Document:

Dated

 

1
June 2011

 

Employment
contract

 

between

 

Coda
Octopus Colmek, Inc

 

and

 

Mr.
Mike Midgley

 

    	 	 	 

    	 

    

 

	contents	 	 
	 	 	 
	clause	 	 
	 	 	 
	1	Interpretation	 1
	2	Term of appointment	 3
	3	Duties	 3
	4	Place of work	 4
	5	Compensation and Benefits	 4
	6	Expenses	 5
	7	Holidays	 5
	8	Outside interests	 5
	9	Confidential information	 6
	10	Intellectual Property rights	 6
	11	Termination	 8
	12	Obligations upon termination	 9
	13	Post-termination restrictions	 9
	14	Reconstruction and amalgamation	 10
	15	Notices	 10
	16	Entire Agreement and previous contracts	 11
	17	Variation	 11
	18	Counterparts	 12
	19	Governing law and jurisdiction	 12

 

    	 	 	 

    	 

    

 

	THIS
    AGREEMENT is dated 1 June 2011
	 	 
	Parties	 
	 	 
	(1)	Coda
    Octopus Colmek, Inc a Utah corporation with its principal place of business at 1775 South 4130 West, Salt Lake City, Utah
    84104, USA (Company).
	 	 
	(2)	Mr.
    Mike Midgley of 9597 South Newkirk St, South Jordan, Utah 84095 (Employee).

 

	Agreed
    terms
	 	 
	1.	Interpretation
	 	 
	1.1	The
    definitions and rules of interpretation in this Clause 1.1 apply in this Agreement.
	 	 
	 	Appointment:
    the employment of the Employee by the Company on the terms of this Agreement.
	 	 
	 	Board:
    the board of directors of the Company (including any committee of the board duly appointed by it).
	 	 
	 	Capacity:
    as agent, consultant, director, employee, owner, partner, shareholder or in any other capacity.
	 	 
	 	Coda
    Board: the board of directors of Coda Octopus Group, Inc.
	 	 
	 	Commencement
    Date: the date of this Agreement.
	 	 
	 	Confidential
    Information: information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory)
    which is not in the public domain relating to the business, products, affairs and finances of any Group Company for the time
    being confidential to any Group Company and trade secrets including, without limitation, technical data, know-how relating
    to the business of any Group Company or any of their business contacts including its its customers.
	 	 
	 	Employment
    IPRs: Intellectual Property Rights created by the Employee in the course of his employment with the Company (whether or
    not during working hours or using Company premises or resources).
	 	 
	 	Employment
    Inventions: any invention which is made wholly or partially by the Employee at any time in the course of his employment
    with the Company (whether or not during working hours or using Company premises or resources, and whether or not recorded
    in material form).
	 	 
	 	Group
    Company or Group: the Company, any company of which it is a Subsidiary (its holding company) and any subsidiaries of the
    Company or those of its parent company or of any such holding company.

 

    	 	 1	 

    	 

    

 

	 	Incapacity:
    any sickness or injury which prevents the Employee from carrying out his duties.
	 	 
	 	Intellectual
    Property Rights (IPRs): patents, rights to inventions, copyright and related rights, trade marks, trade names and domain
    names, rights in get-up, rights in goodwill or to sue for passing off, unfair competition rights, rights in designs, rights
    in computer software, database rights, topography rights, rights in confidential information (including know-how and trade
    secrets) and any other intellectual property rights, in each case whether registered or unregistered and including all applications
    (or rights to apply) for, and renewals or extensions of, such rights and all similar or equivalent rights or forms of protection
    which subsist or will subsist now or in the future in any part of the world.
	 	 
	 	Performance
    Milestones: the milestones against which a bonus payment becomes payable to the Employee
    by the Company and which are to be agreed between the Employee and the Company.
	 	 
	 	Pre-Contractual
    Statement: any undertaking, promise, assurance, statement, representation, warranty or understanding (whether in writing
    or not) of any person (whether party to this Agreement or not) relating to the Employee’s employment under this Agreement
    which is not expressly set out in this Agreement or any documents referred to in it.
	 	 
	 	Restricted
    Business: any engineering business specializing in custom data acquisition systems, analog/digital signal processing,
    FPGA integration, rugged enclosure design, RF Conditioning.
	 	 
	 	Restricted
    Customer: any firm, company or person who, during the eighteen (18) months prior to Termination, was a customer of or
    in the habit of dealing with the Company or any Group Company with whom the Employee had contact or about whom he became aware
    or informed in the course of his employment.
	 	 
	 	Restricted
    Person: any person who is or was an employee, consultant or affiliate of the Company during the preceding six months prior
    to Termination.
	 	 
	 	Staff
    Handbook: the Company’s staff handbook in force from time to time
	 	 
	 	Termination:
    the termination of the Employee’s employment with the Company however caused including, without limitation, termination
    by the Company in repudiatory breach of contract.
	 	 
	1.2	The
    headings in this Agreement are inserted for convenience only and shall neither affect its construction nor its interpretation.
	 	 
	1.3	A
    reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension,
    or re-enactment and includes any subordinate legislation for the time being in force made under it.
	 	 
	1.4	A
    reference to one gender includes a reference to the other gender.
	 	 
	1.5	The
    schedules to this Agreement form part of (and are incorporated into) this Agreement.

 

    	 	 2	 

    	 

    

 

	2.	Term
    of appointment
	 	 
	2.1	The
    Company shall employ the Employee on a full time basis and the Employee shall serve the Company on the terms of this Agreement.
    
	 	 
	2.2	The
    Appointment shall be deemed to have commenced on the Commencement Date and shall continue, subject to the remaining terms
    of this Agreement, until terminated by either party giving the other not less than four (4) months prior notice in writing.
	 	 
	3.	Duties
	 	 
	3.1	The
    Employee shall serve as Chief Executive Officer. 
	 	 
	3.2	The
    broad terms of the role description for the Appointment is set forth in Schedule 1 hereto. Notwithstanding the description
    set forth in Schedule 1 and unless otherwise agreed in writing with the Board, the Employee shall perform all duties as are
    consistent with this position and such other duties that the Board or Coda Board may reasonably assign to the Employee from
    time to time. 
	 	 
	3.3	During
    the Appointment the Employee shall:

 

	 	(a)	act
    as a director the Company;
	 	 	 
	 	(b)	comply
    with the bye-laws of the Company (as amended from time to time);
	 	 	 
	 	(c)	abide
    by any statutory, fiduciary or common-law duties to the Company;
	 	 	 
	 	(d)	not
    do anything that would cause him to be disqualified from acting as a director;
	 	 	 
	 	(e)	unless
    prevented by Incapacity, devote the whole of his or her time, attention and abilities to the business of the Company;
	 	 	 
	 	(f)	diligently
    exercise such powers and perform such duties as may from time to time be assigned to him by the Board;
	 	 	 
	 	(g)	comply
    with all reasonable and lawful directions given to his or her by the Board or Coda Board;
	 	 	 
	 	(h)	promptly
    make such reports to the Board and Coda Board in connection with the affairs of the Company on such matters and at such times
    as are reasonably required;
	 	 	 
	 	(i)	use
    his or her best endeavours to promote, protect, develop and extend the business of the Company; 

 

    	 	 3	 

    	 

    

 

	3.4	The
    Employee consents to the Company monitoring and recording any use that she makes of the Company’s electronic communications
    systems for the purpose of ensuring that the Company’s rules are being complied with and for legitimate business purposes.
	 	 
	3.5	The
    Employee shall comply with any electronic communication systems policy tha the Company may issue from time to time. 
	 	 
	3.6	The
    Employee shall comply with any rules, policies and procedures set out in the Staff Handbook. To the extent that there is any
    conflict between the terms of this agreement and the Staff Handbook, this agreement shall prevail.
	 	 
	3.7	All
    documents, manuals, hardware and software provided for the Employee’s use by the Company, and any data or documents
    (including copies) produced, maintained or stored on the Company’s computer systems or other electronic equipment (including
    mobile phones), remain the property of the Company. 
	 	 
	4.	Place
    of work
	 	 
	4.1	The
    Employee’s normal place of work is at the principal place of business of the Company.
	 	 
	5.	Compensation
    and Benefits
	 	 
	5.1	The
    Employee shall be paid an annual salary of $130,000 (“Base Salary”).
	 	 
	5.2	The
    Base Salary shall be paid by the Company on a bi-weekly basis.
	 	 
	5.3	Subject
    to the Company achieving the Performance Milestone for the financial year 2010/2011, the Company shall pay the Employee a
    bonus of $30,000 (“Performance Bonus”). The Performance Bonus shall be payable by the Company within three (3)
    months of the year end financial statements of the Company being signed off by the Company’s auditors. 
	 	 
	5.4	The
    Employee’s salary shall be reviewed by the Board, and the Group Chief Executive, annually, the first such review to
    take place on 1 January 2012. The Company is under no obligation to award an increase following a salary review. There will
    be no review of the salary after notice has been given by either party to terminate the Appointment.
	 	 
	5.5	The
    Company may deduct from the salary, or any other sums owed to the Employee, any money owed to any Group Company by the Employee.

 

    	 	 4	 

    	 

    

 

	5.6	The
    Employee shall be entitled to participate in the Company’s Bonus Scheme in effect from time to time under such terms
    and conditions as the Board may determine. 
	 	 
	6.	Expenses
	 	 
	6.1	The
    Company shall reimburse against receipts or other evidence which is satisfactory to the Company, all reasonable and approved
    expenses wholly, properly and necessarily incurred by the Employee in the course of the Appointment. 

 

	6.2	Business
    expenses incurred by the Employee shall be claimed within 3 months of these being incurred. 
	 	 
	6.3	The
    Employee shall abide by the Company’s policies on expenses as communicated to his or her from time to time.
	 	 
	6.4	Any
    credit card supplied to the Employee by the Company shall be used only for business expenses incurred by his or her in the
    course of the Appointment.
	 	 
	7.	Holidays
	 	 
	7.1	The
    Employee shall be entitled 20 days’ paid holiday in each holiday year together with the usual public holidays. If the
    Appointment commences or terminates part way through a holiday year, the Employee’s entitlement during that holiday
    year shall be calculated on a pro-rata basis rounded up to the nearest whole day.
	 	 
	7.2	Holiday
    shall be taken at such time or times as shall be approved in advance by the Board. The Employee shall not without the consent
    of the Board carry forward any accrued but untaken holiday entitlement to a subsequent holiday year unless the Employee has
    been unavoidably prevented from taking such holiday during the relevant leave year by virtue of a period of statutory maternity,
    paternity or adoption leave.
	 	 
	7.3	The
    Employee shall have no entitlement to any payment in lieu of accrued but untaken holiday save on termination of the Appointment.
    If either party has served notice to terminate the Appointment, the Board may require the Employee to take any accrued but
    unused holiday entitlement during the notice period.
	 	 
	8.	Outside
    interests
	 	 
	8.1	Subject
    to Clause 8.2, during the Appointment the Employee shall not, except as a representative of the Group or with the prior written
    approval of the Board, whether paid or unpaid, be directly or indirectly engaged, concerned or have any financial interest
    in any Capacity in any other business, trade, profession or occupation (or the setting up of any business, trade, profession
    or occupation). The Employee will not serve on the board of directors of any Restricted Business or other entity that owns,
    operates, acquires, sells, develops and/or manages any company which is involved in subsea or sonar inspection or visualization.

 

    	 	 5	 

    	 

    

 

	8.2	Notwithstanding
    Clause 8.1, the Employee may hold an investment by way of shares or other securities of not more than 5% of the total issued
    share capital of any company (whether or not it is listed or dealt in on a recognised stock exchange) where such company does
    not carry on a business similar to or competitive with any business for the time being carried on by the Group.
	 	 
	9.	Confidential
    information
	 	 
	9.1	The
    Employee acknowledges that in the course of the Appointment he will have access to Confidential Information. The Employee
    has therefore agreed to accept the restrictions in this Clause 9.
	 	 
	9.2	The
    Employee shall not (except in the proper course of his or her duties), either during the Appointment or at any time after
    its termination (howsoever arising), use or disclose to any person, company or other organisation whatsoever (and shall use
    his or her best endeavours to prevent the publication or disclosure of) any Confidential Information. 
	 	 
	9.3	This
    restriction does not apply to:

 

	 	(a)	any
    use or disclosure authorised by the Board or required by law or by the Appointment; or
	 	 	 
	 	(b)	any
    information which is already in, or comes into, the public domain other than through the Employee’s unauthorised disclosure;
    or
	 	 	 
	 	(c)	prevent
    the Employee from making a protected disclosure within the meaning of any applicable employment legislation.

 

	10.	Intellectual
    Property Rights
	 	 
	10.1	The
    Employee acknowledges that all Employment IPRs, Employment Inventions and all materials embodying them shall automatically
    belong to the Company to the fullest extent permitted by law. To the extent that they do not vest in the Company automatically,
    the Employee holds them on trust for the Company.
	 	 
	10.2	The
    Employee acknowledges that, because of the nature of his or her duties and the particular responsibilities arising from the
    nature of his or her duties, he has, and shall have at all times while he is employed by the Company, a special obligation
    to further the interests of the Company.

 

    	 	 6	 

    	 

    

 

	10.3	To
    the extent that legal title in any Employment IPRs or Employment Inventions does not vest in the Company by virtue of Clause
    10.1, the Employee agrees, immediately upon creation of such rights and inventions, to offer to the Company in writing a right
    of first refusal to acquire them on arm’s length terms to be agreed between the parties. 
	 	 
	10.4	The
    Employee agrees:

 

	 	(a)	to
    give the Company full written details of all Employment Inventions which relate to or are capable of being used in the business
    of any Group Company promptly on their creation;
	 	 	 
	 	(b)	at
    the Company’s request and in any event on the termination of his or her employment to give to the Company all originals
    and copies of correspondence, documents, papers and records on all media which record or relate to any of the Employment IPRs;
	 	 	 
	 	(c)	not
    to attempt to register any Employment IPR nor patent any Employment Invention unless requested to do so by the Company; and
	 	 	 
	 	(d)	to
    keep confidential each Employment Invention unless the Company has consented in writing to its disclosure by the Employee.

 

	10.5	The
    Employee waives all his or her present and future moral rights which arise under the any applicable law relating to any copyright
    which forms part of the Employment IPRs, and agrees not to support, maintain nor permit any claim for infringement of moral
    rights in such copyright works.
	 	 
	10.6	The
    Employee acknowledges that, except as provided by law, no further remuneration or compensation other than that provided for
    in this Agreement is or may become due to the Employee in respect of his or her compliance with this Clause. 
	 	 
	10.7	The
    Employee undertakes to use his or his or her best endeavours to execute all documents and do all acts both during and after
    his or his or her his or her employment by the Company as may, in the opinion of the Board, be necessary or desirable to vest
    the Employment IPRs in the Company, to register them in the name of the Company and to protect and maintain the Employment
    IPRs and the Employment Inventions. Such documents may, at the Company’s request, include waivers of all and any statutory
    moral rights relating to any copyright works which form part of the Employment IPRs. The Company agrees to reimburse the Employee’s
    reasonable expenses of complying with this Clause 10.6.

 

    	 	 7	 

    	 

    

 

	10.8	The
    Employee agrees to give all necessary assistance to the Company to enable it to enforce its Intellectual Property Rights against
    third parties, to defend claims for infringement of third party Intellectual Property Rights and to apply for registration
    of Intellectual Property Rights, where appropriate throughout the world, and for the full term of those rights.
	 	 
	10.9	The
    Employee his or hereby irrevocably appoints the Company to be his or his or her attorney to execute and do any such instrument
    or thing and generally to use his or his or her name for the purpose of giving the Company or its nominee the benefit of this
    Clause 10. The Employee acknowledges in favour of a third party that a certificate in writing signed by any Director or the
    Secretary of the Company that any instrument or act falls within the authority conferred by this Clause 10 shall be conclusive
    evidence that such is the case.
	 	 
	11.	Termination
    
	 	 
	11.1	Notwithstanding
    the provisions of Clause 2.1, the Company or the Group Chief Executive may terminate the Appointment with immediate effect
    without notice and with no liability to make any further payment to the Employee (other than in respect of amounts accrued
    due at the date of termination) if the Employee:

 

	 	(a)	is
    guilty of any gross misconduct affecting the business of the Company or any Group Company;
	 	 	 
	 	(b)	commits
    any serious or repeated breach or non-observance of any of the provisions of this Agreement or refuses or neglects to comply
    with any reasonable and lawful directions of the Board; or
	 	 	 
	 	(c)	is,
    in the reasonable opinion of the Board, negligent and incompetent in the performance of his duties; or
	 	 	 
	 	(d)	is
    guilty of any fraud or dishonesty or acts in any manner which in the opinion of the Board brings or is likely to bring the
    Employee or any Group Company into disrepute or is materially adverse to the interests of any Group Company; or is guilty
    of a serious breach of any rules issued by the Company from time to time regarding its electronic communications systems.

 

	11.2	The
    rights of the Company under Clause 11.1 are without prejudice to any other rights that it might have at law to terminate the
    Appointment or to accept any breach of this Agreement by the Employee as having brought the Agreement to an end. Any delay
    by the Company in exercising its rights to terminate shall not constitute a waiver thereof.

 

    	 	 8	 

    	 

    

 

	12.	Obligations
    upon termination
	 	 
	12.1	On
    termination of the Appointment (howsoever arising) the Employee shall:

 

	 	(a)	immediately
    deliver to the Company all documents, books, materials, records, correspondence, papers and information (on whatever media
    and wherever located) relating to the business or affairs of the Group, any keys, credit card and any other property of any
    Group Company which is in his or her possession or under his or her control;
	 	 	 
	 	(b)	irretrievably
    delete any information relating to the business of any Group Company stored on any magnetic or optical disk or memory and
    all matter derived from such sources which is in his or her possession or under his control outside the Company’s premises;
    and
	 	 	 
	 	(c)	provide
    a signed statement that she has complied fully with his obligations under this Clause 12.1.

 

	13.	Post-termination
    restrictions
	 	 
	13.1	In
    order to protect the confidential information, trade secrets and business connections of the Company and each Group Company
    to which he has access as a result of the Appointment, the Employee covenants with the Company (for itself and as trustee
    and agent for each Group Company) that she shall not:

 

	 	(a)	for
    twelve (12) months after Termination solicit or endeavour to entice away from the Company or any Group Company the business
    or custom of a Restricted Customer with a view to providing goods or services to that Restricted Customer in competition with
    any Restricted Business; or
	 	 	 
	 	(b)	for
    twelve (12) months after Termination in the course of any business concern which is in competition with any Restricted Business,
    offer to employ or engage or otherwise endeavour to entice away from the Company or any Group Company any Restricted Person;
    or
	 	 	 
	 	(c)	for
    twelve (12) months after Termination, be involved in any Capacity with any business concern which is (or intends to be) in
    competition with any Restricted Business; or
	 	 	 
	 	(d)	for
    twelve (12) months after Termination be involved with the provision of goods or services to (or otherwise have any business
    dealings with) any Restricted Customer in the course of any business concern which is in competition with any Restricted Business;
    or
	 	 	 
	 	(e)	at
    any time after Termination, represent himself as connected with the Company or any Group Company in any Capacity.

 

    	 	 9	 

    	 

    

 

	13.2	None
    of the restrictions in Clause 13.1 shall prevent the Employee from:
	 	 	 
	 	(a)	holding
    an investment by way of shares or other securities in any business which is not a Restricted Business; or
	 	 	 
	 	(b)	being
    engaged or concerned in any business concern insofar as the Employee’s duties or work shall relate solely to geographical
    areas where the business concern is not in competition with any Restricted Business; or
	 	 	 
	 	(c)	being
    engaged or concerned in any business concern, provided that the Employee’s duties or work shall relate solely to services
    or activities of a kind with which the Employee was not concerned to a material extent in the twelve (12) months prior to
    Termination.
	 	 	 
	13.3	The
    restrictions imposed on the Employee by this Clause 13 apply to his or her acting:
	 	 	 
	 	(a)	directly
    or indirectly; and
	 	 	 
	 	(b)	on
    his or her own behalf or on behalf of, or in conjunction with, any firm, company or person.

 

	13.4	Each
    of the restrictions in this Clause 13 is intended to be separate and severable. If any of the restrictions shall be held to
    be void but would be valid if part of their wording were deleted, such restriction shall apply with such deletion as may be
    necessary to make it valid or effective.
	 	 
	13.5	The
    Employee will, at the request and expense of the Company, enter into a separate Agreement with any Group Company in which
    he agrees to be bound by restrictions corresponding to those restrictions in this Clause 13 (or such of those restrictions
    as may be appropriate) in relation to that Group Company.

 

	14.	Reconstruction
    and amalgamation
	 	 
	 	If
    the Appointment is terminated at any time by reason of any reconstruction or amalgamation of the Company or any Group Company,
    whether by winding up or otherwise, and the Employee is offered employment with any concern or undertaking involved in or
    resulting from such reconstruction or amalgamation on terms which (considered in their entirety) are no less favourable to
    any material extent than the terms of this Agreement, the Employee shall have no claim against the Company or any such undertaking
    arising out of or connected with such termination.
	 	 
	15.	Notices
	 	 
	15.1	Any
    notice given under this Agreement shall be in writing and signed by or on behalf of the party giving it and shall be served
    by delivering it personally, or sending it by pre-paid recorded delivery or registered post to the relevant party at (in the
    case of the Company) its registered office for the time being and (in the case of the Employee) his last known address, or
    by sending it by fax to the fax number notified by the relevant party to the other party. Any such notice shall be deemed
    to have been received:

 

    	 	 10	 

    	 

    

 

	 	(a)	if
    delivered personally, at the time of delivery;
	 	 	 
	 	(b)	in
    the case of pre-paid recorded delivery or registered post, 48 hours from the date of posting; and
	 	 	 
	 	(c)	in
    the case of fax, at the time of transmission.

 

	15.2	In
    proving such service it shall be sufficient to prove that the envelope containing such notice was addressed to the address
    of the relevant party and delivered either to that address or into the custody of the postal authorities as a pre-paid recorded
    delivery or registered post or that the notice was transmitted by fax to the fax number of the relevant party).
	 	 
	16.	Entire
    Agreement and previous contracts
	 	 
	 	Each
    party on behalf of itself (and in the case of the Company, as agent for any Group Companies) acknowledges and agrees with
    the other party (the Company acting on behalf of itself and as agent for each Group Company) that:

 

	 	(a)	this
    Agreement together with any documents referred to in it constitute the entire Agreement and understanding between the Employee
    and the Company and any Group Company and supersedes any previous Agreement between them relating to the Appointment. in entering
    into this Agreement neither party nor any Group Company has relied on any Pre-Contractual Statement; and
	 	 	 
	 	(b)	the
    only remedy available to each party for breach of this Agreement shall be for breach of contract under the terms of this Agreement
    and no party shall have any right of action against any other party in respect of any Pre-Contractual Statement.

 

	 	Nothing
    in this Agreement shall, however, operate to limit or exclude any liability for fraud.
	 	 
	17.	Variation
	 	 
	 	No
    variation of this Agreement or of any of the documents referred to in it shall be valid unless it is in writing and signed
    by or on behalf of each of the parties.

 

    	 	 11	 

    	 

    

 

	18.	Counterparts
	 	 
	 	This
    Agreement may be executed in any number of counterparts, each of which, when executed and delivered, shall be an original,
    and all the counterparts together shall constitute one and the same instrument.
	 	 
	19.	Governing
    law and jurisdiction
	 	 
	19.1	This
    Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual
    disputes or claims) shall be governed by and construed in accordance with the laws of New York. 
	 	 
	19.2	The
    parties irrevocably agree that the courts of New York or Utah shall have exclusive jurisdiction to settle any dispute or claim
    that arises out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes
    or claims).

 

This
document has been executed as a deed and is delivered and takes effect on the date stated at the beginning of it.

 

    	 	 12	 

    	 

    

 

	Schedule
    1 	 	Role
    Description

 

Chief
Executive Officer (CEO)

 

Based
in Salt Lake City 

 

Reports
to Board of Colmek and the Chief Executive of Coda Octopus Group

 

Role
Description

 

	●	CEO
    is responsible day to day for the smooth overall management of Colmek
	 	 
	●	CEO
    is responsible for overall achievement of the Business Plan of Colmek and for overseeing the effective and successful implementation
    of the Business Strategy of Colmek and achieving the agreed Business Plan.
	 	 
	●	CEO
    is responsible for promoting Colmek and increasing its capabilities 
	 	 
	●	CEO
    reports to the Board of Colmek and the Chief Executive of Coda Octopus Group at least monthly including providing details
    of the Company’s financial performance and forecasts and assessments of future prospects of the Company
	 	 
	●	Alongside
    scheduled reporting to the Board of Colmek, CEO shall provide information to, and collaborate with, others in the Coda Octopus
    Group Management team and reporting structure as the Coda Octopus Group Board may direct from time to time.
	 	 
	●	CEO
    understands and performs the legal duties associated with being a director of the Company
	 	 
	●	Formulate
    and agree with the Board of Colmek and Coda Octopus Group the business strategy of Colmek
	 	 
	●	Appraises
    the Board in a timely manner of business critical issues including failure of the business to perform in accordance with the
    Business Plan
	 	 
	●	Manage
    and control Colmek’s expenditure against the agreed and approved budgets for the business
	 	 
	●	Ensures
    good practices are implemented throughout including but not limited to good financial controls being in place.

 

    	 	 13	 

    	 

    

 

Performance
Milestone for Financial Year 2010/2011

 

The
Company achieving revenues of no less than $4.5 million; and

 

Net
Profit of at least $500K.

 

    	 	 14	 

    	 

    

 

	Executed
    as a deed by Coda Octopus Colmek, Inc acting by Geoff Turner (Director)	
	 	Director
	 	 
	Signed
                                         as a deed by Mike Midgley in the presence of:

         
	 
	 	 
	Signature
    of Witness	 
	 	 
	Name
    and Address	 
	 	 
	Occupation	 
	Date
    	 

 

    	 	 15Dated
JUNE 15 2013

 

 

 

Consultancy
Agreement

 

between

 

Coda
Octopus Group, Inc.

 

and

 

Taktos
Limited

 

    	 

    	 	 	 

    

 

	Contents	 
	 	 
	Clause	 
	 	 
	1.	Interpretation	1
	2.	Term
    of engagement and Restrictions on Substitution	3
	3.	Duties	3
	4.	Directorship	4
	5.	Directors’
    and Officers’ Insurance and Indemnity	5
	6.	Compensation
    and Benefits	5
	7.	Other
    activities	6
	8.	Confidential
    information and Company .property	6
	9.	Intellectual
    property	6
	10.	termination	8
	11.	Obligations
    upon termination	8
	12.	Status	9
	13.	Post-Termination
    Restrictions	10
	14.	Notices	11
	15.	Entire
    Agreement and previous contracts	12
	16.	Variation	12
	17.	Counterparts	12
	18.	Third
    party rights	12
	19.	Governing
    law and jurisdiction	12
	 	 	 
	Schedule	 
	 	 	 
	SCHEDULE
    SERVICES	13

 

    	 

    	 	 	 

    

 

THIS
AGREEMENT is dated June 15th 2013

 

Parties

 

	(1)	Coda
    Octopus Group, Inc. a Delaware corporation, (“Coda Octopus”), with a headquarters
    address Lakeland, Florida (Company); and
	 	 
	(2)	Taktos
    Limited, a United Kingdom corporation, with an address at 3 Willow Walk, Englefield
    Green, Egham, Surrey TW20 0DQ (Consultant Company).

 

Agreed
terms

 

	1.
    	Interpretation

 

	1.1
    	The
    definitions and rules of interpretation in this Clause apply in this Agreement (unless the context requires otherwise).
	 	Board:
    the board of directors of the Company (including any committee of the board duly appointed by it).
	 	 
	 	Business:
    Any subsea visualization company or business (incorporated or unincorporated),
    or (ii) any other business in which Coda Octopus is engaged or is actively planning to engage as of the date of the Termination
    of this Agreement.
	 	 
	 	Capacity:
    as agent, consultant, director, employee, owner, partner, shareholder or in any other capacity.
	 	 
	 	Cause:
    means any of the matters set forth in clauses 2.3 (Substitution) and 10.1(a) through to (e) inclusive.
	 	 
	 	Commencement
    Date: June 15, 2013
	 	 
	 	Convenience:
    termination of this Agreement by the Company without Cause.
	 	 
	 	Engagement:
    the engagement of the Consultant Company by the Company on the terms of this Agreement.
	 	 
	 	Fees:
    the monthly amount to be paid by the Company for the Services to be provided by the Individual through the Consultant
    Company and which are set forth in Clause 6 of this Agreement.
	 	 
	 	Group
    Company: the Company, any company of which it is a Subsidiary (its holding company) and any Subsidiaries of the Company
    or of any such holding company.
	 	 

    	1

    	 	 	 

    

 

	 	Incapacity:
    any sickness or injury which prevents the Individual from carrying out his duties.
	 	 
	 	Individual:
    Geoff Turner
	 	 
	 	Intellectual
    Property Rights: patents, rights to Inventions, copyright and related rights, trademarks, trade names and domain names,
    rights in get-up, rights in goodwill or to sue for passing off, rights in designs, rights in computer software, database rights,
    rights in confidential information (including know-how and trade secrets) and any other intellectual property rights, in each
    case whether registered or unregistered and including all applications (or rights to apply) for, and renewals or extensions
    of, such rights and all similar or equivalent rights or forms of protection which may now or in the future subsist in any
    part of the world.
	 	 
	 	Invention:
    any invention, idea, discovery, development, improvement or innovation made by the Consultant Company or by the Individual
    in connection with the provision of the Services, whether or not patentable or capable of registration, and whether or not
    recorded in any medium.
	 	 
	 	Management
    Incentive Scheme: the bonus scheme put in place by the Board of Directors of Coda Octopus
    Group, Inc. which is intended to incentivise the management to perform the Group’s annual business plan and under which
    a bonus (Stock Grants or Cash ) is payable for the achievement of certain performance milestones. 
	 	 
	 	Restricted
    Business: any business which competes with the Business at the relevant point in time 
	 	 
	 	Restricted
    Customer: any firm, company or person who, during the 6 months prior to Termination, was a customer of or in the habit
    of dealing with the Company or any Group Company with whom the Consultant or the Individual had contact or about whom he became
    aware or informed in the course of his engagement under this Agreement.
	 	 
	 	Restricted
    Person: anyone employed or engaged by the Company or any Group Company and who could materially damage the interests of
    the Company or any Group Company if they were involved in any Capacity in any business concern which competes with any Restricted
    Business and with whom the Consultant Company or Individual dealt in the twelve (12) months prior to Termination in the course
    of its or his Engagement.
	 	 
	 	Services:
    those set forth in Schedule 1 hereto.
	 	 
	 	Termination
    Date: for the purpose of this Agreement, the termination date shall mean the date when notice of termination is given.
	 	 
	1.2
    	The
    headings in this Agreement are inserted for convenience only and shall not affect its construction.
	 	 
	1.3
    	A
    reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension,
    or re-enactment and includes any subordinate legislation for the time being in force made under it.

 

    	2

    	 	 	 

    

 

 

	1.4
    	Unless
    the context otherwise requires, a reference to one gender shall include a reference to the other genders.
	 	 
	1.5
    	Unless
    the context otherwise requires, words in the singular include the plural and in the plural include the singular.
	 	 
	1.6
    	The
    schedules to this Agreement form part of (and are incorporated into) this Agreement.

 

	2.
    	Term
    of engagement and Restrictions on Substitution

 

	2.1
    	The
    Company shall engage the Consultant Company and the Consultant Company shall make available to the Company the Individual
    to provide the Services on the terms and conditions of this Agreement.
	 	 
	2.2
    	The
    Engagement shall be deemed to have commenced on the Commencement Date and shall continue, subject to the remaining terms of
    this Agreement, until terminated by either party giving the other not less than twelve (12) months’ prior notice of
    termination in writing.
	 	 
	2.3
    	The
    Consultant Company agrees that only the Individual shall perform the Services and as such the Consultant Company shall not
    be entitled to substitute the Individual and if the Individual is unable to provide the Services this Agreement shall be terminated
    forthwith and this shall constitute Cause.

 

	3.
    	Duties

 

	3.1
    	During
    the Engagement the Consultant Company shall, and (where appropriate) shall procure that the Individual shall:

 

	 	(a)
    	provide
    the Services with all due care, skill and ability and use its or his best endeavours to promote the interests of the Group
    and the companies within the Group.
	 	 	 
	 	(b)
    	unless
    the Individual is prevented by ill health or accident, devote at least 180 hours in each calendar month to the carrying out
    of the Services together with such additional time if any as may be necessary for their proper performance;
	 	 	 
	 	(c)
    	promptly
    give to the Board all such information and reports as it may reasonably require in connection with matters relating to the
    provision of the Services or the business of any Group Company.

 

	3.2	If
    the Individual is unable to provide the Services due to illness or injury the Consultant Company shall advise the Company
    of that fact as soon as reasonably practicable and shall provide such evidence of the Individual's illness or injury as the
    Company may reasonably require.

 

    	3

    	 	 	 

    

 

	3.3
    	The
    Consultant Company shall procure that the Individual is available at all times on reasonable notice to provide such assistance
    or information as the Company may require.
	 	 
	3.4
    	The
    Consultant Company shall, and shall procure that the Individual shall, comply with all reasonable standards of safety and
    comply with the Company's health and safety procedures from time to time in force at the premises where the Services are provided
    and report to the Company any unsafe working conditions or practices.
	 	 
	3.5
    	On
    termination of the Engagement, the Consultant Company shall be entitled to be paid in lieu of accrued but untaken holiday
    by the Individual. The amount of the payment in lieu shall be calculated on the basis that each day of paid holiday is equal
    to 1/260 of the Fees payable in accordance with the terms of this Agreement.
	 	 
	3.6
    	If
    the Individual has taken more holiday than his accrued entitlement at the date of termination of the Engagement, the Company
    shall be entitled to deduct the appropriate amount from any payments due to the Consultant Company (on the basis that each
    day of paid holiday is equal to 1/260 of the Fees payable in accordance with the terms of this Agreement.
	 	 
	3.7
    	If
    either party has served notice to terminate the Engagement, the Company may require the Individual to take any accrued but
    unused holiday entitlement during the notice period.

 

	4.
    	Directorship

 

	4.1
    	Except
    with the prior approval of the Board, or as provided in the byelaws of the Company, the Individual shall not resign as a director
    of the Company.
	 	 
	4.2
    	All
    directors are subject to re-election at the Company’s Annual General Meeting. The appointment as a Director shall automatically
    terminate if the Individual is not re-elected at the Annual General Meeting of Stockholders or if he becomes prohibited by
    law from serving as a Director. 
	 	 
	4.3
    	If
    during the Appointment the Individual ceases to be a director of the Company (otherwise than by reason of his death, resignation
    or disqualification pursuant to the byelaws of the Company, as amended from time to time, or by statute or court order) the
    Engagement shall continue with the Individual in all other respects, except as a director and the terms of this Agreement
    (other than those relating to the holding of the office of director) shall continue in full force and effect. The Individual
    shall have no claims in respect of such cessation of office.

 

    	4

    	 	 	 

    

 

	5.
    	Directors’
    and Officers’ Insurance and Indemnity

 

	5.1
    	Subject
    to the terms of the Company’s directors and officers liability insurance policy, during and for a period of a maximum
    of three (3) years after termination the Individual shall be entitled to director and officer insurance coverage for his acts
    and/or omissions while an officer and/or director of the Company on a basis no less favourable than the coverage provided
    current officers and directors.
	 	 
	5.2
    	In
    the event that there is a shortfall in the D&O Insurance cover including any compulsory excess that may be applicable,
    the Company shall indemnify the Consultant Company on a $ for $ basis for any amounts that he may pay in respect of any actions
    or liability arising out of or in connection with the Individual serving as a director of the Company.

 

	6.
    	Compensation
    and Benefits

 

	6.1
    	Fees

 

	 	(a)
    	The
    Fee to be paid by the Company to the Consultant Company for the Services of the Individual shall be a monthly amount of $13,000.

 

	6.2
    	Incentive
    Plan

 

	 	(a)
    	Unless
    otherwise agreed in writing, the Individual shall be entitled to participate in the Company’s Management Incentive Scheme.
    Any payments (whether in cash or kind) are contingent upon achieving the annual defined performance milestones.

 

	6.3
    	Reimbursement
    of Expenses 

 

	 	(a)
    	The
    Company shall reimburse (or procure the reimbursement of) all reasonable expenses wholly, properly and necessarily incurred
    by the Individual in providing the Services, subject to compliance with the Company’s Expenses Policy in force from
    time to time including production of receipts or other evidence of the expense claimed by the Consultant Company and which
    may be reasonably requested by the Company.
	 	 	 
	 	(b)
    	The
    Consultant Company shall abide by the Company's policies on expenses as communicated to it from time to time and shall procure
    that the Individual complies fully with these policies.
	 	 	 
	 	(c)
    	Any
    credit card supplied to the Individual by the Company (or any of its subsidiaries) shall be used only for expenses incurred
    by him in the course of the Engagement.

 

	6.4
    	Paid
    Time Off

 

	 	(a)
    	The Individual shall
    be entitled to 30 days' paid holiday in each holiday year together with the usual public holidays in England and Wales.
	 	 	 
	 	(b) 	If either party has
    served notice to terminate the Engagement, the Company may require the Individual to take any accrued but unused holiday entitlement
    during the notice period.

 

    	5

    	 	 	 

    

 

	7.	Other
    activities

 

	7.1
    	Subject
    to Clause 7.2, during the Engagement the Consultant Company shall procure that the Individual shall not, except as a representative
    of the Group, whether paid or unpaid, be directly or indirectly engaged, concerned or have any financial interest in any Capacity
    in any other business, trade, profession or occupation (or the setting up of any business, trade, profession or occupation)
    except with the prior written approval of the Company.
	 	 
	7.2
    	Notwithstanding
    Clause 7.1 of this Agreement, the Consultant Company and/or Individual may hold an investment by way of shares or other securities
    of not more than 5% of the total issued share capital of any company (whether or not it is listed or dealt in on a recognised
    stock exchange) where such company does not carry on a business similar to or competitive with any business for the time being
    carried on by the Group.
	 	 
	8.
    	Confidential
    information and Company property
	 	 
	8.1
    	The
    Consultant Company acknowledges that in the course of the Engagement it and the Individual will have access to Confidential
    Information. The Consultant Company has therefore agreed to accept the restrictions in this Clause 8.
	 	 
	8.2
    	The
    Consultant Company shall not, and shall procure that the Individual shall not (except in the proper course of its or his duties)
    either during the Engagement or at any time after the Termination Date, use or disclose to any firm, person or company (and
    shall use its best endeavours and procure that the Individual shall use its best endeavours to prevent the publication or
    disclosure of) any Confidential Information. This restriction does not apply to:

 

	 	(a)
    	any
    use or disclosure authorised by the Company or required by law; or
	 	 	 
	 	(b)	any
    information which is already in, or comes into, the public domain otherwise than through the Consultant Company's or the Individual's
    unauthorised disclosure.

 

	8.3
     	All
    documents, manuals, hardware and software provided for the Individual's use by the Company, and any data or documents (including
    copies) produced, maintained or stored on the Company's computer systems or other electronic equipment (including mobile phones
    if provided by the Company), remain the property of the Company.

 

	9	Intellectual
    property
	 	 
	9.1	The
    Consultant Company hereby assigns to the Company all existing and future Intellectual Property Rights in the Works and the
    Inventions and all materials embodying such rights to the fullest extent permitted by law. Insofar as they do not so vest
    automatically by operation of law or under this Agreement, the Consultant Company holds legal title in such rights and inventions
    on trust for the Company.

 

    	6

    	 	 	 

    

 

	9.2
    	The
    Consultant Company undertakes to the Company:

 

	 	(a)	 to
    notify to the Company in writing full details of all Works and Inventions promptly on their creation;
	 	 	 
	 	(b)
    	to
    keep confidential the details of all Inventions;
	 	 	 
	 	(c)
    	whenever
    requested to do so by the Company and in any event on the termination of the Engagement, promptly to deliver to the Company
    all correspondence, documents, papers and records on all media (and all copies or abstracts of them), recording or relating
    to any part of the Works and the process of their creation which are in his possession, custody or power;
	 	 	 
	 	(d)
    	not
    to register nor attempt to register any of the Intellectual Property Rights in the Works, nor any of the Inventions, unless
    requested to do so by the Company; and
	 	 	 
	 	(e)
    	to
    do all acts necessary to confirm that absolute title in all Intellectual Property Rights in the Works and the Inventions has
    passed, or will pass, to the Company, and confirms that the Individual has given written undertakings in the same terms to
    the Consultant Company.
	 	 

 

	9.3	The
    Consultant Company warrants that:

 

	 	(a)
    	it
    has not given and will not give permission to any third party to use any of the Works or the Inventions, nor any of the Intellectual
    Property Rights in the Works;
	 	 	 
	 	(b)	 it
    is unaware of any use by any third party of any of the Works or Intellectual Property Rights in the Works; and
	 	 	 
	 	(c)	 the
    use of the Works or the Intellectual Property Rights in the Works by the Company will not infringe the rights of any third
    party,
	 	 	and
    confirms that the Individual has given written undertakings in the same terms to the Consultant Company.

 

	9.4
    	The
    Consultant Company acknowledges that no further remuneration or compensation other than that provided for in this Agreement
    is or may become due to the Consultant Company in respect of the performance of its obligations under this Clause 9.
	 	 
	9.5
    	The
    Consultant Company undertakes to execute all documents, make all applications, give all assistance and do all acts and things,
    at the expense of the Company and at any time either during or after the Engagement, as may, in the opinion of the Board,
    be necessary or desirable to vest the Intellectual Property Rights in, and register or obtain patents or registered designs
    in, the name of the Company and otherwise to protect and maintain the Intellectual Property Rights in the Works. The Consultant
    Company confirms that the Individual has given written undertakings in the same terms to the Consultant Company.

 

    	7

    	 	 	 

    

 

	9.6	The
    Consultant Company hereby irrevocably appoints the Company to be its attorney to execute and do any such instrument or thing
    and generally to use its name for the purpose of giving the Company or its nominee the benefit of this Clause 9 and acknowledges
    in favour of a third party that a certificate in writing signed by any director or the secretary of the Company that any instrument
    or act falls within the authority conferred by this Clause 9 shall be conclusive evidence that such is the case.
	 	 
	10.
    	termination
	 	 
	 	10.1
    Notwithstanding the provisions set forth in Clause 2.2 hereof, the Company may terminate the Engagement with immediate effect
    for Cause without notice and with no liability to make any further payment to the Consultant Company or the Individual (other
    than those set out in Clause 10.2. hereof).
	 	 
	10.2	In
    this context “Cause” shall mean if the Consultant Company and/or the Individual:

 

	 	(a)
    	is
    guilty of any gross misconduct affecting the business of the Company or any Group Company; or

 

	 	(b)
    	commits
    any serious or repeated breach or non-observance of any of the provisions of this Agreement or refuses or neglects to comply
    with any reasonable and lawful directions of the Board; or
	 	 	 
	 	(c)	 is,
    in the reasonable opinion of the Board, negligent and incompetent in the performance of his duties; or
	 	 	 
	 	(d)	 is
    guilty of any fraud or dishonesty or acts in any manner which in the opinion of the Company or the Board brings or is likely
    to bring the Individual or the Company or any Group Company into disrepute or is materially adverse to the interests of any
    Group Company; or
	 	 	 
	 	(e)	 is
    unable by reason of Incapacity to perform his duties under this Agreement for an aggregate period of 12 weeks in any 52 weeks’
    period.
	 	 	 
	 	(f) 	Under
    the circumstances set out in Clause 2.3 of this Agreement.

 

	10.3	The
    rights of the Company under clause 10.1 are without prejudice to any other rights that it might have at law to terminate the
    Appointment or to accept any breach of this Agreement by the Individual as having brought the Agreement to an end. Any delay
    by the Company in exercising its rights to terminate shall not constitute a waiver thereof.
	 	 
	11.
    	Obligations
    upon termination
	 	 
	11.1
    	On
    the Termination Date the Consultant Company shall, and shall procure that the Individual shall:

 

	 	(a)	 immediately
    deliver to the Company all documents, books, materials, records, correspondence, papers and information (on whatever media
    and wherever located) relating to the business or affairs of any Group Company or their business contacts, any keys, and any
    other property of any Group Company, which is in its or his possession or under its or his control;
	 	 	 
	 	(b)	 irretrievably
    delete any information relating to the business of any Group Company stored on any magnetic or optical disk or memory and
    all matter derived from such sources which is in its or his possession or under its or his control outside the premises of
    the Company; and
	 	 	 
	 	(c)	 provide
    a signed statement that it or he has complied fully with its or his obligations under this Clause 11.

 

    	8

    	 	 	 

    

 

	11.2
    	Regardless
    of the reason for any termination of this Agreement, the Consultant Company shall be entitled to:

 

	 	(a)	Any
    unpaid portion of the Fees through to Termination Date;
	 	 	 
	 	(b)	Reimbursement
    of any outstanding business expenses which are properly incurred in accordance with the Company’s expense policy and/or
    practice in force from time to time.
	 	 	 
	 	(c)
    	Directors’
    and Officers’ insurance coverage in accordance with the terms of this Agreement;

 

	11.3
    	Termination
    payments due under this Agreement shall be made no later than within 60 days of the termination date.

 

	11.4
    	In
    the event that the Company terminates for “Convenience”, the Company shall, in addition to the payments provided
    for in Clause 11.2, pay the Consultant Company the following:

 

	 	(a)	 A
    lump sum payment equal to one times the sum of the annual Fees payable to the Consultant Company for the Services of the Individual;
    and
	 	 	 
	 	(b)
    	a
    separation bonus of $150,000 (whether or not the performance milestones have been achieved); and
	 	 	 
	 	(c)
    	vesting
    of any stock grant provided for in the Management Incentive Plan.

 

	12.
    	Status

 

	12.1
    	The
    relationship of the Consultant Company (and the Individual) to the Company will be that of independent contractor and nothing
    in this Agreement shall render it (nor the Individual) an employee, worker, agent or partner of the Company and the Consultant
    Company shall not hold itself out as such and shall procure that the Individual shall not hold himself out as such.

 

    	9

    	 	 	 

    

 

	12.2
    	This
    Agreement constitutes a contract for the provision of services and not a contract of employment and accordingly the Consultant
    Company shall be fully responsible for and shall indemnify the Company or any Group Company for and in respect of payment
    of the following within the prescribed time limits:

 

	 	(a)
    	any
    income tax, National Insurance and Social Security contributions and any other liability, deduction, contribution, assessment
    or claim arising from or made in connection with either the performance of the Services or any payment or benefit received
    by the individual (or their associates) in respect of the Services, where such recovery is not prohibited by law. The Consultant
    Company shall further indemnify the Company against all reasonable costs, expenses and any penalty, fine or interest incurred
    or payable by the Company in connection with or in consequence of any such liability, deduction, contribution, assessment
    or claim;
	 	 	 
	 	(b)
    	any
    liability for any employment-related claim or any claim based on worker status (including reasonable costs and expenses) brought
    by the Individual or any Substitute against the Company arising out of or in connection with the provision of the Services,
    except where such claim is as a result of any act or omission of the Company.

 

	12.3	The
    Company may at its option satisfy such indemnity (in whole or in part) by way of deduction from payments due to the Consultant
    Company or the Individual.

 

	13.
    	Post-Termination
    Restrictions

 

	13.1
     	In
    order to protect the Confidential Information, trade secrets and business connections of the Company and each Group Company
    to which the Consultant Company and/or Individual has access as a result of the Engagement, the Consultant Company covenants
    with the Company and shall procure that the Individual also enters into similar covenants benefiting the Company that neither
    the Consultant Company nor the Individual shall:

 

	 	(a)
    	for
    12 months after Termination solicit or endeavour to entice away from the Company or any Group Company the business or custom
    of a Restricted Customer with a view to providing goods or services to that Restricted Customer in competition with any Restricted
    Business; or
	 	 	 
	 	(b)  	for
    12 months after Termination in the course of any business concern which is in competition with any Restricted Business, offer
    to employ or engage or otherwise endeavour to entice away from the Company or any Group Company any Restricted Person; or
	 	 	 
	 	(c) 	for
    12 months after Termination, be involved in any Capacity with any business concern which is (or intends to be) in competition
    with any Restricted Business; or
	 	 	 
	 	(d)  	for
    12 months after Termination be involved with the provision of goods or services to (or otherwise have any business dealings
    with) any Restricted Customer in the course of any business concern which is in competition with any Restricted Business;
    or
	 	 	 
	 	(e)  	at
    any time after Termination, represent himself as connected with the Company or any Group Company in any Capacity.

 

    	10

    	 	 	 

    

 

	13.2
    	None
    of the restrictions in Clause 13 shall prevent the Consultant Company or the Individual from:

 

	 	(a)	 being
    engaged or concerned in any business concern insofar as the Consultant's duties or work shall relate solely to geographical
    areas where the business concern is not in competition with any Restricted Business; or
	 	 	 
	 	(b)
    	being
    engaged or concerned in any business concern, provided that the Consultant's duties or work shall relate solely to services
    or activities of a kind with which the Consultant Company or the Individual was not concerned to a material extent in the
    twelve (12) months prior to Termination.

 

	13.3
    	The
    restrictions imposed on the Consultant Company and Individual by Clause 13.1 apply to either of them acting:

 

	 	(a)
    	directly
    or indirectly including through legal or natural persons under his control or related to him; and
	 	 	 
	 	(b)
    	on
    his own behalf or on behalf of, or in conjunction with, any firm, company or person.

 

	13.4
    	Each
    of the restrictions in this Clause 13 is intended to be separate and severable. If any of the restrictions shall be held to
    be void but would be valid if part of their wording were deleted, such restriction shall apply with such deletion as may be
    necessary to make it valid or effective.

 

	14.
    	Notices

 

	14.1	Any
    notice given under this Agreement shall be in writing and signed by or on behalf of the party giving it and shall be served
    by delivering it personally, or sending it by pre-paid recorded delivery or registered post to the relevant party at its registered
    office for the time being or by sending it by fax to the fax number notified by the relevant party to the other party. Any
    such notice shall be deemed to have been received:

 

	 	(a)
    	if
    delivered personally, at the time of delivery;
	 	 	 
	 	(b)
    	in
    the case of pre-paid recorded delivery or registered post, 48 hours from the date of posting;
	 	 	 
	 	(c)
    	in
    the case of fax, at the time of transmission.

 

	14.2
    	In
    proving such service it shall be sufficient to prove that the envelope containing such notice was addressed to the address
    of the relevant party and delivered either to that address or into the custody of the postal authorities as a pre-paid recorded
    delivery or registered post or that the notice was transmitted by fax to the fax number of the relevant party).

 

    	11

    	 	 	 

    

 

	15.
    	Entire
    Agreement and previous contracts

 

	 	Each
    party on behalf of itself and (in the case of the Company, as agent for any Group Companies) acknowledges and agrees with
    the other party the Company acting on behalf of itself and as agent for each Group Company) that:

 

	 	(a)
    	this
    Agreement together with any documents referred to in it constitute the entire Agreement and understanding between the Consultant
    Company and the Company and any Group Company and supersedes any previous Agreement between them relating to the Engagement
    (which shall be deemed to have been terminated by mutual consent);
	 	 	 
	 	(b) 	in
    entering into this Agreement neither party nor any Group Company has relied on any pre-contractual statement; and
	 	 	 
	 	(c) 	the
    only remedy available to it for breach of this Agreement shall be for breach of contract under the terms of this Agreement
    and each party shall have no right of action against any other party in respect of any pre-contractual statement. Nothing
    in this Agreement shall, however, operate to limit or exclude any liability for fraud.

 

	16.
    	Variation
	 	 
	 	No
    variation of this Agreement shall be valid unless it is in writing and signed by or on behalf of each of the parties.

 

	17.
    	Counterparts
	 	 
	 	This
    Agreement may be executed in any number of counterparts, each of which, when executed, shall be an original, and all the counterparts
    together shall constitute one and the same instrument.

 

	18	hird
    party rights
	 	 
	 	The
    Contracts (Rights of Third Parties) Act 1999 shall not apply to this Agreement and no person other than the Consultant Company
    and the Company shall have any rights under it. The terms of this Agreement or any of them may be varied, amended or modified
    or this Agreement may be suspended, cancelled or terminated by Agreement in writing between the parties or this Agreement
    may be rescinded (in each case), without the consent of any third party.

 

	19.	 Governing
    law and jurisdiction

 

	19.1
    	This
    Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual
    disputes or claims) shall be governed by and construed in accordance with English law.

 

    	12

    	 	 	 

    

 

Schedule
Services

 

The
Individual performs the duties of the Deputy Chief Executive Officer of the Group.

 

The
Individual reports to the Chief Executive Director and is responsible for:

 

Mentoring
various staff members as advised by the Group CEO

 

Performing
various functions on a day to day basis as requested and agreed with the CEO

 

Undertaking
various projects on behalf of the CEO

 

Deputising
in the CEO’s absence

 

Conducting
duties as Group Director and director of the various subsidiaries within the Group.

 

Supports
the Board as the Chairman may require from time to time

 

Performs
special and sensitive projects as the CEO or the Board may directIn the area of Public and Investor relations

 

	 	a)	Acts
    as an advocate for issues relevant to Coda Octopus, its services and constituencies.
	 	 	 
	 	b)	Listens
    to clients and customers in order to improve customer acceptance of Coda Octopus’ products and services.
	 	 	 
	 	c)	Serves
    as chief spokesperson for Coda Octopus.
	 	 	 
	 	d)	Responsible
    for Investor Relations as a whole and for building the Company’s stock value
	 	 	 
	 	e)	Initiates,
    develops, and maintains cooperative relationships with key constituencies.

 

    	13

    	 	 	 

    

 

	Executed
    by Coda Octopus Group	 
	acting
    by Annmarie Gayle	 
	Chief
    Executive Officer and Director	 
	 	
	 	 
	Executed
    by Taktos Limited acting by	 
	Geoff
    Turner	 
	 	

 

    	14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00261-of-00352.parquet"}]]