Document:

Exhibit
10.1

 

MASTER
SERVICES AGREEMENT

 

This
Master Services Agreement (hereinafter “Agreement”) effective as of the date when signed by both parties (the “Effective
Date”), will set forth the terms and conditions between Tauriga Inc. a New York USA company, having a place of business
at 555 Madison Avenue, 5th floor, NY, New York 10022 (hereinafter “Client”) and Clinical Strategies and
Tactics, Inc., a North Carolina, USA corporation having a place of business at 68 TW Alexander Drive, RTP, NC 27709 (hereinafter
“CSTI”), under which CSTI agrees to provide consulting services as described below to Client.

 

1.
Term. This Agreement shall commence on the Effective Date and shall continue until terminated by either party in accordance
with Section 9.

 

2.
Services to Be Provided. CSTI shall provide development program planning and execution, and other consulting services as reasonably
requested by Client and agreed to by CSTI. The specific details of each assignment or task will be separately negotiated and contracted
for in writing as a Statement of Work (SOW) subject to the terms and conditions of this Agreement. Each SOW will be numbered consecutively
and will set forth in detail the following: (a) the term of the SOW; (b) the scope of the SOW; (c) the fees and compensation to
be paid by Client to CSTI; (d) invoicing procedures and payment terms; and (e) any other relevant information or terms and conditions
pertaining to the services to be performed under the SOW. This Agreement will apply to any SOW and to all services performed pursuant
thereto. Each such SOW will constitute a separate and distinct contract between the parties, it being understood and agreed, however,
that the terms and conditions of this Agreement shall be deemed incorporated into each such SOW and will take precedence over
any contrary or inconsistent terms and conditions appearing or referred to in any such SOW, unless a provision of the SOW expressly
states that it is meant to supersede this Agreement and identifies the provision of this Agreement that it supersedes. If Client
wishes to change the scope of the services covered by a SOW hereto or wishes to obtain additional services not initially covered
by such SOW, Client shall so advise CSTI and shall submit specifications to CSTI. After receipt of the specifications, CSTI and
Client will negotiate regarding the performance of the services and agree on the fees for performing the changed or additional
services. Following prior agreement in writing between the parties, CSTI will proceed with such changed or additional services.

 

3.
Confidentiality and Inventions.

 

(a)
Definition of Confidential Information. It is understood that during the course of this Agreement, CSTI and certain of
its employees and affiliates may be exposed to certain highly-sensitive, confidential and proprietary information belonging to
Client, relating to and used in Client’s business (“Confidential Information”). CSTI acknowledges that, unless
otherwise available to the public, Confidential Information includes, but is not limited to, the following categories of Client-related
confidential or proprietary information and material that is made available, disclosed, or otherwise made known to CSTI or generated
by CSTI on Client’s behalf in connection with any potential or actual services under this Agreement, whether written or
verbal, tangible or intangible: financial statements and information related to the financial condition of the Client; budgets,
forecasts and projections; business and strategic plans; marketing, advertising, sales and distribution strategies and plans;
research and development projects; specifications; records relating to any intellectual property developed by, owned by, controlled
or maintained by the Client; techniques, systems, works of authorship, data, databases and processes; customer lists; and any
and all information relating to the Client’s operation which the Client may from time to time designate as confidential
or proprietary in writing.

 

    	 

     

    

 

Master
Services Agreement

Between
and CSTI and Tauriga Inc

 

Confidential
Information does not include any of the following:

 

	 	(1)	Information,
    which at the time of disclosure by Client hereunder to CSTI or at the time of generation by CSTI, is in the public domain
    or readily ascertainable by the public.
	 	 	 
	 	(2)	Information,
    which after disclosure by Client to CSTI or generation by CSTI, is published or otherwise becomes part of the public domain
    or readily ascertainable by the public through no fault of CSTI, but only after it is so published or so becomes part of the
    public domain.
	 	 	 
	 	(3)	Information
    received by CSTI from a third party who is legally in possession of the same and not under an obligation of confidentiality
    with respect thereto.
	 	 	 
	 	(4)	Information
    that was already in CSTI’s possession at the time of receipt from Client.

 

(b)
Confidentiality and Non-Disclosure. CSTI agrees to hold in trust and confidence all Confidential Information, and not to
disclose any Confidential Information to any person or entity, except as necessary in the course of performing services for Client
or as authorized in writing by Client. CSTI further agrees not to use any Confidential Information for CSTI’s own benefit
or the benefit of any third party, except as necessary in the course of performing services for Client or as authorized in writing
by Client. CSTI’s confidentiality, non-disclosure, and non- use obligations as set forth in this Section 3 will survive
any termination of this Agreement for a period of five (5) years (except as to any Confidential Information of Client that qualifies
as a trade secret under applicable trade secret law, in which case CSTI’s obligations regarding confidentiality, non-disclosure
and non-use will survive for so long as the information continues to be a trade secret). The restrictions in this Section will
not apply to any information that CSTI is required to disclose by law, provided that CSTI will notify Client of the existence
and terms of such obligation and give Client a reasonable opportunity to oppose such disclosure by appropriate legal action or
to seek a protective or similar order.

 

Pursuant
to the Federal Defend Trade Secrets Act of 2016, an individual shall not be held criminally or civilly liable under any
federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state
or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting
or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting
a suspected violation of law may disclose the trade secret to his or her attorney and use the trade secret information in the
court proceeding, if the individual (a)  files any document containing the trade
secret under seal; and (b) does not disclose the trade secret, except pursuant to court order.

 

    	Page 2 of 10 

     

    

 

Master
Services Agreement

Between
and CSTI and Tauriga Inc

 

(c)
Client Property. Except for CSTI Property as defined in Section 3(d), below, all developments, works of authorship or inventions
that result from work performed by CSTI under this Agreement and that relate to the business of the Client (such developments,
works of authorship and inventions hereinafter referred to as “Inventions”) shall be and remain the exclusive property
of Client, and CSTI agrees to assign to Client all rights to such Inventions and related patents. All such Inventions will also
be considered the Confidential Information of Client and the obligations of confidentiality, nondisclosure, and nonuse set out
in Section 3(b) will apply. CSTI will promptly disclose all such Inventions to Client. All materials and equipment furnished by
Client and all materials developed by CSTI exclusively for use by Client as a result of the services (collectively referred to
as “Materials”), are to be and remain the sole property of Client. Without Client’s express prior written consent,
CSTI agrees that it shall not make the Materials available to third parties. At the completion of services by CSTI, all Materials,
all Confidential Information, and all Inventions shall, at the direction and written request of Client, either be (i) delivered
to Client at its offices, and in such form as is then currently in the possession of CSTI, or (ii) destroyed. CSTI may, however,
retain one copy of any document or other material requested to be returned or destroyed in its file for record purposes only,
subject to an ongoing obligation of confidentiality in accordance with the terms of this Agreement.

 

(d) CSTI
Property. CSTI possesses certain inventions, processes, technology, know- how, trade secrets, improvements, other
intellectual property and assets, including, without limitation, those related to business or product plans or proposals,
marketing strategies, the Development Management Dashboard, standard operating procedures, data, composition of matter,
research, experimental results, personnel data, financial information and conditions, pricing information, customer
information, supplier/vendor information, raw materials, data collection and data management processes, procedures, methods
and techniques, computer technical expertise and software (including code) which have been independently developed without
the benefit of any information provided by Client (collectively, “CSTI Property”). CSTI and Client agree that any
CSTI Property or revisions, improvements or enhancements thereto shall be the sole and exclusive property of CSTI, and Client
shall have no rights, title and interest to such CSTI Property.

 

4.
Independent Contractor Relationship. CSTI is and will remain an independent contractor in relation to Client during the term
of CSTI’s engagement. Nothing contained in this Agreement shall be construed to place CSTI and Client in the relationship
of partners, principal and agent, employer/employee, or joint venturers. CSTI and Client each agree that they have no power or
right to bind or obligate each other, nor will they hold themselves out as having such authority.

 

    	Page 3 of 10 

     

    

 

Master Services Agreement

Between
and CSTI and Tauriga Inc

 

5.
Performance of Services; Cooperation. In carrying out its responsibilities under this Agreement, CSTI agrees to assure that
these services are conducted in a professional and workmanlike manner and in compliance with all applicable laws, rules, and regulations
including, but not limited to, the U.S. Food, Drug, and Cosmetic Act and the regulations promulgated pursuant thereto. CSTI agrees
to provide Client with progress reports upon request. Client agrees and understands that CSTI may subcontract or engage independent
contractors to perform certain portions of the Services. Any such subcontractor or independent contractor will be qualified to
perform the Services.

 

Client
will provide such access to its information and property as may be reasonably required in order to permit CSTI to perform its
obligations hereunder. All data and information reasonably necessary for CSTI to conduct project assignments and complete the
SOW will be forwarded by Client or its designees to CSTI. Client represents and agrees that the Client and each of its employees
and representatives will provide complete and accurate information to CSTI, including but not limited to any information that
would have a material impact on the services to be performed by CSTI.

 

6.
Conflict of Agreement. CSTI represents and warrants that no trade secrets or other confidential information of any other person,
firm, corporation, institution, or other entity will be wrongfully disclosed by it to Client or wrongfully used by it in connection
with any of the consulting services called for hereunder. CSTI and Client each warrant and represent that none of the provisions
of this Agreement, nor the services that will be performed hereunder, contravene or are in conflict with any agreement that either
party has with, or any obligation that either party has to, any other person, firm, corporation, institution, or other entity
including, without limiting the generality of the foregoing, employment agreements, consulting agreements, disclosure agreements,
or agreements for assignment of inventions. CSTI will be free to represent or perform services for other persons or entities during
the term of this Agreement, and the parties agree that this relationship is non-exclusive; provided that, CSTI will not enter
into any agreement to provide services for another service organization that would be in conflict with this Agreement and prevent
CSTI from providing the services contemplated under this Agreement during the term.

 

7.
Publication and Publicity. All release of information (including public relations information) regarding this Agreement or
its execution for publicity purposes shall be made only upon review and mutual agreement of the Parties in writing prior to such
release, provided that Client is permitted to disclose this Agreement and any SOW to third-party investors, partners and/or potential
acquirers of Client if information regarding this Agreement is relevant to Client’s relationship with such third-party.
It is further agreed and understood that the parties may disclose information regarding this Agreement for reasonable business
purposes, including but not limited to for review by their attorneys, financial or tax advisors, or as may be required by law.

 

    	Page 4 of 10 

     

    

 

Master
Services Agreement

Between
and CSTI and Tauriga Inc

 

8.
Indemnification. Client will indemnify and hold CSTI and its affiliates, employees, officers, directors and representatives
harmless from and against any loss, damage, action, suit, claim, demand, liability, bodily injury, death, property damage, cost,
judgment, or other expense, including without limitation, reasonable attorneys’ fees, (collectively, a “Loss”)
that may be brought, instituted, or may arise against or be incurred by such persons, to the extent such Loss is based on or arises
out of any acts or omissions of Client or Client’s agents, provided, however, that the foregoing indemnification shall not
apply to any Loss to the extent such Loss is caused by the gross negligence or willful misconduct of CSTI.

 

9.
Termination. This Agreement may be terminated by either party at any time, for any or no reason, by providing the other party
sixty (60) days’ prior written notice. In addition, a party (the “Terminating Party”) may terminate this Agreement
immediately for Cause attributable to the other party (the “Defaulting Party”), meaning: (a) a material breach by
the Defaulting Party of this Agreement or any SOW; (b) the Defaulting Party’s material failure to perform its obligations
hereunder; (c) any act by the Defaulting Party involving dishonesty or illegal activity, including but not limited to fraud, misappropriation
or embezzlement; (d) any willful or grossly negligent act or omission by the Defaulting Party having a material adverse effect
on the business of the Terminating Party; or (d) a material breakdown in the relationship between the parties that will impede
or frustrate CSTI’s performance of the services.

 

Upon
termination of this Agreement, all SOW under this Agreement will terminate. Except as otherwise provided by the applicable SOW,
without terminating this Agreement, either party may terminate a SOW at any time, for any or no reason, by providing thirty (30)
days’ prior written notice to the other party.

 

In
the event of termination of this Agreement or any SOW, CSTI will be entitled to receive: (i) payments of the fees and compensation
for the services performed by CSTI through the effective date of termination, including all accrued and unpaid amounts; (ii) reimbursement
for reasonable costs and expenses which have been incurred with respect to the performance of the services; and (iii) any other
payments, fees or other compensation set forth in the applicable SOW(s). Any rights to payment described in this Section 9 or
in the applicable SOW will survive the termination of this Agreement and any applicable SOW.

 

10.
LIMITATION OF LIABILITY. CSTI DISCLAIMS AND MAKES NO REPRESENTATIONS, GUARANTEES OR WARRANTIES WITH RESPECT TO THE SERVICES
PROVIDED UNDER THIS AGREEMENT OR ANY APPLICABLE SOWS. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, AND EXCEPT WITH
RESPECT TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF CSTI, IN NO EVENT SHALL CSTI BE LIABLE TO CLIENT UNDER ANY LEGAL OR EQUITABLE
THEORY FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, EXEMPLARY, PUNITIVE OR INCIDENTAL DAMAGES, HOWEVER CAUSED, EITHER ARISING OUT
OF OR IN ANY WAY RELATING TO THIS AGREEMENT, INCLUDING BUT NOT LIMITED TO BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE,
REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE AND EVEN IF SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

    	Page 5 of 10 

     

    

 

Master
Services Agreement

Between
and CSTI and Tauriga Inc

 

FURTHERMORE,
IN NO EVENT SHALL THE MAXIMUM AGGREGATE LIABILITY OF CSTI OR ANY OF CSTI’S REPRESENTATIVES TO CLIENT (OR ANYONE CLAIMING
BY OR THROUGH CLIENT) FOR ANY INJURIES, CLAIMS, LOSSES, EXPENSES, COSTS OR DAMAGES, OR ANY COMBINATION OF THE FOREGOING, INCLUDING
ATTORNEYS’ FEES OR COSTS, RESULTING FROM ANY FORESEEABLE OR UNFORESEEABLE CAUSE OR CAUSES, EXCEED AN AMOUNT EQUAL TO THE
TOTAL FEES RECEIVED BY CSTI FROM THE CLIENT PURSUANT TO THIS AGREEMENT IN THE SIX (6) MONTHS PRECEDING THE OCCURRENCE CAUSING
THE DAMAGES, LESS DAMAGES ALREADY PAID THEREUNDER, PROVIDED THAT THE FOREGOING WILL NOT AND DOES NOT LIMIT CLIENT’S OBLIGATION
TO PAY FEES TO CSTI PURSUANT TO THIS AGREEMENT AND ANY APPLICABLE SOWS. IT IS INTENDED THAT THIS LIMITATION OF LIABLITY AND DAMAGES
APPLIES TO ANY AND ALL LIABILITY, DAMAGES, OR CAUSE OF ACTION HOWEVER ALLEGED OR ARISING, UNLESS OTHERWISE PROHIBITED BY LAW.

 

11.
LIMITATION ON WARRANTIES AND ACTIONS.

 

(a)
CSTI represents that it will perform the services in good faith and in a professional manner. Nothing in this Agreement or any
SOW may be construed as a promise or guarantee of outcomes. Comments about the outcomes of any matters are expressions of opinions
only.

 

(b)
CSTI DISCLAIMS ALL OTHER WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND
FITNESS FOR A PARTICULAR PURPOSE. THE EXCLUSIVE REMEDY FOR CLIENT FOR ANY BREACH OF THIS WARRANTY WILL BE FOR CSTI, UPON RECEIPT
OF WRITTEN NOTICE, TO USE DILIGENT EFFORTS TO CURE SUCH BREACH, OR FAILING ANY SUCH CURE IN A REASONABLE PERIOD OF TIME, TO RETURN
THE FEES RECEIVED BY CSTI FROM CLIENT WITH RESPECT TO THE SERVICES GIVING RISE TO SUCH BREACH.

 

12.
No Solicitation. Client agrees that during the term of this Agreement and for a period of six (6) months following the termination
of this Agreement, Client: (a) will not employ or engage (as an employee, independent contractor or otherwise) any employee or
independent contractor of CSTI who performed services for Client on behalf of CSTI in the prior twelve (12) month period; (b)
will not employ or engage (as an employee, independent contractor or otherwise) any employee or independent contractor of CSTI
in a position or capacity in which such employee or independent contractor will be performing services for Client that are the
same as, or substantially similar to, those services provided by that employee or independent contractor for Client on behalf
of CSTI during the term of this Agreement; and (c) will not solicit, induce, or attempt to solicit or induce any CSTI employee
or any independent contractor (who is then engaged by CSTI or was engaged by CSTI in the prior six (6) months) to terminate his
or her employment or engagement with CSTI or to accept employment or engagement with any person or entity engaging in a competing
business within the geographic territories in which CSTI provides services.

 

    	Page 6 of 10 

     

    

 

Master
Services Agreement

Between
and CSTI and Tauriga Inc

 

13.
Force Majeure. In the event CSTI shall be delayed or hindered in or prevented from the performance of any act required hereunder
by reasons of restrictive government or judicial orders, or decrees, compliance with any law or regulation, riots, insurrection,
war, fire, terrorist act, pandemic event, accident, lock out, power failure, acts of God, inclement weather, or other similar
reason or cause beyond CSTI’s reasonable control, then performance of such act shall be excused for the period of such delay.
CSTI shall keep Client advised of any delays that affect the completion date of any required act.

 

14.
Compensation. As compensation for its services hereunder, Client shall pay CSTI the amounts specified in any SOW agreed to
by the parties. Should the scope of a project described in any SOW hereto substantially change, the fee to be paid by Client pursuant
to such SOW will be adjusted as mutually agreed upon in writing by Client and CSTI prior to CSTI’s proceeding with the revised
project.

 

15.
Expenses. CSTI shall be reimbursed by Client for all reasonable and necessary travel, lodging and other business expenses
incurred in the performance of services provided herein that have been requested or approved in advance by Client. Payment for
such services shall be made to CSTI in accordance with the terms in the SOW.

 

16.
Review of Work. During the term of this Agreement, CSTI will permit Client’s representative(s) to examine the work performed
hereunder at reasonable times and in a reasonable manner to determine that the project assignment is being conducted in accordance
with the Scope of Work set forth in the applicable SOWs.

 

17.
Debarment. CSTI hereby certifies to Client that neither CSTI nor any person employed or engaged by CSTI has been debarred
pursuant to Sections 306(a) or (b) of the Federal Food, Drug, and Cosmetic Act [21 U.S.C., §335(a) and 335(b)], and that
no debarred person will in the future be employed or engaged by CSTI in connection with services to be performed by CSTI hereunder.
CSTI further certifies that it will notify Client immediately in the event of any debarment or threat of debarment occurring during
the period that it is performing services hereunder or at any time thereafter.

 

    	Page 7 of 10 

     

    

 

Master
Services Agreement

Between
and CSTI and Tauriga Inc

 

18.
Notices. Any notice required or permitted to be given hereunder by either party hereunder shall be in writing and shall be
deemed given on the date received, if delivered personally or 3 days after the date postmarked if sent by registered or certified
U.S. mail, return- receipt requested, postage prepaid to the following addresses:

 

	If
    to CSTI:	JoAnn
    C. Giannone 
	 	President
    and CEO
	 	68
    TW Alexander Drive
	 	RTP,
    NC 27709
	 	PO
    Box 13628
	 	 
	If
    to Tauriga:	Seth
    Shaw
	 	555
    Madison Avenue, 5th floor
	 	NY,
    New York 10022

 

19.
Survival. The obligations of the parties contained in Sections 3 through 12 and 18 through 25 hereof shall survive the termination
of this Agreement.

 

20.
Entire Agreement. This Agreement contains the entire understanding of the parties with respect to the subject matter herein,
and supersedes all prior and contemporaneous agreements between the parties, including any prior Mutual Non-Disclosure Agreement,
provided, however, that the obligations of confidentiality, non-disclosure and nonuse attaching to confidential information that
has been disclosed pursuant to said Mutual Non-Disclosure Agreement will not be relieved. The parties, from time to time during
the term of this Agreement, may modify any of the provisions hereof only by an instrument in writing duly executed by the parties.

 

21.
Assignment. This Agreement will be binding upon and will inure to the benefit of each of the parties hereto, and to their
respective heirs, representatives, successors and assigns. This Agreement may not be assigned in whole or in part by either party
without written consent of the other, except that Client may assign this Agreement to a party who acquires the business of Client
to which this Agreement relates through a merger, sale of assets, or otherwise. Any such assignment shall not relieve the assigning
party of any obligation or liability arising on or before the date of assignment.

 

22.
Governing Law. This Agreement shall be governed by the laws of the state of North Carolina without regard to its conflicts
of law rules. CSTI and Client agree that any litigation arising out of or related to this Agreement or CSTI’s engagement
by Client will be brought exclusively in any state or federal court in Durham County, North Carolina. Each party (i) consents
to the personal jurisdiction of said courts, (ii) waives any venue or inconvenient forum defense to any proceeding maintained
in such courts and (iii) agrees not to bring any proceeding arising out of or relating to this Agreement or CSTI’s engagement
by Client in any other court.

 

    	Page 8 of 10 

     

    

 

Master
Services Agreement

Between
and CSTI and Tauriga Inc

 

23.
Severability. The provisions and clauses of this Agreement are separate and independent covenants, and the invalidity or unenforceability
of one or more of the provisions or clauses hereof will not affect the validity or enforceability of the remaining provisions
or clauses. Moreover, if one or more of the provisions contained in this Agreement will for any reason be held to be excessively
broad as to scope, activity, or subject so as to be unenforceable at law, such provision or provisions will be revised or excised
by the appropriate judicial body by limiting and reducing it or them, so as to be enforceable to the maximum extent compatible
with the applicable law as it then exists.

 

24.
Waiver. Failure to insist upon strict compliance with any of the terms, covenants or conditions hereof will not be deemed
a waiver of such terms, covenants or conditions, nor will any waiver or relinquishment of any right or power granted hereunder
at any particular time be deemed a waiver or relinquishment of such rights or power at any other time or times. No waiver of any
provision of this Agreement will be valid unless the same is in writing and signed by the party against whom such waiver is sought
to be enforced.

 

25.
Counterparts. This Agreement may be executed in any number of counterparts, each of which will be deemed an original, but
all of which together will constitute one and the same instrument. Counterparts may be transmitted and/or signed by facsimile
or electronic mail. The effectiveness of any such documents and signatures will have the same force and effect as manually signed
originals and will be binding on the parties to the same extent as a manually signed original thereof.

 

IN
WITNESS WHEREOF, this Agreement has been executed by the parties hereto through their duly authorized officers on the dates set
forth below.

 

    	Page 9 of 10 

     

    

 

Master
Services Agreement

Between
and CSTI and Tauriga Inc

 

ACKNOWLEDGED,
ACCEPTED, AND AGREED TO:

 

 

	TAURIGA	 	CSTI
	Signature:	 	 	Signature:	 
	Name:	 	 	Name:	JoAnn C. Giannone, MBA
	Title:	 	 	Title:	President and CEO
	Date:	 	 	Date:	December 16, 2020

 

    	Page 10 of 10dloc_ex41.htm

EXHIBIT 4.1
  
 DIGITAL LOCATIONS, INC.
 NON-QUALIFIED STOCK OPTION AGREEMENT
 
  
 THIS NON-QUALIFIED STOCK OPTION AGREEMENT (“Agreement”) is made and entered into as of the date set forth below, by and between Digital locations, Inc., a Nevada corporation (the “Company”), and William E. Beifuss, Jr. (“Optionee”).
  
 In consideration of the covenants herein set forth, the parties hereto agree as follows:
  
 1. Option Information.
    
 	  
	 (a) 
	 Date of Option:
	 December 22, 2020

	  
	  
	  
	  

	  
	 (b) 
	 Optionee:
	 William E. Beifuss, Jr.

	  
	  
	  
	  

	  
	 (c) 
	 Number of Shares: 
	 25,000,000

	  
	  
	  
	  

	  
	 (d) 
	 Exercise Price: 
	 $0.017 per share

 
 
  
 2. Acknowledgements.
  
 (a) Optionee shall serve as either an employee or contractor of the Company or subsidiary of the Company.
  
 (b) The Board has authorized the granting to Optionee of a non-qualified stock option (“Option”) to purchase shares of common stock of the Company (“Common Stock”) upon the terms and conditions hereinafter stated and pursuant to an exemption from registration under the Securities Act of 1933, as amended (the “Securities Act”) provided by Section 4(a)(2) thereunder. The Option is intended to be a non-qualified stock option and not an incentive stock option within the meaning of Section 422 of the Internal Revenue Code.
  
 3. Shares; Price. The Company hereby grants to Optionee the right to purchase, upon and subject to the terms and conditions herein stated, the number of shares of Common Stock set forth in Section 1(c) above (the “Shares”) for cash (or other consideration as is acceptable to the Board of Directors of the Company, in their sole and absolute discretion) at the price per Share set forth in Section 1(d) above (the “Exercise Price”).
  
 4. Term of Option; Continuation of Service. This Option shall expire, and all rights hereunder to purchase the Shares shall terminate five years from the date hereof. This Option shall earlier terminate subject to Sections 7 and 8 hereof upon, and as of the date of, the termination of Optionee’s position if such termination occurs prior to the end of such five year period. Nothing contained herein shall confer upon Optionee the right to the continuation of his position by the Company or to interfere with the right of the Company to terminate such position.
  
 	 
	1
	

	 

 
 
 
 
  
 5. Vesting of Option. The Option will become vested and exercisable with respect to Shares as per the below schedule until the Option is 100% vested. The unvested portion of the Option will not be exercisable on or after the Participant’s termination of Continuous Service.
  
 Subject to the provisions of Sections 7 and 8 hereof, this Option shall vest over a thirty six (36) month period with the first installment immediately of 694,460 vesting on December 22, 2020 followed by 35 equal amounts of 694,444 during the term of Optionee’s engagement.
  
 6. Mechanism of Exercise. After the conditions in this Agreement are satisfied and the Optionee desires to exercise the Option, then Optionee may elect to exercise the Option as follows:
  
 (a) Cash Exercise. Optionee shall deliver a written notice to the Company along with a certified check or wire transfer of funds, in an amount equal to the number of vested Options exercised multiplied by the Exercise Price. After receiving the written notice and good funds from Optionee, the Company shall immediately cause the transfer of the corresponding number of shares to the Optionee; or
  
 (b) Cashless Exercise. If the Fair Market Value (as defined below) of one Share is greater than the Exercise Price, then Optionee may deliver a written notice to the Company requesting a cashless exercise of any or all parts of the vested Options. The Company shall issue to Optionee a net number of Shares, rounded up to the nearest whole number, using the following cashless exercise formula:
  
 X = [Y (A-B)] / A
  
 Where:
  
 X = the number of Shares to be issued to the Optionee
  
 Y = the number of Shares deemed purchased for which the Optionee is not paying cash
  
 A = the Fair Market Value of one Share (at the date of calculation) 
  
 B = the Exercise Price (as adjusted to the date of such calculation)
  
 Fair Market Value of a share of Common Stock as of a particular date (the “Determination Date”) shall mean:
  
 (i) If the Company’s Common Stock is traded on registered national securities exchange such as NASDAQ, AMEX or NYSE, then the closing or last sale price, respectively, reported for the last business day immediately preceding the Determination Date;
  
 (ii) If the Company’s Common Stock is not traded on a registered national securities exchange, but is traded in the over-the-counter market, then the average of the closing bid and ask prices reported for the last business day immediately preceding the Determination Date; or
  
 	 
	2
	

	 

 
 
 
  
 (iii) If the Company’s Common Stock is not publicly traded, then as the Optionee and the Company agree, or in the absence of such an agreement, by arbitration in accordance with the rules then standing of the American Arbitration Association, before a single arbitrator to be chosen from a panel of persons qualified by education and training to pass on the matter to be decided.
  
 (c) Limitations on Exercise. In no event shall the Optionee be entitled to exercise any Options, such that upon exercise of which the sum of (1) the number of shares of Common Stock beneficially owned by the Optionee and its affiliates (other than shares of Common Stock which may be deemed beneficially owned through the ownership of the unexercised portion of this Option or the unexercised or unconverted portion of any other security of the Corporation subject to a limitation on conversion or exercise analogous to the limitations contained herein) and (2) the number of shares of Common Stock issuable upon the exercise of this Options with respect to which the determination of this proviso is being made, would result in beneficial ownership by the Optionee and its affiliates of more than 4.99% of the outstanding shares of Common Stock. For purposes of the proviso of the immediately preceding sentence, beneficial ownership shall be determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Regulations 13D-G thereunder, except as otherwise provided in clause (1) of such proviso.
  
 7. Termination of Position. If Optionee shall cease to be engaged by the Company for any reason, whether voluntarily or involuntarily, other than by his or her death, Optionee (or if the Optionee shall die after such termination, but prior to such exercise date, Optionee’s personal representative or the person entitled to succeed to the Option) shall have the right at any time within three (3) months following such termination of position or the remaining term of this Option, whichever is the lesser, to exercise in whole or in part this Option to the extent, but only to the extent, that this Option was exercisable as of the date of termination of position and had not previously been exercised; provided, however: (i) if Optionee is permanently disabled (within the meaning of Section 22(e)(3) of the Code) at the time of termination, the foregoing three (3) month period shall be extended to six (6) months; or (ii) if Optionee is terminated “for cause” as defined in any applicable advisory, employment, or consulting agreement, or in the absence of any such agreement then defined as (i) Optionee’s conviction of or entrance of a plea of guilty or nolo contendere to a felony; or (ii) Optionee is engaging or has engaged in material fraud, material dishonesty, or other acts of willful and continued misconduct in connection with the business affairs of the Company, this Option shall automatically terminate as to all Shares covered by this Option not exercised prior to termination. Unless earlier terminated, all rights under this Option shall terminate in any event on the expiration date of this Option as defined in Section 4 hereof.
  
 	 
	3
	

	 

 
 
 
  
 8. Death of Optionee. If the Optionee shall die while engaged by the Company, Optionee’s personal representative or the person entitled to Optionee’s rights hereunder may at any time within six (6) months after the date of Optionee’s death, or during the remaining term of this Option, whichever is the lesser, exercise this Option and purchase Shares to the extent, but only to the extent, that Optionee could have exercised this Option as of the date of Optionee’s death; provided, in any case, that this Option may be so exercised only to the extent that this Option has not previously been exercised by Optionee.
  
 9. No Rights as Shareholder. Optionee shall have no rights as a shareholder with respect to the Shares covered by any installment of this Option until the effective date of issuance of the Shares following exercise of this Option, and no adjustment will be made for dividends or other rights for which the record date is prior to the date such stock certificate or certificates are issued.
  
 10. Taxation upon Exercise of Option. Optionee understands that, upon exercise of this Option, Optionee will recognize income, for Federal and state income tax purposes, in an amount equal to the amount by which the fair market value of the Shares, determined as of the date of exercise, exceeds the Exercise Price. The acceptance of the Shares by Optionee shall constitute an agreement by Optionee to report such income in accordance with then applicable law and to cooperate with Company in establishing the amount of such income and corresponding deduction to the Company for its income tax purposes. Withholding for federal or state income and employment tax purposes will be made, if and as required by law, from Optionee’s then current compensation, or, if such current compensation is insufficient to satisfy withholding tax liability, the Company may require Optionee to make a cash payment to cover such liability as a condition of the exercise of this Option.
  
 11. Modification, Extension and Renewal of Options. The Board or Committee may modify, extend or renew this Option or accept the surrender thereof (to the extent not theretofore exercised) and authorize the granting of a new option in substitution therefore (to the extent not theretofore exercised), subject at all times to the Code. Notwithstanding the foregoing provisions of this Section 11, no modification shall, without the consent of the Optionee, alter to the Optionee’s detriment or impair any rights of Optionee hereunder.
  
 12. Investment Intent; Restrictions on Transfer.
  
 (a) Optionee represents and agrees that if Optionee exercises this Option in whole or in part, Optionee will in each case acquire the Shares upon such exercise for the purpose of investment and not with a view to, or for resale in connection with, any distribution thereof; and that upon such exercise of this Option in whole or in part, Optionee (or any person or persons entitled to exercise this Option under the provisions of Sections 7 and 8 hereof) shall furnish to the Company a written statement to such effect, satisfactory to the Company in form and substance. If the Shares represented by this Option are registered under the Securities Act, either before or after the exercise of this Option in whole or in part, the Optionee shall be relieved of the foregoing investment representation and agreement and shall not be required to furnish the Company with the foregoing written statement.
  
 	 
	4
	

	 

 
 
 
  
 (b) Optionee further represents that Optionee has had access to the financial statements or books and records of the Company, has had the opportunity to ask questions of the Company concerning its business, operations and financial condition, and to obtain additional information reasonably necessary to verify the accuracy of such information
  
 (c) Unless and until the Shares represented by this Option are registered under the Securities Act, all certificates representing the Shares and any certificates subsequently issued in substitution therefor and any certificate for any securities issued pursuant to any stock split, share reclassification, stock dividend or other similar capital event shall bear legends in substantially the following form:
  
 THESE SECURITIES HAVE NOT BEEN REGISTERED OR OTHERWISE QUALIFIED UNDER THE SECURITIES ACT OF 1933 (THE ‘SECURITIES ACT’) OR UNDER THE APPLICABLE OR SECURITIES LAWS OF ANY STATE. NEITHER THESE SECURITIES NOR ANY INTEREST THEREIN MAY BE SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF REGISTRATION UNDER THE SECURITIES ACT OR ANY APPLICABLE SECURITIES LAWS OF ANY STATE, UNLESS PURSUANT TO EXEMPTIONS THEREFROM.
  
 and/or such other legend or legends as the Company and its counsel deem necessary or appropriate. Appropriate stop transfer instructions with respect to the Shares have been placed with the Company’s transfer agent.
  
 (d) For the purpose of any transfer or resale of any Shares represented by this Option under Rule 144 promulgated under the Securities Act (and for that purpose only), the Optionee shall be considered an affiliate of the Company, regardless of whether the Optionee is an affiliate of the Company as such term affiliate is defined in Rule 144, and shall be subject to the same limitations on the amount that can be sold pursuant to Rule 144(e) or any successor rule.
  
 13. Certain Adjustments. The Shares underlying the Option are subject to proportionate adjustment by the Company in the event of any reclassification, recapitalization, stock split (including a stock split in the form of a stock dividend) or reverse stock split, or upon any merger, arrangement, combination, consolidation, or other reorganization, or upon any spin-off, split-up or similar extraordinary dividend distribution in respect of the Common Stock, or upon any exchange of Common Stock or other securities of the Company, or upon any similar unusual or extraordinary corporate transaction in respect of the Common Stock.
  
 	 
	5
	

	 

 
 
 
  
 14. Stand-off Agreement. Optionee agrees that, in connection with any registration of the Company’s securities under the Securities Act, and upon the request of the Company or any underwriter managing an underwritten offering of the Company’s securities, Optionee shall not sell, short any sale of, loan, grant an option for, or otherwise dispose of any of the Shares (other than Shares included in the offering) without the prior written consent of the Company or such managing underwriter, as applicable, for a period of at least one year following the effective date of registration of such offering.
  
 15. Notices. Any notice required to be given pursuant to this Option shall be in writing and shall be deemed to be delivered upon receipt or, in the case of notices by the Company, five (5) days after deposit in the U.S. mail, postage prepaid, addressed to Optionee at the address last provided by Optionee for his or her employee records.
  
 16. Applicable Law. This Option has been granted, executed and delivered in the State of Nevada, and the interpretation and enforcement shall be governed by the laws thereof and subject to the exclusive jurisdiction of the courts located in the State of Nevada.
  
 17. Assignment. This Option shall not be assignable or transferable, except by will or by the laws of descent and distribution, and shall be exercisable only by Optionee during his or her lifetime, except as provided in Section 8 hereof.
  
  
 [SIGNATURE PAGE FOLLOWS]
  
 	 
	6
	

	 

 
 
 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Option as of the date first above written.
  
 	  COMPANY:
		Digital Locations, Inc.	
	 	  
	 	 	 
		  
	By:	 /s/ Byron Elton
	
	  
	  
	 Name:
	Byron Elton	 
	 	  
	Title: 	Board Member	 
	 	  
	 	 	 
	  OPTIONEE: 
		 William E. Beifuss Jr.
	  

	  
	  
	  
	  
	  

	  
	  
	  
	  
	  

	  
	  
	 By:
	 /s/ William E. Beifuss
	  

	  
	  
	 Name: 
	 William E. Beifuss
	  

 
 
 
   
 (one of the following, as appropriate, shall be signed)
  
 	 I certify that as of the date hereof I am unmarried
	  
	 By his or her signature, the spouse of Optionee
 hereby agrees to be bound by the provisions of 
 the foregoing NON- QUALIFIED STOCK OPTION 
 AGREEMENT

	  
	  
	  

	  
	  
	  

	 Optionee
	  
	 Spouse of Optionee

 
 
 
  
 	 
	7
	

	 

  
 Appendix A
  
 NOTICE OF EXERCISE
  
 DIGITAL LOCATIONS, INC.
  
 
 		
	  
	  

	  
	  

 
 
 
 
 
  
 Re: Non-Qualified Stock Option
  
 Notice is hereby given pursuant to Section 6 of my Non-qualified Stock Option Agreement that I elect to purchase the number of shares set forth below at the exercise price set forth in my option agreement:
  
 Non-qualified Stock Option Agreement dated:                       
  
 Number of shares being purchased:                        
  
 Exercise Price: $                         
  
 A check in the amount of the aggregate price of the shares being purchased is attached.
  
 I hereby confirm that such shares are being acquired by me for my own account for investment purposes, and not with a view to, or for resale in connection with, any distribution thereof. I will not sell or dispose of my Shares in violation of the Securities Act of 1933, as amended, or any applicable federal or state securities laws. Further, I understand that the exemption from taxable income at the time of exercise is dependent upon my holding such stock for a period of at least one year from the date of exercise and two years from the date of grant of the Option.
  
 I understand that the certificate representing the Option Shares will bear a restrictive legend within the contemplation of the Securities Act and as required by such other state or federal law or regulation applicable to the issuance or delivery of the Option Shares.
  
 I agree to provide to the Company such additional documents or information as may be required.
  
 	 	 	 	 
		By:		
	  
	  
	(signature)	 
	 	 		 
	 	Name:	 	 

 
 
 
  
  
 	8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]