Document:

Leatt Corp.: Exhibit 10.3 - Filed by newsfilecorp.com

July 8, 2015 

RE:    
LETTER AGREEMENT ON CONSULTING SERVICES AND OBLIGATIONS

Leatt Corporation (the “Company”) is entering into a certain
consulting agreement with Innovate Services Limited (“Innovate”), dated of even
date herewith (the “Consulting Agreement”), pursuant to which the Company is
agreeing to appoint Innovate to provide certain research and development
consulting services to the Company (the “Services”), subject to the performance
of the Services by Dr. Christopher Leatt, as an employee or consultant of
Innovate. The Company hereby seeks to separately confirm Dr. Leatt’s
understanding of, and agreement with, his specific performance of, and ultimate
responsibility for, the Services, to confirm the termination of Dr. Leatt’s
existing employment agreement with the Company, effective immediately as of the
effective date of the Consulting Agreement, and to confirm Dr. Leatt’s
understanding of certain other duties and obligations to the Company in
connection with his continued role as a Company fiduciary under applicable
corporate and securities laws.

In consideration of the mutual covenants contained in this
letter agreement (“Agreement”) and in the Consulting Agreement, and for other
good and valuable consideration the receipt and adequacy of which are hereby
acknowledged, Dr. Leatt and the Company agree as follows: 

	1. 	
      OBLIGATIONS

Dr. Leatt hereby understands and agrees
to fulfill the following obligations during the term of the Consulting
Agreement: 

	 	1.1. 	
      The Services provided for under the Consulting Agreement
      shall be performed by Dr. Leatt, and the assignment of, or failure to
      perform, such duties shall render the Consulting Agreement null and void;
      provided, however, that Dr. Leatt may engage one or more assistants to
      personally assist him in his specific performance of the Services to the
      Company.

	 	 	 
	 	1.2. 	
      Dr. Leatt shall provide the Services to the Company using
      the degree of care, skill, diligence and competence expected from a
      professional in such a field, working in good faith and in the best
      commercial interests of the Company; and shall take all necessary remedial
      actions and measures to render the Services satisfactory.

	 	 	 
	 	1.3. 	
      Dr. Leatt hereby agrees that he shall not perform
      services similar to the Services provided hereunder for any current or
      future, direct or indirect competitor of the Company or any similar
      company.

	 	 	 
	 	1.4. 	
      Dr. Leatt understands that it is in the best interest of
      the Company and its stockholders to retain its current and future
      employees and hereby agrees that he shall not solicit any such current or
      future employees for employment with the Consultant or any other entity
      with which he is currently or may become affiliated.

	 	 	 
	 	1.5. 	
      Dr. Leatt understands and agrees that any and all
      Intellectual Property generated in connection with the Services provided
      under the Consulting Agreement shall be the sole property of the Company,
      and that failure to immediately transfer and/or assign the ownership of
      any such generated Intellectual Property to the Company would cause harm
      to the Company and would be in contravention of his obligations to the
      Company referenced herein.

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	 	1.6. 	
      Dr. Leatt understands and agrees that as a principal,
      director and majority stockholder of the Company, he remains subject to
      applicable laws regarding the duty of fiduciaries in the State of Nevada,
      the Company's legal domicile, and subject to rules and regulations
      regarding the executive officers and directors of an issuer registered
      with the United States Securities and Exchange Commission, such as the
      Company, including the duty of loyalty with respect to the Company’s
      corporate opportunities.

	 	1.6.1. 	
      Dr. Leatt hereby agrees that he will not contact or
      solicit any current or future stockholder of the Company, or any current,
      future or prospective investor in the Company in connection with any
      matter that is not directly related to the ongoing or future business
      operations of the Company and/or to his provision of the Services provided
      to the Company. Notwithstanding the foregoing, Dr. Leatt may seek the
      advance written consent of the Company (which the Company may provide at
      its sole discretion) to communicate with certain investors in connection
      with any business opportunity which, after due consideration, the Company
      has elected to not pursue.

	 	 	 
	 	1.6.2. 	
      Dr. Leatt further agrees that, if in the course of his
      planned exploration of other business activities he becomes aware of any
      business opportunity that could benefit the Company (a “Corporate
      Opportunity”), he will immediately notify the Company of such Corporate
      Opportunity so that the management of the Company can make a determination
      regarding whether pursuit of such Corporate Opportunity would be in the
      best interest of the Company and its stockholders. Dr. Leatt may only take
      any such Corporate Opportunity for himself or offer it to third parties
      where he has obtained a written waiver from the Company based on its
      determination that the contemplated opportunity is unrelated to the
      commercial goals and objectives of the Company. For the avoidance of
      doubt, the obligation to present a Corporate Opportunity to the Company
      shall apply whether or not any such business opportunity relates to the
      then current business activities of the
Company.

	 	1.7. 	
      Dr. Leatt agrees to dedicate a majority of his time on
      matters related to performance of his duties as a director of the Company
      and to the fulfillment of his obligations to the Company’s research and
      development under the Consulting Agreement. Dr. Leatt further agrees that,
      should the Board of Directors of the Company determine, in its sole
      discretion, that his outside projects and activities are resulting in a
      substantial diminution in his performance of the foregoing duties and
      obligations, the Board of Directors shall instruct its Compensation
      Committee to adjust the amount of the fees payable under the Consulting
      Agreement to reflect such diminution.

	2. 	
      TERMINATION OF EMPLOYMENT

The Company and each of the undersigned
agree to terminate that certain Employment Agreement, dated as of May 15, 2014,
by and between the Company and Dr. Leatt (the “Employment Agreement”) in its
entirety, effective upon the execution of this Agreement and the consummation of
the transactions contemplated by the Consulting Agreement (the “Termination
Date”). As of the Termination Date, the Employment Agreement shall be deemed in
all instances and for all purposes to be fully and finally surrendered and
terminated and of no further force and effect, and none of the parties thereto
will have any further rights or obligations thereunder except with respect to
performance prior to the Termination Date. 

	3. 	
      INDEMNIFICATION

Dr. Leatt agrees to indemnify and hold
harmless the Company and each of its officers and directors, against loss or
damage to the Company or any third party, arising out of Dr. Leatt's breach of
any of his obligations hereunder. Specifically, Dr. Leatt
shall indemnify the Company against Expenses, judgments, fines, penalties or
amounts paid in settlement, actually and reasonably incurred by the Company in
connection with any Proceeding if the Company acted in good faith and in a
manner the Company reasonably believed to be in the best interests of the
Company and its Stockholders. For the avoidance of doubt, any breach of this
Agreement by Dr. Leatt shall not be deemed to be a breach of the Company by
virtue of his position as a director of the Company. References to “Expenses”
shall mean all direct and indirect costs of any type or nature whatsoever
(including, without limitation, any fees and disbursements of the Company’s
counsel, accountants and other experts and other out-of-pocket costs) actually
and reasonably incurred by the Company in connection with the investigation,
preparation, defense or appeal of a Proceeding; provided, however, that Expenses
shall not include judgments, fines, penalties or amounts paid in settlement of a
Proceeding. References to a “Proceeding” shall mean any threatened, pending or
completed action or proceeding, whether civil, criminal, administrative or
investigative (including any action or investigation brought by relevant tax
authorities, or an action brought by or in the right of the Company) in which
the Company may be or may have been involved as a party or otherwise, by reason
of Dr. Leatt’s breach of the terms and provisions of this Agreement. 

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	4. 	
      GOVERNING LAW

All questions concerning the
construction, validity, enforcement and interpretation of this Agreement shall
be governed by and construed and enforced in accordance with the laws of the
State of Nevada without giving effect to choice of law principles or conflict of
laws provisions thereof. The parties hereby irrevocably consent and submit to
the jurisdiction of the state and federal courts located in the State of Nevada
for all purposes, including the enforcement of a judgement of an arbitration
award resulting from any arbitration pursuant hereto. Each of the parties hereby
waives, and agrees not to assert against each other, or any successor assignee
thereof, by way of a motion, as a defense, or otherwise, in any such suit,
action or proceeding, (1) any claim that it is not personally subject to the
jurisdiction of the above-named courts or to an arbitration proceeding
hereunder, and (ii) to the extent permitted by applicable law, any claim that
such arbitration proceeding or proceedings relating to the enforcement of an
arbitration award is in an inconvenient forum or that the venue of any such
proceeding is improper, or that judgement upon an arbitration award may not be
entered in any such courts. In the event that any dispute among the parties to
this Agreement should result in litigation, the prevailing party in such dispute
shall be entitled to recover from the losing party all fees, costs and expenses
of enforcing any right of such prevailing party under or with respect to this
Agreement, including without limitation, such reasonable fees and expenses of
attorneys and accountants, which shall include, without limitation, all fees,
costs and expenses of appeals. 

	5. 	
      GENERAL

	 	5.1. 	
      This Agreement, together with the separate written
      agreements referenced herein, constitutes the entire agreement between the
      Company and Dr. Leatt in respect of the subject matter thereof, and no
      representation by either party, whether made prior or subsequent to the
      signing of this Agreement, shall be binding on each party and its
      successors-in-title, unless in writing and signed by both parties
      hereto.

	 	 	 
	 	5.2. 	
      No variation, alteration or cancellation of this
      Agreement or any of the terms thereof, shall be of any force or effect,
      unless in writing and signed by the Parties hereto. No waiver or
      abandonment by either party of any of its rights in terms of this
      Agreement shall be binding on that party, unless such waiver or
      abandonment is in writing and signed by the waiving party.

	 	 	 
	 	5.3. 	
      Except with respect to the Company’s disclosure
      obligations as a U.S. public reporting company, and its disclosures to its
      advisors and other agents, the Parties agree to keep the terms of their
      relationship and the terms and conditions contained in this Agreement
      confidential and not to disclose any such matters to any other person
      without the prior written consent of the other of
them.

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	 	5.4. 	
      In the event that any of the provisions of this Agreement
      are found to be invalid, unlawful, or unenforceable such terms shall be
      severable from the remaining terms, which shall continue to be valid and
      enforceable.

	 	 	
       

	 	5.5. 	
      This Agreement may be executed by facsimile and in
      multiple counterparts, each of which shall be considered an original
      instrument, but all of which shall be considered one and the same
      agreement.

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If this letter correctly states your understanding of our
agreement, please indicate your consent and approval by executing in the blank
provided for your signature below. 

	Very truly yours, 
	  
	  
	LEATT CORPORATION 
	  
	  
	By:  /s/ Sean Macdonald                        
    
	Name: Sean Macdonald 
	Title: Chief Executive Officer 

Agreed to and accepted this 8th day of July,
2015: 

DR. CHRISTOPHER LEATT 

/s/ Christopher LeattLeatt Corp.: Exhibit 10.4 - Filed by newsfilecorp.com

DIRECTOR AGREEMENT 

THIS AGREEMENT (The “Agreement”) is made as of the
8th
day of July, 2015 and is by and between Leatt Corporation, a Nevada corporation
(hereinafter referred to as the “Company”), and Dr. Christopher Leatt
(hereinafter referred to as the “Director”). 

BACKGROUND 

Each of the Board of Directors of the Company and the Director
desires to memorialize the role of the Director and to have the Director perform
the duties required of such position in accordance with the terms and conditions
of this Agreement. 

AGREEMENT 

NOW THEREFORE, in consideration for the above recited promises
and the mutual promises contained herein, the adequacy and sufficiency of which
are hereby acknowledged, the Company and the Director hereby agree as follows:

	1.	
      DUTIES. The Company requires that the Director be
      available to perform the duties of a director customarily related to this
      function as may be determined and assigned by the Board of Directors of
      the Company and as may be required by the Company’s constituent
      instruments, including its certificate or articles of incorporation,
      bylaws and its corporate governance and board committee charters, each as
      amended or modified from time to time, and by applicable law, including by
      the Nevada Revised Statutes (the “NRS”). The Director agrees to
      devote as much time as is necessary to perform completely the duties as
      the Director of the Company, including duties as a member of any
      committees as the Director may hereafter be appointed to by the Board of
      Directors. The Director will perform such duties described herein in
      accordance with the general fiduciary duty of directors arising under the
      NRS. Such duties include, but are not limited to assisting the Company
      with the development of business and new business strategies relating to
      the objectives of the Company, participation in the Company’s investor
      relations activities including road shows and shareholder communication
      activities, and participation in corporate strategy decisions of the
      Company, and testify and represent the Company in any lawsuits related to
      the Company.

	 	 
	2. 	
      TERM. The term of this Agreement shall commence as
      of the date hereof and shall continue until the Director’s removal or
      resignation.

	 	 
	3. 	
      COMPENSATION. For all services to be rendered by
      the Director in any capacity hereunder, the Company agrees to pay the
      Director a base fee of $5000 (five thousand United States Dollars) per
      month.

	 	 
	4. 	
      EXPENSES. In addition to the compensation provided
      in paragraph 3 hereof, the Company will reimburse the Director for
      pre-approved reasonable business related expenses incurred in good faith
      in the performance of the Director’s duties for the Company. Such payments
      shall be made by the Company upon submission by the Director of a signed
      statement itemizing the expenses incurred. Such statement shall be
      accompanied by sufficient documentary matter to support the
      expenditures.

	5. 	
      CONFIDENTIALITY. The Company and the Director each
      acknowledge that, in order for the intents and purposes of this Agreement
      to be accomplished, the Director shall necessarily be obtaining access to
      certain confidential information concerning the Company and its affairs,
      including, but not limited to business methods, information systems,
      financial data and strategic plans which are unique assets of the Company
      (“Confidential Information”). The Director covenants not to, either
      directly or indirectly, in any manner, utilize or disclose to any person,
      firm, corporation, association or other entity any Confidential
      Information.

	 	 
	6. 	
      NON-COMPETE. During the term of this Agreement and
      for a period of twelve (12) months following the Director’s removal or
      resignation from the Board of Directors of the Company or any of its
      subsidiaries or affiliates (the “Restricted Period”), the Director
      shall not, directly or indirectly, (i) in any manner whatsoever engage in
      any capacity with any business competitive with the Company’s current
      lines of business or any business then engaged in by the Company, any of
      its subsidiaries or any of its affiliates (the “Company's
      Business”) for the Director’s own benefit or for the benefit of any
      person or entity other than the Company or any subsidiary or affiliate; or
      (ii) have any interest as owner, sole proprietor, shareholder, partner,
      lender, director, officer, manager, employee, consultant, agent or
      otherwise in any business competitive with the Company's Business;
      provided, however, that the Director may hold, directly or indirectly,
      solely as an investment, not more than two percent (2%) of the outstanding
      securities of any person or entity which are listed on any national
      securities exchange or regularly traded in the over-the-counter market
      notwithstanding the fact that such person or entity is engaged in a
      business competitive with the Company's Business. In addition, during the
      Restricted Period, the Director shall not develop any property for use in
      the Company’s Business on behalf of any person or entity other than the
      Company, its subsidiaries and affiliates.

	 	 
	7. 	
      TERMINATION. With or without cause, the Company
      and the Director may each terminate this Agreement at any time upon 6
      (six) months written notice, and the Company shall be obligated to pay to
      the Director the compensation and expenses due up to the date of the
      termination. Nothing contained herein or omitted herefrom shall prevent
      the shareholder(s) of the Company from removing the Director with
      immediate effect at any time for any reason.

	 	 
	8. 	
      INDEMNIFICATION. The Company shall indemnify,
      defend and hold harmless the Director, to the full extent allowed by the
      law of the State of Nevada and as provided by, or granted pursuant to, any
      charter provision, bylaw provision, vote of stockholders or disinterested
      directors or otherwise, to action in the Director’s official capacity;
      provided, however, that, in accordance with the NRS and federal securities
      laws, such indemnification shall not apply where the Director engages in
      actions or omissions which involve intentional misconduct, fraud or
      knowing violation of law.

	 	 
	9. 	
      NOTICE. Any and all notices referred to herein
      shall be sufficient if furnished in writing at the addresses specified on
      the signature page hereto or, if to the Company, to the Company’s address
      as specified in filings made by the Company with the U.S. Securities and
      Exchange Commission.

	10. 	
      GOVERNING LAW. This Agreement shall be interpreted
      in accordance with, and the rights of the parties hereto shall be
      determined by, the laws of the State of Nevada without reference to that
      state’s conflicts of laws principles.

	 	 
	11. 	
      ASSIGNMENT. The rights and benefits of the Company
      under this Agreement shall be transferable, and all the covenants and
      agreements hereunder shall inure to the benefit of, and be enforceable by
      or against, its successors and assigns. The duties and obligations of the
      Director under this Agreement are personal and therefore the Director may
      not assign any right or duty under this Agreement without the prior
      written consent of the Company.

	 	 
	12. 	
      GENERAL.

	 	a. 	
      SEVERABILITY. If any provision of this Agreement shall be
      declared invalid or illegal, for any reason whatsoever, then,
      notwithstanding such invalidity or illegality, the remaining terms and
      provisions of the this Agreement shall remain in full force and effect in
      the same manner as if the invalid or illegal provision had not been
      contained herein.

	 	 	
       

	 	b. 	
      EFFECT OF WAIVER. The waiver by either party of the
      breach of any provision of this Agreement shall not operate as or be
      construed as a waiver of any subsequent breach thereof.

	 	 	
       

	 	c. 	
      ARTICLE HEADINGS. The article headings contained in this
      Agreement are for reference purposes only and shall not affect in any way
      the meaning or interpretation of this Agreement.

	 	 	
       

	 	d. 	
      COUNTERPARTS. This Agreement may be executed in any
      number of counterparts, all of which taken together shall constitute one
      instrument. Facsimile execution and delivery of this Agreement is legal,
      valid and binding for all purposes.

	 	 	
       

	 	e. 	
      ENTIRE AGREEMENT. Except as provided elsewhere herein,
      this Agreement sets forth the entire agreement of the parties with respect
      to its subject matter and supersedes all prior agreements, promises,
      covenants, arrangements, communications, representations or warranties,
      whether oral or written, by any officer, employee or representative of any
      party to this Agreement with respect to such subject
  matter.

[Remainder of Page Left Blank Intentionally] 

 

 

 

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

	LEATT CORPORATION 
	  
	  
	By: /s/ Sean Macdonald                     
    
	Name: Sean Macdonald 
	Title: Chief Executive Officer 
	  
	  
	  
	DR. CHRISTOPHER LEATT 
	 
	/s/ Christopher Leatt

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