Document:

Stock Option Agreement between Marvin Tseu and Registrant

 Exhibit 10.2 
 AXESSTEL, INC. 
 2004 EQUITY INCENTIVE PLAN  
 STOCK OPTION AGREEMENT 
 Unless
otherwise defined herein, the terms defined in the Axesstel, Inc. 2004 Equity Incentive Plan shall have the same defined meanings in this Option Agreement. 
  

	I.	NOTICE OF STOCK OPTION GRANT. 

 You have been
granted an option to purchase Common Stock, subject to the terms and conditions of the Plan and this Option Agreement, as follows: 
  

			
	Name of Optionee:	  	Marvin Tseu
		
	Total Number of Shares Granted:	  	700,000
		
	Type of Option:	  	Incentive Stock Option
		
	Exercise Price per Share:	  	$1.16
		
	Grant Date:	  	May 16, 2006
		
	Vesting Commencement Date:	  	May 16, 2006
		
	Vesting Schedule:	  	This option may be exercised, in whole or in part, in accordance with the following schedule:
		  	1/3 of the Shares subject to the Option shall vest twelve (12) months after the Vesting Commencement Date, and 1/12th of the Shares subject to the Option shall vest each quarter thereafter
until fully vested, subject to the Optionee continuing to be a Service Provider on such dates.
	Termination Period:	  	This option may be exercised for three months after the optionee ceases to be a Service Provider. The Administrator determines when the optionee incurs a Termination of Service for this
purpose. Upon the death or Total and Permanent Disability of the optionee, this option may be exercised for 12 months after the optionee ceases to be a Service Provider. In no event shall this option be exercised later than the Term/Expiration
Date provided for below. These time periods may be extended as set forth in Section II.C and Section II.I below.
		
	Term/Expiration Date:	  	May 16, 2016

	II.	AGREEMENT. 

 A. Grant of Option. The
Administrator hereby grants to the optionee named in the Notice of Stock Option Grant attached as Part I of this Option Agreement (the “Optionee”) an option (the “Option”) to purchase the number of Shares, as set
forth in the Notice of Stock Option Grant, at the exercise price per Share set forth in the Notice of Stock Option Grant (the “Exercise Price”), subject to the terms and conditions of this Option Agreement and the Plan. This Option
is intended to be an Incentive Stock Option (“ISO”) or a Nonstatutory Stock Option (“NSO”), as provided in the Notice of Stock Option Grant. 
 B. Exercise of Option. 
 1. Vesting/Right to Exercise. This Option is exercisable during its term in accordance with the Vesting Schedule set forth in the Notice of Stock Option Grant, this Option Agreement and the applicable provisions of the Plan. This
Option will in no event become exercisable for additional Shares after a Termination of Service for any reason. 
 2.
Method of Exercise. This Option is exercisable by delivering to the Administrator a fully executed “Exercise Notice” or by any other method approved by the Administrator. The Exercise Notice shall provide that the Optionee is
electing to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised Shares”), and such other representations and agreements as may be required by the Administrator. The Exercise
Notice shall be accompanied by payment of the full aggregate Exercise Price as to all Exercised Shares. This Option shall be deemed to be exercised upon receipt by the Administrator of such fully executed Exercise Notice accompanied by such
aggregate Exercise Price. The Optionee is responsible for filing any reports of remittance or other foreign exchange filings required in order to pay the Exercise Price. 
 C. Limitation on Exercise. The grant of this Option and the issuance of Shares upon exercise of this Option is subject to compliance with all Applicable Laws. This Option may not be exercised if the issuance of
Shares upon exercise would constitute a violation of any Applicable Laws. In addition, this Option may not be exercised unless (i) a registration statement under the Securities Act is in effect at the time of exercise of this Option with
respect to the Shares or (ii) in the opinion of legal counsel to the Company, the Shares issuable upon exercise of this Option may be issued in accordance with the terms of an applicable exemption from the registration requirements of the
Securities Act. THE OPTIONEE IS CAUTIONED THAT THE OPTION MAY NOT BE EXERCISED UNLESS THE FOREGOING CONDITIONS ARE SATISFIED. ACCORDINGLY, THE OPTIONEE MAY NOT BE ABLE TO EXERCISE THE OPTION WHEN DESIRED EVEN THOUGH THE OPTION IS VESTED. As a
condition to the exercise of this Option, the Company may require the Optionee to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or
warranty with respect thereto as may be requested by the Company. Any shares which are issued will be “restricted securities” as that term is defined in Rule 144 under the Securities Act, and will bear an appropriate restrictive
legend, unless they are registered under the Securities Act. The Company is under no obligation to register the Shares issuable upon exercise of this Option. If on the date the Optionee ceases to be a Service Provider, a registration statement under
the Securities Act is 

  

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not in effect with respect to the Shares issuable upon exercise of this Option, this Option will remain exercisable until three (3) months after the
date the Optionee is notified by the Company that such a registration statement is in effect, but in any event no later than the Expiration Date. 
 D. Method of Payment. Payment of the aggregate Exercise Price shall be by any of the following methods; provided, however, the payment shall be in strict compliance with all procedures established by the Administrator: 
 1. cash; 
 2.
check or wire transfer; 
 3. subject to any conditions or limitations established by the Administrator, other Shares which
(i) in the case of Shares acquired upon the exercise of an option, have been owned by the Optionee for more than six (6) months on the date of surrender or attestation and (ii) have a Fair Market Value on the date of surrender or
attestation equal to the aggregate Exercise Price; 
 4. consideration received by the Company under a broker-assisted sale
and remittance program acceptable to the Administrator (Officers and Directors shall not be permitted to use this procedure if this procedure would violate Section 402 of the Sarbanes-Oxley Act of 2002, as amended); or 
 5. any combination of the foregoing methods of payment. 
 E. Leave of Absence. The Optionee shall not incur a Termination of Service when the Optionee goes on a military leave, a sick leave or another bona fide leave of absence, if the leave was approved by the
Company (or Affiliate employing him or her) in writing and if continued crediting of service is required by the terms of the leave or by applicable law. However, the Optionee incurs a Termination of Service when the approved leave ends, unless the
Optionee immediately returns to active work. 
 For purposes of ISOs, no leave of absence may exceed three months, unless reemployment upon
expiration of such leave is provided by statute or contract. If reemployment upon expiration of a leave of absence approved by the Company (or Affiliate employing him or her) is not so provided by statute or contract, the Optionee shall be deemed to
have incurred a Termination of Service on the first day immediately following such three month period of leave for ISO purposes and this Option shall cease to be treated as an ISO and shall terminate upon the expiration of the three month period
following the date the employment relationship is deemed terminated. 
 F. Non-Transferability of Option. This Option may not be
transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of the Optionee only by the Optionee. The terms of this Option Agreement and the Plan shall be binding upon the
executors, administrators, heirs, successors and assigns of the Optionee. This Option may not be assigned, pledged or hypothecated by the Optionee whether by operation of law or otherwise, and is not subject to execution, attachment or similar
process. Notwithstanding the foregoing, if this Option is designated as a Nonstatutory Stock Option, the 

  

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Administrator may, in its sole discretion, allow the Optionee to transfer this Option as a gift to one or more family members. For purposes of this Option
Agreement, “family member” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or
sister-in-law (including adoptive relationships), any individual sharing the Optionee’s household (other than a tenant or employee), a trust in which one or more of these individuals have more than 50% of the beneficial interest, a foundation
in which the Optionee or one or more of these persons control the management of assets, and any entity in which the Optionee or one or more of these persons own more than 50% of the voting interest. 
 G. Term of Option. This Option may be exercised only within the term set out in the Notice of Stock Option Grant, and may be exercised during such
term only in accordance with this Option Agreement and the Plan. 
 H. Tax Obligations. 
 1. Withholding Taxes. The Optionee agrees to make appropriate arrangements with the Administrator for the satisfaction of all
applicable Federal, state, local, and foreign income taxes, employment tax, and any other taxes that are due as a result of the Option exercise. With the Administrator’s consent, these arrangements may include withholding Shares that otherwise
would be issued to the Optionee pursuant to the exercise of this Option. The Optionee acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of
exercise. 
 2. Notice of Disqualifying Disposition of ISO Shares. If the Option is an ISO, and if the Optionee sells
or otherwise disposes of any of the Shares acquired pursuant to the exercise of the ISO on or before the later of (i) the date two years after the Grant Date, or (ii) the date one year after the date of exercise, the Optionee shall
immediately notify the Administrator in writing of such disposition. The Optionee agrees that the Optionee may be subject to income tax withholding by the Company on the compensation income recognized by the Optionee. 
 I. Extension if the Optionee Subject to Section 16(b). If a sale within the applicable Termination Period set forth in Section I of Shares
acquired upon the exercise of this Option would subject the Optionee to suit under Section 16(b) of the Exchange Act, this Option shall remain exercisable until the earliest to occur of (i) the tenth (10th) day following the date on
which a sale of such shares by the Optionee would no longer be subject to such suit, (ii) the one hundred and ninetieth (190th) day after the Optionee’s Termination of Service, or (iii) the Expiration Date. 
 J. Change in Control. In the event of a Change in Control prior to the Optionee’s Termination of Service, the Optionee will fully vest in and
have the right to exercise the Option. If the Option becomes fully vested and exercisable in the event of a Change in Control, and the successor corporation refuses to assume or substitute for the Option, then Administrator will notify the Optionee
in writing or electronically that the Option will be fully vested and exercisable for a period of time determined by the Administrator in its sole discretion, and the Option will terminate upon the expiration of such period. If the Option is assumed
or substituted 

  

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by the successor corporation, then termination provisions this Agreement or the substituted agreement shall apply. 
 K. Restrictions on Resale. The Optionee agrees not to sell any Shares at a time when Applicable Law, Company policies or an agreement between the
Company and its underwriters prohibit a sale. This restriction shall apply as long as the Optionee is a Service Provider and for such period of time after the Optionee’s Termination of Service as the Administrator may specify. 
 L. Lock-Up Agreement. The Optionee hereby agrees that in connection with any underwritten public offering of Shares made by the Company pursuant
to a registration statement filed under the Securities Act, the Optionee shall not offer, sell, contract to sell, pledge, hypothecate, grant any option to purchase or make any short sale of, or otherwise dispose of any Shares (including but not
limited to Shares subject to this Option) or any rights to acquire Shares of the Company for such period of time beginning on the date of filing of such registration statement with the Securities and Exchange Commission and ending at the time as may
be established by the underwriters for such public offering; provided, however, that such period of time shall end not later than one hundred eighty (180) days from the effective date of such registration statement. The foregoing limitation
shall not apply to shares registered for sale in such public offering. 
 M. Entire Agreement; Governing Law. This Option Agreement
and the Plan constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof, and
may not be modified adversely to the Optionee’s interest except by means of a writing signed by the Company and Optionee. This Option Agreement is governed by the internal substantive laws, but not the choice of law rules, of California.

 N. NO GUARANTEE OF CONTINUED SERVICE. THE OPTIONEE ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE OPTION PURSUANT TO THE VESTING
SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED AN OPTION OR PURCHASING SHARES HEREUNDER). OPTIONEE FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION
AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL
NOT INTERFERE WITH OPTIONEE’S RIGHT OR THE COMPANY’S RIGHT TO TERMINATE OPTIONEE’S RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. 
 By the Optionee’s signature and the signature of the Company’s representative below, the Optionee and the Company agree that this Option is granted under and governed by the terms and conditions of this
Option Agreement and the Plan. The Optionee has reviewed this Option Agreement and the Plan in their entirety, has had an opportunity to obtain the advice of 

  

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counsel prior to executing this Option Agreement and fully understands all provisions of this Option Agreement and the Plan. The Optionee hereby agrees to
accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to this Option Agreement and the Plan. 
 The Optionee further agrees that the Company may deliver by email all documents relating to the Plan or this Option (including, without limitation, prospectuses required by the Securities and Exchange Commission) and
all other documents that the Company is required to deliver to its security holders (including, without limitation, annual reports and proxy statements). The Optionee also agrees that the Company may deliver these documents by posting them on a web
site maintained by the Company or by a third party under contract with the Company. 
  

							
	OPTIONEE:	 		 	AXESSTEL, INC.
				
	    /s/ Marvin Tseu	 		 	By:	 	    /s/ Brian B. Min
	Signature	 		 		 	Bryan B. Min
		 		 	Title:	 	Chairman
	    Marvin Tseu	 		 		 	
	Print Name	 		 		 	
				
	  	 		 		 	
	Resident Address	 		 		 	
	  	 		 		 	

  

 -6-Separation Agreement and General Release between Mike H.P. Kwon and Registrant

 Exhibit 10.4 
 SEPARATION AGREEMENT AND GENERAL RELEASE 
 This Separation Agreement and General Release
(“Agreement”) is made and entered into by and between Mike Kwon (“Kwon”) and Axesstel, Inc., a Nevada corporation (“Axesstel”), and inures to the benefit of each of Axesstel’s current, former
and future parents, subsidiaries, related entities, employee benefit plans and their fiduciaries, predecessors, successors, officers, directors, shareholders, agents, employees and assigns. 
 RECITALS 
 A. Kwon has served as the Chairman and CEO of Axesstel;

 B. Kwon had an Executive Employment Agreement with Axesstel, effective January 5, 2004 (“Employment Agreement”);

 C. Axesstel has terminated Kwon’s position as CEO and Kwon has been given the choice of accepting certain separation compensation,
described below, in exchange for his execution of this Agreement within the time period set forth herein; 
 D. Kwon has agreed to accept the
benefits to be provided to him under this Agreement. 
 NOW, THEREFORE, for and in consideration of the execution of this Agreement within
the time frame provided for herein, and the mutual covenants contained in the following paragraphs, Axesstel and Kwon agree as follows: 
 1. No Admission of Liability. The parties agree that this Agreement, and performance of the acts required by it, does not constitute an admission of liability, culpability, negligence or wrongdoing on the part of anyone, and
will not be construed for any purpose as an admission of liability, culpability, negligence or wrongdoing by any party and/or by any party’s current, former or future parents, subsidiaries, related entities, predecessors, successors, officers,
directors, shareholders, agents, employees and assigns. The parties specifically acknowledge and agree that this Agreement is a compromise of disputed claims, that Axesstel denies any liability for any matter released herein. 
 2. Severance and Payment. Axesstel agrees that on the effectiveness of this Agreement: (i) it will pay to Kwon the lump sum payment of
18 month’s base salary (which Kwon and Axesstel agree is $540,000), less applicable withholding taxes; (ii) on the effectiveness of this Agreement all of Kwon’s outstanding stock options and other equity awards shall immediately vest
in full and become immediately exercisable, all restrictions or rights of repurchase relating to such stock options and other equity awards will be waived, and such stock options and other equity awards will remain outstanding and exercisable for
the remainder of the respective term of each award. Under the Employment Agreement, Kwon is required to execute this Agreement in order to receive severance benefits. Concurrently with the effectiveness of this Agreement, Kwon has agreed to loan to
Axesstel an amount equal to the $540,000 (less 

  

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applicable withholding taxes) pursuant to the terms of a promissory note in the form attached hereto as Exhibit A. 
 3. Wages Paid. Kwon acknowledges that he has been paid for all of his wages through the date of this Agreement. 
 4. General Release. Kwon for himself, his heirs, executors, administrators, assigns and successors, fully and forever releases and
discharges Axesstel and each of its current, former and future parents, subsidiaries, related entities, employee benefit plans and their fiduciaries, predecessors, successors, officers, directors, shareholders, agents, employees and assigns
(collectively, “Releasees”), with respect to any and all claims, liabilities and causes of action, of every nature, kind and description, in law, equity or otherwise, which have arisen, occurred or existed at any time prior to the
signing of this Agreement, including, without limitation, any and all claims, liabilities and causes of action arising out of or relating to Kwon’s employment with Axesstel prior to the date of this Agreement. Notwithstanding the foregoing,
nothing in this agreement shall be deemed to constitute a waiver or release of Kwon’s claims for indemnification pursuant to the terms of the Indemnification Agreement between Axesstel and Kwon dated as of January 5, 2004. 
 5. Knowing Waiver of Employment-Related Claims. Kwon understands and agrees that, with the exception of potential employment-related claims
identified below, he is waiving any and all rights he may have had, now has, or in the future may have, to pursue against any of the Releasees any and all remedies available to him under any employment-related causes of action, including without
limitation, claims of wrongful discharge, breach of contract, breach of the covenant of good faith and fair dealing, fraud, violation of public policy, defamation, discrimination, personal injury, physical injury, emotional distress, claims under
Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, the Americans With Disabilities Act, the Federal Rehabilitation Act, the Family and Medical Leave Act, the California Fair Employment and Housing Act,
the California Family Rights Act, the Equal Pay Act of 1963, the provisions of the California Labor Code and any other federal, state or local laws and regulations relating to employment, conditions of employment (including wage and hour laws),
perquisites of employment (including but not limited to claims relating to stock and/or stock options) and/or employment discrimination. Claims not covered by the release provisions of this Agreement are (i) claims for unemployment insurance
benefits, (ii) claims under the California Workers’ Compensation Act, and (iii) claims arising from Axesstel’s nonperformance under this Agreement. The release provisions of this Agreement do not apply to claims which may arise
after the date of execution. 
 6. Knowing Waiver of ADEA Claims. Kwon acknowledges that he is knowingly and voluntarily
waiving and releasing any rights he may have under the federal Age Discrimination in Employment Act of 1967, as amended (“ADEA”). He also acknowledges that the consideration given for this waiver and release is in addition to
anything of value to which he was already was entitled. Kwon further acknowledges that he has been advised by this writing, as required by law, that: (a) his waiver and release specified in this paragraph do not apply to any rights or claims
that may arise after the date he signs this Agreement; (b) he has been advised hereby that he has the right to consult with an attorney prior to executing this 

  

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Agreement; (c) he has twenty one (21) days to consider this Agreement (although he may choose to voluntarily execute this Agreement earlier);
(d) he has seven (7) days following his execution of this Agreement to revoke the Agreement (in writing); and (e) this Agreement will not be effective until the date upon which the revocation period has expired, which will be the
eighth (8th) day after this Agreement is executed by Kwon, provided that Axesstel has also executed this Agreement by that date (“Effective Date”). 
 7. Waiver of Civil Code § 1542. Kwon expressly waives any and all rights and benefits conferred upon him by Section 1542 of the Civil Code of the State of California, which states as follows:

 “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of
executing the release, which if known by him must have materially affected his settlement with the debtor.” 
 Kwon expressly agrees and understands
that the Release given by him pursuant to this Agreement applies to all unknown, unsuspected and unanticipated claims, liabilities and causes of action which he may have against Axesstel or any of the other Releasees. 
 8. Severability of Release Provisions. Kwon agrees that if any provision of the release given by him under this Agreement is found to be
unenforceable, it will not affect the enforceability of the remaining provisions and the courts may enforce all remaining provisions to the extent permitted by law. 
 9. Promise to Refrain from Suit or Administrative Action. Kwon promises and agrees that he will never sue Axesstel or any of the other Releasees, or otherwise institute or participate in any legal or
administrative proceedings against Axesstel or any of the other Releasees, with respect to any claim covered by the release provisions of this Agreement, including but not limited to claims arising out of Kwon’s employment with Axesstel prior
to the date of this Agreement, unless he is compelled by legal process to do so. Kwon promises and agrees that he shall not advocate or incite the institution of, or assist or participate in, any suit, complaint, charge or administrative proceeding
by any other person against Axesstel or any of the other Releasees, unless compelled by legal process to do so. 
 10. Confidentiality
of Settlement. Kwon promises and agrees that, unless compelled by legal process, he will not disclose to others and will keep confidential both the fact of and the terms of this settlement, including the amounts referred to in this
Agreement, except that he may disclose this information to his spouse and to his attorneys, accountants and other professional advisors to whom the disclosure is necessary to accomplish the purposes for which Kwon has consulted such professional
advisors. Kwon expressly promises and agrees that, unless compelled by legal process, he will not disclose to any present or former employees of Axesstel the fact or the terms of this settlement. 
 11. Public Announcements. Kwon agrees that Axesstel will be required to issue a press release and filing on Form 8-K with the United States
Securities and Exchange Commission in connection with the resignation. Kwon agrees that Axesstel may state that Kwon 

  

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has “elected to resign for personal reasons” or other mutually acceptable language. Kwon will not make any contradictory statement and will refrain
from making any statements that are defamatory, derogatory or detrimental with respect to Axesstel. 
 12. Promise to Maintain
Confidentiality of Axesstel’s Confidential Information. Kwon acknowledges that due to the position he has occupied and the responsibilities he has had at Axesstel, he has received confidential information concerning Axesstel’s
products, procedures, customers, sales, prices, contracts, and the like. Kwon hereby promises and agrees that, unless compelled by legal process, he will not disclose to others and will keep confidential all information he has received while
employed by Axesstel concerning Axesstel’s products and procedures, the identities of Axesstel’s customers, Axesstel’s sales, Axesstel’s prices, the terms of any of Axesstel’s contracts with third parties, and the like. Kwon
agrees that a violation by him of the foregoing obligation to maintain the confidentiality of Axesstel’s confidential information will constitute a material breach of this Agreement. Kwon specifically confirms that he will continue to comply
with the terms of the Employee Innovations and Proprietary Rights Assignment Agreement dated as of January 9, 2004 and executed by Kwon and Axesstel. 
 13. Integrated Agreement. The parties acknowledge and agree that no promises or representations were made to them which do not appear written herein and that this Agreement contains the entire agreement
of the parties on the subject matter thereof. The parties further acknowledge and agree that parole evidence shall not be required to interpret the intent of the parties. 
 14. Voluntary Execution. The parties hereby acknowledge that they have read and understand this Agreement and that they sign this Agreement voluntarily and without coercion. 
 15. Waiver, Amendment and Modification of Agreement. The parties agree that no waiver, amendment or modification of any of the terms of
this Agreement shall be effective unless in writing and signed by all parties affected by the waiver, amendment or modification. No waiver of any term, condition or default of any term of this Agreement shall be construed as a waiver of any other
term, condition or default. 
 16. Representation by Counsel. The parties acknowledge that they have had the opportunity to be
represented in negotiations for the preparation of this Agreement by counsel of their own choosing, and that they have entered into this Agreement voluntarily, without coercion, and based upon their own judgment and not in reliance upon any
representations or promises made by the other party or parties or any attorneys, other than those contained within this Agreement. The parties further agree that if any of the facts or matters upon which they now rely in making this Agreement
hereafter prove to be otherwise, this Agreement will nonetheless remain in full force and effect. 
 17. California Law. The
parties agree that this Agreement and its terms shall be construed under California law, without regard to any choice of law provisions. 
 18. Agreement to Arbitrate Claims Arising from Agreement. The parties agree that with the exception of disputes and claims identified below, if any dispute arises concerning interpretation and/or enforcement of the terms of
this Agreement, said dispute shall be resolved 

  

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by binding arbitration before a single arbitrator conducted in San Diego, California in accordance with the Judicial Arbitration and Mediation Services
entity (“JAMS”). The rules of JAMS then in effect shall govern. In the event that such a dispute arises, counsel for both parties will attempt to jointly select an arbitrator. If unable to do so, the procedures outlined in the JAMS
rules shall govern. 
 Exceptions: If Axesstel claims that Kwon has violated the confidentiality provisions of this Agreement and/or the
confidentiality provisions of any other agreement referenced herein, Axesstel may, but is not required to, arbitrate said dispute. Furthermore, neither party to this Agreement shall be prohibited from seeking injunctive relief in a judicial
proceeding. 
 19. Drafting. The parties agree that this Agreement shall be construed without regard to the drafter of the same
and shall be construed as though each party to this Agreement participated equally in the preparation and drafting of this Agreement. 
 20. Counterparts. This Agreement may be signed in counterparts and said counterparts shall be treated as though signed as one document. 
 21. Period to Consider Terms of Agreement. Kwon acknowledges that this Agreement was presented to him on May 16, 2006 and that he is entitled to have up to twenty-one (21) days’ time in
which to consider the terms of this Agreement. Kwon acknowledges that he has obtained the advice and counsel from the legal representative of his choice and executes this Agreement having had sufficient time within which to consider its terms. Kwon
represents that if he executes this Agreement before 21 days have elapsed, he does so voluntarily, upon the advice and with the approval of his legal counsel, and that he voluntarily waives any remaining consideration period. Kwon understand that if
not executed on or before June 5, 2006, this Agreement shall expire and may not be executed thereafter. 
 22. Revocation of
Agreement. Kwon understands that after executing this Agreement, he has the right to revoke it within seven (7) days after his execution of it. Kwon understands that this Agreement will not become effective and enforceable unless the
seven day revocation period passes and Kwon does not revoke the Agreement in writing. Kwon understands that this Agreement may not be revoked after the seven day revocation period has passed. Kwon understands that any revocation of this Agreement
must be made in writing and delivered to Axesstel’s General Counsel within the seven day period. 
 23. Effective Date.
This Agreement shall become effective and binding upon the parties eight (8) days after Kwon’s execution thereof, so long as he has not revoked it within the time period and in the manner specified in paragraph 22, above. 
 [The remainder of this page is intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth below. 

 

									
				
	 Dated:
	 	 May 16, 2006
	 		 	    /s/ Mike Kwon
		 		 		 	 Mike Kwon

				
		 		 		 	AXESSTEL, INC.
					
	 Dated:
	 	 5/16/06
	 		 	 By:
	 	/s/ Bryan B. Min
		 		 		 		 	 Bryan B. Min

		 		 		 		 	 Chairman

  

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 EXHIBIT A 
 PROMISSORY NOTE 
  

 A-1

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