Document:

EX-10.3

 Exhibit 10.3 

SEPARATION AND RESTRICTED COVENANT AGREEMENT 

AND FULL RELEASE OF CLAIMS 

This Separation and Restricted Covenant Agreement and Full Release of Claims (the “Agreement”) is by and between Sunoco LP
and its subsidiaries and affiliates (“SUN” or “Employer”) and Cynthia Archer (“Employee”). 

WHEREAS, in connection with the planned divesture by the Employer of its company-operated retail fuel outlets in the continental United States
and the impact such divestiture would have on the Employee, the Employee has determined to retire from SUN and terminate her employment status as an officer, director and/or manager of the Partnership and its affiliates, all effective as of
December 31, 2017; and 
 WHEREAS, in order to achieve a final and amicable resolution of the employment relationship in all its
aspects, the Employer has agreed, in accordance with the terms and conditions of this Agreement as set forth below, to make a severance payment (the “Severance Payment”) to the Employee pursuant to the Sunoco GP LLC Severance Plan
(the “SUN Severance Plan”). 
 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth in this Agreement
and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows: 
  

	 	1.	Separation from Employment. Employee has been informed that his employment with Employer shall terminate effective December 31 2017 (the “Termination Date”). 

 

	 	2.	Consideration for Signing. As consideration for this Agreement the Employer agrees to the following: 

  

	 	(a)	Employer agrees to pay Employee a Severance Payment under the SUN Severance Plan in the total gross amount of Three Hundred Sixty-Seven Thousand Two Hundred Dollars and No Cents ($367,200.00), less required governmental
payroll deductions, which is an amount equal to 52 weeks of Employee’s base pay at its current rate. This Severance Payment will be paid out in accordance with the Employer’s then current payroll practices, currently bi-weekly payments on
or before the second regularly scheduled pay day after the Effective Date as defined herein. Employee shall be entitled to receive the Severance Payment, provided that Employee executes this Agreement in a timely manner without revocation as
provided for in this Agreement. 

  

	 	(b)	 As further consideration, commencing on January 1, 2018, Employer shall provide the Employee, at no cost to
the Employee, six (6) month(s) of continued health insurance coverage (beginning with the first day of the first month after the Termination Date) under the Employer’s health insurance plan and the Consolidated Omnibus Budget
Reconciliation Act (“COBRA”), subject to the terms, conditions and limitations of that health insurance plan. Employee must (i)

  
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be enrolled in the Employer health insurance plan on the Termination Date to be eligible for continued coverage; and (ii) make such elections and take such other actions as may be required
by the health insurance plan and applicable law to receive continued coverage. 

  

	 	(d)	As consideration for Employee’s agreement to be bound by the restrictive covenants found in Section 6 of this Agreement as well as the specific promises and covenants of Sections 5, 6 and 11, Employer
agrees to the following: 

  

	 	(i)	As further consideration, Employer agrees to pay Employee an amount equal to [100%] [NTD: AMOUNT/PERCENTAGE TO BE UPDATED AT TERMINATION DATE BASED ON TRENDING PERFORMANCE] of the Employee targeted bonus award for 2017
under the Energy Transfer Partners. L.L.C. Annual Bonus Plan (the “Bonus Plan”), which amount reflects performance achieved against stated goals under the Bonus Plan. For 2017, [100%] [NTD: TO BE UPDATED AT TERMINATION DATE BASED ON
TERNDING PERFORMANCE] of Employee’s target bonus is Two Hundred Ninety-Three Thousand Seven Hundred Sixty Dollars and No Cents ($293,760.00) (the “Bonus Equivalent Award”). Employee understands and acknowledges that he is not eligible
for any amounts under the Bonus Plan as his employment is ending prior to the date awards under the Bonus Plan would otherwise be paid to employees and that the Bonus Equivalent Award received is at the full discretion of the Employer. Payment of
the Bonus Equivalent Award shall be made within ten (10) business days of the Effective Date. 

  

	 	(ii)	As further consideration, Employer shall cause certain restricted common units (as described below), which were either awarded to the Employee under the terms of the Sunoco LP 2012 Long-Term Incentive Plan (“SUN
Unit Plan”) or the Second Amended and Restated Partnership 2008 Long Term Incentive Plan (“ETP Unit Plan”) (collectively the SUN Unit Plan and the ETP Unit Plan may be referred to as the “Unit Plans”) to be
accelerated in their vesting. Employer shall cause 31,064 phantom restricted units awarded to the Employee under the SUN Unit Plan and 2,100 restricted units awarded to the Employee under the ETP Unit Plan to be accelerated in their vesting
(collectively the “Restrictive Covenant Units”). Employee understands that in connection with this Section 2(e), Employee will be responsible for any and all applicable government withholdings. Employer will settle any applicable
governmental withholding through the sale and withholding of common units. Employee further understands and acknowledges that Employee would not be eligible for any other amounts or vestings under the Unit Plans as Employee’s continued
employment on the award vesting dates is required under the Unit Plans. The Employee further understands and agrees that other than the Restrictive Covenant Units any and all awards to the Employee outstanding under the Unit Plans shall be
terminated and cancelled as of her Termination Date. 

  
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 The consideration given to Employee hereunder is expressly and completely conditioned upon
Employee’s full compliance with the terms and conditions set forth herein, including Employee’s agreement to waive any and all claims that the provisions of Section 6 are not fully enforceable as written, and Employee’s
agreement not to sue or otherwise pursue any legal claim contrary to the foregoing waiver. Notwithstanding anything herein to the contrary, and in addition to any and all other remedies and alternatives which may be available at law or in equity, in
the event of a breach or threatened breach of the provisions of this Agreement by Employee, Employer may (in its sole discretion) cease without further obligation to Employee to make any of the remaining payments set forth in this Section. 

 

	 	3.	No Additional Benefits. Employee agrees that this Agreement resolves any and all outstanding issues arising from Employee’s employment and Employee acknowledges and agrees that Employee has
received all compensation and benefits to which Employee would otherwise be entitled through the Termination Date and shall receive no other compensation or benefits from Employer other than those set forth above, including under the Energy
Transfer/SXL Merger Severance Plan, the Energy Transfer Non-Midstream Severance Plan, the Energy Transfer Partners GP, L.P. Severance Plan, the Energy Transfer Partners, L.L.C. Annual Bonus Plan, and/or the Unit Plans. However, Employee shall retain
any vested interest and vested rights that Employee may otherwise have under any employee benefit plan sponsored by Employer (including any required COBRA continuation coverage under Section 4980B of the Internal Revenue Code of 1986, as
amended), subject to the terms and conditions of such plan. 

  

	 	4.	 Release of Claims. Employee stipulates, agrees, and understands that for and in consideration of
the mutual covenants set forth in this Agreement, specifically the payments and considerations set forth in Section 2 (a)-(d) above, the same being good and valuable consideration, Employee hereby acting of Employee’s own free
will, voluntarily and on behalf of him or herself, Employee’s heirs, administrators, executors, successors and assigns, RELEASES, ACQUITS and forever DISCHARGES Employer and Employer’s parent entities, specifically including Sunoco GP LLC
and Energy Transfer Equity, L.P. and its and their respective past and present subsidiaries, affiliates (specifically including Stripes, LLC Energy Transfer Partners, LLC, and La Grange Acquisitions, LP), partners, directors, officers, owners,
shareholders, unitholders, employees, predecessors, joint employers, successor employers, agents and benefit plans (including without limitation, plan sponsors, insurers, trustees, administrators, and fiduciaries), and each of them (collectively
“Released Parties”), of and from any and all debts, obligations, claims, counterclaims, demands, judgments, and/or causes of action of any kind whatsoever (whether known or unknown, in tort, contract, at law or in equity, by statute
or regulation, or on any basis), based on facts occurring at any time before, or at the time of, Employee’s signing of this Agreement, for any damages or other remedies of any kind, including, without limitation, direct or indirect,
consequential, compensatory, actual, punitive, or any other damages, attorneys’ fees, expenses, reimbursements, costs of any kind or reinstatement. This release includes, but is not limited to, any and all rights or claims, demands, and/or
causes of action arising out of Employee’s employment or termination 

  
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from employment with Employer, or relating to purported employment discrimination, retaliation or violations of civil rights, if any, including, but not limited to, claims arising under Title VII
of the Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights Act of 1866 and/or 1871, the Age Discrimination in Employment Act (“ADEA”), the Older Workers Benefit Protection Act of 1990, the Americans With
Disabilities Act of 1990, Executive Order 11246, the Equal Pay Act of 1963, the Rehabilitation Act of 1973, the Family and Medical Leave Act, the Sarbanes-Oxley Act of 2002, or any other applicable federal, state, or local statute or ordinance or
any other claim, whether statutory or based on common law, arising by reason of Employee’s employment with Employer or the termination of such employment or circumstances related thereto, or by reason of any other matter, cause, or thing
whatsoever, from the first date of employment with Employer to the date and time of execution of this Agreement. 

 Nothing in
this Agreement (including Sections 8 Confidentiality of Agreement, 9 Negative Statements By Employee, or 11 Cooperation of this Agreement) is intended to limit in any way Employee’s right or ability to file a charge with or participate
in an investigation, hearing or proceeding conducted by the Equal Employment Opportunity Commission (“EEOC”) or any other federal, state or local agency charged with the enforcement of any laws. However, this Agreement does bar
Employee’s right to recover any personal or monetary relief arising out of any charge, lawsuit, or arbitration, brought by the Employee or anyone on his or her behalf, based on any claim(s) covered by the release in this Agreement. 

Employee has a period of forty-five (45) days in which to consider this Agreement and its Exhibits. Employee may choose to sign this
Agreement prior to the expiration of the forty-five (45) day period, but is not required to do so. Once Employee signs the Agreement, Employee shall have a period of seven (7) days from the date Employee signs the Agreement to revoke the
Agreement. The Agreement shall not become effective or enforceable until the eighth day after Employee signs the Agreement (the “Effective Date”). To revoke this Agreement, Employee must provide written notice of revocation to
Employer at, Attention: Christopher Curia, Executive Vice President and Chief Human Resources Officer, 8111 Westchester Drive, Suite 600, Dallas, Texas, 75225 prior to the expiration of the seven (7) day revocation period. No payments
under this Agreement shall be due until the expiration of the seven (7) day revocation period. Employer hereby advises Employee to consult with an attorney concerning this Agreement prior to signing the Agreement. 

 

	 	5.	 Confidential and Proprietary Information. Employee acknowledges, agrees and stipulates that
during his or her employment Employee had access to confidential and proprietary information relating to the business and affairs of Employer and its parent, subsidiary, and affiliated entities including, by way of example, (i) financial
information, including budgets or projections, business plans, pricing policies or strategies, tariff information, business methods, or any other financial, marketing, pricing, or regulatory strategic information;

  
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(ii) information about existing or potential customers and their representatives, including customer identities, lists, preferences, customer services and all other customer information;
(iii) information about pending or threatened legal or regulatory proceedings; (iv) information about employees and the terms and conditions of their employment; (v) computer techniques, programs and software; (vi) information
about potential acquisitions or divestitures; and (vii) any other non-public information that cannot be obtained readily by the public and would be useful or helpful to competitors, customers or industry trade groups if disclosed (collectively,
“Confidential Information”). Employee agrees that Employee shall not, at any time, directly or indirectly, for any reason whatsoever, with or without cause, unless pursuant to a lawful subpoena or court order, use, disseminate or
disclose any of the Confidential Information to any person or entity. Employee further acknowledges that if Employee were to use or disclose, directly or indirectly, the Confidential Information, that such use and/or disclosure would cause Employer
irreparable harm and injury for which no adequate remedy at law exists. Therefore, in the event of the breach or threatened breach of the provisions of this Agreement by Employee, Employer shall be entitled to obtain injunctive relief to enjoin such
breach or threatened breach, in addition to all other remedies and alternatives which may be available at law or in equity. Employee acknowledges that the remedies contained in the Agreement for violation of this Agreement are not the exclusive
remedies which Employer may pursue. 

  

	 	6.	Non-Compete and Non-Solicit.  

  

	 	(a)	Employer and Employee acknowledge and agree that in performing the duties and responsibilities of his employment with the Employer, Employee has occupied a position of fiduciary trust and confidence, pursuant to which
Employee has developed and acquired a wide experience and knowledge with respect to all aspects of the Business carried on by the Employer, and the manner in which such Business is conducted. It is the express intent and agreement of Employee and
the Employer that such knowledge and experience shall not be used in any manner detrimental to the Employer’s business by Employee. 

  

	 	(b)	Employer and Employee further acknowledge and agree that in performing the duties and responsibilities of employment, Employee became knowledgeable with respect to a wide variety of Confidential Information which is the
exclusive property of the Employer, the disclosure of which may cause irreparable harm to the Employer. Employee therefore agrees following the termination of Employee’s employment, Employee shall treat confidentially all Confidential
Information belonging to the Employer. 

  

	 	(c)	 For the period beginning on the Termination Date and continuing through and including December 31, 2019,
Employee acknowledges and agrees that she shall not for any reason, either directly or indirectly (without the 

  
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prior written consent of the Employer), anywhere the Employer’s business operates at the time of the employment termination: 

 

	 	(i)	hold a 5% or greater equity (including stock options whether or not exercisable), voting or profit participation interest in a Competitive Enterprise, or 

 

	 	(ii)	associate (including as a director, officer, employee, partner, consultant, agent or advisor) with a Competitive Enterprise and in connection with the Employee’s association engage, or directly or indirectly manage
or supervise personnel engaged, in any activity that: 

  

	 	(1)	is substantially related to any activity that the Employee was engaged in with the Employer during the twelve (12) months prior to the Effective Date of this Agreement; 

 

	 	(2)	calls for the application of specialized knowledge or skills substantially related to those used by the Employee in his activities with the Employer or any of its affiliates; or 

 

	 	(3)	is substantially related to any activity for which the Employee had direct or indirect managerial or supervisory responsibility with the Employer. 

 

	 	(d)	For the period beginning on the Effective Date Date and continuing for a period of one (1) years, Employee acknowledges and agrees that she shall not for any reason, either directly or indirectly (without the prior
written consent of the Employer ) acting alone or in conjunction with others (i) solicit, induce, attempt to influence, any employee of the Employer to terminate employment; or (ii) participate in or be aware of prior to or in advance of
any hiring, employment or retaining in any capacity, at a business in which Employee becomes a director, officer or employee of or consultant to, (a) of any active employee of the Employer; or (b) of any employee who was actively employed
by the Employer within the previous six (6) months of the date of this Agreement. This restriction will be inapplicable to (i) employees separated from employment with SUN in connection with the divestiture of company-owned retail store
locations; or (ii) employees terminated by SUN in connection with any restructuring efforts related to the strategic shift from a retail business to a wholesale and distribution business. 

 

	 	(e)	 Employee specifically recognizes and affirms that the provisions of Section 6 are material and essential
terms of this Agreement. Employee further acknowledges and agrees that if the non-competition provision found in Section 6(c) or the non-solicit provision found in Section 6(d) is determined to be invalid or unenforceable for any
reason whatsoever by a 

  
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court of competent jurisdiction in an action between Employee and Employer, then Employer shall be entitled to receive from Employee all Restrictive Covenant Units held by Employee. In the Event
Employee has sold any or all of the Restrictive Covenant Units obtained under this Agreement, then Employer shall be entitled to receive from Employee a payment equal to the fair market value of the Restrictive Covenant Units on the date of sale,
transfer or other disposition. 

  

	 	(f)	Employee acknowledges and agrees that the Employer will suffer irreparable harm if Employee breaches any of the obligations under this Section 6, and that monetary damages would be impossible to quantify and
inadequate to compensate the Employer for such a breach. Accordingly, Employee agrees that in the event of a breach by Employee of any of the provisions of this Section 6, the Employer shall be entitled to seek, in addition to any other
rights, remedies or damages available to the Employer at law or in equity, a temporary and permanent injunction, without having to prove damages, in order to prevent or restrain any such breach, by Employee, or by any or all of Employee’s
partners, employers, employees, servants, agents, representatives and any other Persons directly or indirectly acting for, or on behalf of, or in concert with, Employee, and that the Employer shall be entitled to seek all of its costs and expenses
incurred in obtaining such relief including reasonable attorneys’ and client legal costs and disbursements. 

  

	 	(g)	Employee hereby agrees that all restrictions contained in this Section 6 are reasonable, valid and necessary to protect the Employer’s Confidential Information, goodwill and proprietary business
interests. Employee further agrees never to file any lawsuit, claim or counterclaim challenging or otherwise seeking to modify or restrict the noncompetition provision set forth in Section 6(c) of this Agreement. Nevertheless, if any of
the aforesaid restrictions is found by a court having jurisdiction to be unreasonable, over broad as to geographic area or time or otherwise unenforceable, the Parties intend for the restrictions therein set forth to be modified by such court so as
to be reasonable and enforceable and, as so modified by the court, to be fully enforced. If any covenant or provision of this Section 6 is determined to be void or unenforceable in whole or in part, for any reason, it shall be deemed not
to affect or impair the validity of any other covenant or provision of this Agreement, which shall remain in full force and effect. The provisions of this Section 6 shall remain in full force and effect notwithstanding the termination of
this Agreement for any reason. 

  

	 	(h)	 For the purposes of this Section 6, “Competitive Enterprise” shall mean any business
enterprise that either (A) engages in any material activity that directly competes within any material geographical location in which the Employer or any of its affiliates operates with any material activity that the Employer or any of its
affiliates is then engaged in or (B) holds a 5% 

  
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or greater equity, voting or profit participation interest in any enterprise that engages in such a competitive activity. For the avoidance of doubt, after the closing of the divestiture of the
company owned retail stores is completed, the term Competitive Enterprise shall expressly not include any retail or C-store businesses operated in the continental United States. 

 

	 	7.	Employer’s Property. Employee represents that Employee has returned to Employer all written and electronic records, communications, reports, and other materials and data,
including any copies, and also all other tangible items, such as computer equipment, purchasing cards and telephone cards, that belong to Employer and are in Employee’s possession or under Employee’s control. 

 

	 	8.	Confidentiality of Agreement. Employee agrees not to discuss, disclose or otherwise communicate any of the terms of this Agreement, including without limitation the amounts of the payments or other
consideration provided, to anyone except to Employee’s attorney, tax advisor and Employee’s spouse, if any, or as required by law. Employee understands and agrees that, as a result of this binding promise of strict confidentiality,
Employee may not hereafter discuss or otherwise communicate with, among other persons, any of Employer’s current or former employees regarding the terms, including the payments or other consideration, included in this Agreement.

  

	 	9.	Negative Statements By Employee. To the extent permitted and consistent with law, Employee further agrees that Employee shall make no derogatory, disparaging, defamatory or otherwise negative
statements, oral or written, concerning, Employer or any of Employer’s parents, subsidiaries or affiliates or any officers, directors, or employees of any of those businesses or any of the services or products of any of those businesses. This
paragraph is not intended to limit any rights that Employee has under any statute, regulation, or other law. 

  

	 	10.	Expense Reimbursement. Employee agrees that any expense reimbursements for expenses incurred during Employee’s employment with Employer must be submitted for reimbursement to Employer within
six (6) months of the Termination Date. With regard to the required form for any reimbursement request and supporting documentation, Employer’s normal policies and rules apply. Employer retains its normal right to reject or approve expense
reimbursements subject to its normal policies. Any expense reimbursements submitted by Employee more than six (6) months following the Termination Date shall not be approved. 

 

	 	11.	Cooperation. For a period of twenty-four (24) months following the Effective Date, Employee agrees to cooperate with Employer as reasonably requested by responding to questions, attending
meetings, depositions, governmental proceedings and court hearings, and by cooperating with Employer and its accountants and legal counsel with respect to any investigations, claims or litigation or business, accounting, audit, legal or regulatory
issues of which Employee has knowledge. Employer agrees to reimburse Employee for reasonable out-of-pocket expenses actually incurred for travel, meals and lodging, in accordance with Employer’s then existing policies, for providing cooperation
specifically requested by Employer. 

  
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	 	12.	Non-Admission. This Agreement, and the payment of money and other consideration provided by Employer under this Agreement, is not an admission or indication of any wrongdoing by Employer or
Employee. 

  

	 	13.	Entire Agreement. Employee agrees that this Agreement constitutes the complete agreement between the parties and that no other representations have been made by Employer and that the terms hereof
may not be modified except by a written instrument signed by Employer and Employee. 

  

	 	14.	Severability. In the event that any provision of this Agreement should be held to be void, voidable, or unenforceable, the remaining portions hereof shall remain in full force and effect.

  

	 	15.	Interpretation Under State Law. This Agreement shall be construed under the laws of the State of Texas without regard to any conflict of laws provisions thereunder. 

 

	 	16.	Headings. The headings used in this Agreement are inserted solely for convenience and shall not be used to interpret the meaning of this document. 

 

	 	17.	Knowing and Voluntary: By signing below, Employee knowingly and voluntarily accepts this Agreement and does so of Employee’s own free will. 

 

	 	18.	Section 409A: Notwithstanding anything in this Agreement to the contrary, the parties intend that this Agreement shall comply with Section 409A of the Internal Revenue Code of 1986, as amended,
to the extent applicable, and this Agreement shall be interpreted in a manner consistent with such intent. Notwithstanding anything to the contrary, to the extent that any benefit under this Agreement is determined to be subject to Section 409A
of the Code, in no event shall the Employer or any of its affiliates, or any director, officer, employee, delegate, agent or representative thereof, be responsible for any tax, penalty or other liability arising from a violation of Section 409A.

 [SIGNATURE PAGE FOLLOWS] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date set forth below. 

 

	
	
	SUNOCO, LP
	
	 By: SUNOCO GP LLC, its general partner

	
	  

Christopher Curia, EVP & CHRO

	
	
Dated:                  
                                         
                                    

	
	EMPLOYEE
	
	  

Cynthia Archer

	
	
Dated:                  
                                         
                                    

 Please return executed originals of this Agreement by regular mail to Christopher Curia, Executive
Vice President and Chief Human Resources Officer, 8111 Westchester Drive, Suite 600, Dallas, Texas, 75225 

  
 -10-EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as of this 22 day of June 2017 (the
“Effective Date”), by and between BTCS Inc., a Nevada corporation (the “Corporation”), and
Charles W. Allen (the “Executive”), under the following circumstances:

RECITALS:

 

WHEREAS,
the Corporation desires to secure the continued services of the Executive upon the terms and conditions hereinafter set forth,
and

 

WHEREAS,
the Executive desires to continue rendering services to the Corporation upon the terms and conditions hereinafter set forth, and

 

WHEREAS,
the Corporation presently employs the Executive in which capacity the Executive serves as an officer of the Corporation, and

 

WHEREAS,
the Board of Directors of the Corporation (the “Board”) recognizes the valuable services rendered to the Corporation
and its respective affiliates by the Executive, and

 

WHEREAS,
the Corporation desires to provide severance compensation to the Executive upon the occurrence of certain events,

 

WHEREAS,
the Board has determined that it is in the best interests of the Corporation and its affiliates to encourage in advance the continued
loyalty of the Executive as well as the Executive’s continued attention to his assigned duties and objectivity in the event
of a threatened or possible change in control of the Corporation;

 

NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

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

 

“Cause”
shall mean: shall mean: (i) the Executive is convicted of, or pleads guilty or nolo contendere to, a felony related to the business
of the Corporation, (ii) the Executive, in carrying out his duties hereunder, has acted with gross negligence or intentional misconduct
resulting, in any case, in material harm to the Corporation, or (iii) the Executive materially breaches any agreement with the
Company and fails to cure such breach within 15 days of receipt of notice, unless the act is incapable of being cured.

 

“Change
in Control” shall mean any of the following: (i) the sale or partial sale of the Corporation to an un-affiliated person
or entity or group of un-affiliated persons or entities pursuant to which such party or parties acquire shares of capital stock
of the Corporation representing at least twenty five (25%) of the fully diluted capital stock (including warrants, convertible
notes, and preferred stock on an as converted basis) of the Corporation; (ii) the sale of the Corporation to an un-affiliated
person or entity or group of un-affiliated persons or entities pursuant to which such party or parties acquire all or substantially
all of the Corporation’s assets determined on a consolidated basis, or (iii) Incumbent Directors (as defined below) cease
for any reason, including, without limitation, as a result of a tender offer, proxy contest, merger or similar transaction, to
constitute at least a majority of the Board.

 

    	 	 	Page 1 of 9

    	 

    

 

“Incumbent
Directors” shall mean persons who, as of the Effective Date, constitute the Board.

 

“Good
Reason” shall mean the occurrence of any of the following events: (i) any diminution of duties inconsistent with Executive’s
authority, duties and responsibilities (including, without limitation, a change in the chain of reporting); (ii) beginning
six months after the date of this Agreement any reduction of or failure to pay Executive compensation provided for herein,
except to the extent Executive consents in writing to any reduction, deferral or waiver of compensation, which non-payment continues
for a period of ten (10) days following written notice to the Corporation by Executive of such non-payment; (iii) a material change
in the geographic location at which the Executive provides services to the Corporation, provided that such change shall be more
than thirty (30) miles from such location; (iv) the consummation of any Change in Control Transaction; (v) any material violation
by the Corporation of its obligations under this Agreement that is not cured within thirty (30) days, except as provided in
clause (ii).

 

“Total
Disability” shall mean the Executive has failed to perform his regular and customary duties to the Corporation for a
period of 180 days out of any 360-day period.

 

2.
Employment. The Corporation hereby employs the Executive and the Executive hereby accepts employment as an executive of
the Corporation, subject to the terms and conditions set forth in this Agreement.

 

3.
Duties. The Executive shall serve as the Chief Executive Officer and Chief Financial Officer of the Corporation, with such
duties, responsibilities and authority as are commensurate and consistent with his position, as may be, from time to time, assigned
to him by the Board of the Corporation. The Executive shall report directly to the Board.

 

4.
Term of Employment. The term of the Executive’s employment hereunder, unless sooner terminated as provided herein
(the “Initial Term”), shall be for a period of two (2) years commencing on the Effective Date. The term of
this Agreement shall automatically be extended for additional terms of one (1) year each (each a “Renewal Term”)
unless either party gives prior written notice of non-renewal to the other party no later than ninety (90) days prior to the expiration
of the Initial Term (“Non-Renewal Notice”), or the then current Renewal Term, as the case may be. For purposes
of this Agreement, the Initial Term and any Renewal Term are hereinafter collectively referred to as the “Term.”

 

    	 	 	Page 2 of 9

    	 

    

 

5.
Compensation of Executive.

 

(a)
The Corporation shall pay the Executive as compensation for his services hereunder, in equal bi-weekly installments during the
Term, the sum of $245,000 per year (the “Base Salary”), less such deductions as shall be required to be withheld
by applicable law and regulations. The Base Salary shall be increased annually by 4.5%. Except as provided for herein the Corporation
shall review the Base Salary on an annual basis and has the right but not the obligation to increase it. Further, the Executive’s
Base Salary may not be decreased during the Term.

 

(b)
In addition to the Base Salary set forth in Section 5(a), the Executive shall be entitled to receive an annual cash bonus in an
amount to be determined by the Board or the Compensation Committee of the Board to the extent one exists (the “Compensation
Committee”) for earning Bonuses which shall be adopted by the Compensation Committee or Board annually. Bonuses shall
be paid by the Corporation to the Executive promptly after determination that any relevant targets have been met, to the extent
they are performance based, it being understood that the attainment of any financial targets associated with any bonus shall not
be determined until following the completion of the Corporation’s annual audit and public announcement of such results and
shall be paid promptly following the Corporation’s announcement of earnings.

 

(c)
Equity Awards. Executive shall be eligible for such grants of awards under stock option or other equity incentive plans
of the Corporation adopted by the Board (or any successor or replacement plan adopted by the Board) (the “Plan”)
as the Compensation Committee of the Corporation may from time to time determine (the “Share Awards”). Share
Awards shall be subject to the applicable Plan terms and conditions, provided, however, that Share Awards shall be subject to
any additional terms and conditions as are provided herein or in any award certificate(s), which shall supersede any conflicting
provisions governing Share Awards provided under the Plan.

 

(d)
The Corporation shall pay or reimburse the Executive for all reasonable out-of-pocket expenses actually incurred or paid by the
Executive in the course of his employment, consistent with the Corporation’s policy for reimbursement of expenses from time
to time. The Corporation shall pay the Executive $500 per month to cover telephone and internet expenses, paid by the Executive.
If the Corporation does not provide office space to the Executive the Corporation will pay the Executive an additional $500 per
month to cover expenses in connection with their office space needs or expenses of a virtual office.

 

(e)
The Executive shall be entitled to participate in such pension, profit sharing, group insurance, hospitalization, and group health
and benefit plans and all other benefits and plans, including perquisites, if any, as the Corporation provides to its senior executives,
including group family health insurance coverage and life insurance policies which shall be paid by the Corporation (the “Benefit
Plans”).

 

(f)
The Corporation shall execute and deliver in favor of the Executive an indemnification agreement on the same terms and conditions
entered into with the other officers and directors of the Corporation. Such agreement shall provide for the indemnification of
the Executive for the term of his employment. The Corporation shall maintain directors’ and officers’ insurance during
the Term in an amount of not less than two Million Dollars ($2,000,000).

 

    	 	 	Page 3 of 9

    	 

    

 

6.
Termination.

 

(a)
This Agreement and the Executive’s employment hereunder shall terminate upon the happening of any of the following events:

 

(i)
upon the Executive’s death or Total Disability;

 

(ii)
upon the expiration of the Initial Term of this Agreement or any Renewal Term thereof, if either party has provided a timely notice
of non-renewal in accordance with Section 4, above;

 

(iii)
at the Executive’s option;

 

(iv)
at the Executive’s option, in the event of an act by the Corporation, constituting Good Reason for termination by the Executive;
and

 

(v)
at the Corporation’s option, in the event of an act by the Executive, constituting Cause for termination by the Corporation.

 

7.
Effects of Termination.

 

(a)
Termination by Death or Disability. Upon termination of the Executive’s employment pursuant to Section 6(a)(i), in
addition to the accrued but unpaid compensation and vacation pay through the date of death or Total Disability and any other benefits
accrued to him under any Benefit Plans outstanding at such time and the reimbursement of documented, unreimbursed expenses incurred
prior to such date, the Executive or beneficiaries, as applicable, shall be entitled to the following severance benefits: (i)
continued provision for a period of twelve (12) months following the Executive’s death of benefits under Benefit Plans extended
from time to time by the Corporation to its senior executives; (ii) payment on a pro-rated basis of any bonus or other payments
earned in connection with any bonus plan to which the Executive was a participant as of the date of death or Total Disability,
and (iii) the immediate vesting of all equity incentive shares, options, or restricted stock, which shall be distributed to the
Executive or his beneficiaries in accordance with the provisions of this Agreement.

 

(b)
Termination at the end of a Term. Upon termination of the Executive’s employment pursuant to Section 6(a)(ii), where
the Corporation has offered to renew the term of the Executive’s employment for an additional one (1) year period and the
Executive chooses not to continue in the employ of the Corporation, the Executive shall be entitled to receive only the accrued
but unpaid compensation and vacation pay through the date of termination and any other benefits accrued to him under any Benefit
Plans outstanding at such time and the reimbursement of documented, unreimbursed expenses incurred prior to such date. In the
event the Corporation tenders a Non-Renewal Notice to the Executive, then the Executive shall be entitled to the same severance
benefits as if the Executive’s employment were terminated for Good Reason by the Executive.

 

    	 	 	Page 4 of 9

    	 

    

 

(c)
Termination by the Executive for Good Reason. Upon termination of the Executive’s employment pursuant to Section
6(a)(iv) (i.e., without “Cause”), in addition to the accrued but unpaid compensation and vacation pay through the
end of the Term or any then applicable extension of the Term and any other benefits accrued to him under any Benefit Plans outstanding
at such time and the reimbursement of documented, unreimbursed expenses incurred prior to such date, the Executive shall be entitled
to the following severance benefits: (i) a cash payment equal to the Executive’s Base Salary, to be paid in a single lump
sum payment not later than fifteen (15) days following such termination, less withholding of all applicable taxes; (ii) continued
provision for a period of twelve (12) months after the date of termination of the benefits under Benefit Plans extended from time
to time by the Corporation to its senior executives; and (iii) payment on a pro-rated basis of any bonus or other payments earned
in connection with any bonus plan to which the Executive was a participant as of the date of the Executive’s termination
of employment. In addition, all equity incentive shares, options or restricted stock shall be immediately vested upon termination
of Executive’s employment pursuant to Section 6(a)(iv) or by the Corporation without “Cause”.

 

(d)
Termination by the Corporation for Cause or by the Executive Without Good Reason. Upon termination of the Executive’s
employment pursuant to Section 6(a)(iii) or (v), in addition to the reimbursement of documented, unreimbursed expenses incurred
prior to such date, the Executive shall be entitled to the following severance benefits: (i) accrued and unpaid Base Salary and
vacation pay through the date of termination, less withholding of applicable taxes; and (ii) continued provision, for a period
of one (1) month after the date of the Executive’s termination of employment, of benefits under Benefit Plans extended to
the Executive at the time of termination. Executive shall have any conversion rights available under the Corporation’s Benefit
Plans and as otherwise provided by law, including the Comprehensive Omnibus Budget Reconciliation Act.

 

(e)
Any payments required to be made hereunder by the Corporation to the Executive shall continue to the Executive’s beneficiaries
in the event of his death until paid in full.

 

8.
Change of Control Payment. The provisions of this Section 8 set forth certain terms of an agreement reached between Executive
and the Corporation regarding Executive’s rights and obligations upon the occurrence of a Change in Control of the Corporation.
These provisions are intended to assure and encourage in advance Executive’s continued attention and dedication to his assigned
duties and his objectivity during the pendency and after the occurrence of any such event. These provisions shall terminate and
be of no further force or effect beginning eighteen (18) months after the occurrence of a Change of Control.

 

(a)
Change in Control

 

(i)
If within eighteen (18) months after the occurrence of the first event constituting a Change in Control, Executive’s employment
is terminated by the Corporation without Cause as defined in Section 1 or Executive terminates his employment for Good Reason
as provided in Section 1, then the Corporation shall pay Executive a lump sum in cash in an amount equal to two (2) times the
sum of (A) Executive’s current Base Salary plus (B) Executive’s prior year cash bonus and incentive compensation.
Such lump sum cash payment shall be paid to Executive within fifteen (15) days following the date of termination of Executive’s
employment; and

 

    	 	 	Page 5 of 9

    	 

    

 

(ii)
Notwithstanding anything to the contrary in any applicable option agreement or stock-based award agreement, upon a Change in Control,
all stock options and other equity-based awards granted to Executive by the Corporation shall immediately accelerate and become
exercisable, non-forfeitable, or issued as of the effective date of such Change in Control. In addition, all restricted stock
units held by the Executive shall become fully vested upon a Change of Control and the Executive shall be entitled to receive
the shares of stock represented by such restricted stock units. Executive shall also be entitled to any other rights and benefits
with respect to stock-related awards, to the extent and upon the terms, provided in the employee stock option or incentive plan
or any agreement or other instrument attendant thereto pursuant to which such options or awards were granted; and

 

(iii)
The Corporation shall, for a period of two (2) years commencing on the date of termination of Executive’s employment, pay
such health and life insurance premiums as may be necessary to allow Executive, Executive’s spouse and dependents to receive
health insurance coverage.

 

9.
Vacations. The Executive shall be entitled to a vacation of four (4) weeks per year, during which period his salary shall
be paid in full. The Executive shall take his vacation at such time or times as the Executive and the Corporation shall determine
is mutually convenient. Any vacation not taken in one (1) year shall accrue, up to a maximum of ten (10) weeks, and shall carry
over to the subsequent year.

 

10.
Disclosure of Confidential Information.

 

(a)
The Executive recognizes, acknowledges and agrees that he has had and will continue to have access to secret and confidential
information regarding the Corporation, its subsidiaries and their respective businesses (“Confidential Information”),
including but not limited to, its products, methods, formulas, software code, patents, sources of supply, data, know-how, and
trade secrets, provided such information is not in or does not hereafter become part of the public domain, or become known to
others through no fault of the Executive. The Executive acknowledges that such information is of great value to the Corporation,
is the sole property of the Corporation, and has been and will be acquired by him in confidence. In consideration of the obligations
undertaken by the Corporation herein, the Executive will not, at any time, during or after his employment hereunder, reveal, divulge
or make known to any person, any information acquired by the Executive during the course of his employment, which is treated as
confidential by the Corporation, and not otherwise in the public domain.

 

(b)
The Executive affirms that he does not possess and will not rely upon the protected trade secrets or confidential or proprietary
information of any prior employer(s) in providing services to the Corporation or its subsidiaries.

 

    	 	 	Page 6 of 9

    	 

    

 

11.
Section 409A.

 

The
provisions of this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and any final regulations and guidance promulgated thereunder (“Section 409A”) and shall be construed in a
manner consistent with the requirements for avoiding taxes or penalties under Section 409A. The Corporation and Executive agree
to work together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary,
appropriate or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive
under Section 409A.

 

To
the extent that Executive will be reimbursed for costs and expenses or in-kind benefits, except as otherwise permitted by Section
409A, (a) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (b) the
amount of expenses eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses
eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year; provided that the foregoing clause
(b) shall not be violated with regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely
because such expenses are subject to a limit related to the period the arrangement is in effect and (c) such payments shall be
made on or before the last day of the taxable year following the taxable year in which you incurred the expense.

 

A
termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the
payment of any amounts or benefits upon or following a termination of employment unless such termination constitutes a “Separation
from Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement references to
a “termination,” “termination of employment” or like terms shall mean Separation from Service.

 

Each
installment payable hereunder shall constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b), including
Treasury Regulation Section 1.409A-2(b)(2)(iii). Each payment that is made within the terms of the “short-term deferral”
rule set forth in Treasury Regulation Section 1.409A-1(b)(4) is intended to meet the “short-term deferral” rule. Each
other payment is intended to be a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation
Section 1.409A-1(b)(9)(iii), et. seq., to the maximum extent permitted by that regulation, with any amount that is not exempt
from Code Section 409A being subject to Code Section 409A.

 

Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of Executive’s termination, then only that portion of the severance and benefits payable to Executive pursuant
to this Agreement, if any, and any other severance payments or separation benefits which may be considered deferred compensation
under Section 409A (together, the “Deferred Compensation Separation Benefits”), which (when considered together) do
not exceed the Section 409A Limit (as defined herein) may be made within the first six (6) months following Executive’s
termination of employment in accordance with the payment schedule applicable to each payment or benefit. Any portion of the Deferred
Compensation Separation Benefits in excess of the Section 409A Limit otherwise due to Executive on or within the six (6) month
period following Executive’s termination will accrue during such six (6) month period and will become payable in one lump
sum cash payment on the date six (6) months and one (1) day following the date of Executive’s termination of employment.
All subsequent Deferred Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable
to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following termination but prior
to the six (6) month anniversary of Executive’s termination date, then any payments delayed in accordance with this paragraph
will be payable in a lump sum as soon as administratively practicable after the date of Executive’s death and all other
Deferred Compensation Separation Benefits will be payable in accordance with the payment schedule applicable to each payment or
benefit.

 

    	 	 	Page 7 of 9

    	 

    

 

For
purposes of this Agreement, “Section 409A Limit” will mean a sum equal (x) to the amounts payable prior to March 15
following the year in which Executive terminations plus (y) the lesser of two (2) times: (i) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during the Corporation’s taxable year preceding the Corporation’s
taxable year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1)
and any IRS guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified
plan pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

 

12.
Miscellaneous.

 

(a)
Neither the Executive nor the Corporation may assign or delegate any of their rights or duties under this Agreement without the
express written consent of the other; provided however that the Corporation shall have the right to delegate its obligation of
payment of all sums due to the Executive hereunder, provided that such delegation shall not relieve the Corporation of any of
its obligations hereunder.

 

(b)
This Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to the Executive’s
employment by the Corporation, supersedes all prior understandings and agreements, whether oral or written, between the Executive
and the Corporation, and shall not be amended, modified or changed except by an instrument in writing executed by the party to
be charged. The invalidity or partial invalidity of one or more provisions of this Agreement shall not invalidate any other provision
of this Agreement. No waiver by either party of any provision or condition to be performed shall be deemed a waiver of similar
or dissimilar provisions or conditions at the same time or any prior or subsequent time.

 

(c)
This Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto and their respective
successors, heirs, beneficiaries and permitted assigns.

 

(d)
The headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or
interpretation of this Agreement.

 

(e)
All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall
be deemed to have been duly given, when sent via electronic mail which receipt is acknowledge, when personally delivered, sent
by registered or certified mail, return receipt requested, postage prepaid, by private overnight mail service (e.g. Federal Express)
to the party at the address set forth above or to such other address as either party may hereafter give notice of in accordance
with the provisions hereof. Notices shall be deemed given on the sooner of the date actually received or the third business day
after sending.

 

    	 	 	Page 8 of 9

    	 

    

 

(f)
This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without reference
to principles of conflicts of laws and each of the parties hereto irrevocably consents to the exclusive jurisdiction and venue
of the federal and state courts located in the State of New York.

 

(g)
This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date
set forth above.

 

	CORPORATION:
    BTCS, INC.	 
	 	 
	/s/ Michal Handerhan 	 
	By:
    Michal Handerhan 	 
	Title:
    COO	 
	 	 
	EXECUTIVE:
    CHARLES W. ALLEN	 
	/s/
    Charles Allen	 

 

    	 	 	Page 9 of 9

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