Document:

EXHIBIT 10.2

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS ASSIGNMENT AND ASSUMPTION
AGREEMENT (this “Agreement”), dated April 19, 2022, is between GLOBAL TECH INDUSTRIES GROUP, INC. (“Assignor”),
and PARABOLIC TECH DMCC (“Assignee”). Assignor and Assignee are sometimes collectively referred to as the “Parties”
and individually referred to as a “Party”.

 

WHEREAS, pursuant to that
certain Asset Purchase Agreement dated April 19, 2022 by and between Assignor and Assignee (the “Asset Purchase Agreement”),
Assignor desires to assign its rights and obligations (the “Assumed Assets”), and Assignee desires to assume Assignor’s
rights and obligations, under the Contracts listed or described on Exhibit A hereto (the “Assumed Liabilities”) pursuant to
the terms hereof.

 

NOW, THEREFORE, in consideration
of the foregoing, the covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties, intending to be legally bound, hereby covenant and agree as follows:

 

(a) Capitalized Terms.
Capitalized terms used in this Agreement shall, unless defined herein, have the meaning given to such terms in the Asset Purchase Agreement.

 

(c) Effective Time. This
Agreement and the assignment and assumption provided for in this Agreement shall be effective at the Effective Time.

 

(d) Assignment by Assignor.
As of the Effective Time, Assignor hereby transfers, assigns, conveys and delivers to Assignee, all of its rights under the Assumed Assets
and all obligations under the Assumed Liabilities.

 

(e) Assumption by Assignee.
Assignee hereby fully and completely assumes and agrees to perform all of Assignor’s duties, liabilities, and obligations under
the Assumed Liabilities (i) arising from and after the Effective Time and (ii) arising in connection with the Alt 5 Payables described
in Exhibit A of this Agreement.

 

(f) Counterparts; Further Assurances.
The Parties may execute this Agreement in any number of counterparts, separately or together. The Parties shall from time to time execute
and deliver to each other such other documents, in form and substance satisfactory to the other, as may be necessary or appropriate to
more fully accomplish the assignment and assumption contemplated hereby.

 

(g) Severability. If any
provision of this Agreement is held to be illegal, invalid, or unenforceable, such provision shall be fully severable and this Agreement
shall be construed and enforced as if such illegal, invalid, or unenforceable provision never comprised a part hereof; the remaining provisions
hereof shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance
herefrom. Furthermore, in lieu of such illegal, invalid, or unenforceable provision, there shall be added automatically as part of this
Agreement a provision as similar in its terms to such illegal, invalid, or unenforceable provision as may be possible and be legal, valid,
and enforceable.

 

(h) Successors.
This Assignment shall inure to the benefit of and is binding upon the respective successors and permitted assigns of Assignor and Assignee.

 

(i) Entire Agreement, Etc.
This Agreement and the Asset Purchase Agreement constitutes the entire agreement of the Parties with respect to the subject matter hereof.
In the event of a conflict between the terms of this Agreement and the Asset Purchase Agreement, the Asset Purchase Agreement shall control.

 

(j) Governing Law; Venue.
This Agreement and the rights and obligations of the Parties shall be governed by, construed, and enforced in accordance with laws of
New York without giving effect to the conflict of laws rules thereof.

 

    	 

    	 

     

IN WITNESS WHEREOF, the Parties
have duly executed and delivered this Agreement to be effective as of the Effective Time.

 

	ASSIGNOR:

                    GLOBAL TECH INDUSTRIES GROUP, INC. 
	 	ASSIGNEE:

                    PARABOLIC TECH DMCC

	 	 	 
	By:	/s/ David Reichman	 	By:	/s/ MD Shoan Rahman
	Name: 	David Reichman	 	Name:	MD Shoan Rahman
	Title: 	Chief Executive Officer	 	Title:	Managing Director

 

    	 

    	 

     

EXHIBIT A TO ASSIGNMENT AND ASSUMPTION AGREEMENT

 

ASSUMED LIABILITIES

 

	 	1.	Digital Asset Platform Master Service Agreement between Assignor and Alt 5 Alt 5 Sigma, Inc. (“Alt 5”), a Delaware corporation, dated May 1, 2021, and all Statements of Work, Purchase Orders or other work or service orders issued pursuant to such agreement or any separate agreement between Alt 5 (or its affiliates) and Assignor (the “Alt 5 Agreeement”).
	 	 	 
	 	2.	$35,000 in accounts payable to Alt 5 pursuant to the Alt 5 Agreement (the “Alt 5 Payables”).

 

    	 

    	 

     

EXHIBIT B

 

BILL OF SALE

 

    	 

    	 

     

BILL OF SALE

 

This Bill of Sale (the “Bill
of Sale”) is made and entered into by and between GLOBAL TECH INDUSTRIES GROUP, INC. (“Seller”), and PARABOLIC
TECH DMCC (“Buyer”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to that
certain Asset Purchase Agreement dated April 19, 2022 (the “Asset Purchase Agreement”) by and between Seller and Buyer, Seller
is conveying to Buyer all rights, title and interests of Seller in and to any and all Purchased Assets (as such term is defined in the
Asset Purchase Agreement) “as is,” and “where is.”

 

NOW, THEREFORE, in consideration
of the mutual promises contained in the Asset Purchase Agreement, the receipt and sufficiency of which are hereby acknowledged and confessed
by Seller, effective as the Effective Time, Seller does hereby ASSIGN, TRANSFER, SET OVER, CONVEY, and DELIVER to Buyer, its successors
and assigns, all of its rights, title, and interests in and to the Purchased Assets.

 

TO HAVE AND TO HOLD the
Purchased Assets unto Buyer, its successors and assigns, forever, free and clear of all liens, security interests and encumbrances, so
that neither Seller, its successors or assigns or any third parties shall have, claim or demand any right or title thereto as of the Effective
Time.

 

Seller and Buyer may execute this
Bill of Sale in any number of counterparts, separately or together.

 

Except as provided in the Asset
Purchase Agreement, this is the final and exclusive expression of the agreement of Seller and Buyer as to the subject matter hereof, and
no course of dealing or usage of trade or course of performance shall be relevant to explain or supplement any term expressed in this
Bill of Sale. In the event of a conflict between the terms of this Bill of Sale and the Asset Purchase Agreement, the Asset Purchase Agreement
shall control. Capitalized terms used in this Bill of Sale shall, unless defined herein, have the meanings given to such terms in the
Asset Purchase Agreement.

 

[Remainder of page intentionally left blank.]

 

    	 

    	 

     

IN WITNESS WHEREOF, Seller
and Buyer have executed this Bill of Sale to be effective as of the Effective Time.

 

	SELLER:

                    GLOBAL TECH INDUSTRIES GROUP, INC. 
	 	BUYER:

                    PARABOLIC TECH DMCC 

	 	 	 
	By:	 	 	By:	 
	Name: 	David Reichman	 	Name: 	MD Shohan Rahman
	Title:	Chief Executive Officer	 	Title:	Managing Director

 

    	 

    	 

     

EXHIBIT A TO BILL OF SALE

 

PURCHASED ASSETS

 

Intellectual Property (IP)

 

	 	1.	Beyond Blockchain trade or service names and marks
	 	 	 
	 	2.	Beyond Blockchain URL (beyondblockchain.us)
	 	 	 
	 	3.	Copyrights of Seller, to the extent applicable, in and to the Beyond Blockchain Website
	 	 	 
	 	4.	Copyrights of Seller, to the extent applicable, in and to the Beyond Blockchain Mobile App (iOS & Android)
	 	 	 
	 	5.	Any other Intellectual Property owned by Seller solely related to, and used solely in connection with, the Beyond Blockchain Business

 

Non-IP Assets

 

	 	1.	Beyond Blockchain Website (beyondblockchain.us)
	 	 	 
	 	2.	Beyond Blockchain Mobile App (iOS & Android)
	 	 	 
	 	3.	Beyond Blockchain Customer Lists (including Beyond Blockchain customer account data)

 

    	 

    	 

     

EXHIBIT C

 

INTELLECTUAL PROPERTY ASSIGNMENTEXHIBIT 10.3

 

INTELLECTUAL PROPERTY ASSIGNMENT AGREEMENT

 

INTELLECTUAL PROPERTY ASSIGNMENT
AGREEMENT (the “IP Assignment”), dated as of April 19, 2022, between GLOBAL TECH INDUSTRIES GROUP, INC., a corporation
organized under the laws of the state of Nevada (“Assignor”) and PARABOLIC TECH DMCC, a Dubai corporation organized
under the laws of Dubai (“Assignee”). Capitalized terms used herein without definition shall have the meanings ascribed them
in the Asset Purchase Agreement.

 

RECITALS

 

WHEREAS, Assignor and Assignee
are parties to a certain Asset Purchase Agreement, dated as of April 19, 2022 (the “Asset Purchase Agreement”), pursuant to
which, among other things, Assignor agreed to sell, and Assignee agreed to purchase, certain assets of Assignor related to the Beyond
Blockchain Business as more particularly set forth in the Asset Purchase Agreement;

 

WHEREAS, it is a condition
to the Closing of the Asset Purchase Agreement that Assignor enters into this Assignment to transfer to Assignee the Intellectual Property
included as part of the Purchased Assets, as more particularly set forth in Exhibit A attached hereto (the “Assigned IP”);

 

WHEREAS, Assignee desires
to purchase or acquire all Assignor’s right, title and interest in and to the Assigned IP;

 

NOW, THEREFORE, in consideration
of the mutual covenants and agreements contained in the Asset Purchase Agreement, the receipt and sufficiency of which are hereby acknowledged,
Assignor and Assignee agree as follows:

 

1. Assignment. Assignor hereby sells,
transfers, conveys, assigns and delivers to Assignee, and Assignee accepts all right, title and interest of Assignor in and to, the Assigned
IP, including the right to claim priority, the right to sue and receive damages for any past infringements and all goodwill associated
with the assigned trademarks, service marks, trade dress and the like.

 

2. Relationship with the Asset Purchase Agreement.
This IP Assignment is intended to evidence the consummation of the transactions contemplated by the Asset Purchase Agreement. This IP
Assignment is made without representation or warranty except as provided in and by the Asset Purchase Agreement. This IP Assignment is
in all respects subject to the provisions of the Asset Purchase Agreement and is not intended in any way to supersede, limit or qualify
any provision of the Asset Purchase Agreement, except that the Schedules attached to this Assignment shall take precedence over the schedules
to the Asset Purchase Agreement for purposes of this Assignment.

 

3. Further Assurances and Assistance. (a)
Upon prior written request by Assignee and at Assignee’s expense, Assignor agrees to perform any and all acts and execute any and
all documents in such manner and at such location as may be required by Assignee in its discretion to: (i) protect, perfect or enforce
any of the rights, privileges and entitlements granted or promised to Assignee under this IP Assignment and (ii) enable Assignee to pursue
or prosecute any application, registration or other filing in respect of the Assigned IP in favor of Assignee or such other party as Assignee
may designate, including, without limitation, signing and executing any formal assignment or other related documents as may be required
by any relevant intellectual property registries anywhere in the world.

 

    	 

    	 

     

(b) If Assignor shall have failed,
following 5 days’ written notice from Assignee, to perform any act or execute any document referred to in this Section 3 (a) above,
Assignee shall have the right to do so in the place and stead of Assignor as its lawfully appointed attorney-in-fact and Assignor hereby
irrevocably appoints Assignee as its attorney-in-fact for such purposes.

 

(c) Assignor undertakes to reasonably
cooperate with Assignee in any proceedings for infringement of any Assigned IP, including providing such information as Assignee may reasonably
request, provided that Assignee shall reimburse Assignor for any costs or expenses incurred by Assignor in providing such cooperation.

 

4. Counterparts. The Parties may execute
this IP Assignment in any number of counterparts, separately or together.

 

5. Severability. If any provision of
this IP Assignment is held to be illegal, invalid, or unenforceable, such provision shall be fully severable and this IP Assignment shall
be construed and enforced as if such illegal, invalid, or unenforceable provision never comprised a part hereof. The remaining provisions
hereof shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance
herefrom. Furthermore, in lieu of such illegal, invalid, or unenforceable provision, there shall be added automatically as part of this
IP Assignment a provision as similar in its terms to such illegal, invalid, or unenforceable provision as may be possible and be legal,
valid, and enforceable.

 

6. Successors. This Assignment shall
inure to the benefit of and is binding upon the respective successors and permitted assigns of Assignor and Assignee.

 

7. Entire Agreement, Etc. This IP Assignment
and the Asset Purchase Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof. In the event
of a conflict between the terms of this IP Assignment and the Asset Purchase Agreement, the Asset Purchase Agreement shall control.

 

8. Governing Law. This Assignment shall
be governed by and construed in accordance with (i) the laws of the United States, in respect to trademark, copyright, and patent issues,
and (ii) in all other respects, including as to validity (except for patent, copyright, and trademark issues), interpretation and effect,
by the laws of the State of New York without giving effect to the conflict of laws rules thereof.

 

{Signatures Appear on Following Page

 

    	 

    	 

     

IN WITNESS WHEREOF, Assignor
and Assignee caused this Assignment to be duly executed as of the date first written above.

 

	ASSIGNOR:

                    GLOBAL TECH INDUSTRIES GROUP, INC. 
	 
	 	 
	By:	/s/ David Reichman	 
	Name: 	David Reichman	 
	Title: 	Chief Executive Officer	 

 

	ACCEPTED BY: 	 
	 	 	 
	
    ASSIGNEE: 

    PARABOLIC TECH DMCC
	 
	 	 	 
	By:	/s/ MD Shoan Rahman	 
	Name:	MD Shoan Rahman	 
	Title:	Managing Director	 

 

    	 

    	 

     

EXHIBIT A TO INTELLECTUAL PROPERTY 

ASSIGNMENT AGREEMENT

 

ASSIGNED IP

 

	 	1.	Beyond Blockchain trade or service names and marks
	 	 	 
	 	2.	Beyond Blockchain URL (beyondblockchain.us)
	 	 	 
	 	3.	Copyrights of Assignor, to the extent applicable, in and to the Beyond Blockchain Website
	 	 	 
	 	4.	Copyrights of Assignor, to the extent applicable, in and to the Beyond Blockchain Mobile App (iOS & Android)
	 	 	 
	 	5.	Any other Intellectual Property owned by Assignor solely related to, and used solely in connection with, the Beyond Blockchain Business

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