Document:

Exhibit
10.7

 

SECURITIES
PURCHASE AGREEMENT

 

THIS
SECURITIES PURCHASE AGREEMENT (this “Agreement”), dated as of February 22, 2020, by and between Conversion
Labs, Inc., a Delaware corporation with its headquarters located at 800 Third Avenue, Suite 2800, New York, NY 10022 (the “Company”),
and Jeb Besser (the “Purchaser”).

 

WHEREAS,
the Company wishes to sell and the Purchaser wishes to buy 4,000,000 shares of the Company’s common stock, par value $0.01
per share (the “Common Stock” or the “Shares”) at a purchase price of $0.16 per Share or
an aggregate of $640,000 (the “Purchase Price”); and

 

WHEREAS,
the Company and the Purchaser are executing and delivering this Agreement in reliance upon the exemption from securities registration
afforded by the provisions of Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”).

 

NOW,
THEREFORE, in consideration of the mutual covenants and other agreements contained in this Agreement, the Company and Purchaser
hereby agree as follows:

 

1.
Purchase and Sale. Upon the terms and subject to the conditions set forth in this Agreement, the Company hereby agrees
to sell, assign, transfer and deliver to Purchaser, and Purchaser hereby agrees to purchase and accept delivery from the Company,
the Shares at the Purchase Price.

 

2.
Purchaser’s Representations and Warranties. Purchaser hereby acknowledges, represents and warrants as follows (with
the understanding that the Company will rely on such representations and warranties in determining, among other matters, the suitability
of this investment for the Purchaser in order to comply with federal and state securities laws):

 

(a)
Authorization and Power. Purchaser has the requisite power and authority to enter into and perform this Agreement and to
purchase the Shares. This Agreement has been duly executed and delivered by Purchaser and constitutes a valid and binding obligation
of Purchaser, enforceable against Purchaser in accordance with the terms hereof;

 

(b)
Purchase for Own Account. This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation
to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms such Purchaser understands
that the Shares are “restricted securities” and have not been registered under the Securities Act or any applicable
state securities laws. Purchaser is acquiring the Shares for Purchaser’s own account, for investment only, and not with
a view to or for distributing or reselling such Shares or any part thereof in violation of the Securities Act or any applicable
state securities law, has no present intention of distributing any of such Shares in violation of the Securities Act or any applicable
state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute such Shares
in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting such
Purchaser’s right to sell the Securities otherwise in compliance with applicable federal and state securities laws);

 

(c)
Accredited Investor. Purchaser is an “accredited investor,” as such term is defined in Rule 501(a) of Regulation
D promulgated by the SEC under the Securities Act, is experienced in investments and business matters, has made investments of
a speculative nature and has purchased securities of United States publicly-owned companies in the past and has such knowledge
and experience in financial, tax and other business matters as to enable Purchaser to utilize the information made available by
the Company to evaluate the merits and risks of and to make an informed investment decision with respect to the proposed purchase,
which represents a speculative investment. Purchaser is able to bear the economic risk of an investment in the Shares and able
to afford a complete loss of such investment;

 

    	 	 	 

    	 	 	 

    

 

(d)
Compliance with Securities Act. Purchaser understands and agrees that the Shares are “restricted securities”,
as that term is defined in Rule 144 under the Securities Act, and have not been registered under the Securities Act or any applicable
state securities laws by reason of their issuance in a transaction that does not require registration under the Securities Act,
and that such Securities must be held indefinitely unless a subsequent disposition is registered under the Securities Act or any
applicable state securities laws or is exempt from such registration. Purchaser further understands that the Offering has not
been qualified or registered under any foreign or state securities laws in reliance upon the representations made and information
furnished by the Purchaser herein and any other documents delivered by the Purchaser in connection with this Agreement; that the
Offering has not been reviewed by the SEC or by any foreign or state securities authorities; that the Purchaser’s rights
to transfer the Shares will be restricted, which includes restrictions against transfers unless the transfer is not in violation
of the Securities Act and applicable state securities laws (including investor suitability standards); and that the Company may
in its sole discretion require the Purchaser to provide at Purchaser’s own expense an opinion of its counsel to the effect
that any proposed transfer is not in violation of the Securities Act or any state securities laws;

 

(e)
Legends. Purchaser understands that the Company will cause any necessary legends to be placed upon any instruments(s) evidencing
ownership of the Shares as may be required by federal or state securities laws or deemed necessary or desirable by the Company;

 

(f)
Receipt of Information. Purchaser believes he has received all information which he considers necessary or appropriate
for deciding whether to purchase the Shares. Purchaser further represents that he has had an opportunity to ask questions and
receive answers from the Company regarding the terms and conditions of the Offering and the business, properties and financial
condition of the Company and to obtain additional information (to the extent the Company possessed such information or could acquire
it without unreasonable effort or expense) necessary to verify the accuracy of any information furnished to it or to which it
had access; and

 

(g)
No Market Manipulation. Purchaser and Purchaser’s affiliates have not taken, and will not take, directly or indirectly,
any action designed to, or that might reasonably be expected to, cause or result in stabilization or manipulation of the price
of the Company’s Common Stock, to facilitate the sale or resale of the Shares or affect the price at which the Shares may
be issued or resold.

 

3.
Company Representations and Warranties. The Company represents and warrants to, and agrees with, Purchaser that:

 

(a)
Due Incorporation. The Company is a corporation duly incorporated, validly existing and in good standing under the laws
of the jurisdiction of its incorporation;

 

(b)
Authority; Enforceability. This Agreement has been duly authorized, executed and delivered by the Company and is the valid
and binding agreement of the Company, enforceable in accordance with their terms, except as may be limited by bankruptcy, insolvency,
moratorium or other similar laws affecting the enforcement of creditors’ rights generally, or principles of equity. The
Company has full corporate power and authority necessary to enter into and deliver this Agreement and to perform its obligations
thereunder;

 

(d)
SEC Filings; Financial Statements; Absence of Undisclosed Liabilities.

 

(i)
SEC Filings. The Company has filed with the SEC all registration statements, prospectuses, reports, schedules, forms, statements
and other documents (including exhibits and all other information incorporated by reference) required to be filed or furnished
by it (the “Company SEC Documents”) and such Company SEC Documents when filed were true, correct and complete
in all material respects. As of their respective filing dates (or, if amended or superseded by a subsequent filing, as of the
date of the last such amendment or superseding filing prior to the date hereof), each of the Company SEC Documents complied in
all material respects with the applicable requirements of the Sarbanes-Oxley Act of 2002 (including the rules and regulations
promulgated thereunder) and the Exchange Act, and the rules and regulations of the SEC thereunder applicable to such Company SEC
Documents and did not, at the time it was filed (or, if amended, at the time (and taking into account the content) of such amendment),to
the knowledge of the Company, contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements made therein, in light of the circumstances under which they were
made, not misleading. As of the date hereof, none of the Company SEC Documents is the subject of ongoing SEC review, outstanding
SEC comment or outstanding SEC investigation;

 

    	 	 	 

    	 	 	 

    

 

(ii)
Financial Statements. Each of the consolidated financial statements (including, in each case, any related notes thereto)
contained in the Company SEC Documents: (i) complied as to form in all material respects with the published rules and regulations
of the SEC with respect thereto as of their respective dates; (ii) was prepared in accordance with United States generally accepted
accounting principles (“GAAP”) applied on a consistent basis throughout the periods involved (except as may
be indicated in the notes thereto and, in the case of unaudited interim financial statements, as may be permitted by the SEC for
Quarterly Reports on Form 10-Q); and (iii) fairly presented in all material respects the consolidated financial position of the
Company at the respective dates thereof and the consolidated results of the Company’s operations and cash flows for the
periods indicated therein, subject, in the case of unaudited interim financial statements, to normal and year-end audit adjustments
as permitted by GAAP and the applicable rules and regulations of the SEC;

 

(iii)
No Undisclosed Liabilities. Neither the Company nor any of its subsidiaries has any liability, indebtedness or obligation
of any kind (whether accrued, absolute, contingent, matured, unmatured or otherwise, and whether or not required to be recorded
or reflected on a balance sheet under GAAP) (“Liability”) except for Liabilities that (a) are reflected or
recorded on the Company’s most recent balance sheet included in the Company SEC Documents (including in the notes thereto
but only to the extent it is reasonably apparent that the disclosure in such notes is of a Liability required to be reflected
on a balance sheet prepared in accordance with GAAP) contained in the Company SEC Documents or (b) are current Liabilities (within
the meaning of GAAP) which were incurred since the date of such balance sheet in the ordinary course of business consistent with
past practice;

 

(e)
Consents. No consent, approval, authorization or order of any court, governmental agency or body having jurisdiction over
the Company or of any other person is required for the execution by the Company of this Agreement and compliance and performance
by the Company of its obligations hereunder, including, without limitation, the issuance of Shares and sale of the Shares;

 

(h)
Litigation. There is no pending or, to the knowledge of the Company, threatened action, suit, proceeding or investigation
before or by any court, governmental agency or body having jurisdiction over the Company including, without limitation, any such
that would affect the execution by the Company or the complete and timely performance by the Company of its obligations under
this Agreement. The Company has not, since October 16, 2017, been a party to any material litigation, arbitration or other proceeding,
other than what has been previously disclosed by the Company in the Company SEC Documents;

 

(i)
Investment Company. The Company is not an “investment company” within the meaning of the Investment Company
Act of 1940, as amended; 

 

4.
Other Agreements of the Parties.

 

	 	(a)	Piggyback
    Registration. If, after the sale of the Shares and until the third (3rd) anniversary thereof, the Company shall determine
    to register for sale for cash any of its Common Stock, for its own account or for the account of others (other than the Purchaser),
    other than (i) a registration relating solely to employee benefit plans or securities issued or issuable to employees, consultants
    (to the extent the securities owned or to be owned by such consultants could be registered on Form S-8 (or its then equivalent
    form) or any of their family members (including a registration on Form S-8 (or its then equivalent form)), (ii) a registration
    relating solely to a Securities Act Rule 145 transaction or a registration on Form S-4 (or its then equivalent form) in connection
    with a merger, acquisition, divestiture, reorganization or similar event, or (iii) a transaction relating solely to the sale
    of debt or convertible debt instruments, then the Company shall promptly give to Purchaser written notice thereof (and in
    no event shall such notice be given less than twenty (20) calendar days prior to the filing of such registration statement),
    and shall, subject to any limitations imposed by an underwriter, if the registration relates to an underwritten public offering,
    include as a piggyback registration all of the Shares issued to Purchaser hereunder, including, if applicable, pursuant to
    Section 4(b) below, which are specified in a written request delivered by Purchaser within ten (10) calendar days after delivery
    to Purchaser of such written notice from the Company. However, the Company may, without the consent of Purchaser, withdraw
    such registration statement prior to it becoming effective if the Company has elected to abandon the proposal to register
    the securities proposed to be registered thereby. The right contained in this paragraph may be exercised by each Purchaser
    only with respect to two (2) qualifying registrations.

 

    	 	 	 

    	 	 	 

    

 

	 	(b)	Damages
    from Failure to Achieve Up-Listing. The Company intends to up-list its Common Stock to NASDAQ, the NYSE (which for
    purposes of this Agreement includes NYSE-AMEX) or a comparable major stock exchange on or before December 31,2020. If the
    Company fails to do so, the Company shall issue 600,000 additional Shares to Purchaser without any requirement that Purchaser
    provide additional compensation.

 

5.
Broker’s Commission/Finder’s Fee. The Company has not incurred any obligation for any finder’s, broker’s
or agent’s fees or commissions in connection with the transaction contemplated hereby.

 

6.
Covenants Regarding Indemnification. Each party hereto agrees to indemnify, hold harmless, reimburse and defend the other
party and the other party’s officers, directors, agents, counsel, affiliates, members, managers, control persons, and principal
shareholders, as applicable, against any claim, cost, expense, liability, obligation, loss or damage (including reasonable legal
fees) of any nature, incurred by or imposed upon the indemnified party or any such person which results, arises out of or is based
upon (i) any breach of any representation or warranty by the indemnifying party in this Agreement or (ii) any breach or default
in performance by the indemnifying party of any covenant or undertaking to be performed by the indemnifying party.

 

7.
Miscellaneous.

 

(a)
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, e-mail or facsimile, addressed as set forth on the signature pages hereto or to such other
address as such party shall have specified most recently by written notice. Any notice or other communication required or permitted
to be given hereunder shall be deemed effective (a) upon hand delivery or delivery by e-mail or facsimile, with accurate confirmation
generated by the transmitting machine, at the address or number designated on the signature page hereto (if delivered on a business
day during normal business hours where such notice is to be received), or the first business day following such delivery (if delivered
other than on a business day during normal business hours where such notice is to be received) or (b) on the second business day
following the date of mailing by express courier service, fully prepaid, addressed to such address, or upon actual receipt of
such mailing, whichever shall first occur.

 

(b)
Counterparts/Execution. This Agreement may be executed in any number of counterparts and by the different signatories hereto
on separate counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute
but one and the same instrument. This Agreement may be executed by facsimile transmission, PDF, electronic signature or other
similar electronic means with the same force and effect as if such signature page were an original thereof.

 

(c)
Law Governing this Agreement. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York without regard to principles of conflicts of laws. Any action brought by either party hereto against the other concerning
the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts
located in the state of New York. The parties to this Agreement hereby irrevocably waive any objection to jurisdiction and venue
of any action instituted hereunder and shall not assert any defense based on lack of jurisdiction or venue or based upon forum
non conveniens. The parties hereto agree to submit to the in personam jurisdiction of such courts and hereby irrevocably waive
trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and
costs.

 

    	 	 	 

    	 	 	 

    

 

(d)
Severability. In the event that any provision of this Agreement or any other agreement delivered in connection herewith
is invalid or unenforceable under any applicable statute or rule of law, then such provision shall be deemed inoperative to the
extent that it may conflict therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision
which may prove invalid or unenforceable under any law shall not affect the validity or enforceability of any other provision
of any agreement. Each party hereto hereby irrevocably waives personal service of process and consents to process being served
in any suit, action or proceeding in connection with this Agreement by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement
and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein
shall be deemed to limit in any way any right to serve process in any other manner permitted by law.

 

(e)
Captions. The captions of the various sections and paragraphs of this Agreement have been inserted only for the purposes
of convenience; such captions are not a part of this Agreement and shall not be deemed in any manner to modify, explain, enlarge
or restrict any of the provisions of this Agreement.

 

(f)
Confidentiality. The Purchaser covenants and agrees that he will keep confidential and will not disclose or divulge any
confidential or proprietary information that Purchaser may obtain from the Company pursuant to financial statements, reports,
and other materials submitted by the Company to Purchaser in connection with this Offering or as a result of discussions with
or inquiry made to the Company, unless such information is known, or until such information becomes known, to the public through
no action by the Purchaser; provided, however, that Purchaser may disclose such information to its attorneys, accountants, consultants,
and other professionals to the extent necessary in connection with his investment in the Company so long as any such professional
to whom such information is disclosed is made aware of the Purchaser’s obligations hereunder and such professional agrees
to be likewise bound as though such professional were a party hereto.

 

(g)
Entire Agreement. This Securities Purchase Agreement contains the entire understanding of the parties in respect of its
subject matter and supersedes all prior agreements and understandings between or among the parties with respect to such subject
matter.

 

(h)
Amendment; Waiver. This Securities Purchase Agreement may not be modified, amended, supplemented, canceled or discharged,
except by written instrument executed by both parties. No failure to exercise and no delay in exercising, any right, power or
privilege under this Securities Purchase Agreement shall operate as a waiver, nor shall any single or partial exercise of any
right, power or privilege hereunder preclude the exercise of any other right, power or privilege. No waiver of any breach of any
provision shall be deemed to be a waiver of any proceeding or succeeding breach of the same or any other provision, nor shall
any waiver be implied from any course of dealing between the parties. No extension of time for performance of any obligations
or other acts hereunder or under any other agreement shall be deemed to be an extension of the time for performance of any other
obligations or any other acts. The rights and remedies of the parties under this Securities Purchase Agreement are in addition
to all other rights and remedies, at law or equity, that they may have against each other.

 

[signature
page follows]

 

    	 	 	 

    	 	 	 

     

SIGNATURE
PAGE TO SECURITIES PURCHASE AGREEMENT

 

INFORMATION
IN RESPONSE TO THIS SECTION WILL BE KEPT STRICTLY CONFIDENTIAL

 

Subscription
Amount: US$640,000

 

Amount
of Shares to be Issued: 4,000,000

 

AMOUNT
INVESTED TO BE SENT VIA:[  ]  Check (enclosed) [  ]  Wire

 

	Name
    in Which Shares Should Be Issued:	 

 

	 	Name
    of Purchaser:	 
	 	 	 
	 	Taxpayer
    ID Number:	 
	 	 	 
	 	               OR	 
	 	 	 
	 	Social
    Security Number:	 

 

Address
Information:

 

The
address should be the Purchaser ’s primary legal residence.

 

	 	 	 
	Legal
    Address	 	 
	 	 	 
	 	 	 
	City,
    State, and Zip Code	 	 

 

	AGREED
    AND SUBSCRIBED	 	ACCEPTED
    BY CONVERSION LABS, INC.
	 	 	 	 	 
	This
    ___ day of _________, 2020	 	This
    ___ day of _______, 2020
	 	 	 	 	 
	 	 	 	By:	 
		Name:	 	Name:	Justin Schreiber
	 	 	 	Title:	Chief Executive
    OfficerExhibit 10.8

 

 

AUXO
TECHNOLOGY LABS CONSULTING AGREEMENT

 

This
AGREEMENT is made on 4/14/2020, (the “Effective Date”), by and between ConversionLabs Inc. located at 800 Third Avenue,
Suite 2800, New York, NY 10022 (“Client”) and Auxo Technology Labs LLC, located at 300 South Pine Island Rd STE 307,
Plantation, FL, 33324 (“Consultant”).

 

For
good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.
Services.

 

1.1.
Services. Consultant will provide Client with the services necessary to complete the work as described in this Agreement
and each Statement of Work (“Services”). The Services and deliverables necessary to perform the work described in
each Statement of Work are collectively defined as the “Engagement.” Statement of Work #1 is attached hereto as Exhibit
A.

 

1.2.
Deliverables. The Services shall include design and delivery of software, documentation, graphics images, text and other
items required to implement the work described in the Statement of Work (the “Deliverables”). Consultant shall deliver
all software to Client in both source code and object code format, along with all related documentation reasonably required to
support and utilize the Deliverables (e.g., data schema, metadata schema, etc.).

 

1.3.
Additional Services. In the event that Client desires Consultant to perform services beyond the initial Engagement, Consultant
and Client shall mutually agree upon the specifications and charges for such services in writing (each, a “Statement of
Work”). Each executed Statement of Work shall be deemed incorporated into this Agreement as an exhibit and shall be treated
as Services under the applicable terms of this Agreement. A Statement of Work may consist of a written purchase order, a separate
written work statement identifying the scope of the services to be performed or such other written document as mutually agreed
upon, in writing, by Client and Consultant. Each Statement of Work shall contain the following information, as may be applicable
for the particular service requirement: (a) the details of the scope and type of service to be performed by Consultant, including
deliverables (if any), labor requirements, and time estimates for completion of the services; (b) functional and/or design specifications
as are mutually determined; (c) project plan; and (d) any other additional terms and conditions as required for the performance
of the services. Alternatively, the parties may modify an existing Statement of Work through a change order or other amendment
executed by both parties.

 

1.4.
Location and Access Policies. During the course of this Agreement, Consultant may be required to access the facilities
or systems of Client. In such instances, Consultant shall comply with all facility and access policies applicable to personnel
and contractors of such entities (including, without limitation, signing non-disclosure agreements or access agreements as reasonably
required by such entities), provided Consultant has received a copy of such policies.

 

    	 	 	 

     

    

 

2.
Project Plan; Acceptance Testing.

 

2.1.
Engagement Project Plan. Each Engagement shall be subject to a mutually agreed project plan, as detailed in the applicable
Statement of Work. The parties shall meet regularly during each Engagement to discuss the status of the Project Plan, critical
path items and any anticipated delays or concerns that may arise. At any point during any Statement of Work, upon Client’s
request the parties will meet to renegotiate the scope and timeframe of the Deliverables for the applicable Engagement.

 

2.2.
Achievement of Payment Milestones. If the applicable Statement of Work outlines payment criteria dependent on milestones,
Client shall use such criteria as defined in the Statement of Work to determine Consultant’s achievement of each milestone
and shall do so promptly upon Consultant’s notice that the milestone has been reached

 

2.3.
Final Acceptance Period. Client shall have a period of forty-five (45) days following delivery of the final Deliverables
and associated Consultant Work Product during which Client may engage in testing such materials in test and/or production environments.
For purposes of clarification, the testing period shall not begin until Consultant has completed Deliverables and associated Consultant
Work Product in accordance with the specifications in the applicable Statement of Work (and the quality control standards described
in Section 2.4 below as applicable). Client shall promptly notify Consultant of any issues identified during testing, which Consultant
shall promptly address and resubmit for testing hereunder. In the event that the Deliverables (and any resubmission thereof) do
not successfully pass testing hereunder within ninety (90) days of the start of testing, Client may discontinue testing and terminate
the applicable Engagement.

 

3.
Personnel.

 

3.1.
Consultant shall assign sufficient personnel at appropriate levels of experience and responsibility to timely perform its obligations
under this Agreement. Consultant shall use reasonable efforts to maintain continuity of personnel working on each Engagement and
shall not remove any such personnel without Client’s prior approval, not to be unreasonably withheld, unless such personnel
are promoted out of the applicable position or leave the company. In the event that Consultant replaces personnel (other than
at Client’s request), Consultant shall provide the necessary training to and services by the replacement personnel at no
expense to Client for such individual(s) to become familiar with the applicable Engagement. In the event that Client has any issues
with any Consultant personnel, Consultant shall promptly meet with Client to discuss and work to address the issues.

 

3.2.
All persons furnished, used, retained or hired by or on the behalf of Consultant shall be considered to be solely the employees
or agents of Consultant. Consultant shall be responsible for payment of any and all unemployment, social security, and other payroll
related taxes for its employees and agents, as applicable, including any related assessments and contributions required by law.
Consultant shall also ensure that all personnel involved in performing the Services are subject to written confidentiality obligations
and intellectual property assignment obligations substantively similar to the terms of this Agreement. With respect to any personnel
that will have access to lab data or the facilities or systems of any pharmaceutical company working with Client, Consultant shall
run industry standard drug testing and background screening.

 

    	 	-2-	 

     

    

 

4.
Fees.

 

4.1.
Services. Client shall pay the fees set forth in each Statement of Work.

 

4.2.
Timing of Payments. With respect to time and materials Engagements, Consultant shall invoice Client for fees actually incurred
on a monthly basis unless otherwise specified in the applicable Statement of Work.

 

4.3.
Expenses. Unless otherwise stated in the applicable Statement of Work, Client will reimburse Consultant for all business
travel and other out-of-pocket expenses reasonably incurred by Consultant, including transportation, food and lodging, provided
that such expenses have been approved in advance by Client in writing (which may include email). In any event, expenses shall
not exceed ten percent (10%) of the service fees chargeable for the applicable Statement of Work unless otherwise approved by
Client and in such cases, Consultant will provide Client with an itemized list of all expenses incurred by Consultant, together
with receipts for such expenses, and such other documentation as Client may reasonably request.

 

4.4.
Third Party Software. Client shall be solely responsible for all license fees attributable to any Third Party Software
used pursuant to Section 6.3 unless such fees are identified in the applicable Statement of Work specifically state that Consultant
is responsible for such license fees.

 

5.
Term; Termination.

 

5.1.
Agreement Term; Engagement Term. The Term of this Agreement shall begin on the Effective Date and continue until terminated
hereunder; provided, however, that this Agreement shall survive with respect to any then currently outstanding Statements of Work
until the applicable Engagements are completed or subsequently terminated. The Term of each Engagement shall be defined in the
applicable Statement of Work, as may be extended by the parties by mutual agreement.

 

5.2.
Termination for Cause. Either party may terminate the applicable Statement of Work (or the entire Agreement) upon written
notice if the other party materially breaches any of its obligations and fails to cure such breach within thirty (30) days of
notice thereof. In addition, in the event that Consultant fails to complete any milestone, due solely to Consultant’s fault
and at no fault of Client, within fifteen (15) days of the date specified for such milestone in the Statement of Work, Client
may terminate such Statement of Work upon written notice to Consultant. Either party may terminate this Agreement if the other
party makes a general assignment for the benefit of creditors, is subject of a petition for bankruptcy, has a receiver appointed
or is otherwise declared insolvent. In the event that Consultant desires to terminate for cause, other than non-payment, and Client
disputes such termination, Consultant shall continue to perform the Services upon Client’s request during the pendency of
any dispute.

 

    	 	-3-	 

     

    

 

5.3.
Termination without Cause. Client may terminate this Agreement or any Statement of Work without cause upon forty-five (45)
days’ written notice to Consultant. In such event, Client shall pay to Consultant the fees for work actually performed (if
the Statement of Work is on a time and materials basis) or, if the Statement of Work is on a fixed fee basis, a pro-rata portion
of the fees associated with the milestone which Consultant is then currently working to achieve, on a percentage completion basis.

 

5.4.
Effect of Termination. In the event of termination of an Engagement, Consultant shall immediately deliver to Client all
Deliverables completed through the date of termination, Consultant Work Product and any other work in progress developed or then
in development. With respect to software, such materials shall be delivered in both source code and object code formats. Consultant
shall also return or destroy all copies of Confidential Information, as defined below, to Client. Notwithstanding the above, in
the event Consultant terminates an Engagement due to non-payment, Consultant shall not be obligated to provide any Deliverables,
Consult Work Product or other work in progress developed or then in development, until payment for such Deliverables or work product
has been received by Consultant.

 

6.
Ownership and License.

 

6.1.
Client Property. Unless specified differently in a Statement of Work, Consultant agrees that all items delivered by Consultant
to Client and all information and intellectual property arising from Consultant’s work for Client (such as ideas, technology,
software, inventions, concepts, discoveries, developments, improvements and innovations, whether or not patentable or reduced
to practice) conceived, made or developed by Consultant whether alone or together with others, during the course of an Engagement
shall become the exclusive property of Client upon full payment of the respective SOW. All of the rights and things described
in the foregoing sentence, and all intellectual property, trade secrets or other proprietary rights relating thereto shall be
defined, collectively, as the “Consultant Work Product.” Consultant Work Product shall not include any third party
materials described in Section 6.2 or any Retained Property described in Section 6.3. Consultant agrees that all Consultant Work
Product is work made for hire for Client under the copyright laws of the United States. Consultant hereby gives, transfers and
assigns to Client all right, title and interest, including all rights in the nature of patent, copyright, trade secret or other
intellectual property or proprietary rights, now or hereafter arising in and to the Consultant Work Product not otherwise owned
by Client (as a work for hire or otherwise), and hereby assigns to Client or waives any so-called “moral rights” in
the Consultant Work Product, to the extent permitted by law. Consultant agrees to execute and deliver such additional documents
and take such additional reasonable actions as Client deems necessary or convenient to perfect or evidence Client’s ownership
of the Consultant Work Product or to enable Client to record this Agreement and/or secure rights of copyright and/or letters patent
in its name, or otherwise to enforce its rights in the Consultant Work Product in any country throughout the world or otherwise
carry out the provisions of this Section 6.1.

 

6.2.
Third Party Materials. Consultant shall not incorporate any third party materials (including, without limitation, open
source software, freeware, shareware, so called “public domain” materials, etc.) into any Deliverables or Consultant
Work Product hereunder without Client’s prior written consent.

 

    	 	-4-	 

     

    

 

6.3.
Retained Property.

 

6.3.1. Identifying
Retained Property. Consultant shall own all intellectual property rights in and to any software, know-how or technology
developed by Consultant prior to execution of, or independent of, this Agreement and used or delivered in any Deliverable;
provided, however, that such software or technology is identified in the Statement of Work or otherwise mutually agreed upon
by the parties in writing (collectively, the “Retained Property”). In addition, Consultant shall not incorporate
any Retained Property into any Deliverables or Consultant Work Product without Client’s prior written consent. In the
event that it is subsequently determined that Consultant incorporated Retained Property into the Deliverables or Consultant
Work Product without Client’s prior written consent, Consultant will remove and replace the Retained Property at its
own expense upon Client’s request.

 

6.3.2. License
to Retained Property. Upon receipt of full payment of the respective Statement of Work, Consultant grants to Client and
its affiliates a non-exclusive, perpetual, irrevocable, paid-up, royalty free, worldwide license and related rights to
reproduce, display, perform, prepare derivative works of, modify, distribute, make, have made, import, export, sell and
otherwise use the Retained Property (including all intellectual property and proprietary rights therein, such as copyrights
and patents obtained with respect to inventions embodied in the Retained Property), and to sublicense any of the foregoing
rights, in connection with the Consultant Work Product or any components or derivatives thereof.

 

7.
Warranties; Indemnification.

 

7.1.
Consultant represents and warrants that:

 

(i)
the Services will be performed in a timely, competent and workmanlike manner by individuals of appropriate training and
experience, and that all work will meet or exceed industry standards.

 

(ii)
the Deliverables and Retained Property do not and will not violate or infringe upon the rights of any third party, including
without limitation, trademark, trade secret, copyright, patent or other proprietary rights of any kind.

 

(iii)
Consultant has the right and authority to grant all of the licenses set forth in this Agreement and that such licenses shall
not violate the rights of any third party.

 

(iv)
the Deliverables, as designed and implemented by Consultant, does not, and shall not, contain any programming devices (e.g.,
viruses, key locks, etc.) which would (a) cause an unforeseen disruption in the performance of the Deliverables, or (b)
permit Consultant personnel or other third parties to access the Deliverables or any of Client’s equipment connected to
the Deliverables without Client’s authorization.

 

(v)
the Deliverables shall perform in material accordance with the mutually agreed upon specifications for at least one hundred
eighty (180) days after acceptance thereof.

 

    	 	-5-	 

     

    

 

7.2.
Consultant will defend, indemnify and hold Client, and its affiliates, members, employees, distributors, and licensees harmless
from and against any and all losses, costs, damages, liabilities, claims or expenses in connection with third party claims arising
out of any breach of the representations and warranties set forth in Section 7.1(ii) or (iii).

 

8.
Confidential Information.

 

8.1.
Each party acknowledges that it will have access to certain confidential information of the other party concerning the other party’s
business, plans, employees, and other information held in confidence by the other party (“Confidential Information”).
Confidential Information will include all information in tangible or intangible form that is marked or designated as confidential
or that, under the circumstances of its disclosure, should be considered confidential. Client’s Confidential Information
includes, without limitation: (a) information meeting the foregoing requirements that Consultant may receive or access from current,
former or prospective Client members; (b) any laboratory data provided to Consultant for use under this Agreement and any business
plans related to commercialization or distribution of any Deliverables, regardless of whether or not marked confidential; and
(c) the Deliverables and all work-in-progress related thereto. Each party agrees that it will not use in any way, for its own
account or the account of any third party, except as necessary to meet its obligations under this Agreement, nor disclose to any
third party (except as required by law or to that party’s attorneys, accountants and other advisors as reasonably necessary),
any of the other party’s Confidential Information and will take reasonable precautions to protect the confidentiality of
such information, at least as stringent as it takes to protect its own Confidential Information.

 

8.2.
Information will not be deemed Confidential Information hereunder if such information: (i) is known to the receiving party prior
to receipt from the disclosing party directly or indirectly from a source other than one having an obligation of confidentiality
to the disclosing party; (ii) becomes known (independently of disclosure by the disclosing party) to the receiving party directly
or indirectly from a source other than one having an obligation of confidentiality to the disclosing party; (iii) becomes publicly
known or otherwise ceases to be secret or confidential, except through a breach of this Agreement by the receiving party; or (iv)
is independently developed by the receiving party. The receiving party may disclose Confidential Information pursuant to the requirements
of a governmental agency or by operation of law, provided, however, that the receiving party shall give the disclosing party prompt
notice, and shall use its reasonable efforts to cooperate with the disclosing party, at the disclosing party’s cost, if
the disclosing party wishes to obtain a protective order or otherwise protect the confidentiality of such Confidential Information.

 

8.3.
In the event of any improper disclosure or loss of Confidential Information, the receiving party shall immediately notify the
disclosing party.

 

8.4.
Consultant shall not make any public statements or issue any press releases about this Agreement, any Engagement hereunder or
the status thereof without Client’s prior approval unless such statements simply confirm the information previously publicly
disclosed by Client. In the event that Client requests Consultant to participate in meetings with, or independently meet/interview,
third parties, the parties shall mutually agree upon the statement describing Consultant’s involvement and role in the applicable
project.

 

    	 	-6-	 

     

    

 

8.5.
Each party acknowledges that any breach of any provision of this Section by either party, or its Personnel, will cause immediate
and irreparable injury to the non-breaching party, and in the event of such breach, the injured party shall be entitled to seek
injunctive relief in addition to any and all other remedies available at law or in equity.

 

9.
Law; Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida
and exclusive jurisdiction for any dispute arising out of this Agreement shall be the courts located in Miami Dade, Florida.
Each party hereby irrevocably consents to the personal jurisdiction of such courts.

 

10.
Assignment. This Agreement and the rights and obligations herein may not be transferred or assigned by Consultant without
the prior written consent of Client.

 

11.
Miscellaneous. This Agreement constitutes the entire understanding and agreement of the parties with respect to its
subject matter, and supersedes all prior and contemporaneous understandings and agreements, whether written or oral, with respect
to such subject matter. No delay or failure by either party to exercise or enforce at any time any right or provision of this
Agreement will be considered a waiver thereof of such party’s rights thereafter to exercise or enforce each and every right
and provision of this Agreement. No single waiver will constitute a continuing or subsequent waiver. No waiver, modification or
amendment of any provision of this Agreement will be effective unless it is in writing and signed by the parties, but it need
not be supported by consideration. If any provision of this Agreement, or the application thereof, shall for any reason and to
any extent be determined by any tribunal of competent jurisdiction to be invalid or unenforceable, the remaining provisions of
this Agreement shall be interpreted so as best to reasonably effect the intent of the parties. The parties further agree that
any such invalid or unenforceable provisions shall be deemed replaced with valid and enforceable provisions that achieve, to the
extent possible, the business purposes and intent of such invalid and unenforceable provisions. Neither party shall be considered
to be in default in the performance of its obligation under this Agreement, to the extent that the performance of any such obligation
is prevented or delayed by acts or events, which are beyond the reasonable control of the affected party. Such acts or events
shall include but not be limited to acts of God, civil or military authority, civil disturbance, war, strikes, fires, other catastrophes,
or other “force majeure” events beyond the parties’ reasonable control. The parties shall be deemed to be independent
contractors and neither party shall be considered or permitted to be an agent, servant, joint venture or partner of the other.
This Agreement may be executed by facsimile in two or more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same agreement. The provisions contained in Sections 5.4, 6, 7.2 and 8-11 shall survive
expiration or termination of this Agreement.

 

    	 	-7-	 

     

    

 

IN
WITNESS WHEREOF, the parties have executed this Agreement as of the day and year above set forth.

 

	Conversion
    Labs Inc.	 	Auxo
    Technology Labs LLC
	 	 	 	 	 
	By:	/s/
    Justin Schreiber	 	By:	/s/
    Ralph Musgrove
	Name:	Justin
    Schreiber	 	Name:	Ralph
    Musgrove
	Title:	CEO	 	Title:	Managing
    Member

 

    	 	-8-	 

     

    

 

EXHIBIT
A

 

Statement
of Work (SOW) #1

 

EXHIBIT
A - Pricing

Payment
Terms:

 

	 	1.	Initial
    Payment. Client will pay $55,000 to Consultant upon execution of this Consulting Agreement. 
	 	2.	Option
    Payment. Upon delivery of the TeleHealth Patform, Client shall issue Consultant 500,000 (five hundred thousand) stock
    options at a strike price of 23 cents with the options vesting after 2 years or the stock price reaching $1 (one dollar),
    whichever comes first.
	 	3.	Monthly
                                                         Payments. Client shall pay Consultant monthly payments in the aggregate amount of Ninety Five Thousand Dollars
                                                         ($95,000.00) by making payments of Two Thousand Five Hundred Dollars ($2,500.00) on the first day of each month for the next
                                                         38 months. All payments are to be made by wire-transfer to Chase Bank, Acct. Number: 268393235, Routing Number:
                                                         267084131, Account Name: Auxo Technology Labs, LLC.

 

	ConversionLabs
    Inc.	 	Auxo
    Technology Labs, LLC
	 	 	 	 	 
	By:	                       	 	By:	                
	 	 	 	 	 
	Name:
    	 	 	Ralph Musgrove
	 	 	 	 	 
	Title:	 	 	Director	 

 

    	 	-9-

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