Document:

EX 10.5

    GUARANTY

    

    GUARANTY
      dated as of December 7, 2006 ("Guaranty") made by Timothy Roberts, an individual
      residing in the State of Florida (“Guarantor”), in favor of John Fife
      ("Lender").  

    

    W I T N E 
;S S E T H

    

    WHEREAS,
      Phantom Entertainment, Inc., a Delaware corporation (the “Borrower”), and the
      Lender are parties to a Note, dated as of December 5, 2006 (such agreement,
      as
      amended, restated, supplemented or otherwise modified from time to time, being
      hereinafter referred to as the “Note”);

    

    WHEREAS,
      pursuant to the Note, the Guarantor is required to execute and deliver to the
      Lender a guaranty guaranteeing the Note and all other obligations under the
      Note
      and the other Loan Documents; and

    

    WHEREAS,
      the Guarantor has determined that (i) it will derive substantial benefit and
      advantage from the Loan and other financial accommodations made available to
      the
      Borrower under the Note and the other Loan Documents and (ii) its execution,
      delivery and performance of this Guaranty directly benefit, and are within
      the
      best interests of, the Guarantor;

    

    NOW,
      THEREFORE, in consideration of $1,000 receipt of which is hereby acknowledged,
      the premises, the agreements herein and in order to induce the Lender to make
      and maintain the Loan pursuant to the Note, the Guarantor hereby agrees with
      the
      Lender, as follows:

    

    Section
      1.    Definitions.
      Reference is hereby made to the Note for a statement of the terms thereof.
      All
      terms used in this Guaranty which are defined in the Note and not otherwise
      defined herein shall have the same meanings herein as set forth therein. As
      used
      in this Guaranty, the following terms have the following meanings (terms defined
      in the singular to have the same meaning when used in the plural and vice
      versa):

    

    “Borrower”
      has the meaning specified in the preamble above.

    

    “Guaranty”
      means this Guaranty.

    

    “Guaranty
      Documents” means the Loan Documents and any document or agreement evidencing,
      related to or delivered in connection with any or all of the Guaranteed
      Obligations.

    

      “Guaranteed
      Obligations” means any and all present and future liabilities and obligations of
      Borrower and Guarantor to Lender incurred by Borrower and Guarantor under the
      Loan Documents, and whether due or to become due, secured or unsecured, absolute
      or contingent, joint or several, direct or indirect, acquired outright,
      conditionally or as collateral security by Lender from another, liquidated
      or
      unliquidated, arising by operation of law or otherwise, together with all fees
      and expenses incurred in collecting any or all of the items specified in this
      definition or enforcing any rights under any of the Guaranty Documents,
      including all fees and expenses of Lender’s counsel and of any experts and
      agents which may be paid or incurred by Lender in collecting any such items
      or
      enforcing any such rights.

    

    Section
      2.    Rules
      of Interpretation.
      When
      used in this Guaranty: (1) “or” is not exclusive, (2) a reference to a law
      includes any amendment or modification to such law, and (3) a reference to
      an
      agreement, instrument or document includes any amendment or modification of
      such
      agreement, instrument or document.

      
        
           

        

        
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    Section
      3.    Guaranty.
      Guarantor hereby guarantees to Lender and its successors, endorsees, transferees
      and assigns the prompt and complete payment, as and when due and payable
      (whether at stated maturity or by required prepayment, acceleration, demand
      or
      otherwise), of all of the Guaranteed Obligations now existing or hereafter
      incurred will be paid strictly in accordance with their terms.

    

    Section
      4.    Limitation
      of Liability.
      The
      obligation of Guarantor under this Guaranty shall be limited to an aggregate
      amount equal to the largest amount that would not render the obligation of
      Guarantor under this Guaranty subject to avoidance under Section 548 of the
      United States Bankruptcy Code or any comparable provision of any applicable
      state law.

    

    Section
      5.    Type
      of Guaranty.
      This
      Guaranty is absolute and unconditional and as such is not subject to any
      conditions and Guarantor is fully liable to perform all of its duties and
      obligations under this Guaranty as of the date of execution of this Guaranty.
      This Guaranty is a continuing guaranty and applies to all future Guaranteed
      Obligations. In addition, this Guaranty shall remain in full force and effect
      even if at any time there are no outstanding Guaranteed Obligations. This
      Guaranty is a guaranty of payment and not of collection. The obligations and
      liabilities of Guarantor under this Guaranty shall not be conditioned or
      contingent upon the pursuit by Lender of any right or remedy against Borrower,
      Guarantor or any other person which may be or become liable in respect of all
      or
      any part of the Guaranteed Obligations, or against any assets securing the
      payment of the Guaranteed Obligations or guarantee for such Guaranteed
      Obligations or right of setoff with respect to such Guaranteed Obligations.
      This
      Guaranty is irrevocable and as such cannot be cancelled, terminated or revoked
      by Guarantor.

    

    Section
      6.    Reinstatement
      of Guaranty.
      This
      Guaranty shall continue to be effective or shall be reinstated, as the case
      may
      be, if at any time any payment, or any part thereof, of any of the Guaranteed
      Obligations are rescinded or must otherwise be returned by Lender upon the
      insolvency, bankruptcy, dissolution, liquidation or reorganization of Borrower,
      Guarantor or otherwise, all as though such payment had not been
      made.

    

    Guarantor
      hereby consents that, without the necessity of any reservation of rights against
      Guarantor and without notice to or further assent by Guarantor, any demand
      for
      payment of any of the Guaranteed Obligations made by Lender may be rescinded
      by
      Lender and any of such Guaranteed Obligations continued after such
      rescission.

    

    Section
      7.    Waiver
      of Notices.
      Guarantor hereby waives any and all notices including (1) notice of or proof
      of
      reliance by Lender upon this Guaranty or acceptance of this Guaranty, (2) notice
      of the incurrence of any Guaranteed Obligations or the renewal, extension or
      accrual of any such Guaranteed Obligations, (3) notice of any actions taken
      by
      Lender, Borrower, Guarantor or any other person under any Guaranty Document,
      and
      (4) notices of nonpayment or nonperformance, protest, notices of protest and
      notices of dishonor.

    

    Section
      8.    Waiver
      of Defenses.
      Guarantor hereby waives any and all defenses to the performance by Guarantor
      of
      its duties and obligations under this Guaranty, including any defense based
      on
      any of the following:

    

      (1)    any
      failure of Lender to disclose to Guarantor any information relating to the
      business, condition (financial or otherwise), operations, performance,
      properties or prospects of any party obligated to make payment on any and all
      Guaranteed Obligations, whether as principal or guarantor, now or hereafter
      known to Lender,

    

    (2) any
      defense to the payment of any or all the Guaranteed Obligations, including
      lack
      of validity or enforceability of any of the Guaranteed Obligations or any
      Guaranty Documents, 

      
        
           

        

        
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    (3)    any
      change in the time, manner or place of payment of, or in any other term in
      respect of, all or any of the Guaranteed Obligations, or any other amendment
      or
      waiver of or consent to any departure from any Guaranty Document,

     

    (4)    any
      exchange or release of, or non-perfection of any security interest on or in
      any
      assets securing the payment of the Guaranteed Obligations,

     

    (5)    any
      failure to execute any other guaranty for all or any part of the Guaranteed
      Obligations, or any release or amendment or waiver of, or consent to any
      departure from, any other guaranty for any or all of the Guaranteed Obligations,
      

    

    
      	 	 	
              (6)

            	
              any
                subordination of any or all of the Guaranteed Obligations,
                

            

    

    

    (7)    any
      act
      or omission of Lender in connection with the enforcement of, or the exercise
      of
      rights and remedies, including any election of, or the order of exercising
      any,
      remedies, with respect to (a) the Guaranteed Obligations, (b) any other
      guarantor of the Guaranteed Obligations, or (c) any assets securing the payment
      of the Guaranteed Obligations, 

    

    (8)    any
      manner of application of any funds received by Lender to Guaranteed Obligations
      or any other obligations owed to Lender, whether from the sale or disposition
      of
      any assets securing the Guaranteed Obligations, from another guarantor of the
      Guaranteed Obligations or otherwise, and 

    

    (9)    any
      failure to give or provide any notices, demands or protests, including those
      specified under Section 8 herein, entitled “Waiver of Notices”.

    

    Section
      9.    Subrogation.
      Guarantor may not exercise any rights which Guarantor may acquire by way of
      subrogation or contribution, whether acquired by any payment made under this
      Guaranty, by any setoff or application of funds of Borrower, by Lender or
      otherwise, until (1) the payment in full of the Guaranteed Obligations (after
      Lender no longer has any obligation or arrangement to provide credit to
      Borrower, including under or pursuant to a line of credit), and (2) the payment
      of all fees and expenses to be paid by Guarantor pursuant to this Guaranty.
      If
      any amount shall be paid to Guarantor on account of such subrogation or
      contribution rights at any time when all of the Guaranteed Obligations and
      all
      such other expenses shall not have been paid in full (after Lender no longer
      has
      any obligation or arrangement to provide credit to Borrower, including under
      or
      pursuant to a line of credit), such amount shall be held in trust for the
      benefit of Lender, shall be segregated from the other funds of Guarantor and
      shall forthwith be paid over to Lender to be credited and applied in whole
      or in
      part by Lender against the Guaranteed Obligations, whether matured or unmatured,
      and all such other fees and expenses in accordance with the terms of the
      Guaranty Documents.

    

    Section
      10.    Representations.
      At the
      time of execution of this Guaranty and each time Lender provides credit as
      noted
      above, Guarantor represents and warrants to Lender as follows:

    

    (1)    Name.
      The
      exact legal name of the Guarantor is the name specified in the preamble to
      this
      Guaranty. The Guarantor has not been known by any other name during the five
      (5)
      years prior to the date of the Guaranty.

    

    (2)    Location.
      The
      principal residence of the Guarantor is 511 Harbor Gate Way, Longboat Key,
      Florida 34228.

    

    (3)    No
      Contravention.
      The
      execution, delivery and performance by Guarantor of this Guaranty do not and
      will not (a) violate any provision of any law, order, writ, judgment,
      injunction, decree, determination, or award presently in effect applicable
      to
      Guarantor, (b) result in a breach of or

      
        
           

        

        
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    constitute
      a default under any indenture or loan or credit agreement or any other
      agreement, lease, or instrument to which Guarantor is a party or by which
      Guarantor or its properties may be bound or affected, or (c) result in, or
      require, the creation or imposition of any lien upon or with respect to any
      of
      the properties now owned or hereafter acquired by Guarantor.

    

    (4)    Governmental
      Authority.
      No
      authorization, approval or other action by, and no notice to or filing with,
      any
      governmental authority is required for the due execution, delivery and
      performance by Guarantor of this Guaranty.

    

    (5)    Legally
      Enforceable Guaranty.
      This
      Guaranty is the legal, valid and binding obligation of Guarantor, enforceable
      against Guarantor in accordance with its terms, except to the extent that such
      enforcement may be limited by (a) applicable bankruptcy, insolvency, and other
      similar laws affecting creditors' rights generally, or (b) general equitable
      principles, regardless of whether the issue of enforceability is considered
      in a
      proceeding in equity or at law.

    

    Section
      11.    Remedies.
      Lender
      shall not, by any act, delay, omission or otherwise, be deemed to have waived
      any of its rights or remedies under this Guaranty or otherwise. A waiver by
      Lender of any right or remedy hereunder on any one occasion, shall not be
      construed as a ban or waiver of any such right or remedy which Lender would
      have
      had on any future occasion, nor shall Lender be liable for exercising or failing
      to exercise any such right or remedy. The rights and remedies of Lender under
      this Guaranty are cumulative and, as such, are in addition to any other rights
      and remedies available to Lender under law or any other agreements.

    

    Section
      12.    Appointment
      as Attorney-in-Fact.
      Guarantor hereby appoints Lender as the attorney-in-fact for Guarantor, with
      full authority in the place and stead of Guarantor and in the name of Guarantor
      or otherwise, to exercise all rights and remedies granted to Lender under this
      Guaranty and to take any action and to execute any instrument which Lender
      may
      deem necessary or advisable to accomplish the purposes of this
      Guaranty.

    

    Section
      13.    Indemnity
      and Expenses.
      Guarantor hereby indemnifies Lender from and against any and all claims, losses,
      damages and liabilities growing out of or resulting from this Guaranty
      (including, without limitation, enforcement of this Guaranty), except claims,
      losses, damages or liabilities resulting from Lender's gross negligence and
      willful misconduct. 

    

    Guarantor
      will upon demand pay to Lender the amount of any and all expenses, including
      the
      fees and expenses of its counsel and of any experts and agents, which Lender
      may
      incur in connection with (1) any amendment to this Guaranty, (2) the
      administration of this Guaranty, (3) the exercise or enforcement of any of
      the
      rights of Lender under this Guaranty, or (4) the failure by Guarantor to perform
      or observe any of the provisions of this Guaranty.

    

    Section
      14.    Amendments.
      No
      amendment or waiver of any provision of this Guaranty, nor consent to any
      departure by Guarantor from this Guaranty, shall in any event be effective
      unless the same shall be in writing and signed by Guarantor and Lender, and
      then
      such amendment or waiver shall be effective only in the specific instance and
      for the specific purpose for which given.

    

    Section
      15.    Addresses
      for Notices.
      All
      notices and other communications provided for under this Guaranty shall be
      in
      writing and, mailed or delivered by messenger or overnight delivery service,
      addressed, in the case of Guarantor at its address specified below its
      signature, and in the case of Lender at the address specified below, or as
      to
      any such party at such other address as shall be designated by such party in
      a
      written notice to the other party complying as to delivery with the terms of
      this Section.

    
      
         

      

      
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    If
      to
      Lender:

     

    John
      Fife

    303
      East
      Wacker Drive

    Suite
      301  

    Chicago,
      IL 60601

    

    If
      to
      Guarantor:

    

    Timothy
      Roberts

    511
      Harbor Gate Way

    Longboat
      Key, Florida 34228

    With
      Copies to:

    

    Darrin
      Ocasio, Esq.

    Sichenzia
      Ross Friedman Ference LLP

    1065
      Avenue of the Americas, 21st
      Floor

    New
      York,
      NY 10018

    Fax:
      (212) 930-9725

    

    All
      such
      notices and other communications shall, when mailed, be effective three (3)
      days
      after being placed in the mails, or when delivered to a messenger or overnight
      delivery service, be effective one (1) day after being delivered to the
      messenger or overnight delivery service, in each case, addressed as specified
      above.

    

    Section
      16.    Assignment
      and Transfer of Obligations.
      This
      Guaranty will bind the estate of Guarantor as to Guaranteed Obligations created
      or incurred both before and after the death or incapacity of Guarantor, whether
      or not Lender receives notice of such death or incapacity. This Guaranty shall
      inure to the benefit of Lender and its successors, transferees and assigns.
      Guarantor may not transfer or assign its obligations under this Guaranty. Lender
      may assign or otherwise transfer all or a portion of its rights or obligations
      with respect to the Guaranteed Obligations to any other party, and such other
      party shall then become vested with all the benefits in respect of such
      transferred Guaranteed Obligations granted to Lender in this Guaranty or
      otherwise. Guarantor agrees that Lender can provide information regarding
      Guarantor to any prospective or actual successor, transferee or
      assign.

    

    Section
      17.    Setoff.
      Guarantor agrees that, in addition to, and without limiting, any right of
      setoff, Lender’s lien or counterclaim Lender may otherwise have, Lender shall be
      entitled, at its option, to offset balances (general or special, time or demand,
      provisional or final) held by it for the account of Guarantor, at any of the
      offices of Lender, in Dollars or any other currency, against any amount payable
      by Guarantor to Lender under this Guaranty which is not paid when demanded
      (regardless of whether such balances are then due to Guarantor), in which case
      Lender shall promptly notify Guarantor, provided that Lender’s failure to give
      such notice shall not affect the validity of such offset.

    

    Section
      18.    Submission
      to Jurisdiction.
      Guarantor hereby irrevocably submits to the jurisdiction of any federal or
      state
      court sitting in Sarasota County in the State of Florida over any action or
      proceeding arising out of or related to this Guaranty and agrees with Lender
      that personal jurisdiction over Guarantor rests with such courts for purposes
      of
      any action on or related to this Guaranty. Guarantor hereby waives personal
      service by manual delivery and agrees that service of process may be made by
      prepaid certified mail directed to Guarantor at the address of Guarantor for
      notices under this Guaranty or at such other address as may be designated in
      writing by Guarantor to Lender, and that upon mailing of such process such
      service will be effective as if Guarantor was personally served. Guarantor
      agrees that a final judgment in any such action or proceeding shall be
      conclusive and may be enforced in other jurisdictions by suit on the judgment
      or
      in any manner provided by law. Guarantor further waives any objection to
      venue

      
        
           

        

        
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    in
      any
      such action or proceeding on the basis of inconvenient forum. Guarantor agrees
      that any action on or proceeding brought against Lender shall only be brought
      in
      such courts.

    

    Section
      19.    Governing
      Law.
      This
      Guaranty shall be governed by and construed in accordance with the laws of
      the
      State of Florida without regard to its principles of conflicts of
      law.

    

    Section
      20.    Subordination.
      Once a
      demand for payment is made on the Guarantor under this Guaranty, Guarantor
      will
      not (1) make any demand for payment of, or take any action to accelerate, any
      obligation owed to Guarantor by Borrower, (2) seek to collect payment of, or
      enforce any right or remedies against Borrower, of any of the obligations owed
      to Guarantor by Borrower or any guarantees, credit supports, collateral or
      other
      security related to or supporting any of such obligations, or (3) commence,
      or
      join with any other creditor in commencing, any bankruptcy or similar proceeding
      against Borrower. Guarantor also agrees that the payment of all obligations
      of
      Borrower to Guarantor shall be subordinate and junior in time and right of
      payment in accordance with the terms of this Section to the prior payment in
      full (in cash) of the Guaranteed Obligations. In furtherance of such
      subordination, (1) to the extent possible, Guarantor will not take or receive
      from Borrower any payments, in cash or any other property, by setoff or any
      other means, of any or all of the obligations owed to Guarantor by Borrower,
      or
      purchase, redeem, or otherwise acquire any of such obligations, or change the
      terms or provisions of any such obligations and (2) if for any reason and under
      any circumstance Guarantor receives a payment on such obligation, whether in
      a
      bankruptcy or similar proceeding or otherwise, all such payments or
      distributions upon or with respect to such obligations shall be received in
      trust for the benefit of Lender, shall be segregated from other funds and
      property held by Guarantor and shall be forthwith paid over to Lender in the
      same form as so received (with any necessary endorsement) to be applied (in
      the
      case of cash) to, or held as collateral (in the case of securities or other
      non-cash property) for, the payment or prepayment of the Guaranteed Obligations.
      Guarantor agrees that any subrogation rights Guarantor may acquire as a result
      of a payment under this Section may not be exercised until (1) the payment
      in
      full of the Guaranteed Obligations (after Lender no longer has any obligation
      or
      arrangement to provide credit to Borrower, including under or pursuant to a
      line
      of credit), and (2) the payment of all fees and expenses to be paid by Guarantor
      pursuant to this Guaranty. 

    

    Section
      21.    Miscellaneous.
      This
      Guaranty is in addition to and not in limitation of any other rights and
      remedies Lender may have by virtue of any other instrument or agreement
      previously, contemporaneously or hereafter executed by Guarantor or any other
      party or by law or otherwise. If any provision of this Guaranty is contrary
      to
      applicable law, such provision shall be deemed ineffective without invalidating
      the remaining provisions of this Guaranty. Titles in this Guaranty are for
      convenience of reference only and shall not affect the interpretation or
      construction of this Guaranty. This Guaranty constitutes the entire agreement
      between Guarantor and Lender with respect to the matters covered by this
      Guaranty and supercedes all written or oral agreements with respect to such
      matters.

    

    Section
      22.    WAIVER
      OF JURY TRIAL.
      GUARANTOR EXPRESSLY WAIVES ANY AND EVERY RIGHT TO A TRIAL BY JURY IN ANY ACTION
      ON OR RELATED TO THIS GUARANTY.

    
      
         

      

      
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    IN
      WITNESS WHEREOF, Guarantor has duly executed and delivered this Guaranty as
      of
      the date of this Guaranty.

    

    

    By: 
      /s/
      Timothy Roberts

      
        

      

    

    Name: 
      Timothy Roberts

    
      
         

      

        -7-EX 10.6

    EMPLOYMENT
      AGREEMENT

     

    This
      EMPLOYMENT AGREEMENT (the “Agreement”) dated December 4, 2006 by and between
      Phantom Entertainment, Inc., a Delaware corporation (the “Company”), and
      Terrance Taylor, an individual (the “Employee”).

    

    The
      Company desires to employ the Employee, and the Employee wishes to accept such
      employment with the Company, upon the terms and conditions set forth in this
      Agreement.

    

    NOW
      THEREFORE, in consideration of the foregoing facts and mutual agreements set
      forth below, the parties, intending to be legally bound, agree as
      follows:

    

    1.    Employment.
      The
      Company hereby agrees to employ Employee, and Employee hereby accepts such
      employment and agrees to perform Employee’s duties and responsibilities in
      accordance with the terms and conditions hereinafter set forth.

    

    1.1    Duties
      and Responsibilities.
      Employee shall serve as Controller and Treasurer. During the Employment Term,
      Employee shall perform all duties and accept all responsibilities incident
      to
      such positions and other appropriate duties as may be assigned to Employee
      by
      the Company’s Chief Executive Officers and Board of Directors from time to time.
      The Company shall retain full direction and control of the manner, means and
      methods by which Employee performs the services for which he is employed
      hereunder and of the place or places at which such services shall be rendered.
      

    

    1.2    Employment
      Term.
      The
      term of Employee’s employment under this Agreement shall commence as of December
      6, 2006 (the “Effective Date”) and shall continue for 12 months, unless earlier
      terminated in accordance with Section 4 hereof. The term of Employee’s
      employment shall be automatically renewed for successive one (1) year periods
      until the Employee or the Company delivers to the other party a written notice
      of their intent not to renew the “Employment Term,” such written notice to be
      delivered at least sixty (60) days prior to the expiration of the then-effective
      “Employment Term” as that term is defined below. The period commencing as of the
      Effective Date and ending 12 months thereafter or such later date to which
      the
      term of Employee’s employment under the Agreement shall have been extended by
      mutual written Agreement is referred to herein as the “Employment
      Term.”

    

    1.3    Extent
      of Service.
      During
      the Employment Term, Employee agrees to use Employee’s best efforts to carry out
      the duties and responsibilities under Section 1.1 hereof and to devote
      substantially all Employee’s business time, attention and energy thereto.
      Employee further agrees not to work either on a part-time or independent
      contracting basis for any other business or enterprise during the Employment
      Term without the prior written consent of the Company’s Board of Directors (the
“Board”), which consent shall not be unreasonably withheld.

    

    1.4    Base
      Salary.
      The
      Company shall pay Employee a base salary (the “Base Salary”) at the annual rate
      of $150,000 (U.S.), payable at such times as the Company customarily pays its
      other senior level Employees (but in any event no less often than monthly).
      The
      Base

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    Salary
      shall be subject to all state, federal, and local payroll tax withholding and
      any other withholdings required by law.

    

    1.5    Incentive
      Compensation.
      Employee shall be eligible to earn a cash bonus of up to $37,500 (representing
      three (3) months Base Salary) at the sole discretion of the Board of Directors,
      to be based upon certain performance or operational-based milestones.

    

    1.6    Signing
      Bonus.
      The
      Company agrees to issue to Employee an aggregate five million (5,000,000) shares
      of the Company’s common stock within five (5) business days from the date of
      execution of this Agreement as a signing bonus.

    

    1.7    Other
      Benefits.
      During
      the Employment Term, Employee shall be entitled to participate in all employee
      benefit plans and programs made available to the Company’s senior level
      Employees as a group or to its employees generally, as such plans or programs
      may be in effect from time to time (the “Benefit Coverages”), including, without
      limitation, medical, dental, hospitalization, short-term and long-term
      disability and life insurance plans, accidental death and dismemberment
      protection and travel accident insurance. Employee shall be provided office
      space adequate for the performance of his duties. 

     

    1.8    Reimbursement
      of Expenses; Vacation; Sick Days and Personal Days.
      Employee shall be provided with reimbursement of expenses related to Employee’s
      employment by the Company on a basis no less favorable than that which may
      be
      authorized from time to time by the Board, in its sole discretion, for senior
      level Employees as a group. Employee shall be entitled to vacation and holidays
      in accordance with the Company’s normal personnel policies for senior level
      Employees, but not less than two (2) weeks of vacation per calendar year,
      provided Employee shall not utilize more than two (2) consecutive business
      days
      without the express consent of the Chief Executive Officer. Unused vacation
      time
      will be forfeited as of December 31 of each calendar year of the Employment
      Term. Employee shall be entitled to no more than an aggregate of twelve (12)
      sick days and personal days per calendar year.

    

    1.9    No
      Other Compensation.
      Except
      as expressly provided in Sections 1.4 through 1.7, Employee shall not be
      entitled to any other compensation or benefits.

    

    2.    Confidential
      Information.
      Employee recognizes and acknowledges that by reason of Employee’s employment by
      and service to the Company before, during and, if applicable, after the
      Employment Term, Employee will have access to certain confidential and
      proprietary information relating to the Company’s business, which may include,
      but is not limited to, trade secrets, trade “know-how,” product development
      techniques and plans, formulas, customer lists and addresses, financing
      services, funding programs, cost and pricing information, marketing and sales
      techniques, strategy and programs, computer programs and software and financial
      information (collectively referred to as “Confidential Information”). Employee
      acknowledges that such Confidential Information is a valuable and unique asset
      of the Company and Employee covenants that he will not, unless expressly
      authorized in writing by the Company, at any time during the course of
      Employee’s employment use any Confidential Information or divulge or disclose
      any Confidential Information to any person, firm or corporation except in
      connection with the performance of Employee’s duties for the Company and in a
      manner consistent with the

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    Company’s
      policies regarding Confidential Information. Employee also covenants that at
      any
      time after the termination of such employment, directly or indirectly, he will
      not use any Confidential Information or divulge or disclose any Confidential
      Information to any person, firm or corporation, unless such information is
      in
      the public domain through no fault of Employee or except when required to do
      so
      by a court of law, by any governmental agency having supervisory authority
      over
      the business of the Company or by any administrative or legislative body
      (including a committee thereof) with apparent jurisdiction to order Employee
      to
      divulge, disclose or make accessible such information. All written Confidential
      Information (including, without limitation, in any computer or other electronic
      format) which comes into Employee’s possession during the course of Employee’s
      employment shall remain the property of the Company. Except as required in
      the
      performance of Employee’s duties for the Company, or unless expressly authorized
      in writing by the Company, Employee shall not remove any written Confidential
      Information from the Company’s premises, except in connection with the
      performance of Employee’s duties for the Company and in a manner consistent with
      the Company’s policies regarding Confidential Information. Upon termination of
      Employee’s employment, the Employee agrees to return immediately to the Company
      all written Confidential Information (including, without limitation, in any
      computer or other electronic format) in Employee’s possession. As a condition of
      Employee’s continued employment with the Company and in order to protect the
      Company’s interest in such proprietary information, the Company may require
      Employee’s execution of a Confidentiality Agreement.

    

    3.    Non-Solicitation.

    

    3.1    Non-Solicitation.
      The
      Employee agrees that as long as the Agreement remains in effect and for a period
      of one (1) year from its termination, the Employee will not divert any business
      of the Company and/or its affiliates or any customers or suppliers of the
      Company and/or the Company’s and/or its affiliates’ business to any other
      person, entity or competitor, or induce or attempt to induce, directly or
      indirectly, any person to leave his or her employment with the
      Company.

    

    3.2    Remedies.
      The
      Employee acknowledges and agrees that his obligations provided herein are
      necessary and reasonable in order to protect the Company and its affiliates
      and
      their respective business and the Employee expressly agrees that monetary
      damages would be inadequate to compensate the Company and/or its affiliates
      for
      any breach by the Employee of his covenants and agreements set forth herein.
      Accordingly, the Employee agrees and acknowledges that any such violation or
      threatened violation of this Section 3 will cause irreparable injury to the
      Company and that, in addition to any other remedies that may be available,
      in
      law, in equity or otherwise, the Company and its affiliates shall be entitled
      to
      obtain injunctive relief against he threatened breach of this Section 3 or
      the
      continuation of any such breach by the Employee without the necessity of proving
      actual damages.

    

    4.    Termination.
      

    

    4.1    By
      Company.
      The
      Company, by action of the Chief Executive Officer or acting by duly adopted
      resolutions of the Board of Directors, may, in its discretion and at its option,
      terminate the Employee’s employment with or without Cause, and without prejudice
      to

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    any
      other
      right or remedy to which the Company or Employee may be entitled at law or
      in
      equity or under this Agreement. In the event the Company desires to terminate
      the Employee’s employment without Cause, the Company shall give the Employee not
      less than sixty (60) days advance written notice. Termination of Employee’s
      employment hereunder shall be deemed to be “for Cause” in the event that
      Employee violates any provisions of this Agreement, is guilty of any criminal
      act other than minor traffic violations, is guilty of willful misconduct or
      gross neglect, or gross dereliction of his duties hereunder or refuses to
      perform his duties hereunder after notice of such refusal to perform such duties
      or directions was given to Employee by the Chief Employee Officer or Board
      of
      Directors.

    

    4.2    By
      Employee’s Death or Disability.
      This
      Agreement shall also be terminated upon the Employee’s death and/or a finding of
      permanent physical or mental disability, such disability expected to result
      in
      death or to be of a continuous duration of no less than twelve (12) months,
      and
      the Employee is unable to perform his usual and essential duties for the
      Company.

    

    4.3    Compensation
      on Termination.
      In the
      event the Company terminates Employee’s employment, all payments under this
      Agreement shall cease, except for Base Salary to the extent already accrued.
      In
      the event of termination by reason of Employee’s death and/or permanent
      disability, Employee or his executors, legal representatives or administrators,
      as applicable, shall be entitled to an amount equal to Employee’s Base Salary
      accrued through the date of termination, plus a pro rata share of any annual
      bonus to which Employee would otherwise be entitled for the year which death
      or
      permanent disability occurs. Upon termination of Employee, if Employee executes
      a written release, substantially in the form attached hereto as Exhibit “B” (the
“Release”), of any and all claims against the Company and all related parties
      with respect to all matters arising out of Employee’s employment by the Company
      (other than Employee’s entitlement under any employee benefit plan or program
      sponsored by the Company in which Employee participated), unless the Employment
      Term expires or termination is for Cause, the Employee shall receive, in full
      settlement of any claims Employee may have related to his employment by the
      Company, Base Salary for 90 calendar days from the date of termination, provided
      Employee is in full compliance with the provisions of Sections 2 and 3 of this
      Agreement.

    

    4.4    Voluntary
      Termination.
      Employee may voluntarily terminate the Employment Term upon thirty (30) days’
prior written notice for any reason; provided, however, that no further payments
      shall be due under this Agreement in that event except that Employee shall
      be
      entitled to any benefits due under any compensation or benefit plan provided
      by
      the Company for Employees or otherwise outside of this Agreement.

    

    5.    General
      Provisions.
      

    

    5.1    Indemnification. The
      Company agrees to indemnify, and hold the Employee harmless against any loss
      or
      damages incurred by the Company for any treasury issuances by the Employee,
      so
      long as such issuances are duly authorized by the Company’s Board of
      Directors.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    5.2    Modification:
      No Waiver.
      No
      modification, amendment or discharge of this Agreement shall be valid unless
      the
      same is in writing and signed by all parties hereto. Failure of any party at
      any
      time to enforce any provisions of this Agreement or any rights or to exercise
      any elections hall in no way be considered to be a waiver of such provisions,
      rights or elections and shall in no way affect the validity of this Agreement.
      The exercise by any party of any of its rights or any of the elections under
      this Agreement shall not preclude or prejudice such party from exercising the
      same or any other right it may have under this Agreement irrespective of any
      previous action taken.

    

    5.3    Notices.
      All
      notices and other communications required or permitted hereunder or necessary
      or
      convenient in connection herewith shall be in writing and shall be deemed to
      have been given when hand delivered or mailed by registered or certified mail
      as
      follows (provided that notice of change of address shall be deemed given only
      when received):

    

    If
      to the
      Company, to:

    Phantom
      Entertainment, Inc.

    

    If
      to
      Employee, to:

    Terrance
      Taylor

    2260
      Valparaiso Blvd.

    Ft.
      Myers, FL 33917

     

    Or
      to
      such other names or addresses as the Company or Employee, as the case may be,
      shall designate by notice to each other person entitled to receive notices
      in
      the manner specified in this Section.

    

    5.4    Governing
      Law.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Delaware.

    

    5.5    Further
      Assurances.
      Each
      party to this Agreement shall execute all instruments and documents and take
      all
      actions as may be reasonably required to effectuate this Agreement.

    

    5.6    Severability.
      Should
      any one or more of the provisions of this Agreement or of any agreement entered
      into pursuant to this Agreement be determined to be illegal or unenforceable,
      then such illegal or unenforceable provision shall be modified by the proper
      court or arbitrator to the extent necessary and possible to make such provision
      enforceable, and such modified provision and all other provisions of this
      Agreement and of each other agreement entered into pursuant to this Agreement
      shall be given effect separately from the provisions or portion thereof
      determined to be illegal or unenforceable and shall not be affected
      thereby.

    

    5.7    Successors
      and Assigns.
      Employee may not assign this Agreement without the prior written consent of
      the
      Company. The Company may assign its rights without the written consent of the
      Employee, so long as the Company or its assignee complies with the other
      material terms of this Agreement. The rights and obligations of the Company
      under this Agreement shall inure to the benefit of and be binding upon the
      successors and permitted assigns of the Company, and the Employee’s rights under
      this Agreement shall inure to the benefit of

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    and
      be
      binding upon his heirs and executors. The Company’s subsidiaries and controlled
      affiliates shall be express third party beneficiaries of this
      Agreement.

    

    5.8    Entire
      Agreement.
      This
      Agreement supersedes all prior agreements and understandings between the
      parties, oral or written. No modification, termination or attempted waiver
      shall
      be valid unless in writing, signed by the party against whom such modification,
      termination or waiver is sought to be enforced.

    

    5.9    Counterparts;
      Facsimile.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      for
      all purposes be deemed to be an original, and all of which taken together shall
      constitute one and the same instrument. This Agreement may be executed by
      facsimile with original signatures to follow.

    

    [REMAINDER
      OF PAGE INTENTIONALLY LEFT BLANK]

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    IN
      WITNESS WHEREOF, the undersigned, intending to be legally bound, have executed
      this Agreement as of the date first written above.

    

    PHANTOM
      ENTERTAINMENT, INC.

     

     

    By: 
      /s/
      Greg
      Koler 
      
        

      

    

    Greg
      Koler

    Chief
      Executive Officer

     

     

    /s/
      Terrance Taylor 
      
        
Terrance
        Taylor

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