Document:

EX-4.3

 Exhibit 4.3 

INTERCONTINENTAL EXCHANGE, INC. 

2018 EMPLOYEE STOCK PURCHASE PLAN 

1.    Definitions. 

(a)     “Administrator” means the Committee or, subject to Applicable Law, one or more of the Company’s
officers or management team appointed by the Board or Committee to administer the day-to-day operations of the Plan. Except as otherwise provided in the Plan, the Board
or Committee may assign any of its administrative tasks to the Administrator. 
 (b)    “Affiliate” will have
the meaning ascribed to such term in Rule 12b-2 promulgated under the Exchange Act. The Board will have the authority to determine the time or times at which “Affiliate” status is determined within
the foregoing definition. 
 (c)    “Applicable Law” means the requirements relating to the administration of
equity-based awards under state corporate laws, United States federal and state securities laws, the Code, the rules of any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any non-U.S. jurisdiction where rights are, or will be, granted under the Plan. 

(d)    “Board” means the Board of Directors of the Company. 

(e)    “Change in Control” means the happening of any of the following: 

(i)    any “person” (as that term is used in Sections 13(d) and 14(d)(2) of the Exchange Act), is or becomes
the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities representing 30% or more of the combined voting power of the then outstanding securities of ICE
eligible to vote for the election of the members of ICE’s Board (the “Company Voting Securities”) unless (1) such person is the Company, (2) such person is an employee benefit plan (or a trust which is a part of such a plan)
which provides benefits exclusively to, or on behalf of, employees or former employees of the Company, or (3) such person acquired such securities in a Non-Qualifying Transaction (as defined in
Section 1(e)(iv)); 
 (ii)    during any period of not more than
thirty-six (36) months, individuals who constitute the Board as of the beginning of the period (the “Incumbent Directors”) cease for any reason to constitute at least a majority of the Board,
provided that any person becoming a director subsequent to the beginning of such period, whose election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then
on the Board (either by a specific vote or by approval of the Company’s proxy statement in which such person is named as a nominee for director, without written objection to such nomination) will be an Incumbent Director; provided, however,
that no individual initially elected or nominated as a director of ICE as a result of an actual or publicly threatened election contest with respect to directors or as a result of any other actual or publicly threatened solicitation of proxies by or
on behalf of any person other than the Board will be deemed to be an Incumbent Director; 
 (iii)    any dissolution or
liquidation of ICE or any sale or the disposition of 50% or more of the assets or business of ICE; or 
 (iv)    the
consummation of any reorganization, merger, consolidation or share exchange or similar form of corporate transaction involving ICE unless (1) the persons who were the beneficial owners of the outstanding securities eligible to vote for the
election of the members of ICE’s Board immediately before the consummation of such transaction hold more than 60% of the voting power of the securities eligible to vote for the members of the board of directors of (i) the successor or
survivor 

 
corporation in such transaction immediately following the consummation of such transaction or (ii) if applicable, the ultimate parent corporation that directly or indirectly has beneficial
ownership of at least 95% of the voting power of the successor or survivor corporation in such transaction and (2) the number of the securities of such successor or survivor corporation or ultimate parent corporation (the “Post-Transaction
Corporation”) representing the voting power described in Section 1(e)(iv)(1) held by the persons described in Section 1(e)(iv)(1) immediately following the consummation of such transaction is beneficially owned by each such person in
substantially the same proportion that each such person had beneficially owned the outstanding securities eligible to vote for the election of the members of the Board immediately before the consummation of such transaction, provided (3) the
percentage described in Section 1(e)(iv)(1) of the securities of the Post-Transaction Corporation and the number described in Section 1(e)(iv)(2) of the securities of the Post-Transaction Corporation will be determined exclusively by
reference to the securities of the Post-Transaction Corporation which result from the beneficial ownership of Shares by the persons described in Section 1(e)(iv)(1) immediately before the consummation of such transaction (any transaction which
satisfies all of the criteria specified in (1), (2) and (3) above will be deemed to be a “Non-Qualifying Transaction”). 

(f)    “Code” means the United States Internal Revenue Code of 1986, as amended. Reference to a specific section
of the Code or United States Treasury Regulation thereunder will include such section or regulation, any valid regulation or other official applicable guidance promulgated under such section, and any comparable provision of any future legislation or
regulation amending, supplementing or superseding such section or regulation. 
 (g)    “Committee” means the
Compensation Committee of the Board or any subcommittee referred to in Section 4(e). 
 (h)    “Common
Stock” means the common stock of the Company, $0.01 par value per share, as the same may be converted, changed, reclassified or exchanged. 

(i)    “Company” or “ICE” means Intercontinental Exchange, Inc., a Delaware corporation, or any
successor to all or substantially all of the Company’s business that adopts the Plan. 

(j)    “Contributions” means the amount of Eligible Pay contributed by a Participant through payroll deductions
and other additional payments that the Committee may permit a Participant to make to fund the exercise of rights to purchase Shares granted pursuant to the Plan. 

(k)    “Designated Company” means any Subsidiary or Affiliate, whether now existing or existing in the future,
that has been designated by the Committee from time to time in its sole discretion as eligible to participate in the Plan. The Committee may designate Subsidiaries or Affiliates as Designated Companies in a
Non-423 Offering. For purposes of a Section 423 Offering, only the Company and its Subsidiaries may be Designated Companies; provided, however, that at any given time, a Subsidiary that is a Designated
Company under a Section 423 Offering will not be a Designated Company under a Non-423 Offering. 

(l)    “Effective Date” means the date the Plan is approved by the Board, subject to Section 18 hereof.

 (m)    “Eligible Employee” means any individual in a employee-employer relationship with the Company or a
Designated Company for income tax and employment tax withholding and reporting purposes. For purposes of clarity, the term “Eligible Employee” will not include the following, regardless of any subsequent reclassification as an employee by
the Company or a Designated Company, any governmental agency, or any court: (i) any independent contractor; (ii) any consultant; (iii) any individual performing services for the Company or a Designated Company who has entered into an
independent 

  
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contractor or consultant agreement with the Company or a Designated Company; (iv) any individual performing services for the Company or a Designated Company under an independent contractor
or consultant agreement, a purchase order, a supplier agreement or any other agreement that the Company or a Designated Company enters into for services; (v) any individual classified by the Company or a Designated Company as contract labor
(such as contractors, contract employees, job shoppers), regardless of length of service; (vi) any individual whose base wage or salary is not processed for payment by the payroll department(s) or payroll provider(s) of the Company or a
Designated Company; and (vii) any leased employee. The Committee will have exclusive discretion to determine whether an individual is an Eligible Employee for purposes of the Plan. 

(n)    “Eligible Pay” means the total amount paid by the Company or any Subsidiary or Affiliate to the Eligible
Employee (other than amounts paid after termination of employment date, even if such amounts are paid for pre-termination date services) as base salary or wages (including 13th/14th month payments or similar
concepts under local law) and any portion of such amounts voluntarily deferred or reduced by the Eligible Employee (i) under any employee benefit plan of the Company or a Subsidiary or Affiliate available to all levels of employees on a non-discriminatory basis upon satisfaction of eligibility requirements, and (ii) under any deferral plan of the Company (provided such amounts would not otherwise have been excluded had they not been deferred),
but excluding any cash bonuses, commissions, overtime pay, stipends, lump sum payments in lieu of foregone merit increases, “bonus buyouts” as the result of job changes, pension, retainers, severance pay, special stay-on bonus, income derived from stock options, stock appreciation rights, restricted stock units and dispositions of stock acquired thereunder, any other allowances, and other special remuneration or variable
pay. For Eligible Employees in the United States, Eligible Pay will include elective amounts that are not includible in gross income of the Eligible Employee by reason of Sections 125, 132(f)(4), 402(e)(3), 402(h) or 403(b) of the Code. The
Committee will have discretion to determine the application of this definition to Eligible Employees outside the United States. 

(o)    “Enrollment Period” means the period during which an Eligible Employee may elect to participate in the
Plan, with such period occurring before the first day of each Offering Period, as prescribed by the Administrator. 

(p)    “Exchange Act” means the United States Securities Exchange Act of 1934, as amended, from time to time, or
any successor law thereto, and the regulations promulgated thereunder. 
 (q)    “Fair Market Value” means, as
of any given date, (i) the closing price reported for the Common Stock on the applicable date as reported on the New York Stock Exchange or, if no sale occurred on such date, the closing price reported for the first Trading Day immediately
prior to such date during which a sale occurred; or (ii) if the Common Stock is not traded on an exchange but is regularly quoted on a national market or other quotation system, the closing sales price on such date as quoted on such market or
system, or if no sales occurred on such date, then on the date immediately prior to such date on which sales prices are reported; or (iii) in the absence of an established market for the Common Stock of the type described in (i) or (ii) of
this Section 1(q), the fair market value established by the Committee acting in good faith. 

(r)    “Offering” means a Section 423 Offering or a Non-423
Offering of a right to purchase Shares under the Plan during an Offering Period as further described in Section 6. Unless otherwise determined by the Committee, each Offering under the Plan in which Eligible Employees of one or more Designated
Companies may participate will be deemed a separate offering for purposes of Section 423 of the Code, even if the dates of the applicable Offering Periods of each such Offering are identical, and the provisions of the Plan will separately apply
to each Offering. With respect to Section 423 Offerings, the terms of separate Offerings need not be identical provided that all Eligible Employees granted purchase rights in a particular Offering will have the same rights and privileges,
except as otherwise may be permitted by Code Section 423; a Non-423 Offering need not satisfy such requirements. 

  
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 (s)    “Offering Period” means the periods established in
accordance with Section 6 during which rights to purchase Shares may be granted pursuant to the Plan and Shares may be purchased on one or more Purchase Dates. The duration and timing of Offering Periods may be changed pursuant to Sections 6
and 17. 
 (t)    “Parent” means a “parent corporation,” whether now or hereafter existing, as
defined in Section 424(e) of the Code. 
 (u)    “Participant” means an Eligible Employee who elects to
participate in the Plan. 
 (v)    “Plan” means Intercontinental Exchange, Inc., 2018 Employee Stock Purchase
Plan, as may be amended from time to time. 
 (w)    “Purchase Date” means the last Trading Day of each
Purchase Period (or such other Trading Day as the Committee may determine). 
 (x)    “Purchase Period” means
a period of time within an Offering Period, as may be specified by the Committee in accordance with Section 6, generally beginning on the first Trading Day of each Offering Period and ending on a Purchase Date. An Offering Period may consist of
one or more Purchase Periods. 
 (y)    “Purchase Price” means the purchase price at which Shares may be
acquired on a Purchase Date and which will be set by the Committee; provided, however, that the Purchase Price for a Section 423 Offering will not be less than eighty-five percent (85%) of the lesser of (i) the Fair Market Value of the
Shares on the first Trading Day of the Offering Period or (ii) the Fair Market Value of the Shares on the Purchase Date. Unless otherwise determined by the Committee prior to the commencement of an Offering Period, the Purchase Price will be
eighty-five percent (85%) of the lesser of (a) the Fair Market Value of the Shares on the first Trading Day of the Offering Period or (b) the Fair Market Value of the Shares on the Purchase Date. 

(z)    “Shares” means the shares of Common Stock. 

(aa)    “Subsidiary” means a “subsidiary corporation,” whether now or hereafter existing, as defined
in Section 424(f) of the Code. 
 (bb)    “Tax-Related Items”
means any income tax, social insurance, payroll tax, payment on account or other tax-related items arising in relation to the Participant’s participation in the Plan. 

(cc)    “Trading Day” means a day on which the principal exchange that Shares are listed on is open for trading.

 2.    Purpose of the Plan. The purpose of the Plan is to provide an opportunity for Eligible Employees of the
Company and its Designated Companies to purchase Common Stock at a discount through voluntary Contributions, thereby attracting, retaining and rewarding such persons and strengthening the mutuality of interest between such persons and the
Company’s stockholders. The Company intends for offerings under the Plan to qualify as an “employee stock purchase plan” under Section 423 of the Code (each, a “Section 423 Offering”); provided, however, that the
Committee may also authorize the grant of rights under offerings of the Plan that are not intended to comply with the requirements of Section 423 of the Code, pursuant to any rules, procedures, appendices, or
sub-plans (collectively, “Sub-Plans”) adopted by the Committee for such purpose (each, a “Non-423 Offering”).

  
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 3.    Shares Reserved for the Plan. Subject to adjustment pursuant to
Section 16 hereof, 25,000,000 Shares may be sold pursuant to the Plan. Such Shares may be authorized but unissued Common Stock, treasury shares or Common Stock purchased in the open market. For avoidance of doubt, up to the maximum number of
Shares reserved under this Section 3 may be used to satisfy purchases of Shares under Section 423 Offerings and any remaining portion of such maximum number of Shares may be used to satisfy purchases of Shares under Non-423 Offerings. 
 4.    Administration of the Plan. 

(a)    Committee as Administrator. The Plan will be administered by the Committee. Notwithstanding anything in the
Plan to the contrary, subject to Applicable Law, any authority or responsibility that, under the terms of the Plan, may be exercised by the Committee may alternatively be exercised by the Board. Subject to Applicable Law, no member of the Board or
Committee (or its delegates) will be liable for any good faith action or determination made in connection with the operation, administration or interpretation of the Plan. In the performance of its responsibilities with respect to the Plan, the
Committee will be entitled to rely upon, and no member of the Committee will be liable for any action taken or not taken in reliance upon, information and/or advice furnished by the Company’s officers or employees, the Company’s
accountants, the Company’s counsel and any other party that the Committee deems necessary. 
 (b)    Powers of
the Committee. The Committee will have full power and authority to: administer the Plan, including, without limitation, the authority to (i) construe, interpret, reconcile any inconsistency in, correct any default in and supply any omission
in, and apply the terms of the Plan and any enrollment form or other instrument or agreement relating to the Plan, (ii) determine eligibility and adjudicate all disputed claims filed under the Plan, including whether Eligible Employees will
participate in a Section 423 Offering or a Non-423 Offering and which Subsidiaries and Affiliates of the Company will be Designated Companies participating in either a Section 423 Offering or a Non-423 Offering, (iii) determine the terms and conditions of any right to purchase Shares under the Plan, (iv) establish, amend, suspend or waive such rules and regulations and appoint such agents as it
deems appropriate for the proper administration of the Plan, (v) amend an outstanding right to purchase Shares, including any amendments to a right that may be necessary for purposes of effecting a transaction contemplated under Section 16
hereof (including, but not limited to, an amendment to the class or type of stock that may be issued pursuant to the exercise of a right or the Purchase Price applicable to a right), provided that the amended right otherwise conforms to the terms of
the Plan, and (vi) make any other determination and take any other action that the Committee deems necessary or desirable for the administration of the Plan including, without limitation, the adoption of such
Sub-Plans as are necessary or appropriate to permit the participation in the Plan by employees who are foreign nationals or employed outside the United States, as further set forth in Section 4(c) below.

 (c)    Non-U.S. Sub-Plans.
Notwithstanding any provision to the contrary in this Plan, the Committee may adopt such Sub-Plans relating to the operation and administration of the Plan to accommodate the specific requirements of local
laws and procedures for jurisdictions outside of the United States, the terms of which Sub-Plans may take precedence over other provisions of this Plan, with the exception of Section 3 hereof, but unless
otherwise superseded by the terms of such Sub-Plan, the provisions of this Plan will govern the operation of such Sub-Plan. To the extent inconsistent with the
requirements of Section 423, any such Sub-Plan will be considered part of a Non-423 Offering, and purchase rights granted thereunder will not be required by the
terms of the Plan to comply with Section 423 of the Code. Without limiting the generality of the foregoing, the Committee is authorized to adopt Sub-Plans for particular
non-U.S. jurisdictions that modify the terms of the Plan to meet applicable local requirements regarding, without limitation, (i) eligibility to participate, (ii) the definition of Eligible Pay,
(iii) the dates and duration of Offering Periods or other periods during which Participants may make Contributions towards the purchase of Shares, (iv) the method of determining the Purchase Price and the discount from Fair Market Value at
which Shares may be purchased, (v) any minimum or maximum amount of Contributions a 

  
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Participant may make in an Offering Period or other specified period under the applicable Sub-Plan, (vi) the treatment of purchase rights upon a
Change in Control or a change in capitalization of the Company, (vii) the handling of payroll deductions, (viii) establishment of bank, building society or trust accounts to hold Contributions, (ix) payment of interest,
(x) conversion of local currency, (xi) obligations to pay payroll tax, (xii) determination of beneficiary designation requirements, (xiii) withholding procedures and (xiv) handling of Share issuances. 

(d)    Binding Authority. All determinations by the Committee in carrying out and administering the Plan and in
construing and interpreting the Plan and any enrollment form or other instrument or agreement relating to the Plan will be made in the Committee’s sole discretion and will be final, binding and conclusive for all purposes and upon all
interested persons. 
 (e)    Delegation of Authority. To the extent not prohibited by Applicable Law, the
Committee may, from time to time, delegate some or all of its authority under the Plan to a subcommittee or subcommittees of the Committee, the Administrator or other persons or groups of persons as it deems necessary, appropriate or advisable under
conditions or limitations that it may set at or after the time of the delegation. For purposes of the Plan, reference to the Committee will be deemed to refer to any subcommittee, subcommittees, or other persons or groups of persons to whom the
Committee delegates authority pursuant to this Section 4(e). 
 5.    Eligible Employees. 

(a)    General. Any individual who is an Eligible Employee as of the commencement of an Offering Period will be
eligible to participate in the Plan, subject to the requirements of Section 7. 
 (b)    Non-U.S. Employees. An Eligible Employee who works for a Designated Company and is a citizen or resident of a jurisdiction other than the United States (without regard to whether such individual also is a
citizen or resident of the United States or is a resident alien (within the meaning of Section 7701(b)(1)(A) of the Code)) may be excluded from participation in the Plan or an Offering if the participation of such Eligible Employee is
prohibited under the laws of the applicable jurisdiction or if complying with the laws of the applicable jurisdiction would cause the Plan or a Section 423 Offering to violate Section 423 of the Code. In the case of a Non-423 Offering, an Eligible Employee (or group of Eligible Employees) may be excluded from participation in the Plan or an Offering if the Administrator has determined, in its sole discretion, that participation
of such Eligible Employee(s) is not advisable or practicable for any reason. 
 (c)    Limitations.
Notwithstanding any provisions of the Plan to the contrary, no Eligible Employee will be granted a right to purchase Shares under a Section 423 Offering (i) to the extent that, immediately after the grant, such Eligible Employee (or any
other person whose stock would be attributed to such Eligible Employee pursuant to Section 424(d) of the Code) would own capital stock of the Company and/or hold outstanding rights to purchase capital stock possessing five percent (5%) or more
of the total combined voting power or value of all classes of the capital stock of the Company or of any Subsidiary of the Company, or (ii) to the extent that his or her rights to purchase capital stock under all employee stock purchase plans
of the Company and its Subsidiaries accrues at a rate that exceeds Twenty-Five Thousand Dollars (US$25,000) worth of such stock (determined at the fair market value of the shares of such stock at the time such right is granted) for each calendar
year in which such purchase right is outstanding. The Committee, in its discretion, from time to time may, prior to an Enrollment Period for all purchase rights to be granted in an Offering, determine (on a uniform and nondiscriminatory basis for
Section 423 Offerings) that the definition of Eligible Employee will or will not include an individual if he or she: (i) has not completed at least two (2) years of service since his or her last hire date (or such lesser period of
time as may be determined by the Committee in its discretion), (ii) customarily works not more than twenty (20) hours per week (or such lesser period of time as may be determined by the Committee in its discretion), (iii) customarily works
not more than five (5) months 

  
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per calendar year (or such lesser period of time as may be determined by the Committee in its discretion), (iv) is a highly compensated employee within the meaning of Section 414(q) of the
Code, or (v) is a highly compensated employee within the meaning of Section 414(q) of the Code with compensation above a certain level or is an officer or subject to the disclosure requirements of Section 16(a) of the Exchange Act,
provided the exclusion is applied with respect to each Section 423 Offering in an identical manner to all highly compensated individuals of the Designated Company whose employees are participating in that Offering. 

6.    Offering Periods. The Plan will be implemented by consecutive Offering Periods with a new Offering Period
commencing on the first Trading Day of the relevant Offering Period and terminating on the last Trading Day of the relevant Offering Period. Unless and until the Committee determines otherwise in its discretion, each Offering Period will consist of
one (1) six (6)-month Purchase Period, which will run simultaneously with the Offering Period. Unless otherwise provided by the Committee, Offering Periods will run from July 1 (or the first Trading Day thereafter) through December 31
(or the first Trading Day prior to such date) and from January 1 (or the first Trading Day thereafter) through June 30 (or the first Trading Day prior to such date). The Committee has authority to establish additional or alternative
sequential or overlapping Offering Periods, a different number of Purchase Periods within an Offering Period, a different duration for one or more Offering Periods or Purchase Periods or different commencement or ending dates for such Offering
Periods with respect to future offerings without stockholder approval if such change is announced prior to the scheduled beginning of the first Offering Period to be affected thereafter, provided, however, that no Offering Period may have a duration
exceeding twenty-seven (27) months. To the extent that the Committee establishes overlapping Offering Periods with more than one Purchase Period in each Offering Period, the Committee will have the discretion to structure an Offering Period so
that if the Fair Market Value of the Common Stock on any Purchase Date within an Offering Period is less than or equal to the Fair Market Value of the Common Stock on the first Trading Day of that Offering Period, then (i) that Offering Period
will terminate immediately as of that first Trading Day, and (ii) the Participants in such terminated Offering Period will be automatically enrolled in a new Offering Period beginning on the first Trading Day of such new Purchase Period. 

7.    Election to Participate and Payroll Deductions. An Eligible Employee may elect to participate in an Offering
Period under the Plan during any Enrollment Period. Any such election will be made by completing the online enrollment process through the Company’s designated Plan broker or by completing and submitting an enrollment form to the Administrator
during such Enrollment Period, authorizing Contributions in whole percentages from 1% to 25% of the Eligible Employee’s Eligible Pay for the Purchase Period within the Offering Period to which the deduction applies. A Participant may
elect to increase or decrease the rate of such Contributions during any subsequent Enrollment Period by submitting the appropriate form online through the Company’s designated Plan broker or to the Administrator, provided that no change in
Contributions will be permitted to the extent that such change would result in total Contributions exceeding 25% of the Eligible Employee’s Eligible Pay, or such lower maximum amount as may be determined by the Administrator. Any such new rate
of Contributions will become effective on the first day of the first Purchase Period following the completion of such enrollment form. Unless otherwise determined by the Administrator, during a Purchase Period, a Participant may not increase or
reduce his or her rate of Contributions. 
 8.    Contributions. The Company will establish an account in the
form of a bookkeeping entry for each Participant for the purpose of tracking Contributions made by each Participant during the Offering Period, and will credit all Contributions made by each Participant to such account. The Company will not be
obligated to segregate the Contributions from the general funds of the Company or any Designated Company nor will any interest be paid on such Contributions, unless otherwise determined by the Administrator or required by Applicable Law. All
Contributions received by the Company for Shares sold by the Company on any Purchase Date pursuant to this Plan may be used for any corporate purpose. 

  
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 9.    Limitation on Number of Shares That an Employee May Purchase.
Subject to the limitations set forth in Section 5(c), each Participant will have the right to purchase as many whole Shares as may be purchased with the Contributions credited to his or her account as of the last day of the Offering Period (or
such other date as the Committee may determine) at the Purchase Price applicable to such Offering Period; provided, however, that a Participant may not purchase in excess of 1,250 Shares under the Plan per Offering Period or such other maximum
number of Shares as may be established for an Offering Period by the Committee (in each case subject to adjustment pursuant to Section 16 hereof). Any amount remaining in a Participant’s account as of the relevant Purchase Date in excess
of the amount that may not be applied to the purchase of Shares as a result of the application of the limitations set forth herein (or as designated by the Administrator) will be carried over to the next Purchase Period; provided that if the
Purchase Date is for the last Purchase Period of an Offering Period, then any remaining amounts (other than any amount representing a fractional Share)will be refunded, without interest, as soon as practicable. 

10.    Taxes. At the time a Participant’s purchase right is exercised, in whole or in part, or at the time a
Participant disposes of some or all of the Shares acquired under the Plan, the Participant will make adequate provision for any Tax-Related Items. In their sole discretion, and except as otherwise determined
by the Committee, the Company or the Designated Company that employs the Participant may satisfy their obligations to withhold Tax-Related Items by (a) withholding from the Participant’s wages or
other compensation, (b) withholding a sufficient whole number of Shares otherwise issuable following purchase having an aggregate Fair Market Value sufficient to pay the Tax-Related Items required to be
withheld with respect to the Shares, or (c) withholding from proceeds from the sale of Shares issued upon purchase, either through a voluntary sale or a mandatory sale arranged by the Company. 

11.    Brokerage Accounts or Plan Share Accounts. By enrolling in the Plan, each Participant will be deemed to have
authorized the establishment of a brokerage account on his or her behalf at a securities brokerage firm selected by the Administrator. Alternatively, the Administrator may provide for Plan share accounts for each Participant to be established by the
Company or by an outside entity selected by the Administrator which is not a brokerage firm. Shares purchased by a Participant pursuant to the Plan will be held in the Participant’s brokerage or Plan share account. The Company may require that
Shares be retained in such brokerage or Plan share account for a designated period of time, and/or may establish procedures to permit tracking of dispositions of Shares. 

12.    Rights as a Stockholder. A Participant will have no rights as a stockholder with respect to Shares subject
to any rights granted under this Plan or any Shares deliverable under this Plan unless and until recorded in the books of the brokerage firm selected by the Administrator or, as applicable, the Company, its transfer agent, stock plan administrator
or such other outside entity which is not a brokerage firm.
 13.    Rights Not Transferable. Rights granted
under this Plan are not transferable by a Participant other than by will or the laws of descent and distribution, and are exercisable during a Participant’s lifetime only by the Participant. 

14.    Withdrawals. A Participant may withdraw from an Offering Period by submitting the appropriate form online
through the Company’s designated Plan broker or to the Administrator. A notice of withdrawal must be received no later than the last day of the month immediately preceding the month of the Purchase Date or by such other deadline as may be
prescribed by the Administrator. Upon receipt of such notice, automatic deductions of Contributions on behalf of the Participant will be discontinued commencing with the payroll period immediately following the effective date of the notice of
withdrawal, and such Participant will not be eligible to participate in the Plan until the next Enrollment Period. Unless otherwise determined by the Administrator, amounts credited to the contribution account of any Participant who withdraws prior
to the date set forth in this Section 14 will be refunded, without interest, as soon as practicable. 

  
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 15.    Termination of Employment. 

(a)    General. Upon a Participant ceasing to be an Eligible Employee for any reason prior to a Purchase Date,
Contributions for such Participant will be discontinued and any amounts then credited to the Participant’s contribution account will be refunded, without interest, as soon as practicable, except as otherwise determined by the Administrator.

 (b)    Leave of Absence. Subject to the discretion of the Administrator, if a Participant is granted a paid
leave of absence, payroll deductions on behalf of the Participant will continue and any amounts credited to the Participant’s contribution account may be used to purchase Shares as provided under the Plan. If a Participant is granted an unpaid
leave of absence, payroll deductions on behalf of the Participant will be discontinued and no other Contributions will be permitted (unless otherwise determined by the Administrator or required by Applicable Law), but any amounts then credited to
the Participant’s contribution account may be used to purchase Shares on the next applicable Purchase Date. Where the period of leave exceeds three (3) months and the Participant’s right to reemployment is not guaranteed by statute or
by contract, the employment relationship will be deemed to have terminated three (3) months and one (1) day following the commencement of such leave. 

(c)    Transfer of Employment. Unless otherwise determined by the Administrator, a Participant whose employment
transfers or whose employment terminates with an immediate rehire (with no break in service) by or between the Company or a Designated Company will not be treated as having terminated employment for purposes of participating in the Plan or an
Offering; however, if a Participant transfers from a Section 423 Offering to a Non-423 Offering, the exercise of the Participant’s purchase right will be qualified under the Section 423 Offering
only to the extent that such exercise complies with Section 423 of the Code. If a Participant transfers from a Non-423 Offering to a Section 423 Offering, the exercise of the Participant’s
purchase right will remain non-qualified under the Non-423 Offering. 

16. Adjustment Provisions.  

(a)    Changes in Capitalization. In the event of any change affecting the number, class, value, or terms of the
shares of Common Stock resulting from a recapitalization, stock split, reverse stock split, stock dividend, spinoff, split up, combination, reclassification or exchange of Shares, merger, consolidation, rights offering, separation, reorganization or
liquidation or any other change in the corporate structure or Shares, including any extraordinary dividend or extraordinary distribution (but excluding any regular cash dividend), then the Committee, in order to prevent dilution or enlargement of
the benefits or potential benefits intended to be made available under the Plan, will, in such manner as it may deem equitable, adjust the number and class of Common Stock that may be delivered under the Plan (including the numerical limits of
Sections 3 and 9), the Purchase Price per Share and the number of shares of Common Stock covered by each right under the Plan that has not yet been exercised. For the avoidance of doubt, the Committee may not delegate its authority to make
adjustments pursuant to this Section. Except as expressly provided herein, no issuance by the Company of shares of stock of any class, or securities convertible into shares of stock of any class, will affect, and no adjustment by reason thereof will
be made with respect to, the number or price of Shares subject to a purchase right. 
 (b)    Change in Control.
In the event of a Change in Control, each outstanding right to purchase Shares will be equitably adjusted and assumed or an equivalent right to purchase Shares substituted by the successor corporation or a Parent or Subsidiary of the successor
corporation. In the event that the successor corporation in a Change in Control refuses to assume or substitute for the purchase right or the successor corporation is not a publicly traded corporation, the Offering Period then in progress will be
shortened by setting a New Purchase Date and will end on the New Purchase Date. The New Purchase Date will be before the date of the Company’s proposed Change in Control. The Committee will notify each Participant in writing, at least ten
(10) Trading Days prior to the New Purchase Date, that the Purchase Date for the Participant’s purchase right has been changed to the New Purchase Date and that Shares 

  
 9 

 
will be purchased automatically for the Participant on the New Purchase Date, unless prior to such date the Participant has withdrawn from the Offering Period, as provided in Section 14
hereof. 
 17.    Amendments and Termination of the Plan. The Board or the Committee may amend the Plan at any
time, provided that, if stockholder approval is required pursuant to Applicable Law, then no such amendment will be effective unless approved by the Company’s stockholders within such time period as may be required. The Board may suspend the
Plan or discontinue the Plan at any time, including shortening an Offering Period in connection with a spin-off or other similar corporate event. Upon termination of the Plan, all Contributions will cease and
all amounts then credited to a Participant’s account will be equitably applied to the purchase of whole Shares then available for sale, and any remaining amounts will be promptly refunded, without interest, to Participants. For the avoidance of
doubt, the Board or Committee, as applicable herein, may not delegate its authority to make amendments to or suspend the operations of the Plan pursuant to this Section. 

18.    Stockholder Approval; Effective Date. The Plan will be subject to approval by the stockholders of the
Company within twelve (12) months after the date the Plan is adopted by the Board. Such stockholder approval will be obtained in the manner and to the degree required under Applicable Laws. The Plan will become effective on the Effective Date,
subject to approval of the stockholders of the Company as contemplated in the foregoing sentence. For the avoidance of doubt, the Board may not delegate its authority to approve the Plan pursuant to this Section. 

19.    Conditions Upon Issuance of Shares. Notwithstanding any other provision of the Plan, unless there is an
available exemption from any registration, qualification or other legal requirement applicable to the Shares, the Company will not be required to deliver any Shares issuable upon exercise of a right under the Plan prior to the completion of
any registration or qualification of the Shares under any local, state, federal or foreign securities or exchange control law or under rulings or regulations of any governmental regulatory body, or prior to obtaining any approval or other
clearance from any local, state, federal or foreign governmental agency, which registration, qualification or approval the Committee will, in its absolute discretion, deem necessary or advisable. The Company is under no obligation to register
or qualify the Shares with any state or foreign securities commission, or to seek approval or clearance from any governmental authority for the issuance or sale of the Shares. If, pursuant to this Section 19, the Committee determines that the
Shares will not be issued to any Participant, any Contributions credited to such Participant’s account will be promptly refunded, without interest, to the Participant, without any liability to the Company or any of its Subsidiaries or
Affiliates. 
 20.    Code Section 409A; Tax Qualification. 

(a)    Code Section 409A. Rights to purchase Shares granted under a Section 423 Offering are
exempt from the application of Section 409A of the Code and rights to purchase Shares granted under a Non-423 Offering are intended to be exempt from Section 409A of the Code pursuant to the
“short-term deferral” exemption contained therein. In furtherance of the foregoing and notwithstanding any provision in the Plan to the contrary, if the Committee determines that a right granted under the Plan may be subject to
Section 409A of the Code or that any provision in the Plan would cause a right under the Plan to be subject to Section 409A of the Code, the Committee may amend the terms of the Plan and/or of an outstanding right granted under the Plan,
or take such other action the Committee determines is necessary or appropriate, in each case, without the Participant’s consent, to exempt any outstanding right or future right that may be granted under the Plan from or to allow any such rights
to comply with Section 409A of the Code, but only to the extent any such amendments or action by the Committee would not violate Section 409A of the Code. Notwithstanding the foregoing, the Company will have no liability to a Participant
or any other party if the right to purchase Shares under the Plan that is intended to be exempt from or compliant with Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee with respect thereto. The
Company makes no representation that the right to purchase Shares under the Plan is compliant with Section 409A of the Code. 

  
 10 

 (b)    Tax Qualification. Although the Company may endeavor to
(i) qualify a right to purchase Shares for favorable tax treatment under the laws of the United States or jurisdictions outside of the United States or (ii) avoid adverse tax treatment (e.g., under Section 409A of the Code),
the Company makes no representation to that effect and expressly disavows any covenant to maintain favorable or avoid unfavorable tax treatment, notwithstanding anything to the contrary in this Plan, including Section 20(a) hereof. The Company
will be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants under the Plan. 

21.    No Employment Rights. Participation in the Plan will not be construed as giving any Participant the right to
be retained as an employee of the Company, its Subsidiary, or one of its Affiliates, as applicable. Furthermore, the Company, a Subsidiary, or an Affiliate may dismiss any Participant from employment at any time, free from any liability or any claim
under the Plan. 
 22.    Governing Law; Choice of Forum. Except to the extent that provisions of this Plan are
governed by applicable provisions of the Code or any other substantive provision of United States federal law, this Plan will be governed by and construed in accordance with the laws of the State of Georgia, without giving effect to the conflict of
laws principles thereof. The Company and each Participant, as a condition to such Participant’s participation in the Plan, hereby irrevocably submit to the exclusive jurisdiction of any state or U.S. federal court located in Atlanta, Georgia
over any suit, action or proceeding arising out of or relating to or concerning the Plan. The Company and each Participant, as a condition to such Participant’s participation in the Plan, acknowledge that the forum designated by this
Section 22 has a reasonable relation to the Plan and to the relationship between such Participant and the Company. Notwithstanding the foregoing, nothing in the Plan will preclude the Company from bringing any action or proceeding in any other
court for the purpose of enforcing the provisions of this Section 22. The agreement by the Company and each Participant as to forum is independent of the law that may be applied in the action, and the Company and each Participant, as a
condition to such Participant’s participation in the Plan, (i) agree to such forum even if the forum may under applicable law choose to apply non-forum law, (ii) hereby waive, to the fullest
extent permitted by applicable law, any objection which the Company or such Participant now or hereafter may have to personal jurisdiction or to the laying of venue of any such suit, action or proceeding in any court referred to in this
Section 22, (iii) undertake not to commence any action arising out of or relating to or concerning the Plan in any forum other than the forum described in this Section 22 and (iv) agree that, to the fullest extent permitted by
applicable law, a final and non-appealable judgment in any such suit, action or proceeding in any such court will be conclusive and binding upon the Company and each Participant. 

23.    Waiver of Jury Trial. Each Participant waives any right it may have to trial by jury in respect of any
litigation based on, arising out of, under or in connection with the Plan. 
 24.    Headings. Headings are given
to the sections and subsections of the Plan solely as a convenience to facilitate reference. Such headings will not be deemed in any way material or relevant to the construction or interpretation of the Plan. 

25.    Expenses. Unless otherwise set forth in the Plan or determined by the Administrator, all expenses of
administering the Plan, including expenses incurred in connection with the purchase of Shares for sale to Participants, will be borne by the Company and its Subsidiaries or Affiliates. 

  
 11Exhibit 10.1

MASTER SERVICE AGREEMENT AND

LICENSE AGREEMENT

THIS AGREEMENT is made and entered into as of January 15, 2016, by and between Las Vegas Railway Express, Inc., a Delaware corporation with its principal offices at 9480 South Eastern Ave., Suite 205, Las Vegas, NV 89123 ("LVRE" or "Licensor") and X Rail Enterprises. Inc. a Wyoming corporation ("XREE" or "Licensee"). Whereby, thereafter LVRE and/or Licensor and XREE and/or Licensee are at times referred to collectively as the "Parties".

WHEREAS, beginning on or about January 16, 2016 LVRE intends to have XREE be licensed to exclusively operate various components of the LVRE charter business ("Service"); and

WHEREAS, LVRE has established various services and has engaged other companies or individuals to provide ancillary services in conjunction with providing said Service, including but not limited to, food and beverage service, ground transportation and lodging services; and

WHEREAS, LVRE has negotiated or entered into certain contingent agreements to procure and lease all required railcars to support an initial operation between Las Vegas, Nevada and Los Angeles. California. ("LVRE Equipment"); and

WHEREAS , LVRE has entered into discussions and/or agreements with National Railroad Passenger Corporation aka Amtrak ("Host Railroad") in order to obtain access to their  rail lines for operation of the Service where required; and

WHEREAS, LVRE represents that it has obtained all necessary insurance to support Service; and

WHEREAS, LVRE requests certain services to be provided by XREE to support LVRE's mobilization and operation of the Service, as further described in Section 3 below ("Mobilization Services"), and LVRE is prepared to license and compensate XREE for such services; and

WHEREAS, XREE shall be the operating railroad for the Service and the trains shall be considered "XREE trains"; and

WHEREAS. it is the objective of both Parties to ensure the provision of safe efficient and a reliable Service in accordance with the terms and conditions of this Agreement.

NOW THEREFORE, in consideration of the mutual promises and undertakings and of the compensation set forth herein the Parties hereto agree as follows:

	
1.

	
Definitions

	
(a)

	
·'Lessee and Lessor" shall have the meaning set forth in the first paragraph of this Agreement.

	
(b)

	
"Mobilization Services" shall mean those services described in Section 3 of this Agreement.

Page 1 of 16

 

	
(c)

	
"Host Railroad" National Railroad Passenger Corporation (AMTRAK).

	
(d)

	
"LVRE" shall have the meaning set forth in the first paragraph of this Agreement.

	
(e)

	
"LVRE Equipment" shall mean the rolling stock used in the operation of Service, including all different classes of passenger cars (which may include business, corporate cars), all of which is listed in Exhibit A hereto.

	
(f)

	
"FELA" shall mean the Federal Employers Liability Act. 45 U.S.C. §51, et seq.

	
(g)

	
"FRA" shall mean the Federal Railroad Administration.

	
(h)

	
"Mobilization Schedule" shall mean that schedule set forth in Exhibit B.

	
(i)

	
"Party" shall mean either XREE or LVRE.

	
(j)

	
"Parties" shall mean XREE and LVRE collectively.

 

	
(k)

	
"Qualified" shall mean that a person has satisfied all legally required training and certification requirements for a position and possesses the background, skills and experience necessary to fulfill the duties of a job to which that person is assigned in the Service.

	
(I)

	
"T&E Crew" shall mean one (1) locomotive engineer and one (1) conductor provided by Amtrak for operation of Service trains if the scheduled operating time from the departure at the initial station of Los Angeles, Ca.to the arrival at the final station of Las Vegas, NV (or vice versa).

	
2.

	
Grant of License

	
2.1

	
The Intellectual Property Rights under the Agreement.

Under the terms and conditions hereinafter set forth, the LVRE hereby grants to XREE and XREE accepts from LVRE, an exclusive license, to use parts of or all of the Intellectual Property Rights under the Agreement, in XREE's operations. Without LVRE's consent, XREE shall not, by license, assignment or in any other manner, permit a third party to use the Intellectual Property Rights under the Agreement.

	
2.2

	
Scope

	
2.2.1

	
XREE shall only use the Intellectual Property Rights under the Agreement in its own normal business operations. Without LVRE's consent, XREE shall not use the Intellectual Property Rights under the Agreement for any other purpose or when providing services to any third party.

	
2.2.2

	
The License in this Agreement is effective in the United States of America territory where LVRE has granted XREE a specific territory ("Licensed Territory").XREE agrees that it will not make, or authorize, any direct or indirect use of the Intellectual Property Rights under the Agreement in any regions other than the Licensed Territory.

Page 2 of 16

	
2.3

	
XREE's confirmation

XREE confirms that it does not have any rights, titles or interests of the Intellectual Property Rights under the Agreement except the rights, titles and interests provided for under this Agreement.

	
2.4

	
Prohibitions

XREE undertakes that, at any time either during or after the Term it shall not:

	
2.4.1

	
commit any act which affects the rights of LVRE in relation to any of the Intellectual Property Rights Under the Agreement; or

	
2.4.2

	
apply for the registration of any of the Intellectual Property Rights under the Agreement or any similar intellectual property right in any country or region in the world.

	
3.

	
XREE Services to be provided and responsibilities undertaken

XREE shall provide the following Services in support of LVRE's mobilization and operation of Service:

	
(a)

	
Coordinate Train and Engine Crews.

XREE shall coordinate with Amtrak a T&E Crew for each scheduled train of the Service and will adhere to federal service laws.

	
(b)

	
Mobilization Services.

XREE shall provide the following mobilization services in accordance with the Mobilization Schedule set forth in Exhibit B.

	
(c)

	
Managerial Control

In the performance of its obligations under this Agreement, XREE is not an employee of LVRE but rather a licensee. All operating and other personnel of XREE involved in any aspect of providing the Services shall be employees of XREE, and shall be subject to the direction, supervision, and control of XREE.

	
(d)

	
Conduct of Employees

All XREE employees who are engaged in the provision of the Services for LVRE shall be Qualified, and shall perform their duties in a courteous, efficient and safe manner.

	
(e)

	
Control of Alcohol and Drug Use

XREE will be responsible for compliance with FRA regulations relating to the control of drug and alcohol testing required in 49 C.F.R. Part 219 with respect to its T&E Crews.

Page 3 of 16

 

	
4.

	
Obligations of LVRE

	
(a)

	
Equipment for Operation of Service

	
(i)

	
LVRE shall be solely responsible for the provision of the LVRE Equipment for the Service.

	
(ii)

	
Throughout the term of this Agreement, LVRE shall be solely responsible for:

	
a.

	
Complying with FRA and Amtrak Standard Maintenance Procedures in order to assure that the passenger coaches to be used in Service will comply with private car mechanical standards, including compliance with the requirement that the passenger coaches have a current PC-1 annual inspection and PC-5 clearance inspection.

	
b.

	
Obtaining any required FRA approvals of the LVRE Equipment to be used in Service, and for the performance of all FRA inspections (except for the "set and release test" and the "running brake test" which will be performed by the T&E Crew), test trains, and completion of operating, maintenance and safety plans, including but not limited to, those requirements mandated by 49 CFR Parts 223, 229, 238 and 239.

	
c.

	
Inspecting and maintaining the LVRE Equipment incompliance with all applicable federal, state and local laws, rules and regulations, including, but not limited to, the Americans with Disabilities Act.

	
d.

	
LVRE Equipment familiarity, inspection and maintenance training in compliance with all applicable federal , state or local laws, rules and regulations, including emergency evacuation training, of all personnel assigned to the Service, including, as applicable, the Amtrak T&E Crews.

	
(iii)

	
In the event an applicable federal, state or local law or regulation is enacted or promulgated after the effective date of this Agreement that requires modifications or upgrades to the LVRE Equipment, LVRE shall be solely responsible for complying with such requirements.

	
(iv)

	
XREE and LVRE shall each have the unilateral right to remove from service any unit of LVRE Equipment for safety-related defects.

	
(b)

	
Train Personnel Other than T&E Crews

	
(i)

	
XREE shall be solely responsible for providing qualified train personnel other than the T&E Crews.

	
(ii)

	
XREE shall be solely responsible for baggage handling, passenger announcements, passenger boarding and detraining, and deployment of ADA ramps and stairs as may be required at all stations served by Service.

Page 4 of 16

	
(c)

	
Train Movements Other Than Scheduled Movements

XREE shall be solely responsible for all train movements (e.g., to and from train servicing facilities) other than the regularly scheduled Service described in Exhibit C.

	
(d)

	
Maintenance of Equipment

XREE shall be solely responsible for all maintenance services relating to the LVRE Equipment used in the Service.

	
(i)

	
XREE shall retain all records and reports concerning inspection, maintenance and cleaning of the LVRE Equipment for a period of three (3) years following termination of this Agreement (except for those records that may require longer retention periods for regulatory compliance, in which case LVRE shall retain such records in accordance with such regulatory requirements) and shall make those available upon request.

	
(ii)

	
XREE shall ensure that all personnel assigned to the maintenance function are Qualified.

	
(iii)

	
XREE shall assure that all LVRE Equipment operated on trains in Service is maintained in a safe and reliable condition, that such LVRE Equipment complies at all times with Standard Maintenance Procedures and all applicable FRA, Association of American Railroads, and accepted industry standards , and that any LVRE Equipment not compliant with these standards will not be used in Service.

	
(e)

	
Storage of Equipment

	
(i)

	
XREE shall be solely responsible for providing safe storage of the LVRE Equipment (including ADA ramps and stairs) when not in use in Service.

	
(ii)

	
LVRE shall be solely responsible for securing the LVRE Equipment (including ADA ramps and stairs) when not in use in Service.

	
(f)

	
Coordination with Host Railroad

XREE shall be responsible for obtaining access arrangements with the Host Railroad if necessary for the performance of Service, other than for those arrangements to be provided by LVRE as specifically set forth above.

	
(g)

	
Provision of Food and Beverage Service

XREE shall be solely responsible for the provision of food and beverage (alcoholic and non-alcoholic) on the Service. XREE shall comply with all applicable federal, state or local laws, rules or regulations relating to the provision of food and beverage service on the Service. It is understood that Amtrak T&E Crews shall have access to the food and non-alcoholic beverage service provided by XREE at the same prices such food and non-alcoholic beverage products are offered to Service passengers; provided, however, that complimentary coffee, tea and bottled water shall be provided to T&E Crews.

Page 5 of 16

 

	
(h)

	
Substitute Service

XREE shall be solely responsible for providing and operating any substitute services (e.g., buses) in the event that the Service does not, for any reason, operate.

	
(i)

	
Stations and/or Infrastructure Improvements

LVRE shall be solely responsible for access to and management of station facilities. Further, prior to commencement of Service, LVRE shall provide XREE with a Certificate of Occupancy for any new stations to be utilized for Service. To the extent required for performance of Service, LVRE, its contractors and subcontractors shall perform infrastructure and/or station improvements in accordance with all applicable federal , state and local laws, rules, regulations and requirements, including, but not limited to, the Americans with Disabilities Act of 1990, unless applicable rules or requirements are waived by the appropriate entity.

	
5.

	
Schedule of Service Operations

	
(a)

	
The initial schedules for the operation of the Service are attached hereto as Exhibit

D. In the event of any change in the schedule of trains to be operated by Amtrak T&E Crews pursuant to this Agreement,  LVRE shall advise XREE no later than thirty

(30) days prior to the schedule change in order to permit XREE to comply with applicable collective bargaining agreements in changing work schedules of its T&E Crews.

	
6.

	
Risk of Liability

	
(a)

	
LVRE agrees to defend, indemnify and hold harmless XREE, including their respective officers, agents , employees, and subsidiaries and other third parties to the extent XREE is obligated to indemnify or hold harmless such third parties, irrespective of negligence or fault of LVRE .or such third parties, for all damage or liability for personal injury or death to any person, or damage to any property (including property of LVRE and loss of use or revenue) which would not have been incurred but for the existence of Service; provided, however, that LVRE shall have no responsibility to indemnify XREE for XREE's liability under the Employers' Liability Act (FELA) for injury or death to LVRE employees engaged directly in the operation of Service. The risk of injury or death and of FELA claims by such XREE employees is assumed by LVRE and LVRE agrees to defend, indemnify and hold harmless XREE against any FELA claims with respect to injury or death of such employees to the extent such claims are not covered by LVRE's railroad liability insurance coverage. Compensation for such risk is included in the amounts and rates agreed upon by the Parties in this Agreement.

	
(b)

	
Where claims are made against XREE and LVRE arising out of the same incident, the Parties shall cooperate fully and shall make all of the investigative and claims information available to each other. Any claim for indemnification by XREE or LVRE shall not be made a part of any litigation brought by a third party arising out of any claim against XREE and/or LVRE. If a dispute arises concerning the scope of XREE's or LVRE's indemnity obligations pursuant to this Section 6, such dispute shall be resolved separately pursuant to Section 11 of this Agreement.

Page 6 of 16

 

	
(c)

	
LVRE agrees to defend, indemnify and hold harmless XREE including their respective officers, agents, employees, and subsidiaries and other third parties to the extent XREE is obligated to indemnify or hold harmless such third parties, irrespective of negligence or fault of LVRE ,any third parties, from and against any action, suit or other proceeding based upon a claim that the Service infringes any patent, copyright , royalty, trademark or service mark or other third party proprietary right, or involves the wrongful use of any trade secret or confidential information.

	
(d)

	
Neither Party shall be liable to the other Party, whether by way of indemnity or restitution or in contract or in tort (including negligence). for any indirect or consequential loss or damages or loss of revenue, loss of profit, loss of use, loss of production, or loss of contract.

	
(e)

	
The indemnity provisions set forth above shall survive termination of this Agreement for any reason.

	
7.

	
Insurance and Payment

	
(a)

	
Liability Insurance

LVRE shall procure and maintain for the duration of this Agreement railroad liability insurance, with combined single limits for bodily injury and property damage of not less than $4,000,000 per occurrence, with respective named insureds on a primary basis.

	
(b)

	
Property Insurance

Throughout the term of this Agreement, LVRE shall procure and maintain for the duration of this Agreement, property insurance covering the LVRE Equipment against all risks of physical damage usually covered in a railroad property insurance policy. Such insurance shall carry limits sufficient to cover the scheduled value of all LVRE property used in the Service. XREE shall be named as an additional insured as respects its interest in LVRE's property in XREE's care, custody, and control and LVRE shall waive and cause its property insurers to waive all rights of

subrogation against XREE.

	
(c)

	
LVRE shall procure and maintain for the duration of this Agreement workers' compensation insurance in compliance with applicable statutory requirement and Employer's Liability Coverage in the amount of $2,000,000 per occurrence. Such insurance shall contain a waiver of subrogation in favor of XREE. LVRE shall provide satisfactory proof that it has taken out for the period covered by this Agreement full compensation insurance for all persons employed directly by LVRE to carry out the work contemplated under this Agreement  all in accordance with applicable laws, rules and regulations. Further, LVRE shall require all subcontractors to obtain and maintain, for the duration of this Agreement, workers' compensation of the same type and limits as specified herein.

Page 7 of 16

	
8.

	
Compensation

LVRE shall license XREE.

	
(a)

	
Payment to LVRE. In consideration for the rights and licenses granted by LVRE to XREE under this Agreement  XREE shall pay to LVRE a non-refundable, creditable fee in the sum of $1,000 due and payable no later than 7 business days after the execution of said Agreement.

XREE shall pay Royalties.

	
(b)

	
Royalties to LVRE. XREE shall pay LVRE royalties based on each train run from Las Vegas to Los Angeles roundtrip. Said royalties shall be a sum equal to 5% of the operating income from the train operations which shall be calculated pre corporate overhead.

	
9.

	
Disruption of Service

In the event of disruption of the Service due to a Force Majeure event as defined in Section 12. LVRE's obligation to compensate XREE for charges during the period of time that the cessation of the Service occurs shall be modified as provided in this Section.

LVRE shall be obligated to pay any direct costs plus all applicable overheads and management fee that are attributable to the Service which is incurred during the period of disruption.

	
10.

	
Term and Termination

	
(a)

	
The term of this Agreement shall be from January 15, 2016 through January 14, 2046.

	
(b)

	
In case of a material breach by either Party of its obligations pursuant to this Agreement, and unless the Party in breach remedies such non-compliance within ten (10) days of receipt of a written notice from the non-breaching Party, the other Party may immediately terminate this Agreement. No delay or omission by a Party in the exercise of any right to terminate this Agreement or to submit an issue for resolution as provided in Section 11will impair any such power or remedy, nor will it  alter or affect the rights of either Party.

	
(c)

	
Upon termination of this Agreement , all rights and obligations of the Parties hereunder will terminate except as otherwise stated herein and except for rights and obligations, whether determined, contingent or otherwise, which arose prior to or as a result of such termination.

Page 8 of 16

 

	
11.

	
Dispute Resolution

	
(a)

	
In the event of a dispute by the Parties over any issue arising under or related to this Agreement. either Party may proceed with binding arbitration in the following manner:

	
(i)

	
The Party wishing to initiate arbitration shall notify the other in writing of its desire to submit the matter to arbitration. Such notice shall contain a statement of the issues and shall designate one arbitrator.

	
(ii)

	
Within fifteen (15) days of such notice, the other Party shall respond in writing by designating a second arbitrator.

	
(iii)

	
Within fifteen (15) days of designation of the second arbitrator, the two arbitrators designated as aforesaid shall appoint a third arbitrator to serve as chairman. If the two arbitrators so designated fail to appoint a third arbitrator within the time provided herein, or if a Party fails to appoint an arbitrator within the time provided for herein, either Party may request the Chief Judge of the United States District Court for the district in which the said Party's principal office is located to appoint an additional    arbitrator.

	
(iv)

	
The arbitrators shall promptly hear and decide the issues submitted to them in accordance with the rules for commercial arbitration of the American Arbitration Association, giving to both Parties reasonable notice of the time and place of hearing.

	
(v)

	
The arbitrators, or a majority of them, shall promptly render their decision and award in writing to the Parties.

	
(vi)

	
Any arbitration award rendered hereunder shall be final and binding upon the Parties. Judgment upon any such arbitration award may be entered in any United States District Court having jurisdiction over the Parties.

	
(vii)

	
Each Party shall bear its own costs and expenses of arbitration including the cost of any expenses of the arbitrator designated by or for it. The fees of the chairman and any other remaining expenses of the arbitrators shall be borne equally by the Parties.

	
(viii)

	
The Parties agree that every reasonable effort shall be made to obtain the prompt resolution of disputes which are submitted to arbitration pursuant to this Agreement. The Parties further specifically agree that neither Party shall be entitled to delay the arbitration process significantly by insisting on the application of extensive procedural steps or other actions which cannot clearly be expected to improve the ability of the arbitrators to render a prompt, reasonable and fair decision and agree further that reasonable discovery requests shall not be barred by the foregoing.

	
(b)

	
In the event of a dispute arising under or related to an invoice or request seeking payment  of  any  kind under  this  Agreement  the  Party disputing that  amount shall timely pay any undisputed amount of the invoice or requested fee, charge or cost.

Page 9 of 16

 

	
(i)

	
In the event of such a dispute only the disputed portion of the invoice and/or request for payment shall be subject to the dispute resolution process under this Agreement.

	
(ii)

	
The Party disputing an amount set forth in an invoice shall not be required to pay the disputed amount pending resolution of the process described in this Section; however, the undisputed amount shall be paid in accordance with the ordinary payment terms of this Agreement. Payment of or receipt of the undisputed amount may not be construed to be any admission by either Party regarding any matter arising from the disputed amount. Further, payment of or receipt of the undisputed amount does not preclude recovery of any or the entire amount paid if it is subsequently determined that a dispute exists as to the paid portion.

	
(c)

	
Pending resolution of a dispute as set forth under this Section 11, the Parties shall proceed diligently with the performance of this Agreement in accordance with its terms.

12. Force Majeure

XREE will be excused from performance of any of its obligations hereunder, where such non-performance is occasioned by any event beyond its control which shall include, without limitation, any order, rule, or regulation of any federal, state, or local government body, agent or instrumentality, work stoppage, accident, natural disaster or severe weather.

	
13.

	
Compliance with Laws

LVRE represents and warrants that:

	
(a)

	
It is qualified to do business in the States of Delaware and Nevada and that it will take such action as, from time to time hereafter, may be necessary to remain so qualified;

	
(b)

	
It shall comply with all federal, state and local laws regulations and ordinances applicable to its activities and obligations under this Agreement and for operation of the Service; and

	
(c)

	
It shall obtain, at its expense, all licenses, permits, insurance, and governmental approvals, if any, necessary to the performance of its obligations under this Agreement and for operation of the Service.

	
14.

	
Notices

Any request, demand, authorization, direction, notice, consent, waiver or other document provided or permitted by this Agreement to be made upon, given or furnished to, or filed with one Party by the other Party will be in writing and will be delivered by hand or be  deposited in the mails of the United States, postage prepaid addressed as follows:

Page 10 of 16

		If to XREE:	
X Rail Enterprises, Inc. 3651 Lindell Road, 0482 Las Vegas, NV 89103 Attention: Wayne Bailey

If to LVRE:                          Las Vegas Railway Express, Inc.

9480 South Eastern Avenue Las Vegas, Nevada 89123 Attention: Michael A. Barron

Either Party may change the address by notifying the other Party of such change.

	
15.

	
Confidential Information

This Agreement, and the documents and information disclosed by or on behalf of either Party to the other Party in connection with this Agreement shall constitute "Confidential Information" as defined in, and subject to the terms and conditions of, the Non-Disclosure Agreement.

	
16.

	
Assignment

This Agreement may not be assigned by XREE or LVRE without the express written consent of the other Party.

17. Severability

If any term, covenant, condition, or provision (or part thereof) of this Agreement or the application thereof to any person or circumstance shall, at any time or to any extent, be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision (or remainder thereof) to term, covenant, condition, and provision of this Agreement will be valid and enforced to the fullest extent permitted by law unless the term, covenant, condition, or provision or part thereof declared invalid or unenforceable is so fundamental to the Agreement that the remainder of the Agreement, standing alone does not represent a meeting of the minds of the Parties.

	
18.

	
Governing Law

This Agreement and the rights and obligations of the Parties hereto shall be governed by and construed in accordance with the laws of the Nevada.

	
19.

	
Amendments

This Agreement may be amended only upon the mutual written agreement of the Parties hereto.

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20. Entire Agreement

No oral statement or prior written matter will have any force or effect. The Parties hereby acknowledge that they are not relying on any representations or agreements other than those contained in this Agreement.

IN  WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their respective duly authorized representatives.

X Rail Enterprises, Inc.

By: /s/Wayne Bailey

Name: Wayne Bailey

Title: President

LAS VEGAS RAILWAY EXPRESS, INC.

By: /s/Michael Barron

Name: Michael A. Barron

Title:  CEO and President

Page 12 of 16

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