Document:

Exhibit 10.3

 

JOINT VENTURE AGREEMENT

 

THE GRILLED CHEESE TRUCK, INC.

AND

THE SEAWOLF GROUP, LLC

 

This Joint Venture Agreement
(this “Agreement”) is entered into and effective as of December 31, 2015 (the “Effective Date”)
by and between The Grilled Cheese Truck, Inc., a Nevada corporation (“GCT”) and The Seawolf Group, LLC, a California
limited liability company (“Seawolf”). GCT and Seawolf shall each be referred to as a “Party”
and collectively as the “Parties.”

  

RECITALS

 

WHEREAS, GCT and Seawolf
desire to enter into a limited joint venture for the sole purpose of providing food and drink via a mobile
truck, food and drink catering, autonomous
commissary supply, and providing food and drink in all venues including but not limited
to: amateur and professional sport facilities,
all media and entertainment,
hospitality events, public and private schools and educational facilities,
malls including kiosks and food courts and all special events occurring at or in connection
with the foregoing venues, only in Orange County and Los Angeles County, California (the “Business”);

 

WHEREAS, GCT has licensed
to Seawolf certain intellectual property necessary for Seawolf to operate the Business pursuant to an Intellectual Property License
Agreement of even date herewith (the “License Agreement”);

 

WHEREAS, the Parties have
agreed to the contributions to be made by each to the joint venture and have also agreed upon the payment of expenses, delegation
of responsibility and the distribution of profits and/or losses incurred in connection with the joint venture; and

 

WHEREAS, it is the desire
of the Parties to define and set out their relationship in writing and the circumstances under which they are operating.

 

NOW, THEREFORE, for good
and adequate consideration, the receipt of which is hereby acknowledged, the Parties agree as follows:

 

AGREEMENT

 

1.            Joint
Venture Entity. Within ten (10) calendar days of the Effective Date, the Parties agree to form a California limited liability
company to operate the joint venture on the following terms:

 

A.           The
name of the new entity will be:

 

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GCT Lobos Operations, LLC (“GCTLO”).

 

B.           GCTLO
will be a manager-managed limited liability company, with three (3) managers as follows:

 

i.           GCT;

ii.          Seawolf;
and

iii.         a
third manager to be designed by GCT.

 

C.           GCT
will own seventy five percent (75%) of the membership interests of GCTLO.

 

D.           Seawolf
will own twenty five percent (25%) of the ownership interests of GCTLO.

 

E.           GCTLO
will enter into at-will employment agreements with Jasmine Wolf (“JWolf”) and DJ Wolf (“DJWolf”)
in the form attached hereto as Exhibit A and Exhibit B (the “Employment Agreements”).

 

2.            Consideration
Provided by GCT. Within five (5) business days of the formation of GCTLO, GCT will contribute to GCTLO all of the “Lobos”
food trucks owned and/or operated by it and/or GCT Lobos, Inc., a Nevada corporation, its wholly-owned subsidiary (the “GCT
Equipment Consideration”) as a capital contribution (and not a loan). The GCT Equipment Consideration shall be used as
decided by the managers of GCTLO, in their sole discretion, in furtherance of the Business. GCT will make available to GCTLO, at
no additional cost to GCTLO, the necessary staff for financial reporting and cash management of GCTLO and will be in charge of
the accounting and cash flow functions of GCTLO.

 

3.            Consideration
Provided by Seawolf. Within five (5) business days of the formation of GCTLO, Seawolf will contribute to GCTLO all of its rights
and interest under the License Agreement. Seawolf will further make available to GCTLO, at no additional cost to GCTLO (not including
the Employment Agreements), the necessary management and expertise to operate the Business.

 

4.            Distributions
of Profits and Losses. During the Term of this Agreement, profits and losses of GCTLO will be distributed among the Parties
as follows:

 

A.           GCT
and Seawolf will share the profits and losses from GCTLO according to their respective ownership (i.e., 75/25).

 

B.           Notwithstanding
the foregoing, GCT will be entitled to a quarterly distribution equal to at least eight percent (8%) of GCTLO sales.

 

C.           Further
notwithstanding the foregoing, the Parties acknowledge that Seawolf has agreed to pay one-half (1/2) of its interest in the profits
from GCTLO, up to Two Hundred Fifty Thousand Dollars ($250,000) per year, to GCT until the one-time license fee in the amount of
One Million Dollars ($1,000,000) is repaid per the License Agreement.

 

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5.            Representations
and Warranties of GCT. GCT hereby represents and warrants as follows:

 

A.           GCT
has the full right, power and authority to enter into this Agreement and to carry out and consummate the transactions contemplated
herein. This Agreement constitutes the legal, valid and binding obligation of GCT; and

 

B.           GCT
is not, to the best of its knowledge, party to any lawsuits, judgment or liens of any kind that challenge or seek to prevent, enjoin
or otherwise delay the transactions contemplated by this Agreement; and no event has occurred or circumstances exist that may give
rise to, or serve as a basis for, any such action.

 

6.            Representations
and Warranties of Seawolf. Seawolf hereby represents and warrants as follows:

 

A.           Seawolf
has the full right, power and authority to enter into this Agreement and to carry out and consummate the transactions contemplated
herein. This Agreement constitutes the legal, valid and binding obligation of Seawolf;

 

B.           Seawolf
is not, to the best of its knowledge, party to any lawsuits, judgment or liens of any kind that challenge or seek to prevent, enjoin
or otherwise delay the transactions contemplated by this Agreement; and no event has occurred or circumstances exist that may give
rise to, or serve as a basis for, any such action.

 

7.            Term.
The joint venture created pursuant to this Agreement shall commence as of the Effective Date, and may be dissolved by either GCT
or Seawolf at any time on ninety (90) days advance notice. In the event of dissolution, GCT will have the option to purchase Seawolf’s
interest in GCTLO for a purchase price equal to a full valuation of GCTLO of two and a half (2.5) times the twelve (12) month trailing
earnings before interest, taxes, depreciation and amortization (“EBITDA”). In the event that GCT elects not to purchase
Seawolf’s interest as set forth above, GCTLO will be dissolved and the respective contributions of each Party returned to
them without further consideration.

 

8.            Joint
Venture Decisions. Other than as specifically set forth herein, all decisions regarding the operation of GCTLO will be made
by the GCTLO managers.

 

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9.            Liability
of the Parties; Losses. During the existence of the joint venture, neither Party shall be liable for any obligations of the
other Party created without the express approval of both Parties. The Parties shall bear the cost of all losses equally.

 

10.          Amendment
and Waiver. Any term, provision, covenant, representation, warranty or condition of this Agreement may be waived, but only
by a written instrument signed by both Parties. The failure or delay of any Party at any time or times to require performance of
any provision hereof or to exercise its rights with respect to any provision hereof shall in no manner operate as a waiver of or
affect such Party's right at a later time to enforce the same. No waiver by any Party of any condition, or of the breach of any
term, provision, covenant, representation or warranty contained in this Agreement, in any one or more instances, shall be deemed
to be or construed as a further or continuing waiver of any such condition or breach or waiver of any other condition or of the
breach of any other term, provision, covenant, representation or warranty. No modification or amendment of this Agreement shall
be valid and binding unless it be in writing and signed by all Parties hereto.

 

11.          General
Provisions.

 

A.           Entire
Agreement. This Agreement contains the entire agreement between the Parties and supersedes any and all agreements, either oral
or written, between the Parties hereto with respect to the joint venture. Each Party to this Agreement acknowledges that no representations,
inducements, promises or agreements, orally or otherwise, have been made by any Party, or anyone acting on behalf of any party,
which are not embodied herein, and that no other agreement, statement or promise not contained in this Agreement shall be effective
only if it is in writing and signed by both Parties. This Agreement may only be amended, modified or changed by an agreement in
writing signed by both Parties. Each Party hereto shall make, execute, acknowledge and deliver such other instruments and documents,
and take all such other actions as may be reasonably required in order to effectuate the purposes of this Agreement and to consummate
the transactions contemplated hereby.

 

B.           Expenses.
Each Party hereto will bear and pay all costs and expenses incurred by it in connection with the transactions contemplated in this
Agreement, including fees and expenses of its own accountants and counsel.

 

C.           Assignment.
Neither of the Parties hereto may assign any of its rights or obligations under this Agreement to any other person, except for
either Party may assign all its rights and obligations hereunder to any of its wholly-owned subsidiaries, without the other Party’s
consent.

 

D.           Partial
Invalidity. If any provision in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable,
the remaining provisions will nevertheless continue in full force without being impaired or invalidated in any way.

 

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E.           Governing
Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of California without
giving effect to any choice or conflict of law provision or rule (whether of the State of California or any other jurisdiction)
that would cause the application of laws of any jurisdiction other than those of the State of California.

 

F.           Submission
to Jurisdiction. ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY MAY BE INSTITUTED IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS OF THE STATE OF CALIFORNIA IN EACH
CASE LOCATED IN THE COUNTY OF LOS ANGELES, AND EACH PARTY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY
SUCH SUIT, ACTION OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER DOCUMENT BY MAIL TO SUCH PARTY’S ADDRESS SET
FORTH HEREIN SHALL BE EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES
IRREVOCABLY AND UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS
AND IRREVOCABLY WAIVE AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN ANY
SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 

G.           Notices.
All notices and other communications which are required or permitted hereunder will be in writing and sufficient if delivered personally
or sent by overnight express addressed as follows:

 

	If to GCT:	The Grilled Cheese Truck, Inc.
	 	Attn: President
	 	151 North Nob Hill Road, Suite 321
	 	Fort Lauderdale, FL 33324
	 	 
	with a copy to:	Clyde Snow & Sessions
	 	Attn: Brian A. Lebrecht
	 	201 South Main Street, Thirteenth Floor
	 	Salt Lake City, UT 84111
	 	 
	If to Seawolf:	The Seawolf Group, LLC
	 	Attn: President
	 	4470 W. Sunset Blvd, Suite 480
	 	Los Angeles, CA 90027

 

or at such other
address as GCT or Seawolf may designate by ten (10) days advance written notice to the other Party hereto.

 

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H.           Force
Majeure. Neither Party shall be liable to the other for failure or delay in the performance of any of its obligations under
this Agreement for the time and to the extent such failure or delay is caused by earthquake, riot, civil commotion, war, hostilities
between nations, governmental law, order or regulation, embargo, action by the government or any agency thereof, act of God, storm,
fire, accident, labor dispute or strike, sabotage, explosion or other similar or different contingencies, in each case, beyond
the reasonable control of the respective Party.

 

I.           Counterparts.
This contract may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall
constitute but one instrument.

 

J.           Confidentiality.
Each Party shall insure that all confidential information which such Party or any of its respective officers, directors, employees,
counsel, or agents may now possess or may hereafter create or obtain relating to the financial condition, results of operations,
business, properties, assets, liabilities, or future prospects of the other Party, any affiliate of the other Party, or any customer
or supplier of such other Party or any such affiliate shall not be published, disclosed, or made accessible by any of them to any
other person or entity at any time or used by any of them, in each case without the prior written consent of the other Party; provided,
however, that the restrictions of this sentence shall not apply (a) as may otherwise be required by law, (b) as may be necessary
or appropriate in connection with the enforcement of this Agreement, or (c) to the extent such information shall have otherwise
become publicly available.

 

K.          No
Interpretation Against Drafter. This Agreement has been negotiated at arm’s length between parties sophisticated and
knowledgeable in these types of matters. Accordingly, any normal rules of construction that would require a court to resolve matters
of ambiguities against the drafting party is hereby waived and shall not apply in interpreting this Agreement.

 

[remainder of page intentionally left blank; signature page to follow]

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be duly executed as of the Effective Date.

 

	“GCT”	 	“Seawolf”
	 	 	 
	The Grilled Cheese Truck, Inc.,	 	The Seawolf Group, LLC,
	a Nevada corporation	 	a California limited liability company

 

	/s/ Algie Hodges	 	/s/ Jasmine Wolf
	By: 	Algie Hodges	 	By:	Jasmine Wolf
	Its:	Chief Executive Officer	 	Its:	Managing Member
	 	 	 
	/s/ Robert Lee	 	 
	By:	Robert Lee	 	 
	Its:	Chairman	 	 

 

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Exhibit A

 

Jasmine Wolf Employment Agreement

 

     

     

    

  

Exhibit B

 

DJ Wolf Employment AgreementExhibit 10.4

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (“Agreement”) is entered into on December 31, 2015, (the “Effective Date”)
by and between GCT Lobos Operations, LLC, a California limited liability company (the “Company”), and DJ Wolf,
an individual (the “Employee”). Each of the Company and the Employee may be referred to herein as “Party”
and collectively as the “Parties.”

 

NOW,
THEREFORE, in consideration of the mutual covenants set forth below, the Parties agree as follows:

 

ARTICLE
1. DUTIES AND SCOPE OF EMPLOYMENT

 

Section
1.1.          Employment. Employee shall be employed by the Company for
a term of twenty-four (24) months, commencing on the Effective Date (the “Employment Term”). The date
on which Employee’s employment under this Agreement terminates is referred to herein as the “Termination Date.”

 

Section
1.2           Duties and Services. During the Employment Term, Employee
shall serve as the Company’s Vice President of Operations, reporting directly to the Company’s Chief Operating Officer
/ Executive Chef. Employee’s duties and services will be consistent with Employee’s title, position and stature with
the Company, subject to the direction of the Company’s Board, or a committee thereof. Employee will devote his reasonable
best efforts and substantially all of his business time and attention (except for vacation periods and reasonable periods of illness
or other incapacity) to the provision of duties and services under this Agreement and shall perform such duties and services to
the best of his abilities in a diligent, trustworthy, businesslike and efficient manner. Employee agrees, during the Employment
Term, not to actively engage in any other employment, occupation or consulting activity for any direct or indirect remuneration
without prior approval of the Board; provided, however, that Employee shall be permitted to serve in any capacity with
any civic, educational or charitable organization.

 

ARTICLE
2. SALARY AND BENEFITS

 

Section
2.1           Salary. During the Employment Term, the Company will
pay Employee, as compensation for his services, a salary of One Hundred Thousand Dollars ($100,000) per year (the “Salary”),
payable in accordance with the Company’s normal payroll practices. Payment for services rendered in any partial month shall
be prorated assuming a thirty (30) day month. In addition, the Company will pay a bonus based on the achievement of management
by objectives as determined from time to time in writing by the Company’s Board or Compensation Committee thereof.

 

Section
2.2          Benefits. During the Employment Term, Employee will be entitled
to participate in the employee benefit plans currently and hereafter maintained by the Company of general applicability to other
similarly situated employees of the Company. The Company reserves the right to cancel or change the benefit plans and programs
it offers to its employees at any time.

 

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Section
2.3         Paid Time Off. Employee will be entitled to paid time off of twenty
(20) days per calendar year to be taken in such amounts and at such times as approved in advance by the Company’s President.

 

Section
2.4        Expenses. The Company will reimburse Employee for reasonable travel, lodging,
entertainment or other expenses incurred by Employee in the furtherance of or in connection with the performance of Employee’s
duties hereunder, only upon prior approval of such expenses by the Board.

 

ARTICLE
3. TERM; TERMINATION

 

Section
3.1          Definitions

 

3.1.1.   Cause.
For purposes of this Agreement, “Cause” shall mean (i) an act of dishonesty by Employee in connection with
Employee’s responsibilities as an employee; (ii) Employee’s conviction of, or plea of nolo contendere to, a felony;
(iii) Employee’s gross misconduct or gross negligence related to the Company; (iv) Employee’s substantial violation
of his employment duties after Employee has received a written demand for performance from the Company that specifically sets
forth the factual basis for the Company’s belief that Employee has not substantially performed his duties and Employee’s
failure to reasonably cure within twenty (20) days after receiving such demand; or (v) Employee’s death or if Employee suffers
a Disability (defined below).

 

3.1.2    Disability.
A “Disability” shall mean the Employee’s incapacity due to physical or mental illness as determined
by a qualified physician or incapacity for a period of one hundred and eighty days (180) days, consecutive or otherwise, in any
three hundred and sixty (360) day period.

 

Section
3.2    Termination Without Cause. During the Employment Term, in the event that Employee is terminated
by the Company without Cause, and Employee signs and does not revoke a release of claims in the reasonable form provided to Employee
by the Company, then, subject to Employee’s compliance with Section 4 below, Employee shall be entitled to receive his earned
portion of the Salary through the Employment Term, up to a maximum of six (6) months.

 

Section
3.3      Voluntary Termination. Employee may terminate his employment with the Company by voluntarily
tendering his resignation, in writing, to the Board (a “Voluntary Termination”). Employee agrees to
provide the Company with at least fifteen (15) days’ prior written notice of Voluntary Termination.

 

Section
3.4      Termination for Cause. If Employee’s employment with the Company is terminated for
Cause by the Company, then the Company shall only be obligated to pay to Employee, on or within a reasonable time after the effective
date of such termination, the Employee’s earned portion of the Salary through the effective date of such termination.

 

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ARTICLE
4. COVENANTS

 

Section
4.1           Nondisclosure. During the Employment Term and following
the Termination Date, Employee (i) will hold all Proprietary Information (defined hereafter) in trust and in strict confidence;
(ii) will not disclose, and will use commercially reasonable efforts to protect, the Proprietary Information; (iii) will not,
directly or indirectly, use or assist others to use Proprietary Information; and (iv) will not, directly or indirectly, use, disseminate
or otherwise disclose any Proprietary Information to any third party, except in the case of each of (i) through (iv) above, as
required by Employee’s duties in the course of his employment by the Company or as required by applicable law. “Proprietary
Information” includes, but is not limited to, the Company’s internal information, trade secrets, customer information,
customer lists, marketing information, sales information, cost information, financial information, technical data, know-how, methods,
patentable or unpatentable ideas, technical business operations information, business practices, methods, products, processes,
equipment or any confidential or secret aspect of the business of the Company that is or has been disclosed to Employee or of
which Employee became aware as a consequence of or through his employment with the Company. Notwithstanding the foregoing, the
Employee is not obligated to keep Proprietary Information confidential if it (x) is or becomes available to the public, other
than because of disclosure by Employee in breach of this Agreement; (y) was or becomes available to Employee from a source other
than the Company, but only if such source is not known to Employee to be bound by an obligation of secrecy to the Company with
respect to the information disclosed; or (z) has been independently developed by Employee without breaching any of his obligations
under this Agreement.

 

Section
4.2           Books and Records. All books, records, reports, writings,
notes, notebooks, computer programs, sketches, drawings, blueprints, prototypes, formulas, photographs, negatives, models, equipment,
chemicals, reproductions, proposals, flow sheets, supply contracts, customer lists and other documents and/or things relating
to the business of the Company, whether prepared by Employee or otherwise coming into Employee’s possession in the course
of Employee’s performance of his duties, shall be the exclusive property of the Company, as the case may be, and shall not
be copied, duplicated, replicated, transformed, modified or removed from the premises of the Company except pursuant to and in
furtherance of the business of the Company and shall be returned immediately to the Company on the Termination Date or on the
Company’s request at any time.

 

Section
4.3       Invention Assignment.

 

Section
4.3.1           Purpose. Employee understands that the Company is engaged
in providing food and drink via a mobile truck, food and drink catering, autonomous commissary supply, and providing food and
drink in certain venues, in connection with its business and that it is critical for the Company to preserve and protect its Proprietary
Information, its rights in “Inventions” (as defined in Section 4.3.2 below) and in all related intellectual
property rights. Accordingly, Employee enters into this employee invention assignment as a condition of employment with the Company,
whether or not Employee is expected to create inventions of value for the Company.

 

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Section
4.3.2           Disclosure of Inventions. Employee will promptly disclose
in confidence to the Company all inventions, improvements, designs, original works of authorship, formulas, processes, compositions
of matter, computer software programs, databases, mask works and trade secrets that Employee makes or conceives or first reduces
to practice or creates, either alone or jointly with others, during the Employment Term, whether or not in the course of Employee’s
employment, and whether or not patentable, copyrightable or protectable as trade secrets (the “Inventions”).

 

Section
4.3.3           Work for Hire; Assignment of Inventions. Employee acknowledges
and agrees that any copyrightable works prepared by Employee within the scope of employment are “works for hire” under
the Copyright Act and that the Company will be considered the author and owner of such copyrightable works. Employee agrees that
all Inventions that (i) are developed using equipment, supplies, facilities or trade secrets of the Company, (ii) result
from work performed by Employee for the Company, or (iii) relate to the Company’s business or actual or demonstrably
anticipated research and development (the “Assigned Inventions”), will be the sole and exclusive property of
the Company. Employee hereby irrevocably assigns, and agree to assigns, the Assigned Inventions to the Company. Attached
hereto as Exhibit A is a list describing all inventions, original works of authorship, developments and trade secrets
which were made by Employee prior to the date of this Agreement, which belong to Employee and which are not assigned to the Company
(“Prior Inventions”). If no such list is attached, Employee agrees that it is because no such Prior Inventions
exist. Employee acknowledges and agrees that if Employee uses any of Prior Inventions in the scope of employment, or includes
them in any product or service of the Company, Employee hereby grants to the Company a perpetual, irrevocable, nonexclusive, world-wide,
royalty-free license to use, disclose, make, sell, copy, distribute, modify and create works based on, perform or display such
Prior Inventions and to sublicense third parties with the same rights.

 

Section
4.3.4           Labor Code Section 2870 Notice. Employee has been notified
and understands that the provisions of Sections 4.3.3 and 4.3.5 of this Agreement do not apply to any Assigned Invention
that qualifies fully under the provisions of Section 2870 of the California Labor Code (or any comparable law of any other
State), which states as follows:

 

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ANY
PROVISION IN AN EMPLOYMENT AGREEMENT WHICH PROVIDES THAT AN EMPLOYEE SHALL ASSIGN, OR OFFER TO ASSIGN, ANY OF HIS OR HER RIGHTS
IN AN INVENTION TO HIS OR HER EMPLOYER SHALL NOT APPLY TO AN INVENTION THAT THE EMPLOYEE DEVELOPED ENTIRELY ON HIS OR HER OWN
TIME WITHOUT USING THE EMPLOYER’S EQUIPMENT, SUPPLIES, FACILITIES, OR TRADE SECRET INFORMATION EXCEPT FOR THOSE INVENTIONS
THAT EITHER: (1) RELATE AT THE TIME OF CONCEPTION OR REDUCTION TO PRACTICE OF THE INVENTION TO THE EMPLOYER’S BUSINESS,
OR ACTUAL OR DEMONSTRABLY ANTICIPATED RESEARCH OR DEVELOPMENT OF THE EMPLOYER; OR (2) RESULT FROM ANY WORK PERFORMED BY THE
EMPLOYEE FOR THE EMPLOYER. TO THE EXTENT A PROVISION IN AN EMPLOYMENT AGREEMENT PURPORTS TO REQUIRE AN EMPLOYEE TO ASSIGN AN INVENTION
OTHERWISE EXCLUDED FROM BEING REQUIRED TO BE ASSIGNED UNDER CALIFORNIA LABOR CODE SECTION 2870(a), THE PROVISION IS AGAINST
THE PUBLIC POLICY OF THIS STATE AND IS UNENFORCEABLE.

 

Section
4.3.5.      Assignment of Other Rights. In addition to the foregoing assignment of Assigned Inventions
to the Company, Employee hereby irrevocably transfers and assigns to the Company: (i) all worldwide patents, patent applications,
copyrights, mask works, trade secrets and other intellectual property rights, including but not limited to rights in databases,
in any Assigned Inventions, along with any registrations of or applications to register such rights; and (ii) any and all
“Moral Rights” (as defined below) that Employee may have in or with respect to any Assigned Inventions. Employee also
hereby forever waives and agrees never to assert any and all Moral Rights Employee may have in or with respect to any Assigned
Inventions, even after the Termination Date. “Moral Rights” mean any rights to claim authorship of or credit
on an Assigned Inventions, to object to or prevent the modification or destruction of any Assigned Inventions or Prior Inventions
licensed to Company under Section 4.4.3, or to withdraw from circulation or control the publication or distribution of any Assigned
Inventions or Prior Inventions licensed to Company under Section 4.4.3, and any similar right, existing under judicial or statutory
law of any country or subdivision thereof in the world, or under any treaty, regardless of whether or not such right is denominated
or generally referred to as a “moral right.”

 

Section
4.3.6.      Assistance. Employee agrees to assist the Company in every proper way to obtain for the
Company and enforce patents, copyrights, mask work rights, trade secret rights and other legal protections for the Company’s
Assigned Inventions in any and all countries. Employee will execute any documents that the Company may reasonably request for
use in obtaining or enforcing such patents, copyrights, mask work rights, trade secrets and other legal protections. Employee’s
obligations under this section will continue beyond Employment Term and Termination Date, provided that the Company will compensate
Employee at a reasonable rate after such termination for time or expenses actually spent by the Employee at the Company’s
request on such assistance. Employee appoints the President of the Company as Employee’s attorney-in-fact to execute documents
on Employee’s behalf for this purpose.

 

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Section
4.4      Trade Secrets

 

4.4.1         Definition.
The Parties acknowledge and agree that during Employee’s employment and in the course of the discharge of his duties
hereunder, Employee shall have access to and become acquainted with information concerning the operation and processes of the
Company, including without limitation, financial, personnel, sales, intellectual property, and other information that is owned
by the Company’s business, and that such information constitutes the Company’s trade secrets (“Trade Secrets”).
Notwithstanding the foregoing, Trade Secrets do not include: (i) information that is or becomes available to the public, other
than because of disclosure by Employee in breach of this Agreement; or (ii) information that subsequently becomes part of public
knowledge or literature through a deliberate act of the Company as of the date of its becoming public.

 

4.4.2       Covenant.
Employee specifically agrees that he shall not misuse, misappropriate, or disclose any such Trade Secrets, directly or indirectly
to any other Person or use them in any way, either during the term of this Agreement or at any other time thereafter, except as
is required in the course of his employment hereunder.

 

4.4.3       
Trade Secret Misappropriation. Employee acknowledges and agrees that the sale or unauthorized use or disclosure of any Company’s
Trade Secrets obtained by Employee during the course of his employment with the Company, including information concerning the
Company’s current or any future and proposed work, services, or products, the facts that any such work production, as well
as any descriptions thereof, would constitute unfair trade practices and unauthorized use of the Company’s Trade Secrets,
whether such information is used during the Employment Term or at any other time thereafter.

 

4.4.4
       Company Property. Employee further agrees that all files, records, documents, drawings,
specifications, equipment, and similar items relating to the Company’s business, whether prepared by Employee or others,
are also considered Trade Secrets and that they are and shall remain exclusively the property of the Company and they shall not
be copied, duplicated, replicated, transformed, modified or removed from the premises of the Company except pursuant to and in
furtherance of the business of the Company and shall be returned immediately to the Company on the Termination Date or on the
Company’s request at any time.

 

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ARTICLE
5. GENERAL PROVISIONS.

 

Section
5.1           Employee’s Representations. Employee hereby represents
and warrants to the Company that (i) the execution, delivery and performance of this Agreement by Employee does 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 he is bound; (ii) Employee is not a party to or bound by any employment agreement, non-compete
agreement or confidentiality agreement with any other person or entity; and (iii) upon the execution and delivery of this Agreement
by the Company, this Agreement shall be the valid and binding obligation of Employee, enforceable in accordance with its terms.
Employee hereby acknowledges and represents that he has had the opportunity to seek independent legal counsel regarding his rights
and obligations under this Agreement, and has done so or decided not to do so, at Employee’s choosing, and that he fully
understands the terms and conditions contained herein.

 

Section
5.2           Notices. All notices and other communications under this
Agreement shall be in writing and delivered personally, sent by reputable, overnight courier service (charges paid by sender),
or by facsimile, at the following addresses and facsimile numbers (or to such other address or facsimile number as a Party may
have specified by notice given to the other party pursuant to this provision). Such notices and other communications shall be
deemed given: at the time delivered by hand, if personally delivered; one business day after being sent, if sent by reputable,
over-night courier service; and at the time when confirmation of successful transmission is received by the sending facsimile
machine, if sent by facsimile.

 

	If to Company:	 
	 	 
	GCT Lobos Operations, LLC	 
	 	 
	 	 
	Facsimile:
    (     )	 	 
	Attn:	 	 
	 	 
	If to Employee:	 
	 	 
	DJ Wolf	 
	 	 
	 	 
	(or current address in Company’s
    file)	 
	 	 	 	 

Section
5.3           Severability. Whenever possible, each provision of this
Agreement will 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 invalid, illegal or unenforceable in any respect under any applicable law or rule in any, jurisdiction, such invalidity,
illegality or unenforceability will not affect any other provision or such application in any other jurisdiction, but this Agreement
will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never
been contained herein; provided, that if any of the provisions of this Agreement are held to be invalid, illegal or unenforceable,
then such provisions shall be deemed amended in the manner and to the extent provided for in Section 4.7 above.

 

    	Page 7 of 9

     

    

  

Section
5.4           Complete Agreement. This Agreement embodies the complete
agreement and understanding among the Parties relating to the subject matter hereof and supersedes and preempts any prior understandings,
agreements or representations by or among the Parties, written or oral, which may have related to the subject matter hereof in
any way.

 

Section
5.5           Counterparts. 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.
Any signature delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature
shall be deemed a manually executed and delivered original.

 

Section
5.6           Successors and Assigns. Employee may not delegate any
of his obligations hereunder. Further, this Agreement may not be assigned by either the Company or Employee, except that the Company
may assign this Agreement to a Person who purchases or succeeds to all or substantially all of the assets of the Company, by operation
of law, asset purchase or otherwise. Subject to the two (2) immediately preceding sentences, this Agreement is intended to bind
and inure to the benefit of and be enforceable by Employee and the Company and their respective successors and assigns (and, in
the case of Employee, heirs and personal representatives).

 

Section
5.7           Attorney’s Fees and Costs. If any action at law
or in equity is necessary to enforce or interpret the terms of this agreement, the prevailing Party shall be entitled to reasonable
attorney’s fees, costs, and necessary disbursements in addition to any other relief to which that Party may be entitled.
This provision shall be construed as applicable to the entire Agreement.

 

Section
5.8           Choice of Law; Jurisdiction and Venue. This Agreement
shall be governed and construed in accordance with the laws of the State of California without regard to conflicts of laws principles
thereof and all questions concerning the validity and construction hereof shall be determined in accordance with the laws of said
State. Each Party irrevocably submits to the personal and exclusive jurisdiction of any federal or state court of competent jurisdiction
located in Los Angeles County, State of California, in any action or proceeding arising out of or relating to this Agreement and
hereby irrevocably agrees on behalf of himself, herself or itself and on behalf of such Party’s heirs, personal representatives,
successors and assigns that all claims in respect of such action or proceeding may be heard and determined in any such court.

 

Section
5.9          Amendments and Waivers. No provision of this Agreement may be amended
or waived without the prior written consent of the Parties hereto. The waiver by either Party to this Agreement of a breach of
any provision of this Agreement shall not be construed or operate as a waiver of any preceding or succeeding breach of the same,
or any other term or provision, or as a waiver of any contemporaneous breach of any other term, or provision or as a continuing
waiver of the same or any other term or provision.

 

    	Page 8 of 9

     

    

  

IN
WITNESS WHEREOF, the Parties have executed this Agreement as of the day and year first above written.

 

	“Company”	 	“Employee”
	 	 	 
	GCT Lobos Operations, LLC,	 	DJ Wolf,
	a California limited liability company	 	an individual
	 	 	 
	 	 	/s/ DJ
    Wolf
	By:	 	By:   DJ Wolf
	Its:	 	 

 

    	Page 9 of 9

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