Document:

Exhibit 10.24

 

CLOSING
ESCROW AGREEMENT

 

This
CLOSING ESCROW AGREEMENT (this “Agreement”) dated as of this 1st day of May 2015 by and among
Innovation Economy Corporation, a Delaware corporation (the “Company”), having an address at 1650 Spruce
St. Suite 500 Riverside , CA 92507; TriPoint Global Equities, LLC, having an address at 1450 Broadway, 26th
Floor, New York, NY 10018 (“Placement Agent”), and WILMINGTON TRUST, NATIONAL ASSOCIATION (the “Escrow
Agent”), with its principal
corporate
trust office
at 1100
North
Market
Street,
Wilmington,
Delaware
19890.

 

All
capitalized terms not herein defined shall have the meaning ascribed to them in that certain Registration Statement, filed with
the Securities and Exchange Commission on April 3, 2015, as amended or supplemented from time-to-time, including all exhibits
thereto (the “Registration Statement”).

 

W I T N
E S S E T H:

 

WHEREAS,
the Company proposes to sell Units (the “Offering”) consisting of shares of common stock, par value $0.00001 per share,
and warrants to purchase a to be determined number of shares of common stock, (each, a “Units”) for an aggregate
purchase price of $23,500,000 (“Maximum Offering Amount; and;

 

WHEREAS,
subject to all conditions to closing being satisfied or waived, the closing shall take place (the “Final Closing”)
by the earlier to occur of (a) completion of the sale of all Units included in the Maximum Offering, or (b) by 5:00 pm (EDT) on
the forty-fifth (45th) day after the Offering commences, which 45th day is expected to be June 25, 2015
(the date all Units included in the Maximum Offering are sold or 5:00 pm on the 45th day are referred to as the “Final
Termination Date”) which can be further extended up to 45 days by the mutual agreement of the Company and the Placement
Agent if the sale of all Units in the Maximum Offering has not completed by June 25, 2015; provided however, that the Company
may hold a prior initial closing (the “Initial Closing”) upon receipt of $10,000 ( the “Minimum Offering
Amount”) and subsequent closings (“Subsequent Closings,” and any such Final Closing, Initial Closing
and Subsequent Closing individually a “Closing” and collectively the “Closings”) anytime
thereafter up to the Final Termination Date; and

 

WHEREAS,
if the Minimum Offering Amount has not been received by the Escrow Agent pursuant to this Agreement by August 10, 2015, the
Offering shall terminate and all funds shall be returned to the subscribers in the Offering; and

 

WHEREAS,
in connection with the Offering contemplated by the Registration Statement, the Company entered into a Placement Agent Agreement
between the Company and the Placement Agent, and certain other agreements, documents, instruments and certificates necessary to
carry out the purposes thereof (collectively, the “Transaction Documents”); and

 

    	 

    	 

    

 

WHEREAS,
the Company and Placement Agent desire to establish an escrow account with the Escrow Agent into which the Company and Placement
Agent shall instruct the Purchasers to deposit checks and other instruments for the payment of money made payable to the order
of “WILMINGTON TRUST, N.A. as Escrow Agent for Innovation Economy Corporation TriPoint Escrow,” and the Escrow Agent
is willing to accept said checks and other instruments for the payment of money in accordance with the terms hereinafter set forth;
and

 

WHEREAS,
the Company and Placement Agent represent and warrant to the Escrow Agent that they have not stated to any individual or entity
that the Escrow Agent’s duties will include anything other than those duties stated in this Agreement; and

 

WHEREAS,
the Company and Placement Agent represent and warrant to the Escrow Agent that a copy of each document that has been delivered
to the Purchaser and third parties that include Escrow Agent’s name and duties, has been attached hereto as Schedule
I.

 

NOW,
THEREFORE, IT IS AGREED as follows:

 

1.
Delivery of Escrow Funds.

 

(a)
Placement Agent and the Company shall instruct the Purchaser to deliver to Escrow Agent checks made payable to the order of “WILMINGTON
TRUST, N.A., as Escrow Agent for Innovation Economy Corporation TriPoint Escrow,” or wire transfer to:

 

Wilmington
Trust Company

ABA
#: 031100092

A/C
# [_______________]

A/C
Nm: Innovation Economy Corporation TriPoint Escrow

Attn:
Boris Treyger

 

International
Wires:

 

M&T

Buffalo,
New York

ABA: 022000046

SWIFT: MANTUS33

Beneficiary
Bank: Wilmington Trust

Beneficiary
ABA: 031100092

A/C
#: [_______________]

A/C Name:
Innovation Economy Corporation TriPoint Escrow

 

All
such checks
and wire
transfers
remitted
to the Escrow
Agent
shall
be accompanied
by information identifying
each Purchaser, subscription,
the Purchaser’s social
security or taxpayer
identification
number and
address.
In the event the Purchaser’s address and/or social security number or taxpayer identification number are not provided to
Escrow Agent by the Purchaser, then Placement Agent and/or the Company agree to promptly upon request provide Escrow Agent with
such information in writing. The checks or wire transfers shall be deposited into a non interest-bearing account at WILMINGTON
TRUST, NATIONAL ASSOCIATION entitled “WILMINGTON TRUST, N.A., as Escrow Agent for Innovation Economy Corporation
TriPoint Escrow” (the “Escrow Account”).

 

    	2

    	 

    

 

(b)
The collected funds deposited into the Escrow Account are referred to as the “Escrow Funds.”

 

(c)
The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into
the Escrow Account. If, for any reason, any check deposited into the Escrow Account shall be returned unpaid to the Escrow Agent,
the sole duty of the Escrow Agent shall be to return the check to the Purchaser and advise the Company and Placement Agent promptly
thereof.

 

2.
Release of Escrow Funds. The Escrow Funds shall be paid by the Escrow Agent in accordance with the following:

 

(a)
The Company may hold a closing upon the Escrow Agent's receipt of $10,000 pursuant to the Offering (the "Initial Closing"),
following which the Company can hold subsequent closings for the sale of all or any portion of the remaining amount of Securities
under the Offering.

 

(b)
In the event that the Company and Placement Agent advises the Escrow Agent in writing that the Offering has been terminated (the
“Termination Notice”), the Escrow Agent shall promptly return the funds paid by each Purchaser to such Purchaser
without interest or offset.

 

(c)
If prior to 5:00 P.M. Eastern time on the Final Termination Date, the Escrow Agent receives written notice, in the form of Exhibit
C attached hereto and made a part hereof (“Extension Notice”), and signed by the Company and Placement
Agent stating that the Initial Termination Date has been extended for up to another 45 days (such 45th day being referred to as
the “Extension Date”), then the Final Termination Date shall be so extended to the date set forth in the Extension
Notice.

 

(d)
At each Closing, the Company and the Placement Agent shall provide the Escrow Agent with written instructions regarding the disbursement
of the Escrow Funds in accordance with Exhibit A attached hereto and made a part hereof and signed by the Company
and the Placement Agent (the “Disbursement Instructions”).

 

(e)
Subsequent to the Initial Closing and until the Final Closing, the Company and the Placement Agent may hold one or more additional
closings of the purchase and sale of the Units (each a “Subsequent Closing”), with each Subsequent Closing
to be effected by disbursement of additional Escrow Funds based on the delivery of additional Disbursement Instructions to the
Escrow Agent signed by the Company and the Placement Agent.

 

(f)
If by 5:00 P.M. Eastern time on the forty-fifth (45th) business day following the Final Termination Date, the Escrow
Agent has not received written Disbursement Instructions from the Company and Placement Agent regarding the disbursement of the
then Escrow Funds, then the Escrow Agent shall promptly return the Escrow Funds to the Purchasers without interest or offset.
The Escrow Funds returned to the Purchasers shall be free and clear of any and all claims of the Escrow Agent.

 

    	3

    	 

    

 

(g)
The Escrow Agent shall not be required to pay any uncollected funds or any funds that are not available for withdrawal.

 

(h)
If the Closing Date or any date that is a deadline under this Agreement for giving the Escrow Agent notice or instructions or
for the Escrow Agent to take action is not a Banking Day, then such date shall be the Banking Day that immediately follows that
date. A Banking Day is any day other than a Saturday or Sunday that Delaware and New York banks are legally obligated to be opened.

 

3.
Acceptance by Escrow Agent. The Escrow Agent hereby accepts and agrees to perform its obligations hereunder, provided
that:

 

(a)
The Escrow Agent may act in reliance upon any signature reasonably believed by it to be genuine, and may assume that any person
who has been designated by Placement Agent or the Company to give any written instructions, notice or receipt, or make any statements
in connection with the provisions hereof has been duly authorized to do so. Escrow Agent shall have no duty to make inquiry as
to the genuineness, accuracy or validity of any statements or instructions or any signatures on statements or instructions. The
names and true signatures of each individual authorized to act singly on behalf of the Company and Placement Agent are stated
in Schedule II, which is attached hereto and made a part hereof. The Company and Placement Agent may each remove or add
one or more of its authorized signers stated on Schedule II by notifying the Escrow Agent in writing of such change in accordance
with this Agreement, which notice shall include the true signature for any new authorized signatories. The Escrow Agent shall
be entitled to rely upon any order, judgment, opinion, or other writing delivered to it in compliance with the provisions of this
Agreement without being required to determine the authenticity or the correctness of any fact stated therein or the propriety
or validity of service thereof.

 

(b)
The Escrow Agent may act relative hereto in reliance upon advice of counsel in reference to any matter connected herewith. The
Escrow Agent shall not be liable for any mistake of fact or error of judgment or law, or for any acts or omissions of any kind,
unless caused by its willful misconduct or gross negligence.

 

(c)
Placement Agent and the Company agree, jointly and severally, to indemnify and hold the Escrow Agent and its employees, officers,
directors and agents harmless from and against any and all claims, losses, costs, liabilities, damages, suits, demands, judgments
or expenses (including but not limited to reasonable attorney’s fees) claimed against or incurred by Escrow Agent arising
out of or related, directly or indirectly, to this Escrow Agreement unless caused by the Escrow Agent’s gross negligence
or willful misconduct. Placement Agent and the Company agree, jointly and severally, to pay or reimburse the Escrow Agent upon
request for any transfer taxes or other taxes relating to the Escrow Funds incurred in connection herewith and shall indemnify
and hold harmless the Escrow Agent with respect to any amounts that it is obligated to pay in the way of such taxes. Escrow Agent
shall not incur any liability for performing or not performing any act or fulfilling any duty, obligation or responsibility hereunder
by reason of any occurrence beyond the control of Escrow Agent, including, without limitation, war (whether declared or existing),
revolution, insurrection, riot, civil commotion, accident, fire, explosion, stoppage of labor, strikes and other differences with
employees; the act, failure or neglect of the parties hereto or any of their agents; any delay, error, omission or default of
any mail, courier, facsimile or wireless agency or operator; or the acts or edicts of any government or governmental agency or
other group or entity exercising governmental powers. The terms of this paragraph shall survive termination of this Agreement.

 

    	4

    	 

    

 

(d)
In the event that the Escrow Agent shall be uncertain as to its duties or rights hereunder, the Escrow Agent shall be entitled
to (i) refrain from taking any action other than to keep safely the Escrow Funds until it shall be directed otherwise by a court
of competent jurisdiction, or (ii) deliver the Escrow Funds to a court of competent jurisdiction.

 

(e)
The Escrow Agent shall have no duty, responsibility or obligation to interpret or enforce the terms of any agreement other than
Escrow Agent’s obligations hereunder, and the Escrow Agent shall not be required to make a request that any monies be delivered
to the Escrow Account, it being agreed that the sole duties and responsibilities of the Escrow Agent shall be to the extent not
prohibited by applicable law (i) to accept checks or other instruments for the payment of money and wire transfers delivered to
the Escrow Agent for the Escrow Account and deposit said checks and wire transfers into the non-interest bearing Escrow Account,
and (ii) to disburse or refrain from disbursing the Escrow Funds as stated above, provided that the checks received by the Escrow
Agent have been collected and are available for withdrawal. The Escrow Agent makes no representation as to the validity, value,
genuineness or collectability of any security or other document or instrument held by or delivered to it. 

 

(f)
The Escrow Agent shall be obligated to perform only such duties as are expressly set forth in this Agreement. No implied covenants
or obligations shall be inferred from this Agreement against the Escrow Agent, nor shall the Escrow Agent be bound by the provisions
of any agreement by the Company beyond the specific terms hereof. Without limiting the foregoing,
the Escrow Agent shall dispose of the Escrow Funds in accordance with the express provisions of this Agreement, and has not reviewed
and shall not make, be required to make or be liable in any manner for its failure to make, any determination under the Transaction
Documents, or any other agreement, including, without limitation, any determination of whether (i) the Company has complied with
the terms of the Transaction Documents, (ii) an investment in the Units is suitable for the proposed Purchasers, or (iii)
the Transaction Documents complies with applicable securities laws.

 

(g)
No provision of this Agreement shall require the Escrow Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder. The Escrow Agent is acting under this Agreement as a stakeholder
only and shall be considered an independent contractor with respect to each party. No term or provision of this Agreement is intended
to create, nor shall any such term or provision be deemed to have created, any trust, joint venture, partnership, or debtor/creditor
relationship between or among the Escrow Agent and any of the parties.

 

    	5

    	 

    

 

(h)
In no event shall the Escrow Agent be liable for any lost profits, lost savings or other special, exemplary, consequential or
incidental damages even if the Escrow Agent has been advised of the likelihood of such loss or damage.

 

4.
Resignation and Termination of the Escrow Agent. The Escrow Agent may resign at any time by giving 30 days’ prior
written notice of such resignation to Placement Agent and the Company. Upon providing such notice, the Escrow Agent shall have
no further obligation hereunder except to hold as depositary the Escrow Funds that it receives until the end of such 30-day period.
In such event, the Escrow Agent shall not take any action, other than receiving and depositing the Purchaser’s checks and
wire transfers in accordance with this Agreement, until the Company has designated a banking corporation, trust company, attorney
or other person as successor. Upon receipt of such written designation signed by Placement Agent and the Company, the Escrow Agent
shall promptly deliver the Escrow Funds to such successor and shall thereafter have no further obligations hereunder. If such
instructions are not received within 30 days following the effective date of such resignation, then the Escrow Agent may deposit
the Escrow Funds held by it pursuant to this Agreement with a clerk of a court of competent jurisdiction pending the appointment
of a successor. In either case provided for in this paragraph, the Escrow Agent shall be relieved of all further obligations and
released from all liability thereafter arising with respect to the Escrow Funds.

 

5.
Termination. The Company and Placement Agent may terminate the appointment of the Escrow Agent hereunder upon written notice
specifying the date upon which such termination shall take effect, which date shall be at least 30 days from the date of such
notice. In the event of such termination, the Company and Placement Agent shall, within 30 days of such notice, appoint a successor
escrow agent and the Escrow Agent shall, upon receipt of written instructions signed by the Company and Placement Agent, turn
over to such successor escrow agent all of the Escrow Funds; provided, however, that if the Company and Placement
Agent fail to appoint a successor escrow agent within such 30-day period, such termination notice shall be null and void and the
Escrow Agent shall continue to be bound by all of the provisions hereof. Upon receipt of the Escrow Funds, the successor escrow
agent shall become the escrow agent hereunder and shall be bound by all of the provisions hereof and WILMINGTON TRUST,N.A. shall
be relieved of all further obligations and released from all liability thereafter arising with respect to the Escrow Funds and
under this Agreement.

 

6.
Investment. All funds received by the Escrow Agent shall be held only in non-interest bearing bank accounts at WILMINGTON
TRUST, NATIONAL ASSOCIATION.

 

7.
Compensation. Escrow Agent shall be entitled, for the duties to be performed by it hereunder, to a fee of $2,500.00, which
fee shall be paid by the Company upon the signing of this Agreement. In addition, the Company shall be obligated to reimburse
Escrow Agent for all fees, costs and expenses incurred or that become due in connection with this Agreement or the Escrow Account,
including reasonable attorney’s fees. Neither the modification, cancellation, termination or rescission of this Agreement
nor the resignation or termination of the Escrow Agent shall affect the right of Escrow Agent to retain the amount of any fee
which has been paid, or to be reimbursed or paid any amount which has been incurred or becomes due, prior to the effective date
of any such modification, cancellation, termination, resignation or rescission. To the extent the Escrow Agent has incurred any
such expenses, or any such fee becomes due, prior to any closing, the Escrow Agent shall advise the Company and the Company shall
direct all such amounts to be paid directly at any such closing. The terms of this paragraph shall survive termination of this
Agreement.

 

    	6

    	 

    

 

8.
Notices. 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 if sent by hand-delivery, by facsimile (followed by first-class mail), by
nationally recognized overnight courier service or by prepaid registered or certified mail, return receipt requested, to the addresses
set forth below:

 

If
to Placement Agent:

 

TriPoint
Global Equities, LLC

1450 Broadway,
26th Floor,

NY,
NY 10018

 

Copy:

 

Hunter
Taubman Weiss LLP

1450
Broadway, 26th Fl

New
York, NY 10018

 

If to the
Company:

 

Innovation
Economy Corporation

1650
Spruce St. Suite 500

Riverside,
CA 92507

 

Copy:

 

Ellenoff
Grossman & Schole LLP

1345 Avenue
of the Americas

New York,
New York 10105

 

If
to Escrow Agent:

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION

166
Mercer Street,
Suite 2R

New
York, New York

Attention:
Boris Treyger

Phone:
(212) 941-4416

Fax:
(212) 343-1079

 

or
at such other addresses as will be specified by notice given in accordance with this Section 8.

 

    	7

    	 

    

 

9.
General.

 

(a)
This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware applicable
to agreements made and to be entirely performed within such State, without regard to choice of law principles and any action brought
hereunder shall be brought in the courts of the State of Delaware, located in the County of New Castle. Each party hereto irrevocably
waives any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service
of process by mail or in any manner permitted by applicable law and consents to the jurisdiction of said courts. Each of the parties
hereto hereby waives all right to trial by jury in any action, proceeding or counterclaim arising out of the transactions contemplated
by this Agreement.

 

(b)
This Agreement sets forth the entire agreement and understanding of the parties with respect to the matters contained herein and
supersedes all prior agreements, arrangements and understandings relating thereto.

 

(c)
All of the terms and conditions of this Agreement shall be binding upon, and inure to the benefit of and be enforceable by, the
parties hereto, as well as their respective successors and assigns.

 

(d)
This Agreement may be amended, modified, superseded or canceled, and any of the terms or conditions hereof may be waived, only
by a written instrument executed by each party hereto or, in the case of a waiver, by the party waiving compliance. The failure
of any party at any time or times to require performance of any provision hereof shall in no manner affect its right at a later
time to enforce the same. No waiver of any party of any condition, or of the breach of any term contained in this Agreement, whether
by conduct or otherwise, in any one or more instances shall be deemed to be or construed as a further or continuing waiver of
any such condition or breach or a waiver of any other condition or of the breach of any other term of this Agreement. No party
may assign any rights, duties or obligations hereunder unless all other parties have given their prior written consent.

 

(e)
If any provision included in this Agreement proves to be invalid or unenforceable, it shall not affect the validity of the remaining
provisions.

 

(f)
This Agreement and any modification or amendment of this Agreement may be executed in several counterparts or by separate instruments
and all of such counterparts and instruments shall constitute one agreement, binding on all of the parties hereto.

 

10.
Form of Signature. The parties hereto agree to accept a facsimile transmission copy of their respective actual signatures
as evidence of their actual signatures to this Agreement and any modification or amendment of this Agreement; provided,
however, that each party who produces a facsimile signature agrees, by the express terms hereof, to place, promptly after
transmission of his or her signature by fax, a true and correct original copy of his or her signature in overnight mail to the
address of the other party.

 

    	8

    	 

    

 

11.
Termination. This Agreement will terminate upon the disbursement of all funds in the Escrow Account, as provided above,
by the Escrow Agent.

 

12.
Automatic Succession. Any business entity into which the Escrow Agent may be merged or converted or with which it may be
consolidated, or any entity resulting from any merger, conversion or consolidation to which the Escrow Agent shall be a party,
or any entity succeeding to all or substantially all of the corporate trust business of the
Escrow Agent, shall be the successor of the Escrow Agent hereunder, without the execution or filing of any paper or any further
act on the part of any of the parties hereto.

 

13. Anti-Terrorism/Anti-Money
Laundering Laws.

 

IMPORTANT
INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT - To help the United States government fight the funding of terrorism or
money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies
each person who opens a new account. What this means for the parties to this Agreement: the Escrow Agent will ask for your name,
address, date of birth, and other information that will allow the Escrow Agent to identify you (e.g., your social security
number or tax identification number.) The Escrow Agent may also ask to see your driver’s license or other identifying documents
(e.g., passport, evidence of formation of corporation, limited liability company, limited partnership, etc., certificate
of good standing.)

 

[The
balance of this page intentionally left blank – signature page follows]

 

    	9

    	 

    

 

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

 

	Innovation
    Economy Corporation	 	TriPoint
    Global Equities, LLC
	 	 	 	 	 	 	 
	By:	 	 	 	By:	 	 
	 	Name:	Amro
    Albanna	 	 	Name:	Mark
    Elenowitz
	 	Title:	CEO	 	 	Title:	CEO

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION

 

	By:	 	 	 
	 	Name:	Boris
    Treyger	 
	 	Title:	Vice
    President	 

 

    	10

    	 

    

 

Schedule
I

 

REGISTRATION
STATEMENT

 

    	 

    	 

    

 

 

 

Schedule
II

 

The
Escrow Agent is authorized to accept instructions signed or believed by the Escrow Agent to be signed by any one of the following
on behalf of the Company and the Placement Agent.

 

Innovation
Economy Corporation

 

	Name	 	True
    Signature
	 	 	 
	Amro
    Albanna	 	_______________

 

TriPoint
Global Equities, LLC

 

	Name	 	True
    Signature
	 	 	 
	Mark
    Elenowitz	 	________________

 

    	 

    	 

    

 

Exhibit
A

 

FORM
OF ESCROW DISBURSEMENT INSTRUCTIONS 

AND
RELEASE NOTICE

 

 

Date:

 

WILMINGTON
TRUST, NATIONAL ASSOCIATION

1100
North
Market
Street

Wilmington,
Delaware
19890

Attention:
Boris Treyger

 

Dear
Mr./Ms _______:

 

In
accordance with the terms of paragraph 2(d) of a Closing Escrow Agreement dated as of June [  ] , 2015 (the "Escrow Agreement"),
by and between Innovation Economy Corporation (the “Company”), TriPoint Global Equities, LLC (“Placement Agent”)
and WILMINGTON TRUST, NATIONAL ASSOCIATION (the "Escrow Agent"), the Company and Placement Agent hereby direct the Escrow
Agent to distribute all of the Escrow Funds (as defined in the Escrow Agreement) in accordance with the following wire instructions:

 

	 	:	$
	 	 	 
	 	:	$
	 	 	 
	 	:	$

 

Very truly
yours,

 

Innovation
Economy Corporation

 

	By:	 	 
	Name:	Amro
    Albanna	 
	Title:	CEO	 

 

TriPoint
Global Equities, LLC

 

	By:	 	 
	Name:	Mark
    Elenowitz	 
	Title:	CEO	 

 

    	 

    	 

    

 

Exhibit
C

Extension
Notice

 

Date:
__________________

 

WILMINGTON
TRUST, N.A.

1100
North
Market
Street

Wilmington,
Delaware
19890

Attention:
Boris Treyger

 

Dear
Mr./Ms. [_____]:

 

In
accordance with the terms of paragraph 2(b) of a Closing Escrow Agreement dated ________________, 2015, by and among Innovation
Economy Corporation, a Delaware corporation (the “Company”), TriPoint Global Equities, LLC, (“Placement Agent”),
and WILMINGTON TRUST, NATIONAL ASSOCIATION (the “Escrow Agent”), the Company and Placement Agent hereby notify the
Escrow Agent that the Closing Date has been extended from [ ], 2015 to [ ], 2015.

 

Very
truly yours,

 

Innovation
Economy Corporation

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

TriPoint
Global Equities, LLC

 

	By:	 	 
	Name:	 	 
	Title:Exhibit
10.25

 

TERMINATION
OF OPTION AND COMPENSATION AGREEMENT

 

This
TERMINATION OF OPTION AND COMPENSATION AGREEMENT ("Agreement") dated May 1, 2015 is by and
between, Innovation Economy Corporation, a Delaware corporation ("IEC"); and Accelera, LLC., a Limited
Liability Company ("Accelera"), each referred to as a "Party" and collectively
as the "Parties" to the Agreement.

 

RECITALS

 

WHEREAS,
on December 19th, 2013, Accelera entered into an option agreement with STC.UNM, a New Mexico nonprofit corporation
granting Accelera an option to license an IP portfolio from STC.UNM (the "Accelera Option Agreement"); and,

 

WHEREAS,
IEC desires to enter into an Option Agreement (the "IEC Option Agreement") with STC.UNM whereby IEC will granted an option
to license the same IP portfolio ("IP Portfolio") that is the subject of the Accelera Option Agreement; and,

 

WHEREAS,
as STC.UNM cannot grant concurrent options relating to the same IP Portfolio, as per the terms and conditions of this Agreement,
Accelera has agreed that it shall enter into an agreement with STC.UNM to terminate the Accelera Option Agreement (the "Termination
Agreement"), such Termination Agreement shall be entered into concurrently or just prior to the execution of this Agreement
and the IEC Option Agreement; and,

 

WHEREAS,
as inducement for Accelera to enter into the Termination Agreement, IEC hereby agrees and Accelera accepts that if IEC exercises
its right to license the IP Portfolio or a subset of it under the IEC Option Agreement with STC.UNM within the term thereof, then
IEC shall grant to Accelera 125,000 shares of IEC's restricted common stock and a cash payment in the amount of One Hundred
Thirty Thousand Three Hundred Sixty Seven Dollars and Seventy Seven Cents ($132,367.77) as reimbursement for Accelera's
cash expenses related to the Accelera Option Agreement. Further, should IEC determine, in its sole and absolute discretion, not
to exercise its option under the IEC Option Agreement, IEC shall have no obligation to Accelera whatsoever.

 

AGREEMENT

 

NOW THEREFORE,
in consideration of the foregoing recitals and the mutual covenants and representations contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.           Recitals.
The foregoing recitals are true and correct in all material respects and are hereby incorporated herein as a material part
of this Agreement.

 

2.           Agreement.
Accelera and IEC agree that upon the execution of: (i) this Agreement; (ii) the IEC Option Agreement; and, (iii) the
Termination Agreement by Accelera, that thereafter should IEC exercises its right to license the IP Portfolio pursuant to the
IEC Option Agreement, within the term thereof, then IEC shall grant and issue to Accelera 125,000 shares of IEC's restricted common
stock and a cash payment in the amount of One Hundred Thirty Thousand Three Hundred Sixty Seven Dollars and Seventy Seven Cents
($132,367.77) as reimbursement for Accelera's cash expenses related to the Accelera Option Agreement. Additionally,
the Parties hereto acknowledge and agree that should IEC determine, in its sole and absolute discretion, not to exercise
its option under the IEC Option Agreement, that IEC shall have no obligation whatsoever to Accelera pursuant to this Agreement.

 

    	 

    	 

    

 

3.           Term.

 

This
Agreement shall remain in effect and shall run concurrently with the term of the IEC Option Agreement and shall expire
upon either: (i) the expiration of the IEC Option Agreement pursuant to the terms and conditions thereof; or (ii) the
election by IEC to not exercise its option to IP Portfolio pursuant to the IEC
Option Agreement (the "Term").

 

4.           Mutual
Representations, Covenants and Warranties.

 

(a)           The Parties have all requisite power and authority, corporate or otherwise, to execute and deliver this Agreement and to consummate
the transactions contemplated hereby and thereby. The Parties have duly and validly executed and delivered this Agreement
and will, on or prior to the consummation of the transactions contemplated herein, execute, such other documents as may be required
hereunder and, assuming the due authorization, execution and delivery of this Agreement by the Parties hereto and thereto, this
Agreement constitutes, the legal, valid and binding obligation of the parties enforceable against each Party in accordance with
its terms, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization, moratorium or similar
laws affecting creditors' rights generally and general equitable principles.

 

(b)           The
execution and delivery by the Parties of this Agreement and the consummation of the transactions contemplated hereby and thereby
do not and shall not, by the lapse of time, the giving of notice or otherwise: (a) constitute a violation of any law; or (b) constitute
a breach or violation of any provision contained in the Articles of Incorporation or Bylaws, or such other document(s) regarding
organization and/or management of the Parties, if applicable; or (c) constitute a breach of any provision contained in, or a default
under, any governmental approval, any writ, injunction, order, judgment or decree of any governmental authority or any contract
to which either Party is bound or affected.

 

5.           Severability
of Invalid Provision. If any provision of this Agreement is held invalid or unenforceable by any court of competent jurisdiction,
the other provisions of this Agreement will remain in full force and effect. Any provision of this Agreement held invalid or unenforceable
only in part or degree will remain in full force and effect to the extent not held invalid or unenforceable.

 

6.           Entire
Agreement of the Parties. The Agreement constitutes the entire agreement of the Parties regarding the matters contemplated
herein, or related thereto, and supersedes all prior and contemporaneous agreements, and understandings of the Parties in connection
therewith. No covenant, representations, or conditions, which are not expressed in the Agreement shall affect, or be effective
to interpret, change, or restrict, the express provisions of this Agreement.

 

7.           Jurisdiction.
This Agreement shall be governed by, and construed, interpreted and enforced according to, the laws of the State of Delaware,
without regard to principles of conflict of laws provisions thereof and shall be binding upon the parties hereto and their respective
successors and assigns. Any judicial proceeding brought by or against either Party regarding any dispute arising out of this Agreement
or any matter related hereto may be brought in the courts in Riverside County, California and, by execution and delivery of this
Agreement, each Party hereby submits to the jurisdiction of such courts.

 

8.           Effect
of Facsimile and Photocopied Signatures. This Agreement may be executed in several counterparts, each of which is an original.
It shall not be necessary in making proof of this Agreement or any counterpart hereof to produce or account for any of the other
counterparts. A copy of this Agreement signed by one Party and faxed to another Party shall be deemed to have been executed and
delivered by the signing Party as though an original. A photocopy of this Agreement shall be effective as an original for all
purposes.

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the day and year first written above to be effective
as of the date provided above.

 

INNOVATION
ECONOMY CORPORATION

 

	/s/
    Amro Albanna	 

By:Amro
Albanna

Its:
Chief Executive Officer

 

ACCELERA,
INC.

 

	/s/
Andy Pham	 

By: Andy Pham

Its: Managing
Member

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