Document:

Exhibit 10.1

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS SECOND AMENDMENT
(this “Amendment”) to that certain Employment Agreement by and between Mega Matrix Corp., (f/k/a AeroCentury Corp.),
a Delaware corporation (the “Company”) and Florence Ng (the “Employee”), dated October 1, 2021,
as amended on November 1, 2021 (the “Original Employment Agreement”), is entered into as of March 25, 2022.

 

WHEREAS, the Company
and Employee are parties to the Original Employment Agreement; and

 

WHEREAS, the Company
and Employee hereto desire to amend the Original Employment Agreement in order to reflect Employee’s appointment as Chief Operating
Officer of the Company, on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the Company and Employee agree as follows:

 

1. Defined
Terms. Capitalized terms used and not defined in this Amendment have the respective meanings assigned to them in the Original Employment
Agreement.

 

2. Amendment
to the Original Employment Agreement.

 

a. The
first clause of the recitals to the Original Employment Agreement is hereby amended and restated in its entirety as follows:

 

“WHEREAS, the Company believes
that Employee possesses the necessary qualifications and abilities to serve as Chief Operating Officer of the Company (“COO”)
and to serve as a director (“Director”) of the Board of Director of the Company (the “Board.”)”

 

b. All
references to the defined term “VP” are replaced with the term “COO.”

 

3. Acknowledgement.
Employee acknowledges and agrees that she has carefully read this Amendment in its entirety, fully understands and agrees to its terms
and provisions and intends and agrees that it be final and legally binding on Employee and the Company.

 

4. Governing
Law. This Agreement will be governed by and construed and enforced in accordance with the laws of California without giving effect
to the principles of conflicts of laws.

 

5. Counterparts.
This Amendment may be executed in several counterparts, each of which shall be deemed to be an original and, all of which taken together
constitute one and the same amendment.

 

6. Incorporation.
The operative provisions of this Amendment shall be deemed to be a part of the Original Employment Agreement as if originally provided
therein. Except as expressly provided in this Amendment, all of the terms and provisions of the Original Employment Agreement are and
will remain in full force and effect and are hereby ratified and confirmed by the Parties.

 

7. Date
of Effectiveness. This Amendment will be deemed effective as of the date first written above (the “Effective Date”).

 

     

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Amendment as of the Effective Date.

 

	 	MEGA MATRIX CORP.
	 	 	 
	 	By:	/s/ Yucheng Hu
	 	 	Name:  	Yucheng Hu
	 	 	Title: 	CEO and Chairman
	 	 	 
	 	EMPLOYEE
	 	 
	 	By:	/s/ Florence Ng
	 	 	Name:	 Florence NgExhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (“Agreement”) is effective as of the Effective Date (defined below), by and between Mr. Jered
Ruyle (the “Executive”) and Taronis Fuels, Inc., a Delaware corporation (the “Company”).

 

WHEREAS,
the Company and the Executive desire to enter into this Agreement in order to set forth the terms and conditions of the Executive’s
employment with the Company;

 

WHEREAS,
the Company has been pursuing hiring a highly qualified chief executive officer to replace the Company’s current interim chief
executive officer; and

 

WHEREAS,
in connection with therewith, the parties intend to enter into this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual agreements hereinafter set forth, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Executive and the Company hereby agree as follows:

 

1.
EMPLOYMENT. The Company hereby employs the Executive and the Executive hereby accepts employment as the President and Chief Executive
Officer of the Company. The Executive shall have all the duties, responsibilities, and authority attendant to this position and shall
render services consistent with such position on the terms set forth herein and shall report to the Board of Directors of the Company
(the “Supervisor”). In addition, the Executive shall have such other executive and managerial powers and duties with
respect to the Company as may be assigned to the Executive by the Supervisor. The Executive agrees to devote all of the Executive’s
working time and best efforts to the business and affairs of the Company, subject to reasonable periods of vacation and other leave to
which the Executive is entitled and shall not engage in activities that substantially interfere with such performance.

 

2.
TERM OF AGREEMENT. The term of this Agreement shall commence as of the date it is fully executed and shall continue until terminated
pursuant to Section 6. The Executive’s period of employment under this Agreement shall be referred to as the “Employment
Period.”

 

3.
LOCATION. The Executive shall be based in Texas (remote within state of TX) initially, and shall establish a headquarters in Texas
in discussions with the Supervisor. The Executive shall engage in reasonable travel to other locations on Company business consistent
with the Executive’s position.

 

4.
COMPENSATION.

 

(a)
Base Salary. During the Employment Period, the Company shall pay the Executive a base salary (“Base Salary”)
at an initial annualized rate of $250,000 per year, payable in accordance with the Company’s regular payroll practices relating
to salaried employees. The Supervisor may review the Base Salary from year to year and may approve an increase in the Base Salary as
the Supervisor deems appropriate.

 

    	 

     

    

 

(b)
Bonus. Commencing with calendar year 2022, Executive shall be entitled to earn an annual cash bonus with respect to each calendar
year, based on the Executive’s and the Company’s achievement of performance objectives set by the Supervisor in its discretion,
with a target bonus of 80% of Executive’s Base Salary for such year, and the Supervisor may establish higher bonus targets for
“outperform”-type goals at its discretion. The extent to which the objectives have been achieved will be determined by the
Board in its discretion. Any such bonus shall be paid annually by March 15 of the year following the end of the year to which such bonus
relates. The Executive is not entitled to receive a bonus, and shall not have earned such bonus, unless the Executive is employed on
the payment date of the bonus.

 

(c)
Equity Compensation. The Executive is expected to be eligible to receive long-term incentive compensation with the target amount
of 100% of the Executive’s Base Salary for such year in form of equity awards vesting in equal 1/3 amounts over 3 years, each on
the anniversary of the equity award. The specific mix of equity awards (stock and/or options) and dates of issuance will be decided by
the Supervisor, and it is agreed and understood such awards may not be available until certain milestones, stabilization, or other requirements
of the Board of Directors are completed. The Executive is eligible to participate in any future long-term incentive programs made generally
available to the Company’s executives as determined by the Supervisor.

 

5.
FRINGE BENEFITS.

 

(a)
General. During the Employment Period, the Executive shall be eligible to participate in or receive benefits under any employee
benefit plan or arrangement (e.g., health insurance) made available by the Company, to the extent and in accordance with the terms
and conditions of those plans or arrangements as they may exist from time to time.

 

(b)
Paid Time Off. During the Employment Period, the Executive shall be entitled to take paid time off and sick leave in accordance
with the Company’s standard employment policies, as they may exist and be amended from time to time.

 

(a)
Business Expenses. During the Employment Period, the Company shall promptly reimburse the Executive for all reasonable expenses
incurred by the Executive in the performance of the Executive’s duties under this Agreement, including all reasonable travel expenses
and business meals, provided that such expenses are incurred and accounted for in accordance with the Company’s policies and procedures,
as they may exist from time to time.

 

6.
TERMINATION.

 

(a)
Permitted Terminations. The Executive’s employment during the Employment Period may be terminated by the Company or the
Executive immediately for any reason, with or without notice, including the following:

 

(i)
Death. The Executive’s employment shall terminate automatically upon the Executive’s death without any further notice
or action required by the Company or the Executive’s legal representatives.

 

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(ii)
By the Company. The Company may terminate the Executive’s employment in the following circumstances:

 

(A)
Disability. The Company may terminate the Executive’s employment for Disability. “Disability” means the
Executive’s substantial inability (including by virtue of physical or mental illness, injury, disability, or other incapacity)
to perform the essential functions of the Executive’s position (with or without reasonable accommodation, as required by law for
the Executive) for a period of ninety (90) consecutive days or more than one hundred twenty (120) days in any twelve (12)-month period;
provided that until such termination, the Executive shall continue to receive the Executive’s compensation and benefits hereunder,
reduced by benefits payable, if any, under any disability insurance policy or plan. If there is a dispute as to the existence of Disability,
the Executive’s Disability will be established if a qualified medical doctor selected by the parties so certifies in writing. If
the parties are unable to agree on the selection of such a doctor, each party will designate a qualified medical doctor who together
will select a third doctor who will make the determination. The Executive will be available for an examination by a doctor selected in
accordance with this paragraph, which examination will be paid by the Company. The written medical opinion of the doctor shall be binding
upon the parties as to whether a Disability exists and the date such Disability arose. The foregoing shall be interpreted and applied
so as to comply with the provisions of the Americans with Disabilities Act (to the extent that it is applicable) and any applicable state
or local laws.

 

(B)
Cause. The Company may immediately terminate the Executive’s employment hereunder for Cause (subject to any cure periods
described below). For purposes of this Agreement “Cause” shall mean the Executive’s: (1) material failure to
observe and comply with any of the Company’s material written policies, including without limitation its policies prohibiting harassment
(sexual or otherwise) and discrimination; (2) continued failure to substantially perform the Executive’s material duties with the
Company, which is not cured within thirty (30) calendar days after receipt by the Executive of written notice of such failure; (3) willful
failure to carry out, or comply with, in any material respect any lawful and reasonable written directive of the Supervisor; (4) commission
of any act or omission that results in, or that may reasonably be expected to result in, a conviction, plea of no contest or imposition
of unadjudicated probation for any felony or any crime involving moral turpitude; (5) commission of any act of dishonesty, illegal conduct,
unethical conduct, fraud, embezzlement, misappropriation, material misconduct, breach of fiduciary duty, or other act of moral turpitude
in connection with the Executive’s employment or which is or which is reasonably expected to be materially injurious to the Company
or its Affiliates (defined below); (6) material or willful breach of this Agreement; or (7) at any time engaging in any form of willful
misconduct or any other action or omission that is damaging to the Company or its Affiliates (defined below) or their respective reputations,
products, services or customers.

 

(C)
Without Cause. The Company may immediately terminate the Executive’s employment hereunder for a reason other than Cause
or Disability.

 

(iii)
By the Executive. The Executive shall have the right to terminate the Executive’s employment in the following circumstances:

 

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(A)
Good Reason. The Executive shall have the right to terminate the Executive’s employment hereunder at any time for Good Reason
(subject to any notice and cure periods described below). For purposes of this Agreement, “Good Reason” shall mean
that any of the following has occurred without the Executive’s consent: (1) a material diminution in the Executive’s Base
Salary; or (2) a material diminution in the Executive’s job title, duties, responsibilities, or authority (other than changes made
due to the Executive’s incapacity). To terminate the Executive’s employment for Good Reason, (x) the Executive must provide
written notice to the Supervisor within sixty (60) days of the first occurrence of any such matter constituting Good Reason, (y) the
Company shall have forty-five (45) days after receipt of written notice from the Executive specifying the matter constituting Good Reason
within which to cure such matter, and such Good Reason shall not exist unless the Company fails to cure such matter within such cure
period, and (z) the Executive must actually terminate the Executive’s employment within thirty (30) days following the expiration
of such cure period.

 

(B)
Without Good Reason. The Executive shall have the right to immediately terminate the Executive’s employment for a reason
other than Good Reason.

 

(b)
Notice of Termination. Any purported termination of the Executive’s employment by the Company or the Executive during the
Employment Period shall be communicated by a written Notice of Termination to the other party hereto in accordance with Section 13. A
“Notice of Termination” means a written notice that indicates the specific termination provision in this Agreement
relied upon.

 

(c)
Date of Termination. “Date of Termination” shall mean:

 

(i)
if the Executive’s employment is terminated because of death, the date of the Executive’s death; and

 

(ii)
if the Executive’s employment is terminated for any other reason, the date specified in the Notice of Termination; provided,
however, that the date specified in the Notice of Termination shall not be a date prior to the date such Notice of Termination
is given or the expiration of any required notice or cure period.

 

(d)
Accrued and Unpaid Benefits Upon Termination. Following the termination of the Executive’s employment for any reason during
the Employment Period, the Executive (or the Executive’s legal representative or estate if termination is because of death) shall
receive:

 

(i)
any earned, but unpaid, Base Salary through the Date of Termination;

 

(ii)
any amounts owing to the Executive for reimbursement of expenses properly incurred by the Executive prior to the Date of Termination
which are reimbursable in accordance with Section 5(c); and

 

(iii)
any accrued and vested employee benefits, subject to the terms of the applicable employee benefit plans.

 

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The
amounts payable under this Section 6(d) (the “Accrued Benefits”) shall be paid at the time such payments would otherwise
be due under the Company’s regular payroll practices, applicable Company policies or plans, or a time if required by applicable
law.

 

(e)
Additional Termination Benefits. If the Executive’s employment is terminated by the Company during the Employment Period
without Cause, or by the Executive for Good Reason, the Company shall pay or provide, in addition to the Accrued Benefits described in
Section 6(d) above, the following benefits, which are referred to as the “Severance Benefits”:

 

(i)
a lump sum payment equal to twelve (12) months of Base Salary then in effect, payable on the first payroll date occurring after the sixtieth
(60th) day following the Date of Termination; and

 

(ii)
if the Executive timely elects participation in the Company’s group health insurance plan pursuant to the Consolidated Omnibus
Budget Reconciliation Act of 1985, as amended or any state law statute that provides for the continuation of benefits under such plan
(collectively, “COBRA”), the Company will pay the full cost of COBRA coverage for twelve (12) months, at the coverage
level the Executive (including the Executive’s dependents) had immediately before the Date of Termination, provided, however,
that such payments shall end immediately following the earliest of the following: (1) the date the Executive becomes eligible for health,
dental, or vision coverage of a subsequent employer; (2) the date the Executive is no longer eligible to receive COBRA continuation coverage.

 

(f)
Change in Control Severance. If the Executive’s employment is terminated by the Company during the Employment Period without
Cause, or by the Executive for Good Reason, and such termination occurs within one year after the occurrence of a Change in Control (defined
below), then the Severance Benefits described in Section 6(e) shall not apply and will not be paid or provided and instead, the Company
shall pay or provide, in addition to the Accrued Benefits described in Section 6(d) above, the following Severance Benefits:

 

(i)
a lump sum payment equal to twelve (12) months of Base Salary then in effect, payable on the first payroll date occurring after the sixtieth
(60th) day following the Date of Termination; and

 

(ii)
if the Executive timely elects participation in the Company’s group health insurance plan pursuant to COBRA, the Company will pay
the full cost of COBRA coverage for twelve (12) months, at the coverage level the Executive (including the Executive’s dependents)
had immediately before the Date of Termination, provided, however, that such payments shall end immediately following the earliest
of the following: (1) the date the Executive becomes eligible for health, dental, or vision coverage of a subsequent employer; (2) the
date the Executive is no longer eligible to receive COBRA continuation coverage.

 

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For
purposes of this Agreement, “Change in Control” is defined as the occurrence of any of the following after the Effective
Date: (i) a sale of all or substantially all of the assets of the Company; (ii) the acquisition of more than 50% of the voting power
of the outstanding securities of the Company by another entity by means of any transaction or series of related transactions (including,
without limitation, reorganization, merger or consolidation) unless the Company’s stockholders of record as constituted immediately
prior to such acquisition will, immediately after such acquisition (by virtue of their continuing to hold such stock and/or their receipt
in exchange therefor of securities issued as consideration for the Company’s outstanding stock) hold at least 50% of the voting
power of the surviving or acquiring entity; or (iii) any reorganization, merger or consolidation in which the Company is not the surviving
entity, excluding any merger effected exclusively for the purpose of changing the domicile of the Company and excluding any reorganization,
merger or consolidation in which the Company’s stockholders of record as constituted immediately prior to such reorganization,
merger or consolidation will, immediately after such reorganization, merger or consolidation (by virtue of their continuing to hold such
stock and/or their receipt in exchange therefor of securities issued as consideration for the Company’s outstanding stock) hold
at least 50% of the voting power of the surviving or acquiring entity in any such reorganization, merger or consolidation.

 

(g)
Requirement of Release. Payment or provision of any of the Severance Benefits is contingent upon the Executive, within sixty (60)
days of the Date of Termination, executing and delivering to the Company, and allowing to become irrevocable and effective, a general
release of claims in a form acceptable to the Company. Notwithstanding any other provisions of this Agreement, no portion of the Severance
Benefits will be paid or provided until the conditions of the foregoing sentence are satisfied. Payment of the Severance Benefits is
also contingent upon Executive’s full and continued compliance with the provisions of Section 7 of this Agreement.

 

(h)
Post-Employment Cooperation. Upon or after termination of the Executive’s employment at any time and for any reason, the
Executive agrees to take these actions:

 

(i)
If requested by the Company at any time, the Executive shall immediately resign from any and all positions the Executive holds with the
Company and its Affiliates, including any positions on the Board of Directors of the Company. “Affiliates” as used
in this Agreement includes any person, corporation, partnership, general partner, or other entity that directly, or indirectly through
one or more intermediaries, controls or is controlled by or is under common control with the Company.

 

(ii)
The Executive shall cooperate with transition of the Executive’s responsibilities, and comply with other reasonable post-employment
requests by the Company including responding to reasonable requests it may make for information and assisting the Company in defense
of any pending, threatened, or anticipated litigation, proceeding, or inquiry in matters which the Company reasonably determines the
Executive’s participation to be necessary; provided that any such cooperation will take into account the Executive’s other
scheduling needs. The Executive shall not be entitled to compensation for providing the foregoing cooperation and assistance, however,
the Executive shall be reimbursed for reasonable and necessary out-of-pocket expenditures (not including attorneys’ fees).

 

(iii)
The Executive will execute any documents requested by the Company to affect the purposes of this Section 6(h).

 

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7.
RESTRICTIVE COVENANTS.

 

(a)
Acknowledgment. The Executive understands and agrees that the Executive will occupy a position of trust and confidence with respect
to the Company’s business affairs, and the Executive will be privy to non-public information relating to the Company and its Affiliates,
including, without limitation, their business relationships; negotiations; past, present and prospective activities; methods of doing
business; business models; know-how; trade secrets; customer and supplier lists; the identity of potential customers; marketing plans;
financial and technical information; discoveries; ideas; designs; drawings; specifications; techniques; programs; systems; processes;
models; data; documentation; formulae; recipes; products, services; computer software; supplier and service provider information; other
information generally regarded as confidential and proprietary; other information marked as confidential or proprietary or that would
otherwise appear to a reasonable person to be confidential or proprietary; information of third parties to which the Company or its Affiliates
have confidentiality obligations and use restrictions; and all forms of the foregoing information, as well as modifications, enhancements,
and improvements to any of the foregoing, including in digital, physical, tangible, and intangible form (hereinafter the “Confidential
Information”). Notwithstanding the foregoing, it is agreed that Confidential Information does not include information regarding
the Executive’s own compensation and benefits or information that became generally available to the public other than as a result
of a direct or indirect disclosure by the Executive or a representative of the Executive in violation of this Agreement. The Executive
agrees that the following obligations are necessary to preserve the confidential and proprietary nature of Confidential Information (including
trade secrets), to protect the goodwill of the Company and its Affiliates, and to protect the Company and its Affiliates against harmful
competition, harmful solicitation of employees, and other actions by the Executive based on the Executive’s special knowledge acquired
during employment that would result in serious adverse consequences for the Company and its Affiliates.

 

(b)
Confidentiality. The Executive shall not, except as may be required to perform the Executive’s duties hereunder or as required
by applicable law, during the Executive’s employment with the Company and after it ends (regardless of the reason), without limitation
in time or until such information shall have become public other than by the Executive’s unauthorized disclosure, disclose to any
third party or use for the Executive’s benefit or the benefit of any third party, whether directly or indirectly, any Confidential
Information without the Company’s specific prior written authorization. The Executive shall also hold Confidential Information
in the strictest confidence and take all reasonable precautions to prevent any unauthorized use or disclosure. The Executive shall not
at any time copy, transmit, reproduce, summarize, or quote or make any commercial or any other use whatsoever of any Confidential Information,
except as may be necessary to perform the Executive’s duties as an employee of the Company. The Executive agrees that, as between
the Executive and the Company, Confidential Information is property of the Company.

 

(c)
Notification and Assistance Obligations; Subpoena. The Executive shall at all times: (i) promptly notify the Company of
any unauthorized use or disclosure of Confidential Information, or any other breach of this Agreement; and (ii) assist the Company in
every reasonable way to retrieve any Confidential Information that was used or disclosed by the Executive or any representative of the
Executive in a manner inconsistent with this Section 7, and to mitigate the harm caused by the unauthorized use or disclosure. Further,
if the Executive is served with any subpoena or other compulsory judicial or administrative process calling for production of any Confidential
Information, the Executive shall immediately notify the Company so that the Company may take such action as the Company deems necessary
to protect its interests.

 

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(d)
Return of Property. The Executive acknowledges that all Confidential Information is specialized, unique in nature, and of great
value to the Company and its Affiliates, and that such Confidential Information gives the Company and its Affiliates a competitive advantage.
The Executive agrees to deliver or return to the Company, at the Company’s request at any time or upon termination of the Executive’s
employment for any reason, all Confidential Information and all Company property, including any and all documents, disks/drives, laptops,
tablets, phones, passwords and credentials, records, lists, data, drawings, prints, notes and written or recorded information (and all
copies thereof) furnished by or on behalf of or for the benefit of the Company and its Affiliates or prepared by the Executive during
the Executive’s employment with the Company, whether in tangible or electronic form, in the possession or control of the Executive.

 

(e)
Non-Competition. During the “Restricted Period” period commencing on the Effective Date and ending six (6) months
after the end of the Employment Period due to the Executive’s voluntary resignation, the Executive shall not directly or indirectly
have any equity interest in, manage, operate, control, work for, provide services to, be employed by, advise, assist, or take similar
action in connection with any person, firm, corporation, partnership, business, or other entity (whether as director, officer, employee,
agent, representative, partner, security holder, consultant, advisor, or otherwise), that engages, in a manner and to an extent materially
competitive to the Company or its Affiliates, in any aspect of their respective businesses (such businesses are hereinafter referred
to as the “Business”), where the Executive’s action or involvement relates to the activities and services the
Executive provided during the Executive’s employment with the Company or involves the Executive’s knowledge of Confidential
Information. Notwithstanding the foregoing, the Executive may own, as a passive investor, securities of any publicly-traded entity, so
long as the Executive’s direct holdings in any such entity shall not in the aggregate constitute more than 5% of the voting power
of such entity and the Executive is not a controlling person of, or a member of a group that controls, such entity.

 

(f)
Non-Solicitation of Customers. During the Restricted Period, the Executive shall not, on behalf of the Executive or any other
individual or entity, (i) solicit or encourage any person or entity who was a client or customer of the Company or its Affiliates during
the Executive’s employment and with whom Executive had contact or about whom Executive gained Confidential Information to: (A)
terminate, reduce, or alter in a manner adverse to the Company or its Affiliates any existing business arrangements with the Company
or its Affiliates, or (B) transfer existing business from the Company or its Affiliates to any other person or entity; or (ii) solicit
any person or entity who was a client or customer of the Company or its Affiliates during the Executive’s employment and with whom
Executive had contact or about whom Executive gained Confidential Information for the purpose of providing such person or entity with
goods or services competitive with or similar to the goods or services provided by the Company or its Affiliates. Notwithstanding the
foregoing, nothing in this Section 7(f) shall be deemed to prohibit solicitation of a person whose sole relationship with the Company
or its Affiliates was as an individual consumer.

 

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(g)
Non-Solicitation of Employees, Consultants, and Advisors. The Executive agrees that, during the Restricted Period, the Executive
will not, directly or indirectly, other than as an employee of and for the benefit of the Company or its Affiliates, solicit, entice,
persuade, or induce any individual who is employed by the Company or its Affiliates or engaged by the Company or its Affiliates as a
consultant or advisor or similar role (or who was so employed or engaged within six (6) months prior to the Executive’s action)
to terminate or refrain from continuing such employment or engagement.

 

(h)
Intellectual Property. The Executive shall disclose promptly and in writing to the Company all inventions, creative works, and
any other intellectual property, whether or not patentable or copyrightable, conceived, or created solely or jointly by the Executive
during the Executive’s employment with the Company which relate to the business of the Company, and the Executive shall assign
all of the Executive’s interest in them to the Company. The Executive shall execute all papers at the Company’s expense,
which the Company shall deem necessary to apply for and obtain domestic and foreign patents and copyright registrations, and to protect
and enforce the Company’s interest in them. These obligations shall continue beyond the period of the Executive’s employment
with respect to inventions or creations conceived or made by the Executive alone or in conjunction with other employees or consultants
of the Company or its Affiliates during the Executive’s employment with the Company.

 

(i)
Remedies. In the event of a breach or threatened breach of this Section 7, the Executive acknowledges the Company, including its
business interests, will be irreparably harmed, the full extent of the damages to the Company will be impossible to ascertain, and monetary
damages alone are not an adequate remedy. Accordingly, the Executive agrees that in addition to any other remedy that may be available
to it, the Company shall be entitled to temporary, preliminary, and/or permanent injunctive relief or other equitable relief to remedy
any such breach or threatened breach, without bond and without proving actual damages or the inadequacy of money damages, in any court
of competent jurisdiction. The Executive agrees that the restrictions of this Agreement are reasonable and no broader than necessary
to protect the legitimate business interests of the Company and its Affiliates.

 

(j)
Survival of Provisions. For the avoidance of doubt, the Executive’s obligations contained in this Section 7 shall survive
the termination or expiration of the Employment Period and the Executive’s employment with the Company and, as applicable, shall
be fully enforceable thereafter in accordance with the terms of this Agreement.

 

(k)
Reformation and Severability. If it is determined by a court, arbitrator, or other adjudicator of competent jurisdiction that
any restriction in this Section 7 is excessive with respect to geographic area, duration, or scope or is otherwise unreasonable or unenforceable,
it is the intention of the parties that such restriction may be modified or amended by the court, arbitrator, or adjudicator to render
it enforceable to the maximum extent permitted by law. In the event that modification is not possible or that the applicable law does
not permit such reformation, then the Executive and the Company agree that, because each of the Executive’s obligations in this
Section 7 is a separate and independent covenant, any unenforceable obligation shall be severed and all remaining obligations shall be
enforced.

 

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(l)
Tolling of Restricted Period. If the Executive violates the terms of any of the restrictions set forth in Section 7(e), Section
7(f), or Section 7(g), the Restricted Period shall automatically be extended by the period the Executive was in violation.

 

(m)
Rights Not Subject to Limitation.

 

(i)
Notwithstanding anything in this Agreement, the Executive may (1) disclose Confidential Information that the Executive is specifically
required by court order, subpoena, or law to disclose, but agrees to disclose only that portion of Confidential Information that is legally
required to be disclosed; (2) report possible violations of law to a government agency or entity or self-regulatory organization or cooperating
with such agency or entity or organization; or (3) make whistleblower or other disclosures that are protected under whistleblower provisions
of federal or state law.

 

(ii)
The Executive understands that the Executive will not be held criminally or civilly liable under any federal or state trade secret law
for the disclosure of a trade secret that (1) is made (x) in confidence to a federal, state, or local government official, either directly
or indirectly, or to an attorney; and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is
made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual
suing an employer for retaliation based on the reporting of a suspected violation of law may disclose a trade secret to his or her attorney
and use the trade secret information in the court proceeding, so long as any document containing the trade secret is filed under seal
and the individual does not disclose the trade secret except pursuant to court order.

 

8.
NO VIOLATION OF THIRD-PARTY RIGHTS.

 

(a)
The Executive hereby represents, warrants, and covenants to the Company that the Executive:

 

(i)
shall not, during the Executive’s employment with the Company, infringe upon or violate any proprietary rights of any third party
(including, without limitation, any third party confidential relationships, patents, copyrights, trade secrets or other proprietary rights);

 

(ii)
is not a party to any agreements with third parties that prevent the Executive from fulfilling the terms of employment and the obligations
of this Agreement or which would be breached as a result of the Executive’s execution of this Agreement; and

 

(iii)
agrees to respect any and all valid obligations which the Executive may now have to prior employers or to others relating to confidential
information, inventions or discoveries which are the property of those prior employers or others, as the case may he.

 

(b)
If the Executive is in breach of any of the foregoing representations, warranties, and covenants, the Company may immediately terminate
this Agreement and treat the Executive as if the Executive were terminated for Cause.

 

    	10

     

    

 

9.
WITHHOLDING. The Company shall make such deductions and withhold such amounts from each payment made to the Executive hereunder as
may be required from time to time by law, governmental regulation, or order.

 

10.
NOTICES. Any notice, demand, or communication required, permitted, or desired to be given hereunder shall be deemed effectively given
when personally delivered or mailed by prepaid certified mail, return receipt requested, addressed as follows:

 

If
to the Company:

 

Attn:
CHAIRMAN

Taronis
Fuels, Inc.

24980 N 83rd Ave, Peoria, AZ 85383

 

If
to the Executive, at the address for the Executive then on file with the Company.

 

Either
party may change such party’s address for notices by notice duly given pursuant hereto.

 

11.
GOVERNING LAW AND FORUM SELECTION. This Agreement and the legal relations thus created between the parties hereto shall be governed
by and construed under and in accordance with the laws of the State of Delaware, without regard to its conflicts of law principles. Except
for an action by the Company seeking injunctive relief (which may be brought in any court immediately and without complying with any
dispute resolution procedures), all disputes arising out of or related to this Agreement or the Executive’s employment with the
Company shall be resolved exclusively by the state or federal courts with jurisdiction over Dallas, TX and each party irrevocably submits
to the jurisdiction of any such court in any such action, suit, or proceeding and to the laying of venue in such court in connection
with such action.

 

12.
ENTIRE AGREEMENT; TERMINATION OF PRIOR AGREEMENTS. This Agreement contains the entire understanding of the parties relating to the
employment of the Executive. This Agreement terminates and supersedes and any and all prior agreements and understandings between the
parties with respect to the Executive’s employment and compensation by the Company, whether oral or written, including without
limitation any employment agreement previously entered into between the Executive and the Company, except (a) this Agreement is in addition
to and does not supersede any confidentiality, intellectual, or restrictive covenant obligations owed by the Executive to the Company
in any other agreements which provide the Company with cumulative and not alternative rights; and (b) this Agreement does not supersede
the provisions of prior agreements that are expressly incorporated to this Agreement by reference.

 

13.
WAIVER; MODIFICATION. Failure to insist upon strict compliance with any of the terms, covenants, or conditions hereof shall not be
deemed a waiver of such term, covenant, or condition, nor shall any waiver or relinquishment of, or failure to insist upon strict compliance
with, any right or power hereunder at any one or more times be deemed a waiver or relinquishment of such right or power at any other
time or times. This Agreement shall not be modified in any respect except by a writing executed by each party hereto.

 

    	11

     

    

 

14.
ASSIGNMENT; SUCCESSORS. This Agreement is personal to the Executive and without the prior written consent of the Company shall not
be assignable by the Executive. The obligations of the Executive hereunder shall be binding upon the Executive’s heirs, administrators,
executors, successors, permitted assigns, and other legal representatives. This Agreement shall be binding upon and shall inure to the
benefit of and be enforceable by the Company’s successors and assigns.

 

15.
SEVERABILITY. Except as provided in Section 7(k) hereof, in the event that a court of competent jurisdiction or other adjudicator
determines that any portion of this Agreement is in violation of any statute or public policy or otherwise unlawful or unenforceable,
only the portions of this Agreement that violate such statute or public policy or are otherwise unlawful or unenforceable shall be stricken.
All portions of this Agreement that do not violate any statute, public policy, or other law shall continue in full force and effect.
Furthermore, if permitted by law, any order striking any portion of this Agreement shall modify the stricken terms as little as possible
to give as much effect as possible to the intentions of the parties under this Agreement.

 

16.
SURVIVAL. The Executive acknowledges that, certain provisions, by their terms, survive termination of this Agreement.

 

17.
HEADINGS; INCONSISTENCY. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute
a part of this Agreement for any other purpose. In the event of any inconsistency between the terms of this Agreement and any form, award,
plan or policy of the Company, the terms of this Agreement shall control.

 

18.
COUNTERPARTS AND DIGITAL SIGNATURE. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, but all of which taken together shall constitute one and the same instrument. In the event that any signature is delivered
via e-mail transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such digital signature page were an original signature.

 

19.
REPRESENTATION BY COUNSEL; INTERPRETATION. Each party acknowledges that it has had the opportunity to be represented by counsel in
connection with this Agreement. Any rule of law or any legal decision that would require interpretation of any claimed ambiguities in
this Agreement against the party that drafted it has no application and is expressly waived.

 

[Signature
Page(s) Follow]

 

    	12

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer and the Executive has hereunto signed
this Agreement on the date first above written.

 

	TARONIS
    FUELS, INC.	 
	 	 	 
	/s/
    Tobias Welo	 
	By:
    	Tobias
    Welo	 
	Title:	Chairman	 
	Date:
    	March
    21, 2022	 
	 	 	 
	EXECUTIVE	 
	 	 	 
	/s/
    Jered Ruyle	 
	Mr. Jered Ruyle	 
	Date:
    	March
    21, 2022

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