Document:

Exhibit 10.1

 

PROPELL TECHNOLOGIES GROUP, INC.

 

EMPLOYMENT AGREEMENT

 

This Employment
Agreement (this “Agreement”), made effective as of January 1, 2016 (the “Effective
Date”), by and between PROPELL TECHNOLOGIES GROUP, INC., a corporation organized under the laws of the State of
Delaware with offices located at 1701 Commerce Street, 2nd Floor, Houston, Texas 77002 (the “Company”),
its subsidiaries, successors and assigns (collectively, “Related Entities”) and C. BRIAN BOUTTE, an
individual (the “Executive”).

 

RECITALS

 

A.          The
Company desires to employ Executive as its Chief Executive Officer of the Company on the terms and conditions hereinafter set forth;
an

 

B.           Executive
desires to be employed by the Company as its Chief Executive Officer and to perform and to serve the Company on the terms and conditions
hereinafter set forth.

 

AGREEMENTS

 

NOW, THEREFORE, in
consideration of the premises and of the mutual promises, agreements and covenants set forth herein, the parties hereto agree as
follows:

 

1.           Employment.

 

(a)          Duties.
The Company hereby agrees to employ Executive, and Executive hereby accepts such employment, as the Chief Executive Officer of
the Company. In his role as Chief Executive Officer of the Company, Executive shall perform and be responsible for such duties
and functions commensurate with such title as may be directed from time to time by the Board of Directors (the “Board”)
of the Company. Executive agrees that he shall, during the term of this Agreement, except during reasonable vacation periods, periods
of illness and the like, devote all of his business time attention and ability to his duties and responsibilities hereunder. During
the Employment Term, the Executive shall also serve, without additional compensation, as a member of the Board and/or its subsidiaries
and in such other executive-level positions or capacities as may, from time to time, be reasonably requested by the Board. Executive
acknowledges that he may be required to travel to Company and/or customer sites at locations outside of Houston, Texas as part
of his duties as Chief Executive Officer of the Company.

 

(b)          Term.

 

(i)          The
term of this Agreement and Executive’s employment period shall be for a term commencing on the date of this Agreement and
ending on the third (3rd) anniversary of the Effective Date (the "Employment Period").

 

(ii)         Notwithstanding
anything contained herein to the contrary, (A) Executive's employment with the Company may be terminated by the Company or Executive
during the Employment Period, subject to the terms and conditions of this Agreement; and (B) nothing in this Agreement shall mandate
or prohibit a continuation of Executive's employment following the expiration of the Employment Period upon such terms and conditions
as the Board and Executive may mutually agree.

 

     

     

    

 

(iii)        If
Executive's employment with the Company is terminated, for purposes of this Agreement, the term "Unexpired Employment Period"
shall mean the period commencing on the date of such termination and ending on the last day of the Employment Period.

 

2.           Compensation.

 

(a)          Salary.
Executive shall receive an annual base salary of Two Hundred Sixty Five Thousand Dollars ($265,000). The annual base salary payable
to Executive pursuant to this Section 2(a), which may be increased but not decreased by the Board or the Compensation Committee
of the Board, as the case may be, shall be hereinafter referred to as the “Annual Base Salary.”

 

(b)          Sign
On Bonus. Executive shall receive a cash bonus of Sixty Thousand Dollars ($60,000) on the date hereof as a cash sign on bonus.

 

(c)          Annual
Bonus. The Executive shall be eligible for an annual performance bonus of up to fifty-five
percent (55%) of his base salary payable in cash or equity. Any bonus that may be awarded, if any, will be based upon key performance
indicators mutually agreed to by the Executive and the Compensation Committee, if any, and the Board of Directors of the Company,
the “Annual Bonus”. For the year ended December 31, 2016, the Annual Bonus shall be deemed fully earned if the
following key performance indicators are achieved: (i) Executive hires a Chief Operating Officer during the first quarter of 2016;
(ii) during the first quarter of 2016, the Company consummates the acquisition of an oil field, all as approved by the Board of
Directors; and (iii) the Company achieves positive EBITDA during the first nine months of the year and continues throughout the
year to maintain positive EBITDA. Any Annual Bonus for a given fiscal year shall be payable upon the terms approved by the Board
of Directors of the Company or the Compensation Committee, which shall be obtained by the Company on or about December 31 of such
year.

 

(d)          Stock
Options. The Executive shall receive options to purchase Three Million (3,000,000) shares of the Company’s common stock
at an exercise price equal to the price on the date of grant which date shall be the later of the approval of the grant by the
Board of Directors or the date of execution of this Agreement by the Executive and the Company. The options will commence vesting
as to One Million (1,000,000) options on the one year anniversary of the grant date and thereafter continue to vest as to One Million
(1,000,000) options on each of the two and three year anniversary of the option grant while Executive is employed by the Company.
All such vested options will remain exercisable for a period of five (5) years from the Effective Date unless otherwise stated
in this Agreement. Notwithstanding the foregoing vesting schedule, in the event of a change of control (as defined in the next
sentence) after the one year anniversary of the Effective Date, all shares subject to the option shall immediately vest and become
exercisable. Change of Control shall be defined as a sale of all or substantially all of the Company’s assets, or any merger
or consolidation of the Company with or into another corporation other than a merger or consolidation in which the holders of more
than 50% of the shares of capital stock of the Company outstanding immediately prior to such transaction continue to hold (either
by the voting securities remaining outstanding or by their being converted into voting securities of the surviving entity) more
than 50% of the total voting power represented by the voting securities of the Company, or such surviving entity, outstanding immediately
after such transaction. If the Executive’s employment is terminated (i) by the Company “Without Cause” as defined
in Section 3(a)(v); (ii) by Executive for “Good Reason” as defined in Section 3(a)(iv); or (iii) for Death or Disability
as defined in Section 3(a)(iii), at any time after the one year anniversary of the Effective Date, all shares subject to the option
shall immediately vest and Executive shall have ninety days (90) days from the date of termination to exercise any vested options.
If Executive’s employment is terminated for “Cause” as defined in Section 3(a)(i) or “Without Good Reason”
as defined in Section 3 (a)(vi), Executive shall have thirty (30) days from the date of termination to exercise any vested options.

 

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(e)          Reimbursement
of Business Expenses. The Company shall promptly reimburse Executive for all reasonable out-of-pocket expenses incurred by
him pursuant to his employment hereunder during the Employment Period, including, but not limited to, all reasonable travel and
entertainment expenses for travel assignments outside of Houston, Texas; however, Executive shall not be entitled to any reimbursement
for travel expenses incurred for travel within Houston, Texas except as set forth in clause (iv) of Section 2 (f) below. Executive
may only obtain reimbursement under this Section 2(e) upon submission of such receipts and records as may be initially required
by the Board and, thereafter, as may be required under the reimbursement policies established by the Company; provided, however,
that any expense that exceeds $1,000 shall require pre-approval by the Board. Notwithstanding the foregoing, Executive shall be
permitted to charge reasonable expenses delineated in this Section 2(e) to Company charge cards or other credit accounts made available
to Executive by the Board.

 

(f)          Additional
Benefits; General Rights. During the Employment Period, Executive shall be entitled to:

 

(i)          participate
in all employee stock option, pension, savings, and other similar benefit plans of the Company as the Company may designate from
time to time;

 

(ii)         participate
in all welfare plans established by the Company such as life insurance, medical, dental, disability, and business travel accident
plans and programs as the Company may designate from time to time and until such time as the Company establishes its own health
plan, reimbursement of Executive’s current COBRA payments;

 

(iii)        five
weeks paid vacation per year without opportunity to carry forward to subsequent years unused vacation;

 

(iv)        provision
of a car to Executive that shall be leased by the Company, reimbursement for expenses incurred for tolls and gas paid by Executive
in the performance of his duties and payment by the Company of all car maintenance expenses and expenses for car repairs incurred
by Executive including required car insurance; provided that the monthly car lease payments shall not exceed $500.

 

(v)        commencing at such time as the Company generates revenue from an oil field acquired by the Company during the Term; up to $2,000
toward the payment of an annual health club membership and dues

 

(vi)        up to $100
per month for reimbursement of cell phone expenses;

 

(vii)       a contribution
to Executive’s 401 K plan of up to five percent (5%) of Executive’s withholdings per year upon implementation of such
a plan; and

 

(viii)      the standard
of travel for Executive for all travel on behalf of the Company shall be business class; and

 

(ix)        any
other benefits provided by the Company to its executive officers.

 

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(g)          Sale
of the Company. Subject to the last sentence of this paragraph (g), in the event of a sale of the all of the Company’s
assets or of any fields acquired by the Company during the Employment Period which sale occurs at any time after the six month
anniversary of the Effective Date and prior to the two year anniversary of Executive’s termination of employment with the
Company, whether by merger or other stock or asset acquisition, Executive shall be entitled to a bonus equal to three percent (3%)
of the Net Sales Proceeds (as defined in the next sentence) received by the Company in the sale transaction. Net Sales Proceeds
shall be defined as the cash payment received by the Company for the sale of the such asset or assets minus (i) all expenses of
the transaction, including professional fees and broker fees; (ii) any cost to the Company of any on-going responsibilities following
the transaction; (iii) the original purchase price paid by the Company for the asset; and (iv) the asset maintenance costs incurred
by the Company prior to the asset sale and/or costs of improvements made by the Company to the asset prior to its sale. Notwithstanding
anything to the contrary contained in this Agreement, the Executive shall not be entitled to any fee under this paragraph (g) if
his employment is terminated for “Cause” as defined below.

 

(h)          Director
and Officer Insurance. The Company shall maintain director and officer insurance in an amount of no less than $3,000,000 of
coverage per incidence.

 

3.           Termination
of Employment; Events of Termination.

 

(a)          This
Agreement may be terminated during the Employment Period under the following circumstances:

 

(i)          Cause.
Executive's employment hereunder shall terminate for "Cause" thirty (30) days after the date the Company shall have given
Executive notice of the termination of his employment for "Cause", unless a cure period applies, in which case the termination
date may not precede the expiration date of the applicable cure period. For purposes of this Agreement, "Cause"
shall mean acts of embezzlement or misappropriation of funds or fraud; conviction of a felony or other crime involving moral turpitude;
a material violation by the Executive of any provision of this Agreement, including willful failure to perform assigned tasks,
willful and unauthorized disclosure of material confidential information belonging to the Company or entrusted to the Company by
a client, being under the influence of drugs (other than prescription medicine or other medically-related drugs to the extent that
they are taken in accordance with their directions) during the performance of the Executive’s duties under this Agreement;
engaging in behavior that would constitute grounds for liability for harassment (as proscribed by the U.S. Equal Employment Opportunity
Commission Guidelines or any other applicable state or local regulatory body) or other egregious conduct that violates laws governing
the workplace; willful failure to perform his written assigned tasks, where such failure is attributable to the fault of the Executive
which, to the extent it is curable by the Executive, is not cured by Executive within thirty (30) days of receiving written notice
of such violation by the Company.

 

(ii)         Death.
Executive's employment hereunder shall terminate upon his death.

 

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(iii)        Disability.
Executive’s “Disability”, meaning Executive’s incapacity, due to physical or mental illness, which results
in Executive having been absent from fully performing his duties with the Company for a continuous period of more than thirty (30)
days or more than sixty (60) days in any period of three hundred sixty-five (365) consecutive days. In the event that the Company
intends to terminate the employment of Executive by reason of Disability, the Company shall give Executive no less than thirty
(30) days’ prior written notice of the Company’s intention to terminate Executive’s employment.  The
Executive agrees, in the event of any dispute hereunder as to whether a Disability exists, and if requested by the Company, to
submit to a physical examination in the state of the Company’s Executive offices by a licensed physician selected by mutual
agreement between the Company and the Executive, the cost of such examination to be paid by the Company if it is determined that
the Executive does not suffer from a Disability or the Executive if it is determined that Executive suffer from a Disability. The
written medical opinion of such physician shall be conclusive and binding upon each of the parties hereto as to whether a Disability
exists and the date when such Disability arose. If Executive refuses to submit to appropriate examinations by such physician at
the request of the Company, the determination of the Executive’s Disability by the Company in good faith will be conclusive
as to whether such Disability exists. This Agreement shall be interpreted and applied so as to comply with the provisions of the
Americans with Disabilities Act (to the extent that it is applicable) and any other applicable laws regarding disability.

 

(iv)        Good
Reason. Executive shall have the right to terminate his employment for "Good Reason." This Agreement shall
terminate effective immediately on the date Executive shall have given the Board notice of the termination of his employment with
the Company for "Good Reason." For purposes of this Agreement, "Good Reason" shall mean (A) any material and
substantial breach of this Agreement by the Company, (B) a Change in Control (as defined in Section 2(d) occurs and Executive’s
employment is terminated at any time within the six (6) month period on or immediately following the Change in Control (C) a reduction
in Executive's Annual Base Salary as in effect at the time in question, or any other failure by the Company to comply with Section
2, hereof, or (D) this Agreement is not assumed by a successor to the Company.

 

(v)         Without
Cause. The Company shall have the right to terminate Executive's employment hereunder Without Cause subject to the terms and
conditions of this Agreement. In such event, this Agreement shall terminate, effective immediately upon the date on which the Company
shall have given Executive notice of the termination of his employment for reasons other than for Cause or due to Executive's Disability.

 

(vi)        Without
Good Reason. Executive shall have the right to terminate his employment hereunder without Good Reason at any time for any reason
subject to the terms and conditions of this Agreement. This Agreement shall terminate, effective immediately upon the date as of
which Executive shall have given the Board notice of the termination of his employment without Good Reason.

 

(b)          Notice
of Termination. Any termination of Executive's employment by the Company or any such termination by Executive (other than on
account of death) shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement,
a "Notice of Termination" shall mean a notice which shall indicate the specific termination provision in this
Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for termination
of Executive's employment under the provision so indicated. In the event of the termination of Executive's employment on account
of death, written Notice of Termination shall be deemed to have been provided on the date of death.

 

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4.           Payments
Upon Termination.

 

(a)          Without
Cause, For Good Reason or Disability. If Executive's employment is terminated by the Company without Cause or by Executive
for Good Reason, or by the Company due to Executive's Disability at any time after the one year anniversary of the Effective Date,
Executive, or in the case of Executive's Disability, Executive's legal representative (assuming Executive’s affairs are handled
by a representative rather than Executive himself), shall be entitled to receive from the Company (i) payments in accordance with
the Company’s normal payroll policy of an aggregate amount equal to one year’s base salary (the "Severance
Payment"); (ii) any bonuses which have been earned but not been paid prior to such termination ("Prior Bonus Payment");
and (iii) reimbursement of expenses incurred prior to date of termination (the "Expense Reimbursement"). Executive's
additional benefits specified in Section 2 shall terminate at the time of such termination.

 

In the event Executive
is terminated by the Company Without Cause or due to Executive's Disability or Executive terminates his employment with the Company
for Good Reason, Executive shall have no duty to mitigate the amount of the payment received pursuant to this Section 4(a), it
being understood that Executive's acceptance of other employment shall not reduce the Company’s or the other Company' obligations
hereunder.

 

(b)          Death.
If Executive's employment is terminated due to death of Executive at any time after the one year anniversary of the Effective Date,
Executive's estate or beneficiary(ies), as the case may be, shall be entitled to a lump payment in an amount equal to the Severance
Payment, the Prior Bonus Payment and Expense Reimbursement. Executive's additional benefits specified in Section 2 shall terminate
at the time of such termination.

 

(c)          Termination
With Cause or Without Good Reason. If the Company terminates Executive's employment for Cause or in the event Executive voluntarily
terminates his employment Without Good Reason, Executive shall be entitled to his Annual Base Salary through the date of the termination
of such employment and Executive shall be entitled to any bonuses which have been earned but not paid prior to such termination.
Executive shall not be entitled to any other bonuses. Executive's additional benefits specified in Section 2 shall terminate at
the time of such termination.

 

(d)          Termination
by the Company Upon Change in Control. If the Company terminates Executive's employment for Good Reason upon a Change in Control
(as defined in Section 2(c)), Executive shall receive from the Company in one lump sum, payable on the consummation of the Change
in Control an amount equal to the Severance Payment, the Prior Bonus Payment and the Expense Reimbursement. In addition, if the
Change of Control occurs after the one year anniversary of the Effective Date, all of Executive’s outstanding options shall
immediately vests upon the consummation of the Change in Control.

 

In the event Executive
is terminated by the Company in connection with a Change in Control which is not approved by the Continuing Directors of the Company,
Executive shall have no duty to mitigate the amount of the payment received pursuant to this Section 4(d), it being understood
that Executive's acceptance of other employment shall not reduce the Company’s obligations hereunder.

 

(e)          Conditions.
Any payments or benefits made or provided pursuant to Section 4 (other than accrued base salary payments) are subject to the
Executive’s (or, in the event of the Executive’s death, the beneficiary’s or estate’s, or in the event
of the Executive’s Disability, the guardian’s):

 

(i)          compliance
with the provisions of Sections 5, 6 and 7 of this Agreement hereof;

 

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(ii)         delivery
to the Company of an executed waiver and general release of any and all known and unknown claims, and
other provisions and covenants, in the form acceptable to the Company (which shall be delivered to the Executive within
five (5) business days following the termination date) (the “General Release”) within twenty one (21)
days of presentation thereof by the Company to the Executive (or a longer period of time if required by law), and permitting the
General Release to become effective in accordance with its terms; and

 

(iii)        delivery
to the Company of a resignation from all offices, directorships and fiduciary positions with the Company, its affiliates and employee
benefit plans effective as of the termination date.

 

Notwithstanding the
due date of any post-employment payments, any amounts due following a termination under this Agreement (other than accrued base
salary) shall not be due until after the expiration of any revocation period applicable to the General Release without the Executive
having revoked such General Release, and any such amounts shall be paid or commence being paid to the Executive within fifteen
(15) days of the expiration of such revocation period without the occurrence of a revocation by the Executive (or such later date
as may be required under Section 16 of this Agreement). Nevertheless (and regardless of whether the General Release has been executed
by the Executive), upon any termination of the Executive’s employment, the Executive shall be entitled to receive any accrued
base salary, payable after the date of termination in accordance with the Company’s applicable plan, program, policy or payroll
procedures. Notwithstanding anything to the contrary in this Agreement, if any severance pay or benefits are deferred compensation
under Section 409A (as defined below), and the period during which the Executive may sign the General Release begins in one calendar
year and the first payroll date following the period during which the Executive may sign the General Release occurs in the following
calendar year, then the severance pay or benefit shall not be paid or the first payment shall not occur until the later calendar
year.

 

5.           Confidential
Information.

 

(a)          Executive
agrees that during the course of his employment or at any time thereafter, he will not disclose or make accessible to any other
person, the Company’s products, services and technology, both current and under development, promotion and marketing programs,
lists, trade secrets and other confidential and proprietary business information of the Company or any Related Entities or any
of their clients. Executive agrees: (i) not to use any such information for himself or others; and (ii) not to take any such material
or reproductions thereof from the Company’s facilities at any time during his employment by the Company other than to perform
his duties hereunder. Executive agrees immediately to return all such material and reproductions thereof in his possession to the
Company upon request and in any event upon termination of employment.

 

(b)          Except
with prior written authorization by the Company, Executive agrees not to disclose or publish any of the confidential, technical
or business information or material of the Company, its clients or any other party to whom the Company owes an obligation of confidence,
at any time during or after his employment with the Company.

 

(c)          In
the event that Executive breaches any provisions of this Section 5 or there is a threatened breach, then, in addition to any other
rights which the Company may have, the Company shall be entitled, without the posting of a bond or other security, to injunctive
relief to enforce the restrictions contained herein. In the event that an actual proceeding is brought in equity to enforce the
provisions of this Section 5, Executive shall not urge as a defense that there is an adequate remedy at law, nor shall the Company
be prevented from seeking any other remedies which may be available. In addition, Executive agrees that in the event that he breaches
the covenants in this Section 5, in addition to any other rights that the Company may have, Executive shall be required to pay
to the Company any amounts he receives in connection with such breach. The provisions of this Section 5 shall survive termination
of this Agreement.

 

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(d)          Executive
recognizes that in the course of his duties hereunder, he may receive from the Company or others information which may be considered
“material, non-public information” concerning a public company that is subject to the reporting requirements of the
United States Securities and Exchange Act of 1934, as amended. Executive agrees not to:

 

(i)          Buy
or sell any security, option, bond or warrant while in possession of relevant material, non-public information received from the
Company or others in connection herewith, and

 

(ii)         Provide
the Company with information with respect to any public company that may be considered material, non-public information, unless
first specifically agreed to in writing by the Company.

 

6.           Inventions
Discovered by Executive.

 

(a)          Executive
shall promptly disclose to the Company any invention, improvement, discovery, process, formula, or method or other intellectual
property, whether or not patentable or copyrightable (collectively, "Inventions"), conceived or first reduced
to practice by Executive, either alone or jointly with others, while performing services hereunder (or, if based on any Confidential
Information, within one (1) year after the Term), (a) which pertain to any line of business activity of the Company, whether then
conducted or then being actively planned by the Company, with which Executive was or is involved; (b) which is developed using
time, material or facilities of the Company, whether or not during working hours or on the Company premises; or (c) which directly
relates to any of Executive’s work during the Term, whether or not during normal working hours. Executive hereby assigns
to the Company all of Executive’s right, title and interest in and to any such Inventions. During and after the Term, Executive
shall execute any documents necessary to perfect the assignment of such Inventions to the Company and to enable the Company to
apply for, obtain and enforce patents, trademarks and copyrights in any and all countries on such Inventions, including, without
limitation, the execution of any instruments and the giving of evidence and testimony, without further compensation beyond Executive’s
agreed compensation during the course of Executive’s employment. All such acts shall be done without cost or expense to Executive.
Executive shall be compensated for the giving of evidence or testimony after the term of Executive’s employment at the rate
of $500/day. Without limiting the foregoing, Executive further acknowledges that all original works of authorship by Executive,
whether created alone or jointly with others, related to Executive’s employment with the Company and which are protectable
by copyright, are "works made for hire" within the meaning of the United States Copyright Act, 17 U.S.C. (S) 101, as
amended, and the copyright of which shall be owned solely, completely and exclusively by the Company. If any Invention is considered
to be work not included in the categories of work covered by the United States Copyright Act, 17 U. S. C. (S) 101, as amended,
such work is hereby assigned or transferred completely and exclusively to the Company. Executive hereby irrevocably designates
counsel to the Company as Executive's agent and attorney-in-fact to do all lawful acts necessary to apply for and obtain patents
and copyrights and to enforce the Company's rights under this Section. This Section 6 shall survive the termination of this Agreement.
Any assignment of copyright hereunder includes all rights of paternity, integrity, disclosure and withdrawal and any other rights
that may be known as or referred to as "moral rights" (collectively "Moral Rights"). To the extent such
Moral Rights cannot be assigned under applicable law and to the extent the following is allowed by the laws in the various countries
where Moral Rights exist, Executive hereby waives such Moral Rights and consents to any action of the Company that would violate
such Moral Rights in the absence of such consent. Executive agrees to confirm any such waivers and consents from time to time as
requested by the Company.

 

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7.            Non-Compete;
Non-Solicitation.

 

(a)          Non-Compete.
For a period commencing on the Effective Date and ending one (1) year after the date Executive ceases to be employed by the Company
(the "Non-Competition Period"), Executive shall not, directly or indirectly, either for himself or any other person,
own, manage, control, materially participate in, invest in, permit his name to be used by, act as consultant or advisor to, render
material services for (alone or in association with any person, firm, corporation or other business organization) or otherwise
assist in any manner any business which has a plasma pulse technology or a similar technology that is a directly competitive with
the Company’s technology(collectively, a "Competitor").  Nothing herein shall prohibit Executive
from being a passive owner of not more than five percent (5%) of the equity securities of a Competitor which is publicly traded,
so long as he has no active participation in the business of such Competitor.

 

(b)          Non-Solicitation.  During
the Non-Competition Period, Executive shall not, directly or indirectly (i) induce or attempt to induce or aid others in inducing
anyone working at or for the Company to cease working at or for the Company, or in any way interfere with the relationship between
the Company and anyone working at or for the Company except in the proper exercise of Executive’s authority; or (ii) in any
way interfere with the relationship between the Company and any customer, supplier, licensee or other business relation of the
Company.

 

(c)          Scope.  If,
at the time of enforcement of this Section 7, a court shall hold that the duration, scope, area or other restrictions stated herein
are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope, area or other restrictions
reasonable under such circumstances shall be substituted for the stated duration, scope, area or other restrictions.

 

(d)          Independent
Agreement.  The covenants made in this Section 7 shall be construed as an agreement independent of any other provisions
of this Agreement, and shall survive the termination of this Agreement.  Moreover, the existence of any claim or cause
of action of Executive against the Company or any of its Related Entities, whether or not predicated upon the terms of this Agreement,
shall not constitute a defense to the enforcement of these covenants.

 

8.            Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns. The
Company shall require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially
all its assets to expressly assume and agree to perform this Agreement in the same manner and to the same extent the Company would
be required to perform if no such succession had taken place. Executive agrees that this Agreement is personal to him and may not
be assigned by him other than by the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable
by Executive's legal representative.

 

9.            Governing
Law. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of Texas
of the United States of America without regard to principles of conflict of laws. The State of Texas shall be the exclusive jurisdiction
for any disputes arising under this Agreement and the Parties hereby consent to such jurisdiction.

 

10.          Entire
Agreement. This instrument contains the entire understanding and agreement among the parties relating to the subject matter
hereof, except as otherwise referred to herein, and supersedes all other prior agreements and undertakings, both written and oral,
among the parties with respect to the subject matter hereof. Neither this Agreement nor any provisions hereof may be waived or
modified, except by an agreement in writing signed by the party(ies) against whom enforcement of any waiver or modification is
sought.

 

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11.          Severability.
In case any one or more of the provisions of this Agreement shall be invalid, illegal or unenforceable in any respect, or to any
extent, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected
or impaired thereby.

 

12.          Notices.
Any notice required or permitted to be given under the provisions of this Agreement shall be in writing and delivered by courier
or personal delivery, facsimile transmission (to be followed promptly by written confirmation mailed by certified mail as provided
below) or mailed by certified mail, return receipt requested, postage prepaid, addressed as follows:

 

	If to the Company:	1701 Commerce Street
	 	Second Floor
	 	Houston, TX 77002
	 	 
	If to Executive:	______________
	 	______________
	 	______________

 

If delivered personally, by courier or
facsimile transmission (confirmed as aforesaid and provided written confirmation and receipt is obtained by the sender), the date
on which a notice is delivered or transmitted shall be the date on which such delivery is made. Notices given by mail as aforesaid
shall be effective and deemed received upon the date of actual receipt or upon the third business day subsequent to deposit in
the U.S. mail, whichever is earlier. Either party hereto may change its or his address specified for notices herein by designating
a new address by notice in accordance with this Section 12.

 

14.          No
Undue Influence. This Agreement is executed voluntarily and without any duress or undue influence. Executive acknowledges that
he has read this Agreement and executed it with his full and free consent. No provision of this Agreement shall be construed against
any party by virtue of the fact that such party or its counsel drafted such provision or the entirety of this Agreement.

 

15.          Counterparts.
This Agreement may be executed in separate counterparts, each of which is deemed to be an original and both of which taken together
shall constitute one and the same agreement.

 

16.          Section
409A.

 

(i)          Notwithstanding
anything to the contrary herein, the following provisions apply to the extent severance benefits provided herein are subject to
Section 409A of the Internal Revenue Code (the “Code”) and the regulations and other guidance thereunder and any state
law of similar effect (collectively “Section 409A”). Severance benefits shall not commence until the Executive has
a “separation from service” (as defined under Treasury Regulation Section 1.409A-1(h), without regard to any alternative
definition thereunder, a “separation from service”). Each installment of severance benefits is a separate “payment”
for purposes of Treas. Reg. Section 1.409A-2(b)(2)(i), and the severance benefits are intended to satisfy the exemptions from application
of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4) and 1.409A-1(b)(9). However, if such exemptions are
not available and the Executive is, upon separation from service, a “specified employee” for purposes of Section 409A,
then, solely to the extent necessary to avoid adverse personal tax consequences under Section 409A, the timing of the severance
benefits payments shall be delayed until the earlier of (i) six (6) months and one day after the Executive’s separation from
service, or (ii) the Executive’s death. The parties acknowledge that the exemptions from application of Section 409A to severance
benefits are fact specific, and any later amendment of this Agreement to alter the timing, amount or conditions that will trigger
payment of severance benefits may preclude the ability of severance benefits provided under this Agreement to qualify for an exemption.

 

    10 

     

    

 

(ii)         It
is intended that this Agreement shall comply with the requirements of Section 409A, and any ambiguity contained herein shall be
interpreted in such manner so as to avoid adverse personal tax consequences under Section 409A. Notwithstanding the foregoing,
the Company shall in no event be obligated to indemnify the Executive for any taxes or interest that may be assessed by the Internal
Revenue Service pursuant to Section 409A of the Code to payments made pursuant to this Agreement.

 

17.          Non-Disparagement.
Except to the extent a disclosure is required by applicable law, Executive agrees that during the course of his employment or at
any time thereafter, he and his agents, family and/or representatives shall refrain from (i) all conduct, verbal or otherwise,
which would materially damage the reputation, goodwill or standing in the community of the Company, its affiliates, subsidiaries,
divisions, agents and related parties and their respective principals, owners (direct or indirect), members, directors, officers,
agents, servants, Executives, parties, attorneys and other professionals, successors and assigns (collectively, the “The
Company Related Parties”) and (ii) referring to or in any way commenting on the Corporation and/or any of the other The Company
Related Parties in or through the general media or any public domain (including without limitation, internet websites, blogs, chat
rooms and the like), which would materially damage, the reputation, goodwill or standing in the community of the Company and/or
any of the Company Related Parties. Except to the extent a disclosure is required by applicable law, the Company agrees that during
the course of Executive’s employment or at any time thereafter, it shall refrain from (i) all conduct, verbal or otherwise,
which would materially damage the reputation, goodwill or standing in the community of the Executive and (ii) referring to or in
any way commenting on the Executive in or through the general media or any public domain (including without limitation, internet
websites, blogs, chat rooms and the like), which would materially damage, the reputation, goodwill or standing in the community
of the Executive.

 

IN WITNESS WHEREOF,
the Company and Executive have executed this Agreement as of the date first above written.

 

	EXECUTIVE:	 	COMPANY:
	 	 	 
	 	 	PROPELL TECHNOLOGIES GROUP, INC.
	 	 	a Delaware Corporation
	 	 	 
	/s/ C. Brian Boutte	 	By: 	/s/ John Zotos	 
	C. BRIAN BOUTTE	 	Name: John Zotos
	 	 	Title: Secretary

 

    11Execution Version

AMENDED AND RESTATED
LICENSE AGREEMENT 

THIS AMENDED AND RESTATED
LICENSE AGREEMENT (this “Agreement”), dated as of
January 4, 2016 (the “Effective
Date”), by and between MPIB
Holdings, LLC, a Delaware limited liability company (“MPIB”), and Independence Bancshares Inc., a South Carolina corporation
(“IB”, and each of MPIB and IB, a “Party” and collectively the “Parties”). This Agreement
amends and completely restates that certain license agreement between the
Parties dated May 14, 2015 (the “Original License Agreement”). 

RECITALS: 

WHEREAS, MPIB is the owner of the Licensed Materials (as
defined below); 

WHEREAS, MPIB previously granted to IB a license to Use
the Licensed Materials in the conduct of the Business (as defined below); and

WHEREAS, the Parties desire to amend the Original License
Agreement to make the License perpetual, subject to the termination rights of
the Parties under Section 7.01 below. 

NOW,
THEREFORE, for and in
consideration of the terms, conditions, covenants and agreements set forth
herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties, intending to be legally bound,
hereby agree as follows: 

ARTICLE
1 
Definitions 

Section 1.01
Definitions. (a) The following terms, as used herein, have the
following meanings: 

“Affiliate” means, with respect to any Person, any other Person that directly or
indirectly controls, is controlled by, or is under common control with, that
Person. For purposes of this definition, “control” when used with
respect to any Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise, and the terms “controlling” and “controlled” have
correlative meanings.

“Applicable Law” means, with respect to any Person, any
transnational, domestic or foreign federal, state or local law (statutory,
common or otherwise), constitution, treaty, convention, ordinance, code, rule,
permit, approval, regulation, order, injunction, judgment, decree, ruling or
other similar requirement enacted, adopted, promulgated or applied by a
Governmental Authority that is binding upon or applicable to such Person.

“Business” means the business conducted by IB and its Affiliates of developing
mobile payments and digital banking technologies and processes including
technology architectures, regulatory and compliance infrastructures, market
research, pricing strategies, customer lists, vendor due diligence and
relationships, and documentation, processes and procedures and intellectual
property to support patent applications for unique processes and other
applicable intellectual property and other consulting and financial
services-related businesses. 

1

“Claim” means any civil, criminal, administrative, regulatory or investigative
action or proceeding commenced or threatened by a third party, including,
without limitation, governmental authorities and regulatory agencies, however
described or denominated. 

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

“Damages” means any and all damages, losses, liabilities, fines, penalties and
expenses (including reasonable expenses of investigation and reasonable outside
attorneys’ fees and expenses in connection with any action, suit or
proceeding).

“Derivative
Work” means any modification,
derivation, revision, condensation, transformation, expansion or adaptation of
the Licensed Materials. 

“Documentation” means the user documentation accompanying the
Licensed Materials.

“GAAP” means generally accepted accounting principles in the United States.

“Governmental Authority” means any transnational, domestic or foreign
federal, state or local governmental authority, instrumentality, court,
legislative body, government organization, commission, tribunal or any
regulatory or administrative agency, or any political or other subdivision,
department or branch of any of the foregoing. 

“Improvements” means any inventions, technology, discoveries,
technical information, processes, formula, data and know-how, and all
Intellectual Property Rights therein, related to the Licensed Materials created,
developed or reduced to practice during the term of the Original License
Agreement or during the Term. 

“Intellectual Property Rights” all patent, copyright, trade secret and other
similar proprietary rights. 

“Knowledge” means, with respect to a Person other than an individual, the actual
knowledge of any senior executive officer of such Person. 

“Licensed Materials” means the items set forth in Exhibit A and all
Intellectual Property Rights of MPIB therein. 

“Material Adverse Effect” means a material adverse effect on the financial
condition, business, assets or results of operations of the Business, taken as a
whole, excluding any effect resulting from (A) changes in GAAP or changes in the
regulatory accounting requirements applicable to any industry in which the
Business is conducted, (B) changes in the general economic or political
conditions in the United States of America, (C) changes (including changes of
Applicable Law) or conditions generally affecting any industry in which the
Business is conducted, (D) acts of war, sabotage or terrorism or natural
disasters involving the United States of America, (E) the announcement or
consummation of the transactions contemplated by this Agreement, (F) any action
taken (or omitted to be taken) by a Party at the request of the other Party or
(G) any action taken by a Party that is required or expressly permitted by this
Agreement. 

2 

“Person” means an individual, corporation, partnership, limited liability
company, association, trust or other entity or organization, including a
Governmental Authority. 

“Purchase” means any purchase of certain of the assets of MPIB by IB related to
its business of developing mobile payments and digital banking technologies and
processes including technology architectures, regulatory and compliance
infrastructures, market research, pricing strategies, customer lists, vendor due
diligence and relationships, and documentation, processes and procedures and
intellectual property to support patent applications for unique processes and
other applicable intellectual property and other consulting and financial
services-related businesses. 

“Purchase Date” means the Closing Date of the Purchase as
defined in a definitive asset purchase agreement between the Parties, if
applicable. 

“Representatives” means, with respect to any Person, such Person’s
shareholders, members, partners, trustees, beneficiaries, officers, directors,
employees, agents and representatives (including lenders, attorneys, accountants
and advisors). 

“Term” means the period commencing on the Effective Date and continuing into
perpetuity unless terminated as set forth in Section 7.01. 

“Use” means to use, execute, reproduce, display,
perform, maintain, modify, enhance, and prepare Derivative Works and
Improvements. 

Section 1.02
Other Interpretive
Provisions. In this Agreement,
unless otherwise specified: (a) words that include a number of constituent
parts, things or elements shall be construed as referring separately to each
constituent part, thing or element thereof, as well as to all such constituent
parts, things or elements as a whole except as otherwise provided herein; (b)
singular words include the plural and plural words include the singular; (c)
words importing any gender include the other genders; (d) references to any
Person include its successors and assigns; (e) the word “successors”, when it
refers to an individual, includes the heirs, devisees, legatees, executors,
administrators and personal representatives of such individual; (f) references
to any statute or other law include all rules, regulations and orders adopted or
made thereunder and all statutes or other laws amending, consolidating or
replacing the statute or law referred to; (g) references to any agreement or
other document include all subsequent amendments or other modifications thereof
entered into in accordance with the provisions thereof; (h) the words “approve”,
“consent” or “agree”, and any derivations thereof or words of similar import,
mean the prior written approval, consent or agreement of the Person holding the
right to approve, consent or agree; (i) the words “include” and “including”, and
words of similar import, shall be deemed to be followed by the words “without
limitation”; (j) unless otherwise specified, the words “hereto”, “herein”,
“hereof” and “hereunder”, and words of similar import, refer to this Agreement
in its entirety; (k) the Exhibits hereto are part of this Agreement and are
incorporated herein by reference; (l) the words “Article”, “Section” and
“Exhibit” refer to the articles, sections and exhibits, respectively, of and to
this Agreement; and (m) the headings of Articles, Sections and Exhibits are
inserted as a matter of convenience and shall not affect the construction of
this Agreement. 

3 

ARTICLE 2 
License Grant 

Section 2.01
Grant of License. Subject to the terms and conditions of this
Agreement, MPIB hereby grants to IB a non-exclusive, non-transferable (except as
set forth in Section 8.04), non-sublicensable (except as set forth in Section
2.03), worldwide license to Use the Licensed Materials and Documentation during
the Term, solely in connection with the conduct of the Business (the
“License”). 

Section 2.02
No Delivery or Support
Obligations. (a) The Parties
hereby acknowledge and agree that, as of the Effective Date, IB has received and
is in possession of the Licensed Materials in a form sufficient for IB’s
exercise of the License. 

(b) Notwithstanding
anything in this Agreement to the contrary, neither MPIB nor any Affiliate of
MPIB shall have any obligation hereunder to (i) deliver to IB, any Affiliate of
IB or any other Person any Licensed Materials or physical embodiment thereof or
any update, correction, improvement or modification thereto, (ii) deliver,
provide or perform any support, maintenance or other assistance in connection
with the Licensed Materials or (iii) update, correct, improve upon or otherwise
modify any Licensed Materials. 

Section 2.03
Sublicensing. (a) Subject to Section 2.03(b), the License shall
include the right of IB to grant sublicenses (each, a “Permitted Sublicense”), solely in the ordinary course of business, to
(i) its Affiliates; provided that any such sublicense shall terminate
immediately upon the date such Affiliate ceases to be an Affiliate of IB, and
(ii) Persons performing support services for IB in connection with the Business
(e.g., in connection with marketing or promotional efforts with respect to the
Business) (the Persons described in clauses (i) and (ii), “Permitted Sublicensees”). 

(b) Each Permitted
Sublicense shall be in writing, shall be materially consistent with the license
terms and conditions of this Agreement, shall not be further sublicensable by
the applicable Permitted Sublicensee and shall not be broader in scope than the
License.

Section 2.04
Disclaimer; Limitation of
Liability. (a) NOTWITHSTANDING
ANYTHING IN THIS AGREEMENT TO THE
CONTRARY, THE LICENSE IS MADE ON AN “AS IS” BASIS WITH NO REPRESENTATIONS OR
WARRANTIES, AND MPIB, ON BEHALF OF ITSELF AND ITS AFFILIATES, HEREBY EXCLUDES
AND DISCLAIMS ANY EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES OF ANY KIND
WITH RESPECT TO THE LICENSED MATERIALS, INCLUDING, WITHOUT LIMITATION, ANY
IMPLIED WARRANTY OF TITLE, QUIET ENJOYMENT, QUIET POSSESSION, MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT AND ANY WARRANTIES IMPLIED
FROM ANY COURSE OF DEALING OR USAGE OF TRADE. 

4 

(b) TO THE EXTENT PERMITTED
BY APPLICABLE LAW, NEITHER PARTY NOR ANY OF ITS AFFILIATES SHALL BE LIABLE UNDER
ANY LEGAL OR EQUITABLE THEORY, REGARDLESS OF THE FORM OR CAUSE OF ACTION, FOR
ANY INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY DAMAGES
OF ANY KIND IN CONNECTION WITH THIS AGREEMENT (INCLUDING DAMAGES FOR LOSS OF
ANTICIPATED PROFITS, BUSINESS, GOODWILL, REPUTATION AND DATA AND ECONOMIC LOSS)
EVEN IF THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

ARTICLE 3 
Ownership of Licensed Materials 

Section 3.01
Ownership of Licensed Materials.
(a) Subject to the terms hereof,
the Parties hereby acknowledge and agree that, as between the Parties, MPIB has
and shall retain exclusive title and ownership rights in and to all Licensed
Materials. 

(b) For as long as MPIB
owns the Licensed Materials, IB shall not challenge, and shall neither allow any
of its Representatives, Affiliates or Permitted Sublicensees to challenge nor
assist any third party in challenging (including in each case in connection with
any interference or opposition proceeding), the ownership, validity or
enforceability of any Licensed Materials. 

Section 3.02
Further Assurances.
In connection with any matter
contemplated by this Article 3, IB shall, and shall cause its Representatives,
Affiliates and Permitted Sublicensees to, at MPIB’s sole expense, execute all
documents and take all additional steps reasonably requested by MPIB to effect
the intent hereof. 

Section 3.03
Effect of Purchase. The Parties acknowledge and agree that the
provisions of this Article 3 shall cease to apply from and after the Purchase
Date in the event the Purchase occurs (i.e., at which point, as between the
Parties, IB will be the owner of the Licensed Materials).

ARTICLE 4 
License Fee 

Section 4.01
License Fee. For and in consideration of use of the Licensed
Material during the Term, MPIB acknowledges that (i) IB has paid on May 14, 2015
a license fee in the amount set forth on Exhibit B and (ii) as of
the date hereof IB will pay an additional license fee of $275,000.

5 

ARTICLE 5 
Representations and Warranties 

Section 5.01
MPIB’s Representations and
Warranties. MPIB hereby
represents and warrants to IB that:

(a) MPIB is duly organized, validly existing and in
good standing under its jurisdiction of organization and has the right to enter
into this Agreement; 

(b) the
performance of this Agreement shall not violate any agreement between MPIB and
any other Person, and there are no contractual obligations preventing the
fulfillment of any of MPIB’s obligations hereunder or materially impairing or
diminishing the value of any of IB’s rights hereunder; 

(c) the
execution, delivery and performance by MPIB of this Agreement and the
consummation of the transactions contemplated hereby are within the powers of
MPIB, have been duly authorized by all necessary action on the part of MPIB and
constitute a valid and binding agreement of MPIB;

(d) to the
knowledge of MPIB, the execution, delivery and performance by MPIB of this
Agreement and the consummation by MPIB of the transactions contemplated hereby
require no action by or in respect of, or filing with, any Governmental
Authority; and 

(e) there
is no action, suit, Claim, investigation or proceeding pending against or, to
the Knowledge of MPIB, threatened against, MPIB or its business before any
arbitrator or any Governmental Authority that is reasonably likely to adversely
affect the business of MPIB in a material respect or that challenges or seeks to
prevent, enjoin, alter or materially delay the transactions contemplated by this
Agreement. 

Section 5.02
IB’s Representations and
Warranties. IB hereby represents
and warrants to MPIB that: 

(a) IB is
duly organized, validly existing and in good standing under its jurisdiction of
organization and has the right to enter into this Agreement; 

(b) the
performance of this Agreement shall not violate any agreement between IB and any
other Person, and there are no contractual obligations preventing the
fulfillment of any of IB’s obligations hereunder or materially impairing or
diminishing the value of any of MPIB’s rights hereunder; 

(c) the
execution, delivery and performance by IB of this Agreement and the consummation
of the transactions contemplated hereby are within the powers of IB, have been
duly authorized by all necessary action on the part of IB and constitute a valid
and binding agreement of IB; and 

(d) there
is no action, suit, Claim, investigation or proceeding pending against or, to
the knowledge of IB, threatened against, IB or its business before any
arbitrator or any Governmental Authority that is reasonably likely to adversely
affect the business of IB in a material respect or that challenges or seeks to
prevent, enjoin, alter or materially delay the transactions contemplated by this
Agreement. 

6 

Section 5.03
No Other Representations or
Warranties. (a) Except for the
representations and warranties expressly set forth in this Agreement, each Party
hereby acknowledges and agrees that no representation or warranty of any kind
whatsoever, express or implied, at law or in equity, is made or shall be
deemed to have been made by or on behalf of the other Party or any of its
Affiliates, and each Party hereby disclaims any such representation or warranty,
whether by or on behalf of such Party, and notwithstanding the delivery or
disclosure to the other Party or any of its Representatives or Affiliates of any
documentation or other information with respect to any the foregoing.

(b) Each Party hereby
acknowledges and agrees that the other Party makes no representation or warranty
with respect to any projections, forecasts or other estimates, plans or budgets
of future revenues, expenses or expenditures, future results of operations (or
any component thereof), future cash flows (or any component thereof) or future
financial condition (or any component thereof), business, operations or affairs.

Section 5.04
Survival of Representations and
Warranties. If the Parties
consummate the Purchase, the representations and warranties contained herein and
in any certificate or other writing delivered pursuant hereto shall terminate as
of the effective time of the Purchase. 

ARTICLE 6 
Additional Covenants 

Section 6.01
Notification of Certain
Events. 

Each Party shall promptly
notify the other Party of: 

(a) any
notice or other communication from any Person alleging that the consent of such
Person is or may be required in connection with any transaction contemplated by
this Agreement; 

(b) any
notice or other communication from any Governmental Authority in connection with
the transactions contemplated by this Agreement; and 

(c) any
actions, suits, Claims, investigations or proceedings commenced that, if pending
on the date of this Agreement, would have been required to have been disclosed.

Section 6.02 Reasonable Best Efforts; Further Assurances.
Subject to the terms and
conditions of this Agreement, the Parties shall use their reasonable best
efforts to take, or cause to be taken, all actions and to do, or cause to be
done, all things necessary or desirable under Applicable Law to consummate the
transactions contemplated by this Agreement; provided however that the Parties
agree that nothing in this Section 6.02 shall require IB to take any actions
with regards to seeking any nonobjection from or approval of any Governmental
Authority having jurisdiction over IB for any activity or transaction, which
determination(s) it shall make in its sole discretion. The Parties shall execute
and deliver such other documents, certificates, agreements and other writings
and take such other actions as may be reasonably necessary or desirable in order
to consummate or implement expeditiously the transactions contemplated by this
Agreement. 

7 

Section 6.03
Certain Filings. The Parties shall cooperate with each other (i)
in determining whether any action by or in respect of, or filing with, any
Governmental Authority is required, or any actions, consents, approvals
or waivers are required to be obtained from parties to any material contracts,
in connection with the consummation of the transactions contemplated by this
Agreement and (ii) in taking such actions or making any such filings, furnishing
information required in connection therewith and seeking timely to obtain any
such actions, consents, approvals and waivers. 

ARTICLE 7 
Term and Termination 

Section 7.01
Commencement and
Termination. The term of this
Agreement shall commence on the Effective Date and may be terminated only by
mutual written agreement of MPIB and IB.

Section 7.02
Effect of Termination.
Upon the termination of this
Agreement pursuant to Section 7.01, the License, any Permitted Sublicenses and
all rights of IB and its Representatives, Affiliates and Permitted Sublicensees
with respect to the Licensed Materials and Improvements shall terminate
immediately without any further action by MPIB, and IB shall, and shall cause
each of its Representatives, Affiliates and Permitted Sublicensees to: (i) cease
using the Licensed Materials; (b) return to MPIB or destroy, at MPIB’s election,
all Confidential Information of MPIB; and (c) cooperate generally with MPIB to
ensure that all rights of MPIB in the Licensed Materials and Improvements are
preserved and retained by MPIB. Upon MPIB’s written request, IB shall provide
written certification to MPIB, signed by a duly authorized officer of IB, of
IB’s compliance with IB’s obligations under this Section 7.02. 

ARTICLE 8 
Miscellaneous 

Section 8.01
Notices. All notices, requests and other communications to
any Party shall be in writing (including facsimile transmission and e-mail
transmission, so long as a receipt of such e-mail is requested and received) and
shall be given, 

	     	if to IB, to:
		     	 
			Independence
      Bancshares, Inc.
			500 East
      Washington Street
			Greenville, SC
      29601
			Facsimile: (864)
      672-1777
			E-mail:
      mlong@indepbanc.com
			Attention: Martha
      Long, CFO
			 
		with a copy to:
			 
			Nelson Mullins
      Riley & Scarborough LLP
			104 S. Main
      Street, Suite 900
			Greenville, SC
      29601
Facsimile: (864) 250-2373
Attention: Ben Barnhill
E-mail:
      ben.barnhill@nelsonmullins.com

8 

	     	if to MPIB, to:
			 
		     	MPIB Holdings,
      LLC
			c/o Kathleen M.
      DeCruze
			Martin, DeCruze & Company,
    LLP
			2777 Summer
      Street, Suite 401
			Stamford, CT
      06905
			Facsimile: (203)
      977-8314
			E-mail:
  gordonabaird@gmail.com
			Attention: Gordon
      A. Baird
			 
		with a copy to:
			 
			Martin
    LLP
			262 Harbor Drive,
      3rd Floor
			Stamford, CT
      06902
			Facsimile: (203)
      973-5250
			E-mail:
      cmartin@martinllp.net
			Attention:
      Christopher Martin

or such other address,
facsimile number or e-mail address as such Party may hereafter specify for the
purpose by notice to the other Parties. All such notices, requests and other
communications shall be deemed received on the date of receipt by the recipient
thereof if received prior to 5:00 p.m. in the place of receipt and such day is a
business day in the place of receipt. Otherwise, any such notice, request or
communication shall be deemed not to have been received until the next
succeeding business day in the place of receipt. 

Section 8.02
Amendments and Waivers.
(a) Any provision of this
Agreement may be amended or waived if, but only if, such amendment or waiver is
in writing and is signed, in the case of an amendment, by each Party or, in the
case of a waiver, by the Party against whom the waiver is to be effective.

(b) No failure or delay by
any Party in exercising any right, power or privilege hereunder shall operate as
a waiver thereof nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided shall be cumulative and not
exclusive of any rights or remedies provided by Applicable Law. 

Section 8.03
Expenses. Except as otherwise provided on Exhibit B, all costs and expenses incurred in connection with this Agreement shall
be paid by the Party incurring such cost or expense. 

9 

Section 8.04
Successors and Assigns.
The provisions of this Agreement
shall be binding upon and inure to the benefit of the Parties and their
respective successors and assigns; provided that no Party may
assign, delegate or otherwise transfer any of its rights or obligations under
this Agreement without the consent of the other Party except with respect to IB,
when such assignment, delegation or transfer is made in conjunction with (i) a
merger of IB or of its subsidiary bank, Independence National Bank in which IB or
Independence National Bank is not the surviving entity or (ii) the sale of
substantially all the assets of IB or of Independence National Bank.

Section 8.05
No Partnership or Joint Venture.
Nothing in this Agreement shall
be construed as making or rendering MPIB and IB partners, joint venturers or
members of a joint enterprise or as making or rendering either of the Parties
liable for the debts or obligations of the other Party. 

Section 8.06
Governing Law. This Agreement shall be governed by and construed
in accordance with the law of the State of New York without regard to the
conflicts of law rules of such state. 

Section 8.08.
Jurisdiction. Any suit, action or proceeding seeking to
enforce any provision of, or based on any matter arising out of or in connection
with, this Agreement or the transactions contemplated hereby shall be brought in
the United States District Court for the Southern District of New York or any
New York State court sitting in New York City, so long as one of such courts
shall have subject matter jurisdiction over such suit, action or proceeding, and
any cause of action arising out of this Agreement shall be deemed to have arisen
from a transaction of business in the State of New York. Each of the Parties
hereby irrevocably consents to the jurisdiction of such courts (and of the
appropriate appellate courts therefrom) in any such suit, action or proceeding
and irrevocably waives, to the fullest extent permitted by law, any objection
that it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or
proceeding brought in any such court has been brought in an inconvenient forum.
Process in any such suit, action or proceeding may be served on any Party
anywhere in the world, whether within or without the jurisdiction of any such
court. Without limitation of the foregoing, each Party hereby agrees that
service of process on such Party as provided in Section 9.01 shall be deemed
effective service of process on such Party. 

Section 8.09
Counterparts; Effectiveness; Third
Party Beneficiaries. This
Agreement may be signed in any number of counterparts, each of which shall be an
original, with the same effect as if the signatures thereto and hereto were upon
the same instrument. This Agreement shall become effective when each Party shall
have received a counterpart hereof signed by the other Party. Until and unless
each Party has received a counterpart hereof signed by the other Party, this
Agreement shall have no effect and no Party shall have any right or obligation
hereunder (whether by virtue of any other oral or written agreement or other
communication). No provision of this Agreement is intended to confer any rights,
benefits, remedies, obligations, or liabilities hereunder upon any Person other
than the Parties and their respective successors and assigns. 

10 

Section 8.10
Entire Agreement. This Agreement constitutes the entire agreement
between the Parties with respect to the subject matter hereof and supersedes all
prior agreements and understandings, both oral and written, between the Parties
with respect to the subject matter hereof, including but not limited to the
Original License Agreement. 

Section 8.11
Severability. If any term, provision, covenant or restriction
of this Agreement is determined by a court of competent jurisdiction or other
Governmental Authority to be invalid, void or unenforceable, the remainder of
the terms, provisions, covenants and restrictions of this Agreement shall remain
in full force and effect and shall in no way be affected, impaired or
invalidated so long as the economic or legal substance of the transactions
contemplated hereby is not affected in any manner materially adverse to any
Party. Upon such a determination, the Parties shall negotiate in good faith to
modify this Agreement so as to effect the original intent of the Parties as
closely as possible in an acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to the fullest
extent possible. 

Section 8.12
Specific
Performance. The Parties hereby
acknowledge and agree that irreparable damage would occur if any provision of
this Agreement were not performed in accordance with the terms hereof and that
the Parties shall be entitled to an injunction or injunctions to prevent
breaches of this Agreement or to enforce specifically the performance of the
terms and provisions hereof in the courts set forth in Section 8.08, in addition
to any other remedy to which they are entitled at law or in equity. 

Section 8.13
Drafting Party. The provisions of this Agreement have been
prepared, examined, negotiated and revised by each Party and its lawyers, and no
implication shall be drawn and no provision shall be construed against any Party
by virtue of the purported identity of the drafter of this Agreement or any
portion of this Agreement. 

[signature page follows] 

11 

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

	MPIB
      HOLDINGS, LLC	
	 	
	 	
	By:   	   /s/Gordon A.
      Baird	 
		Name: Gordon A.
      Baird	
		Title: Authorized
      Member	
	 	
	 	
	INDEPENDENCE BANCSHARES, INC.	
	 	
	 	
	By:	   /s/Martha L.
      Long	
		Name: Martha L.
      Long	
		Title: Chief
      Financial Officer	

[signature page to License
Agreement] 

1 

EXHIBIT A 

LICENSED MATERIALS

	●	All computer software, hardware, systems, intellectual
      property rights, intellectual property agreements and assigned contracts
      as disclosed in the MPIB file server at: https://bhco.egnyte.com/fl/1RZyWr4gww.
 
	●	All (i) books and records relating to the assets,
      properties and rights of Seller relating to the Business; (ii) market
      research studies, surveys, reports, analyses and similar information
      relating to the Business; (iii) all active and inactive files and data
      relating to the Business; and (iv) sales data, brochures, catalogues,
      literature, forms, mailing lists, art work, photographs and advertising
      material, in whatever form or media relating to the
  Business.
 
	●	All claims, causes of action, choses in action, rights of
      recovery and rights of set-off of any kind in favor of Seller or
      pertaining to, or arising out of, the Business.
 
	●	All goodwill and other intangible properties associated
      with any of the assets described in the foregoing including, without
      limitation, the Intellectual Property Rights.
 
	●	MPIB Global (unregistered service mark of
    MPIB)
 
	●	www.mpibglobal.com (Internet domain name owned by
  MPIB)

EXHIBIT
B
LICENSE
FEE 

$150,454, which amount was
paid on or about May 14, 2015 to: 

	●	Davis Polk & Wardwell LLP $85,222
 
	●	Martin LLP $53,522
 
	●	Martin, Decruze & Company
$11,710

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