Document:

Exhibit 10.4

 

STOCK OPTION AGREEMENT

 

AGREEMENT
made as of  _______, 2015 (the “Grant Date”), between Presidential Realty Corporation, a Delaware corporation (the
“Corporation”), and ________________ (the “Grantee”).

  

1.   Grant
of Option. The Corporation hereby grants to the Grantee the right and option (the “Option”) to acquire such number
of shares of the Corporation’s Class B Common Stock, par value $.00001 per share (the “Class B Shares”), as is
equal to (a) $102,600.00 divided by (b) the per share offering price established pursuant to a Secondary Offering (as defined
in Section 2 below), on the terms and conditions and subject to all the limitations set forth herein. The Option is intended to
qualify as a non-qualified stock option and not as an Incentive Stock Option as defined in Section 422 of the Internal Revenue
Code. Notwithstanding any other provision of this Agreement, the Corporation shall make or provide for such adjustments to the
number and class of shares issuable hereunder as shall be appropriate to prevent dilution or enlargement of rights, including adjustments
in the event of changes in the outstanding capital stock of the Corporation by reason of split-ups, recapitalizations, mergers,
consolidations, combinations or exchanges of shares, separations, reorganizations, liquidations and the like. In the event of any
offer to holders of the capital stock of the Corporation generally relating to the acquisition of their shares, the Corporation
shall make such adjustment as shall be equitable in respect of the outstanding Option and rights hereunder, including revision
of the outstanding Option and rights so that the holder of the Option may exercise the Option and participate in the acquisition
transaction on the same terms as other stockholders. This Option is granted to Grantee pursuant to the Fifth amendment to the employment
agreement dated              , 2015 between the Company
and the Grantee.

 

 2.   Exercise
of Option. The Option granted hereby shall vest and become immediately exercisable from and after the consummation of an underwritten
registered public offering of equity securities of the Corporation with gross proceeds of not less than twenty million dollars
($20,000,000) (a “Secondary Offering”). The date on which a Secondary Offering occurs (excluding any over allotment
option) is hereinafter referred to as a “Vesting Date.”

 

3.   Term
of Option. The Option shall terminate at 11:59 P.M. on the day before the fifth (5th) anniversary of the Grant Date.

 

4.   Transferability.
Any attempted transfer, assignment, pledge, hypothecation or other disposition of the Option or of any rights granted hereunder
contrary to the provisions of this Section 4, or the levy of any attachment or similar process upon the Option or any such right,
shall be null and void. The Grantee shall comply with any policies adopted by the Corporation’s Board of Directors with respect
to timing of sales of its capital stock.

 

5.   Exercise
of Option and Issuance of Shares. The Option may be exercised in whole or in part (to the extent that it is exercisable in
accordance with its terms) by giving written Notice of Exercise (in the form of Exhibit A annexed hereto) to the Corporation. Such
written notice shall be signed by the Grantee, shall state the number of Class B Shares with respect to which the Option is being
exercised, shall contain any warranty required by Section 7 below and shall otherwise comply with the terms and conditions of this
Agreement. The Grantee shall pay all original issue taxes, if any, with respect to the issue of the Class B Shares issued pursuant
hereto and the Corporation shall pay all other fees and expenses necessarily incurred by the Corporation in connection herewith.
Notwithstanding the foregoing, Grantee shall be deemed to have received compensation on the Vesting Date equal to the value of
the shares subject to the Option. The number of shares subject to the Option shall be reduced as of the Vesting Date by such number
of Class B Shares issuable upon exercise of the Option as equals the amount of any taxes which the Corporation reasonably determines
are required to be withheld under federal, state or local law in connection with the vesting of the Option. For such purpose, the
Corporation shall value the Class B Shares withheld at the per share price established in the Secondary Offering. The Corporation
shall pay to the appropriate taxing authorities for the account of the Grantee in cash an amount equal to the amount to be withheld.
The issuance of the Class B Shares is conditional upon the submission by the Grantee to the Board of Directors of the Corporation
a duly executed and acknowledged counterpart of this Agreement, together with such other instrument or instruments reasonably requested
by the Corporation.

 

    	 

    	 

    

 

6.   Representations
and Warranties of the Corporation. The Corporation represents, warrants and agrees as follows:

 

(a)   The
Corporation has the authority to enter into this Agreement. All action on the part of the Corporation necessary for the authorization,
execution and delivery of this Agreement and the performance of all obligations of the Corporation hereunder and thereunder has
been taken on or prior to the date hereof. This Agreement has been duly executed and delivered by the Corporation and constitutes
the valid and binding agreement of the Corporation, enforceable against the Corporation in accordance with their terms, except
that (i) such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or other similar laws now or hereafter
in effect relating to creditors’ rights generally, and (ii) the remedy of specific performance and injunctive and other forms
of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceeding therefor
may be brought.

 

(b)   The
Class B Shares, when issued upon exercise of the Option will be duly authorized and validly issued, fully paid and nonassessable
and, subject to the representations and warranties of the Grantee in Section 7 herein being true and correct, will have been issued
in compliance with federal and state securities laws.

 

7.   Representations
and Warranties of the Grantee. The Grantee represents, warrants and agrees as follows:

 

(a)   The
Grantee (i) has such knowledge and experience in business and financial matters as to be capable of evaluating the merits and risks
of the investment in the Class B Shares; (ii) is capable of bearing the economic risks associated with the investment in the Class
B Shares; (ii) has been provided the opportunity to ask questions and receive answers concerning the Corporation and to obtain
any additional information which the Corporation possesses or can acquire without unreasonable effort or expense that is necessary
to verify the accuracy of information furnished to it; and (iv) will acquire the Class B Stock for its own account and not with
a view toward, or for resale in connection with, the sale or distribution thereof.

 

(b)   The
Grantee understands that the Option and the Class B Shares issuable upon exercise thereof are being offered and sold to it in reliance
on specific exemptions from the registration requirements of the U.S. federal and state securities laws and that the Corporation
is relying in part upon the truth and accuracy of, and the Grantee’s compliance with, the representations, warranties, agreements,
acknowledgments and understandings of the Grantee set forth herein in order to determine the availability of such exemptions and
the eligibility of the Grantee to be granted the Options and acquire the Class B Shares.

 

(c)   The
Grantee understands that neither the Option nor the Class B Shares have been or are being registered under the Securities Act of
1933, as amended (the “Securities Act”) or any state securities laws, and may not be offered for sale, sold, assigned
or transferred unless subsequently registered thereunder or sold, assigned or transferred pursuant to an exemption from registration
under the Securities Act. The Corporation is under no obligation to register the Shares or to comply with any exemption available
for sale of the Shares without registration.

 

    	 

    	 

    

 

(d)   The
certificate or certificates representing the Class B Shares to be acquired upon exercise of the Option shall contain the following
legend in addition to any other legends required by the Corporation’s Certificate of Incorporation:

 

“THESE SHARES HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THEY MAY NOT BE OFFERED OR TRANSFERRED BY SALE, ASSIGNMENT, PLEDGE OR
OTHERWISE UNLESS (I) A REGISTRATION STATEMENT FOR THE SHARES UNDER THE SECURITIES ACT OF 1933 IS IN EFFECT OR (II) THE CORPORATION
HAS RECEIVED AN OPINION OF COUNSEL, WHICH OPINION IS SATISFACTORY TO THE CORPORATION, TO THE EFFECT THAT SUCH REGISTRATION IS NOT
REQUIRED UNDER THE SECURITIES ACT OF 1933.

 

THE ACCUMULATION OF SHARES OF COMMON
STOCK BY ANY PERSON, AS DEFINED IN THE COMPANY’S CERTIFICATE OF INCORPORATION, IS RESTRICTED TO 9.2% OF THE NUMBER OF OUTSTANDING
SHARES OF COMMON STOCK WITHOUT REGARD TO CLASS. ANY TRANSFER WHICH CREATES AN ACCUMULATION IN EXCESS OF THAT AMOUNT VIOLATES THE
CERTIFICATE OF INCORPORATION AND IS VOID. IF, NOTWITHSTANDING THE ABOVE, SUCH ACCUMULATION RESULTS, THE SHARES IN EXCESS OF 9.2%
ARE SUBJECT TO CERTAIN RESTRICTIONS ON VOTING POWER AND RECEIPT OF DIVIDENDS, AND MAY BE MADE SUBJECT TO PURCHASE BY THE COMPANY.
FURTHER, SUCH PERSON MAY BE REQUIRED TO INDEMNIFY THE COMPANY AGAINST TAXES INCURRED AND OTHER LOSSES RESULTING FROM (1) LOSS OF
ITS TAX QUALIFICATION AS A REAL ESTATE INVESTMENT TRUST OR (2) BECOMING A PERSONAL HOLDING COMPANY”

 

(e)   The
Grantee has reviewed with his own tax advisors the federal, state, local and foreign tax consequences of this investment and the
transactions contemplated by this Agreement and is relying solely on such advisors and not on any statements or representations
of the Corporation or any of its employees or agents.

 

(f)   The
Grantee understands that the Grantee (and not the Corporation) shall be responsible for his own tax liability that may arise as
a result of this investment or the transactions contemplated by this Agreement.

 

(g) The Grantee agrees
not to sell the Class B Shares issued pursuant to exercise of the Option for a period of one hundred and eighty (180) days from
the Vesting Date.

 

8.   Liquidation;
Change in Control. In the event of a liquidation or proposed liquidation of the Corporation, including (but not limited to)
a transfer of assets followed by a liquidation of the Corporation, or in the event of a Change in Control or proposed Change in
Control, the Corporation shall have the right to require the Grantee to exercise the Option upon 30 days prior written notice to
the Grantee to the extent it is then exercisable. In the event the Option is not exercised by the Grantee within the 30-day period
set forth in such written notice, the Option shall terminate on the last day of such 30-day period, notwithstanding anything to
the contrary contained in the Option. For purposes of this Section 8, “Change of Control” shall mean any person or
group of persons within the meaning of § 13(d)(3) of the Securities Exchange Act of 1934 becomes the beneficial owner, directly
or indirectly, of 50% or more of the outstanding equity interests of the Corporation.

 

    	 

    	 

    

 

9.   Notices.
Any notices required or permitted by the terms of this Agreement shall be given by personal delivery, registered or certified mail,
postage prepaid, return receipt requested, overnight courier of national reputation, facsimile or other electronic means as follows:

 

	To the Corporation:	1430 Broadway, Suite 503
	 	New York, NY  10018
	 	 
	To the Grantee:	As set forth on the signature page hereto.

 

or to such other address or addresses of
which notice in the same manner has previously been given. Any such notice shall be deemed to have been duly given or made as of
the date delivered if delivered personally, or on the next business day if sent by overnight courier or when received if mailed
by registered or certified mail, postage prepaid, return receipt requested, or on confirmation if by facsimile or other electronic
means, in accordance with the foregoing provisions. Either party hereto may change the address to which notices hereunder may be
given by providing the other party hereto with written notice of such change.

 

10.   Section
409A. To the extent applicable, this Agreement shall be interpreted in accordance with Section 409A of the Internal Revenue
Code (the “Code”) and Department of Treasury regulations and other interpretive guidance issued thereunder. Notwithstanding
any provision of this Agreement to the contrary, in the event that the Corporation determines that this Option may be subject to
Section 409A of the Code, the Corporation may adopt such amendments to this Agreement or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions that the Corporation determines are necessary
or appropriate to (a) exempt the Option from Section 409A of the Code and/or preserve the intended tax treatment of the benefits
provided with respect to the Option, or (b) comply with the requirements of Section 409A of the Code and related Department of
Treasury guidance and thereby avoid the application of penalty taxes under such Section 409A.

 

11.   Governing
Law; Arbitration.

 

(a)   This
Agreement shall be construed in accordance with and governed by the Laws of the State of Delaware, without regard to the conflicts
of Laws and rules thereof.

 

(b)   Any
dispute or disagreement between the Grantee and the Corporation with respect to any portion of this Agreement (excluding Exhibit
A hereto) or its validity, construction, meaning, and the performance of the Grantee’s rights hereunder shall, unless the
Corporation in its sole discretion determines otherwise, be settled by arbitration, at a location designated by the Corporation,
in accordance with the Commercial Arbitration Rules of the American Arbitration Association or its successor, as amended from time
to time. However, prior to submission to arbitration the parties will attempt to resolve any disputes or disagreements with the
Corporation over this Agreement amicably and informally, in good faith, for a period not to exceed two weeks. Thereafter, the dispute
or disagreement will be submitted to arbitration. At any time prior to a decision from the arbitrator(s) being rendered, the Grantee
and the Corporation may resolve the dispute by settlement. The Grantee and the Corporation shall equally share the costs charged
by the American Arbitration Association or its successor, but the Grantee and the Corporation shall otherwise be solely responsible
for their own respective counsel fees and expenses. The decision of the arbitrator(s) shall be made in writing, setting forth the
award, the reasons for the decision and award and shall be binding and conclusive on the Grantee and the Corporation. Further,
neither the Grantee nor the Corporation shall appeal any such award. Judgment of a court of competent jurisdiction may be entered
upon the award and may be enforced as such in accordance with the provisions of the award.

 

    	 

    	 

    

 

12.   Integration
and Severability. This Agreement embodies the entire agreement and understanding among the parties hereto, and supersedes all
prior agreements and understandings, relating to the subject matter hereof. In case any one or more of the provisions contained
in this Agreement or in any instrument contemplated hereby, or any application thereof, shall be invalid, illegal or unenforceable
in any respect, under the laws of any jurisdiction, the validity, legality and enforceability of the remaining provisions contained
herein and therein, and any other application thereof, shall not in any way be affected or impaired thereby or under the Laws of
any other jurisdiction.

 

13.   Headings.
The headings of the articles, sections and subsections of this Agreement are inserted for convenience only and shall not be deemed
to constitute a part of this Agreement.

 

14.    Benefit
of Agreement. This Agreement shall be for the benefit of and shall be binding upon the heirs, executors, administrators and
successors and permitted assigns of the parties hereto.

 

[signature page follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed as of the day and year first above written.

 

	 	PRESIDENTIAL REALTY CORPORATION
	 	 	 
	 	By: 	 
	 	Name: 	 
	 	Title: 	 
	 	 
	 	GRANTEE:
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	Address: 
	 	  

 

    	 

    	 

    

 

EXHIBIT A

 

NOTICE OF EXERCISE OF STOCK OPTION

TO PURCHASE SHARES OF CLASS B COMMON STOCK
OF

PRESIDENTIAL REALTY CORPORATION

 

	Name	 	 
	Address	 	 
	 	 	 
	Attn:	 	 
	Date	 	 

 

Presidential Realty Corporation

180 South Broadway

White Plains, New York 10605

Attention: Chairman of the Board

 

Re:           Exercise
of Stock Option

 

Gentlemen:

 

Pursuant to the provisions
of the Stock Option Agreement (“Option Agreement”) dated as of ____________, 2015, between Presidential Realty Corporation
(“Corporation”) and the Undersigned, the Undersigned hereby elects to exercise options granted to the Undersigned to
purchase ________ shares of Class B Common Stock, par value $0.10 per shares of the Corporation (the “Class B Stock”).

 

As soon as the Stock
Certificate is registered in the name of the Undersigned, please deliver it to the Undersigned at the above address.

 

	 	Very truly yours,
	 	 
	 	 

 

AGREED TO AND ACCEPTED BY:

 

PRESIDENTIAL REALTY CORPORATION

 

By:____________________________

 

Name: _________________________

 

Title:___________________________

 

Number of Shares Exercised: ____________

 

Number of Shares Remaining: ___________Exhibit 10.01

 

GENERAL RELEASE AND WAIVER OF DEBT 

 

This General Release and Waiver of Debt (hereinafter
referred to as the "Agreement") is made this 11th day of May, 2015 by and between il2m Global Ltd., a Belize corporation
(hereinafter, the "Claimant") and il2m International Corp., a Nevada corporation (the “Company”).

 

RECITALS:

 

WHEREAS the Company owes the Claimant
an aggregate of $100,000.00 (the "Debt"), which Debt is evidenced in that certain convertible promissory note dated March
14, 2014 in the principal amount of $100,000.00 issued by the Company to the Claimant (the "Convertible Note"), and which
Convertible Note is reflected on the Company's audited and/or reviewed financial statements filed with the Securities and Exchange
Commission together with its annual and/or quarterly reports on Form 10-K and 10-Q, respectively;

 

WHEREAS Vartan Pilavjyan ("Pilavjyan")
had simultaneously loaned Claimant $100,000.00 for the purposes of providing working capital to the Company, which loan was evidenced
by that certain promissory note dated March 14, 2014 in the principal amount of $100,000.00 issued by il2m Global to Pilavyjan
(the "il2m Global Promissory Note"), which provided that in the event the Claimant was unable to repay the $100,000 on
the demand date, the Claimant in its sole discretion without the consent of Pilavjyan would transfer 400,000 shares of common stock
of the Company that Claimant held of record;

 

WHEREAS the Claimant acknowledges that
400,000 shares of common stock of the Company held of record by Claimant has been transferred to Palavjyan and that the il2m Global
Promissory Note is deemed satisfied;

 

WHEREAS the Claimant is willing to provide
to the Company a full waiver and release of the Debt and to deem the Convertible Note null and void (the "Waiver and Release");
and

 

WHEREAS the parties to this Agreement
have agreed to the Waiver and Release subject to the terms and conditions set forth below.

 

NOW THEREFORE THIS AGREEMENT WITNESSES
that for and in consideration of the mutual premises and the mutual covenants and agreements contained herein, the parties covenant
and agree each with the other as follows:

 

		1	In consideration of this Agreement, Claimant individually and on behalf of his successors, heirs
and assigns, forever releases, remises, waives, acquits, covenants not to sue or file any complaints with any court of competent
jurisdiction or with any regulatory office, and specifically releases and waives any claims or rights it may have under common
law and statutory law, common law fraud or deceit, and discharges the Company, together with any firms, successors, predecessors,
assigns, directors, officers, shareholders, supervisors, employees, attorneys, agents and representatives from any and all actions,
causes of action, claims, demands, losses, damages, costs, attorneys' fees, causes in action, indebtedness and liabilities, known
or unknown, which he may now have resulting or arising from the Debt, or any other matter, occurrence or event whatsoever from
the beginning of time to the date of this Agreement.

 

    	-1-

    	 

    

 

		2.	It is understood and agreed by Claimant and the Company that the entering into of this Agreement
is not any admission of liability by the Company nor is it to be construed as an admission by the Company or Claimant as to the
merits of any claim not expressly set forth in this Agreement relating to the Debt.

 

		3.	As a result of Claimant's decision to provide to the Company the Waiver and Release, Claimant acknowledges
that it is foregoing the possibility of any future accrual of interest or repayment of interest and principal by any other terms,
and that the consideration for the Waiver and Release agreed upon with the Company is in its view fair and reasonable.

 

		4.	This Agreement shall be interpreted pursuant to Nevada law. If any provision in this Agreement
shall be declared unenforceable by any administrative agency or court of law, the remainder of the Agreement shall remain in full
force and effect and shall be binding upon the parties hereto as if the invalidated provisions were not part of this Agreement.
Each party has cooperated in the drafting and preparation of this Agreement. As a result, in any construction to be made of this
Agreement, the same shall not be construed against any party on the basis that the party was the drafter.

 

		5.	Each covenant, agreement and provision of this Agreement shall be construed to be a separate covenant,
agreement and provision. If any covenant, agreement or provision of this Agreement is breached, the remainder of this Agreement
shall not be effected thereby. No waiver of any breach of any term or provision of this Agreement shall be considered to be, nor
shall be, a waiver of any other breach of this Agreement. No waiver shall be binding unless in writing and signed by the party
waiving the breach.

 

APPROVED AND ACCEPTED this  13th day of
May, 2015.

 

	Date:  May
    13, 2014 	IL2M
    INTERNATIONAL CORP.
	 	 	 
	 	By:	/s/
    Sarkis Tsaoussian
	 	 	Sarkis
    Tsaoussian, President/CEO
	 	 	 
	Date:  May
    13, 2014 	IL2M
    GLOBAL LTD.
	 	 	 
	 	By:	/s/
    Sarkis Tsaoussian
	 	 	President

 

 

 

 

-2-

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