Document:

Exhibit 10.12 

EXCLUSIVITY AND COLLABORATION AGREEMENT

 

THIS EXCLUSIVITY AND COLLABORATION AGREEMENT (“Agreement”), dated November __, 2020 (the “Effective Date”), is made between ________ having an office and place of business at ________ and Applied Minerals, Inc., having a place of business at P.O. Box 432, 1200 Silver City Road, Eureka, UT 84628 (“AMI”). (________ and AMI are referred to herein as a “Party” or collectively as the “Parties”.)
 

In consideration of the mutual covenants set forth in this Agreement, the Parties agree as follows:
 
		1.
	INITIAL PURCHASE OF HALLOYSITE CLAY BY ________:

 
		A.
	On or about the Effective Date of this Agreement, ________ will purchase and AMI will transfer and grant title to one hundred sixty-seven (167) short tons of halloysite clay in situ, located at AMI’s Dragon Mine property in Eureka, UT (USA), for total proceeds of USD five hundred thousand ($500,000.00) to be wired by ________ on or before November 27, 2020 to an account at ________ specified by AMI in Exhibit A.

 
		B.
	On December 15, 2020, ________ will purchase and AMI will transfer and grant title to one hundred sixty-seven (167) short tons of halloysite clay in situ, located at AMI’s Dragon Mine property in Eureka, UT (USA), for total proceeds of USD five hundred thousand ($500,000.00) to be wired by ________ on December 15, 2020 to an account at Bank ________ specified by AMI in Exhibit A.

 
		C.
	The Initial Halloysite Clay Purchase is defined as the halloysite clay purchased by ________ described in Sections 1.A and 1.B. The Initial Payment is defined as the USD one million ($1,000,000.00) paid to AMI by ________ described in Sections 1.A and 1.B.

 
		2.
	EXCLUSIVITY AND COLLABORATION:

 
In consideration of payment in full of the Initial Payment, AMI agrees that for a period of ten (10) years from the Effective Date AMI will:
 
		A.
	Exclusively work with ________ to commercialize the use of halloysite clay and/or its derivatives for use in ________ in lithium-ion battery technologies (“LiB”) for the Korean Market. The Korean Market is defined as companies domiciled in Korea that manufacture, market and/or sell LiB products in Korea, outside Korea or both;

 
		B.
	Share with ________ all available technical information it possesses or may acquire with respect to halloysite clay and/or its derivatives for use in ________ in LiB;

 
		C.
	Consult with ________ on any and all additional development needed for the successful commercialization of halloysite clay and/or its derivatives for use in ________ in LiB;

 
		D.
	Provide ________ with access to AMI's partners when possible in the area of LiB battery technology development;

 
		E.
	Use its best efforts to provide ________ 50 grams of ________ within ninety (90) days of the Effective Date; and

 
		F.
	Consult with ________ to identify, assess and choose the appropriate manufacturing schematic and infrastructure needed for the commercialization of halloysite clay and/or its derivatives for its use in ________ in LiB

 

 
For purposes of clarity, during the Term of the Agreement AMI will not work with any third-party other than ________ to commercialize the use of halloysite clay and/or its derivatives in ________ in LiB for the Korean Market.
 
		3.
	EXCLUSIVE SUPPLY AND PURCHASE OF HALLOYSITE CLAY:

 
During the Term of the Agreement:
 
		A.
	AMI will supply its halloysite clay from its Dragon Mine property in Eureka, UT (USA) only to ________ for use in ________ in LiB battery technologies for the Korean Market;

 
		B.
	AMI will ensure that no distributor is permitted to sell its halloysite clay and/or its derivatives to a customer other than ________ for use in ________ in LiB for the Korean Market;

 
		C.
	AMI and ________ will negotiate in good faith a minimum annual volume of halloysite clay AMI will make available for purchase by ________ beyond the Initial Halloysite Clay Purchase.

 
		4.
	SALES ROYALTY PAYMENT: On or before the fifth anniversary of the Effective Date of the Agreement, ________ and AMI will negotiate in good faith and agree upon the calculation and other terms of a quarterly payment (“Sales Royalty Payment”) to be made to AMI by ________. The Sales Royalty Payment will be based on a percentage of sales made by ________ of products incorporating halloysite and/or its derivatives for use in the ________ in LiB for the Korean Market.

 
		5.
	INTELLECTUAL PROPERTY: The Parties will jointly own any intellectual property (“Joint IP”) developed by either Party during the Term of the Agreement related to the use of halloysite clay and/or its derivatives in ________ in LiB. ________ will be granted a perpetual, royalty-free license to utilize the Joint IP in the Korean Market. AMI will be granted a perpetual, royalty-free license to utilize the Joint IP outside the Korean Market.

 
		6.
	TERM: The term of this Agreement shall commence on the Effective Date and continue for ten (10) years thereafter (the “Initial Term”). The Term of the Agreement will renew thereafter for additional five (5) year periods (each five (5) year period, an “Extension Term”) (the Initial Term and any Extension Term(s), collectively, the “Term”), unless terminated by either Party according to Section 7.

 
		7.
	TERMINATION: 

 
		A.
	________ may terminate this Agreement for convenience upon one hundred eighty (180) days prior written notice to AMI. Upon such termination:

 
	 	i.
	The Term of the Agreement and all obligations of AMI included in Sections 2 and 3 will terminate;

 
	 	ii.
	AMI is granted a perpetual, royalty-free license to the Joint IP for all markets;

 

 
	 	iii.
	If ________ terminates this agreement prior to the second anniversary of the Effective Date, unless other terms are entered into by the Parties, AMI will make a commercially reasonable effort to sell any remaining balance of the Initial Halloysite Clay Purchase to third parties for USD three thousand ($3,000) per short ton on behalf of ________. ________ will receive the proceeds from any sale of the remaining balance of the Initial Halloysite Clay Purchase within ten (10) business days after AMI receives such proceeds; and

 
	 	iv.
	The obligation of ________ under Section 4 will not terminate.

 
		B.
	________ may terminate this Agreement upon ninety (90) days with prior written notice to AMI if AMI materially breaches this Agreement and has not cured such breach within such ninety (90) day notice period. Upon such termination:

 
	 	i.
	If ________ terminates this agreement prior to the second anniversary of the Effective Date, unless other terms are entered into by the Parties, AMI will make a commercially reasonable effort to sell any remaining balance of the Initial Halloysite Clay Purchase to third parties for USD three thousand ($3,000) per short ton on behalf of ________. ________ will receive the proceeds from the sale of any part of the remaining balance of the Initial Halloysite Clay Purchase within ten (10) business days after AMI receives such proceeds;

 
	 	ii.
	The obligations of AMI under Section 3 will not terminate. Furthermore, ________ will pay the current market price for the halloysite clay from AMI’s Dragon Mine property;

 
	 	iii.
	The obligation of ________ under Section 4 will terminate; and

 
	 	iv.
	AMI will not compete in the Korean Market or collaborate with another company that competes in the Korean Market.

 
		C.
	AMI may terminate this Agreement upon ninety (90) days prior written notice to ________ if ________ materially breaches this Agreement and has not cured such breach within such ninety (90) day notice period. Upon such termination:

 
	 	i.
	If ________ terminates this agreement prior to the second anniversary of the Effective Date, unless other terms are entered into by the Parties, AMI will make a commercially reasonable effort to sell any remaining balance of the Initial Halloysite Clay Purchase to third parties for USD three thousand ($3,000) per short ton on behalf of ________. ________ will receive the proceeds from the sale of any part of the remaining balance of the Initial Halloysite Clay Purchase within ten (10) business days after AMI receives such proceeds;

 
	 	ii.
	The obligations of AMI included in Sections 2 and 3 terminate;

 
	 	iii.
	AMI is granted a perpetual, royalty-free license to the Joint IP for all markets; and

 
	 	iv.
	The obligation of ________ under Section 4 will not terminate.

 

 

		8.
	PACKAGING AND TRANSPORT: Halloysite clay ordered by ________ from AMI’s Dragon Mine property shall be packaged in appropriate bags by AMI as agreed between the Parties and stated on purchase orders and then shipped by means arranged by ________.

 
		9.
	DELIVERY TERMS: FOB Dragon Mine (Eureka, Utah, United States). AMI shall make the product ready for shipment at Dragon Mine. ________ shall be solely liable to arrange delivery from Dragon Mine to a destination of ________’s choice. Title and risk of loss passes to ________ upon placement of the product for pick up.

 
		10.
	CONFIDENTIALITY: “Confidential Information” means any information, which may include Product Information, information about a Party, discoveries or inventions, designs, computer software, know-how, trade secrets, samples of materials or products, models, reports, drawings or other works, non-technical or technical information or data, whether or not subject to patent, copyright, or similar protection, identification of and information about a Party or its Affiliates, its business or plans, or a Party’s distributors and/or a Party’s or the Party’s distributors’ actual or potential customers, supplied during the Term of this Agreement by one Party (the “Providing Party”) of this Agreement and during the period of negotiation of this Agreement to the other Party (the “Receiving Party”).

 
Confidential Information disclosed under this Agreement may be used by Receiving Party solely in furtherance of the rights and obligations under this Agreement.
 
During the Term, and for a period of five (5) years from the termination of this Agreement, all Confidential Information disclosed under this Agreement shall be held in strict confidence by the Receiving Party and shall not be disclosed to any third party. However, these obligations shall not apply to information that:
 
		i.
	Is publicly available at the time of disclosure or becomes part of the public domain after disclosure through no violation of the confidentiality provisions in this Section by the Receiving Party; or

 
		ii.
	was in the Receiving Party’s possession prior to the disclosure thereof to the Receiving Party; or

 
		iii.
	is received from a third party who has a right to disclose the information; or

 

		iv.
	is independently developed by the Receiving Party after disclosure and without reference to or use of the Confidential Information; or

 
		v.
	is required to be disclosed pursuant to a governmental or judicial process, provided that the notice of such process is promptly provided to Disclosing Party in order that it may have the opportunity to intercede in such process to contest such disclosure and; provided, further, that Receiving Party shall only make such disclosure to the extent required by such governmental or judicial process

 
The Parties recognize that AMI is a public company and as such is subject to, and may make disclosures pursuant to, the rules of GAAP, to the SEC’s periodic reporting provisions, and to SEC Regulations S-X and S-K without violation of this provision.
 
Confidential Information supplied by a Providing Party to a Receiving Party pursuant to this Agreement shall not be deemed to be in the public domain or in the possession of the Receiving Party merely because it is embraced by general disclosures in the public domain or in the prior possession of the Receiving Party.
 

 

The Parties shall have the right to communicate the Confidential Information or any part thereof to such employees, Affiliates, and professional advisors of the Parties who are required by their duties to have knowledge thereof, on the condition that each such employee, Affiliate, or professional advisor a) shall be informed that such information is Confidential Information and is subject to this Agreement, and b) shall agree not to disclose such Confidential Information to others or to use any of such Confidential Information except in furtherance of this Agreement or as permitted herein. Receiving Party shall be responsible for any act or omission by its employees, Affiliates, or professional advisors that would constitute a breach of this Section 10 if committed by Receiving Party itself.

 
Upon written notice by the Providing Party, the Receiving Party shall return to the Providing Party all samples, documents, photographs, and other writings constituting the Confidential Information and will not retain any copies, extracts or other reproductions of the Confidential Information except for one archival copy to be retained by the Party’s legal department. To the extent that it is not possible to return any portion of the Confidential Information, the Receiving Party shall verify in writing to the Providing Party the disposition or destruction of same and the identity of the person who has performed such disposition or destruction.
 
		11.
	GOVERNING LAW: All disputes arising under this Agreement shall be governed by the laws of the Republic of Singapore, without regard to its conflicts of laws principles. The United Nations Convention on the international sales of goods is specifically not applicable to this Agreement.

 
		12.
	DISPUTE RESOLUTION:

 
12.1(a) Any dispute, controversy or claim, whether based on contract, tort, statute or other legal or equitable theory (including but not limited to any claim of fraud, misrepresentation or fraudulent inducement or any question of validity or effect of this Agreement, including this clause) arising out of or related in any way to this Agreement (including any amendments or extensions), including the breach or termination thereof (collectively a “Dispute”), will be resolved in accordance with this section except as otherwise provided for in this agreement.
 
12.1(b) Any Dispute will be subject to negotiations among the representatives of each Party regularly responsible for handling the subject matter involved in the Dispute and will be subject to the dispute resolution provisions of this Section 12. If any Party believes such negotiations have reached an impasse, the Party may give written notice to the other stating the nature of the Dispute in reasonable detail and requesting a meeting for the purpose of resolving the Dispute (“Notice of Dispute”). Upon receipt of the Notice of Dispute, the Dispute will be referred to executives for each Party who have authority to resolve the Dispute and who are at a higher level of management than the persons with direct responsibility for the matter. These executives will meet in person as promptly as practical but in no event later than twenty (20) days from the date the Notice of Dispute was received. If the executives cannot reach agreement on the resolution of the Dispute within thirty (30) days after they have met to consider the Dispute, then the Dispute will be resolved pursuant to Section 12.2(a).
 
12.2(a) All Disputes arising under this Agreement not otherwise resolved pursuant to section 12.1 will be resolved by binding Arbitration.
 

12.2(b) Any arbitration pursuant to this Section 12 will be conducted in accordance with the then current JAMS Comprehensive Arbitration Rules & Procedures and Optional Expedited Arbitration Procedures (“JAMS Rules”), except to the extent that such rules conflict with specific provisions of this Section 12.
 

12.2(c) A Party shall initiate arbitration by providing the other Party with a demand for arbitration that identifies the Dispute (a “Demand for Arbitration”) and submitting the matter to JAMS pursuant to the then applicable Rules.
 

 

12.2(d) All statutes of limitations or statutes of repose or other limitations applicable to the commencement of a lawsuit will apply to the commencement of arbitration hereunder, except that the limitations period for any claim shall be tolled from the date a Notice of Dispute is received under Section 12.1(b) of this Agreement through the date upon which arbitration is commenced; provided, however, such tolling shall in no event extend beyond two hundred and seventy (270) days from the date the Notice of Dispute was received.
 
12.2(e) The Parties will be entitled to reasonable discovery with such discovery including, but not limited to, written requests for production, interrogatories, requests for admissions, depositions, and; to the extent permitted under applicable law, subpoenas to third parties. The scope and timing of discovery will be committed to the discretion of the arbitrator pursuant to the JAMS Rules.
 
12.2(f) The place of arbitration shall be the Republic of Singapore.
 
12.2(g) After the close of evidence, the arbitrator shall prepare a written decision, make written findings of fact and law and a reasoned basis for any award which he or she deems just and equitable, based on the relief requested by the Parties. The award shall be final and binding upon the Parties, and judgment on the award may be entered by any court having competent jurisdiction. The Parties shall exercise best efforts so that the award of the arbitrator may reasonably be rendered within nine (9) months from the date of the Demand for Arbitration.
 
12.2(h) The Parties to the Dispute shall be allowed to seek temporary injunctive relief from any court of competent jurisdiction or the arbitrator at any time during the dispute resolution process if the Party reasonably believes that it will be irreparably harmed. Any finding of the court, however, shall be binding on the arbitrator.
 
12.3 The costs of the arbitration, including the costs of the arbitrator, in any dispute resolution subject to this Section 14 will be borne equally by the Parties to the Dispute. Each Party shall bear its own internal costs and fees.
 
12.4 The Parties shall maintain the confidential nature of the arbitration proceeding, including but not limited to all documents produced and testimony provided and the Award, except as may be necessary to prepare for or conduct the arbitration hearing on the merits, or except as may be necessary in connection with a court application for a preliminary remedy, a judicial challenge to an Award or its enforcement, or unless otherwise required by law or judicial decision.
 
		13.
	NOTICES: All notices and other communications under this Agreement shall in every case be in writing and shall be deemed to have been delivered (a) upon receipt, if delivered by hand, (b) when sent, if sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending Party), (c) when sent, if sent by e-mail (provided that such sent e-mail is kept on file (whether electronically or otherwise) by the sending Party and the sending Party does not immediately receive an automatically generated message from the recipient’s e-mail server that such e-mail could not be delivered to such recipient) or (d) upon receipt, if delivered by Federal Express or other express overnight delivery service. The addresses, facsimile numbers and e-mail addresses for such notices, consents, waivers or other communications shall be the following (or such address as a Party hereto may have specified by notice given to the other Parties hereto pursuant to this provision):

 

 

	 

	If to AMI:

	Applied Minerals, Inc.

	 
	 

	PO Box 432

	 
	 

	Eureka, UT 84628

	 
	 
	Attention: Christopher T. Carney, Chief Financial Officer

	 
	 
	Email: ccarney@appliedminerals.com

	 
	 
	 

	 
	If to ________:

	________ 

	 
	 
	______, _____________,

	 
	 
	____________________

	 
	 
	_________, _______

	 
	 
	__________

	 
	 
	Attention: 

	 
	 
	Email:

  
		14.

	SURVIVAL: In order that the Parties may fully exercise their rights and perform their obligations arising under this Agreement, any provisions of the Agreement that are required to ensure such exercise or performance (including any obligation accrued as of the termination date) shall survive the termination of this Agreement.

 
		15.
	FORCE MAJEURE: Neither Party shall be responsible for any delay or failure to mine, process, treat, ship, package, deliver, make or take delivery of Halloysite Crude or other performance under this Agreement due to (a) any cause beyond its reasonable control except as a result of willful misconduct, gross negligence on its part, including without limitation fire, storm, flood, strike, lockout, accident, act of war or terrorism, riot, civil commotion, embargo, (b) any regulation, law, order or restriction of any governmental department, commission, board, bureau, agency, court, or other similar government instrumentality (“Governmental Authority”). Neither Party is subject to any liability to the other for failing to perform during the period such inability exists. Quantities so affected may, at the option of either Party, be eliminated from the Agreement without liability, but the Agreement shall remain otherwise unaffected. A Party’s obligation to render timely payment shall not be excused by this provision.

 
If any force majeure occurs, the Party affected will inform the other Party promptly indicating the anticipated duration and extent of such contingency. The Party affected will promptly use all reasonable efforts to settle such contingencies so that subject to the terms of this Agreement, the performance of its obligations under this Agreement can be resumed as soon as possible.
 

 
 
		16.
	MISCELLANEOUS:

 
		A.
	Neither Party may issue any press release or make any announcement with respect to this Agreement or its term, including a general statement as to the existence of a relationship between the Parties, without prior written consent of the other Party (which will not be unreasonably withheld), except to the extent that AMI is advised by counsel that applicable regulations may require disclosure.

 
		B.
	If any provision of this Agreement is determined to be invalid, illegal, or unenforceable, the remaining provisions of this Agreement remain in full force, if the essential terms and conditions of this Agreement for each Party remain valid, binding, and enforceable.

 
		C.
	This Agreement constitutes the final agreement between the Parties with respect to the subject matter herein. It is the complete and exclusive expression of the Parties’ agreement on the matters contained in this Agreement. All prior and contemporaneous negotiations and agreements between the Parties on the matters contained herein are expressly merged into and superseded by this Agreement. For avoidance of doubt, the Mutual Non-Disclosure Agreement between the Parties dated as of October 8, 2020, shall not govern the Parties’ relationship under this Agreement but shall continue in effect according to its terms with regard to the evaluation of any future potential business relationship in the Field the Parties may consider.

 
		D.
	Except as expressly set forth in this Agreement, each Party shall pay its own fees and expenses (including, without limitation, the fees and expenses of its agents, representatives, attorneys, and accountants) incurred in connection with the negotiation, drafting, execution, delivery, and performance of this Agreement the transactions it contemplates.

 
		E.
	This Agreement binds and benefits the Parties and their respective heirs, personal representatives, successors, and permitted assigns.

 
		F.
	This Agreement does not and is not intended to confer any rights or remedies upon any person other than the Parties.

 
		G.
	Any reference in this Agreement to this singular includes the plural where appropriate. The descriptive headers of the Articles, Sections, and subsections of this Agreement are for convenience only, do not constitute part of this Agreement, and do not affect this Agreement’s construction or interpretation.

 
		H.
	Each Party and its officers shall use all commercially reasonable efforts to take, or cause to be taken, all actions necessary or desirable to consummate and make effective the obligations of this Agreement. After the Effective Date, each Party and its officers and directors shall use all commercially reasonable efforts to take, or cause to be taken, all further actions necessary or desirable to carry out the obligations of this Agreement.

 
		I.
	This Agreement may be executed simultaneously or in one or more counterparts, each of which will be considered an original, but all of which together shall constitute one and the same instrument.

 
		J.
	The Parties do not intend that any partnership, joint venture, loss sharing, or agency relationship be created by this Agreement.

 

 
 
The Parties have caused this Agreement to be executed by their duly authorized representatives as of the Effective Date.

 
	                                      

	 
	Applied Minerals, Inc.
	 

	 

	 

	 

	 

	By: 
	

	 
	By:

	

	

	(Signature)

	 
	(Signature)

	 

	 

	 
	 
	 

	Name:

	 
	Name: Christopher T. Carney

	 

	 
	 
	 
	 

	Title:
	 
	Title: Chief Executive Officer

	 

	 
	 
	 
	 

	Date:

	 
	Date:
	 

 

 

EXHIBIT AEX-10.1

  EMPLOYMENT AGREEMENT

   

  This EMPLOYMENT AGREEMENT (the “Agreement”), made and entered into as of March 4, 2022 with the effective date as of April 18th , 2022 (the “Effective Date”), by and between CELSIUS HOLDINGS, INC., a Nevada corporation (the “Company”) and JARROD LANGHANS (“Executive”). The Company and Executive are sometimes referred to herein individually, as a “Party” and collectively, as the “Parties.”

   

  RECITAL

   

  WHEREAS, the Company is actively engaged in the business of manufacturing and distributing functional supplements and other digestible products in various delivery systems; and,

   

  WHEREAS, Company desires to employ Executive and Executive desires to be employed pursuant to the terms of this Agreement.

   

  AGREEMENT

   

  NOW THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties, intending to be legally bound, agree as follows:

   

  Article 1.

  Employment of Executive

   

  The Company agrees to employ Executive, and Executive accepts employment with the Company, on and subject to the terms and conditions set forth in this Agreement.

   

  Article 2.

  Duties of Executive

   

  Section 2.1. Position and Duties. During the Term (as hereinafter defined), the Company agrees to employ Executive as its Chief Financial Officer (“CFO”). Executive shall report solely to the Board; and perform those services customary to the office of a CFO and such other lawful duties that may be reasonably assigned to him from time to time by the Board that are consistent with Executive’s position. As part of Executive’s duties, he shall have the right to approve the hiring and to terminate the employment of any other employee of the Company, other than C-Suite executives, who may only be terminated with concurrence of the Board.

   

  Section 2.2. Time Devoted to Work. Executive further agrees to use his best efforts to promote the interests of the Company and to devote substantially all of his business time and energies to the business and affairs of the Company. Notwithstanding the foregoing, the Executive will be permitted to (a) with the prior written consent of the Board (which consent will not be unreasonably withheld or delayed) act or serve as a director, trustee, or committee member of any type of business, civic, or charitable organization (but not to exceed two (2) organizations); and

   

  

  (b)purchase or hold any ownership interest of any investment; provided that (i) such ownership represents a passive investment and does not exceed a five (5%) equity ownership in such entity; and (ii) Executive is not a controlling person of, or a member of a group that controls, such entity; provided further that, the activities described in clauses (a) and (b) do not interfere with the performance of Executive's duties and responsibilities to the Company as provided hereunder.

   

  Article 3.

  Place of Employment

   

  Section 3.1. Place of Employment. Executive shall be based at the Company’s principal office at 2424 N. Federal Highway, Suite 208 Boca Raton, FL 33431 as of August 2,, 2022.  It is understood that the Executive will have a transition period in order to relocate himself to Boca Raton and such Executive has established a calendar agreed to with the CEO of the company for the period April 18, 2022 through August 2, 2022 with a goal of being onsite in Boca Raton or traveling on company business every 2 out of 3 weeks over the transition period.  . 

   

  Article 4.

  Compensation of Executive

   

  Section 4.1. Base Salary. For all services rendered by Executive under this Agreement, the Company agrees to pay Executive an annual base salary of $350,000 (“Base Salary”), effective on the Effective Date plus an annually merit increase to be approved by the board effective January 1st of each subsequent year under employment. Base Salary shall be payable to Executive in such installments, but not less frequently than monthly, as are consistent with the Company’s practice for its other executives. Executive’s Base Salary shall be reviewed for an increase at least once annually by the Board.

   

  Section 4.2. Performance Bonus. Executive will be eligible to receive a performance bonus for the first calendar year of employment with the Company, with a minimum target bonus equal to 50% of Executive’s then current Base Salary. (the “Performance Bonus”). The award of each year’s Performance Bonus shall be based upon the Current CFO compensation plan as determined by the Compensation Committee and approved by the Board after consultation with Executive and within thirty (30) days of calendar year-end for each subsequent calendar year, but subject, in any event, subject to the discretion of the Board (the “Performance Criteria”). 

   

  Section 4.3.	Equity Awards.

   

  (a)On the Effective Date, the Company will issue Executive a Restricted Stock Unit (“RSU”) Bonus Award valued at $200,000, subject to a one (1) year lock-up and 12 month claw back from the date of issuance in the event the Executive is terminated for “Cause” or resigns.

   

  (b)On the Effective Date, the Company shall grant Executive  options in the form of a Long Term RSU plan  (the “Plan”) valued in the amount of  $800,000.  The options will vest over 4 years in equal annual installments, vesting (1/4th on the grants’ anniversary date).  Employee shall have the option to reduce vested equity awards by 30% to allow Company to pay the required payroll taxes. 

   

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  (c)Executive will be entitled to an annual equity award under the Plan (or a successor plan) in an amount and on terms determined by the Board based upon the annual Performance Criteria adopted by the Board

  (d)The term of any options granted to Executive shall be not less than five (5) years from the date of grant. No changes may be made to any equity award or to the Plan (or successor plan) under which any equity award was granted to Executive, that adversely impacts Executive’s interest without the Executive’s consent. For purposes of this provision, any modification to an ISO that may cause it to cease to be an ISO shall be deemed to adversely impact Executive. All stock options may be exercised pursuant to a cashless exercise, to the extent permitted by the Plan (or successor plan) and as otherwise permitted by applicable law and regulations. All options or other equity awards granted under the Plan (or successor plan) shall be subject to the terms and conditions of the Plan (or successor plan), which shall control.

   

  Section 4.4. Representations of the Company Regarding Compensation Plans and Arrangements. The Company represents to the Executive that all plans and arrangements providing for performance-based compensation and equity compensation provided hereunder have been properly approved and authorized by the Board, and where applicable, shareholders of the Company. All equity plans comply with the requirements of federal and applicable state securities laws and the rules and regulations of Nasdaq, so that the awards granted to Executive hereunder are valid and not subject to rescission or forfeiture.

   

  Section 4.5. Reimbursement for Business Expenses. The Company shall promptly pay or reimburse Executive for all reasonable business expenses incurred by Executive in performing Executive’s duties and obligations under this Agreement. Executive agrees to properly account for his business expenses in accordance with the Company’s policies as in effect, from time to time during the Term.

   

  Section 4.6 Reimbursement for Relocation Cost. The Company shall promptly pay or reimburse Executive for all reasonable relocation expenses incurred by Executive up to $75,000  USD including but reasonable travel expenses to and from Spain, temporary housing for six (6) months and reasonable moving costs. Executive shall present proper receipts and supporting documentation with reimbursement requests.

   

  Article 5.

  Vacations and Other Paid Absences

   

  Section 5.1. Vacation Days. Executive shall be entitled to fifteen (15) days paid vacation each calendar year during the Term. Vacation days shall accrue in accordance with the policy established by the Company for its executives from time to time and the extent not used, shall not be carried over to the next calendar year.

   

  Section 5.2. Holidays. Executive shall be entitled to the same paid holidays as authorized by the Company for its other executives.

   

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  Section 5.3. Sick Days and Personal Absence Days. Executive shall be entitled to the same number of paid sick days and personal absence days authorized by the Company for its other executives.

   

  Article 6.

  Life and Disability Insurance

   

  The Company may, in its sole discretion, maintain in effect during the Term, life and/or disability policies on the life of Executive in such amounts as the Company shall in its sole discretion decide to maintain during the Term. Any proceeds payable under such policies shall be paid to the beneficiary or beneficiaries designated in writing from time to time by Executive in the case of death or to Executive or his legal representatives in the case of Disability and such proceeds shall be applied to amounts due Executive or his heirs or legal representatives from the Company pursuant to Section 8.2 or Section 8.3.

   

  Article 7. Benefit Plans

   

  Section 7.1. Executive Benefit Plans. Executive shall be entitled to participate in and receive benefits from all of the Company’s executive benefit plans that are maintained by the Company for its executives as of the Effective Date, including, but not limited to any retirement plan, profit-sharing plan, or other executive benefit plan that the Company establishes for the benefit of its executives after the Effective Date (“Executive Benefit Plans”). For the purposes of this agreement, Company shall cover the insurance plan costs of Executive and immediate family members (“Family Health Plan”).  No amounts paid to Executive from an Executive Benefit Plan shall count as compensation due Executive as Base Salary or Performance Bonus provided for hereunder. Nothing in this Agreement shall prohibit the Company from modifying or terminating any of its Executive Benefit Plans in a manner that does not discriminate between Executive and other executives of the Company. The Company reserves the right to amend or cancel any Executive Benefit Plan at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

   

  Section 7.2. Broad-Based Employee Benefits Plans. Executive shall be entitled to participate in all broad-based employee benefit plans, practices, and programs maintained by the Company, as in effect from time to time (collectively, "Employee Benefit Plans"), on a basis which is no less favorable than is provided to other similarly situated executives of the Company, to the extent consistent with the terms of the applicable Employee Benefit Plans and applicable law. The Company reserves the right to amend or cancel any Employee Benefit Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

   

  Article 8.

  Term and Termination

   

  Section 8.1. Term. Executive’s employment shall commence on the Effective Date and shall continue until December 31, 2024 unless extended or terminated sooner (the “Term”), provided, however, that if either Party does not wish to renegotiate extension or renewal of this 

   

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  Agreement, or if, in the case of the Company, the Company does not wish to renew this Agreement and Executive’s employment on terms no less favorable than those in this Agreement during the initial Term (“Non-Renewal”), the non-renewing Party shall give the other Party written notice of such intention not less than ninety (90) days prior to expiration of the Term. For the avoidance of doubt, neither the Company nor Executive shall be obligated to negotiate or enter into any subsequent agreement or extension or renewal of this Agreement or otherwise extend  Executive’s employment by the Company.

   

  Section 8.2. Termination at Executive’s Death. Executive’s employment with the Company shall terminate upon Executive’s death. If Executive’s employment terminates because of Executive’s death, the Company shall pay, within thirty (30) days of the Termination Date, a lump sum death benefit to the person or persons designated in a written notice filed with the Company by Executive or, if no person has been designated, to Executive’s legal representatives or estate. The amount of the lump sum death benefit will equal the amount of Executive’s then

  current annual Base Salary plus a pro rata amount of Performance Bonus, based upon the annual Performance Bonus paid Executive most recently prior to Executive’s death, multiplied by the number of months remaining in the Term, up to a maximum of six (6) months. If Executive’s employment terminates due to his death, the vesting and exercisability of any options or other equity incentives awarded under the Plan (or any successor plan), will accelerate on the Termination Date, so that the options or other equity incentives awarded will vest, as if  Executive had remained employed for the number of months remaining in the Term, up to a maximum of six

  (6) months.

   

  Section 8.3. Termination after Executive’s Disability. Except as may otherwise be required or prohibited by state or federal law, if because of illness or injury Executive becomes unable to work full time for the Company for more than ninety (90) consecutive days or one hundred and eighty (180) days, whether or not consecutive in any twelve (12) month period during the Term (“Disability”) the Company may, in its sole discretion, at any time after the Disability occurs and provided Executive has not returned to full time employment with the Company, the Company may terminate Executive’s employment upon written notice to Executive. In such event the Executive will receive Executive’s Base Salary plus a pro rata amount of Performance Bonus, based upon the annual Performance Bonus paid Executive most recently prior to Executive’s Disability, multiplied by the number of months remaining in the Term, up to a maximum of six

  (6)months. If Executive’s employment terminates due to Disability, (a) Executive will be entitled to continue participation, during the time he is receiving his Base Salary and Performance Bonus from the Company, in any Executive Benefit Plan and/or Employee Benefit Plan which he was participating in at the date of termination, provided that the terms of such Executive Benefit Plan or Employee Benefit Plan and applicable law permit such continued participation; and (b) the vesting and exercisability of any options or other equity incentives awarded under the Plan (or any successor plan), will accelerate on the Termination Date, so that the options or other equity incentives awarded will vest, as if Executive had remained employed for the number of months remaining in the Term, up to a maximum of six (6) months.

   

  Section 8.4. Termination by the Company for Cause or by Executive Without Good Reason. The Executive's employment hereunder may be terminated by the Company for Cause (as hereinafter defined) or by Executive without Good Reason (as hereinafter defined). If the Executive's employment is terminated by the Company for Cause or by the Executive without 

   

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  Good Reason, the Executive shall be entitled to receive the following (“Accrued Amounts”):

   

  (a)any accrued but unpaid Base Salary and accrued but unused vacation which shall be paid in accordance with the Company's customary payroll procedures;

   

  (b)any earned but unpaid Performance Bonus with respect to any completed calendar year immediately preceding the Termination Date, which shall be paid on the otherwise applicable payment date;

   

  (c)reimbursement for unreimbursed business expenses properly incurred by the Executive, which shall be subject to and paid in accordance with the Company's expense reimbursement policy; and

  (d)such employee benefits, if any, to which Executive may be entitled under the Company's employee benefit plans as of the Termination Date; provided that, in no event shall the Executive be entitled to any payments in the nature of severance or termination payments except as specifically provided herein.

   

  In addition to the foregoing, all options or other equity incentive awards granted to Executive under the Plan (or any successor plan), to the extent unvested, shall terminate forthwith.

   

  Section 8.5. Without Cause or for Good Reason or upon Non-Renewal. Executive's employment hereunder may be terminated by the Company without Cause, by Executive for Good Reason or upon Non-Renewal as provided in Section 8.1. In the event of such termination or upon Non-Renewal by the Company, the Executive shall be entitled to receive the Accrued Amounts and subject to the Executive's compliance with Articles 9 and 10 of the Agreement, Executive shall be entitled to the following:

   

  (a)Executive’s Base Salary in effect on the Termination Date, paid in equal installment payments in accordance with the Company's normal payroll practices for a period of six (6) months from the Termination Date;

   

  (b)The target annual Performance Bonus for the calendar year in which the termination occurs, pro-rated for that portion of such year during which Executive is employed pursuant to this Agreement, which shall be paid when otherwise due in accordance with the terms of this Agreement;

   

  (c)All option grants or equity awards to Executive under the Plan (or any successor plan), to the extent vested as of the Termination Date.

   

  (d)If Executive timely and properly elects health continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 ("COBRA"), the Company shall reimburse Executive for the difference between the monthly COBRA premium paid by Executive for himself and his dependents and the monthly premium amount paid by similarly situated active executives. Such reimbursement shall be paid to Executive on the day of the month immediately following the month in which Executive timely remits the premium payment. 

   

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  Executive shall be eligible to receive such reimbursement for the same period in which the payments of severance are payable to Executive.

   

  In no event shall Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to Executive under any of the provisions of this Agreement and any amounts payable pursuant to this Section 8.5 shall not be reduced by compensation Executive earns on account of employment with another employer.

   

  Section 8.6. Notice of Termination. Any termination of Executive’s employment by the Company or Executive, must be communicated to the other Party by a written notice. The notice must specify the provision of this Agreement providing the basis for the termination.

   

   

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  Section 8.7.	Special Terms. For purposes of this Agreement, the following terms have the following meanings:

   

  (a)the term “Cause” shall mean the occurrence of any of the following, in each case during the Term:

   

  (i)an action or omission of the Executive which constitutes a material breach of, or failure or refusal (other than by reason of his disability) to perform his material duties under, this Agreement which is not cured within fifteen (15) days after receipt by the Executive of written notice of same;

   

  (ii)Executive’s fraud, embezzlement, or misappropriation of funds in connection with his services hereunder;

   

  (iii)Executive’s conviction of any crime which involves dishonesty, moral turpitude or any felony;

   

  (iv)gross negligence of Executive in connection with the performance of Executive’s material duties hereunder, which is not cured within fifteen (15) days after written receipt by the Executive of written notice of same;

   

  (v)violation by Executive of Article 9 or Article 10 of this Agreement; or

   

  (vi)the entry by a court of competent jurisdiction of permanent injunctive or other declaratory relief prohibiting or determining that Executive’s service as an officer, director or employee of the Company, as the case may be, violates a prior agreement between Executive and a prior employer of Executive.

   

  Termination of the Executive's employment shall not be deemed to be for Cause unless and until the Company delivers to the Executive a copy of a resolution duly adopted by the affirmative vote of the Board after the expiration of applicable notice, hearing and cure provisions.

   

  (b)the term “Change in Control” shall mean the occurrence of one of the following events (excluding acquisitions of stock or assets by any beneficial owner of five percent (5%) or more of the Company’s common stock as set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 or their respective affiliates):

   

  (i)one person (or more than one person acting as a group) acquires (or has acquired during the twelve-month period ending on the date of the most recent acquisition) ownership of the Company's stock possessing 50% or more of the total voting power of the stock of the Company;

   

   

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  (ii)the sale of all or substantially all of the Company's assets; or

   

  (iii)individuals who, as of the date of this Agreement, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board, provided that any person becoming a director subsequent to the Effective Date whose nomination was approved by the affirmative vote of the Board, shall be considered as though such person were a member of the Incumbent Board.

   

  (d)the term "Good Reason" shall mean the occurrence of any of the following, in each case during the Term without the Executive's written consent:

   

  (i)a reduction in Executive's Base Salary;

   

  (ii)a reduction in Executive's Performance Bonus opportunity or equity incentive opportunity;

   

  (iii)any material breach by the Company of any material provision of this Agreement or any material provision of any other agreement between Executive and the Company;

   

  (iv)the Company's failure to obtain an agreement from any successor to the Company to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no succession had taken place, except where such assumption occurs by operation of law;

   

  (v)an adverse change in the Executive's title, authority, duties, or responsibilities (other than temporarily while the Executive is physically or mentally incapacitated or as required by applicable law); or

   

  (vi)an adverse change in the reporting structure applicable to the Executive.

   

  The Executive cannot terminate his employment for Good Reason hereunder unless he has provided written notice to the Company of the existence of the circumstances providing grounds for termination for Good Reason and the Company has had at least fifteen (15) days from the date on which such notice is provided to cure such circumstances.

   

  (e)The term “Termination Date” shall mean:

   

  (i)If Executive’s employment terminates because of Executive’s death, then Executive’s employment will be considered to have terminated on the date of Executive’s death.

   

  (ii)If Executive’s employment is terminated by Executive, then Executive’s employment will be considered to have terminated on the date 

   

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  that notice of termination is given.

   

   

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  (iii)If Executive’s employment is terminated by the Company (whether after Disability, for Cause or without Cause), then Executive’s employment will be considered to have terminated on the date specified by the notice of termination.

   

  Notwithstanding anything contained herein, the Termination Date shall not occur until the date on which the Executive incurs a "separation from service" within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended or any successor statute (the “Code”).

   

  Section 8.8. Change in Control Payments. If following a Change in Control and prior to expiration of the Term, the Company terminates Executive’s employment without Cause or Executive terminates his employment for Good Reason, then, in addition to amounts which Executive is entitled to receive from the Company pursuant to this Article 8, the Company shall pay to Executive, within ten (10) days of the Termination Date, a lump sum equal to twice Executive’s total compensation (including Performance Bonus, if any) for the two calendar years prior to the year in which the termination occurs.

   

  Section 8.9. Section 280G. If any of the payments or benefits received or to be received by Executive (including, without limitation, any payment or benefits received in connection with the termination of Executive’s employment, whether following a Change in Control or otherwise, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement, or otherwise) (all such payments collectively referred to herein as the "280G Payments") constitute "parachute payments" within the meaning of Section 280G of the Code and would, but for this Section 8.9, be subject to the excise tax imposed under Section 4999 of the Code (the "Excise Tax"), then prior to making the 280G Payments, a calculation shall be made comparing (a) the Net Benefit (as defined below) to the Executive of the 280G Payments after payment of the Excise Tax; to (b) the Net Benefit to the Executive if the 280G Payments are limited to the extent necessary to avoid being subject to the Excise Tax. Only if the amount calculated under (a) above is less than the amount under (b) above will the 280G Payments be reduced to the minimum extent necessary to ensure that no portion of the 280G Payments is subject to the Excise Tax. "Net Benefit" shall mean the present value of the 280G Payments net of all federal, state, local, foreign income, employment, and excise taxes. Any reduction made pursuant to this Section 8.9 shall be made in a manner determined by the Company that is consistent with the requirements of Section 409A.

   

  All calculations and determinations under this Section 8.9 shall be made by an independent accounting firm or independent tax counsel appointed by the Company (the "Tax Counsel") whose determinations shall be conclusive and binding on the Company and Executive for all purposes. For purposes of making the calculations and determinations required by this Section 8.9, the Tax Counsel may rely on reasonable, good faith assumptions and approximations concerning the application of Section 280G and Section 4999 of the Code. The Company and Executive shall furnish the Tax Counsel with such information and documents as the Tax Counsel may reasonably request in order to make its determinations under this Section 8.9. The Company shall bear all costs the Tax Counsel may reasonably incur in connection

   

   

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  Article 9.

  Confidential Information

   

  Section 9.1. Confidential Information Defined. “Confidential Information” as used in this Employment Agreement shall mean any and all technical and non-technical information, regardless of format, belonging to, or in the possession of, the Company or its officers, directors, executives, affiliates, subsidiaries, clients, vendors, or executives, including without limitation, patent, trade secret, and proprietary information; techniques, sketches, drawings, models, inventions, know-how, processes, apparatus, equipment, algorithms, source codes, object codes, software programs, software source documents, and formulae related to the Company’s business or any other current, future and/or proposed business, product or service contemplated by the Company; and includes, without limitation, all information concerning research, experimental work, development, design details and specifications, engineering, financial information, procurement requirements, purchasing, manufacturing, customer lists, vendor lists, business forecasts, sales and merchandising, and marketing plans or similar information.

   

  Section 9.2. Disclosures. Executive agrees that he shall, at no time during or after termination of this Employment Agreement, directly or indirectly make use of, disseminate, or in any way disclose Confidential Information to any person, firm or business, except to the extent necessary for performance of this Employment Agreement or as otherwise required by law. Executive agrees that he shall disclose Confidential Information only to the Company’s employees, consultants and advisors who need to know such information and who Executive believes have previously agreed to be bound by the terms and conditions of a substantially similar confidentiality provision and shall be liable for damages for the intentional disclosure of Confidential Information. Executive’s obligations with respect to any portion of Confidential Information shall terminate only when: (a) such information is lawfully in the public domain; or

  (b)the communication was in response to a valid order or subpoena issued under the authority of a court of competent jurisdiction, provided, however that Executive shall promptly notify the Company of his notice of any such order or subpoena and he agrees to cooperate reasonably with the Company in an attempt to limit or avoid such disclosure.

   

  Section 9.3.	This Article 9 shall survive expiration or termination of this Agreement.

   

  Article 10.

  Noncompetition; Non-Solicitation

   

  Section 10.1. Noncompetition. For a period of eighteen (18) months from the  Termination Date or if this Executive’s employment pursuant to this Agreement is terminated pursuant to Section 8.5 for the period that Executive is entitled to receive severance payments pursuant to this Agreement (the “Restricted Period”), Executive agrees not to directly or indirectly own, manage, control, operate or serve as a director, manager, officer, director, partner or employee of; have any direct or indirect financial interest in (other than an interest in a prior employer); or assist in any way; any person or entity that competes with any business conducted by the Company or any of the Company’s affiliates at the date of termination of Executive’s employment or within six (6) months prior thereto in any geographic region in which the Company conducts such business.

   

   

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  Section 10.2. Non-Solicitation. During the Restricted Period, Executive shall not, directly or indirectly, take any of the following actions, and, to the extent Executive owns, manages, operates, controls, is employed by or participates in the ownership, management, operation or control of, or is connected in any manner with, any business, Executive shall use his best efforts to ensure that such business does solicit employment or a similar relationship as an independent contractor or employ or retain as an independent contractor, any person who during the Restricted Period is or within one (1) year prior to the date of termination of Executive’s employment with the Company was, an employee of or independent contractor to the Company or attempt to persuade any customer, prospective customer, vendor or supplier who during the Restricted Period is or within one (1) year prior to the date of termination of Executive’s employment with the Company was, a customer, prospective customer, vendor or supplier of the Company, to cease doing business with the Company, or to reduce the amount of business it does with the Company.

   

  Section 10.3. Survival. This Article 10 shall survive any expiration or termination of this Agreement.

   

  Article 11.

  Intellectual Property Section 11.1. Intellectual Property.

  (a)All creations, inventions, ideas, designs, copyrightable materials, trademarks, and other technology and rights (and any related improvements or modifications), whether or not subject to patent or copyright protection (collectively, “Creations”), relating to any activities of the Company which are conceived by Executive or developed by Executive in the course of his employment with the Company, whether prior to or during the Term, whether conceived alone or with others and whether or not conceived or developed during regular business hours, shall be the sole property of the Company and, to the maximum extent permitted by applicable law, shall be deemed “works made for hire” as that term is used in the United States Copyright Act.

   

  (b)To the extent, if any, that Executive retains any right, title or interest with respect to any Creations delivered to the Company or related to his employment with the Company, Executive hereby grants to the Company an irrevocable, paid-up, transferable, sub-licensable, worldwide right and license: (i) to modify all or any portion of such Creations, including, without limitation, the making of additions to or deletions from such Creations, regardless of the medium (now or hereafter known) into which such Creations may be modified and regardless of the effect of such modifications on the integrity of such Creations; and (ii) to identify Executive, or not to identify him, as one or more authors of or contributors to such Creations or any portion thereof, whether or not such Creations or any portion thereof have been modified. Executive further waives any “moral” rights, or other rights with respect to attribution of authorship or integrity of such Creations that he may have under any applicable law, whether under copyright, trademark, unfair competition, defamation, and right of privacy, contract, tort or other legal theory.

   

   

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  (c)Executive will promptly inform the Company of any Creations. Executive will also allow the Company under reasonable conditions to inspect any Creations he conceives or develops within one (1) year after the termination of his employment for any reason to determine if they are based on Confidential Information. Executive shall (whether during his employment or after the termination of his employment) execute such written instruments and do other such acts as may be reasonable and necessary to secure the Company’s rights in the Creations, including obtaining a patent, registering a copyright, or otherwise (and Executive hereby irrevocably appoints the Company and any of its officers as his attorney in fact to undertake such acts in his name). Executive’s obligation to execute written instruments and otherwise assist the Company in securing its rights in the Creations will continue after the termination of his employment for any reason. The Company shall reimburse Executive for any out-of-pocket expenses (but not attorneys’ fees) he incurs in connection with his compliance with this Section 12.1.

   

  Section 11.2. Survival. This Article 11 shall survive any expiration or termination of this Agreement.

   

  Article 12. Enforcement

   

  Section 12.1. Reasonableness of Restrictions. Articles 9, 10 and 11 of this  Agreement are intended to protect the Company’s interest in its Confidential Information, goodwill and established employee and customer relationships. Executive agrees that such restrictions are reasonable and appropriate for this purpose.

   

  Section 12.2. Specific Enforcement. Notwithstanding anything else provided in this Agreement, Executive agrees that it would be difficult to measure any damages caused to the Company which might result from any breach by Executive of Article 9, 10 and 11 of this Agreement. Accordingly, if Executive breaches any term of Articles 9, 10 and 11 of this Agreement the Company shall be entitled, in addition to all other remedies that it may have, to a temporary and preliminary injunction or other appropriate equitable relief to restrain any such breach without showing or providing any actual damage to the Company from any court having competent jurisdiction over Executive.

   

  Article 13. 

  Miscellaneous

   

  Section 13.1. Disputes.

   

  (a)In the event of any claim or dispute under this Agreement, the Parties shall first submit the matter to non-binding mediation. Both Parties shall be equally responsible for the costs of the mediation. In the event the Parties are unable to settle the matter through mediation, the Parties agree to resolve any dispute arising under or relating to the interpretation or enforcement of this Agreement, Executive’s employment or the termination of the Executive’s

   

   

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  employment before the Florida state courts of Palm Beach County, Florida or the United States District Court for the Southern District of Florida, and hereby consent to the exclusive jurisdiction of such courts. Accordingly, with respect to any such court action, Executive and the Company each (i) submit to the personal jurisdiction of these courts; and (ii) waive objection to jurisdiction based on improper venue or improper jurisdiction.

   

  (b)The prevailing Party shall be entitled to reasonable attorneys’ fees and costs from the non-prevailing Party in connection with any action filed under this Section 13.1.

   

  Section 13.2. Integration. This Employment Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof and supersedes all prior agreements between the Parties concerning such subject matter.

   

  Section 13.3. Binding Agreement. This Agreement shall inure to the benefit of and be enforceable by Executive’s personal representatives, executors, administrators, heirs, distributees, devisees and legatees. In the event of Executive’s death after his termination of employment but prior to the completion by the Company of all payments due him under this Agreement, the Company shall continue such payments to Executive’s beneficiary designated in writing to the Company prior to his death (or to his estate, if Executive fails to make such designation). The Company shall require any successor to 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.

   

  Section 13.4. Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law.

   

  Section 13.5. Waiver. No waiver of any provision hereof shall be effective unless made  in writing and signed by the waiving Party. The failure of any Party to require the performance of any term or obligation of this Agreement, or the waiver by any Party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

   

  Section 13.6. Notices. Notices, requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service to Executive at the last address Executive has filed in writing with the Company or, in the case of the Company, at its main offices, attention of the Chief Financial Officer. Notices shall be effective on receipt.

   

  Section 13.7. Amendment. This Agreement may be amended or modified only by a written instrument signed by Executive and by a duly authorized representative of the Company.

   

   

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  Section 13.8. Governing Law. This is a Florida contract and shall be construed under and be governed in all respects by the laws of Florida for contracts to be performed in that state and without giving effect to the conflict of laws principles of Florida or any other state.

   

  Section 13.9. “Affiliate” Defined. As used in this Agreement, the term “affiliate” of a Party shall mean any person who controls, is controlled by or who is under common control with a Party.

   

  Section 13.10. Counterparts. This Agreement may be executed in any number of counterparts, including by facsimile, .PDF or other electronic transmission (which shall be deemed to be an original), each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document

   

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

   

  THE COMPANY:

   

  CELSIUS HOLDINGS, INC.

   

   

  By: /s/ John Fieldly

  John Fieldly, Chairman

   

   

  EXECUTIVE:

               /s/ Jarrod Langhans

   

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