Document:

License Agreement

 

This Agreement is made
and entered into as of this 23 day of March, 2016, by and between MassRoots, Inc., a Delaware corporation with its principal office
at 1624 Market St, Ste 201, Denver, CO 80202 ("MassRoots") and Santino Walter Productions, LLC, a Colorado corporation
with its principal office at 437 West Colfax Avenue, Suite 300, Denver, CO 80204 ("SWP"). MassRoots and SWP are sometimes
referred to as a “Party” and collectively, as the “Parties”.

 

W I T N E S S E T H:

 

WHEREAS, MassRoots and
SWP have entered into a written Agreement, dated as of the date hereof (the “420 Event Agreement”), providing for
their respective rights and obligations in connection with the promotion, marketing, sponsorship, organization and coordination
of the Denver Annual 420 Rally, which is scheduled for April 16, 2016 (“420 Event”); 

 

WHEREAS, in connection
with the 420 Event Agreement, SWP offered to MassRoots, and MassRoots purchased from SWP, a senior secured promissory note in
the principal face amount of $156,000, with a maturity date of sixty days from the date of issuance (the “Note”);

 

WHEREAS, MassRoots is
the sole owner of all right, title, and interest in, to, and under the logo and brand "MASSROOTS”, a copy of which
is attached hereto on Exhibit A, for use in association with technology platforms for the cannabis industry, (such logo and brand
hereinafter referred to as the "BRAND"); and 

 

WHEREAS, SWP is an owner
of the right, title, and interest in, to, and under the logo and brand "Denver 420 Rally”, a copy of which is attached
hereto on Exhibit B, for use in association historically with this event, (such logo and brand hereinafter referred to as the
"BRAND"); and

 

WHEREAS, the parties each
desire to obtain a license to use their respective BRAND in connection with the promotion, marketing, sponsorship, organization
and coordination of the 420 Event.

 

WHEREAS, the parties desire
to create joint ownership of the right, title, and interest in, to and under the logo and brand “MassRoots All Access Pass”,
a copy of which is attached hereto on Exhibit C, for use in association with this event, (such logo and brand hereinafter referred
to as the "ALL ACCESS BRAND"); and

 

NOW, THEREFORE, in consideration
of the mutual covenants contained herein, the 

sufficiency of which is hereby acknowledged,
the parties hereto agree as follows:

 

1.License Grant. The parties hereby
grants to each other a license to use the BRAND in connection with each party’s promotion, marketing, sponsorship, organization
and coordination of the 420 Event. 

 

2.Term. The term of this Agreement
shall commence on the date set forth above, and shall continue in effect until April 21, 2016.

 

3.Quality Control. At all times
during the duration of this Agreement, the parties shall maintain the quality standards set forth herein in connection with its
use of each party’s BRAND. Each party shall use the BRAND only in the form designated by the other party, and only in association
with the 420 Event that is at least equal in quality to that approved by the other party from time to time. Each party shall have
the right to modify or supplement the quality standards applicable hereunder or the permitted products with which the BRAND may
be used by providing written notice thereof to the other party. At either party’s request, the other party shall promptly
furnish, without cost, any advertisements, promotions or samples of materials bearing the BRAND, in order to enable each to determine
that use of the BRAND is proper and that anything sold under the BRAND conforms with the quality standards set forth herein, and
hereby empowers each party to approve in advance any marketing or promotional content to be issued. Upon any material modification
of the BRAND, the modifying party shall promptly furnish, without cost, samples as modified. Each party shall have the right to
inspect the other’s operations to determine the conformity with the quality standards set forth herein. The parties hereby
agree to the same above conditions regarding their jointly-owned ALL ACCESS BRAND.

 

    

    	 

    

4.BRAND Marking; Rights. 

 

	4.1		Each party agrees that it will not alter, modify, dilute or otherwise misuse the BRAND
nor ALL ACCESS BRAND, or bring it into disrepute.

	4.2		The benefit of all use of the BRAND shall inure to each party, and except for the
license granted herein, neither party shall acquire by reason of this Agreement, any rights in or to the BRAND.

	4.3		Each party acknowledges and admits the validity of the BRAND, as well as the other
party’s exclusive right and interest in and to their use as between the parties. Neither party will, directly or indirectly,
attack or assist another in attacking the validity of the BRAND and/or any application or registration thereof. The acknowledgements,
admissions and covenants contained in this section shall survive the termination or expiration of this Agreement.

	4.4		Each party shall assist and cooperate with the other, at the other party’s expense,
in their actions to obtain, enforce, and maintain, as appropriate, each party’s interests in the BRAND, including, but not
limited to, any application for registration of the BRAND, any application for recording the other party as the user or the equivalent
of the BRAND, and shall do or execute any act or document as may be required for any such application as each party may deem necessary
or desirable.

 

5.Infringements. In the event that
any claim, demand or suit for infringement of a trademark shall be asserted or threatened against either party with respect to
use of the BRAND, each party shall immediately give written notice thereof, and each party, at its option, shall have the exclusive
right to defend against any claim in its name, in the name of the other, or both, through counsel selected by the defending party
and in that party’s sole discretion. If either party exercises this option, it shall not be obligated to pay any attorneys'
fees incurred by the other with respect to any claim after the election of its option to defend against the claim.

 

 6. Royalty. SWP shall pay to MassRoots a royalty fee for the license granted pursuant to this Agreement equal to fifty percent (50%) of all ticket sales at the 420 Event in excess of $130,000. SWP shall keep correct and complete records and books of account containing all the information required for the computation and verification of the royalties to be paid hereunder. MassRoots and a certified public accountant selected by MassRoots and reasonably acceptable to SWP shall have the right to inspect and audit such records and books of account during normal business hours and upon reasonable notice to SWP.

 

7.Termination. Notwithstanding
any other term or provision herein, this Agreement and all rights granted hereunder may be terminated without cause at any time
by either Party upon thirty (30) days prior written notice to the other Party. However, in the event of a material breach of this
Agreement by SWP, MassRoots may terminate this Agreement immediately by mailing a written notice of termination to SWP. In the
event of termination of this Agreement, SWP shall immediately discontinue all use of the BRAND and ALL ACCESS BRAND.

 

8.Bankruptcy. This Agreement shall
immediately terminate upon bankruptcy, receivership, or assignment for the benefit of creditors of SWP.

 

9.Indemnification. Maintenance
of the required minimum quality standard for the BRAND is the responsibility of SWP. SWP shall indemnify and hold MassRoots harmless
from all claims, demands, suits, actions, proceedings, costs, damages, expenses, and/or losses of any kind resulting from SWP’s
activities pursuant to the license granted herein, including but not limited to the failure of SWP to meet any of its obligations
hereunder. SWP at its expense shall promptly defend and continue the defense of any such claim, demand, suit, action, or proceeding
relating to the BRAND. If SWP fails to retain counsel or to undertake and continue said defense as aforesaid, MassRoots shall
have the right to make and continue such defense as may to it seem appropriate, and the expenses and costs thereof, including
but not limited to counsel fees, out-of-pocket costs, and the costs of an appeal and bond thereof, together with the amount of
any judgment rendered against MassRoots, shall be paid by SWP upon demand. Nothing herein before stated shall prevent MassRoots
from defending any such claim, demand, suit, action, or proceeding at its own expense through its own counsel, notwithstanding
that the defense thereof may have been undertaken by SWP, and SWP shall promptly notify MassRoots of the commencement or anticipated
commencement of any such claim, demand, suit, action, or proceeding.

 

    

    	 

    

10.Sublicensing and Assignment.
This Agreement shall inure to the benefit of and be binding upon the successors and assigns of MassRoots. SWP shall not assign
any of its interests, rights, duties, or obligations hereunder by operation of law or otherwise without the prior written consent
of MassRoots.

 

11.Governing Law. This Agreement
shall be deemed to be made and entered into pursuant to the laws of the State of Delaware. In the event of any dispute hereunder,
this Agreement shall be governed by and shall be construed and interpreted in accordance with the laws of the State of Delaware.

 

12.Notice. Any notice or other
communication required or permitted to be given to the parties hereto which is to have legal effect under the terms of this Agreement
shall be effective upon receipt thereof by the other party and shall be sent via certified or registered mail, return receipt
requested, addressed as follows:

 

(a)If to MassRoots:

 

MassRoots, Inc.

  1624 Market St, Ste 201

  Denver, CO 80202

  Attention: Isaac Dietrich

 

(b)If to SWP:

 

Santino Walter Productions,
LLC

c/o Robert J. Corry, Jr.,
General Counsel

Law Office of Corry & Associates

437 West Colfax Ave.,
Suite 300

Denver, CO 80204

 

or at any such other addresses as a party
hereto may from time to time hereafter give or designate to the other party hereto in accordance with the notification provisions
in this section.

 

13.Severability; No Partnership.
In the event any provision of this Agreement is declared void or unenforceable, or becomes unlawful in its operation, such provision
shall not affect the rights and duties of the parties with regard to the remaining provisions of this Agreement, which shall continue
as binding. Nothing contained in this Agreement shall in any way be construed to create an agency relationship, partnership or
joint venture between the Parties and the Parties to this Agreement shall have no power to further obligate or bind the other
Party.

 

14.Exclusion of Waivers. The waiver
by either party hereto of a right to default hereunder shall not be deemed to be a waiver by such party of any subsequent default
of a like or similar nature, nor shall it prevent either party from subsequently exercising or enforcing any such right.

 

15. Representations. Santino Walter
Productions represents and guarantees it has the right and authority to enter into this agreement and the power to make decisions
on behalf of the Denver Annual 420 Rally. 

 

16.Entire Agreement. This Agreement constitutes the final expression of
the entire Agreement between the parties relating to the subject matter hereof and may not be contradicted by evidence of any
prior agreement or of a contemporaneous oral agreement. This Agreement including this provision shall not be changed,
modified, terminated, or discharged in whole or in part except by an instrument in writing signed by the parties hereto.

    

    	 

    

IN WITNESS WHEREOF, the parties have
executed this Agreement as of the date above written.

 

MASSROOTS, INC.

  

By: /s/ Isaac Dietrich
Name: Isaac Dietrich

Title: Chief Executive
Officer

 

 

SANTINO WALTER PRODUCTIONS, LLC

 

 

By: /s/ Santino Walter
Name: Santino Walter

Title: Chief Executive
OfficerExhibit

March 29, 2016

Mr. Mauricio Restrepo

Dear Mauricio,

It is with great pleasure that I offer you the position of Global Chief Financial Officer, Molson Coors Brewing Company (“Molson Coors”), to be based in Denver, Colorado and reporting to me starting Monday May 2, 2016. 

Base Compensation:  Your monthly base compensation will be $54,166, which represents an annualized amount of $650,000.  The next normal-course salary review and adjustment will be effective April 1, 2017.

Annual Molson Coors Incentive Plan:  You are eligible to participate in the annual Molson Coors Incentive Plan (MCIP) subject to the plan rules.  MCIP rewards employees for the achievement of Corporate and Individual goals on a fiscal year basis (i.e. January 1 to December 31).  Your participation in the plan will commence on Monday May 2, 2016, and your 2016 award will be pro-rated for the period worked during 2016.  The MCIP target for your position is currently 75% of your annual base compensation, and for 2016 is based on enterprise results (equal weight between pre-tax income, net sales revenue and free cash flow), with 25% modified by personal results.  The cash payment can range from 0% to 200% of target based on performance on these metrics.  The MCIP is reviewed on an annual basis and the details of the plan are subject to change to align with and support ongoing business needs.  Key highlights and specific terms of this program can be found in the program brochure.

Long-Term Incentive: You are eligible to participate in the Molson Coors Long-Term Incentive (LTI) Plan according to your grade level in Molson Coors.  The current annual LTI target for your role is $1 million.  This amount is subject to change on an annual basis by the Compensation and HR Committee of our Board of Directors.  

As the 2016 grants occurred in early March, you are not be eligible for a normal-course 2016 cycle award.  However, we will issue you two special 2016 awards, to be granted on May 25, 2016, as follows:

		
	•
	A grant valued at $500,000, consisting of Molson Coors restricted stock units (RSUs) (number of RSU’s determined by May 25, 2016 TAP closing price) vesting in full on the third anniversary of the grant date; and

Molson Coors Brewing Company
1801 California Street • 46th Floor • Denver, Colorado • 80202 • USA 
Tel. (303) 927-2337
MOLSON is a registered trademark of Molson Canada 2005, used under license. COORS is a registered trademark of Coors Brewing Company, used under license.

		
	•
	A grant valued at $500,000, consisting of Molson Coors stock options (based on the grant date Black-Sholes value) vesting in equal installments on the first, second and third anniversaries of the grant date.

Additionally, we will issue you two special sign-on grants to compensate for the loss of unvested grants you have with your current employer, to be granted on May 25, 2016 as follows:
		
	•
	A grant valued at $1,100,000, consisting of Molson Coors RSUs (number of RSU’s determined by May 25, 2016 TAP closing price) vesting in full on the first anniversary of the grant date; and

		
	•
	A grant valued at $1,200,000, consisting of Molson Coors RSUs (number of RSU’s determined by May 25, 2016 TAP closing price) vesting in full on the second anniversary of the grant date.

The vesting of each of the above awards will require your continued employment with Molson Coors through the applicable vesting date.
Sign-on Cash:  We will also offer the following cash incentives to you, on or around the your start date:

		
	•
	Up to $1,200,000 cash to assist with the repayment of sign-on obligations and relocation expenses, as required.  If you voluntarily leave employment of Molson Coors or if your employment is terminated for cause within 24 months after receiving this cash, you will be required to pay the monies back to Molson Coors.  Terminated for cause means that Molson Coors has determined that you failed to substantially complete your job duties, committed a serious crime, engaged in gross misconduct or material dishonesty, or materially violated Molson Coors policies;

		
	•
	$150,000 cash representing replacement of foregone 2016 bonus for the first four months of the year; and

		
	•
	$300,000 cash representing the value of certain forgone equity awards vesting in 2016 with your current employer.

Benefits:  You will be eligible to participate in the Molson Coors benefit plan, details of which will be shared with you shortly.  The benefit plan includes comprehensive coverage including medical, dental, short and long term disability protection, life insurance and accident insurance effective on your date of hire.  You will also be eligible to participate in the 401(k) plan immediately upon your date of hire.

Vacation:  You will be eligible to receive 200 hours of paid vacation per calendar year, which will be prorated for 2016.

Transportation Benefit:  Molson Coors is currently offering a free RTD EcoPass for your public transportation needs and pre-tax parking funds to help off-set some of the costs you may incur.  Your position entitles you to $100 of pre-tax parking funds per month.  You will receive enrollment instructions in your new hire packet.

Executive Financial Planning:  You are eligible to receive a $10,000 per year stipend to cover financial and tax planning.  This amount is paid to you in equal monthly installments.  

Executive Life Insurance:  You will be provided with life insurance in an amount equal to six times your base pay.  This is in addition to the life insurance in an amount equal to two times your base pay that you may elect under our annual enrollment as part of our employee benefits program.

Relocation:  Molson Coors will cover your relocation costs pursuant to the company’s relocation policy.  Upon your acceptance of this offer, a Relocation Consultant will be assigned to assist you in finding your temporary and permanent living accommodations and provide you with details of our relocation policy.  In order to receive the full benefits of the relocation policy, do not make contact with a real estate agent in Denver before speaking with your Relocation Consultant (i.e. do not execute a home purchase contract).

Regarding temporary living accommodations, Molson Coors will provide corporate housing within close proximity to the Denver office for the months of May and June after your start date.  In July, Molson Coors will provide up to an additional 60 days of temporary housing for your family while you search for permanent housing.

Your acceptance of this offer serves as acknowledgment that Molson Coors has paid or will pay certain expenses resulting from your relocation.  In exchange for the payment of such expenses, you agree that if you voluntarily terminate your employment with Molson Coors prior to May 2, 2018, you will repay Molson Coors for any relocation expenses it advanced or paid on your behalf.

In the event it is necessary to reclaim any relocation benefit payments, you understand that you have authorized Molson Coors to offset the amount(s) you owe against any compensation or other sums Molson Coors owes you.  If such deductions are not sufficient to cover the full amount of the sign-on bonus or relocation benefit payments, you promise to pay to Molson Coors the remaining balance within 10 working days of your departure from Molson Coors.

The terms of your appointment as Global Chief Financial Officer as set forth in this letter are subject to approval by the Compensation and Human Resources Committee and Board of Directors of Molson Coors.  As is customary, the offer is also contingent upon the successful completion of an acceptable background verification report.  In addition, should you accept this offer; you will be required, on or about your commencement date, to sign a non-compete and confidentiality agreement with Molson Coors.  You will also 

be required to complete the Molson Coors Brewing Company Code of Business Ethics and Conduct Program and a Form I-9 verifying your identity and employment eligibility.

We hope for a mutually rewarding relationship.  You should know, however, that your employment is “at will”.  That means you may terminate your employment at any time, with or without cause or notice, and we reserve the same right.  This “at will” relationship may not be modified except in writing signed by the CEO of Molson Coors Brewing Company.  Finally, Molson Coors Brewing Company reserves the right to modify its policies and the accompanying terms of your employment as it deems appropriate.

We look forward to your joining Molson Coors Brewing Company.

Sincerely,

/s/ Mark Hunter        
Mark Hunter
President and Chief Executive Officer

cc:  Sam Walker

Please acknowledge your acceptance of this letter by signing below and returning this letter along with the completed new hire forms (sent to your e-mail as file attachments) by May 2, 2016.

Offer Accepted:     /s/ Mauricio Restrepo                
Mauricio Restrepo

Date: March 29, 2016

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