Document:

Exhibit 10.16

 

 

 

INSTRUMENT OF INDEMNITY

from Henderson Group plc

 

 

PART 13 - Instrument of Indemnity

 

 

THIS INSTRUMENT OF INDEMNITY is made the           day of           2015 between:

 

HENDERSON GROUP PLC (registered number 101484) whose registered office is at 47 Esplanade, St Helier, Jersey JE1 0OB (the “Company”)

 

AND:

 

[Name of Director] of [address] (the “Indemnified Person”)

 

WHEREAS the Company has agreed, subject to the terms of this Instrument, to:

 

1.              provide an indemnity upon the terms of this Instrument to the Indemnified Person;

 

2.              permit the Indemnified Person to have access to certain board papers;  and

 

3.              maintain insurance upon the terms of this Instrument in respect of certain liabilities which might attach to the Indemnified Person under this Instrument.

 

NOW THIS INSTRUMENT WITNESSES as follows:

 

	
1.
    	
DEFINITIONS
    
	
 
    	
 
    
	
 
    	
In this Instrument:
    
	
 
    	
 
    
	
1.1
    	
the following words have the following meanings:
    
	
 
    	
 
    
	
 
    	
“Act”
    	
the Companies (Jersey)   Law 1991;
    
	
 
    	
 
    	
 
    
	
 
    	
“Appointment Period”
    	
the period during which   the Indemnified Person is a Director, Secretary and/or a Henderson   Representative;
    
	
 
    	
 
    	
 
    
	
 
    	
“Articles”
    	
the Articles of   Association of the Company as amended from time to time;
    
	
 
    	
 
    	
 
    
	
 
    	
“Board”
    	
as the context   requires:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(i)
    	
The board of directors   of a company in the Henderson Group; or
    
	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
(ii)
    	
Any committee of the   board of directors of a company in the Henderson Group which at any time   includes the relevant Indemnified Person;
    
	
 
    	
 
    	
 
    
	
 
    	
“Board Papers”
    	
all written   communications of or to the Board given or made available to the
    

 

 

	
 
    	
 
    	
Indemnified Person from   time to time, including periodic board papers, submissions, minutes, letters,   managerial or supervisory committee or sub-committee papers;
    
	
 
    	
 
    	
 
    
	
 
    	
“Business Day”
    	
Monday to Friday,   except any day which is generally recognised as a public holiday in Jersey or   the United Kingdom;
    
	
 
    	
 
    	
 
    
	
 
    	
“Claim”
    	
any actual or   contemplated proceedings or other dispute resolution procedure brought   against the Indemnified Person which might give rise to a right to   indemnification under the Indemnity;
    
	
 
    	
 
    	
 
    
	
 
    	
“Commencement Date”
    	
[insert date]
    
	
 
    	
 
    	
 
    
	
 
    	
“Directors”
    	
from time to time,   directors of the Company (including alternate directors) and the directors of   any other company in the Henderson Group (including alternate directors);
    
	
 
    	
 
    	
 
    
	
 
    	
“D&O Insurance”
    	
A directors &   officers insurance policy provided and/or maintained by or on behalf of the   Company for the benefit of (amongst others) Indemnified Persons, which   insures Indemnified Persons against liability for acts or omissions of   Indemnified Persons in their respective capacities (or, following the   Appointment Period, former capacities) as Directors, Secretaries and/or   Henderson Representatives in relation to a company in the Henderson Group or   an External Company;
    
	
 
    	
 
    	
 
    
	
 
    	
“Employee”
    	
an employee from time   to time of any company in the Henderson Group;
    
	
 
    	
 
    	
 
    
	
 
    	
“External Company”
    	
a body corporate   (including, for the avoidance of doubt, a trustee or joint venture company),   other than a company in the Henderson Group, of which the relevant   Indemnified Person is a Henderson Representative from time to time;
    
	
 
    	
 
    	
 
    
	
 
    	
“Government Agency”
    	
Any government or any   governmental, semi-governmental, regulatory or judicial entity or authority,   including any organisation established under statute and 
    

 

 

	
 
    	
 
    	
any stock exchange;
    
	
 
    	
 
    	
 
    
	
 
    	
“Henderson Group”
    	
the Company and each   company which is a wholly-owned subsidiary of the Company (as defined in the   Act) from time to time;
    
	
 
    	
 
    	
 
    
	
 
    	
“Henderson   Representative”
    	
an Employee or Director   or other person approved in writing by the Chief Executive of the Company   who, at the request or direction of a company in the Henderson Group and for   such period as that company may require represents a company in the Henderson   Group on any board, managerial or supervisory committee of another company in   the Henderson Group or an External Company;
    
	
 
    	
 
    	
 
    
	
 
    	
“Indemnity”
    	
the indemnity contained   in Clause 4, which is subject to the provisions of this Instrument;
    
	
 
    	
 
    	
 
    
	
 
    	
“Losses”
    	
any costs, claims,   charges, losses, damages, expenses or other liabilities of any kind,   including legal costs incurred on or after the Commencement Date in defending   any proceeding (whether civil, criminal, administrative or judicial) or   appearing before any court, tribunal, Government Agency or other body and any   liability under any regulatory rule in any case incurred or suffered by   the Indemnified Person anywhere in the world and arising out of the discharge   on or after the Commencement Date of the duties of the Indemnified person as   a Director;
    
	
 
    	
 
    	
 
    
	
 
    	
“Post-Appointment   Period”
    	
in relation to an   Appointment Period, the period beginning immediately after such Appointment   Period and ending six years later.
    

 

1.2                              the headings are for convenience only and do not affect the interpretation of this Instrument;

 

1.3                              a reference to a Clause means a clause of this Instrument;

 

1.4                              save where the context otherwise refers, references to the singular include the plural, and vice versa;

 

 

1.5                              save where the context otherwise refers, references to a “company” include to any body corporate wherever incorporated;

 

1.6                              the masculine includes the feminine:

 

1.7                              references to any statute or statutory provisions include a reference:

 

1.7.1                    to that statute or provision as from time to time modified, extended or re-enacted;

 

1.7.2                    to any repealed statute or statutory provision which it re-enacts (with or without modification); and

 

1.7.3                    to any subordinate legislation made under the relevant statute or statutory provision; and

 

1.8                              references to this Instrument mean this Instrument as amended from time to time.

 

2.                                     COMMENCEMENT

 

This Instrument shall take effect from, and including, the Commencement Date.

 

3.                                     ACCESS TO BOARD PAPERS AND CONFIDENTIALITY

 

3.1                               During the Appointment Period, the Indemnified Person may retain a copy of any Board Paper except where the relevant Board has resolved that, due to the confidential nature of the Board Paper, all copies of the Board Paper are to be returned at the conclusion of the relevant board meeting.

 

3.2                               Notwithstanding Clause 3.1, during the Appointment Period and Post-Appointment Period, the Company will take all reasonable steps to procure that the Indemnified Person may upon reasonable notice and at all reasonable times, subject to Clauses 3.3 and 3.4, inspect and take copies of those Board Papers which the Indemnified Person can demonstrate to the Company’s reasonable satisfaction are necessary for the purpose of a legal proceeding:

 

3.2.1                      to which the Indemnified Person is a party; or

 

3.2.2                    that the Indemnified Person reasonably believes will be brought against him.

 

3.3                               A request to inspect or take copies of Board Papers may be refused if, in the reasonable opinion of the Company or any other company in the Henderson Group, this would materially prejudice the interests of a company in the Henderson Group (other than by way of a claim under the Indemnity), including where this could result in the loss, to a company in the Henderson Group, of its ability to claim legal professional privilege, common interest privilege and/or any other applicable privileges and immunities in relation to the relevant Board Papers or any part thereof.

 

3.4                               The Indemnified Person must not at any time waive, or allow to be waived, any legal professional privilege, common interest privilege and/or any other applicable privileges and immunities of any company in the Henderson Group in, or in relation to, any Board Paper or part thereof or do or omit to do anything that could cause legal professional privilege, common interest

 

 

privilege and/or any other applicable privileges and immunities to be waived or lost.

 

3.5                               Subject to Clause 3.6, the Indemnified Person must at all times (including after any Appointment Period) maintain the confidentiality of Board Papers.

 

3.6                               The obligation of confidentiality set out in Clause 3.5 will continue to apply after the termination of this Instrument but will cease to apply to:

 

3.6.1                    information which comes into the public domain, otherwise than as a result of any breach of confidentiality by the Indemnified Person;

 

3.6.2                    information which must be disclosed for the purpose of bona fide court proceedings which arise out of the Indemnified Person’s involvement with any company in the Henderson Group, provided that:

 

(A)                    the relevant company in the Henderson Group has waived any claim to legal professional privilege, common interest privilege and/or all other applicable privileges and immunities;

 

(B)                    disclosure will not cause the right of any company in the Henderson Group to claim legal professional privilege, common interest privilege and/or any other applicable privileges and immunities in regard to any other information to be waived or lost; and

 

(C)                    the information is disclosed only to persons who have a need to know the information for the purposes of such court proceedings and only to the extent that each such person has such a need to know.

 

3.7                               At the end of each Appointment Period, the Indemnified Person must immediately deliver all Board Papers held by the Indemnified Person which relate to his acting as a Director, Secretary or Henderson Representative (as the case may be) during such Appointment Period to the secretary of the Company.

 

4.                                     INDEMNITY

 

4.1                               Subject to the provisions of this Instrument, the Company shall indemnify the Indemnified Person against all Losses, provided that the Indemnity shall not apply to the extent prohibited by any applicable law.

 

4.2                               The Indemnity does not apply in relation to any Loss incurred or suffered by the Indemnified Person arising out of the conduct of the business of, or the discharge of the duties of the Indemnified Person as a director, company secretary or member of any supervisory or managerial committee of:

 

4.2.1                    an External Company at any time when he is not, in relation to such External Company, a Henderson Representative; or

 

4.2.2                    any other company at any time when such company is not in the Henderson Group.

 

4.3                               The Company provides the Indemnity in consideration of the Indemnified Person acting or continuing to act as a Director.

 

4.4                               Subject to the provisions of this Instrument (including, without limitation, Clause 4.2 and Clause 15), the Indemnity:

 

 

4.4.1                    is an unlimited and continuing indemnity in respect of Losses; and

 

4.4.2                    acts so as to indemnify the Indemnified Person despite his Appointment Period ceasing or his otherwise ceasing to hold a particular position, or any position, with any company in the Henderson Group.

 

5.                                     EXCLUSIONS AND LIMITATIONS

 

5.1                               The Indemnity shall be subject to the following exclusions and limitations.  It will:

 

a)                         not modify or waive any of the duties which the Indemnified Person owes as an Employee, Director or Secretary under law or the rules of any relevant stock exchange, including duties as to confidentiality, whether during or after any Appointment Period;

 

b)                         not apply to any Loss incurred or suffered by the Indemnified Person to the extent that he may be indemnified by any third party in favour of such Indemnified Person (including under any D&O Insurance or indemnification by an External Company).

 

6.                                     CONDITIONS TO INDEMNIFICATION

 

6.1                               The Indemnified Person shall not be entitled to obtain indemnification under this Instrument unless he complies with the conditions set out in this Clause 6.  The Indemnified Person shall:

 

a)                         not disclose this Instrument or its terms to any third party;

 

b)                         provide the Company with an address for the service of notices and notify the Company of any changes to such address from time to time;

 

c)                          give notice in writing to the Company as soon as possible after becoming aware of any circumstances which could reasonably be expected to give rise to any Claim or Loss;

 

d)                         give notice in writing to the Company as soon as possible of all relevant details of, and all developments relating to, any actual or potential Losses, including forwarding to the Company every letter, document or other correspondence (whether in paper or electronic form) in any way relevant to such actual or potential Losses immediately on receipt;

 

e)                          not make, or permit to be made on his behalf, any admission, compromise, release, waiver, offer or payment relating to any Claim, without the prior written consent of the Company (which it may withhold at its discretion); and

 

f)                           whether before or after any payment by the Company, give such co-operation and information as the Company may request, and do every other thing that the Company may request, to enable the Company to exercise its rights under Clause 7 and/or be subrogated to the extent of any payment under this Instrument.

 

 

7.                                     CONDUCT OF CLAIMS

 

7.1                               Upon notification by the Indemnified Person of any actual or potential claim under the Indemnity, the Company shall, subject to Clause 7.3, be entitled to take over and conduct in the name of the Indemnified Person and at its sole discretion the defence or settlement of any Claim and/or to prosecute in his  name for its own benefit any claim or proceedings, including instructing (at the Company’s cost) legal advisers to represent the Indemnified Person.

 

7.2                               Subject to Clause 7.3, if the Company exercises its rights under Clause 7.1, it shall instruct legal advisers on behalf of both the Company and the Indemnified Person, such that legal professional privilege, common interest privilege and/or any other applicable privilege and/or immunity attaches to any documents or advice provided by the legal advisers for the benefit of both the Company and the Indemnified Person.

 

7.3                               If the parties to any Claim include both the Company and the Indemnified Person, and representation of both such parties by the same legal advisers would be inappropriate due to an actual or potential conflict of interest, an Indemnified Person shall have the right, in relation to any such proceedings, to retain his own legal advisers, provided that the fees and expenses of such legal advisers shall be borne by such Indemnified Person, save where the Company has otherwise agreed in writing.

 

8.                                     PAYMENTS PURSUANT TO THE INDEMNITY

 

8.1                               Subject to the foregoing provisions of this Instrument, the Company shall, on written demand by the Indemnified Person, pay the amount then due and payable under the Indemnity.

 

8.2                               Subject to applicable law, at the request of the Indemnified Person, the Company may, at its sole discretion and if it should think fit, in the light of all circumstances which it might consider to be relevant, make advance payments (on such terms, including interest, as the Company may determine) to the Indemnified Person to meet any Loss expected to arise, including for the avoidance of doubt, any costs or expenses to be incurred in dealing with any Claim.

 

8.3                               Without prejudice to Clause 5, the Company shall, in the event that a payment is made to the Indemnified Person under the Indemnity in respect of a Particular Loss, be entitled to recover from the Indemnified Person an amount equal to any payment he receives under any D&O Insurance or by way of indemnity from any other person, to the extent that such payment relates to the same Loss.

 

8.4                               Within 14 days of receiving a written request from the Company, the  Indemnified Person must repay to the Company all amounts received by, or advanced to, the Indemnified Person under this Instrument;

 

8.4.1                    to the extent paid or advanced in contravention of Clause 4 or Clause 5;

 

8.4.2                    to the extent that the Losses to which such amounts relate are subsequently found not to constitute liabilities of the Indemnified Person; or

 

8.4.3                    which the company is entitled to recover under Clause 8.3.

 

 

9.                                     NOTICES

 

9.1                               Any notice, approval, consent or other communication in connection with this Instrument must be in writing and must be left at the address of the addressee, or sent by pre-paid ordinary post (or airmail if posted to or from a place outside the United Kingdom or the Channel Islands) to the address of the addressee which has been specified pursuant to this Clause 9 or, if the addressee notifies another address, to that address.

 

9.2                               Notice to the Company must be sent to its registered office and marked for the attention of the company secretary, unless an alternative address has been given pursuant to Clause 9.1.

 

9.3                               Notice to the Indemnified Person must be sent to the address:

 

9.3.1                    recorded at that time as the address of the Indemnified Person in the register of directors of the relevant company in the Henderson Group; or

 

9.3.2                      notified under Clause 9.1.

 

9.4                               A notice, approval, consent or other communication shall take effect from the time it is received (or, if earlier, the time it is deemed to be received in accordance with Clause 9.5) unless a later time is specified in it.

 

9.5                               Subject to Clause 9.6, a notice is deemed to be received:

 

9.5.1                    In the case of a notice left at the address of the addressee, upon delivery at that address; and

 

9.5.2                    In the case of a posted letter on the second (fifth, if posted to or from a place outside the United Kingdom or Jersey) day after posting.

 

9.6                               A notice received or deemed to be received in accordance with Clause 9.5 on a day which is not a Business Day or after 5.00 p.m. on any Business Day shall be deemed to be received on the next following Business Day.

 

10.                              DIRECTORS & OFFICERS LIABILITY INSURANCE

 

10.1                        Subject to Clause 10.2, the Company shall, at its sole cost, arrange and maintain during the Appointment Period and the Post-Appointment Period, D&O Insurance for the benefit of (amongst others) the Indemnified Person.

 

10.2                        The Company shall not be obliged to maintain or procure the maintenance of D&O Insurance to the extent that the board of directors of the Company, acting reasonably, considers that it would be unreasonable to do so (including, without limitation, because doing so may contravene any law or would cause the Company to incur unreasonable expense).

 

11.                              GROSSING UP

 

If any deductions or withholdings are required by law, or any payments due from the Company under this Instrument are liable for taxation in the hands of the Indemnified Person, the Company shall (subject to applicable law) be liable to pay to the Indemnified Person such further sums as shall be required to ensure that the net amount received by the Indemnified Person will equal

 

 

the full amount which would have been received under this Instrument in the absence of any such deductions or withholdings.

 

12.                              ASSIGNMENT

 

No Indemnified Person shall be entitled to assign (whether absolutely or by way of security), transfer, mortgage, charge, declare himself as trustee for a third party of or otherwise dispose of his rights under, or any interest in, this Instrument.

 

13.                              GOVERNING LAW AND JURISDICTION

 

13.1                        This Instrument shall be governed by, and construed in accordance with, the laws of Jersey.

 

13.2                        The courts of Jersey shall have non-exclusive jurisdiction in relation to any claim or dispute under this Instrument and any matter arising therefrom.

 

14.                              CONFLICTS

 

14.1                        In so far as the provisions of this Instrument conflict with the provisions of any applicable law or the Articles, the provisions of the law or the Articles shall take precedence.

 

14.2                        In the event of any provision of this Instrument being determined unenforceable in whole or in part for any reason, such unenforceability shall not affect or impair the enforceability of the other provisions or, in the case of provisions unenforceable only in part, shall not affect or impair the remainder of the relevant provision.  Such other provisions or parts thereof, as appropriate, shall continue to bind the parties.

 

15.                              VARIATION AND WHOLE AGREEMENT

 

15.1                        With the exception of any indemnity contained in the Articles, this Instrument constitutes the entirety of any indemnity given by the Company to the Indemnified Person.  This Instrument supersedes all prior arrangements between the Company and the Indemnified Person (whether written or oral) which in any way indemnify the Indemnified Person (provided that nothing in this Clause 15 excludes any liability for fraud).

 

15.2                        The board of directors of the Company may resolve to amend the terms of this Instrument from time to time.  For the avoidance of doubt, no amendment to the terms of this Instrument made pursuant to this Clause 15.2 shall affect the rights of the Indemnified Person in respect of any Losses incurred, or arising out of the conduct of the business of the relevant company or the discharge of the duties of the Indemnified Person, before any such amendment is made.

 

16.                              NO WAIVER

 

No failure to exercise nor any delay in exercising any right, power or remedy by the Indemnified Person or the Company operates as a waiver.  A single or partial exercise of any right, power or remedy does not preclude any other or further exercise of that or any other right, power or remedy.

 

 

IN WITNESS whereof this Instrument has been executed on the day and year first above written.

 

	
EXECUTED by
    	
 
    	
)
    	
 
    	
 
    
	
Henderson Group plc acting   by:
    	
 
    	
)
    	
 
    	
 
    
	
 
    	
 
    	
)
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Director
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
Director/Secretary
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
EXECUTED by
    	
 
    	
)
    	
 
    	
 
    
	
[Name of Director] in
    	
 
    	
)
    	
 
    	
 
    
	
the presence of:
    	
 
    	
)
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
[Signature of Director]
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signature of Witness
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Name of Witness
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Address of WitnessExhibit 10.1

 

STOCK ISSUANCE CANCELLATION AGREEMENT

 

THIS STOCK ISSUANCE
CANCELLATION AGREEMENT (this "Agreement") is made and entered into effective as of March 20, 2017 (the “Effective
Date”), by and between Global Future City Holding, Inc., a Nevada corporation (the "Company"), and Big Name Group
Co. Ltd., a British Virgin Islands corporation controlled by Mr. Ning (Sam) Liu (“Mr. Liu”), the Company’s former
Chief Executive Officer and Master Power Holdings Group (each a “Stockholder” and collectively the "Stockholders”).
The Company and Stockholders may collectively be referred to herein as the “Parties” or individually as “Party.”

 

WITNESSETH:

 

WHEREAS, the
Stockholders are the record and beneficial owners of a total of 8,349,906 shares of common stock, $0.001 par value, of the Company
(the “Shares”);

 

WHEREAS, Mr.
Liu has experienced certain legal challenges in the People’s Republic of China (“PRC”) which caused the Company
to initially require his resignation as an officer and director of the Company and its subsidiaries;

 

WHEREAS, due
to continued delay in the PRC with regards to Mr. Liu’s legal challenges, the Company and the Stockholders believe it is
in its best interest to have the Shares cancelled and returned to the Company’s treasury;

 

WHEREAS,
the Stockholders and the Company have agreed to cancel the Shares as consideration for the significant hardship suffered by the
Company as a result of Mr. Liu’s legal challenges;

 

NOW, THEREFORE, in
consideration of the foregoing recitals and the mutual agreements set forth herein, and other good and valuable consideration,
receipt of which is hereby acknowledged, the parties hereto agree as follows:

 

1. Cancellation
of Shares. Upon the terms and subject to the conditions set forth in this Agreement, upon execution hereof, the Stockholders
shall deliver to the Company the certificate(s) representing the Shares, duly executed for cancellation, or accompanied by stock
powers duly executed in blank (with a medallion guarantee or such other evidence of signature as the Company's transfer agent may
require) whereupon the officers of the Company shall cancel the Shares by delivering such certificate(s) to the Company's stock
transfer agent for such cancellation. Upon cancellation, the Shares shall be returned to the Company’s treasury and be authorized,
but unissued shares.

 

2. Representations
of Stockholder. The Stockholders, jointly and severally, represent and warrant to the Company, as of the date hereof,
that:

 

	 	a.	Each Stockholder has the legal capacity to execute, deliver and perform his/her/its obligations under this Agreement. This Agreement has been duly executed and delivered by each Stockholder and is a valid and legally binding agreement of each Stockholder enforceable against him/her/it in accordance with its terms.
	 	 	 
	 	b.	Each Stockholder is the sole holder of record of the Shares held in the name of that Stockholder and the beneficial owner of those Shares, free and clear of all liens and encumbrances, and there exists no restriction on the transfer of the Shares to the Company. Upon execution hereof, each Stockholder shall deliver to the Company good and marketable title to the Shares, held in that Stockholder’s name, free and clear of all liens and encumbrances.
	 	 	 
	 	c.	No action has been taken by any of the Stockholders that would give rise to a claim against the Company for a brokerage commission, finder's fee or other similar payment with respect to the transactions contemplated by this Agreement.

 

 

 

 

    	 	1	 

     

    

 

3. Governing
Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Nevada without
regard to conflict-of-laws rules.

 

4. Jurisdiction
and Venue. The Parties agree that the state and federal courts located in the County of Orange, State of California shall
have sole and exclusive jurisdiction and venue for the resolution of all disputes arising under or pertaining to the terms of this
Agreement.

 

5. Undertakings. The
Stockholder and the Company, and each of them, hereby agree to take whatever action and execute whatever additional documents may
be reasonably necessary or advisable in order to carry out and effectuate the intent and purpose of this Agreement.

 

6. Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed to be an original, but all of which together shall constitute
one and the same instrument.

 

7. Successors
and Assigns. Except as otherwise provided herein, the provisions of this Agreement shall apply to, are binding on, and
shall inure to the benefit of the Parties, their respective agents, representatives, successors, assigns, and all other persons
or entities acting under, through or for the Parties

 

8. Voluntary
Agreement. The Parties have entered into this Agreement voluntarily, having fully read and fully understanding the meaning
and effect of all of its terms and provisions, and fully understanding its and their risks. The Parties have had the opportunity
to consult with their own legal counsel concerning this Agreement, and have conducted such inquiry as they deem necessary and advisable
prior to entering into this Agreement. To the extent the Parties have utilized the same counsel in their representation in the
negotiation of this Agreement and its exhibits, the Parties waive as a defense to this Agreement any claim of conflict of interest.
The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question
of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or
burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

 

9. Entire Agreement. This
Agreement and the instruments to be delivered by the parties pursuant hereto represent the entire understanding and agreement between
the parties and supersede all prior oral and written and all contemporaneous oral negotiations, commitments and understandings.

 

10. Absence
of Other Obligations. The Stockholders’ represent and warrant that the Company does not owe the Stockholders any
compensation, monetary or otherwise, including, but not limited to, accrued but unpaid salary, benefits, commissions, royalties,
reimbursement of expenses, share issuances or any remuneration of any type.

 

11. Release
by Stockholders. Each Stockholder hereby knowingly and voluntarily releases, acquits and forever discharges Company from
any and all actions, causes of action, claims, suits, demands, rights, damages, costs, invoices, expenses (including but not limited
to attorneys’ fees), accounts, judgments, executions, debts, obligations, rights of contribution and indemnification, and
any and all other liabilities of any kind or nature whatsoever, either in law or in equity, whether matured or unmatured, and whether
known or unknown, from the beginning of time up to and including the Effective Date. Each Party hereby acknowledges they have an
understanding of and have been advised by the counsel of their own choice of the provisions of California Civil Code section 1542
with respect to the release of claims as set forth above and specifically waive their rights in connection therewith. California
Civil Code section 1542 reads as follows:

 

A GENERAL RELEASE DOES NOT EXTEND TO
CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF
KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

Each of the Parties understands and acknowledges
the significance and consequences of the specific waiver of his, her or its rights under California Civil Code section 1542 and
hereby assumes full responsibility for and releases any and all claims which may occur or which later become known to such party.

 

[THE REMAINDER OF THIS PAGE IS LEFT BLANK
INTENTIONALLY.]

 

 

 

    	 	2	 

     

    

 

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

The Company:

 

Global Future City Holdings, Inc.

 

       
/s/ Michael Dunn                                     

By: Michael Dunn

Its:  President        

 

The Stockholders:

 

 

 

Signed:
/s/ Ning Liu                                      

               Big
Name Group Co. Ltd

By:
        Ning Liu

               Shares Surrendered: 1,235,906

               Certificate No. 591

 

 

Signed:
/s/ Yong Liu                                    

By:
        Master Power Holdings Group

              Yong Liu

 

              Shares
Surrendered: 7,114,000

              Certificate No. 263

           

 

 

 

 

 

 

 

 

    	 	3

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