        Infringement
Remedy.

 

(a)           If
any Hardware and Software or any component thereof, other than Customer Materials, or any Work Product is found to be infringing
or if any use of any Hardware and Software or any component thereof or any Work Product is enjoined, threatened to be enjoined
or otherwise the subject of an infringement claim, Developer shall, at Developer's sole cost and expense:

 

(i)            procure
for Customer the right to continue to use such Hardware and Software or component thereof or the Work Product to the full extent
contemplated by this Agreement; or

 

(ii)          modify
or replace the materials that infringe or are alleged to infringe ("Allegedly Infringing Materials") to make
the Hardware and Software and all of its components and/or the Work Product non-infringing while providing fully equivalent features
and functionality.

 

    	 	32	 

     

    

 

(b)           If
neither of the foregoing is possible, notwithstanding Developer's commercially reasonable efforts, then Developer may direct Customer
to cease any use of any materials that have been enjoined or finally adjudicated as infringing, provided that Developer shall:

 

(i)            refund
to Customer all amounts paid by Customer in respect of such Allegedly Infringing Materials and any other aspects of the Proprietary
Product containing the Allegedly Infringing Materials that Customer cannot reasonably use as intended under this Agreement; and

 

(ii)          in
any case, at its sole cost and expense, secure the right for Customer to continue using the Allegedly Infringing Materials for
a transition period of up to six (6) months to allow Customer to replace the affected features of the Proprietary Product without
disruption.

 

(c)           If
Developer directs Customer to cease using any Proprietary Product pursuant to Section 19.3(b), Customer shall have the
right to terminate this Agreement and any or all then-outstanding Statements of Work for cause pursuant to Section 17.3(b)(i).

 

(d)           THE
PROVISIONS OF THIS SECTION 19.3 STATE THE EXCLUSIVE LIABILITY OF DEVELOPER AND THE EXCLUSIVE REMEDY OF CUSTOMER WITH RESPECT
TO ANY CLAIM OF PATENT, COPYRIGHT OR TRADE SECRET INFRINGEMENT BY THE HARDWARE AND SOFTWARE OR WORK PRODUCT OR CLAIM THAT DEVELOPER
LACKS THE RIGHT TO GRANT THE LICENSES GRANTED HEREIN, ANY PART THEREOF OR THE USE THEREOF, AND ARE IN LIEU OF ALL OTHER WARRANTIES,
EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTY OF NON-INFRINGEMENT, AND INDEMNITIES WITH RESPECT THERETO.

 

20.          Limitations
of Liability.

 

20.1        EXCLUSION
OF INDIRECT DAMAGES. EXCEPT AS OTHERWISE PROVIDED IN SECTION 20.2, IN NO EVENT WILL EITHER PARTY BE LIABLE UNDER THIS
AGREEMENT, INCLUDING ANY STATEMENT OF WORK, FOR ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL OR PUNITIVE DAMAGES, INCLUDING
(WITHOUT LIMITATION), LOSS OF PROFIT, INCOME OR SAVINGS, LOSS OF GOODWILL, BUSINESS INTERRUPTION, DATA LOSS, WHETHER SUCH DAMAGE
CLAIMS ARE BASED IN CONTRACT, NEGLIGENCE, TORT, WARRANTY, STRICT LIABILITY, OR ANY OTHER LEGAL OR EQUITABLE THEORY OF LAW.

 

20.2        Exceptions.
The exclusions and limitations in Section 20.1 shall not apply to:

 

(a)            Losses
arising out of or relating to a party's failure to comply with its obligations under Section 14 (Intellectual Property
Rights; Ownership) or Section 21 (Confidentiality);

 

(b)            a
party's indemnification obligations under Section 19 (Indemnification);

 

(c)            Losses
arising out of or relating to a party's gross negligence, willful misconduct or intentional acts;

 

    	 	33	 

     

    

 

(d)            Losses
for death, bodily injury or damage to real or tangible personal property arising out of or relating to a party's negligent or
more culpable acts or omissions;

 

(e)            Losses
to the extent covered by a party's insurance; or

 

(f)            a
party's obligation to pay attorneys' fees and court costs in accordance with Section 22.17.

 

21.          Confidentiality.

 

21.1        Obligation
of Confidentiality. Each party (the "Receiving Party") acknowledges that in connection with this Agreement
such party will gain access to Confidential Information of the other party (the "Disclosing Party"). As a condition
to being furnished with Confidential Information, the Receiving Party agrees, during the Term and for five (5) years thereafter,
to:

 

(a)            not
use the Disclosing Party's Confidential Information other than as strictly necessary to exercise its rights and perform its obligations
under this Agreement;

 

(b)            not
use any of the Disclosing Party's Confidential Information, directly or indirectly, in any manner to the detriment of the Disclosing
Party or to obtain any competitive benefit with respect to the Disclosing Party; and

 

(c)            maintain
the Disclosing Party's Confidential Information in strict confidence and, subject to Section 21.2 below, not disclose the
Disclosing Party's Confidential Information without the Disclosing Party's prior written consent, provided, however, that
the Receiving Party may disclose the Confidential Information to its Representatives who: (i) have a "need to know"
for purposes of the Receiving Party's performance, or exercise of its rights with respect to such Confidential Information, under
this Agreement; (ii) have been apprised of this restriction; and (iii) are themselves bound by written nondisclosure agreements
at least as restrictive as those set forth in this Section 21.1, and provided, further, that the Receiving Party shall
be responsible for ensuring its Representatives' compliance with, and shall be liable for any breach by its Representatives, of
this Section 21.

 

The
Receiving Party shall use reasonable care, at least as protective as the efforts it uses with respect to its own confidential
information, to safeguard the Disclosing Party's Confidential Information from use or disclosure other than as permitted hereby.

 

21.2        Exceptions.

 

(a)           If
the Receiving Party becomes legally compelled to disclose any Confidential Information, the Receiving Party shall:

 

(i)            provide
prompt written notice to the Disclosing Party so that the Disclosing Party may seek a protective order or other appropriate remedy
or waive its rights under this Section 21; and

 

(ii)            disclose
only the portion of Confidential Information that it is legally required to furnish.

 

    	 	34	 

     

    

 

If
a protective order or other remedy is not obtained, or the Disclosing Party waives compliance, the Receiving Party shall at the
Disclosing Party's expense, use reasonable efforts to obtain assurance that confidential treatment will be afforded the Confidential
Information.

 

22.          Miscellaneous.

 

22.1        Effect
of Developer Bankruptcy. All rights and licenses granted by Developer under this Agreement are and shall be deemed to be rights
and licenses to "intellectual property," and all Work Product is and shall be deemed to be "embodiments" of
"intellectual property", for purposes of, and as such terms are used in and interpreted under, Section 365(n) of the
United States Bankruptcy Code (the "Code"). If Developer or its estate shall become subject to any bankruptcy
or similar proceeding, Customer shall retain and have the right to fully exercise all rights, licenses, elections and protections
under this Agreement, the Escrow Agreement, the Code and all other applicable bankruptcy, insolvency and similar Laws with respect
to all Deposit Materials and Licensed Software. Without limiting the generality of the foregoing, Developer acknowledges and agrees
that, if Developer or its estate shall become subject to any bankruptcy or similar proceeding:

 

(a)            all
rights and licenses granted to Customer hereunder shall continue subject to the terms and conditions of this Agreement and the
Escrow Agreement, and shall not be affected, even by Developer’s rejection of this Agreement in a bankruptcy or similar
proceeding;

 

(b)            Customer
shall be entitled to a complete duplicate of (or complete access to, as appropriate) all such intellectual property and embodiments
of intellectual property comprising or relating to any Licensed Software, Documentations, Specifications, Hardware and Software
or Work Product, and the same, if not already in Customer's possession, shall be promptly delivered to Customer, unless Developer
elects to and does in fact continue to perform all of its obligations under this Agreement;

 

(c)            the
automatic stay under Section 362 of the Code shall not apply to any instructions from Customer to the Escrow Agent relating to
the escrow deposit materials; and

 

(d)            the
Escrow Agreement is supplementary to this Agreement, and all escrow deposit materials are and shall be deemed to be intellectual
property or embodiments of intellectual property, within the meaning of Section 365(n) of the Code, and Customer shall have all
rights, elections and protections under the Code with respect thereto.

 

22.2        Force
Majeure. Neither party shall be liable or responsible to the other party, nor be deemed to have defaulted under or breached
this Agreement, for any failure or delay in fulfilling or performing any term of this Agreement, when and to the extent such failure
or delay is caused by: (a) acts of God; (b) flood, fire or explosion; (c) war, terrorism, invasion, riot or other civil unrest;
(d) embargoes or blockades in effect on or after the date of this Agreement; (e) national or regional emergency; or (f) national
or regional shortage of adequate power or telecommunications or transportation facilities (each of the foregoing, a "Force
Majeure"), in each case, provided that (i) such event is outside the reasonable control of the affected party; (ii) the
affected party provides prompt notice to the other party, stating the period of time the occurrence is expected to continue; and
(iii) the affected party uses diligent efforts to end the failure or delay and minimize the effects of such Force Majeure Event.
Customer may terminate this Agreement if a Force Majeure Event affecting Developer continues substantially uninterrupted for a
period of thirty (30) days or more. Unless Customer terminates this Agreement pursuant to the preceding sentence, all Milestone
Dates shall automatically be extended for a period up to the duration of the Force Majeure Event.

 

    	 	35	 

     

    

 

22.3        Further
Assurances. Upon a party's reasonable request, the other party shall, at such other party's sole cost and expense, promptly
execute all such further documents and instruments, and take all such further actions, necessary to give full effect to this Agreement.

 

22.4        Relationship
of the Parties. The relationship between the parties is that of independent contractors. Nothing contained in this Agreement
shall be construed as creating any agency, partnership, joint venture or other form of joint enterprise, employment or fiduciary
relationship between the parties, and neither party shall have authority to contract for or bind the other party in any manner
whatsoever.

 

22.5        Public
Announcements. Neither party shall issue or release any announcement, statement, press release or other publicity or marketing
materials relating to this Agreement or, unless expressly permitted under this Agreement, otherwise use the other party's trademarks,
services marks, trade names, logos, domain names or other indicia of source, association or sponsorship, in each case, without
the prior written consent of the other party, which shall not be unreasonably withheld or delayed.

 

22.6        Notices.
All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and addressed
to the parties as follows (or as otherwise specified by a party in a notice given in accordance with this Section 22.6):

 

	If
    to Developer:	 

         

        E-mail:            

         

        Attention:            

	 	 
	If
    to Customer:	 

         

        E-mail:            

         

        Attention:            

         

        With
        a copy to:             

 

Notices
sent in accordance with this Section shall be deemed effectively given: (a) when received, if delivered by hand (with written
confirmation of receipt); (b) when received, if sent by a nationally recognized overnight courier (receipt requested); (c) on
the date sent by facsimile or e-mail (in each case, with confirmation of transmission), if sent during normal business hours of
the recipient, and on the next business day, if sent after normal business hours of the recipient; or (d) on the third day after
the date mailed, by certified or registered mail, return receipt requested, postage prepaid.

 

    	 	36	 

     

    

 

22.7        Interpretation.
For purposes of this Agreement: (a) the words "include," "includes" and "including" are deemed to
be followed by the words "without limitation"; (b) the word "or" is not exclusive; (c) the words "herein,"
"hereof," "hereby," "hereto" and "hereunder" refer to this Agreement as a whole; (d) words
denoting the singular have a comparable meaning when used in the plural, and vice-versa; and (e) words denoting any gender include
all genders. Unless the context otherwise requires, references in this Agreement: (x) to Sections, Schedules and Exhibits refer
to the Sections of, and Schedules and Exhibits attached to, this Agreement; (y) to an agreement, instrument or other document
means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted
by the provisions thereof; and (z) to a statute means such statute as amended from time to time and includes any successor legislation
thereto and any regulations promulgated thereunder. The parties intend this Agreement to be construed without regard to any presumption
or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted.
The Schedules and Exhibits referred to herein are an integral part of this Agreement to the same extent as if they were set forth
verbatim herein.

 

22.8        Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

22.9        Entire
Agreement. This Agreement, together with all Schedules, Exhibits and Statements of Work and any other documents incorporated
herein by reference, constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter
of this Agreement and supersedes all prior and contemporaneous understandings, agreements, representations and warranties, both
written and oral, with respect to such subject matter. In the event of any inconsistency between the statements made in the body
of this Agreement, the Schedules, Exhibits, Statements of Work and any other document, the following order of precedence governs:
(a) first, this Agreement, excluding its Exhibits, Schedules and Statements of Work; (b) second, the Exhibits and Schedules to
this Agreement as of the Effective Date; (c) third, any Statement of Work executed after the Effective Date; and (d) fourth, any
other documents incorporated herein by reference.

 

22.10      Assignment.
Developer shall not assign or otherwise transfer any of its rights, or delegate or otherwise transfer any of its obligations or
performance, under this Agreement, in each case whether voluntarily, involuntarily, by operation of law or otherwise, without
Customer's prior written consent. For purposes of the preceding sentence, and without limiting its generality, any merger, consolidation
or reorganization involving Developer (regardless of whether Developer is a surviving or disappearing entity) will be deemed to
be a transfer of rights, obligations or performance under this Agreement for which Customer's prior written consent is required.
No delegation or other transfer will relieve Developer of any of its obligations or performance under this Agreement. Any purported
assignment, delegation or transfer in violation of this Section 22.10 is void. Customer may freely assign or otherwise
transfer all or any of its rights, or delegate or otherwise transfer all or any of its obligations or performance, under this
Agreement without Developer's consent. This Agreement is binding upon and inure to the benefit of the parties hereto and their
respective permitted successors and assigns.

 

22.11      No
Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto and their respective successors and
permitted assigns and nothing herein, express or implied, is intended to or shall confer on any other person or entity any legal
or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

22.12      Amendment
and Modification; Waiver. No amendment to or modification of or rescission, termination or discharge of this Agreement is
effective unless it is in writing, identified as an amendment to or rescission, termination or discharge of this Agreement and
signed by an authorized representative of both parties. No waiver by any party of any of the provisions hereof shall be effective
unless explicitly set forth in writing and signed by the party so waiving. Except as otherwise set forth in this Agreement, no
failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate or
be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

    	 	37	 

     

    

 

22.13      Severability.
If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such
term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

22.14      Governing
Law; Submission to Jurisdiction. This Agreement and all related documents, and all matters arising out of or relating to this
Agreement, will be governed by and construed under the laws of the State of Delaware, without giving effect to any choice of law
or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application
of the law of any jurisdiction other than the State of Delaware. The parties hereto (1) agree that any legal suit, action or proceeding
arising out of or relating to this Agreement, the other Transaction Documents or the transactions contemplated hereby or thereby
will be instituted in the federal courts of the United States of America or the courts of the State of Delaware in each case located
in the City of Wilmington and County of New Castle, (2) waive any objection which the parties may have now or hereafter to the
venue of any such suit, action or proceeding, and (3) irrevocably consent to the jurisdiction of the federal courts of the United
States or the courts of the State of Delaware in each case located in the City of Wilmington and County of New Castle in any such
suit, action or proceeding, and each of the parties hereto further agrees to accept and acknowledge service of any and all process
which may be served in any such suit, action or proceeding in such courts and agrees that service of process upon it mailed by
certified mail to its address will be deemed in every respect effective service of process upon it, in any such suit, action or
proceeding.

 

22.15      Waiver
of Jury Trial. THE PARTIES HERETO AGREE TO WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION
BASED UPON OR ARISING OUT OF THIS AGREEMENT OR ANY DOCUMENT OR AGREEMENT CONTEMPLATED HEREBY.

 

22.16      Equitable
Relief. Each party acknowledges that a breach by a party of Section 14 (Intellectual Property Rights; Ownership) or
Section 21 (Confidentiality) may cause the non-breaching party immediate and irreparable harm, for which an award of damages
would not be adequate compensation and agrees that, in the event of such breach or threatened breach, the non-breaching party
will be entitled to equitable relief, including in the form of orders for preliminary or permanent injunction, specific performance
and any other relief that may be available from any court. Such remedies shall not be deemed to be exclusive but shall be in addition
to all other remedies available under this Agreement, at law or in equity, subject to any express exclusions or limitations in
this Agreement to the contrary.

 

    	 	38	 

     

    

 

22.17      Attorneys'
Fees. In the event that any action, suit, or other legal or administrative proceeding is instituted or commenced by either
party hereto against the other party arising out of or related to this Agreement, the prevailing party shall be entitled to recover
its actual attorneys' fees and court costs from the non-prevailing party.

 

22.18      Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be
deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic
transmission (to which a signed PDF copy is attached) shall be deemed to have the same legal effect as delivery of an original
signed copy of this Agreement.

 

22.19      U.S.
Government Export Laws. Customer acknowledges that the Hardware and Software, and any part thereof, may be subject to U.S.
Government export laws and regulations, and Customer is responsible for compliance with any and all Laws governing the importation
of Proprietary Products into the destination country and for payment of any duties, taxes and fees on such goods or importation.
Customer shall not export, re-export, or transfer the Hardware and Software, Documentation, or any Confidential Information received
from Developer without first obtaining the appropriate government approvals, and Developer makes no representation or warranty
regarding the issuance of export licenses for any of its Hardware and Software products.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	 	39	 

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

	 	Nxt-ID, Inc.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	WorldVentures Holdings, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 	40	 

     

    

 

Schedule
A

 

Relationship
Managers

 

    	 	41	 

     

    

 

Schedule
B

 

Business
Requirements Specification – WORLDVENTURES CARD

 

    	 	42	 

     

    

 

Schedule
C

 

INITIAL
Statement OF WORK

 

    	 	43	 

     

    

 

Schedule
D

 

Maintenance
and Support schedule

 

    	 	44	 

     

    

 

Schedule
e

 

Dispute
Resolution Procedure

 

    	 	45	 

     

    

 

Exhibit
1

 

Form
of INTELLECTUAL PROPERTY Escrow Agreement

 

 

46

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