Document:

Exhibit
10.2

 

FORM OF BROKERS
WARRANT

 

WARRANT

 

NEITHER THE SECURITIES REPRESENTED HEREBY
NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATES. THESE SECURITIES ARE SUBJECT TO RESTRICTIONS
ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT AND THE APPLICABLE
STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. UNLESS SOLD PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO
THE ISSUER TO THE EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS.

  

AKOUSTIS TECHNOLOGIES, INC.

 

WARRANT 

 

	Warrant No. _____	Original Issue Date:         
	 	[_______][__], 2016          

 

Akoustis Technologies,
Inc., a Nevada corporation (the “Company”), hereby certifies that, for value received, [_______] or its registered
assigns (the “Holder”), is entitled to purchase from the Company up to a total of [_______] shares of Common
Stock (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”), at
any time and from time to time from and after the Original Issue Date and through and including [__________], 2021 (the “Expiration
Date”), and subject to the following terms and conditions:

 

1.          Definitions.
As used in this Warrant, the following terms shall have the respective definitions set forth in this Section 1. Capitalized terms
that are used and not defined in this Warrant that are defined in the Agreement (as defined below) shall have the respective definitions
set forth in the Agreement.

 

“Closing
Price” means, for any date of determination, the price determined by the first of the following clauses that applies:
(i) if the Common Stock is then listed or quoted on a Trading Market, the closing bid price per share of the Common Stock for such
date (or the nearest preceding date) on such market; (ii) if prices for the Common Stock are then quoted on the OTC Bulletin Board,
the closing bid price per share of the Common Stock for such date (or the nearest preceding date) so quoted; (iii) if prices for
the Common Stock are then reported in the OTC Markets, the most recent bid price per share of the Common Stock so reported; or
(iv) in all other cases, the fair market value of a share of Common Stock as determined by an independent qualified appraiser selected
in good faith and paid for by the Company.

 

“Common
Stock” means the common stock of the Company, par value $0.001 per share, and any securities into which such common stock
may hereafter be reclassified.

 

“Exercise Price” means
$1.60, subject to adjustment in accordance with Section 9.

 

“Agreement”
means the Placement Agency Agreement, dated [__________], 2016, to which the Company and the Holder are parties.

 

“Fundamental
Transaction” means any of the following: (i) the Company effects any merger or consolidation of the Company with or into
another person, (ii) the Company effects any sale of all or substantially all of its assets in one or a series of related transactions,
(iii) any tender offer or exchange offer (whether by the Company or another person) is completed pursuant to which holders of Common
Stock are permitted to tender or exchange their shares for other securities, cash or property, or (iv) the Company effects any
reclassification 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.

 

     

     

    

 

“Original
Issue Date” means the Original Issue Date first set forth on the first page of this Warrant or its predecessor instrument.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated [__________], 2016, to which the Company and the Holder
are parties.

 

“Trading
Day” means (i) a day on which the Common Stock is traded on a Trading Market (other than the OTC Bulletin Board), or
(ii) if the Common Stock is not listed on a Trading Market (other than the OTC Bulletin Board), a day on which the Common Stock
is traded in the over-the-counter market, as reported by the OTC Bulletin Board, or (iii) if the Common Stock is not quoted on
any Trading Market, a day on which the Common Stock is quoted in the over-the-counter market as reported by the OTC Markets (or
any similar organization or agency succeeding to its functions of reporting prices); provided, that in the event that the Common
Stock is not listed or quoted as set forth in clauses (i), (ii) and (iii) hereof, then Trading Day shall mean a Business Day.

 

“Trading
Market” means whichever of the New York Stock Exchange, NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global
Market, the NASDAQ Capital Market or the OTC Bulletin Board on which the Common Stock is listed or quoted for trading on the date
in question.

 

2.          Registration
of Warrant. 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.

 

3.          Registration
of Transfers. The Company shall register the transfer of any portion of this Warrant in the Warrant Register, upon surrender
of this Warrant, with the Form of Assignment attached hereto duly completed and signed, to the Company at its address specified
herein. Upon any such registration or transfer, a new Warrant to purchase Common Stock, in substantially the form of this Warrant
(any such new Warrant, a “New Warrant”), evidencing the portion of this Warrant so transferred shall be issued
to the transferee and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued
to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such
transferee of all of the rights and obligations of a holder of a Warrant.

 

4.            Exercise
and Duration of Warrants. 

 

(a)          This
Warrant shall be exercisable by the registered Holder in whole at any time and in part from time to time from the Original Issue
Date through and including the Expiration Date. At 5:30 p.m., Central time on the Expiration Date, the portion of this Warrant
not exercised prior thereto shall be and become void and of no value. The Company may not call or redeem any portion of this Warrant
without the prior written consent of the affected Holder.

 

(b)          Notwithstanding
anything to the contrary contained herein, the number of Warrant Shares that may be acquired by the Holder upon any exercise of
this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such exercise
(or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its affiliates (as defined
under Rule 144, “Affiliates”) and any other persons whose beneficial ownership of Common Stock would be aggregated
with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not exceed 4.999% of the total number of issued
and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such exercise). For
such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and
regulations promulgated thereunder. This provision shall not restrict the number of shares of Common Stock which a Holder may receive
or beneficially own in order to determine the amount of securities or other consideration that such Holder may receive in the event
of a Fundamental Transaction as contemplated in Section 9 of this Warrant. By written notice to the Company, the Holder may waive
the provisions of this Section 4(b) but any such waiver will not be effective until the 61st day after delivery of such notice,
nor will any such waiver effect any other Holder.

 

     

     

    

 

Notwithstanding
anything to the contrary contained herein, the number of Warrant Shares that may be acquired by the Holder upon any exercise of
this Warrant (or otherwise in respect hereof) shall be limited to the extent necessary to insure that, following such exercise
(or other issuance), the total number of shares of Common Stock then beneficially owned by such Holder and its Affiliates and any
other persons whose beneficial ownership of Common Stock would be aggregated with the Holder’s for purposes of Section 13(d)
of the Exchange Act, does not exceed 9.999% of the total number of issued and outstanding shares of Common Stock (including for
such purpose the shares of Common Stock issuable upon such exercise). For such purposes, beneficial ownership shall be determined
in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder. This provision shall
not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine the amount
of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated in
Section 9 of this Warrant. This restriction may not be waived.

 

5.             Delivery
of Warrant Shares. 

 

(a)          To
effect exercises hereunder, the Holder shall not be required to physically surrender this Warrant unless the aggregate Warrant
Shares represented by this Warrant are being exercised. Upon delivery of the Exercise Notice (in the form attached hereto) to the
Company (with the attached Warrant Shares Exercise Log) at its address for notice set forth herein and upon payment of the Exercise
Price multiplied by the number of Warrant Shares that the Holder intends to purchase hereunder, the Company shall promptly (but
in no event later than three Trading Days after the Date of Exercise (as defined herein)) issue and deliver to the Holder, a certificate
for the Warrant Shares issuable upon such exercise, which, unless otherwise required by applicable law, shall be free of restrictive
legends. The Company shall, upon request of the Holder and subsequent to the date on which a registration statement covering the
resale of the Warrant Shares has been declared effective by the Securities and Exchange Commission, use its reasonable best efforts
to deliver Warrant Shares hereunder electronically through the Depository Trust Corporation or another established clearing corporation
performing similar functions, if available, provided, that, the Company may, but will not be required to change its transfer agent
if its current transfer agent cannot deliver Warrant Shares electronically through the Depository Trust Corporation. A “Date
of Exercise” means the date on which the Holder shall have delivered to the Company: (i) the Exercise Notice (with the
Warrant Exercise Log attached to it), appropriately completed and duly signed and (ii) if such Holder is not utilizing the cashless
exercise provisions set forth in this Warrant, payment of the Exercise Price for the number of Warrant Shares so indicated by the
Holder to be purchased.

 

(b)          If
by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner
required pursuant to Section 5(a), then the Holder will have the right to rescind such exercise.

 

(c)          If
by the third Trading Day after a Date of Exercise the Company fails to deliver the required number of Warrant Shares in the manner
required pursuant to Section 5(a), and if after such third Trading Day and prior to the receipt of such Warrant Shares, the Holder
purchases (in an open market transaction or otherwise) 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 (1) pay in cash to the Holder the amount 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 (A) the number of Warrant Shares
that the Company was required to deliver to the Holder in connection with the exercise at issue by (B) the closing bid price of
the Common Stock at the time of the obligation giving rise to such purchase obligation and (2) 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 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. The Holder shall provide the Company written notice indicating the amounts payable to the Holder
in respect of the Buy-In.

 

(d)          The
Company’s obligations to issue and deliver Warrant Shares in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof,
the recovery of any judgment against any person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation
or termination, or any breach or alleged breach by the Holder or any other person of any obligation to the Company or any violation
or alleged violation of law by the Holder or any other person, and irrespective of any other circumstance which might otherwise
limit such obligation of the Company to the Holder in connection with the issuance of Warrant Shares. 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 certificates
representing Warrant Shares upon exercise of the Warrant as required pursuant to the terms hereof.

 

     

     

    

  

6.          Charges,
Taxes and Expenses. Issuance and delivery of Warrant Shares upon exercise of this Warrant shall be made without charge to the
Holder for any issue or transfer tax, withholding tax, transfer agent fee or other incidental tax or expense in respect of the
issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company
shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates
for Warrant Shares or Warrants in a name other than that of the Holder. The Holder shall be responsible for all other tax liability
that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

7.          Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity
(which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply
with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe.
If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant
to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.          Reservation
of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized
but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise
of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this
entire Warrant, free from preemptive rights or any other contingent purchase rights of Persons other than the Holder (taking into
account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable
shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly
authorized, issued and fully paid and nonassessable.

 

9.           Certain
Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment
from time to time as set forth in this Section 9.

 

(a)          Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
outstanding shares of Common Stock into a larger number of shares, or (iii) combines outstanding shares of Common Stock into a
smaller number of shares, then in each such case the Exercise Price shall be adjusted to equal the product obtained by multiplying
the then-current Exercise Price by a fraction of which the numerator shall be the number of shares of Common Stock outstanding
immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately
after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record
date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause
(ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.

 

(b)          Fundamental
Transactions. If, at any time while this Warrant is outstanding there is a Fundamental
Transaction, then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind
of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if
it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise
in full of this Warrant (the “Alternate Consideration”). 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. At the Holder’s option and request, any successor to
the Company or surviving entity in such Fundamental Transaction shall, either (1) issue to the Holder a new warrant substantially
in the form of this Warrant and consistent with the foregoing provisions and evidencing the Holder’s right to purchase the
Alternate Consideration for the aggregate Exercise Price upon exercise thereof, or (2) purchase the Warrant from the Holder for
a purchase price, payable in cash within five Trading Days after such request (or, if later, on the effective date of the Fundamental
Transaction), equal to the Black Scholes value of the remaining unexercised portion of this Warrant on the date of such request.
The terms of any agreement pursuant to which a Fundamental Transaction is effected shall include terms requiring any such successor
or surviving entity to comply with the provisions of this paragraph (b) and insuring that the Warrant (or any such replacement
security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental Transaction.

 

     

     

    

  

(c)          Number
of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to this Section 9, the number of Warrant
Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such
adjustment the aggregate Exercise Price payable hereunder for the adjusted number of Warrant Shares shall be the same as the aggregate
Exercise Price in effect immediately prior to such adjustment.

 

(e)          Calculations.
 All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable.
The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account
of the Company, and the disposition of any such shares shall be considered an issue or sale of Common Stock.

 

(f)          Notice
of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will promptly
compute such adjustment in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including
a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise
of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon
which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the
Holder and to the Company’s Transfer Agent.

 

10.          Payment
of Exercise Price.  The Holder may pay the Exercise Price in one of the following manners:

 

(a)          Cash
Exercise. The Holder may deliver immediately available funds; or

 

(b)          Cashless
Exercise. Pursuant to a Company Exercise, or if an Exercise Notice is delivered at a time when a registration statement permitting
the Holder to resell the Warrant Shares is not then effective or the prospectus forming a part thereof is not then available to
the Holder for the resale of the Warrant Shares, then the Holder may notify the Company in an Exercise Notice of its election to
utilize a cashless exercise, in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the
number of Warrant Shares to be issued to the Holder.

 

Y = the
number of Warrant Shares with respect to which this Warrant is being exercised.

 

A = the average of the Closing
Prices for the five Trading Days immediately prior to (but not including) the Exercise Date.

 

B = the Exercise Price.

 

For purposes of Rule 144 promulgated under
the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction
shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced,
on the date this Warrant was originally issued.

 

11.         No
Fractional Shares.  No fractional shares of Warrant Shares will be issued in connection with any exercise of this Warrant.
In lieu of any fractional shares which would, otherwise be issuable, the Company shall pay cash equal to the product of such fraction
multiplied by the Closing Price of one Warrant Share on the date of exercise.

 

     

     

    

  

12.         Notices.
Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall
be in writing and shall be deemed given and effective if provided pursuant to the Agreement. In case any time: (1) the Company
shall declare any cash dividend on its capital stock; (2) the Company shall pay any dividend payable in stock upon its capital
stock or make any distribution to the holders of its capital stock; (3) the Company shall offer for subscription pro rata to the
holders of its capital stock any additional shares of stock of any class or other rights; (4) there shall be any capital reorganization,
or reclassification of the capital stock of the Company, or consolidation or merger of the Company with, or sale of all or substantially
all of its assets to, another corporation; or (5) there shall be a voluntary or involuntary dissolution, liquidation or winding
up of the Company; then, in any one or more of said cases, the Company shall give prompt written notice to the Holder. Such notice
shall also specify the date as of which the holders of capital stock of record shall participate in such dividend, distribution
or subscription rights, or shall be entitled to exchange their capital stock for securities or other property deliverable upon
such reorganization, reclassification, consolidation, merger, sale, dissolution, liquidation or winding up, or conversion or redemption,
as the case may be. Such written notice shall be given at least 20 days prior to the action in question and not less than 20 days
prior to the record date or the date on which the Company’s transfer books are closed in respect thereto.

 

13.         Registration
Rights. The Holder shall be entitled to the registration rights set forth in the Registration Rights Agreement.

 

14.         Lock
Up. In accordance with FINRA Rule 5110(g), this Warrant shall not be sold during the Private Placement, or sold, transferred,
assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call transaction that would
result in the effective economic disposition of this Warrant or the Warrant Shares, by any person for a period of 180 days immediately
following the date of effectiveness or commencement of sales of the Private Placement, except as provided in paragraph (g)(2) of
FINRA Rule 5110.

 

16.          Miscellaneous.

 

(a)          This
Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed
by the Company and the Holder and their successors and assigns.

 

(b)          All
questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be governed by and construed
and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law
thereof.

 

(c)          The
headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any
of the provisions hereof.

 

(d)          In
case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability
of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby and the parties will
attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor,
and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(e)          Prior
to exercise of this Warrant, the Holder hereof shall not, by reason of by being a Holder, be entitled to any rights of a stockholder
with respect to the Warrant Shares.

 

[Remainder of page intentionally left
blank, signature page follows] 

 

     

     

    

 

In witness whereof, the Company has caused this Warrant to be
duly executed by its authorized officer as of the date first indicated above. 

 

	 	AKOUSTIS TECHNOLOGIES, INC.
	 	 
	 	By:	 
	 	Name:	 
	 	Title:Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT
AGREEMENT (the "Agreement") dated as of the 16th day of April, 2016, (the “Start Date”), by and among between
GOPHER PROTOCOL INC., a Nevada corporation with its principal office located at 23129 Cajalco Road, Perris, California 92570 (the
“Company”), and MANSOUR KHATIB, with an address located at 12706 National Blvd, Los Angeles, CA 90066 (the “Executive”).

W I T N E S S E T H:

WHEREAS,
The Company wishes to employ Executive, and Executive wishes to be employed by the Company, on the terms and conditions hereinafter
set forth; and

NOW, THEREFORE,
in consideration of the mutual promises set forth in this Agreement, the parties agree as follows:

1.                 
Employment and Duties.

A. Subject to the terms
and conditions hereinafter set forth, the Company hereby employs Executive as the Company's Chief Marketing Officer (the “Position”)
during the Term, as hereinafter defined. Executive shall have the duties and responsibilities associated with the Position. Executive
shall report to the Chief Executive Officer (the "CEO") of the Company. Executive shall also perform such other duties
and responsibilities as may be determined by the CEO, as long as such duties and responsibilities are reasonable and consistent
with the Position. The Company and Executive acknowledge and agree that the CEO may, from time to time and at any time, assign
Executive to perform services and duties of an executive or financial nature reasonably consistent with his duties and authority
hereunder for other entities owned by, the Company. Executive shall (1) devote working time, attention, and energy, using his best
efforts, to perform his duties and provide his services under this Agreement; (2) faithfully and competently serve and further
the interests of the Company in every lawful way, giving honest, diligent, loyal, and cooperative service to the Company; (3) discharge
all such duties and perform all such services as aforesaid in a timely manner; and (4) comply with all lawful policies which from
time to time may be in effect at the Company or that the Company adopts. Executive shall use its commercially reasonable best efforts
to preserve the confidentiality of confidential information designated as confidential by Company or that may assumed to be confidential.
Executive understands that the Company is a publicly traded company trading on the OTCBB under the symbol GOPH. Executive understands
that it may come in possession of material non-public information. Executive agrees that it will protect such information and not
buy or sell the Company’s securities when in possession of such information. Executive represents that it is an accredited
investor as that term is defined by Regulation D as promulgated under the Securities Act of 1933, as amended (the “Act”),
and all compensation in the form of securities of the Company issued to Executive under Section 2 of this Agreement shall be issued
under Section 4(2) of the Act and shall contain the appropriate restrictive legend under the Act.

 

       B. The “Term”
shall mean the period commencing on the Start Date and ending on the one (1) year anniversary of the Start Date.

                2.Conflicts of Interest.
Executive represents, warrants and agrees that he is not presently engaged in, nor shall he during the term of his employment
with the Company enter into, any employment, consulting or agency relationship or agreement with any third party that is a
vendor, investor or related party to the Company. Executive further represents, warrants and agrees that he does not
presently, nor shall he, during the term of his employment with the Company, possess any significant interest, directly or
indirectly, in any third party whose interests would be reasonably expected to conflict with those of any of the Company.
Executive will not devote 100% of his time to the Company and he will engage in other employment, consulting, or other
business activity provided there is no conflict with the Company.

 

    

     

    

 

3.                 
Executive’s Performance. Executive hereby accepts the employment contemplated by this Agreement. During the
Term, Executive shall perform his duties diligently, in good faith and in a manner consistent with the best interests of the Company,
and shall devote a significant portion of his business time to the performance of his duties under this Agreement.

4.                 
Compensation and Other Benefits. Upon the Company generating $1,000,000 in revenue during any three (3) month period
(the “Threshold Requirement”), the Executive will receive salary at the rate of $100,000 annually (the “Base
Salary”). Once the Threshold Requirement is met, the Base Salary will be payable in equal increments not less often than
monthly in arrears and in any event consistent with the Company’s payroll policy and practices. In addition, the Base Salary
of the Executive may from time to time be increased, but not decreased, by the Board, in its absolute discretion, including potential
bonuses.

5.                 
Reimbursement of Expenses. The Company shall reimburse Executive, upon presentation of proper expense statements
and receipts, for all preapproved in writing, authorized, ordinary and necessary out-of-pocket expenses reasonably incurred
by Executive during the Term in connection with the performance of his services pursuant to this Agreement in accordance with the
Company’s expense reimbursement policy.

6.                 
Termination of Employment. The Company may terminate this Agreement and Executive’s employment pursuant to
this Agreement immediately for any reason whatsoever, in which event no further compensation shall be payable to Executive subsequent
to the date of such termination.

7.                 
Trade Secrets and Proprietary Information.

(a)               
Executive recognizes and acknowledges that the Company, through the expenditure of considerable time and money, has developed
and will continue to develop in the future confidential information. “Confidential information” shall mean all information
of a proprietary or confidential nature relating to Covered Persons, including, but not limited to, such Covered Person’s
trade secrets or proprietary information, confidential know-how, and marketing, services, products, business, research and development
activities, inventions and discoveries, whether or not patentable, and information concerning such Covered Person’s services,
business, customer or client lists, proposed services, marketing strategy, pricing policies and the requirements of its clients
and relationships with its lenders, suppliers, licensors, licensees and others with which a Covered Person has a business relationship,
financial or other data, technical data or any other confidential or proprietary information possessed, owned or used by the Company,
the disclosure of which could or does have a material adverse effect on the Company, its businesses, any business in which it
proposes to engage. Executive agrees that he will not at any time use or disclose to any person any confidential information relating
to the Company or any affiliate of the Company or any client of the Company which provided confidential information to Executive;
provided, however, that nothing in this Section 7(a) shall be construed to prohibit Executive from using or disclosing such information
if he can demonstrate that such information (i) became public knowledge other than by or as a result of disclosure by a person
not having a right to make such disclosure or (ii) was disclosure that was authorized by the Company. The term “Covered
Person” shall include the Company and subsidiaries and any other person who provides information to the Company pursuant
to a secrecy or non-disclosure agreement.

    

     

    

(b)              
In the event that any confidential information is required to be produced by Executive pursuant to legal process
(including judicial process or governmental administrative subpoena), Executive shall give the Company notice of such legal process
within a reasonable time, but not later than ten business days prior to the date such disclosure is to be made, unless Executive
has received less notice, in which event Executive shall immediately notify the Company. The Company shall have the right to object
to any such disclosure, and if the Company objects (at the Company’s cost and expense) in a timely manner so that Executive
is not subject to penalties for failure to make such disclosure, Executive shall not make any disclosure until there has been a
court determination on the Company’s objections. If disclosure is required by a court order, final beyond right of review,
or if the Company does not object to the disclosure, Executive shall make disclosure only to the extent that disclosure is required
by the court order, and Executive will exercise reasonable efforts at the Company’s
expense, to obtain reliable assurance that confidential treatment will be accorded the Confidential Information.

(c)               
Executive shall, upon expiration or termination of the Term, or earlier at the request of the Company, turn over to the
Company or destroy all documents, papers, computer disks or other material in Executive’s possession or under Executive’s
control which may contain or be derived from confidential information. To the extent that any confidential information is on Executive’s
hard drive or other storage media, he shall, upon the request of the Company, cause either such information to be erased from his
computer disks and all other storage media or otherwise take reasonable steps to maintain the confidential nature of the material.

(d)              
Executive further realizes that any trading in the Company’s common stock or other securities or aiding or assisting
others in trading in the Company’s common stock or other securities, including disclosing any non-public information concerning
the Company or its affiliates to a person who uses such information in trading in the Company’s common stock or other securities,
may constitute a violation of federal and state securities laws. Executive will not engage in any transactions involving the Company’s
common stock or other securities while in the possession of material non-public information in a manner that would constitute a
violation of federal and state securities laws.

(e)               
For the purposes of this Agreement, the term “Company” shall include the Company, its subsidiaries and affiliates.

8.                 
Covenant Not To Solicit or Compete.

(a)               
During the period from the date of this Agreement until two years following the date on which Executive’s employment
is terminated, Executive will not, directly or indirectly:

(i) persuade or
attempt to persuade any person which is or was a customer, client or supplier of the Company to cease doing business with the Company,
or to reduce the amount of business it does with the Company (the terms “customer” and “client”
as used in this Section 8 to include any potential customer or client to whom the Company submitted bids or proposals, or
with whom the Company conducted negotiations, during the term of Executive’s employment or consulting relationship hereunder
or during the twelve (12) months preceding the termination of his employment or consulting relationship, as the case may be);

(ii) solicit for
himself or any other person other than the Company the business of any person which is a customer or client of the Company, or
was a customer or client of the Company within one (1) year prior to the termination of his employment or consulting relationship;

    

     

    

(iii) persuade or
attempt to persuade any Executive of the Company, or any individual who was an Executive of the Company during the one (1) year
period prior to the lawful and proper termination of this Agreement, to leave the Company’s employ, or to become employed
by any person in any business in the United States whether as an officer, director, consultant, partner, guarantor, principal,
agent, employee, advisor or in any manner, which directly competes with the business of the Company as it is engaged in at the
time of the termination of this Agreement, provided, however, that nothing in this Section 8 shall be construed to prohibit
the Executive from owning an interest of not more than five (5%) percent of any public company engaged in such activities.

(b)              
During the period from the date of this Agreement until two years following the date on which Executive’s employment
is terminated, Executive will not, directly or indirectly become an officer, director, more
than 5% stockholder, partner, associate, employee, owner, proprietor, agent, creditor, independent contractor, co-venturer or otherwise,
or be interested in or associated with any other corporation, firm or business engaged in the Territory (as hereinafter defined)
in the same or any similar business competitive with that of the Company (including the Company's present and future subsidiaries
and affiliates) as such business shall exist on the day of this Agreement and during Executive's Term. The territory of this Agreement
shall be throughout the United States (the "Territory") 

(c)               
Executive will not, during or after the Term, make any disparaging statements concerning the Company, its business, officers,
directors and employees that could injure, impair, damage or otherwise affect the relationship between the Company, on the one
hand, and any of the Company’s employees, suppliers, customers, clients or any other person with which the Company has or
may conduct business or otherwise have a business relationship of any kind and description; provided, however, that this sentence
shall not be construed to prohibit either from giving factual information required to be given pursuant to legal process, subject
to the provisions of Section 8(b) of this Agreement. The Company will not make any disparaging statements concerning Executive.
This Section 8(b) shall not be construed to prohibit either party from giving factual information concerning the other party in
response to inquiries that such party believes are bona fide.

(d)              
The Executive acknowledges that the restrictive covenants (the “Restrictive Covenants”) contained in Sections 7
and 8 of this Agreement are a condition of his employment and are reasonable and valid in geographical and temporal scope and in
all other respects. If any court determines that any of the Restrictive Covenants, or any part of any of the Restrictive Covenants,
is invalid or unenforceable, the remainder of the Restrictive Covenants and parts thereof shall not thereby be affected and shall
remain in full force and effect, without regard to the invalid portion. If any court determines that any of the Restrictive Covenants,
or any part thereof, is invalid or unenforceable because of the geographic or temporal scope of such provision, such court shall
have the power to reduce the geographic or temporal scope of such provision, as the case may be, and, in its reduced form, such
provision shall then be enforceable.

(e)               
Nothing in this Section 8 shall be construed to prohibit Executive from owning a passive, non-management interest of less
than 5% in any public company that is engaged in activities prohibited by this Section 8.

9.                  Injunctive
Relief. Executive agrees that his violation or threatened violation of any of the provisions of Sections 7 or 8 of
this Agreement shall cause immediate and irreparable harm to the Company. In the event of any breach or threatened breach of
any of said provisions, Executive consents to the entry of preliminary and permanent injunctions by a court of competent
jurisdiction prohibiting Executive from any violation or threatened violation of such provisions and compelling Executive to
comply with such provisions. This Section 9 shall not affect or limit, and the injunctive relief provided in this
Section 10 shall be in addition to, any other remedies available to the Company at law or in equity or in arbitration
for any such violation by Executive. Subject to Section 8(c) of this Agreement, the provisions of Sections 7, 8 and 9 of this
Agreement shall survive any termination of this Agreement and Executive’s employment and consulting relationship
pursuant to this Agreement.

    

     

    

10.             
Indemnification. The Company shall provide Executive with payment of legal fees and indemnification to the maximum
extent permitted by the Company’s or the Company’s, as the case may be, certificate of incorporation, by-laws and
applicable law. The Company shall provide Executive with the same indemnification as are provided by the Company to officers and
directors of its subsidiaries and, if Executive is an officer or director of the Company, the Company shall provide Executive with
the same indemnification as the Company provides for its officers and directors.

11.             
Representations by the Parties.

(a)               
Executive represents, warrants, covenants and agrees that he has a right to enter into this Agreement, that he is not a
party to any agreement or understanding, oral or written, which would prohibit performance of his obligations under this Agreement,
and that he will not use in the performance of his obligations hereunder any proprietary information of any other party which he
is legally prohibited from using.

(b)              
The Company represents, warrants and agrees that it has full power and authority to execute and deliver this Agreement and
perform its obligations hereunder.

12.             
Miscellaneous.

(a)               
Intentionally left blank.

(b)              
Any notice, consent or communication required under the provisions of this Agreement shall be given in writing and sent
or delivered by hand, overnight courier or messenger service, against a signed receipt or acknowledgment of receipt, or by registered
or certified mail, return receipt requested, or telecopier or similar means of communication if receipt is acknowledged or if transmission
is confirmed by mail as provided in this Section 12(b), to the parties at their respective addresses set forth at the beginning
of this Agreement or with notice to the Company being sent to the attention of the individual who executed this Agreement on its
behalf. Any party may, by like notice, change the person, address or telecopier number to which notice is to be sent. If no telecopier
number is provided for Executive, notice to him shall not be sent by telecopier.

(c)               
This Agreement shall in all respects be construed and interpreted in accordance with, and the rights of the parties shall
be governed by, the laws of the State of Florida applicable to contracts executed and to be performed wholly within such State,
without regard to principles of conflicts of laws. Each party hereby (i) consents to the exclusive jurisdiction of the federal
courts in Florida, (ii) agrees that any process in any action commenced in such court under this Agreement may be served upon
it or him personally, either (x) by certified or registered mail, return receipt requested, or by courier service which obtains
evidence of delivery, with the same full force and effect as if personally served upon such party in Florida, or (y) by any other
method of service permitted by law, and (iii) waives any claim that the jurisdiction of any such court is not a convenient
forum for any such action and any defense of lack of in personam jurisdiction with respect thereof.

(d)               
If any term, covenant or condition of this Agreement or the application thereof to any party or circumstance shall, to any
extent, be determined to be invalid or unenforceable, the remainder of this Agreement, or the application of such term,
covenant or condition to parties or circumstances other than those as to which it is held invalid or unenforceable, shall not
be affected thereby and each term, covenant or condition of this Agreement shall be valid and be enforced to the fullest
extent permitted by law, and any court or arbitrator having jurisdiction may reduce the scope of any provision of this
Agreement, including the geographic and temporal restrictions set forth in Section 8 of this Agreement, so that it
complies with applicable law.

    

     

    

(e)               
This Agreement constitutes the entire agreement of the Company and Executive as to the subject matter hereof, superseding
all prior or contemporaneous written or oral understandings or agreements, including any and all previous employment agreements
or understandings, all of which are hereby terminated, with respect to the subject matter covered in this Agreement. This Agreement
may not be modified or amended, nor may any right be waived, except by a writing which expressly refers to this Agreement, states
that it is intended to be a modification, amendment or waiver and is signed by both parties in the case of a modification or amendment
or by the party granting the waiver. No course of conduct or dealing between the parties and no custom or trade usage shall be
relied upon to vary the terms of this Agreement. The failure of a party to insist upon strict adherence to any term of this Agreement
on any occasion shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence
to that term or any other term of this Agreement.

(f)               
No party shall have the right to assign or transfer any of its or his rights hereunder except that the Company’s rights
and obligations may be assigned in connection with a merger of consolidation of the Company or a sale by the Company of all or
substantially all of its business and assets.

(g)              
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, successors,
executors, administrators and permitted assigns.

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

(i)                
This Agreement may be executed in counterparts, each of which when so executed and delivered will be an original document,
but both of which counterparts will together constitute one and the same instrument.

13.             
Final Agreement. This agreement supersedes all employment agreements between the Company and the Executive. In settlement
of any obligations under prior agreements, the Executive acknowledges payment of all amounts due under the prior arrangement.

 

[Signatures on following page]

 

    	 

    	 

    

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

	 	 	GOPHER PROTOCOL INC.
	 	 	 
	 	 	 
	 	 	By: /s/Michael
D. Murray
	 	 	Name: Michael D. Murray
	 	 	Title: CEO
	 	 	 
	 	 	 
	 	 	EXECUTIVE:
	 	 	 
	 	 	/s/Mansour
Khatib
	 	 	Mansour Khatib

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