Document:

ex108.htm

Exhibit 10.8

 

TERMINATION AGREEMENT

This TERMINATION AGREEMENT (this “Agreement”), dated May 29, 2014, made by and among Thinspace Technology, Inc. a Delaware corporation (the “Company”) and Owen Dukes (the “Employee”). The Company and the Employee are collectively referred to herein as the “Parties”.

WHEREAS, Company and Employee are parties to that certain employment agreement, dated December 31, 2013 (the “Existing Agreement”).

 

WHEREAS, on the date hereof, Employee has resigned as Chief Executive Officer and director of the Company, effective immediately.

 

WHEREAS, the parties would like to terminate the Existing Agreement, effective as of the date hereof.

 

NOW, THEREFORE, in consideration of the mutual covenants and promises contained in this Agreement, and for other valuable consideration, the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:

 

1. Termination.

	
a.  

	
The Existing Agreement and any and all obligations of any party arising from such Existing Agreement, shall, in all respects, be deemed to be null and void and of no further force and effect as of May  29, 2014 (the “Effective Date”).

 

	
b.  

	
Employee represents and warrants to the  Company that Employee has returned to the Company any and all documents, software, equipment (with the exception of one company issued laptop), Company credit cards, and all other materials or other things in Employee’s possession, custody, or control which are the property of the Company, including, but not limited to, any Company identification, keys, and the like, wherever such items may have been located; as well as all copies (in whatever form thereof) of all materials relating to Employee’s employment, or obtained or created in the course of his employment, with the Company.  Employee further represents and warrants to the Company that, other than those materials that Employee has returned to the Company as described in the previous sentence, Employee has not copied or caused to be copied, and has not printed-out or caused to be printed-out, any software, computer disks, or other documents other than those documents generally available to the public, or retained any other materials originating with or belonging to the Company, and that Employee will not do so.  Employee further represents and warrants to the Company that Employee has not retained and will not retain in his possession any software, documents or other materials in machine or other readable form, which are the property of the Company, originated with the Company, were obtained or created in the course of Employee’s employment, or relate to employment with the Company.

2. Non-Disparagement. All Parties agree not to disparage or otherwise make unfavorable remarks regarding any other party to this Agreement. This Section shall in all respects survive any termination of this Agreement and shall remain in full force and effect during the period specified in this Section.

 

  

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3. Non-Competition. For a period of three (3) years commencing on the Effective Date, the Employee agrees that he shall not directly or indirectly, on his own behalf or in the service or on behalf of others, whether or not for compensation, engage in any business activity, or have any interest in any person, firm, corporation or business, through a subsidiary or parent entity or other entity (whether as a shareholder, agent, joint venturer, security holder, trustee, partner, consultant, creditor lending credit or money for the purpose of establishing or operating any such business, partner or otherwise) with any Competing Business in the Covered Area. For the purpose of this Section 3, “Competing Business” means any business designing, selling or distributing cloud computing desktop and application delivery solutions. Notwithstanding the foregoing, the Executive may own shares of companies whose securities are publicly traded, so long as ownership of such securities do not constitute more than one percent (1%) of the outstanding securities of any such company. This non-compete clause shall cover the rendering of such services worldwide. This Section shall in all respects survive any termination of this Agreement and shall remain in full force and effect during the period specified in this Section. Should a court of competent jurisdiction rule that this clause is too broad in its scope it shall construed to have the broadest interpretation as allowed by law.

4. Non-Solicitation. For a period of three (3) years commencing on the Effective Date, the Employee agrees that he shall not divert any (i) business of the Company and/or its subsidiaries or affiliates or (ii) any existing or prospective customers or suppliers of the Company and/or its subsidiaries or affiliates(of which the Employee is then currently aware), (iii) affiliated research institutions or scientists, of the Company and/or its subsidiaries, 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 and/or its subsidiaries or affiliates. Customers are defined as entities directly or indirectly receiving products or services from the Company and/or its subsidiaries or affiliates within the previous three (3) years  in the cloud computing desktop and application delivery solutions s. This Section shall in all respects survive any termination of this Agreement and shall remain in full force and effect during the period specified in this Section.

5. Non-Disclosure.  For a period of three  (3) years hereafter, at no time shall Employee, individually or jointly with others, for the benefit of Employee or any third party, publish, disclose, use, or authorize any other person to publish, disclose, or use any secret or confidential material or information relating to the business or operations of the Company, including, without limitation, any secret or confidential information relating to the business, customers, trade or industry practices, trade secrets, technology, or know-how of the Company, 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..

6. General Release.

	
a.  

	
In exchange and in consideration outlined in this Agreement, Employee, to the extent allowed by law, releases and forever discharges the Company and all of its subsidiaries, parents, affiliates, and their present or former officers, directors, employees, agents, successors or assigns (the “Released Entities”) from any and all claims, demands, damages, actions, causes of action or suits at law or in equity of whatever kind or nature, including, without limitation, for any any past commission or bonus deals with the Company, verbal or otherwise, which Employee ever had, now has, or hereafter can, shall or may have against the Released Entities, whether known or unknown, from the beginning of the World to the date of this Agreement, provided that, nothing in this Section 6(a) will release any party from its obligations pursuant to this Agreement. This general release or giving up of claims is binding on the Employee, his/her heirs, assigns, and/or representatives.

	
b.  

	
Employee's decision to enter into this Agreement is based solely on the mutual considerations described above and is wholly his/her free act and deed. EMPLOYEE HAS CONSIDERED THIS GENERAL RELEASE AND CONFIRMS THAT THE COMPANY ADVISED HIM/HER TO CONSULT WITH HIS/HER ATTORNEY BEFORE EXECUTING THIS AGREEMENT.

  

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7. Indemnification.

7.1 Indemnification by the Company. Subject to the conditions set forth in Section 7.2 set forth below, the Company hereby agrees to indemnify and hold Employee harmless from and against any and all notices, actions, suits, proceedings, claims, demands, assessments, judgments, costs, penalties and expenses against Employee arising out of a breach by the Company of a representation, warranty or covenant under the note and related documentation issued by the Company to HSBC (“HSBC Note”) or the Stock Purchase Agreement between the Company and Goldcrest Distribution Limited and related documentation (“Goldcrest Financial Note”). Such agreement to indemnify shall survive this Agreement until the earlier of (i) the expiration of the Goldcrest Financial Note and related loan facility or (ii) the removal of Employee’s personal guarantee with HSBC and Goldcrest.  Any such notices, actions, suits, proceedings, claims, demands, assessments, judgments, costs, penalties and expenses are hereinafter collectively referred to as “Losses”. Notwithstanding anything to the contrary herein, the Company shall have no further liability for any Loss that Employee identifies as a Claim (as defined below) delivered to the Company after three years from the date hereof.

        7.2 Procedures.

(a)           In the event that any legal proceedings shall be instituted or that any claim or demand (“claim”) shall be asserted by any person in respect of which payment may be sought under section 7.1 hereof, Employee shall reasonably and promptly cause written notice of the assertion of any claim of which it has knowledge which is covered by this indemnity to be forwarded to the Company.  The Company shall have the right, at its sole option and expense, to be represented by counsel of its choice, which must be reasonably satisfactory to Employee, and to defend against, negotiate, settle or otherwise deal with any claim which relates to any losses indemnified against hereunder.  If the Company elects to defend against, negotiate, settle or otherwise deal with any claim which relates to any losses indemnified against hereunder, it shall within ten (10) days (or sooner, if the nature of the claim so requires) notify employee of its intent to do so.  Employee shall not be liable for any settlement of any claim effected without its prior written consent, provided, however, that such consent shall not unreasonably be withheld, delayed, or conditioned.  If the Company elects not to defend against, negotiate, settle or otherwise deal with any claim which relates to any losses indemnified against hereunder, fails to notify employee of its election as herein provided or contests its obligation to indemnify Employee for such losses under this Agreement, Employee may defend against, negotiate, settle or otherwise deal with such claim.  The Company shall not be liable for any settlement of any claim effected without its prior written consent, provided, however, that such consent shall not unreasonably be withheld, delayed, or conditioned. If Employee defends any claim, then the Company shall promptly reimburse Employee for the actual expenses of defending such claim upon submission of periodic bills.  If the Company shall assume the defense of any claim, Employee may participate, at its own expense, in the defense of such claim; provided, however, that Employee shall be entitled to participate in any such defense with separate counsel at the expense of the Company, if, (i) so requested by the Company to participate or (ii) in the reasonable opinion of counsel to employee, a conflict or potential conflict exists between Employee and the Company that would make such separate representation advisable.  The parties hereto agree to cooperate fully with each other in connection with the defense, negotiation or settlement of any such claim.

 

  

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(b)           After any final judgment or award shall have been rendered by a court, arbitration board or administrative agency of competent jurisdiction and the expiration of the time in which to appeal therefrom, or a settlement shall have been consummated, or Employee and the Company shall have arrived at a mutually binding agreement with respect to a claim hereunder, Employee shall forward to the Company notice of any sums due and owing by the Company pursuant to this Agreement with respect to such matter and the Company shall be required to pay all of the sums so due and owing to Employee by wire transfer of immediately available funds within 10 business days after the date of such notice. The failure of Employee to give reasonably prompt notice of any claim shall not release, waive or otherwise affect the Company’s obligations with respect thereto except to the extent that the Company can demonstrate actual loss and prejudice as a result of such failure.

 

        (c)            Conditions to Indemnification by the Company. The Indemnification provisions set forth above, are in all respects subject to and conditioned upon the Employee taking any and all actions required to maintain its personal guarantees in full force and good standing, and not to take or cause any actions that would result in the HSBC Note or the Goldcrest Financial Note and related loan facility to be in default.

7.3                      Covenant by Employee; Indemnification by the Employee.  The Employee covenants to the Company that he will maintain full non-modified compliance with his obligations as set forth under the HSBC Note and the Goldcrest Financial Note, for the periods set forth therein. The Employee hereby agrees to indemnify and hold the Company harmless from and against any and all notices, actions, suits, proceedings, claims, demands, assessments, judgments, costs, penalties and expenses against the Company arising out of any (i) promises or agreements by Employee, whether written or oral to employees, contractors, and third-parties as to stock grants, options, or unpaid cash payments or bonuses except for those outlined in disclosed compensation plans and employment agreements, all as set forth and disclosed in the Company’s filings with the Securities and Exchange Commission, and (ii) Employee failing to maintain its personal guarantees in full force and good standing, or Employee taking or cause any actions that would result in the HSBC Note or the Goldcrest Financial Note and related loan facilities to be in default. Indemnification under this Section 7.3 will follow the procedures set forth under Section 7.2.

8. Entire Agreement. This Termination Agreement contains the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, oral or written, with respect to such matters.  Each party acknowledges that no party has made any promise, representation, or warranty whatsoever, express or implied, not contained herein concerning the subject matter hereof.

9. Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.

10. Execution.  This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart.

11. Governing Law and Interpretation.  This Agreement shall be governed and conformed in accordance with the laws of the State of Florida without regard to its conflict of laws provision. Any party to this Agreement bringing a legal action or proceeding against any other party arising out of or relating to this Agreement or the transactions contemplated hereby shall bring the legal action or proceeding in either the United States District Court for the Middle District of Florida, or in any court of the State of Florida sitting in Orange County, Florida (the “Designated Courts”). Each party consents to the exclusive personal jurisdiction of the Designated Courts for the purpose of all legal actions and proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. Each party agrees that the exclusive choice of forum set forth in this Section does not prohibit the enforcement of any judgment obtained in the Designated Courts or any other appropriate forum.

 

12. Agreement is the Product of Negotiations.   This Agreement is the product of negotiations between Company and Employee and in their respective attorneys and thus any ambiguity contained herein shall not be construed against one party or the other.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

  

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IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the date first above written.

	 	EMPLOYEE:	 
	 	 	 
	 	 	 
	 	/s/ Owen Dukes	 	 
	 	Owen Dukes	 
	 	 	 
	 	COMPANY:	 
	 	 	 
	 	THINSPACE TECHNOLOGY INC.	 
	 	 	 
	 	 	 
	 	By: /s/ Michael Brodsky	 	 
	 	Name: Michael Brodsky	 
	 	Title: Director	 

 

5ex109.htm

Exhibit 10.9

 

EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT is made effective as of the 29th day of May 2014 (the “Effective Date”).

AMONG:

THINSPACE TECHNOLOGY, INC., a corporation formed pursuant to the laws of the State of Delaware and  having an office for business located at 5535 S. Williamson Blvd., Unit 751, Port Orange, FL 32128

(“Employer");

AND

Jay Christopher “Chris” Bautista, an individual having an address at __________________ (“Employee”).

WHEREAS, Employee has agreed to a position as Director and Chief Executive Officer, and Employer has agreed to hire Employee as such, pursuant to the terms and conditions of this Employment Agreement (the “Agreement”).

NOW THEREFORE THIS AGREEMENT WITNESSETH THAT in consideration of the premises and the mutual covenants, agreements, representations and warranties contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Employee and Employer hereby agree as follows:

ARTICLE 1

EMPLOYMENT

Employer hereby agrees to the employment of Employee as Chief Executive Officer (CEO), Principal Executive Officer, Principal Financial Officer, Secretary and Director and Employee hereby affirms and accepts such employment by Employer for the “Term” (as defined in Article 3 below), upon the terms and conditions set forth herein.

ARTICLE 2

DUTIES

During the Term, Employee shall serve Employer faithfully, diligently and to the best of his ability, under the direction and supervision of the Board of Directors (the “Board”) of Employer and shall use his best efforts to promote the interests and goodwill of Employer and any affiliates, successors, assigns, subsidiaries, and/or future purchasers of Employer. Employee shall render such services during the Term at Employer’s principal place of business or at such other place of business as may be determined by the Board, as Employer may from time to time reasonably require of him, and shall devote all of his business time to the performance thereof. Employee shall have those duties and powers as generally pertain to each of the offices of which he holds, as the case may be, subject to the control of the Board.

ARTICLE 3

TERM

This Agreement shall begin effective as of the Effective Date and shall continue for a period of three years (the "Term").

ARTICLE 4

COMPENSATION

Salary

4.1

Employer shall pay to Employee a gross annual salary of One Hundred Eighty Five Thousand Dollars ($185,000.00). All payments shall be made on a semi monthly basis within the payroll practices of Employer for its senior executives. Employee shall be paid a gross salary of $4,054.80 for the month of May 2014. 

 

  

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Equity

4.2

Employer shall issue to Employee Two Hundred Thousand (200,000) shares of Thinspace Technology, Inc. common stock. The shares shall be issued with a substantial right of forfeiture as follows: The Employee cannot transfer the shares and must return all shares to the Employer if he terminates employment within two years from date of issuance.

Employer shall issue to Employee an option to purchase Five Million (5,000,000) shares of the Company’s common stock with an exercise price at the closing trading price as of the date employment begins with the following vesting schedule:

1,000,000 shares after 12 months of employment

2,000,000 shares after 24 months of employment

2,000,000 shares after 36 months of employment

Upon a change of control, merger or acquisition fifty percent (50%) of the unvested stock options shall accelerate their vesting schedule and become exercisable.

Benefits

4.3

The Employee shall be entitled to reimbursement of the premium (cost) for medical health plan coverage at a Family PPO level. All payments shall be made directly by the Employer to the insurance provider on a monthly basis.

Expense Reimbursement

4.4

Employer shall reimburse Employee for reasonable and necessary expenses incurred by him on behalf of Employer in the performance of his duties hereunder during the Term in accordance with Employer's then customary policies, provided that such expenses are adequately documented.

Severance

4.5

Should the Employer terminate Employee prior to the end of the Term without Cause the Employee shall be entitled to payment of six (6) months of base salary.  Cause shall be defined as (i) an intentional act of fraud, embezzlement, theft or any other material violation of law that occurs during or in the course of your employment with company;(ii) intentional damage to companies assets; (iii) intentional disclosure of company’s confidential information contrary to companies policies;(iv) breach of your obligations under this agreement;(v) intentional engagement in any competitive activity which would constitute a breach of your duty of loyalty or of your obligations under this agreement; (vi) intentional breach of any of company’s policies;(vii) the willful and continued failure to substantially perform your duties for company (other than as a result of incapacity due to physical or mental illness); or (viii) willful conduct by you that is demonstrably and materially injurious to company, monetarily or otherwise. For purposes of this paragraph, and act, or a failure to act, shall not be deemed willful or intentional, as those terms are defined herein, unless it is done, or omitted to be done, by you in bad faith or without a reasonable belief that your action or omission was in the best interest of company. Failure to meet performance standards or objectives, by itself, does not constitute “Cause”. “Cause” also includes any of the above grounds for dismissal regardless of whether company learns of it before or after terminating your employment.

ARTICLE 5

OTHER EMPLOYMENT

During the Term of this Agreement, Employee shall devote a portion of his business and professional time and effort, attention, knowledge, and skill to the management, supervision and direction of Employer’s business and affairs as Employee’s highest professional priority. Except as provided below, Employer shall be entitled to all benefits, profits or other issues arising from or incidental to all work, services and advice performed or provided by Employee. Provided that the activities listed below do not materially interfere with the duties and responsibilities under this Agreement, nothing in this Agreement shall preclude Employee from devoting time for:

 

  

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(a)

	
Serving as an officer, director, member, founder, for any other business or activity which does not conflict with the business of the Employer as such may then be conducted by Employer from time to time, provided that Employee must obtain the written consent of the Board;

	  	
(b)

	
Serving as a member of any organization involving no conflict of interest with Employer, provided that Employee must obtain the written consent of the Board;

	  	
(c)

	
Serving as a consultant in his area of expertise to government, commercial and academic panels where it does not conflict with the interests of Employer, provided that Employee must obtain the written consent of the Board; and

	  	
(d)

	
Managing his personal investments

ARTICLE 6

CONFIDENTIAL INFORMATION/INVENTIONS

Confidential Information

6.1

Employee shall not, in any manner, for any reasons, either directly or indirectly, divulge or communicate to any person, firm or corporation, any confidential information concerning any matters not generally known or otherwise made public by Employer which affects or relates to Employer’s business, finances, marketing and/or operations, research, development, inventions, products, designs, plans, procedures, or other data (collectively, “Confidential Information”) except in the ordinary course of business or as required by applicable law. Without regard to whether any item of Confidential Information is deemed or considered confidential, material, or important, the parties hereto stipulate that as between them, to the extent such item is not generally known, such item is important, material, and confidential and affects the successful conduct of Employer’s business and goodwill, and that any breach of the terms of this Section 6.1 shall be a material and incurable breach of this Agreement. Confidential Information shall not include information in the public domain at the time of the disclosure of such information by Employee or information that is disclosed by Employee with the prior consent of the Board.

Documents

6.2

Employee further agrees that all documents and materials furnished to Employee by Employer and relating to the Employer’s business or prospective business are and shall remain the exclusive property of Employer. Employee shall deliver all such documents and materials, not copied, to Employer upon demand therefore and in any event upon expiration or earlier termination of this Agreement. Any payment of sums due and owing to Employee by Employer upon such expiration or earlier termination shall be conditioned upon returning all such documents and materials, and Employee expressly authorizes Employer to withhold any payments due and owing pending return of such documents and materials.

Inventions

6.3

All ideas, inventions, and other developments or improvements conceived or reduced to practice by Employee, alone or with others, during the Term of this Agreement, whether or not during working hours, that are within the scope of the business of Employer or that relate to or result from any of Employer’s work or projects or the services provided by Employee to Employer pursuant to this Agreement, shall be the exclusive property of Employer. Employee agrees to assist Employer, at Employer’s expense, to obtain patents and copyrights on any such ideas, inventions, writings, and other developments, and agrees to execute all documents necessary to obtain such patents and copyrights in the name of Employer.

  

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Disclosure

6.4

During the Term, Employee will promptly disclose to the Board of Directors of Employer full information concerning any interest, direct or indirect, of Employee (as owner, shareholder, partner, lender or other investor, director, officer, employee, consultant or otherwise) or any member of his immediate family in any business that is reasonably known to Employee to purchase or otherwise obtain services or products from, or to sell or otherwise provide services or products to, Employer or to any of its suppliers or customers.

ARTICLE 7

NON-COMPETION/NON-SOLICITATION

Non-Competition

7.1

For a period of three (3) years hereafter, the Employee agrees that he shall not (without the express prior written consent of the Board of Directors) directly or indirectly compete with the Company. In construing the foregoing prohibition, the Employee shall be deemed to be competing with the Company if he shall become self-employed in, or accept employment with, consult with, render services to or become associated with, own, manage, operate, join, control, or participate in the ownership, management, operation, or control of, or be connected in any material manner with, or directly or indirectly enter into the employment of, or own or hold ownership interest greater than 1% in, any corporation, partnership, proprietorship or other type of business organization or entity which engages in, any business (a “Competing Business”) designing, selling or distributing cloud computing products or services which deliver desktop and application delivery solutions to software or hardware endpoints. This non-compete clause shall cover the rendering of such services worldwide. This Section shall in all respects survive any termination of this Agreement and shall remain in full force and effect during the period specified in this Section. Should a court of competent jurisdiction rule that this clause is too broad in its scope it shall construed to have the broadest interpretation as allowed by law.

Non-Solicitation

7.2

For a period of three (3) years hereafter, the Employee agrees that he shall not solicit any of the Company’s employees, exclusive contractors, existing customers or prospective customers (of which the Employee is then currently aware), affiliated research institutions or scientists, on behalf of himself or any Competing Business. Customers are defined as entities directly or indirectly receiving products or services from Thinspace within the previous three (3) years to offer products or serviced in the cloud computing desktop and application delivery solutions to software or hardware endpoints. This Section shall in all respects survive any termination of this Agreement and shall remain in full force and effect during the period specified in this Section.

ARTICLE 8

SURVIVAL

Employee agrees that the provisions of Articles 6 and 7 shall survive expiration or earlier termination of this Agreement for any reasons, whether voluntary or involuntary, with or without cause, and shall remain in full force and effect thereafter. Notwithstanding the foregoing, if this Agreement is terminated upon the dissolution of Employer, the filing of a petition in bankruptcy by Employer or upon an assignment for the benefit of creditors of the assets of Employer, Articles 6 and 7 shall be of no further force or effect.

ARTICLE 9

INJUNCTIVE RELIEF

Employee acknowledges and agrees that the covenants and obligations of Employee set forth in Articles 6 and 7 with respect to non-competition, non-solicitation, confidentiality and Employer’s property relate to special, unique and extraordinary matters and that a violation of any of the terms of such covenants and obligations will cause Employer irreparable injury for which adequate remedies are not available at law. Therefore, Employee agrees that Employer shall be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) as a court of competent jurisdiction may deem necessary or appropriate to restrain Employee from committing any violation of the covenants and obligations referred to in this Article 8. These injunctive remedies are cumulative and in addition to any other rights and remedies Employer may have at law or in equity.

 

  

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ARTICLE 10

BENEFICIARIES OF AGREEMENT

This Agreement shall inure to the benefit of Employer and any affiliates, successors, assigns, parent corporations, subsidiaries, and/or purchasers of Employer as they now or shall exist while this Agreement is in effect.

ARTICLE 11

GENERAL PROVISIONS

No Waiver

11.1

No failure by either party to declare a default based on any breach by the other party of any obligation under this Agreement, nor failure of such party to act quickly with regard thereto, shall be considered to be a waiver of any such obligation, or of any future breach.

Modification

11.2

No waiver or modification of this Agreement or of any covenant, condition, or limitation herein contained shall be valid unless in writing and duly executed by the parties to be charged therewith.

Choice of Law/Jurisdiction

11.3

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to any conflict-of-laws principles. Employer and Employee hereby consent to personal jurisdiction before all courts in the State of New York, and hereby acknowledge and agree that New York is and shall be the most proper forum to bring a complaint before a court of law.

Entire Agreement

11.4

This Agreement embodies the whole agreement between the parties hereto regarding the subject matter hereof and there are no inducements, promises, terms, conditions, or obligations made or entered into by Employer or Employee other than contained herein.

Severability

11.5

All agreements and covenants contained herein are severable, and in the event any of them, with the exception of those contained in Articles 1 and 4 hereof, shall be held to be invalid by any competent court, this Agreement shall be interpreted as if such invalid agreements or covenants were not contained herein.

Headings

11.6

The headings contained herein are for the convenience of reference and are not to be used in interpreting this Agreement.

  

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Independent Legal Advice

11.7

Employer has obtained legal advice concerning this Agreement and has requested that Employee obtain independent legal advice with respect to same before executing this Agreement. Employee, in executing this Agreement, represents and warranties to Employer that he has been so advised to obtain independent legal advice, and that prior to the execution of this Agreement he has so obtained independent legal advice, or has, in his discretion, knowingly and willingly elected not to do so.

No Assignment

11.8

Employee may not assign, pledge or encumber his interest in this Agreement nor assign any of his rights or duties under this Agreement without the prior written consent of Employer.

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

	  	
Employer:  THINSPACE TECHNOLOGY, INC.

 

	  	  	  
	  	  	  	  	  
	
By:

	
/s/Michael Brodsky

	  	  	  
	  	
Name:  Michael Brodsky

	  	  	  
	  	
Title: Director

 

	  	  	  
	  	  	  	  	  
	  	
Employee:

 

	  	  	  
	  	  	  	  	  
	
By:

	
 /s/J. Christopher Bautista

	  	  	  
	  	  	  	  	  
	  	  	  	  	  
	
Name: Jay Christopher “Chris” Bautista

	  	  	  
	  	  	  	  

 

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