Document:

Exhibit 10.14

 

 

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
(this “Agreement”), dated as of April 25, 2022 (the “Effective Date”), is by and between
Castellum, Inc. (the “Company”), and David T. Bell (“Employee”).

 

RECITALS

 

A.           The
Company and Employee desire to enter into this Agreement relating to Employee’s employment by the Company.

 

B.           In
addition to the capitalized terms defined elsewhere in this Agreement, capitalized terms used herein shall have the definitions
ascribed thereto in Section 14.

 

AGREEMENTS

 

In consideration of
the mutual covenants of the parties hereto as hereinafter set forth and other good and valuable consideration, the receipt and
sufficiency of which hereby are acknowledged, the parties hereto hereby agree as follows:

 

1.            Employment.
The Company shall employ Employee, and Employee hereby agrees to be employed by the Company, upon the terms and conditions set
forth in this Agreement, for the period beginning on April 25, 2022 and ending on April 30, 2025 (the “Initial Employment
Period”), subject to earlier termination as provided herein. As used herein, the “Employment Period”
means the Initial Employment Period and all Renewal Periods (if any). The Employment Period shall then be automatically renewed
for subsequent one-year periods unless either party provides ninety (90) days advance notice of its intent not to renew, in which
case the Employment Period shall end at the conclusion of the then completed time period (i.e., the then upcoming April 30).

 

2.            Position
and Duties.

 

(a)       Position.
Initially, Employee shall serve as the Chief Financial Officer of the Company, reporting to the CEO of the Company. Upon termination
of employment hereunder for any or no reason, Employee will resign from each such position or office and will sign such documentation
as reasonably necessary to effectuate such resignation.

 

(b)       Duties.
During the Employment Period, Employee shall devote substantially all of Employee’s business time and Employee’s good
faith efforts to the business and affairs of the Company. During the Employment Period, Employee will (i) perform Employee’s
duties faithfully, to the best of Employee’s abilities, and consistent with a fiduciary duty of care and loyalty as generally
understood, and (ii) comply with all of the policies of the Company, including, without limitation, such policies with respect
to legal compliance, conflicts of interest, confidentiality, code of conduct and business ethics as are from time to time in effect
(as the same may be amended or modified from time to time by the Board in its discretion). Employee shall have general responsibility
for the financial reporting of the Company, the oversight of the finance and accounting personnel of the Company, interactions
with the audit committee of the Board, interactions with the Company’s auditors, and annual financial budgeting. Employee
shall work with the CEO and other senior executives interacting with the Company’s banks, investment banks, stockholders,
transfer agent, law firm(s), and other key financial stakeholders and constituencies. It is anticipated that Employee will become
a Sarbanes-Oxley signatory to the Company’s financial statements as the principal financial officer starting with the third
calendar quarter of 2022 (i.e., for the filing due November 14, 2022).

 

	3 Bethesda Metro Center, Suite 700 Bethesda, Maryland 20814	info@castellumus.com 301.961.4895

 

    			 

     

    

 

 

 

3.           Termination.
The Employment Period (a) shall automatically terminate upon (i) Employee’s death or (ii) the Board’s reasonable determination
of Employee’s Disability, (b) may be terminated by the Company at any time for any reason or no reason (whether for Cause
or without Cause) by giving Employee written notice of such termination and (c) may be terminated by Employee at any time by giving
the Company written notice of such termination at least sixty (60) days in advance of the Termination Date, unless such notice
is waived in writing by the Company (in which case such termination shall be effective as of the date set forth in such waiver
or such other date designated by the Company). The date that the Employment Period expires or is terminated for any reason (including
by virtue of delivery of an Expiration Notice) is referred to herein as the “Termination Date”.

 

4.           Base
Salary and Benefits.

 

(a)       Base
Salary; Bonus. During the Employment Period, Employee’s initial base salary shall be $275,000 per year (the “Base
Salary”). The Base Salary may be increased but not decreased in the sole discretion of the Board. Separate from the Board
determination, the Base Salary shall automatically be increased to higher levels as follows:

 

Twenty-Five Thousand Dollars ($25,000)
per month upon the Company achieving an annualized revenue run rate of Fifty Million Dollars ($50,000,000) or greater;

 

Thirty-Five Thousand Dollars ($35,000)
per month upon the Company achieving an annualized revenue run rate of Seventy-Five Million Dollars ($75,000,000) or greater;

 

Forty Thousand Dollars ($40,000)
per month upon the Company reaching an annualized revenue run rate of One Hundred Fifty Million Dollars ($150,000,000) or greater
and Adjusted EBITDA margin of no less than 7%; and

 

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Forty-Five Thousand Dollars ($45,000)
per month upon the Company reaching an annualized revenue run rate of Three Hundred Million Dollars ($300,000,000) or greater and
Adjusted EBITDA margin of no less than 8%.

 

The Base Salary shall be payable in regular
installments in accordance with the Company’s general payroll practices. Employee shall be eligible for a “Performance
Bonus” at the discretion of the Board of the Company with target bonuses that are the following percentages of Base Salary
based on criteria set forth on Schedule 4(a) hereto:

 

50% of Base Salary of less than
Thirty-Five Thousand Dollars ($35,000) per month;

 

60% of Base Salary of Thirty-Five
Thousand Dollars ($35,000) to less than Forty Thousand Dollars ($40,000) per month;

 

100% of Base Salary of Forty Thousand
Dollars ($40,000) or more per month.

 

An additional bonus of $50,000 and 10 million
warrants with a $0.10 strike price shall be paid to Employee upon the Company commencing trading on either tier of the Nasdaq or
the NYSE, and an additional bonus of $100,000 and 15 million warrants with a $0.12 strike price shall be paid to Employee upon
the Company joining the Russell 3000 and/or Russell 2000 stock index(ices).

 

The Board may pay an additional bonus (separate
from any target) in its sole discretion.

 

(b)       Expenses.
During the Employment Period, the Company will reimburse Employee for all reasonable travel and other expenses incurred by Employee
in connection with the performance of Employee’s duties and obligations under this Agreement. Employee shall comply with
such limitations and reporting requirements with respect to expenses as may be established by the Company from time to time for
its senior executives generally. With respect to any such reimbursements, such reimbursements shall (i) be paid in accordance with
the Company’s normal reimbursement procedures as in effect from time to time, but in no event later than the last day of
the taxable year following the taxable year in which the expense giving rise to such reimbursement was incurred, (ii) for any taxable
year, not affect the expenses eligible for reimbursement in a different taxable year and (iii) not be subject to liquidation or
exchange for other benefits.

 

(c)       Other
Benefits. During the Employment Period, Employee will be entitled to participate in all employee benefit plans or programs
and receive all benefits and perquisites for which salaried employees of the Company generally are eligible under any plan or program
now existing or later established by the Company on a substantially similar basis as other senior executives of the Company and
subject to the terms and conditions set forth in such plans and programs as in effect from time to time including but not limited
to the 401(k) plan with matching of 4%, healthcare, and other benefits. Employee shall be entitled to 3 weeks of paid vacation
in 2022 and 4 weeks of vacation in subsequent years plus official government holidays. Vacation will not be rolled over between
calendar years. Nothing in this Agreement will preclude the Company from amending or terminating any of the plans or programs applicable
to salaried employees or senior executives as long as such amendment or termination is applicable to all salaried employees or
all senior executives, as the case may be.

 

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(d)       Taxes.
All compensation payable to Employee hereunder shall be subject to all applicable withholding taxes, normal payroll withholding
and any other amounts, if required by law to be withheld.

 

(e)       Equity.
Employee is hereby granted 36 million stock options to purchase shares of the Company’s common stock at a price of $0.19
(19 cents) per share. Such price is subject to equitable adjustment in the event of a forward or reverse stock split, stock dividend
or other similar mechanism. The 36 million stock options shall vest ratably over the first 36 months of the Employment Period.
Unvested options shall not vest on the sale of control of the Company unless 1) Employee is not given a long-term (at least 12
months) equivalent position in the resulting Company or 2) the sale results in a price to shareholders of at least $.40 per share
(as adjusted for splits and stock dividends), in which either case any unvested options vest.

 

5.           Severance.

 

(a) Termination without
Cause or for Good Reason. Subject to the terms and conditions of this Section 5, if the Employment Period is terminated
by the Company without Cause or by Employee for Good Reason at any time, Employee shall be entitled to receive, during the Severance
Period, Employee’s Base Salary payable in the same manner and in the same installments as previously paid (the “Severance
Payments”), and, except as set forth in this Section 5(a) or in Section 5(c), the Company’s obligation
to make any other payments or provide any other benefits under this Agreement shall cease as of the Termination Date. When used
herein, the “Severance Period” means the period ending on the twelve (12)-month anniversary of the Termination
Date. Employee shall forfeit the compensation and other benefits otherwise payable to Employee pursuant to this Section 5(a)
unless, prior to the date on which the first payment would otherwise be payable pursuant to this Section 5(a) (and in any
event within sixty (60) days after receipt of such Separation Document (as hereinafter defined)), Employee executes and delivers
to the Company (and does not revoke or breach), a complete mutual release in favor of each member of the Company Group and their
affiliates, and their respective equity holders, officers, managers, directors, employees, lenders, principals and attorneys, in
a form reasonably acceptable to the Company (the “Separation Document”); provided, however, that if the
sixty (60)-day period (together with any applicable consideration and revocation periods) begins in one (1) calendar year and ends
in a second calendar year, then regardless of the date on which the Separation Document is actually executed, the Severance Payments
(if owed) will be paid in such second calendar year no later than ten (10) days after the last day of such sixty (60)-day period
(or, if later, upon the expiration of the applicable consideration and revocation periods), subject to the Company’s ability
to accelerate such payments to the extent it would not result in a violation of Code Section 409A. If Employee breaches or revokes
the Separation Document provided pursuant to the previous sentence, then Employee shall promptly repay to the Company all amounts
paid to Employee pursuant to this Section 5(a) prior to such revocation.

 

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(b)       Other
Termination. If the Employment Period is terminated (i) as a result of the death of Employee as contemplated under Section
3(a)(i), (ii) by the Company after a determination of a Disability as contemplated under Section 3(a)(ii), or (iii)
by the Company for Cause or by Employee (other than for Good Reason, the Company’s obligation to make any other payments
or provide any other benefits to Employee under this Agreement shall cease as of the Termination Date), except as set forth in
Section 5(c).

 

(c)       Other
Benefits. Except (i) as required by law, (ii) as specifically provided in this Section 5, (iii) for the payment of earned
but unpaid Base Salary, (iv) for the reimbursement of unreimbursed business expenses pursuant to Section 4(c), and (v) for
the payment of earned but unpaid Performance Bonus for any fiscal year ended prior to the Termination Date, the Company’s
obligation to make any payments or provide any other benefits hereunder shall terminate automatically as of the Termination Date.
All of Employee’s rights to fringe benefits and bonuses hereunder (if any) which would accrue or become payable after the
termination of the Employment Period shall cease upon such termination.

 

(d)       Termination
of Severance. Without limiting the foregoing remedies, if Employee commits a breach of any of the provisions of Sections
6 through 10, the Company shall no longer be obligated to make any payments pursuant to this Section 5, and Employee
shall promptly repay any of such payments made pursuant to this Section 5.

 

(e)       Offset.
At the time any amount would otherwise become due to Employee pursuant to this Section 5, the Company may, to the extent
permitted by applicable law, offset any amounts Employee owes to any member of the Company Group pursuant to any written agreement,
note or other instrument relating to indebtedness for borrowed money to which Employee is a party or pursuant to any other liability
or obligation by which Employee is bound against any amounts the Company owes Employee hereunder. Any amounts owed to Employee
hereunder that constitute “non-qualified deferred compensation” (within the meaning of Code Section 409A(d)(1)) shall,
to the extent permitted by applicable law, be subject to the offset in this Section 5(f) only if such offset is not taken
until the payment from which such offset is to be taken would otherwise be due to Employee pursuant to this Agreement.

 

(f)       Reversal
of Determination. If matters constituting Cause become known to the Company within fifty (50) days after the Termination Date,
then the Company after a determination of losses, acting reasonably and in good faith, may, by delivery of written notice to Employee,
treat such termination as being with Cause, and Employee shall promptly, but in any event within thirty (30) business days following
delivery of such notice, return all amounts received by Employee pursuant to this Agreement that Employee would not have been entitled
to receive had the Employment Period been terminated by the Company for Cause as of the Termination Date.

 

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6.           Confidential
Information. Employee acknowledges that the information, observations and data obtained by Employee while associated with any
member of the Company Group (including, without limitation, trade secrets, know-how, research plans, business, accounting, distribution
and sales methods and systems, sales and profit figures and margins and other technical or business information, business, marketing
and sales plans and strategies, cost and pricing structures, and information concerning acquisition opportunities and targets in
or reasonably related to any member of the Company Group’s business or industry) including, in each case, such information,
observations and data obtained prior to the date of this Agreement concerning the business or affairs of any member of the Company
Group and its affiliates (collectively, “Confidential Information”) are the property of such entity and agrees
that such entity has a protectable interest in such Confidential Information. Therefore, Employee agrees that Employee shall not
(during the Employment Period or at any time thereafter) disclose to any unauthorized person or use any such Confidential Information
without the prior written consent of the Board unless and to the extent that the aforementioned matters: (a) become or are generally
known to and available for use by the industry other than as a result of Employee’s acts or omissions in breach of this Agreement,
(b) are required to be disclosed by judicial process or law (provided that Employee shall give prompt advance written notice of
such requirement to the Company to enable the Company to seek an appropriate protective order or confidential treatment) or (c)
are in furtherance of Employee’s duties under Section 2(b). Employee shall deliver to the Company at the termination
of the Employment Period, or at any other time the Company may request, all memoranda, notes, plans, records, reports, computer
tapes, printouts and software and other documents and data (and copies thereof) which constitute Confidential Information or Work
Product which Employee may then possess or have under Employee’s control. Employee understands and acknowledges that nothing
in this Agreement prohibits or limits Employee or Employee’s counsel from initiating communications directly with, responding
to any inquiry from, volunteering information to, or providing testimony before, the Securities and Exchange Commission, the Department
of Justice, the Financial Industry Regulatory Authority, any other self-regulatory organization or any other governmental, law
enforcement, or regulatory authority, regarding this Agreement and its underlying facts and circumstances, or any reporting of,
investigation into, or proceeding regarding suspected violations of law, and that Employee is not required to advise or seek permission
from the Company before engaging in any such activity. Employee recognizes that, in connection with any such activity, Employee
must inform such authority that the information Employee is providing is confidential. The Company does not waive any applicable
privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other privileged
information.

 

7.           Inventions
and Patents. Employee hereby assigns to the Company all right, title and interest to all patents and patent applications, all
inventions, innovations, improvements, developments, methods, designs, recipes, formulas, analyses, drawings, reports and all similar
or related information (in each case whether or not patentable), all copyrights and copyrightable works, all trade secrets, confidential
information, and all other intellectual property rights that both (a) are or were conceived, reduced to practice, developed or
made by Employee while engaged by, employed by, or associated with, any member of the Company Group and (b) either that (i) relate
to the actual or anticipated business, research and development or existing or future products or services of any member of the
Company Group, or (ii) are or were conceived, reduced to practice, developed or made using any of the equipment, supplies, facilities,
assets or resources of any member of the Company Group (including, without limitation, any intellectual property rights) (“Work
Product”), to the extent allowable under applicable law. Employee shall promptly disclose such Work Product to the Board
and perform, at the Company’s expense, all actions reasonably requested by the Board (whether during or after the Employment
Period) to establish and confirm the Company’s ownership thereof (including, without limitation, assignments, consents, powers
of attorney, applications and other instruments).

 

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8.           Non-Competition.
In further consideration of the compensation to be paid to Employee hereunder, Employee acknowledges that in the course of Employee’s
employment with the Company, Employee is and will become familiar with trade secrets and other Confidential Information concerning
the Company Group and that Employee’s services will be of special, unique and extraordinary value to the Company Group.
Therefore, Employee hereby covenants and agrees that, during the Employment Period and for any period thereafter for which the
Employee is receiving severance (the “Restricted Period”), Employee shall not, without prior express written approval
by the Board, directly or indirectly through any other Person or Persons (whether for compensation or otherwise):

 

(a)       own
or hold any debt or equity interest in, manage, operate, control, consult with, render services for, or engage, join or participate
in the ownership, management, operation or control of, or furnish any capital or loans to, any Person engaged in or actively pursuing
the Business (a “Competing Business”), either as an owner, officer, general or limited partner, principal, proprietor,
joint venturer, shareholder, director, member, manager, investor, lender, agent, employee, consultant, trustee, affiliate or otherwise;
or

 

(b)       provide
to any Competing Business (whether as owner, officer, general or limited partner, principal, proprietor, joint venturer, shareholder,
director, member, manager, investor, agent, employee, consultant, trustee, affiliate or otherwise) any executive, managerial, strategic
or business development services similar to those services that Employee provided to any member of the Company Group during Employee’s
employment with the Company.

 

Employee acknowledges and agrees that the
provisions in this Section 8 shall operate throughout the United States, Canada, and any NATO country. Nothing herein shall
prohibit Employee from being a passive owner of not more than one percent (1%) of the outstanding securities of any publicly traded
company engaged in a Competing Business, so long as Employee has no active participation in such Competing Business. In addition,
Employee agrees and acknowledges that the potential harm to any member of the Company Group of its non-enforcement outweighs any
harm to Employee of its enforcement by injunction or otherwise. Employee acknowledges that Employee has carefully read this Agreement
and has given careful consideration to the restraints imposed upon Employee by this Agreement, and is in full accord as to their
necessity.

 

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9.           Non-Interference.
Employee agrees that, during the Restricted Period and for one (1)-year thereafter, Employee will not, directly or indirectly:

 

(a)       solicit
(or participate as an employee, agent, consultant, owner, lender, securityholder, director, manager, partner, member or in any
other individual or representative capacity in any business which solicits) business from any Person that is or was a customer,
client, distributor, supplier or vendor of any member of the Company Group during the two (2)- year period preceding the date of
such solicitation, or from any successor in interest to any such Person, in each case, for the purpose of securing business or
contracts related to the Business or any portion thereof; or

 

(b)       employ,
engage or recruit, solicit, contact or approach for employment or engagement (or participate as an employee, agent, consultant,
owner, lender, securityholder, director, manager, partner, member or in any other individual or representative capacity in any
business that employs, engages or recruits, solicits, contacts or approaches for employment or engagement) any Person that served
as an employee, independent contractor or consultant of any member of the Company Group within the two (2) years immediately preceding
such action, or otherwise seek or attempt to influence or alter any such Person’s relationship with any member of the Company
Group.

 

10.         Non-disparagement.
During the Employment Period or at any time thereafter, Employee shall not, directly or indirectly: (i) make any oral or written
statement (including via the internet or social media) that disparages or places any member of the Company Group (including any
of its past or present officers, employees, products or services) in a false or negative light or otherwise induce or attempt to
induce any Person to cease doing business with any member of the Company Group, reduce its business or not increase its business
with any member of the Company Group, not grant new business to any member of the Company Group, or in any way interfere with the
relationship between such Person and any member of the Company Group, or (ii) encourage or assist any Person who may or who has
filed a lawsuit, charge, claim or complaint against any member of the Company Group; provided, however, that nothing herein
shall prevent Employee from responding to a lawful subpoena or complying with any other legal obligation, in each case, to the
extent required by law. If Employee receives any subpoena or becomes subject to any legal obligation that implicates this Section
10, Employee will provide prompt written notice of that fact to the relevant members of the Company Group (as set forth in
Section 15) and enclose a copy of the subpoena and any other documents describing the legal obligation. Section 10(i)
shall not apply to communications between Employee and his immediate family so long as Employee’s immediate family, attorneys,
and paid advisors keeps such communications strictly confidential.

 

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11.         Enforcement.
If, at the time of enforcement of any of Sections 6 through 10, a court or an arbitrator holds that the duration,
scope or area restrictions stated therein are unreasonable under the circumstances then-existing, the parties hereto agree that
the maximum duration, scope or area reasonable under such circumstances shall be substituted for the stated duration, scope or
area and that the court or arbitrator shall be allowed to revise the restrictions contained herein to cover the maximum period,
scope and area permitted by law. Because Employee’s services are unique and because Employee has access to Confidential Information
and Work Product, the parties hereto agree that money damages would not be an adequate remedy for any breach of this Agreement.
Therefore, in the event of a breach or threatened breach of this Agreement, the Company or its successors or assigns may, in addition
to other rights and remedies existing in their favor, apply to any court of competent jurisdiction for and obtain specific performance
and/or injunctive or other relief in order to enforce or prevent any violations of the provisions hereof (without (i) the posting
of any bond or other security, (ii) the necessity of showing actual damages and (iii) the necessity of showing that monetary damages
are an inadequate remedy). Employee agrees that the restrictions contained in Sections 6 through 10 are reasonable.

 

12.         Employee’s
Representations. Employee hereby represents and warrants to the Company that (i) the execution, delivery and performance of
this Agreement by Employee and the execution of the Company’s business plan by Employee do not and shall not conflict with,
breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Employee is a
party or by which Employee is bound, (ii) Employee is not a party to or bound by any employment agreement, noncompete agreement,
nonsolicitation agreement or confidentiality agreement with any other person or entity, (iii) Employee shall not use any confidential
information or trade secrets of any third party in connection with the performance of Employee’s duties hereunder and (iv)
this Agreement constitutes the valid and binding obligation of Employee, enforceable against Employee in accordance with its terms.
Employee hereby acknowledges and represents that Employee has consulted with independent legal counsel regarding Employee’s
rights and obligations under this Agreement and that Employee fully understands the terms and conditions contained herein.

 

13.         Survival.
Sections 5 through 12 shall survive and continue in full force in accordance with their terms notwithstanding any
termination of the Employment Period.

 

14.         Definitions.

 

“Adjusted EBITDA” means Earnings
(net income) Before Interest, Taxes, Depreciation, and Amortization (calculated as Net Income + Interest + Taxes + Depreciation
+ Amortization) adjusted for (removing) various one-time, irregular, and non-recurring items including, but not limited to the
following:

 

		·	Business
and asset acquisition cost not capitalized

		·	Unrealized
gains or losses

 

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		·	Non-cash expenses (other than depreciation,
amortization already considered in EBITDA)

		·	Litigation
expenses

		·	Gains
or losses on foreign exchange

		·	Goodwill
impairments

		·	Non-operating
income

		·	Share-based
compensation

 

“Adjusted EBITDA
margin” means Adjusted EBITDA as a percentage of revenue.

 

“Board” means
the Board of Directors of Castellum, Inc.

 

“Business”
means (i) the business of providing IT, electronic warfare, software, cybersecurity, and related products and services to the U.S.
commercial market and the United States government and governments of NATO countries as a “government contractor,”
(ii) any other material business conducted by the Company at any time during the Employment Period or (iii) any business that the
Company has entered into a letter of intent or agreement at any time during the Employment Period to commence or acquire.

 

“Cause” shall
include the following:

 

(a)       The
commission by Employee of a felony (or procedural equivalent) or any other crime involving moral turpitude or any act or omission
that would constitute a breach of a fiduciary duty of an officer of a Nevada corporation, in each case, as determined in good faith
by the Board;

 

(b)       The
commission of an act of intentional dishonesty, fraud, embezzlement, gross negligence, willful misconduct or theft with respect
to any member of the Company or any of their respective customers or other business relationships;

 

(c)       Any
material breach, non-performance or non-observance by Employee of any of the terms of this Agreement (other than a breach, non-performance
or non-observance described in clause (d) of this definition), the governing documents of the Company or any other agreement between
Employee, on the one hand, and the Company, on the other hand, in Employee’s capacity as an equity holder, independent contractor,
employee or officer thereof, which failure or breach (if curable) continues for a period of at least ten (10) days following a
written demand for such performance by the Board specifying in reasonable detail the action that the Board alleges to be a failure
to perform or breach by Employee;

 

(d)       Any
breach of any of the provisions of Sections 6 through 10;

 

(e)       The
commission by Employee of (i) alcohol abuse that interferes with Employee’s performance of Employee’s duties hereunder
or illegal drug use by Employee, (ii) any act or omission that constitutes a violation of any law, regulation or ordinance applicable
to the Company or the Business or would, if proven, cause the loss of Employee’s security clearance with the United States
government, or (iii) any breach of any fiduciary duties owed to any member of the Company;

 

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(f)       Employee’s
(i) knowingly taking any action of material importance on behalf of the Company or any of its affiliates without appropriate authority
to take such action or (ii) material misrepresentation to or willfully withholding from the Board of information that is material
to any member of the Company, its businesses or operations;

 

(g)       The
violation by Employee of any of the material written policies or procedures the Company applicable to Employee, or any other act
or omission constituting gross negligence or willful or criminal misconduct with respect to Employee’s duties or obligations
to the Company which violation is adverse to the Company and which violation or conduct (if curable) continues for a period of
at least ten (10) days following written notice thereof to Employee from the Board specifying in reasonable detail the violations,
actions or omissions that the Board alleges to have occurred;

 

(h)       Employee’s
insubordination or refusal to perform specific lawful directives from the Board that are reasonably consistent with the scope and
nature of Employee’s responsibilities;

 

(i)       The
existence of any legal or contractual limitation on Employee’s ability to engage in the Business that reasonably could be
expected to have a material adverse effect on Employee’s ability to attract or retain customers or perform services hereunder;

 

“CEO” means
the Chief Executive Officer of the Company.

 

“Code” means
the Internal Revenue Code of 1986, as amended.

 

“Company” means
Castellum, Inc. and any Subsidiaries or affiliates.

 

“Company Group”
means the Company.

 

“Disability”
means Employee’s inability to fulfill Employee’s duties under this Agreement for sixty (60) consecutive days or ninety
(90) days in any one hundred eighty (180)- day period due to a mental or physical illness, as reasonably determined by the Board.

 

“Good Reason”
means:

 

(a)       the
relocation of Employee’s principal office more than fifty (50) miles from California, Maryland, unless such new office is
within 50 miles from Employee’s then- permanent residence; or

 

(b)       a material
breach of this Agreement by the Company.

 

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(c)       negative
change in Employee title, role, duties, reporting structure, and/or compensation.

 

Employee may terminate
his employment for Good Reason only by giving the Board prior written notice of termination for Good Reason within 30 days after
Employee first becomes aware of the event or condition first giving rise to such Good Reason, and such notice shall become effective
thirty (30) days after the date of the notice, unless the Company cures the circumstances that constitute Good Reason within thirty
(30) days following the date of the notice, in which case the notice will be of no further effect.

 

“Person”
means any individual, sole proprietorship, general partnership, limited partnership, limited liability company, joint venture,
trust, unincorporated association, corporation, entity or government (whether federal, state, county, city or otherwise, including,
without limitation, any instrumentality, division, agency or department thereof).

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association or business entity of which
(i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers, or trustees thereof is at the time owned or controlled, directly or
indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof, or (ii) if a limited
liability company, partnership, association, or other business entity (other than a corporation), a majority of partnership or
other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more
Subsidiaries of that Person or a combination thereof. For purposes hereof, a Person or Persons shall be deemed to have a majority
ownership interest in a limited liability company, partnership, association or other business entity (other than a corporation)
if such Person or Persons shall be allocated a majority of limited liability company, partnership, association, or other business
entity gains or losses or shall be or control any manager, managing director or general partner of such limited liability company,
partnership, association or other business entity. Notwithstanding the foregoing, for purposes hereof, any Person which is consolidated
with the Company in its financial statements prepared in accordance with U.S. generally accepted accounting principles, consistently
applied, shall be deemed to be a Subsidiary of the Company and any indirect subsidiary of a Person shall be deemed to be a Subsidiary
of such Person. For purposes hereof, references to a “Subsidiary” of any Person shall be given effect only at such
times that such Person has one or more Subsidiaries.

 

15.         Notices.
Any notice provided for in this Agreement must be in writing and must be either (a) personally delivered, (b) delivered by a recognized
overnight courier service (charges prepaid) or (c) by email, with receipt acknowledged, to the recipient at the address below indicated:

 

    		12	 

     

    

 

 

 

If to the Company:

 

Castellum, Inc.

Attention: Board of Directors

9812 Falls Road, #114-299

Potomac, MD 20854

Email: jwright@castellumus.com

 

If to Employee:

 

David T. Bell

See signature page hereto

 

or such other address or to the attention
of such other person as the recipient party shall have specified by prior written notice to the sending party. Date of service
of such notice shall be (x) the date such notice is personally delivered, (y) one (1) business day after date of delivery to the
overnight courier if sent by overnight courier or (z) the date such notice is delivered by email, receipt confirmed by recipient.

 

16.         General
Provisions.

 

(a)       Severability.
Except as provided in Section 11, whenever possible, each provision of this Agreement shall be interpreted in such manner
as to be effective and valid under applicable law, but if any provision of this Agreement is held to be illegal, invalid or unenforceable
in any respect under any present or future law, and if the rights or obligations of any party hereto under this Agreement will
not be materially and adversely affected thereby, (i) such provision will be fully severable, (ii) this Agreement will be construed
and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof, (iii) the remaining provisions
of this Agreement will remain in full force and effect and will not be affected by the illegal, invalid or unenforceable provision
or by its severance herefrom and (iv) in lieu of such illegal, invalid or unenforceable provision, there will be added automatically
as a part of this Agreement a legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible.

 

(b)       Complete
Agreement. This Agreement and those documents expressly referred to herein embody the complete agreement and understanding
among the parties hereto and supersede and preempt any prior understandings, agreements or representations by or among the parties,
written or oral, which may have been related to the subject matter hereof in any way.

 

    		13	 

     

    

 

 

 

(c)       Counterparts;
Electronic Transmission. This Agreement may be executed in separate counterparts, each of which is deemed to be an original
and all of which taken together constitute one and the same agreement. Delivery of executed signature pages hereof by electronic
transmission (including a facsimile or .pdf file) shall constitute effective and binding execution and delivery of this Agreement.

 

(d)       Amendment
and Waiver. The provisions of this Agreement may be amended and waived only with the prior written consent of each of the Company
and Employee.

 

(e)       Business
Days. If any time period for giving notice or taking action hereunder expires on a day which is a Saturday, Sunday or legal
holiday in the state in which the Company’s chief executive office is located, the time period shall be automatically extended
to the business day immediately following such Saturday, Sunday or holiday.

 

(f)       No
Strict Construction. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to
express their mutual intent, and no rule of strict construction shall be applied against any party.

 

(g)       Assignment.
Except as otherwise provided herein, this Agreement shall bind and inure to the benefit of and be enforceable by Employee, the
Company and their respective successors and assigns; provided, however, that the rights and obligations of Employee under
this Agreement shall not be assignable other than to (a) any affiliate of the Company Group or (b) any purchaser of all or substantially
all of the assets of any member of the Company Group.

 

(h)       Governing
Law. This Agreement shall be construed in accordance with the internal laws, but not the law of conflicts, of the State of
Maryland.

 

(i)       Arbitration.
Except as expressly provided otherwise in this Agreement, in the event of any controversy between the parties hereto arising out
of, or relating to, this Agreement, including, without limitation, any controversy concerning the negotiation, validity or enforceability
of this Agreement and any dispute as to whether a particular controversy is subject to arbitration, which cannot be settled amicably
by the parties hereto, such controversy or dispute shall be finally, exclusively and conclusively settled by mandatory arbitration
conducted expeditiously in accordance with the JAMS Comprehensive Arbitration Rules, by a panel of three (3) arbitrators; provided
that, notwithstanding the foregoing, each of the parties hereto shall be entitled to seek a temporary restraining order and any
other emergency injunctive relief, from a court of competent jurisdiction, restraining the other party from committing or continuing
any violation of the provisions hereof until such time as the controversy is adjudicated in arbitration; provided further, that
monetary damages for any breach of this Agreement shall be determined pursuant to this subsection. If the parties hereto are unable
to agree on the selection of an arbitration panel, then the arbitration panel shall be appointed by JAMS according to its rules
on arbitrator selection, which appointment shall be made within ten (10) days of JAMS’ receipt of notice from a party that
the parties are unable to agree on an arbitration panel. Any party hereto may institute such arbitration proceeding by filing the
required documents with the arbitration service and giving written notice to the other party hereto. A hearing shall be held by
the arbitrator at JAMS’ facilities located in Washington, DC within thirty (30) days of the arbitration panel’s appointment.
The decision of the arbitrators shall be final and binding upon all parties and shall be rendered pursuant to a written decision
which contains a detailed recital of the arbitrators’ reasoning. Judgment upon the award rendered may be entered in any court
having jurisdiction thereof pursuant to the Federal Arbitration Act, 9 U.S.C. Sec. 1, et seq.

 

[Signature Page Follows]

 

    		14	 

     

    

 

 

 

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

 

	 	COMPANY:
	 	 
	 	CASTELLUM INC.
	 	 
	 	By:	/s/ Mark C. Fuller 
	 	          	Mark C. Fuller 
	 	 	President & CEO
	 	 	 
	 	EMPLOYEE:
	 	 	 
	 	
	 	Address:	David Bell 1016 Glyndon St. SE, Vienna, VA 22180
	 	Email:	4davidtbe11@gmail.com

 

	3 Bethesda Metro Center, Suite 700 Bethesda, Maryland 20814	info@castellumus.com 301.961.4895

 

    			 

     

    

 

 

Schedule 4(a) - Performance Bonus Criteria

The annual Performance Bonus will be calculated each year on
the anniversary of the Employment Agreement and cash payments made based on the audited results of Castellum. The following constitute
the mutually agreed to objectives:

 

		1.	Ensure on time filing of all periodic filings (Form 10Q
and Form 10K) and event driven filings (Forms 13(d), Section 16 filings (forms 3 and 4) and Form 8K).

 

		2.	Ensure on-time filings and payment of all federal, state
and local tax obligations.

 

		3.	Prepare an annual consolidated draft budget based on subsidiary
budgets by 31 October each year.

 

	3 Bethesda Metro Center, Suite 700 Bethesda, Maryland 20814	info@castellumus.com 301.961.4895Exhibit 10.15

 

LEASE AGREEMENT

 

This Agreement is made on January 11,2018.

 

BETWEEN LTD Realty Investment, IV, LP,

 

Located at P.O. Box 547, Manahawkin, NJ 08050
in the County of Ocean and State of New Jersey, herein designated as the "LANDLORD"

 

AND, SPECIALTY SYSTEMS, Inc.

 

Located at 1451 Route 37 West, Toms River, NJ, in the County
of Ocean and State of New Jersey, herein designated as the “TENANT";

 

1.          Premises.
The landlord does hereby lease to the Tenant and the Tenant does hereby rent from the Landlord, the following described premises:

 

1451 Route 37 West, Toms River, New
Jersey, 8,015 sq. ft as per attached architectural blueprint.

 

2.          Term.
The term of this lease is for (5) Year commencing on February 1, 2018 and ending on January 31, 2023. Tenants shall
cease to owe any rents on its current lease at 1451 Route 37 West in Toms River, NJ on January 31, 2018

 

3.           Use:
Office/Computer facility. The Premises are to be used and occupied for no other purpose than an engineering /computing consulting
office and computer integration facility.

 

4          Total Rents.  Tenant agrees to pay to the Landlord
as and for rent for the demised premises, the sum of $100,187.50 per annum during the term of the term of the lease, payable
in equal monthly installments of $8,348.96 due on the first day of each and every month in advance. This is base rent
only.

 

5          Base Rent. The base annual
rent for Year 1 through 5, to be paid as follows:

 

$8,348.96 per month, due on the 1st day of each month.
The Tenant must pay a late charge of $150.00 as additional rent for each payment that is more than 10 day late. This late charge
is due with the monthly rent payment. The Tenant must also pay a fee of $50.00 as additional rent for any dishonored check.

 

6.          Property
Taxes. The Tenant's share for 2017 Property taxes on this unit is 17.2% of the building and will be recomputed annually.

 

7.          Common Area Charges. $200.00 per month

 

    			 

     

    

 

8.           Total
monthly charge Total monthly charge for 2017 is $10,020.97.

 

9.          Liability
Insurance. The Tenant, at Tenant's own cost and expense, will obtain or provide and keep in full force for the benefit of the
Landlord, during the term hereof, general public liability insurance, insuring the Landlord against any and all liability or claims
of liability arising out of, occasioned by or resulting from any accident or otherwise in or about the Premises of injuries to
any persons for limits of not less than $1,000,000.00 for property damage, $500,000 for injuries to one person and $2,000,000.00
for injuries to more than one person, in any one accident or occurrence. The insurance policies will be with companies authorized
to do business in this State and will be delivered to the Landlord, together with proof of payment, not less than fifteen (15)
days prior to the commencement of the term hereof or of the date when the Tenant enters in possession, whichever occurs sooner.
At least fifteen (15) days prior to the expiration or termination date of any policy, the Tenant will deliver a renewal or replacement
policy with proof of the payment of the premium therefore.

 

10.         Plate
Glass insurance. Tenant at its own cost and expense, will obtain or provide, and keep in full force the benefit of the
Landlord, during the term hereof, plate glass insurance, insuring against any and all damage caused by the Tenant to the
plate glass windows contained within the unit premises. The insurance policies will be with companies authorized to do
business in this State and will be delivered to the Landlord, together with proof of payment, not less than fifteen (15) days
prior to the commencement of the term hereof or of the date when the Tenant enters in possession, whichever occurs sooner. At
least fifteen (15) days prior to the expiration or termination date of any policy, the Tenant will deliver a renewal or
replacement policy with proof of the payment of the premium therefore.

 

11.         Security.
The Tenant has/will deposit with the Landlord the sum of $6,750.00 as security for the payment of the rent hereunder and the full and
faithful performance by the Tenant of the covenants and conditions on the part of the Tenant to be performed. Said sum will be returned
to the Tenant, without interest, after the expiration of the term hereof, provided that the Tenant has fully and faithfully performed
all such covenants and conditions and is not in arrears in rent. During the term hereof, the Landlord may, if the Landlord so elects,
have recourse to such security, to make good any default by the Tenant and the Tenant will on demand, promptly restore said security
to its original amount. Liability to repay said security to the Tenant will run with the reversion and title to the Premises whether
any change in ownership thereof is by voluntary alienation or as the result of judicial sale, foreclosure or other proceedings or the
exercise of a right of taking or entry by any mortgagee. The Landlord will assign or transfer said security, for the benefit of the Tenant,
to any subsequent owner or holder of the reversion or title to the Premises, in which case the assignee will become liable for the repayment
thereof as herein provided and the assignor will be released from all liability to return such security. This provision shall be applicable
to every change in title and does not permit the Landlord to retain the security after termination of the Landlord’s ownership.
The Tenant will not mortgage, encumber or assign said security without the written consent of the Landlord.

 

    			 

     

    

 

12.         Repairs
and Care. The Tenant has examined the premises and has entered into this lease without any representation on the part of the
Landlord as to the condition thereof. The Tenant shall take good care of the premises and will at the Tenant’s own cost and
expense, make all repairs including painting and decorating and will maintain the Premises in good condition and state of repair
and at the end or other expiration of the term hereof, will deliver up the rented Premises in good order and condition, except
for reasonable wear and tear and damage by the elements not resulting from the neglect or fault of the Tenant, excepted. The Tenant
shall neither encumber nor obstruct the sidewalks, driveways, yards, entrances, hallways and stairs, but will keep and maintain
the same in a clean condition, free from debris, trash, refuse, snow and ice. Landlord shall be responsible and pay for all capital
costs and repairs including, exterior walls, roof and HVAC systems (except in the case of tenant’s lack of maintenance on
HVAC systems). Landlord shall be responsible to ensure compliance, at Landlord's cost with ADA or other State or Federal agencies.

 

13.         HVAC
Inspections. Landlord agrees that the HVAC system will be a fully operational system compliant with all State and local requirements.
It is the responsibility of the Tenant to maintain and have serviced on a regular basis the heating and air conditioning
system. All tenants are to obtain annual service agreements from a heating and air conditioning contractor for the HVAC units,
a copy of which must be sent to the Landlord. Any repairs and/or replacement of the HVAC if due to lack of maintenance will be
charged to the tenant.

 

14.         Compliance
with Law etc. The Tenant will promptly comply with all laws, ordinances, rules, regulations requirements and directives of
all Governmental or Public Authorities and of all their subdivisions, applicable to and affecting the premises or the use and occupancy
of the Premises. Tenant will promptly comply with all orders, regulations, requirements and directives of the Board of Fire Underwriters
or similar authority and of any insurance companies which have issued or are about to issue policies of insurance covering the
said Premises and its contents, for the prevention of fire or other casualty, damage or injury, at the Tenant’s own cost
and expense.

 

15.         Assignment
The Tenant will not assign, mortgage or hypothecate this lease, nor sublet or sublease the Premises or any part thereof without
the Landlord's written consent.

 

    			 

     

    

 

16.         Fire
and Other Casualty. If there is a fire or other casualty, the Tenant will give immediate notice to the Landlord. If the Premises
are partially damaged by fire, the elements or other casualty, the Landlord will repair the same as speedily as practicable, but
the Tenant's obligation to pay the rent hereunder will not cease. If, in the opinion of the Township Fire Department the premises
are rendered untenantable, then the rent, property taxes and CAM will cease. However, if the premises are destroyed or damaged
such that repairs cannot be completed in 120 days, then the rent, property taxes and CAM will cease until such time as the primises
are made tenantable by the landlord.. However, if the Premises are totally destroyed or so extensively and substantially damaged
(50% or more and cannot be fully repaired within 120 days) then the rent will be paid up to the time of such destruction and the
lease will come to an end. In no event however, will the provisions of the preceding three sentences become effective or be applicable,
if the fire or other casualty and damage are the result of carelessness, negligence or improper conduct of the Tenant or the Tenant’s
agents, employees, guests, licensees, invitees, subtenants assignees or successors. In such case, the Tenant’s liability
for the payment of the rent and the performance of all the covenant, conditions and terms hereof on the Tenant's part to be performed
will continue and the Tenant will be liable to the Landlord for the damage and loss suffered by the Landlord. If the Tenant was
insured against any of the risks herein covered, then the proceeds of such insurance will be paid over the Landlord to the extent
of the Landlord’s costs and expenses to make the repairs hereunder and such insurance carriers will have no recourse against
the Landlord for reimbursement.

 

17.         Alterations
and/or Improvements. No alterations, additions or improvements will be made and no climate regulating, air conditioning, cooling,
heating or sprinkler systems, television or radio antennas, heavy equipment, apparatus and fixtures, may be installed in or attached
to the Premises, without the written consent of the Landlord. Unless otherwise provided herein, all such alterations, additions
or improvements and systems when made, installed in or attached to the said Premises, will belong to and becomes the property of
the Landlord and shall be surrendered with the Premises and as part thereof upon the expiration or sooner termination of this lease
without hindrance, molestation or injury.

 

18.         Inspection
and Repair. The Tenant agrees that the Landlord and the Landlord’s agents, employees or other representatives, will have
the right to enter into and upon the Premises or any part thereof, at all reasonable hours, for the purpose of examining the same
or making such repairs or alterations therein as may be necessary for the safety and preservation thereof. The preceding sentence
will not be deemed to be a covenant by the Landlord nor be construed to create an obligation on the part of the Landlord to make
such inspection or repairs.

 

19.         Right
to Exhibit The Tenant agrees to permit the Landlord and the Landlord’s agents, employees or other representatives
to show the premises to persons wishing to rent or purchase the same and Tenant agrees that during the 6 months
preceding the expiration of the term hereof, the Landlord or the Landlord’s agents employees or other representatives
shall have the right to place notices on the front of said premises or any part thereof, offering the Premises for rent or
for sale; and the Tenant hereby agrees to permit the same to remain thereon without hindrance or molestation. The Tenant will
also permit the Landlord and the Landlord's agents, employees or other representatives to show the premises to prospective
mortgagees of the premises and the land and improvements of which the premises are a part upon reasonable notice during
business hours.

 

    			 

     

    

 

20.         Glass
or other Damage and Repairs.          In case of the destruction of or any damage to the glass in the Premises, or the destruction of
or damage of any kind whatsoever to the Premises, caused by the carelessness, negligence or improper conduct on the part of the
Tenant or the Tenant’s agents, employees, guests, licenses, invitees, subtenants, assignees or successors, the Tenant will
repair the said damage or replace or restore any destroyed parts of the premises, as speedily as possible, at the Tenant's own
cost and expense.

 

21.         Signs.
         The Tenant may not place nor allow to be placed any signs of any kind whatsoever, upon, in or about the Premises except as
may be consented to by the Landlord in writing. The Landlord or the Landlord's agents, employees or representatives may remove
any such signs in order to paint or make any repairs, alterations or improvements in or upon the Premises or any part thereof but
such signs will be replaced at the Landlord’s expense when the said repairs, alterations or improvements are completed. Any
signs permitted by the Landlord shall at all times conform to all municipal ordinances or other laws and regulations applicable
thereto.

 

22.         Non-Liability
of Landlord.         The Landlord will not be liable for any damage or injury which may be sustained by the Tenant or any other person,
as a consequence of the failure, breakage, leakage or obstruction of the water, plumbing, steam, sewer, waste or soil pipes, roofs,
drains leaders gutters, valleys, downspouts or the like or of the electrical, gas, power, conveyor, refrigeration, sprinkler, air
conditioning or heating systems, or by reason of the elements; or resulting from the carelessness, negligence or improper conduct
on the part of any other Tenant or any other Tenant's agents, employees, guests, licenses, invitees, subtenants, assignees or successors;
or attributable to any interference with, interruption of or failure. The landlord will be liable, however, for tenant losses due
to landlords own negligence.

 

    			 

     

    

 

23.         Mortgage
Priority.          This lease shall not be a lien against the Premises with respect to any mortgages that may hereafter be placed upon
said premises. Such mortgage or mortgages will have preference and be superior and prior in lien to this lease, irrespective of
the date of recording. The Tenant will execute any instruments without cost, which may be deemed necessary to further effect the
subordination of this lease to any such mortgages. A refusal by the Tenant to execute such instruments within fifteen (15) days
of receipt is a default under this Lease.

 

24.         Increase
of Insurance Rates.          If for any reason it is impossible to obtain fire and other hazard insurance on the buildings and improvements
on the Premises, in an amount and in the form and from insurance companies acceptable to the Landlord, the Landlord may, if it
so elects at any time thereafter, terminate this lease upon giving the Tenant fifteen (15) days notice in writing of the Landlord's
intention to do so. Upon the giving of such notice, this lease will terminate as of the date specified in the notice. If as a result
of the use to which the Premises are put by the Tenant or character of or the manner in which the Tenant’s business is carried
on the insurance rates for fire and other hazards increase, the Tenant will, upon demand, pay to the Landlord, as additional rent,
the amounts by which the premiums for such insurance are increased. If, as a result of the use to which the premises are put by
another tenant, insurance premiums increase, the tenant will not be obligated to share payment of the increase with the landlord
as part of the CAM.

 

25.         Utilities.
         The Tenant will pay when due all the rents or charges for water, electric, gas and/or other utilities used by the Tenant, which
are or may be assessed or imposed upon the Premises or charged to the Landlord rather then the Tenant, by the suppliers thereof
during the term hereof. Tenant further agrees that where possible it will simultaneously with the execution of this lease place
the electricity, gas and other utilities in it’s name and pay the bills for same directly to the utility company.

 

26.         Condemnation
Eminent Domain.          If any portion of the Premises leased herein, or if which the Premises are a part is taken under eminent
domain or condemnation proceedings, or actions, the Landlord grants an option to purchase and/or sells and conveys the
Premises or any portion thereof, to the governmental or other public authority, agency, body or public utility, seeking to
take said land and Premises or any portion thereof, then this lease, at the option of the Landlord, will terminate, and the
term hereof will end as of such date as the Landlord fixes by notice in writing. The Tenant will have no claim or right to
claim or be entitled to any portion of any amount which may be awarded as damages or paid as the result of such condemnation
proceedings or paid as the purchase price for such option, sale or conveyance in lieu of formal condemnation proceedings and
all rights of the Tenant to damages, if any, are hereby assigned to the Landlord. The Tenant will execute and deliver any
proceedings or to effectuate a proper transfer of title to such governmental or other public authority, agency, body or
public utility seeking to take or acquire the Premises or any portion thereof. The Tenant will vacate the Premises and remove
all of it’s personal property therefrom and deliver up peaceable possession thereof to the Landlord or to such other
party designated by the Landlord. Failure by the Tenant to comply with any provisions in this clause will require the Tenant
to pay to landlord such costs, expenses, damages and losses as the Landlord may incur by reason of the Tenant’s breach
hereof.

 

    			 

     

    

 

27.          Events
of Default; Remedies upon Tenant’s Default. The following are “Events of Default" under this Lease: (a) a
default by the Tenant in the payment of rent, or any additional rent when due; (b) a default by the Tenant in the performance
of any of the other covenants or conditions of this Lease, which the Tenant does not cure within 14 days after the Landlord gives
the Tenant written notice of such default; (c) the death of the Tenant (if the Tenant is an individual); (d) the liquidation or
dissolution of the Tenant (if the Tenant is an entity); (e) the filing by the Tenant of a bankruptcy, insolvency or receivership
proceeding; (f) the filing of a bankruptcy, insolvency or receivership proceeding against the Tenant which is not dismissed within
60 days after the filing thereof; (g) the appointment of, or the consent by the Tenant to the appointment of a custodian, receiver,
trustee, or liquidator of all or a substantial part of the Tenant’s assets; (h) the making by the Tenant of an assignment
for the benefit of creditors or an agreement of composition; (i) if the Premises are vacant for over sixty (60) days; (j) the
eviction of the Tenant; or (k) if this Lease, the Premises or the Tenant's interest in the Premises passes to another by virtue
of operation of law as a result of a writ of execution, levy or judicial or foreclosure sale. If an Event of Default occurs, any
and all expenses of the landlord including but not limited to legal fees shall be the responsibility of the tenant and shall be
deemed to be additional rent. The Landlord, in addition to any other remedies contained in this Lease or as may be permitted by
law, may either by force or otherwise, without being liable for prosecution or for damages, re-enter, possess and enjoy the Premises.
The Landlord may then re-let the Premises and receive the rents therefore and apply the same to the payment of expenses in re-letting,
including but not limited to reasonable attorney fees and any other costs as the Landlord may have incurred in re-entering and
repossessing the Premises and in making such repairs and alterations as may be necessary; and second to the payment of the rents
due hereunder. The Tenant will remain liable for such rents as may be in arrears and also the rents as may accrue subsequent to
the re-entry by the Landlord, to the extent of the difference between the rents reserved hereunder and the rents, if any, received
by the Landlord during the remainder of the unexpired term hereof, after deducting the aforementioned expenses, fees and costs;
the same to be paid as such deficiencies arise and are ascertained each month.

 

    			 

     

    

 

28.         Termination
on Default. The landlord may, at any time after an event of default occurs, terminate this Lease upon giving the Tenant five
(5) days notice in writing of the Landlord’s intention to do so. Upon giving such notice, this Lease and the term h hereof
will end on the date fixed in such notice as if such date was the date originally fixed in this lease for the expiration hereof;
and the Landlord will have the right to remove all persons, goods, fixtures and chattels from the Premises, by force or otherwise,
without liability for damage.

 

29.         Termination
for Business Downturn. If at any point after the second full year of the lease, it becomes the case where tenants Joint Base
McGuire-Dix- Lakehurst re-compete contract is not awarded to tenant or the work is required to be performed at another Defense
Department facility or the tenant contract is cancelled at Joint Base Mcguire-Dix-Lakehurst, Tenant shall only be responsible to
pay a sum equal to six (6) month's rent, taxes and CAM from date of notice and no other costs, rents, fees or penalties shall be
imposed by the Landlord.

 

30.         Removal
of Tenant’s Property. Any equipment, fixtures, goods or other property of the Tenant that are not removed by the Tenant
upon the termination of this lease, or upon any quitting, vacating or abandonment of the premises by the Tenant, or upon the Tenant's
eviction, will be considered as abandoned and the Landlord will have the right, without any notice to the Tenant, to sell or otherwise
dispose of the same, at the expense of the Tenant, and will not be accountable to the Tenant for any part of the proceeds of such
sale, if any.

 

31.         Reimbursement
of Landlord. If the Tenant fails or refuses to comply with any conditions of this lease, the Landlord may carry out and perform
such conditions at the cost and expense of the Tenant, which cost and expense will be payable on demand as additional rent to the
Landlord. This remedy will be in addition to such other remedies as the Landlord may have by reason of the breach by the Tenant
of any of the terms and conditions of this lease.

 

32.         Non-Performance
by Landlord. This lease and the obligation of the Tenant to pay the rent hereunder and to comply with the covenants and conditions
hereof, shall not be affected, curtailed, impaired or excused because of the Landlord’s inability to supply any service or
material called for herein, by reason of any rule, order, regulation or preemption by any governmental entity, authority, department
agency or subdivision or for any delay which may arise by reason of negotiations for the adjustment of any fire or other casualty
loss or because of strikes or other labor trouble or for any cause beyond the control of the Landlord.

 

33.         Validity
of Lease. The terms, conditions, covenants and provisions of this lease will be deemed to be severable. If any clause or provision
herein contained is adjudged to be invalid or unenforceable by a court of competent jurisdiction or by operation of any applicable
law, it shall not affect the validity of any other clause or provision herein, but such other clauses or provisions will remain
in full force and effect.

 

    			 

     

    

 

34.         Non-Waiver
by Landlord. The various rights, remedies, options and elections of the Landlord, under this lease, are cumulative. The failure
of the Landlord to enforce strict performance by the Tenant of the conditions and covenants of this lease or to exercise any election
or option or to resort or have recourse to any remedy herein conferred or the acceptance by the Landlord of any installment of
rent after any breach by the Tenant, in any one or more instances, will not be construed or deemed to be a waiver or a relinquishment
for the future by the Landlord of any such conditions and covenants, options elections or remedies, but the same shall continue
in full force and effect.

 

35.         Notices.
All notices required under the terms of this lease will be given and will be complete by mailing such notices by certified
or registered mail, return receipt requested, or by hand delivery, fax or overnight delivery service to the address of the parties
as shown at the beginning of this lease, or to such other address as may be designated in writing, which notice of change of address
shall be given in the same manner.

 

36.         Title
and Quiet Enjoyment. The Landlord covenants and represents that the Landlord is the owner of the Premises herein leased and
has the right and authority to enter into, execute and deliver this lease; and does further covenant that the Tenant on paying
the rent and performing the conditions and covenants herein contained, will and may peaceably and quietly have, hold and enjoy
the leased Premises for the term aforementioned.

 

37.         Entire
Contract. This lease contains the entire contract between the parties. No representative, agent or employee of the Landlord
has been authorized to make any representations or promises with reference to the leasing of the Premises or to vary, alter or
modify the terms hereof. No additions, changes or modifications, renewals or extensions hereof, shall be binding unless reduced
to writing and signed by the Landlord and the Tenant

 

38.         Conformity
with Laws and Regulations. The Landlord may pursue the relief or remedy sought in any invalid clause, by conforming the clause
to the provisions of the statutes or the regulations of any governmental agency as if the particular provisions of the applicable
statutes or regulations were set forth herein at length.

 

39.         Number
and Gender. In all references herein to any parties, persons, entities or corporations the use of any particular gender or
the plural or singular number is intended to include the appropriate gender or number as the text of the within instruments may
require. All the terms, covenants and conditions herein contained shall be for and shall inure to the benefit of and shall bind
the respective parties hereto and their heirs, executors, administrators, personal or legal representatives, successors and assigns.

 

    			 

     

    

 

40.         Real
Estate Taxes. Tenant shall be responsible for payment of his proportionate share of real estate taxes assessed by the Township
of Toms River on the land and building on which the leasehold is located. Said taxes shall be billed to Tenant monthly and paid
as additional rent on the 1st of each and ever month. The charges to Tenant will be 17.2% of total
as referenced in paragraph 6.

 

41.         Payment
by Automatic Transfer. Only in the event of failure of the tenant to pay rent for 30 days or more and upon not less than thirty
(30) days prior notice to Tenant, require Tenant to execute and deliver any documents, instruments, authorizations, or certificates
required by Landlord to give effect to an automated debiting system, whereby any or all payments by tenant (as designated from
time to time by Landlord) of whatsoever nature required or contemplated by this Lease shall be debited monthly or from time to
time, as determined by Landlord from Tenant's account in a bank or financial institution designated by Tenant and credited to Landlord’s
bank accounts that Landlord shall designate from time to time. Tenant shall promptly pay all service fees and other charges connected
therewith, including, without limitation, any charges resulting from insufficient funds tin Tenant’s bank account or any
charges imposed on the Landlord. In the event Tenant elects to designate a different bank or financial institution from which any
Rent, additional Rent, or other charges under the Lease are automatically debited, notification of such charge and the required
documents, instruments, authorizations, or certificates specified above must be received by the Landlord no later than thirty (30)
days prior to the date such change is to.

 

42.         Tenant
shall maintain in good condition and repair the interior of the premises and signage at tenants own cost and expense. Tenant shall
take good care of premises and fixture therein and at its sole cost and expense make any repairs thereto and when needed to preserve
in good workin order and condition. Landlord shall maintain the exterior of the building and all common areas including sidewalks,
lighting, parking areas and snow removel. Tenant is only responsible for repairs necessitated by damage caused by the tenant and
for the removal of snow on the sidewalk that provides an access point from the parking lot to the front door of the leased space
during working hours.

 

43.         All
tenants MUST notify the Landlord of Lease renewal or of vacating of the premises SIXTY (60) days prior to the end of the Lease,
except as set forth in clause 29.

 

44.         IF
THE TENANT IS SUCCESSFUL IN ANY ACTION OR SUMMARY PROCEEDING ARISING OUT OF THIS LEASE, THE TENNANT SHALL RECOVER ATTORNEY’S
FEES [AND] OR EXPENSES OR BOTH FROM THE LANDLORD TO THE SAME EXTENT THE LANDLORD IS ENTITLED TO RECOVER ATTORNEY’S FEES OR
EXPENSES, OR BOTH AS PROVIDED IN THIS LEASE.

 

    			 

     

    

 

IN WITNESS WHEREOF, the parties hereto have hereunto
set their hands and seals, or caused these presents to be signed by their proper corporate officers and their proper corporate
seal to be hereto affixed, the day and year first above written.

 

	Witnessed or Attested by:	 	LTD Realty Investment, IV, LP
	 	 	 
		 	/s/ David C. Wintrode
	 	 	By:	Landlord,  
	 	 	 	David C. Wintrode 
	 	 	 	 
		 	/s/ Emil A. Kaunitz
	 	 	By:	
        Tenant,  

        Emil A. Kaunitz, President 

        Specialty Systems, Inc.

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