Document:

Employment
Agreement

 

Recall
Studios, Inc. – John Textor

 

This
Employment Agreement (this “Agreement”) is made and entered into as of August 8, 2018, by and between Recall Studios,
Inc., a Florida corporation (the “Company”) and John Vasquez (the “Executive”). The parties acknowledge
and agree that this Agreement is entered into in connection with the Closing Share Exchange Agreement and Joinder entered into
as of the date hereof by and between the Company, EVOLUTION AI CORPORATION, a Florida corporation (“EAI”) and the
shareholders of EAI. The Company and Executive may collectively be referred to as the “Parties” and each individually
as a “Party.”

 

WHEREAS,
the Company desires to employ the Executive as its Chief Executive Officer and the Executive desires to serve in such capacity
on behalf of the Company.

 

NOW,
THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, the Company and
the Executive hereby agree as follows:

 

	 	1.	Employment.

 

	 	(a)	Term.
    The term of this Agreement (the “Term”) shall begin as of the date first set forth above (the “Commencement
    Date”) and shall end at the time of the termination of the Executive’s employment in accordance with Section 3.
	 	 	 
	 	(b)	Duties.
    The Executive shall serve as the Chief Executive Officer of the Company and shall report directly to the Board of Directors
    of the Company (the “Board”). The Executive shall have such duties and responsibilities as are consistent with
    Executive’s position as Chief Executive Officer of the Company. In addition, the Executive shall perform all other duties
    and accept all other responsibilities incident to such position as may be reasonably assigned to Executive by the Board.
	 	 	 
	 	(c)	Best
    Efforts. During the period of Executive’s employment, the Executive shall devote Executive’s best efforts
    and full-time and attention to promote the business and affairs of the Company and its affiliated companies, and shall be
    engaged in other business activities only to the extent that such activities are not competitive with the Company and do not
    interfere or conflict with Executive’s obligations to the Company hereunder, including, without limitation, the obligations
    pursuant to Section 6. Notwithstanding the foregoing, the Executive may (A) serve on corporate, civic, educational, philanthropic
    or charitable boards or committees, (B) deliver lectures, fulfill speaking engagements or teach at educational institutions
    and (C) manage personal investments, so long as such activities do not significantly interfere with the performance of the
    Executive’s responsibilities hereunder. The foregoing shall also not be construed as preventing the Executive from investing
    Executive’s assets in such form or manner as will not require any significant services on Executive’s part in
    the operation of the affairs of the businesses or entities in which such investments are made; provided, however, that the
    Executive shall not invest in any business competitive with the Company, except that the Executive shall be permitted to own
    not more than 5% of the stock of those companies whose securities are listed on a national securities exchange or quoted on
    the OTC Markets.

 

    	 

    	 

    

 

	 	2.	Compensation
    and Other Benefits.

 

	 	(a)	Base
    Salary. As compensation for the services to be rendered hereunder, the Company shall pay to the Executive an annual base
    salary of $500,000 (the “Base Salary”). The Base Salary may be subject to annual increases (but not decreases),
    as determined in the sole discretion of the Compensation Committee (the “Compensation Committee”) of the Board
    if the Company has established a Compensation Committee, otherwise by the Board. The Base Salary shall be paid in accordance
    with the Company’s payroll policies.
	 	 	 
	 	(b)	Bonus.
    The Executive shall be eligible for an annual target bonus payment equal, as a percentage of the Base Salary, to that received
    by all other C-Suite executives, subject to a minimum bonus of $100,000 per year. Subject to the minimum bonus set forth herein,
    the Bonus shall be determined based on the achievement of certain performance objectives of the Company as established by
    the Compensation Committee and communicated to the Executive in writing as soon as practicable after commencement of the year
    in respect of which the Bonus is paid. The Bonus may be greater or less than the target or minimum Bonus, based on the level
    of achievement of the applicable performance objectives.
	 	 	 
	 	(c)	Equity
    Awards. The Executive shall be eligible to receive stock options and other equity-based compensation awards under the
    Company’s incentive compensation plans and otherwise.
	 	 	 
	 	(d)	Expenses.
    The Company shall reimburse the Executive for all necessary and reasonable travel, entertainment and other business expenses
    incurred by Executive in the performance of Executive’s duties hereunder in accordance with such reasonable procedures
    as the Company may adopt generally from time to time.
	 	 	 
	 	(e)	Vacation.
    The Executive shall be entitled to vacation, holiday and sick leave at levels no less than commensurate with those provided
    to any other executive vice president, or comparable senior officer of the Company, in accordance with the Company’s
    vacation, holiday and other pay-for-time-not-worked policies.
	 	 	 
	 	(f)	Retirement
    and Welfare Benefits. The Executive shall be entitled to participate in the Company’s health, life insurance, long
    and short-term disability, dental, retirement, and medical programs, if any, pursuant to their respective terms and conditions,
    on a basis no less than commensurate with those provided to any other executive vice president of the Company. Nothing in
    this Agreement shall preclude the Company or any affiliate of the Company from terminating or amending any employee benefit
    plan or program from time to time after the Commencement Date, provided that any such amendment or termination shall be effective
    as to the Executive only if it is equally applicable to every other senior executive officer of the Company.

 

    	 

    	 

    

 

	 	(g)	Perquisites.
    The Executive shall be provided with such other executive perquisites as may be provided to other executive vice presidents
    of the Company (including but not limited to health insurance and the use of a Company-provided automobile of a type similar
    to that being provided to other executive vice presidents of the Company and all operating and insurance costs related thereto).
	 	 	 
	 	(h)	Except
    as specifically provided to the contrary in this Agreement, Executive’s compensation and benefits, including those paid
    or provided under this Section 2, shall be fair and reasonable, giving due regard to compensation and benefits paid to other
    executives similarly situated, having similar duties and responsibilities, and similar skills, credentials, and qualifications.

 

	 	3.	Termination.

 

	 	(a)	Termination
    by the Company. The Company may terminate the Executive’s employment hereunder at any time for Cause or without
    Cause (as defined below).
	 	 	 
	 	(b)	Termination
    by Executive. The Executive may resign from Executive’s employment hereunder at any time, either with Good Reason
    (as defined below) or without Good Reason.
	 	 	 
	 	(c)	Termination
    by Death or Disability. In the event of the Executive’s death or total disability (as defined in Section 22(e)(3)
    of the Internal Revenue Code of 1986, as amended) during the Term, the Executive’s employment shall terminate on the
    date of death or total disability.
	 	 	 
	 	(d)	Payments
    and Events Upon Termination.

 

	 	(1)	Upon
    any termination of Executive’s employment by the Company, whether by the Company with cause or without Cause, or by
    Executive without or without Good Reason, or pursuant to Section 3(c):

 

	 	(i)	the
    Company shall pay to Executive the Base Salary and benefits (then owed, or accrued and owed in the future, but in all events
    and without increasing the Executive’s rights under any other provision hereof, excluding any Bonus payments not yet
    paid) through the date of termination;
	 	 	 
	 	(ii)	the
    Company shall pay to Executive accrued but unpaid Bonus and benefits (then owed or accrued) through the date of termination;
    and
	 	 	 
	 	(iii)	the
    Company shall pay to executive any unreimbursed expenses incurred by the Executive pursuant to Section 2(d).

 

	 	(2)	Upon
    any termination of Executive’s employment by the Company without Cause, or by the Executive with Good Reason, in addition
    to the payments and actions set forth in Section 3(d)(1):

 

    	 

    	 

    

 

	 	(i)	the
    Company shall pay to Executive an amount equal to the Base Salary (other than Bonus) as determined as of the date of termination;
    and
	 	 	 
	 	(ii)	any
    unvested incentive awards (whether based in equity or cash, and specifically including, but not limited to, stock options
    and restricted stock) then held by the Executive shall immediately be vested in full.

 

	 	(3)	Upon
    any termination of Executive’s employment by the Company with Cause, or by the Executive without Good Reason, in addition
    to the payments and actions set forth in Section 3(d)(1), any unvested incentive awards (whether based in equity or cash,
    and specifically including, but not limited to, stock options and restricted stock) then held by the Executive shall immediately
    be forfeited.
	 	 	 
	 	(4)	Each
    of the payments and items in Section 3(d)(1) and Section 3(d)(2)(i) shall be paid within 10 days following the date of termination.

 

	 	(e)	“Cause”
    Defined.

 

	 	(1)	As
    used in this Agreement, termination for “Cause” shall mean a termination based upon:

 

	 	(i)	a
    material violation by Executive of any material written rule or policy of the Company (A) for which violation any employee
    may be terminated pursuant to the written policies of the Company reasonably applicable to an executive employee, and (B)
    which the Executive fails to correct within 10 days after the Executive receives written notice from the Board of such violation;
	 	 	 
	 	(ii)	misconduct
    by the Executive to the material and demonstrable detriment of the Company; or
	 	 	 
	 	(iii)	the
    Executive’s conviction (by a court of competent jurisdiction, not subject to further appeal) of, or pleading guilty
    to, a felony.

 

	 	(2)	“Cause”
    shall not exist unless and until the Company has delivered to the Executive, along with the notice of Termination for Cause,
    a copy of a resolution duly adopted by the Board (excluding the Executive if the Executive is a Board member) at a meeting
    of the Board called and held for such purpose (after reasonable notice to the Executive and an opportunity for the Executive,
    together with counsel, to be heard before the Board), finding that in the good faith opinion of the Board an event set forth
    in clauses (i), (ii) or (iv) above has occurred and specifying the particulars thereof in detail.

 

    	 

    	 

    

 

	 	(f)	“Good
    Reason” Defined.

 

	 	(1)	For
    the purposes of this Agreement, “Good Reason” means the occurrence, without the Executive’s express written
    consent, of any of the following:

 

	 	(i)	a
    significant diminution by the Company of the Executive’s role with the Company or a significant detrimental change in
    the nature and/or scope of the Executive’s status with the Company (including a diminution in title);
	 	 	 
	 	(ii)	a
    reduction in Base Salary or target or maximum Bonus, other than as part of an across the board reduction in salaries of management
    personnel (including all vice presidents and positions above) of less than 20%;
	 	 	 
	 	(iii)	at
    any time following a Change of Control (as defined below), a material diminution by the Company of compensation and benefits
    (taken as a whole) provided to the Executive immediately prior to a Change of Control;
	 	 	 
	 	(iv)	the
    relocation of the Executive’s principal executive office to a location more than 50 miles further from the Executive’s
    principal residence than the Executive’s principal executive office immediately prior to such relocation, or any requirement
    that the Executive be based anywhere other than the Executive’s principal executive office; or
	 	 	 
	 	(v)	any
    other material breach by the Company of any of the terms and conditions of this Agreement.

 

	 	(2)	A
    “Change of Control” shall be deemed to have occurred if, after the Commencement Date, (i) the beneficial ownership
    (as defined in Rule 13d-3 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of securities
    representing more than 50% of the combined voting power of the Company is acquired by any “person” as defined
    in sections 13(d) and 14(d) of the Exchange Act (other than the Company, any subsidiary of the Company, or any trustee or
    other fiduciary holding securities under an employee benefit plan of the Company), (ii) the merger or consolidation of the
    Company with or into another corporation where the shareholders of the Company, immediately prior to the consolidation or
    merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3
    under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power
    of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent
    corporation, if any) in substantially the same proportion as their ownership of the Company immediately prior to such merger
    or consolidation, or (iii) the sale or other disposition of all or substantially all of the Company’s assets to an entity,
    other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at
    least 50% of the combined voting power of the voting securities of which are owned directly or indirectly by shareholders
    of the Company, immediately prior to the sale or disposition, in substantially the same proportion as their ownership of the
    Company immediately prior to such sale or disposition.

 

    	 

    	 

    

 

	 	4.	Payments.

 

	 	(a)	Anything
    in this Agreement to the contrary notwithstanding, if it is determined that any payment or benefit provided to the Executive
    under this Agreement or otherwise, whether or not in connection with a Change of Control (a “Payment”), would
    constitute an “excess parachute payment” within the meaning of section 280G of the Internal Revenue Code of 1986,
    as amended (the “Code”), such that the Payment would be subject to an excise tax under section 4999 of the Code
    (the “Excise Tax”), the Company shall pay to the Executive an additional amount (the “Gross-Up Payment”)
    such that the net amount of the Gross-Up Payment retained by the Executive after the payment of any Excise Tax and any federal,
    state and local income and employment tax on the Gross-Up Payment, shall be equal to the Excise Tax due on the Payment and
    any interest and penalties in respect of such Excise Tax. For purposes of determining the amount of the Gross-Up Payment,
    Executive shall be deemed to pay federal income tax and employment taxes at the highest marginal rate of federal income and
    employment taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the
    highest marginal rate of taxation in the state and locality of Executive’s residence (or, if greater, the state and
    locality in which Executive is required to file a nonresident income tax return with respect to the Payment) in the calendar
    year in which the Gross-Up Payment is to be made, net of the maximum reduction in federal income taxes that may be obtained
    from the deduction of such state and local taxes.
	 	 	 
	 	(b)	All
    determinations made pursuant to the foregoing paragraph shall be made by the Company which shall provide its determination
    and any supporting calculations (the “Determination”) to the Executive within thirty days of the date of the Executive’s
    termination or any other date selected by the Executive or the Company. Within ten calendar days of the delivery of the Determination
    to the Executive, the Executive shall have the right to dispute the Determination (the “Dispute”). The existence
    of any Dispute shall not in any way affect the Executive’s right to receive the Gross-Up Payments in accordance with
    the Determination. If there is no dispute, the Determination by the Company shall be final, binding and conclusive upon the
    Executive, subject to the application of Section 4(c). Within ten days after the Company’s determination, the Company
    shall pay to the Executive the Gross-Up Payment, if any. If the Company determines that no Excise Tax is payable by the Executive,
    it will, at the same time as it makes such Determination, furnish Executive with an opinion that the Executive has substantial
    authority not to report any Excise Tax on Executive’s federal, state, local income or other tax return. The Company
    agrees to indemnify and hold harmless the Executive of and from any and all claims, damages and expenses resulting from or
    relating to its determinations pursuant to this Section 4(b), except for claims, damages or expenses resulting from the gross
    negligence or willful misconduct of the Company.

 

    	 

    	 

    

 

	 	(c)	As
    a result of the uncertainty in the application of sections 4999 and 280G of the Code, it is possible that the Gross-Up Payments
    either will have been made which should not have been made, or will not have been made which should have been made, by the
    Company (an “Excess Gross-Up Payment” or a “Gross-Up Underpayment,” respectively). If it is established
    pursuant to (A) a final determination of a court for which all appeals have been taken and finally resolved or the time for
    all appeals has expired, or (B) an Internal Revenue Service (the “IRS”) proceeding which has been finally and
    conclusively resolved, that an Excess Gross-Up Payment has been made, such Excess Gross-Up Payment shall be deemed for all
    purposes to be a loan to the Executive made on the date the Executive received the Excess Gross-Up Payment and the Executive
    shall repay the Excess Gross-Up Payment to the Company either (i) on demand, if the Executive is in possession of the Excess
    Gross-Up Payment or (ii) upon the refund of such Excess Gross-Up Payment to the Executive from the IRS, if the IRS is in possession
    of such Excess Gross-Up Payment, together with interest on the Excess Gross-Up Payment at (X) 120% of the applicable federal
    rate (as defined in Section 1274(d) of the Code) compounded semi-annually for any period during which the Executive held such
    Excess Gross-Up Payment and (Y) the interest rate paid to the Executive by the IRS in respect of any period during which the
    IRS held such Excess Gross-Up Payment. If a Gross-Up Underpayment occurs as determined under one or more of the following
    circumstances: (I) such determination is made by the Company (which shall include the position taken by the Company, together
    with its consolidated group, on its federal income tax return) or is made by the IRS, (II) such determination is made by a
    court, or (III) such determination is made upon the resolution to the Executive’s satisfaction of the Dispute, then
    the Company shall pay an amount equal to the Gross-Up Underpayment to the Executive within ten calendar days of such determination
    or resolution, together with interest on such amount at 120% of the applicable federal rate compounded semi-annually from
    the date such amount should have been paid to the Executive pursuant to the terms of this Agreement or otherwise, but for
    the operation of this Section 4(c), until the date of payment.

 

	 	5.	Post-Termination
    Assistance. Upon the Executive’s termination of employment with the Company, the Executive agrees to fully cooperate
    in all matters relating to the winding up or completion of pending work on behalf of the Company and the orderly transfer
    of work to other employees of the Company following any termination of the Executives’ employment. The Executive further
    agrees that Executive will provide, upon reasonable notice, such information and assistance to the Company as may reasonably
    be requested by the Company in connection with any audit, governmental investigation, litigation, or other dispute in which
    the Company is or may become a party and as to which the Executive has knowledge; provided, however, that (i) the Company
    agrees to reimburse the Executive for any related out-of-pocket expenses, including travel expenses and also including attorneys’
    fees, if and to the extent the retention of such counsel (A) is within the scope of the Company’s indemnification or
    defense obligations to the Executive or (B) is reasonably necessary and appropriate under the circumstances, and (ii) any
    such assistance may not unreasonably interfere with Executive’s then-current employment.

 

    	 

    	 

    

 

	 	6.	Restrictive
    Covenants.

 

	 	(a)	In
    consideration of the obligations of the Company hereunder, the Executive agrees that Executive shall not, during the Term
    and the Restricted Period (as defined below):

 

	 	(1)	During
    the Term and the Restricted Period (as defined below) directly or indirectly become an employee, director, consultant or advisor
    of, or otherwise affiliated with, any entity which provides, in whole or in part, the same or similar services and/or products
    offered by the Company as of the cessation of Executive’s employment with the Company (each, a “Competing Business”)
    (unless the Competing Business constitutes less than 50% of the total revenues by such entity in the United States during
    the fiscal year of the Company immediately preceding the year of such termination), or (B) directly or indirectly solicit
    or hire or encourage the solicitation or hiring of any person who was an employee of the Company at any time on or after the
    date of such termination (unless more than six months shall have elapsed between the last day of such person’s employment
    by the Company and the first date of such solicitation or hiring);
	 	 	 
	 	(2)	during
    or after the Term, make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally,
    or otherwise, or take any other action which disparages the Company or its officers, directors, businesses or reputations;
    or
	 	 	 
	 	(3)	during
    or after the Term, without the written consent of the Board, disclose to any person other than as required by law or court
    order, any confidential information obtained by the Executive while in the employ of the Company, provided, however, that
    confidential information shall not include any information known generally to the public (other than as a result of unauthorized
    disclosure by the Executive) or any specific information or type of information generally not considered confidential by persons
    engaged in the same business as the Company, or information disclosed by the Company by any member of the Board or by any
    other officer thereof to a third party without restrictions on the disclosure of such information.

 

	 	(b)	In
    the event of a termination of Executive’s employment by the Company pursuant to Section 3(a) with Cause or a termination
    of this Agreement by Executive pursuant to Section 3(b) without Good Reason, the “Restricted Period” shall be
    a period of 18 months following the date of termination.

 

	 	(c)	In
    the event of a termination of Executive’s employment by the Company pursuant to Section 3(a) without Cause or a termination
    of Executive’s employment by Executive pursuant to Section 3(b) with Good Reason or a termination of Executive’s
    employment pursuant to Section 3(c) in the event of the total disability of the Executive, the “Restricted Period”
    shall be a period of 12 months following the date of termination.

 

    	 

    	 

    

 

	 	(d)	For
    the purpose of Section 5 and this Section 6 only, the term “Company” shall mean the Company and its subsidiaries.
    Notwithstanding the above, nothing in this Agreement shall preclude the Executive from making truthful statements or disclosures
    that are required by applicable law, regulation or legal process.
	 	 	 
	 	(e)	It
    is the intent and understanding of each Party hereto that if, in any action before any arbitration panel, court or agency
    legally empowered to enforce this Agreement, any term, restriction, covenant or promise in this Section 6 is found to be unreasonable
    and for that or any other reason unenforceable, then such term, restriction, covenant or promise shall be deemed modified
    to the extent necessary to make it enforceable by such arbitration panel, court or agency, and this Agreement may be modified
    by such arbitration panel, court or agency to effect the forgoing.
	 	 	 
	 	(f)	The
    Parties acknowledge and agree that Executive currently holds certain interests in the assets and intellectual property related
    to the facebank.com website and its operations. The ownership and operation of such assets and intellectual property is specifically
    permitted hereunder and shall not be deemed any breach or violation of any of the terms and conditions in this Agreement.

 

	 	7.	Enforcement.
    The Executive hereby expressly acknowledges that the restrictions contained in Section 6 are reasonable and necessary to protect
    the Company’s legitimate interests, that the Company would not have entered into this Agreement in the absence of such
    restrictions, and that any violation of such restrictions will result in irreparable harm to the Company. The Executive agrees
    that the Company shall be entitled to preliminary and permanent injunctive relief, without the necessity of proving actual
    damages, as well as an equitable accounting of all earnings, profits and other benefits arising from any violation of the
    restrictions contained in Section 6, which rights shall be cumulative and in addition to any other rights or remedies to which
    the Company may be entitled. The Executive irrevocably and unconditionally (i) agrees that any legal proceeding arising out
    of this paragraph may be brought in the United States District Court for the [Southern District of New York], or if such
    court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in New York County,
    New York], (ii) consents to the non-exclusive jurisdiction of such court in any such proceeding, and (iii) waives any
    objection to the laying of venue of any such proceeding in any such court. The Executive also irrevocably and unconditionally
    consents to the service of any process, pleadings, notices or other papers in connection with any such proceeding.
	 	 	 
	 	8.	Survival.
    The provisions of Section 4, Section 5, Section 6, Section 7, this Section 8, Section 10, Section 15, Section 16, Section
    17 and Section 18 of this Agreement shall survive the termination or expiration of this Agreement.

 

    	 

    	 

    

 

	 	9.	No
    Mitigation or Set Off. In no event shall the Executive be obligated to seek other employment or take any other action
    by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts
    shall not be reduced, regardless of whether the Executive obtains other employment. The Company’s obligation to make
    the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any
    circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company
    may have against the Executive or others; provided, however, the Company shall have the right to offset the amount of any
    funds loaned or advanced to the Executive and not repaid against any severance obligations the Company may have to the Executive
    hereunder.
	 	 	 
	 	10.	Return
    of Documents. Upon termination of Executive’s employment, the Executive agrees to return all documents belonging
    to the Company in Executive’s possession including, but not limited to, contracts, agreements, licenses, business plans,
    equipment, software, software programs, products, work-in-progress, source code, object code, computer disks, books, notes
    and all copies thereof, whether in written, electronic or other form; provided that the Executive may retain copies of Executive’s
    rolodex. In addition, the Executive shall certify to the Company in writing as of the effective date of termination that none
    of the assets or business records belonging to the Company are in Executive’s possession, remain under Executive’s
    control, or have been transferred to any third person.
	 	 	 
	 	11.	Effect
    of Waiver. The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed
    as a waiver of any subsequent breach hereof. No waiver shall be valid unless in writing.
	 	 	 
	 	12.	Assignment.
    This Agreement may not be assigned by either party without the express prior written consent of the other party hereto, except
    that the Company (i) may assign this Agreement to any subsidiary or affiliate of the Company, provided that no such assignment
    shall relieve the Company of its obligations hereunder without the written consent of the Executive, and (ii) will require
    any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
    the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to
    the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
    “Company” shall mean the Company as hereinbefore defined and any successor to its business and/or assets as aforesaid
    which assumes and agrees to perform this Agreement by operation of law, or otherwise.
	 	 	 
	 	13.	Entire
    Agreement; Effectiveness of Agreement. This Agreement sets forth the entire agreement of the parties hereto and shall
    supersede any and all prior agreements and understandings concerning the Executive’s employment by the Company. This
    Agreement may be changed only by a written document signed by the Executive and the Company. Notwithstanding the foregoing,
    this Agreement shall not supercede or replace any agreement entered into between the Company and the Executive with respect
    to any plan or benefit described in Section 2(e) or Section 2(f).

 

    	 

    	 

    

 

	 	14.	Severability.
    If any one or more of the provisions, or portions of any provision, of the Agreement shall be held to be invalid, illegal
    or unenforceable, the validity, legality or enforceability of the remaining provisions or parts hereof shall not in any way
    be affected or impaired thereby.
	 	 	 
	 	15.	Governing
    Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE SUBSTANTIVE AND PROCEDURAL
    LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO RULES GOVERNING CONFLICTS OF LAW AND THE PARTIES HERETO SPECIFICALLY CONSENT
    TO THE JURISDICTION AND VENUE OF THE FEDERAL AND STATE COURTS LOCATED IN [NEW YORK COUNTY, NY] OVER ANY ACTION ARISING OUT
    OF OR RELATED TO THIS AGREEMENT.

 

	 	16.	Arbitration.
    Other than as set forth in Section 7 , any controversy, claim or dispute arising out of or relating to this Agreement or the
    Executive’s employment by the Company, including, but not limited to, common law and statutory claims for discrimination,
    wrongful discharge, and unpaid wages, shall be resolved by arbitration in [New York, NY] pursuant to then prevailing National
    Rules for the Resolution of Employment Disputes of the American Arbitration Association. It is the intent of the Company that,
    following a Change of Control, the Executive shall not be required to incur any expenses associated with the enforcement of
    Executive’s rights under this Agreement by arbitration, litigation or other legal action because the cost and expense
    thereof would substantially detract from the benefits intended to be extended to the Executive hereunder. Accordingly, the
    Company shall pay the Executive on demand the amount necessary to reimburse the Executive in full for all expenses (including
    all attorneys’ fees and legal expenses) incurred by the Executive in enforcing any of the obligations of the Company
    under this Agreement, or in defending any action by the Company against the Executive in respect of such obligations or the
    obligations of the Executive under this Agreement, if such action is commenced on or following a Change of Control. The Company
    shall pay such expenses to the Executive upon demand in connection with any action described in the preceding sentence which
    is commenced prior to a Change of Control if the Executive substantially prevails on at least one material issue in dispute.
	 	 	 
	 	17.	Indemnification.
    During the Term, the Executive shall be entitled to indemnification and insurance coverage for directors and officers liability,
    fiduciary liability and other liabilities arising out of the Executive’s position with the Company in any capacity,
    in an amount not less than the highest amount available to any other senior level executive or member of the Board and to
    the full extent provided by or allowable under the Company’s certificate of incorporation or by-laws, and such coverage
    and protections, with respect to the various liabilities as to which the Executive has been customarily indemnified prior
    to termination of employment, shall continue for at least six years following the end of the Term. Any indemnification agreement
    entered into between the Company and the Executive shall continue in full force and effect in accordance with its terms following
    the termination of this Agreement.

 

    	 

    	 

    

 

	 	18.	Notices.
    All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party
    or by email with return receipt requested, registered or certified mail, return receipt requested, postage prepaid, or by
    a nationally recognized overnight courier service, addressed as set forth below, or to such other address as either party
    shall have furnished to the other in writing in accordance herewith. Any notice or other communication required or permitted
    under this Agreement shall be deemed to have been duly given (i) upon personal delivery upon the party for whom it is intended,
    (ii) if delivered by electronic mail, upon receipt of confirmatory electronic mail from recipient, or (iii) if delivered by
    registered or certified mail or by a nationally recognized overnight courier service, upon receipt of proof of delivery.

 

	 	If
    to Executive:	If
    to the Company:
	 	At
    the address for Executive as provided to the Company.	Recall
                                         Studios, Inc.

        Attn:
        Chairman of the Board

        1115
        Broadway, 12th Floor,

        New
        York, NY 10010

 

	 	19.	Headings.
    The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning
    or interpretation of this Agreement.
	 	 	 
	 	20.	Execution
    in Counterparts, Electronic Transmission. This Agreement may be executed in any number of counterparts, each of which
    shall be deemed an original. The signature of any party to this Agreement which is transmitted by any reliable electronic
    means such as, but not limited to, a photocopy, electronically scanned or facsimile machine, for purposes hereof, is to be
    considered as an original signature, and the document transmitted is to be considered to have the same binding effect as an
    original signature or an original document.

 

[Signatures
appear on following page]

 

    	 

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Commencement Date.

 

	 	Recall
    Studios, Inc.
	 	 
		By:
    	/s/
    Frank Esposito
	 	Name:	Frank
    Esposito
	 	Title:	Chief
    Legal Officer
	 	 	 
	 	John
    Textor
	 	 	 
	 	By:	/s/
    John Textor
	 	Name:	John
    TextorTERMINATION
AND RELEASE AGREEMENT

(Alexander
Bafer Employment Agreement)

 

Dated
as of August 8, 2018

 

This
Termination and Release Agreement (the “Agreement”) is entered into as of the date first set forth above (the “Effective
Date”), by and between (i) Recall Studios, Inc., a Florida corporation (the “Company”) and (ii) Alexander Bafer
(“Principal”). Each of the Company and Principal may be referred to herein individually as a “Party” and
collectively as the “Parties.”

 

WHEREAS,
the Principal and the Company are parties to that certain Principal’s Employment Agreement dated as of July 25, 2016 (as
the same may have been amended from time to time the “Employment Agreement”); and

 

WHEREAS,
the Parties now wish to terminate the Employment Agreement subject to the terms and conditions as set forth herein;

 

NOW,
THEREFORE, in consideration of the premises and of the terms and conditions herein contained, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, each intending to be legally bound,
hereby agree as follows:

 

	1.	Termination
    of Employment Agreement. Notwithstanding anything to the contrary in the Employment Agreement, the Employment Agreement
    is hereby terminated, effective as of the Effective Date.  Notwithstanding such termination the Parties acknowledge
    and agree that the provisions of Article 4 and Article 6 (other than Section 6.7 and Section 6.8) of the Employment Agreement
    shall remain in full force and effect, and the Parties further acknowledge that the Company currently owes Principal certain
    past-due payments pursuant to the Employment Agreement, which shall remain owed to Principal in accordance with the terms
    of the Employment Agreement until paid (the “Past-Due Amounts”).
	 	 
	2.	Payments. No
    Party shall be entitled to any payments or other compensation in connection with the termination of the Employment
    Agreement, other than the Past-Due Amounts as set forth herein and, as than the forgoing, the Parties acknowledge and agree
    that all payments and actions required pursuant to the Employment Agreement through the Effective Date have been made and
    completed.  
	 	 
	3.	Release
    of Claims under Employment Agreement.

 

	 	(a)	Effective
    as of the Effective Date, each Party, for itself and its Affiliates (as hereinafter defined), and each of their respective
    predecessors, successors, assigns, heirs, representatives, and agents and for all related parties, and all persons acting
    by, through, under or in concert with any of them in both their official and personal capacities (collectively, the “Releasor
    Parties”) hereby irrevocably, unconditionally and forever release, discharge and remise the other Party and it Affiliates
    (whether an Affiliate as of the Effective Date or later), and their respective predecessors, successors, assigns, heirs, representatives,
    and agents and for all related parties and all persons acting by, through, under or in concert with any of them in both their
    official and personal capacities (collectively, the “Released Parties”), from all claims of any type and all manner
    of action and actions, cause and causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills,
    specialties, covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, executions,
    claims and demands whatsoever, in law or in equity, known or unknown, that any Releasor Party may have now or may have in
    the future, against any of the Released Parties to the extent that those claims arose, may have arisen, or are based on events
    which occurred at any point in the past up to and including the Effective Date, including, without limitation, any such matters
    related to the Employment Agreement or the transactions contemplated therein but excluding, for greater certainty, the obligations
    of each Party hereunder and excluding any claims related to the surviving sections of the Employment Agreement as set forth
    in Section 1 and the payment of the Past-Due Amounts as set forth in Section 1 and Section 2 (collectively, the “Released
    Claims”). Each Party represents and warrants that no Released Claim released herein has been assigned, expressly, impliedly,
    or by operation of law, and that all Released Claims released herein are owned by the Party releasing the same, which has
    the respective sole authority to release them.  Each releasing Party agrees that it shall forever refrain and forebear
    from commencing, instituting or prosecuting any lawsuit action or proceeding, judicial, administrative or otherwise collect
    or enforce any Released Claim which is released and discharged herein. For purposes hereof, an “Affiliate” of
    a Party shall be any Party that controls, is controlled by, or is under common control with, the subject Party.

 

    	 	 	 

     

    

 

	 	(b)	Each
    of the Releasor Parties agrees not to file for themselves or on behalf of any other parties, any claim, charge, complaint,
    action, or cause of action against any Party related to the Released Claims, and further agrees to indemnify and save harmless
    each other Party from and against any and all losses, including, without limitation, the cost of defense and legal fees, occurring
    as a result of any claims, charges, complaints, actions, or causes of action made or brought by any such Releasor Party against
    any Party in violation of the terms and conditions of this Agreement.  In the event that any Releasor Party brings
    a suit against any other Party in violation of this covenant, the Releasor Party agrees to pay any and all costs of the other
    Party against whom such a claim is brought, including attorneys’ fees, incurred by such other Party in challenging such
    action. Any Released Party is an intended third-party beneficiary of this Agreement. 
	 	 	 
	 	(c)	Each
    Releasor Party affirms that it has not filed, caused to be filed, or presently is a party to any claim, complaint, or action
    against any other Party in any forum or form and should any such charge or action be filed by any Releasor Party or by any
    other person or entity on any Releasor Party’s behalf involving matters covered by Section 3(a), the Releasor Party
    agrees to promptly give the agency or court having jurisdiction a copy of this Agreement and inform them that any such claims
    any such Releasor Party might otherwise have had are now settled. 
	 	 	 
	 	(d)	This
    is a compromise and settlement of potential or actual disputed claims and is made solely for the purpose of avoiding the uncertainty,
    expense, and inconvenience of future litigation.  Neither this Agreement nor the furnishing of any consideration
    concurrently with the execution hereof shall be deemed or construed at any time or for any purpose as an admission by any
    Party of any liability or obligation of any kind.  Any such liability or wrongdoing is expressly denied. The Parties
    hereto acknowledge that this Agreement was reached after good faith settlement negotiations and after each party had an opportunity
    to consult legal counsel. This Agreement extends to, and is for the benefit of, the Parties, their respective successors,
    assigns and agents and anyone claiming by, through or under the Parties hereto.

 

	4.	Additional
    Agreements.

 

	 	(a)	This
    Agreement shall be effective upon its execution by each of the Parties hereto.
	 	 	 
	 	(b)	Each
    of the Parties hereto shall execute such documents and perform such further acts as may be reasonably required to carry out
    the provisions hereof and the actions contemplated hereby.  
	 	 	 
	 	(c)	No
    Party shall, and each Party shall cause their respective Affiliates not to, in each case, whether directly or indirectly,
    for itself or through or on behalf of any other Party not to, make any disparaging comments (or induce or encourage others
    to make disparaging comments) about any other Party or its officers, directors, shareholders, employees and agents, or their
    respective operations, financial condition, prospects, products or services. 

 

    	 	 	 

     

    

 

		5.	Representations
                                         and Warranties.

 

	 	(a)	Principal
    represents and warrants to the Company as follows:

 

	 	(i)	Principal
has all requisite authority and power to execute and deliver this Agreement and the other documents referenced herein to which
it is or will be a party and to perform its obligations hereunder and thereunder. The execution and delivery of this Agreement,
as well as the consummation of the transactions contemplated hereby, has been duly and validly authorized by all necessary action
on the part of Principal and no other action or proceedings on the part of Principal are or will be necessary to authorize the
execution, delivery and performance of this Agreement or the transactions contemplated hereby on the part of Principal.
	 	 	 
	 	(ii)	This
    Agreement has been duly executed and delivered by Principal and, assuming that this Agreement constitutes the legal, valid
    and binding obligation of the Company, constitutes the legal, valid, and binding obligation of Principal, enforceable against
    Principal in accordance with its terms except to the extent that the enforceability thereof may be limited by (a) applicable
    bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting
    enforcement of creditors’ rights generally and (b) general principles of equity (the “Enforceability Exceptions”).
	 	 	 
	 	(iii)	Neither
    the execution and delivery of this Agreement nor the consummation and performance of any of the transactions contemplated
    hereby by Principal will violate in any material respect any existing applicable law, rule, regulation, judgment, order or
    decree of any governmental authority having jurisdiction over Principal, provided, however, that no representation or warranty
    is made in this subsection with respect to matters that would not, individually or in the aggregate, reasonably be expected
    to materially delay or materially impair Principal’s ability to consummate transactions contemplated hereby.

 

	 	(b)	The
    Company represents and warrants to Principal as follows:

 

	 	(i)	The
    Company has all requisite corporate authority and power to execute and deliver this Agreement and the other documents referenced
    herein to which either of them are or will be a party and to perform their respective obligations hereunder and thereunder.  No
    other action or proceedings on the part of the Company are or will be necessary to authorize the execution, delivery and performance
    of this Agreement or the transactions contemplated hereby on the part of the Company.   
	 	 	 
	 	(ii)	This
    Agreement has been duly executed and delivered by the Company and, assuming that this Agreement constitutes the legal, valid
    and binding obligation of Principal, constitutes the legal, valid, and binding obligation of the Company, enforceable against
    the Company in accordance with its terms except to the extent that the enforceability thereof may be limited by the Enforceability
    Exceptions.
	 	 	 
	 	(iii)	Neither
    the execution and delivery of this Agreement nor the consummation and performance of any of the transactions contemplated
    hereby or thereby by the Company will violate in any material respect any existing applicable law, rule, regulation, judgment,
    order or decree of any governmental authority having jurisdiction over the Company; provided, however, that no representation
    or warranty is made in this subsection with respect to matters that would not, individually or in the aggregate, reasonably
    be expected to materially delay or materially impair the Company’s ability to consummate transactions contemplated hereby.

 

    	 	 	 

     

    

 

	6.	Notices. All
    notices, requests, consents, claims, demands, waivers and other communications hereunder (each, a “Notice”)
    shall be in writing and addressed to Company at its principal executive offices or to the Principal at his address as set
    forth in the books and records of the Company, or to such other address that may be designated by the receiving party from
    time to time in accordance with this Section 6. All Notices shall be delivered by personal delivery, nationally recognized
    overnight courier (with all fees pre-paid), e-mail of a PDF document (with confirmation of transmission) or certified or
    registered mail (in each case, return receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a
    Notice is effective only (a) upon receipt by the receiving party, and (b) if the party giving the Notice has complied with
    the requirements of this Section 6.
	 	 
	7.	Governing
    Law and Interpretation. This Agreement shall be governed and controlled by and in accordance with the laws
    of the State of New York without regard to its conflict of laws provisions.  Venue for any action brought to enforce
    the terms of this Agreement or for breach thereof shall lie exclusively in the state and federal courts located in New York
    County, NY. Should any provision of this Agreement be declared illegal or unenforceable by any court of competent
    jurisdiction and cannot be modified to be enforceable, excluding the general release language, such provision shall immediately
    become null and void, leaving the remainder of this Agreement in full force and effect. The Parties affirm that
    this Agreement is the product of negotiation and agree that it shall not be construed against any Party on the basis of sole
    authorship. The Parties agree that the successful Party in any suit related to this Agreement (as determined by
    the applicable court(s)) shall be entitled to recover its reasonable attorneys’ fees and expenses related thereto, including
    attorneys’ fees and costs incident to an appeal. 
	 	 
	8.	WAIVER
    OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT HE OR IT
    MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
    THE TRANSACTIONS CONTEMPLATED HEREIN OR THE PERFORMANCE THEREOF (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
    PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE,
    THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
    IT AND THE OTHER PARTY HERETO HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
    CERTIFICATIONS IN THIS SECTION 8.

 

	9.	Remedies.
    Each     of the Parties acknowledges and agrees that the remedy at law available to the other Party for breach of any
    Party’s     obligations under this Agreement would be inadequate and that damages flowing from such a breach may not
    readily be susceptible     to being measured in monetary terms. Accordingly, each Party acknowledges, consents and agrees
    that, in addition to any other     rights or remedies that any Party may have at law, in equity or under this Agreement, upon
    adequate proof of a violation by     any other Party of any provision of this Agreement, the first Party will be entitled to
    seek immediate injunctive relief and     may obtain a temporary order restraining any threatened or further breach, without
    the necessity of proof of actual damage     or requirement to post a bond.

 

    	 	 	 

     

    

 

	10.	Non-admission
    of Wrongdoing. The Parties agree neither this Agreement nor the furnishing of the consideration for same shall
    be deemed or construed at any time for any purpose as an admission by any Party of any liability or unlawful conduct of any
    kind.
	 	 
	11.	Entire
    Agreement; Severability. This Agreement and the surviving sections of the Employment Agreement as set forth in Section
    1 set forth the entire agreement between the Parties with respect to the subject matter hereof and fully supersedes any prior
    agreements or understandings between the Parties with respect to the subject matter hereof.  The Parties acknowledge
    that each has not relied on any representations, promises, or agreements of any kind made to the other in connection with
    each Party’s decision to accept this Agreement, except for those set forth in this Agreement.  If any provision
    of this Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the term
    hereof, the provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid,
    or unenforceable provision were never a part hereof; and the remaining provisions hereof shall remain in full force and effect
    and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance herefrom. The Parties have
    participated in the drafting and negotiation of this Agreement and if an ambiguity or question of interpretation should arise,
    this Agreement shall be construed as if drafted jointly by the Parties thereto and no presumption of burden of proof shall
    arise favoring or burdening any Party by virtue of the authorship of any provision in this Agreement. 
	 	 
	12.	Amendment. This
    Agreement may not be modified, altered or changed except upon express written consent of all Parties wherein specific
    reference is made to this Agreement.
	 	 
	13.	Headings.
    The headings contained in this Agreement are intended solely for convenience and shall not affect the rights of the Parties
    to this Agreement.
	 	 
	14.	Waiver.
    Waiver of any term or condition of this Agreement by any Party shall only be effective if in writing and shall not be construed
    as a waiver of any subsequent breach or failure of the same term or condition, or a waiver of any other term or condition
    of this Agreement.
	 	 
	15.	Binding
    Effect; Assignment. This Agreement shall be binding upon and shall inure to the benefit of the Parties hereto and their
    permitted successors and assigns. No Party to this Agreement may assign or delegate, by operation of law or otherwise,
    all or any portion of its rights, obligations or liabilities under this Agreement without the prior written consent of the
    other Party to this Agreement, which any such Party may withhold in its absolute discretion.  Any purported assignment
    without such prior written consents shall be void.
	 	 
	16.	No
    Third-Party Beneficiaries. Other than as specifically set forth herein, nothing in this Agreement shall confer any rights,
    remedies or claims upon any person or entity not a Party or a permitted assignee of a Party to this Agreement.
	 	 
	17.	Expenses.
    Except as expressly provided herein, all costs and expenses incurred in connection with this Agreement and the transactions
    contemplated hereby shall be paid by the Party incurring such costs and expenses.
	 	 
	18.	Counterparts.
    This Agreement may be signed in any number of counterparts with the same effect as if the signatures to each counterpart were
    upon a single instrument, and all such counterparts together shall be deemed an original of this Agreement.

 

[Signatures
appear on following page]

 

    	 	 	 

     

    

 

IN
WITNESS WHEREOF, the Parties hereto knowingly and voluntarily executed this Agreement as of the Effective Date:

 

	 	Recall
    Studios, Inc.
	 	 	 
	 	By:
    	/s/
    Frank Esposito
	 	Name:	Frank
    Esposito 
	 	Title:	Chief
    Legal Officer
	 	 	 
	 	Alexander
    Bafer
	 	 	 
	 	By:	/s/
    Alexander Bafer
	 	Name:	Alexander
    Bafer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00286-of-00352.parquet"}]]