Document:

Blueprint

 

 

DIRECTOR AGREEMENT

 

THIS
DIRECTOR AGREEMENT is made effective as of May 10, 2018 (the
“Agreement”),
Blockchain Industries, Inc., a Nevada corporation with its
principal place of business at 720 Arizona Ave, Suite 220, Santa
Monica, CA 90401 (the “Company”), and
Max Robbins (“Director”).

 

WHEREAS, it is
essential to the Company to retain and attract as directors the
most capable persons available to serve on the board of directors
of the Company (the “Board”);
and

 

WHEREAS, the
Company believes that Director possesses the necessary
qualifications and abilities to serve as a director of the Company
and to perform the functions and meet the Company’s needs
related to its Board,

 

NOW,
THEREFORE, in consideration of the mutual promises contained
herein, the benefits to be derived by each party hereunder and
other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties agree as
follows:

 

1. Term. The Director shall hold
office until such time that such Director’s successor is duly
elected and qualified, or until such Director’s death or
removal from office. The Director will be automatically removed
from the Board if such Director resigns his office by writing
delivered to the Board, becomes prohibited by law from acting as a
director or commits a material breach of this Agreement pursuant to
Section 7 below.

 

2. Compensation and
Expenses.

 

a. Stock Option. For the services
provided to the Company as a director, the Director shall receive a
non-qualified stock option (“Option”) to
purchase up to One Hundred Forty Four Thousand (144,000) shares of
the Company’s common stock (“Option
Shares”), pursuant and subject to the Company’s
Equity Incentive Plan, at the following exercise prices and vesting
schedule:

 

	

Exercise Price

	

Quantity Vested

	

Vesting Date

	

Expiration Date

	

$1.25

	

48,000

	

6/1/2018

	

12/31/2023

	

$1.25

	

48,000

	

6/1/2019

	

12/31/2023

	

$1.25

	

48,000

	

6/31/2020

	

12/31/2023

 

In the
event of the termination of the Director’s service
relationship (whether an as employee, director or consultant) with
the Company (“Termination of
Service”) at any time for any reason (including, but
not limited to, resignation, withdrawal, death, disability,
termination, with or without cause, or any other reason) before the
Director has exercised the Option in full, the Option shall
automatically expire, and cease to be exercisable immediately, with
respect to all of the Option Shares, whether vested or unvested. It
being understood and agreed that in no event will the Option become
exercisable for additional Options Shares upon a Termination of
Service for any reason and such outstanding and unexercised Option
shall immediately lapse and Director shall have no further rights
with respect to it.

 

b. Expenses. Upon submission of
appropriate receipts, invoices or vouchers as may be reasonably
required by the Company, the Company will reimburse Director for
all reasonable out-of-pocket travel expenses incurred in connection
with the performance of Director’s duties under this
Agreement.

 

c. Taxes. The Director
acknowledges that the exercise, transfer or other disposition of
the Option may give rise to significant U.S. income tax
consequences. Under Section 83 of the Internal Revenue Code and
Treas. Reg. section 1.83-7(b), upon the exercise of the Option, the
Director will recognize taxable ordinary income equal to the
difference between the fair market value of the common stock,
determined as of the exercise date, and the Option exercise price.
When the Director sells the common stock, the Director will
recognize taxable gain or loss (long-term if the Director held the
common stock for more than one year; otherwise, short-term) equal
to the difference between the amount the Director receives from the
sale and the tax basis of the common stock sold. If the Company, in
its discretion, determines that it is obligated to withhold any tax
in connection with the exercise of the Option, or in connection
with the transfer of any common stock acquired pursuant to the
Option, the Director hereby agrees that the Company may withhold
from the Director’s compensation or other remuneration the
appropriate amount of tax. At the discretion of the Company, the
amount required to be withheld may be withheld in cash from such
compensation or other remuneration or in kind from the common stock
otherwise deliverable to the Director on exercise of this option.
The Director further agrees that, if the Company does not withhold
an amount from the Director’s compensation or other
remuneration sufficient to satisfy the withholding obligation of
the Company, the Director will make reimbursement on demand, in
cash, for the amount underwithheld.

 

3. Market Stand-Off Agreement. In
the event of a public or private offering of the Company’s
securities and upon request of the Company, the underwriters or
placement agents placing the offering of the Company’s
securities, the Director agrees not to sell, make any short sale
of, loan, grant any option for the purchase of, or otherwise
dispose of any of the Option Shares other than those included in
the registration, without the prior written consent of the Company
or such underwriters, as the case may be, for such period of time
from the effective date of such registration as may be requested by
the Company or such placement agent or underwriter.

 

4. Confidential Information. The
Director recognizes and acknowledges that the Director will have
access to Confidential Information (as defined below) relating to
the business or interests of the Company or of persons with whom
the Company may have business relationships. The Director agrees
that both during and after his time as a director of the Company,
the Director will not use for the Director’s own, or for
another’s benefit, or disclose or permit the disclosure of
any confidential information relating to the Company, including
without limitation any information about the deliberations of the
Board. The term “Confidential
Information” means any non-public information that
relates to the actual or anticipated business and/or products,
research or development of the Company, its affiliates or
subsidiaries, or to the Company’s, its affiliates’ or
subsidiaries’ technical data, trade secrets, or know-how,
including, but not limited to, research, product plans, or other
information regarding the Company’s, its affiliates’ or
subsidiaries’ products or services and markets therefor,
customer lists and customers, prospective customers, software,
developments, inventions, processes, methodologies, algorithms,
know-how, procedures, formulas, technology, designs, drawings,
engineering, hardware configuration information, marketing,
finances, business plans, vendor relationships, passwords,
encryption coding, search technology, analytics, transaction data,
ledgers, and other business information disclosed by the Company,
its affiliates or subsidiaries, either directly or indirectly, in
writing, orally or by drawings or inspection of premises, parts,
equipment, programs, formulas, ledgers or other property of
Company, its affiliates or subsidiaries. The Director also agrees
during his appointment that he will not, other than for the benefit
of the Company and in connection with his service as a director,
make any notes, memoranda, electronic records, tape records, films,
photographs, plans, drawings or any form of record relating to any
matter within the scope of the business or concerning the dealings
or affairs of the Company and will return any such items at any
time at the request of the Board. The Director confirms that he has
notified the Board in writing of all other directorships,
appointments and interests, including any directorship, appointment
or interest in a company, business or undertaking which competes or
is likely to compete with the Company or which could otherwise
potentially give rise to a conflict with his duties with the
Company.

 

5. Duties, Time and Commitment.
The Director shall use reasonable best efforts to attend all
convened meetings of the Board. During the continuance of the
Director’s appointment, the Director will be expected to: (i)
faithfully, efficiently, competently and diligently perform his
duties and exercise such powers as are appropriate to his role as a
director; (ii) in so far as reasonably possible, attend all
meetings of the Board and of any committees of the Board of which
he is a member; (iii) comply with all reasonable requests,
instructions and regulations made or given by the Board (or by any
duly authorized committee thereof) and give to the Board such
explanations, information and assistance the Board may reasonably
require; (iv) act in the best interests of the Company; and (v) use
commercially reasonable efforts to promote and extend the interests
and reputation of the Company, including assisting the Board in
relation to public and corporate affairs and bringing to bear for
the benefit of the Board the Director’s particular knowledge
and experience.

 

6. Business Opportunities & Conflicts
Disclosure. The Company acknowledges and agrees that the
Director should be permitted to engage in, acquire or invest in the
same or similar activities or lines of business involving the
provision of services or products with respect to digital assets,
cryptocurrency, alternative distribution ledgers and/or blockchain
technologies (each, a “Business
Opportunity”), provided that the Director fully
complies with and adheres to the following advance notice,
standards of conduct and Disqualified Business Opportunity (as
hereinafter defined) restrictions:

 

a. Business Opportunity Notice.
Within ten (10) business days of the Director’s appointment
to the Board, the Director shall inform the Board of any held
(direct or indirect) personal interests which may conflict with the
Company and its businesses. In the event that the Director becomes
aware of a Business Opportunity, the Director shall notify the
Company in writing of such opportunity (a “Disclosed Business
Opportunity”) and deliver to the Company, or provide
the Company access to, all information prepared by or on behalf of,
or material information submitted or delivered to, the Director
related to such potential transaction (the “Business Opportunity
Notice”). Following the expiration of the thirty-
(30-)-day period (“Business Opportunity Notice
Period”) after receipt of such Business Opportunity
Notice, the Company shall be deemed to have renounced any interest
or expectancy in the Disclosed Business Opportunity and the
Director may pursue the Disclosed Business Opportunity, provided
that the Disclosed Business Opportunity is conducted by the
Director in accordance with the standard set forth in Section 6.c.
below and that the Disclosed Business Opportunity is not a
Disqualified Business Opportunity. The Company shall not be
prohibited from pursuing any Business Opportunity with respect to
which it is deemed to have renounced any interest or expectancy as
a result of this Section 6.

 

b. Disqualified Business
Opportunity. During the term of this Agreement and for a
period of twelve (12) months after the Director ceases to be a
Director of the Company, the Director shall not shall not, directly
or indirectly, pursue, become engaged in or have any ownership
interest or become associated with in any Person (as hereinafter
defined) which directly or indirectly pursues or becomes engaged in
any Business Opportunity that (i) is first presented to the
Director solely in his capacity as a director or officer of the
Company or its affiliates or (ii) is identified by the Director
solely through the disclosure of information by or on behalf of the
Company or its affiliates (each such Business Opportunity referred
to in clauses (i) and (ii), a “Disqualified Business
Opportunity”). The Director acknowledges that the
foregoing restrictions and time limitations with respect to a
Business Opportunity and Disqualified Business Opportunity are
reasonable and properly required for the adequate protection of the
business interests of the Company.

 

c. Standards for Separate Conduct of
Disclosed Business Opportunity. The Director may pursue a
Disclosed Business Opportunity following the expiration Business
Opportunity Notice Period if such Disclosed Business Opportunity is
developed and pursued solely through the use of personnel and
assets of the Director or jointly with the personnel and assets of
any other “Person(s)” (as
hereinafter defined), provided that such Person(s) does not owe any
fiduciary or other duty to the Company. “Person” means
an individual, corporation, partnership, limited liability company,
trust, joint venture, unincorporated organization or other legal or
business entity.

 

7. Termination for Material
Breach. The Director’s service on the Board may be
terminated by the Company pursuant to the provision of written
notice to the Director under Section 17 below in the event of a
material breach by the Director of any of the provisions of this
Agreement, including but not limited to Section 6 above;
provided however, that the Director shall have
been given reasonable notice and an opportunity to promptly cure
any such event of a material breach (unless the event cannot be
cured).

 

8. Insurance. The Company agrees
to use commercially reasonable efforts to procure and maintain an
insurance policy or policies providing directors’ and
officers’ liability insurance. Director shall be covered by
such policy or policies, in accordance with its or their terms, to
the maximum extent of the coverage available for any of the
Company’s directors or officers. The Director acknowledges
that as of the date of this Agreement, the Company has not yet
obtained directors’ and officers’ liability insurance
coverage.

 

9. Limitation of Liability; Right to
Indemnification. The Company shall indemnify the Director in
his capacity as director of the Company to the fullest extent
permitted by applicable law against all debts, judgments, costs,
charges or expenses incurred or sustained by the Director in
connection with any action, suit or proceeding to which the
Director may be made a party by reason of his being or having been
a director of the Company. The Company shall have the right to
assume, with legal counsel of its choice, the defense of Director
in any such action, suit or proceeding for which the Company is
providing indemnification to Director. Should Director determine to
employ separate legal counsel in any such action, suit or
proceeding, any costs and expenses of such separate legal counsel
shall be the sole responsibility of Director. If the Company does
not assume the defense of any such action, suit or other
proceeding, the Company shall, upon request of the Director,
promptly advance or pay any amount for costs or expenses
(including, without limitation, the reasonable legal fees and
expenses of counsel retained by Director) incurred by Director in
connection with any such action, suit or proceeding. The Company
shall not be obligated to indemnify Director against any actions
that constitute, in the reasonable discretion of the Board of
Directors, an act of gross negligence or willful misconduct or
contrary to the general indemnification provisions of the Nevada
Revised Statutes or the Company’s certificate of
incorporation or bylaws.

 

10. Remedies. The Director agrees
that any breach of the terms of Section 3 and Section 6 of this
Agreement would result in irreparable injury and damage to the
Company for which the Company would have no adequate remedy at law;
the Director therefore also agrees that in the event of said breach
or any threat of breach, the Company shall be entitled to an
immediate injunction and restraining order to prevent such breach
and/or threatened breach and/or continued breach by the Director
and/or any and all entities acting for and/or with the Director,
without having to prove damages or paying a bond, in addition to
any other remedies to which the Company may be entitled at law or
in equity. The terms of this paragraph shall not prevent the
Company from pursuing any other available remedies for any breach
or threatened breach hereof, including, but not limited to, the
recovery of damages from the Director. The Director acknowledges
that the Company would not have entered into this Agreement had the
Director not agreed to the provisions of this Section
8.

 

11. Amendments and Waiver. No
supplement, modification or amendment of this Agreement will be
binding unless executed in writing by both parties. No waiver of
any provision of this Agreement on a particular occasion will be
deemed or will constitute a waiver of that provision on a
subsequent occasion or a waiver of any other provision of this
Agreement.

 

12. Binding Effect. This Agreement
will be binding upon and inure to the benefit of and be enforceable
by the parties and their respective successors and
assigns.

 

13. Severability. The provisions of
this Agreement are severable, and any provision of this Agreement
that is held by a court of competent jurisdiction to be invalid,
void, or otherwise unenforceable in any respect will not affect the
validity or enforceability of any other provision of this
Agreement.

 

14. Arbitration. Any disputes
arising from this Agreement not resolved by the parties in a good
faith, timely manner shall be arbitrated within Los Angeles County,
California under the rules and procedures of the American
Arbitration Association. Attorney fees and costs are to be awarded
to the prevailing party.

 

15. Governing Law. This Agreement
will be governed by and construed and enforced in accordance with
the laws of the State of Nevada applicable to contracts made and to
be performed in that state without giving effect to the principles
of conflicts of laws.

 

16. Entire Agreement. This
Agreement constitutes the entire understanding between the parties
with respect to the subject matter hereof, superseding all
negotiations, prior discussions and prior agreements and
understanding relating to such subject matter.

 

17. Notices. Every notice relating
to this Agreement shall be in writing and shall be given by
personal delivery or by registered or certified mail, postage
prepaid, return receipt requested; to:

 

If to
the Company, to:

53
Calle Palmeras

Suite
802

San
Juan, PR 00901

Attention:
President

 

If to
the Director, to the address for notice on the signature page to
this Agreement or, if no such address is provided, to the last
address of the Director provided by the Director to the
Company.

 

Either
of the parties may change their address for purposes of notice
hereunder by giving notice in writing to such other party pursuant
to this Section 16.

 

18. Miscellaneous. This Agreement
may be executed by the Company and Director in any number of
counterparts, each of which shall be deemed an original instrument,
but all of which together shall constitute but one and the same
instrument. Any party may execute this Agreement by facsimile
signature and the other party will be entitled to rely on such
facsimile signature as evidence that this Agreement has been duly
executed by such party.

 

19. Definitions. As used in this
Agreement, the following definitions shall apply:

 

a. The
“Board” shall
have the meaning set forth in the preamble.

b. “Business
Opportunity” shall have the meaning set forth in
Section 6.

c. “Business Opportunity
Notice” shall have the meaning set forth in Section
6.

d. “Business Opportunity
Notice Period” shall
have the meaning set forth in Section 6.

e.  “Company”
shall have the meaning set forth in the preamble.

f. “Confidential
Information” shall have the meaning set forth in
Section 4.

g. “Dollars” and
the sign “$” mean
the lawful money of the United States of America.

h.  “Director”
shall have the meaning set forth in the preamble.

i. “Disqualified Business
Opportunity” shall have the meaning set forth in
Section 6.

j.  “Option”
shall have the meaning set forth in Section 2.

k.  “Option
Shares” shall have the meaning set forth in Section
2.

l. “Termination of
Service” shall have the meaning set forth in Section
2.

m.  “Person(s)”
shall have the meaning set forth in Section 6.

 

 

 

 

 

 

 

 

 

2460623v.7

 

The
Parties have executed this Agreement as of the date first written
above.

 

 

 

 

DIRECTOR                                                                            

BLOCKCHAIN INDUSTRIES, INC.

 

 

By:                                                                

By:                                                   

 

Name: Max
Robbins                                                                            

Name:
Patrick Moynihan

 

Title:
CEO

 

Address for Notice:

 

1404
West Franklin St.

 

Boise,
ID 83702

 

USA

 

 

 

 

 

2460623v.7Blueprint

Exhibit
10.9

BLOCKCHAIN INDUSTRIES, INC.

 

CONSULTING AGREEMENT

 

This Consulting Agreement (this
“Agreement”)
is made and entered into as of February 1, 2018 (the
“Effective
Date”) by and between
Blockchain Industries, Inc., a Nevada corporation with its
principal place of business at 53 Calle Palmeras, Suite 802, San
Juan, PR 00901 (the “Company”),
and Zackeriah
Pontgrave (“Consultant”)
(each herein referred to individually as a
“Party,”
or collectively as the “Parties”).

 

WHEREAS,
The Company and the Consultant entered into a verbal agreement
effective December 1, 2017 (the “Former Agreement”) for
the same services to be provided herein, whereby Consultant
received a $10,000 per month fee. The Company and Consultant hereby
agree that the Former Agreement shall be superseded by this
Agreement.

 

WHEREAS,
The Company desires to retain Consultant as an independent
contractor to perform the services of President for the Company,
and Consultant is willing to perform such services, on the terms
described below.

 

NOW
THEREFORE, in consideration of the mutual promises contained
herein, the Parties agree as follows:

 

1. Services
and Compensation

 

Consultant shall perform the services described
in Exhibit A
(the “Services”)
for the Company (or its designee), and the Company agrees to pay
Consultant the compensation described in Exhibit A,
and no other compensation, for Consultant’s performance of
the Services.

 

2. Applicability
to Past Activities

 

Consultant agrees that if and to the extent that
Consultant provided any services or made efforts on behalf of or
for the benefit of Company, or related to the current or
prospective business of Company in anticipation of
Consultant’s involvement with the Company, that would have
been “Services” if performed during the term of this
Agreement (the “Prior
Consulting Period”) and
to the extent that during the Prior Consulting Period:
(i) Consultant received access to any information from or on
behalf of Company that would have been “Confidential
Information” (as defined below) if Consultant received access
to such information during the term of this Agreement; or
(ii) Consultant conceived, created, authored, invented,
developed or reduced to practice any item (including any
intellectual property rights with respect thereto) on behalf of or
for the benefit of Company, or related to the current or
prospective business of Company in anticipation of
Consultant’s involvement with Company, that would have been
an “Invention” (as defined below) if conceived,
created, authored, invented, developed or reduced to practice
during the term of this Agreement; then any such information shall
be deemed “Confidential Information” hereunder and any
such item shall be deemed an “Invention” hereunder, and
this Agreement shall apply to such activities, information or item
as if disclosed, conceived, created, authored, invented, developed
or reduced to practice during the term of this Agreement.
Consultant further acknowledges that Consultant has been fully
compensated for all services provided during any such Prior
Consulting Period.

 

3. Confidentiality

 

A. Definition
of Confidential Information. “Confidential
Information” means any
non-public information that relates to the actual or anticipated
business and/or products, research or development of the
Company, its affiliates or subsidiaries, or to the
Company’s, its affiliates’ or subsidiaries’
technical data, trade secrets, or know-how, including, but not
limited to, research, product plans, or other information regarding
the Company’s, its affiliates’ or subsidiaries’
products or services and markets therefor, customer lists and
customers (including, but not limited to, customers of the Company
on whom Consultant called or with whom Consultant became acquainted
during the term of this Agreement), software, developments,
inventions, processes, methodologies, know-how, procedures,
formulas, technology, designs, drawings, engineering, hardware
configuration information, marketing, finances, and other business
information disclosed by the Company, its affiliates or
subsidiaries, either directly or indirectly, in writing, orally or
by drawings or inspection of premises, parts, equipment, or other
property of Company, its affiliates or subsidiaries.
Notwithstanding the foregoing, Confidential Information shall not
include any such information which Consultant can establish (i) was
publicly known or made generally available prior to the time of
disclosure to Consultant; (ii) becomes publicly known or made
generally available after disclosure to Consultant through no
wrongful action or inaction of Consultant; or (iii) is in the
rightful possession of Consultant, without confidentiality
obligations, at the time of disclosure as shown by
Consultant’s then-contemporaneous written
records.

 

B. Nonuse and
Nondisclosure. During and after the term of this Agreement,
Consultant will hold in the strictest confidence, and take all
reasonable and necessary precautions to prevent any unauthorized
use or disclosure of Confidential Information, and Consultant will
not (i) use the Confidential Information for any purpose
whatsoever other than as necessary for the performance of the
Services on behalf of the Company, or (ii) disclose the
Confidential Information to any third party without the prior
written consent of an authorized representative of Company.
Consultant may disclose Confidential Information to the extent
compelled by applicable law; provided
however, prior to such
disclosure, Consultant shall provide prior written notice to
Company and seek a protective order or such similar confidential
protection as may be available under applicable law. Consultant
agrees that no ownership of Confidential Information is conveyed to
the Consultant. Without limiting the foregoing, Consultant shall
not use or disclose any Company property, intellectual property
rights, trade secrets or other proprietary know-how of the Company
to invent, author, make, develop, design, or otherwise enable
others to invent, author, make, develop, or design identical or
substantially similar designs, processes, formulas, or software, as
those developed under this Agreement for any third party.
Consultant agrees that Consultant’s obligations under this
Section 3.B
shall continue after the termination
of this Agreement.

 

C. Other
Client Confidential Information. Consultant agrees that Consultant will not
improperly use, disclose, or induce the Company to use any
proprietary information or trade secrets of any former or
concurrent employer of Consultant or other person or entity with
which Consultant has an obligation to keep in confidence.
Consultant also agrees that Consultant will not bring onto the
Company’s premises or transfer onto the Company’s
technology systems any unpublished document, proprietary
information, or trade secrets belonging to any third party unless
disclosure to, and use by, the Company has been consented to in
writing by such third party.

 

D. Third Party
Confidential Information. Consultant recognizes that the Company has
received and in the future will receive from third parties their
confidential or proprietary information subject to a duty on the
Company’s part to maintain the confidentiality of such
information and to use it only for certain limited purposes.
Consultant agrees that at all times during the term of this
Agreement and thereafter, Consultant owes the Company and such
third parties a duty to hold all such confidential or proprietary
information in the strictest confidence and not to use it or to
disclose it to any person, firm, corporation, or other third party
except as necessary in carrying out the Services for the Company
consistent with the Company’s agreement with such third
party.

 

4. Ownership

 

A. Assignment
of Inventions. Consultant agrees that all right, title, and
interest in and to any copyrightable material, notes, records,
drawings, designs, charts, graphs, data compilations, inventions,
improvements, developments, discoveries and trade secrets
conceived, discovered, authored, invented, developed or reduced to
practice by Consultant, solely or in collaboration with others,
during the term of this Agreement and arising out of, or in
connection with, performing the Services under this Agreement and
any copyrights, patents, trade secrets, mask work rights or other
intellectual property rights relating to the foregoing
(collectively, “Inventions”),
are the sole property of the Company. Consultant also agrees to
promptly make full written disclosure to the Company of any
Inventions and to deliver and assign (or cause to be assigned) and
hereby irrevocably assigns fully to the Company all right, title
and interest in and to the Inventions without any compensation
therefor.

 

B. Pre-Existing
Materials. Subject to Section 4.A,
Consultant agrees that if, in the course of performing the
Services, Consultant incorporates into any Invention or utilizes in
the performance of the Services any pre-existing invention,
discovery, original works of authorship, development, improvements,
trade secret, concept, or other proprietary information or
intellectual property right owned by Consultant or in which
Consultant has an interest (“Prior
Inventions”),
(i) Consultant will provide the Company with prior written
notice and (ii) the Company is hereby granted a nonexclusive,
royalty-free, perpetual, irrevocable, transferable, worldwide
license (with the right to grant and authorize sublicenses) to
make, have made, use, import, offer for sale, sell,
reproduce, distribute, modify, adapt, prepare derivative works of,
display, perform, and otherwise exploit such Prior Inventions,
without restriction, including, without limitation, as part of or
in connection with such Invention, and to practice any method
related thereto. Consultant will not incorporate any invention,
improvement, development, concept, discovery, work of authorship or
other proprietary information owned by any third party into any
Invention.

 

C. Moral
Rights. Any
assignment to the Company of Inventions includes all rights of
attribution, paternity, integrity, modification, disclosure and
withdrawal, and any other rights throughout the world that may be
known as or referred to as “moral rights,”
“artist’s rights,” “droit moral,” or
the like (collectively, “Moral
Rights”). To the extent
that Moral Rights cannot be
assigned under applicable law, Consultant
hereby waives and agrees not to enforce any and all Moral Rights,
including, without limitation, any limitation on subsequent
modification, to the extent permitted under applicable
law.

 

D. Maintenance
of Records. Consultant agrees to keep and maintain adequate,
current, accurate, and authentic written records of all Inventions
made by Consultant (solely or jointly with others) during the term
of this Agreement, and for a period of three (3) years thereafter.
The records will be in the form of notes, sketches, drawings,
electronic files, reports, or any other format that is customary in
the industry and/or otherwise specified by the Company. Such
records are and remain the sole property of the Company at all
times and upon Company’s request, Consultant shall deliver
(or cause to be delivered) the same.

 

E. Further
Assurances. Consultant agrees to assist Company, or its
designee, at the Company’s expense, in every proper way to
secure the Company’s rights in Inventions in any and all
countries, including the disclosure to the Company of all pertinent
information and data with respect thereto, the execution of all
applications, specifications, oaths, assignments and all other
instruments that the Company may deem necessary in order to apply
for, register, obtain, maintain, defend, and enforce such rights,
and in order to deliver, assign and convey to the Company, its
successors, assigns and nominees the sole and exclusive right,
title, and interest in and to all Inventions and testifying in a
suit or other proceeding relating to such Inventions. Consultant
further agrees that Consultant’s obligations under this
Section 4.E
shall continue after the termination
of this Agreement.

 

F. Attorney-in-Fact.
Consultant hereby irrevocably
designates and appoints the Company and its duly authorized
officers and agents as Consultant’s agent and
attorney-in-fact, to act for and on Consultant’s behalf to
execute and file any papers and oaths and to do all other lawfully
permitted acts with respect to such Inventions to further the
prosecution and issuance of patents, copyright and mask work
registrations with the same legal force and effect as if executed
by Consultant, effective if the Company is unable because of
Consultant’s unavailability, dissolution, mental or physical
incapacity, or for any other reason, to secure Consultant’s
signature with respect to any Inventions, including, without
limitation, for the purpose of applying for or pursuing any
application for any United States or foreign patents or mask work
or copyright registrations covering the Inventions assigned to the
Company in Section 4.A. This
power of attorney shall be deemed coupled with an
interest, and shall be
irrevocable.

 

5. Conflicting
Obligations

 

A. Consultant
represents and warrants that Consultant has no agreements,
relationships, or commitments to any other person or entity that
conflict with the provisions of this Agreement, Consultant’s
obligations to the Company under this Agreement, and/or
Consultant’s ability to perform the Services. Consultant will
not enter into any such conflicting agreement during the term of
this Agreement.

 

B. Consultant shall require all Consultant’s
employees, contractors, or other third-parties performing Services
under this Agreement to execute a Confidential Information and
Assignment Agreement in the form provided by the Company, and
promptly provide a copy of each such executed agreement to the
Company. Consultant’s violation of this
Article 5
will be considered a material breach
under Section 8.B.

 

6. Return
of Company Materials

 

Upon the termination of this Agreement, or upon
Company’s earlier request, Consultant will immediately
deliver to the Company, and will not keep in Consultant’s
possession, recreate, or deliver to anyone else, any and all
Company property, including, but not limited to, all records,
drawings, notebooks, and other documents pertaining to any
Confidential Information, tangible embodiments of the Inventions,
all devices and equipment belonging to the Company, all
electronically-stored information and passwords to access such
property, those records maintained pursuant to
Section 4.D
and any reproductions of any of the
foregoing items that Consultant may have in Consultant’s
possession or control.

 

7. Reports

 

Consultant
agrees that Consultant shall, no less than on a weekly basis, keep
the Company advised as to Consultant’s progress in performing
the Services under this Agreement. Consultant further agrees that
Consultant will, as requested by the Company, prepare written
reports with respect to such progress and any projects being worked
on or implemented. The Company and Consultant agree that the
reasonable time expended in preparing such written reports will be
considered time devoted to the performance of the
Services.

 

8. Term
and Termination

 

A. Term.
The term of this Agreement will begin
on the Effective Date of this Agreement and will continue until the
earlier of (i) the period defined in Exhibit A or
(ii) termination as provided in
Section 8.B.

 

B. Termination.
The Company may terminate this
Agreement upon giving Consultant five (5) days prior written notice
of such termination pursuant to Section 14.G of this
Agreement. The Company may terminate this Agreement immediately and
without prior notice if Consultant refuses to or is unable to
perform the Services or is in breach of any material provision of
this Agreement.

 

C. Survival.
Upon any termination, all rights and
duties of the Company and Consultant toward each other shall cease
except:

 

(1) The Company will pay, within thirty (30) days
after the effective date of termination, all amounts owing to
Consultant for Services completed and accepted by the Company prior
to the termination date and related reimbursable expenses, if any,
submitted in accordance with the Company’s policies and in
accordance with the provisions of Article 1 of this
Agreement; and

 

(2) Article 3 (Confidentiality),
Article 4
(Ownership),
Section 5.B
(Conflicting Obligations),
Article 6
(Return of Company Materials),
Article 8
(Term and Termination),
Article 9
(Independent Contractor; Benefits),
Article 10
(Indemnification),
Article 11
(Noninterference),
Article 12
(Limitation of Liability),
Article 13
(Arbitration and Equitable Relief),
and Article 14
(Miscellaneous) will survive
termination or expiration of this Agreement in accordance with
their terms.

 

9. Independent
Contractor; Benefits

 

A. Independent
Contractor. It is the express intention of the Company and
Consultant that Consultant perform the Services as an independent
contractor to the Company. Nothing in this Agreement shall in any
way be construed to constitute Consultant as an agent, employee,
partner, co-venturer, or representative of the Company. Without
limiting the generality of the foregoing, Consultant is not
authorized to bind the Company to any liability or obligation or to
represent that Consultant has any such authority. Consultant agrees
to furnish (or reimburse the Company for) all tools and materials
necessary to accomplish this Agreement and shall incur all expenses
associated with performance, except as expressly provided in
Exhibit A.

 

B. Tax
Matters. Consultant
acknowledges that the exercise, transfer or other disposition of
the Options more fully described in Schedule A may give rise to
significant U.S. income tax consequences. Consultant is urged to
consult with her own tax advisor to determine the effect of U.S.
federal income tax laws, as well as applicable treaties, if any,
with regard to the Options. The following outlines certain U.S.
federal income tax consequences applicable to nonqualified stock
options. This discussion is general in nature and is not a
substitute for an individual analysis of the tax consequences
relating to the Options. The Company makes no representation or
warranties with respect to the tax consequences of the compensation
provided to Consultant under the terms of this
Agreement.

 

(1) U.S.
Persons: Nonqualified stock
options refer to options that are not required to meet specified
criteria set forth in Section 422 of the Internal Revenue Code
(“Code”). With respect to U.S. citizens or residents
(“U.S. Persons”), the taxation of nonqualified stock
options generally is governed by Section 83 of the Code.
Nonqualified stock options generally are not taxable upon grant,
because they do not have a “readily ascertainable fair market
value” within the meaning Treasury Regulations Section
1.83-7(b). As such, nonqualified stock options generally will be
taxed on exercise in amount equal the spread between the fair
market value of the underlying stock and the exercise price on the
date the options are exercised. The taxable amount is treated as
ordinary income, and not eligible for the preferential long-term
capital gains tax rate. An exception will apply with respect to
stock received on exercise of an option that is subject to a
“substantial risk of forfeiture” (meaning, the stock is
not vested). The taxable event with respect options involving a
substantial risk of forfeiture will occur at the time of vesting of
the underlying stock, and the associated tax will be based on the
spread between the fair market value of the underlying stock on the
vesting date and the option exercise price. The taxable spread upon
the exercise of an option by service providers other than employees
(including an independent contractor) is reported on IRS Form
1099-MISC, and withholding of employment tax typically is not
required in such case.

 

(2) Non-U.S.
Persons. Individuals who are
not considered to be U.S. citizens or residents are only subject to
U.S. federal income tax on income that is “effectively
connected” (“ECI”) with a U.S. trade or business.
Performing services in the U.S. as an independent contractor, even
for a single day, may constitute being engaged in a U.S. trade or
business for this purpose, and as such, may give rise to taxable
ECI. That being the case, though, it is clear that the exercise of
a nonqualified stock option will not result in U.S. income taxation
with respect to an independent contractor who does not perform any
personal services in the U.S. within the taxable year. In addition,
many bilateral income tax treaties between the U.S. and other
countries, in dealing with the taxation of income from personal
services, distinguish between “independent” (including
an independent contractor) and “dependent” (employment)
personal services. Many tax treaties provide an exemption from U.S.
income taxation for compensation earned by an independent
contractor provided that he/she is not present in the U.S. for more
than a certain number of (generally, 183) days in the taxable
year.

 

(3) Consultant
agrees and understands that he/she is responsible for payment, if
any, of local, state, and/or federal taxes on the payments and any
other consideration provided hereunder by the Company and any
penalties or assessments thereon. Consultant agrees to indemnify
and hold harmless the Company and its affiliates and their
directors, officers and employees from and against all taxes,
losses, damages, liabilities, costs and expenses, including
attorneys’ fees and other legal expenses, arising from or in
connection with (i) any obligation imposed on the Company to pay
withholding taxes or similar items, (ii) any determination by a
court or agency that the Consultant is not an independent
contractor. The parties will comply with all federal, state, and
local tax laws applicable to transactions occurring under this
Agreement. Consultant will provide Company with a completed Form
W-9, applicable Form W-8 series form, or Form 8233, as appropriate,
for federal income tax reporting purposes.

 

C. No
Benefits. The Company and Consultant agree that Consultant
will receive no Company-sponsored benefits from the Company where
benefits include, but are not limited to, paid vacation, sick
leave, health and medical insurance and 401k participation or other
fringe benefit plans. If Consultant is reclassified by a state or
federal agency or court as the Company’s employee, Consultant
will become a reclassified employee and will receive no benefits
from the Company, except those mandated by state or federal law,
even if by the terms of the Company’s benefit plans or
programs of the Company in effect at the time of such
reclassification, Consultant would otherwise be eligible for such
benefits.

 

10. Indemnification

Consultant
agrees to indemnify and hold harmless the Company and its
affiliates and their directors, officers and employees from and
against all taxes, losses, damages, liabilities, costs and
expenses, including attorneys’ fees and other legal expenses,
arising directly or indirectly from or in connection with
(i) any negligent, reckless or intentionally wrongful act of
Consultant or Consultant’s assistants, employees, contractors
or agents, (ii) a determination by a court or agency that the
Consultant is not an independent contractor, (iii) any breach
by the Consultant or Consultant’s assistants, employees,
contractors or agents of any of the covenants contained in this
Agreement and corresponding Confidential Information and Invention
Assignment Agreement, (iv) any failure of Consultant to
perform the Services in accordance with all applicable laws, rules
and regulations, or (v) any violation or claimed violation of
a third party’s rights resulting in whole or in part from the
Company’s use of the Inventions or other deliverables of
Consultant under this Agreement.

 

Company
agrees to indemnify and hold harmless the Consultant from and
against all taxes, losses, damages, liabilities, costs and
expenses, including attorneys’ fees, lawsuits and other legal
expenses, arising directly or indirectly from or in connection with
(i) any negligent, reckless or intentionally wrongful act of
Company or Company’s employees, contractors or agents or (ii)
any reasonable action taken by Consultant while performing their
duties during the Term of this Agreement.

 

 

11. Nonsolicitation

 

To the fullest extent permitted under applicable
law, from the date of this Agreement until twelve (12) months after
the termination of this Agreement for any reason (the
“Restricted
Period”), Consultant will
not, without the Company’s prior written consent, directly or
indirectly, solicit any of the Company’s employees to leave
their employment, or attempt to solicit employees of the Company,
either for Consultant or for any other person or entity. Consultant
agrees that nothing in this Article 11 shall
affect Consultant’s continuing obligations under this
Agreement during and after this twelve (12) month period,
including, without limitation, Consultant’s obligations under
Article 3.

 

12. Limitation
of Liability

 

IN
NO EVENT SHALL COMPANY BE LIABLE TO CONSULTANT OR TO ANY OTHER
PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, PUNITIVE OR
CONSEQUENTIAL DAMAGES, OR DAMAGES FOR LOST PROFITS OR LOSS OF
BUSINESS, HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY, WHETHER
BASED IN CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHER THEORY OF
LIABILITY, REGARDLESS OF WHETHER COMPANY WAS ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES AND NOTWITHSTANDING THE FAILURE OF
ESSENTIAL PURPOSE OF ANY LIMITED REMEDY. IN NO EVENT SHALL
COMPANY’S LIABILITY ARISING OUT OF OR IN CONNECTION WITH THIS
AGREEMENT EXCEED THE AMOUNTS PAID BY COMPANY TO CONSULTANT UNDER
THIS AGREEMENT FOR THE SERVICES, DELIVERABLES OR INVENTION GIVING
RISE TO SUCH LIABILITY.

 

13. Arbitration
and Equitable Relief

 

A. Arbitration.
IN CONSIDERATION OF CONSULTANT’S
CONSULTING RELATIONSHIP WITH THE COMPANY, ITS PROMISE TO ARBITRATE
ALL DISPUTES RELATED TO CONSULTANT’S CONSULTING RELATIONSHIP
WITH THE COMPANY AND CONSULTANT’S RECEIPT OF THE COMPENSATION
PAID TO CONSULTANT BY COMPANY, AT PRESENT AND IN THE FUTURE,
CONSULTANT AGREES THAT ANY AND ALL CONTROVERSIES, CLAIMS, OR
DISPUTES WITH ANYONE (INCLUDING COMPANY AND ANY EMPLOYEE, OFFICER,
DIRECTOR, SHAREHOLDER OR BENEFIT PLAN OF THE COMPANY IN THEIR
CAPACITY AS SUCH OR OTHERWISE) ARISING OUT OF, RELATING TO, OR
RESULTING FROM CONSULTANT’S CONSULTING RELATIONSHIP WITH THE
COMPANY OR THE TERMINATION OF CONSULTANT’S CONSULTING
RELATIONSHIP WITH THE COMPANY, INCLUDING ANY BREACH OF THIS
AGREEMENT, SHALL BE SUBJECT TO BINDING ARBITRATION UNDER THE
ARBITRATION RULES SET FORTH IN N.Y. CIV. PRAC. LAW § 7501 ET
SEQ. (THE “RULES”) AND PURSUANT TO NEW YORK LAW. CONSULTANT FURTHER
UNDERSTANDS THAT THIS AGREEMENT TO ARBITRATE ALSO APPLIES TO ANY
DISPUTES THAT THE COMPANY MAY HAVE WITH
CONSULTANT.

 

B. Procedure.
CONSULTANT AGREES THAT ANY ARBITRATION
WILL BE ADMINISTERED BY JUDICIAL ARBITRATION & MEDIATION
SERVICES, INC. (“JAMS”) PURSUANT TO ITS EMPLOYMENT ARBITRATION
RULES & PROCEDURES (THE “JAMS RULES”). CONSULTANT AGREES THAT THE ARBITRATOR
SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO
THE ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR
ADJUDICATION AND MOTIONS TO DISMISS AND DEMURRERS, PRIOR TO ANY
ARBITRATION HEARING. CONSULTANT AGREES THAT THE ARBITRATOR SHALL
ISSUE A WRITTEN DECISION ON THE MERITS. CONSULTANT ALSO AGREES THAT
THE ARBITRATOR SHALL HAVE THE POWER TO AWARD ANY REMEDIES,
INCLUDING ATTORNEYS' FEES AND COSTS, AVAILABLE UNDER APPLICABLE
LAW. CONSULTANT AGREES THAT THE ARBITRATOR SHALL ADMINISTER AND
CONDUCT ANY ARBITRATION IN A MANNER CONSISTENT WITH THE RULES,
INCLUDING THE NEW YORK CIVIL PRACTICE LAW AND RULES, AND THAT THE
ARBITRATOR SHALL APPLY SUBSTANTIVE AND PROCEDURAL NEW YORK LAW TO
ANY DISPUTE OR CLAIM, WITHOUT REFERENCE TO RULES OF CONFLICT OF
LAW. TO THE EXTENT THAT THE JAMS RULES CONFLICT WITH NEW YORK LAW,
NEW YORK LAW SHALL TAKE PRECEDENCE. CONSULTANT FURTHER AGREES THAT
ANY ARBITRATION UNDER THIS AGREEMENT SHALL BE CONDUCTED IN NEW YORK
COUNTY, NEW YORK.

 

C. Remedy.
EXCEPT AS PROVIDED BY THE RULES,
ARBITRATION SHALL BE THE SOLE, EXCLUSIVE AND FINAL REMEDY FOR ANY
DISPUTE BETWEEN CONSULTANT AND THE COMPANY. ACCORDINGLY, EXCEPT AS
PROVIDED FOR BY THE RULES, NEITHER CONSULTANT NOR THE COMPANY WILL
BE PERMITTED TO PURSUE COURT ACTION REGARDING CLAIMS THAT ARE
SUBJECT TO ARBITRATION. NOTWITHSTANDING, THE ARBITRATOR WILL NOT
HAVE THE AUTHORITY TO DISREGARD OR REFUSE TO ENFORCE ANY LAWFUL
COMPANY POLICY, AND THE ARBITRATOR SHALL NOT ORDER OR REQUIRE THE
COMPANY TO ADOPT A POLICY NOT OTHERWISE REQUIRED BY LAW WHICH THE
COMPANY HAS NOT ADOPTED.

 

D. Availability
of Injunctive Relief. EITHER PARTY MAY ALSO PETITION THE COURT FOR
INJUNCTIVE RELIEF WHERE EITHER PARTY ALLEGES OR CLAIMS A VIOLATION
OF ANY AGREEMENT REGARDING TRADE SECRETS, OR CONFIDENTIAL
INFORMATION, OR A BREACH OF ANY DUTY NOT TO ENGAGE IN CONFLICTING
BUSINESS ACTIVITY. IN THE EVENT EITHER PARTY SEEKS INJUNCTIVE
RELIEF, THE PREVAILING PARTY SHALL BE ENTITLED TO RECOVER
REASONABLE COSTS AND ATTORNEYS’ FEES.

 

E. Administrative
Relief. CONSULTANT UNDERSTANDS
THAT THIS AGREEMENT DOES NOT PROHIBIT CONSULTANT FROM PURSUING AN
ADMINISTRATIVE CLAIM WITH A LOCAL, STATE OR FEDERAL ADMINISTRATIVE
BODY SUCH AS THE DIVISION OF HUMAN RIGHTS, THE EQUAL EMPLOYMENT
OPPORTUNITY COMMISSION, THE NATIONAL LABOR RELATIONS BOARD, OR THE
WORKERS’ COMPENSATION BOARD. THIS AGREEMENT DOES, HOWEVER,
PRECLUDE CONSULTANT FROM PURSUING COURT ACTION REGARDING ANY SUCH
CLAIM, EXCEPT AS PERMITTED BY LAW.

 

F. Voluntary
Nature of Agreement. CONSULTANT
ACKNOWLEDGES AND AGREES THAT HE/SHE IS EXECUTING THIS AGREEMENT
VOLUNTARILY AND WITHOUT ANY DURESS OR UNDUE INFLUENCE BY THE
COMPANY OR ANYONE ELSE. CONSULTANT FURTHER ACKNOWLEDGES AND AGREES
THAT HE/SHE HAS CAREFULLY READ THIS AGREEMENT AND THAT CONSULTANT
HAS ASKED ANY QUESTIONS NEEDED FOR CONSULTANT TO UNDERSTAND THE
TERMS, CONSEQUENCES AND BINDING EFFECT OF THIS AGREEMENT AND FULLY
UNDERSTAND IT, INCLUDING THAT CONSULTANT IS WAIVING HIS/HER
RIGHT TO A JURY TRIAL. FINALLY,
CONSULTANT AGREES THAT HE/SHE HAS BEEN PROVIDED AN OPPORTUNITY TO
SEEK THE ADVICE OF AN ATTORNEY OF CONSULTANT’S CHOICE BEFORE
SIGNING THIS AGREEMENT.

 

14. Miscellaneous

 

A. Governing
Law; Consent to Personal Jurisdiction. This Agreement shall be governed by the laws of
the State of New York, without regard to the conflicts of law
provisions of any jurisdiction. To the extent that any lawsuit is
permitted under this Agreement, the Parties hereby expressly
consent to the personal and
exclusive jurisdiction
and venue of the state and federal courts located in New
York.

 

B. Assignability.
This Agreement will be binding upon
Consultant’s heirs, executors, assigns, administrators, and
other legal representatives, and will be for the benefit of the
Company, its successors, and its assigns. There are no intended
third-party beneficiaries to this Agreement, except as expressly
stated. Except as may otherwise be provided in this Agreement,
Consultant may not sell, assign or delegate any rights or
obligations under this Agreement. Notwithstanding anything to the
contrary herein, Company may assign this Agreement and its rights
and obligations under this Agreement to any successor to all or
substantially all of Company’s relevant assets, whether by
merger, consolidation, reorganization, reincorporation, sale of
assets or stock, or otherwise.

 

C. Entire
Agreement. This Agreement constitutes the entire agreement
and understanding between the Parties with respect to the subject
matter herein and supersedes all prior written and oral agreements,
discussions, or representations between the Parties. Consultant
represents and warrants that he/she is not relying on any statement
or representation not contained in this Agreement. To the extent
any terms set forth in any exhibit or schedule conflict with the
terms set forth in this Agreement, the terms of this Agreement
shall control unless otherwise expressly agreed by the Parties in
such exhibit or schedule.

 

D. Headings.
Headings are used in this Agreement
for reference only and shall not be considered when interpreting
this Agreement.

 

E. Severability.
If a court or other body of competent
jurisdiction finds, or the Parties mutually believe, any provision
of this Agreement, or portion thereof, to be invalid or
unenforceable, such provision will be enforced to the maximum
extent permissible so as to effect the intent of the Parties, and
the remainder of this Agreement will continue in full force and
effect.

 

F. Modification,
Waiver. No modification of or amendment to this Agreement,
nor any waiver of any rights under this Agreement, will be
effective unless in a writing signed by the Parties. Waiver by the
Company of a breach of any provision of this Agreement will not
operate as a waiver of any other or subsequent
breach.

 

G. Notices.
Any notice or other communication
required or permitted by this Agreement to be given to a Party
shall be in writing and shall be deemed given (i) if delivered
personally or by commercial messenger or courier service,
(ii) when sent by confirmed facsimile, or (iii) if mailed
by U.S. registered or certified mail (return receipt requested), to
the Party at the Party’s address written below or at such
other address as the Party may have previously specified by like
notice. If by mail, delivery shall be deemed effective three
business days after mailing in accordance with this
Section 14.G.

 

(1) If
to the Company, to:

53
Calle Palmeras

Suite
802

San
Juan, PR 00901

Attention:
President

 

(2) If
to Consultant, to the address for notice on the signature page to
this Agreement or, if no such address is provided, to the last
address of Consultant provided by Consultant to the
Company.

 

H. Attorneys’
Fees and Expenses. In any court action at law or equity that is
brought by one of the Parties to this Agreement to enforce or
interpret the provisions of this Agreement, the prevailing Party
will be entitled to reasonable attorneys’ fees and expenses,
in addition to any other relief to which that Party may be
entitled.

 

I. Signatures. This
Agreement may be signed in two counterparts, each of which shall be
deemed an original, with the same force and effectiveness as though
executed in a single document.

 

(signature
page follows)

 

2442634v.4

 

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Consulting
Agreement as of the date first written above.

 

CONSULTANT                                                                            

BLOCKCHAIN INDUSTRIES, INC.

 

 

By:                                                                

By:                                                   

 

Name: Zackeriah
Pontgrave                                                                            

Name:

 

Title:                                                                            

Title:

 

Address for Notice:

 

 

 

 

 

 

 

2442634v.4

 

 

EXHIBIT A

 

SERVICES AND COMPENSATION

 

1. Consultant.

 

Name: Zackeriah
Pontgrave

 

Title:
President

 

Email:
zack@blockchainind.com

 

Phone:

 

 

2. Services.
The Services will include, but will not be limited to, the
following:

 

●

Coordinate
and execute business objectives with CEO.

●

Manage
operations for the entire company, overseeing department heads and
delivering reports to the CEO.

●

Responsible
for business development for all profit centers of the
Company.

 

●

Evaluate
and advise on the impact of long range planning, introduction of
new programs/strategies and regulatory action.

 

 

●

Enhance
and/or develop, implement and enforce policies and procedures of
the organization by way of systems that will improve the overall
operation and effectiveness of the Company.

 

 

●

Act
as an advisor from the financial perspective on any contracts into
which the Company may enter.

 

 

●

Provide
technical advice and knowledge to others within the
Company

 

 

3. Term.

 

The
term of this agreement shall be five (5) years from the Effective
Date (unless sooner terminated as provided in the
Agreement).

 

4. Compensation.

 

A. The
Company shall pay an annual fee to Consultant, to be paid in
monthly installments, of $215,000.

 

B. Subject to the approval of the Company’s
Board of Directors, the Company will issue to Consultant restricted
stock of 1,000,000 shares of the Company’s Common Stock (the
“Restricted
Stock”). Subject to
Consultant remaining a service provider on all such dates, the
Restricted Stock will vest according to the following
schedule:

 

 

	

Quantity
Vested

	

Vesting
Date

	

200,000

	

12/1/2017

	

200,000

	

12/1/2018

	

200,000

	

12/1/2019

	

200,000

	

12/1/2020

	

200,000

	

12/1/2021

 

C. The
Company will reimburse Consultant, in accordance with Company
policy for all reasonable expenses incurred by Consultant in
performing the Services pursuant to this Agreement, if Consultant
receives written consent from an authorized agent of the Company
prior to incurring such expenses and submits receipts for such
expenses to the Company in accordance with Company standard expense
reimbursement policy.

 

On
a monthly basis Consultant shall submit to the Company a written
invoice detailing the Services performed and expenses incurred
(with receipts attached), and such statement shall be subject to
the approval of the contact person listed above or other designated
agent of the Company.

 

2442634v.4

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