Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This EXECUTIVE EMPLOYMENT
AGREEMENT dated October 20th, 2017 (the “Effective Date”) is entered by and between Wave Sync Corp., a company
incorporated under the laws of Delaware (the “Company”), and Yang Liu, an individual (the “Executive”) residing
at 59 Fredericks Street, West Orange NJ, with reference to the following facts:

 

Whereas, the Executive wishes
to serve, and the Company wishes the Executive to serve, as the Chief Executive Officer (the “CEO”) and a member of
the board of directors (the “Board”); and

 

Whereas, the parties hereto wish
to enter into an employment agreement (the “Employment Agreement”) between the Executive and the Company, on the terms
and conditions contained in this Employment Agreement.

 

NOW THEREFORE, in consideration
of the foregoing facts and mutual agreements set forth below, the parties, intending to be legally bound, agree as follows:

 

1.             Employment.
The Company hereby agrees to employ the Executive, and the Executive hereby accepts such employment and agrees to perform the Executive’s
duties and responsibilities in accordance with the terms and conditions hereinafter set forth.

 

1.1           Duties
and Responsibilities. The Executive shall serve as the CEO and a member of the Board. During the Employment Term, the Executive
shall devote substantially all of his business time and attention to the performance of Executive’s duties hereunder and
shall perform all duties and accept all responsibilities incident to such position and other appropriate duties as may be assigned
to the Executive by the Board from time to time. The Executive shall report directly to the Board and oversee and manage the day-to-day
operations of the Company. The Board shall retain full direction and control of the manner, means and methods by which the Executive
performs the services for which he is employed hereunder and of the place or places at which such services shall be rendered.

 

1.2           Employment
Term. The term of the Executive’s employment shall commence on the Effective Date and continue for three (3) years, unless
earlier terminated in accordance with Section 6 hereof. The term of the Executive’s employment shall be automatically renewed
for successive one (1)-year periods until the Executive or the Company delivers to the other party a written notice of their intent
not to renew the Employment Term, such written notice to be delivered at least thirty (30) days prior to the expiration of the
then-effective Employment Term. Each of the initial three-year period and successive one-year periods shall be known as an “Employment
Term.”

 

1.3           Extent
of Service. During the Employment Term, the Executive agrees to use the Executive’s best efforts to carry out the duties and
responsibilities under Section 1.1 hereof and to devote all requisite Executive’s business time, attention and energy thereto.
Except the involvement and ownership that the Executive has in Magnifintech Inc. (“Magnifintech”), the Executive further
agrees not to work either on a part-time or independent contracting basis for any other business or enterprise during the Employment
Term without the prior written consent of the Board. Without the prior written consent of the Board, the Executive shall not work
on Magnifintech’s business or matters during business hours or to the extent that would interfere with the Company’s
operations and the Executive agrees to limit Magnifintech’s business to the matters related to its only existing client,
LineMoney Inc.

  

1.4           Base
Salary and Compensation. 

 

(a)           Base
Salary. The Company shall pay the Executive a base salary (the “Base Salary”) at the annual rate of $72,000 (U.S.),
payable at such times as the Company customarily pays its other senior level executives (but in any event no less often than monthly).
The Base Salary shall be subject to all state, federal and local payroll tax withholding and any other withholdings required by
law. The Executive’s Base Salary may be increased by the Board or any party delegated by the Board. Once increased, such
increased amount shall constitute the Executive’s Base Salary.

 

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(b)          Grant.
Upon the execution hereof and in consideration of the execution hereof, the Company shall grant the Executive 1,050,000 non-qualified
stock options (the “Options”) to purchase one million fifty thousand (1,050,000) shares of the Company’s common
stock (the “Option Shares”) at an exercise price of $1.00 per share (subject to adjustment as provided in the option
agreement between the Company and the Executive). The Options will vest as follows: 350,000 per year on the anniversary of this
Employment Agreement (the “Anniversary Date”) provided that the Executive is employed by the Company on each of the
Anniversary Dates pursuant to this Employment Agreement. The term of the Options will be five years from the date of this Employment
Agreement.

 

1.5          Incentive
Compensation.

 

(a)          Bonus.
The Executive may be eligible to earn an annual cash and/or equity bonus as the Board may determine at its sole discretion, from
time to time, based on meeting performance objectives and bonus criteria to be mutually identified by the Executive and the Board.
Bonuses, if any, shall be subject to all applicable tax and payroll withholdings. Nothing in this Section shall obligate the Board
to award the Executive any Bonus.

 

(b)          Executive
Benefits. During the Employment Term,
the Executive shall be entitled to participate in all employee benefit plans, practices, and programs to be established and maintained
by the Company, as in effect from time to time (collectively, “Employee Benefit Plans”), on a basis which is no
less favorable than is provided to other similarly situated executives of the Company, to the extent consistent with applicable
law and the terms of the applicable Employee Benefit Plans. The Company reserves the right to amend or cancel any Employee Benefit
Plans at any time in its sole discretion, subject to the terms of such Employee Benefit Plan and applicable law.

 

1.6          RESERVED.

  

1.7          Reimbursement
of Expenses; Vacation; Sick Days and Personal Days. The Executive shall be provided with reimbursement of expenses related
to the Executive’s employment by the Company, including reasonable expenses for travel within the scope of the Executive’s
employment as long as such travel is pre-approved by the Board. The Executive shall be entitled to vacation and holidays in accordance
with the Company’s normal personnel policies for senior level executives, but not less than twenty-two (22) business days of vacation
per calendar year.

 

1.8          No
Other Compensation. Except as expressly provided in Sections 1.4 through 1.7, the Executive shall not be entitled to
any other compensation or benefits.

 

2.            Representations
and Warranties of the Executive. The Executive represents and warrants to the Company as follows:

 

2.1
        No Conflicts. The execution and delivery by
the Executive of this Employment Agreement, and the performance by the Executive of its obligations hereunder, do not and will
not (i) violate or conflict with any law, ordinance, or regulation, or order, decree or judgment of any arbitrator, court
or administrative or other governmental body which is applicable to, binding upon or enforceable against the Executive or any of
his assets, (ii) constitute or result in any breach of any of the terms, provisions, conditions of, or constitute a default
under, or an event which, with notice or lapse of time or both, would constitute a default under, any indenture, agreement, contract
or other document to which the Executive is a party or by which the Executive may be bound or (iii) require the consent or
approval of any court, governmental authority or other person. Neither the execution, delivery nor performance of this Employment
Agreement, nor the consummation by the Executive of the obligations contemplated hereby requires the consent of, authorization
by, exemption from, filing with or notice to any governmental entity or any other person.

 

2.2          Option
Shares. In certain instances, the Option Shares may be characterized as “restricted securities,” as that term is
defined under Rule 144 of the Securities Act, and may not be resold without registration under the Securities Act of 1933, as amended
(the “Securities Act”) or in accordance with an exemption therefrom. The Executive represents that he is familiar with
Rule 144 promulgated under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and
by the Securities Act. The Executive agrees and acknowledges that, in connection with the transfer of any portion of, or all of,
the Option Shares, the Company may require the Executive to provide an opinion of counsel, the form and substance of which shall
be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities
under the Securities Act.

 

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2.3          Tax
Consequences. The Executive acknowledges that the acquisition of the Securities, may involve tax consequences to the Executive,
and the contents of this Employment Agreement do not contain tax advice. The Executive acknowledges that he has not relied and
will not rely upon the Company with respect to any tax consequences related to the Securities. The Executive assumes full responsibility
for all such consequences and for the preparation and filing of any tax returns and elections which may or must be filed in connection
with the Securities.

 

2.4          Immigration
Status. The Executive represents to the Company that he is eligible to work for the Company legally in the United States because
he possesses valid permanent residence status in the United States. The Executive further agrees to notify the Company each time
when his immigration status changes.

 

3.            Representations
of the Company. The Company represents and warrants to the Executive as follows:

 

3.1          Authorization
and Binding Obligation. The Company has the requisite power and authority to enter into and perform its obligations under this
Employment Agreement. The execution and delivery of this Employment Agreement by the Company and the implementation thereof by
the Company have been duly authorized by the Company’s Board and no further filing, consent, or authorization is required by the
Company, its Board or its stockholders. This Employment Agreement has been duly executed and delivered by the Company, and constitutes
the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms,
except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and
remedies and except as rights to indemnification and to contribution may be limited by federal or state securities laws.

 

3.2          No
Conflict. The execution, delivery and performance of this Employment Agreement by the Company will not (i) result in a violation
of the Company’s Certificate of Incorporation, as amended, or other organizational document of the Company or any of its
subsidiaries, any capital stock of the Company or any of its subsidiaries or bylaws of the Company or any of its subsidiaries,
(ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under,
or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Company or any of its subsidiaries is a party, or (iii) result in a violation of any law, rule, regulation, order,
judgment or decree (including foreign, federal and state securities laws and applicable to the Company or any of its subsidiaries
or by which any property or asset of the Company or any of its subsidiaries is bound or affected) except, in the case of clause
(ii) or (iii) above, to the extent such violations that could not reasonably be expected to have a material adviser effect on the
Company or its subsidiaries.

 

4.            Confidential
Information. The Executive recognizes and acknowledges that by reason of Executive’s employment by and service to the Company
before, during and, if applicable, after the Employment Term, the Executive will have access to certain confidential and proprietary
information relating to the Company’s business, which may include, but is not limited to, trade secrets, trade “know-how,”
and plans, financing services, funding programs, costs, strategy and programs, computer programs and software and financial information
(collectively referred to as “Confidential Information”). The Executive acknowledges that such Confidential Information
is a valuable and unique asset of the Company and Executive covenants that he will not, unless expressly authorized in writing
by the Company, at any time during the course of Executive’s employment use any Confidential Information or divulge or disclose
any Confidential Information to any person, firm or corporation except in connection with the performance of Executive’s duties
for the Company and in a manner consistent with the Company’s policies regarding Confidential Information. The Executive also covenants
that at any time after the termination of such employment, directly or indirectly, he will not use any Confidential Information
or divulge or disclose any Confidential Information to any person, firm or corporation, unless such information is in the public
domain through no fault of Executive or except when required to do so by a court of law, by any governmental agency having supervisory
authority over the business of the Company or by any administrative or legislative body (including a committee thereof) with apparent
jurisdiction to order Executive to divulge, disclose or make accessible such information. All written Confidential Information
(including, without limitation, in any computer or other electronic format) which comes into Executive’s possession during the
course of Executive’s employment shall remain the property of the Company. Except as required in the performance of Executive’s
duties for the Company, or unless expressly authorized in writing by the Company, the Executive shall not remove any written Confidential
Information from the Company’s premises, except in connection with the performance of Executive’s duties for the Company and in
a manner consistent with the Company’s policies regarding Confidential Information. Upon termination of Executive’s Employment
Agreement, the Executive agrees to return immediately to the Company all written Confidential Information (including, without limitation,
in any computer or other electronic format) in Executive’s possession.

 

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5.             Non-Competition;
Non-Solicitation.

 

5.1           Non-Compete.
The Executive hereby covenants and agrees that during the Employment Term and for a period of two years following the end of the
Employment Term, the Executive will not, without the prior written consent of the Company, directly or indirectly, on his own behalf
or in the service or on behalf of others, whether or not for compensation, engage in any business activity, or have any interest
in any person, firm, corporation or business, through a subsidiary or parent entity or other entity (whether as a shareholder,
agent, joint venture, security holder, trustee, partner, Executive, creditor lending credit or money for the purpose of establishing
or operating any such business, partner or otherwise) with any Competing Business in the Covered Area, except with the consent
of the Board. For the purpose of this Section 5.1, (i) “Competing Business” means any company engaged in the business
of bank, credit or payment cards, substantially similar to those of the Company; and (ii) “Covered Area” means all geographical
areas of China, Taiwan and the United States where the Company operates and may operate.

 

5.2           Non-Solicitation.
The Executive further agrees that as long as the Employment Agreement remains in effect and for a period of one (1) year from its
termination, the Executive will not divert any business of the Company and/or any affiliate of the Company to any other person,
entity or competitor, or induce or attempt to induce, directly or indirectly, any person to leave his or her employment with the
Company.

 

5.3           Remedies.
The Executive acknowledges and agrees that his obligations provided herein are necessary and reasonable in order to protect the
Company and its affiliates and their respective business and the Executive expressly agrees that monetary damages would be inadequate
to compensate the Company and/or its affiliates for any breach by the Executive of his covenants and agreements set forth herein.
Accordingly, the Executive agrees and acknowledges that any such violation or threatened violation of this Section 5 will cause
irreparable injury to the Company and that, in addition to any other remedies that may be available in law or at equity or otherwise,
the Company and its affiliates shall be entitled to obtain injunctive relief against the threatened breach of this Section 5 or
the continuation of any such breach by the Executive without the necessity of proving actual damages.

 

6.             Termination.

 

6.1           Termination
without Cause or for Good Reason.

 

(a)            If
this Employment Agreement is terminated by the Company other than for Cause (as defined in Section 6.4 hereof) or as a result
of Employee’s death or Permanent Disability (as defined in Section 6.2 hereof), or if the Executive terminates his
employment for Good Reason (as defined in Section 6.1(b) hereof) prior to the expiration of each Employment Term, the Executive
shall receive or commence receiving as soon as practicable in accordance with the terms of this Employment Agreement:

 

(i)          a
severance payment (the “Severance Payment”), which consists of three hundred and fifty thousand (350,000) shares of
the Company’s restricted common stock payable within ten (10) days of the date of termination;

 

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(ii)         expense
reimbursement which shall be paid in a lump sum payment within ten (10) days of the date of termination, in an amount equal Employee’s
reimbursed expenses set forth in Section 1.7; and

 

(iii)        payment
in respect of compensation earned but not yet paid (the “Compensation Payment”) which amount shall be paid in a cash
lump sum within ten (10) days of the date of termination. For the purposes of this Section, the Compensation Payment shall include
any payment for the pro-rata number of vacation days earned, but not taken in the preceding calendar year.

 

(b)          For
purposes of this Employment Agreement, “Good Reason” shall mean any of the following (without Employee’s express
prior written consent):

 

(i)          Any
material breach by Company of any provision of this Employment Agreement, including any material reduction by Company of Employee’s
duties or responsibilities (except in connection with the termination of Employee’s employment for Cause, as a result of
Permanent Disability, as a result of Employee’s death or by Employee other than for Good Reason);

 

(ii)         A
reduction by the Company in Employee’s Base Salary or any failure of the Company to reimburse Employee for material expenses
described in Section 1.7;

 

(iii)        The
failure by the Company to obtain the specific assumption of this Employment Agreement by any successor or assign of Company as
provided for in Section 7 hereof;

 

(iv)        Upon
a Change in Control of Company (as such term is hereinafter defined); or

 

(v)         The
Company ceases to maintain an office in the United Sates or relocates the Executive at least one hundred (100) miles away from
the Company’s current address as stated in Section 9.2.

 

(c)          The
following provisions shall apply in the event the compensation provided in Section 6.1(a) becomes payable to the Employee:

 

(i)          if
the Severance Payment provided for in Section 6.1(a)(i) above cannot be finally determined on or before the tenth day following
such termination, the Company shall pay to the Employee on such day an estimate, as determined in good faith by the Company of
the minimum amount of such compensation and shall pay the remainder of such compensation (together with interest at the Federal
short-term rate provided in Section 1274(d)(1)(C)(i) of the Code) as soon as the amount thereof can be determined but in no event
later than the thirtieth day after the Date of Termination. In the event the amount of the estimated payment exceeds the amount
subsequently determined to have been due, such excess shall constitute a loan by the Company to the Employee payable on the fifth
day after demand by the Company (together with interest at the Federal short-term rate provided in Section 1274(d)(1)(C)(i) of
the Code).

 

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(ii)         If
the payment of the Total Payments (as defined below) will be subject to the tax (the “Excise Tax”) imposed by Section
409A of the Code, the Company shall pay the Employee on or before the tenth day following the Date of Termination, an additional
amount (the “Gross-Up Payment”) such that the net amount retained by the Employee, after deduction of any Excise Tax
on Total Payments and any federal and state and local income tax and Excise Tax upon the payment provided for by this paragraph,
shall be equal to the Total Payments. For purposes of determining whether any of the payments will be subject to the Excise Tax
and the amount of such Excise Tax, (A) any payments or benefits received or to be received by the Employee in connection with a
Change in Control of the Company or the Employee’s termination of employment, whether payable pursuant to the terms of this
Employment Agreement or any other plan, arrangement or agreement with the Company, its successors, any person whose actions result
in a Change in Control of the Company or any corporation affiliated or which, as a result of the completion of transaction causing
such a Change in Control, will become affiliated with the Company within the meaning of Section 1504 of Code (the “Total
Payments”) shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and
all “excess parachute payments” within the meaning of Section 280G(b)(1) shall be treated as subject to the Excise
Tax, unless, in the opinion of tax counsel selected by the Company’s independent auditors and acceptable to the Employee,
the Total Payments (in whole or in part) do not constitute parachute payments, or such excess parachute payments (in whole or in
part) represent reasonable compensation for services actually rendered within the meaning of Section 280G(b)(4) of the Code either
in their entirety or in excess of the base amount within the meaning of Section 280G(b)(3) of the Code, or are otherwise not subject
to the Excise Tax, (B) the amount of the Total Payments that shall be treated as subject to the Excise Tax shall be equal to the
lesser of (I) the total amount of the Total Payments or (II) the amount of excess parachute payments or benefit shall be determined
by the Company’s independent auditors in accordance with the principles of Section 280G of the Code. For purposes of determining
the amount of the Gross-Up Payment, the Employee shall be deemed to pay federal income taxes at the highest marginal rate of federal
income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest
marginal rate of taxation in the state and locality of the Employee’s residence on the Date of Termination, net of the maximum
reduction in federal income taxes which could be obtained from deduction of such state and local taxes. In the event the Excise
Tax is subsequently determined to be less than the amount taken into account hereunder at the time of termination of the Employee’s
employment, the Employee shall repay to the Company at the time the amount of such reduction in Excise Tax is finally determined
the portion of the Gross-Up Payment that can be repaid such that the Employee remains whole on an after-tax basis following such
repayment (taking into account any reduction in income or excise taxes to the Employee from such repayment) plus interest on the
amount of such repayment at the Federal short-term rate provided in Section 1274(d)(1)(C)(i) of the Code. In the event the Excise
Tax is determined to exceed the amount taken into account hereunder at the time of the termination of the Employee’s employment
(including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment),
the Company shall make an additional gross-up payment in respect of such excess (plus any interest payable with respect to such
excess) at the time that the amount of such excess is finally determined.

 

(iii)        This
Employment Agreement is intended to comply with the requirements of Section 409A of the Internal Revenue Code (the “Code”)
or an exemption or exclusion therefrom. Each payment under this Agreement shall be treated as a separate payment for purposes of
Section 409A of the Code. In no event may Employee, directly or indirectly, designate the calendar year of any payment to be made
under this Agreement. All reimbursements and in-kind benefits provided under this Agreement that constitute deferred compensation
within the meaning of Section 409A of the Code shall be made or provided in accordance with the requirements of Section 409A of
the Code, including, without limitation, that (i) in no event shall reimbursements by the Company under this Agreement be made
later than the end of the calendar year next following the calendar year in which the applicable fees and expenses were incurred,
provided that Employee shall have submitted an invoice for such fees and expenses at least 10 days before the end of the calendar
year next following the calendar year in which such fees and expenses were incurred; (ii) the amount of in-kind benefits that the
Company is obligated to pay or provide in any given calendar year (other than medical reimbursements described in Treas. Reg. §
1.409A-3(i)(1)(iv)(B)) shall not affect the in-kind benefits that the Company is obligated to pay or provide in any other calendar
year; (iii) Employee’s right to have the Company pay or provide such reimbursements and in-kind benefits may not be liquidated
or exchanged for any other benefit; and (iv) in no event shall the Company’s obligations to make such reimbursements or to
provide such in-kind benefits apply later than Employee’s remaining lifetime or if longer, through the 20th anniversary of
the Effective Date. To the extent Employee is a “specified employee,” as defined in Section 409A(a)(2)(B)(i) of the
Code and the regulations and other guidance promulgated thereunder and any elections made by the Company in accordance therewith,
notwithstanding the timing of payment provided in any other Section of this Agreement, no payment, distribution or benefit under
this Agreement that constitutes a distribution of deferred compensation (within the meaning of Treasury Regulation Section 1.409A-1(b))
upon separation from service (within the meaning of Treasury Regulation Section 1.409A-1(h)), after taking into account all available
exemptions, that would otherwise be payable, distributable or settled during the six-month period after separation from service,
will be made during such six-month period, and any such payment, distribution or benefit will instead be paid, distributed or settled
on the first business day after such six-month period; provided, however, that if Employee dies following the Date of Termination
and prior to the payment, distribution, settlement or provision of the any payments, distributions or benefits delayed on account
of Section 409A of the Code, such payments, distributions or benefits shall be paid or provided to the personal representative
of Employee’s estate within 30 days after the date of Employee’s death

  

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6.2           Permanent
Disability. If the Employee becomes incompetent or totally and permanently disabled (as defined below, “Permanent Disability”),
the Company may terminate this Employment Agreement on written notice thereof, and the Employee shall receive or commence receiving,
as soon as practicable:

 

(a)          amounts
payable pursuant to the terms of the disability insurance policy or similar arrangement which Company maintains for the Employee,
if any, during the term hereof; and

 

(b)          the
Compensation Payment which shall be paid to Employee as a cash lump sum within 30 days of such termination.

 

For purposes of this Agreement, “Permanent
Disability” shall be deemed to have occurred if the Employee is unable, due to any physical or mental disease or condition,
to perform his normal duties of employment for a period of thirty (30) consecutive days or sixty (60) days in any twelve month
period. The existence of the Employee’s Permanent Disability shall be determined by the Company on the advice of a physician
chosen by the Company and reasonably acceptable to the Employee, and the Company reserves the right to have the Employee examined
by such physician at the Company’s expense.

 

6.3           Death.
In the event of the Employee’s death during an Employment Term hereunder, this Employment Agreement will terminate, and the
Employee’s estate or designated beneficiaries shall receive or commence receiving, as soon as practicable in accordance with the
terms of this Employment Agreement:

 

(a)          any
death benefits provided under the Employee benefit programs, plans and practices in which the Employee has an interest, in accordance
with their respective terms;

 

(b)          the
Compensation Payment which shall be paid to Employee’s estate as a cash lump sum within 30 days of such termination; and

 

(c)          such
other payments under applicable plans or programs to which Employee’s estate or designated beneficiaries are entitled pursuant
to the terms of such plans or programs.

 

6.4           Voluntary
Termination by Employee: Discharge for Cause. The Company shall have the right to terminate this Employment Agreement for Cause
(as hereinafter defined). In the event that the Employee’s employment is terminated by Company for Cause, as hereinafter
defined, or by the Employee other than for Good Reason or other than as a result of the Employee’s Permanent Disability or
death, prior to the Termination Date, the Employee shall be entitled only to receive, as a cash lump sum within 30 days of such
termination, the Compensation Payment. As used herein, the term “Cause” shall mean (a) willful malfeasance or willful
misconduct by the Employee in connection with the services to the Company in a matter of material importance to the conduct of
the Company’s affairs which has a material adverse effect on the business of the Company, (b) the Executive’s failure to
perform his duties (other than such failure resulting from incapacity due to physical or mental illness, (c) the Executives’
failure to comply with any valid and legal directive of the Board, the Executive’s engagement in dishonesty, illegal conduct,
or misconduct, which is, in each case, injurious to the Company or its affiliates, the Executive’s embezzlement, misappropriation,
or fraud, whether or not related to the Executive’s employment with the Company, (d) the Executive’s violation of a
material policy of the Company, (e) the Executive’s willfully unauthorized disclosure of Confidential Information (as defined
in this Agreement), (f) the Executive’s material breach of any material obligation under this Employment Agreement or any
other written agreement between the Executive and the Company or (g) the conviction of the Employee for commission of a felony.
For purposes of this subsection, no act or failure to act on the Employee’s part shall be considered “willful”
unless done, or omitted to be done, by the Employee not in good faith and without reasonable belief that his action or omission
was in the best interest of the Company. Termination of this Employment Agreement for Cause pursuant to this Section 6.4
shall be made by delivery to the Employee of a copy of a resolution duly adopted by the Board at a meeting duly called and held
for such purpose (after 30 days prior written notice to the Employee and reasonable opportunity for the Employee to be heard before
the Board prior to such vote), finding that in the good faith business judgment of such Board, the Employee was guilty of conduct
set forth in any of clauses (a) through (b) above and specifying the particulars thereof.

 

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6.5          Change
In Control. For purposes of this Employment Agreement, a “Change in Control” shall be deemed to have occurred if
(i) there shall be consummated (A) any consolidation or merger of the Company in which the Company is not the continuing or surviving
corporation or pursuant to which shares of the Company’s Common Stock would be converted into cash, securities or other property,
other than a merger of the Company in which the holders of the Company’s Common Stock immediately prior to the merger have
substantially the same proportionate ownership of common stock of the surviving corporation immediately after the merger, or (B)
any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all
the assets of the Company, or (ii) the stockholders of the Company shall approve any plan or proposal for the liquidation or dissolution
of the Company, or (iii) any person (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934
(the “Exchange Act”)), other than the Company, the Employee or any Employee benefit plan sponsored by the Company,
or such person on the Effective Date hereof is a 20% or more beneficial owner, shall become the beneficial owner (within the meaning
of Rule 13d-3 under the Exchange Act) of securities of the Company representing 51% or more of the combined voting power of the
Company’s then outstanding securities ordinarily (and apart from rights accruing in special circumstances) having the right
to vote in the election of directors, as a result of a tender or exchange offer, open market purchases, privately negotiated purchases
or otherwise, or (iv) at any time during a period of two consecutive years, individuals who at the beginning of such period, constituted
the Board of Directors of the Company shall cease for any reason to constitute at least a majority thereof, unless the election
or the nomination for election by the Company’s stockholders of each new director during such two-year period was approved
by a vote of at least two-thirds of the directors then still in office, who were directors at the beginning of such two-year period.

 

If a Change in Control
of the Company shall have occurred while the Executive is the CEO of the Company, the Executive shall be entitled to the compensation
provided in Section 6.1(a) of this Employment Agreement upon the subsequent termination of this Employment Agreement by either
the Company, or the Executive within two years of the date upon which the Change in Control shall have occurred, unless such termination
is a result of (i) the Executive’s death; (ii) the Executive’s Permanent Disability; (iii) the Executive’s Retirement;
or (iv) the Executive’s termination for Cause.

 

6.6          Concurrent
Termination. The Executive agrees to resign from the Board concurrently with the expiration or termination of this Employment
Agreement.

  

7.            Assignment.
This Employment Agreement shall be binding upon and inure to the benefit of the heirs and representatives of Executive and the
assigns and successors of the Company, but neither this Employment Agreement nor any rights or obligations hereunder shall be assignable
or otherwise subject to hypothecation by the Executive (except by will or by operation of the laws of intestate succession or by
Executive notifying the Company that cash payment be made to an affiliated investment partnership in which Executive is a control
person) or by the Company, except that Company may assign this Employment Agreement to any successor (whether by merger, purchase
or otherwise) to all or substantially all of the stock, assets or businesses of Company, if such successor expressly agrees to
assume the obligations of Company hereunder. The Executive may not assign this Employment Agreement without the prior written consent
of the Company. The Company may assign its rights without the written consent of the executive, so long as the Company or its assignee
complies with the other material terms of this Employment Agreement. The rights and obligations of the Company under this Employment
Agreement shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company, and the Executive’s
rights under this Agreement shall inure to the benefit of and be binding upon his heirs and executors.

 

8.            Indemnification.
The Executive shall be indemnified by the Company against all liability incurred by the Executive in connection with any proceeding,
including, but not necessarily limited to, the amount of any judgment obtained against Executive, the amount of any settlement
entered into by the Executive and any claimant with the approval of the Company, attorneys’ fees, actually and necessarily
incurred by him in connection with the defense of any action, suit, investigation or proceeding or similar legal activity, regardless
of whether criminal, civil, administrative or investigative in nature (“Claim”), to which he is made a party or is
otherwise subject to, by reason of his being or having been a director, officer, agent or employee of the Company, to the full
extent permitted by applicable law and the Certificate of Incorporation of the Company. Such right of indemnification will not
be deemed exclusive of any other rights to which Executive may be entitled under Company’s Certificate of Incorporation or
By-laws, as in effect from time to time, any agreement or otherwise.

 

    	 	 	8 | P a g e

     

    

 

The Company acknowledges
and represents that under no circumstances will the Executive be personally liable as a result of his position in the Company,
for any of the Company’s liabilities or debts incurred prior to the Effective Date of this Employment Agreement.

 

9.            General
Provisions.

 

9.1          Modification,
No Waiver. No modification, amendment or discharge of this Employment Agreement shall be valid unless the same is in writing
and signed by all parties hereto. Failure of any party at any time to enforce any provisions of this Employment Agreement or any
rights to exercise any elections in no way be considered to be a waiver of such provisions, rights or elections and shall in no
way affect the validity of this Employment Agreement. The exercise by any party of any of its rights or any of its elections under
this Employment Agreement shall not preclude or prejudice such party from exercising the same or any other right it may have under
this Employment Agreement irrespective of any previous action taken.

 

9.2          Notices.
All notices and other communications required or permitted hereunder or necessary or convenient in connection herewith shall be
in writing and shall be deemed to have been given when hand delivered or mailed by registered or certified mail as follows (provided
that notice of change of address shall be deemed given only when received):

  

If to the Company, to:

 

Wave Sync Corp.

11 Middlebury Blvd, Unit 3,

Randolph, NJ 07869

 

If to Executive, to:

 

Yang Liu

11 Middlebury Blvd, Unit 3,

Randolph, NJ 07869

 

Or to such other names or addresses as the
Company or Executive, as the case may be, shall designate by notice to each other person entitled to receive notices in the manner
specified in this Section.

 

9.3          Governing
Law. This Employment Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

 

9.4          Further
Assurances. Each party to this Employment Agreement shall execute all instruments and documents and take all actions as may
be reasonably required to effectuate this Employment Agreement.

 

9.5          Severability.
Should any one or more of the provisions of this Employment Agreement or of any agreement entered into pursuant to this Employment
Agreement be determined to be illegal or unenforceable, then such illegal or unenforceable provision shall be modified by the proper
court or arbitrator to the extent necessary and possible to make such provision enforceable, and such modified provision and all
other provisions of this Employment Agreement and of each other agreement entered into pursuant to this Employment Agreement shall
be given effect separately from the provisions or portion thereof determined to be illegal or unenforceable and shall not be affected
thereby.

 

9.6          Entire
Agreement. This Employment Agreement supersedes all prior agreements and understandings between the parties, oral or written.
No modification, termination or attempted waiver shall be valid unless in writing, signed by the party against whom such modification,
termination or waiver is sought to be enforced.

 

9.7          Counterparts;
Facsimile. This Employment Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed
to be an original, and all of which taken together shall constitute one and the same instrument. This Employment Agreement may
be executed by facsimile with original signatures to follow.

 

[SIGNATURE PAGE TO FOLLOW]

 

    	 	 	9 | P a g e

     

    

 

IN WITNESS WHEREOF, the undersigned, intending to be legally
bound, have executed this Employment Agreement as of the date first written above.

  

	Executive	 	Wave Sync Corp.
	 	 	 
	 		 
	Yang Liu	 	Name: Mei Yang
	 	 	Title: Chairwoman

 

 

10 | P a g eExhibit 10.01 Asset Acquisition Agreement

 

ASSET ACQUISITION AGREEMENT

 

 

This Asset Acquisition Agreement (the “Agreement”) is made as of October 23, 2017, by and between Tactical Services, Inc., a Nevada corporation (“TACC”), Thomas Li, an individual and Nathan Xian, an individual (collectively Mr. Li and Mr. Xian are refereed to hereinafter as the “Inventors”).  TACC and the Inventors are referred to collectively herein as the “Parties,” and individually as a “Party.” 

 

RECITALS

 

WHEREAS, the Inventors are the beneficial owner of certain assets and TACC desires to purchase those assets owned by Inventors relating to Inventor’s development, sales, marketing and distribution of Unmanned Ariel Vehicles (“UAV” or “Drones”) including but not limited to patents, trademarks, know-how, trade secrets, supply lists and other assets and intellectual property of any kind, relating directly or indirectly to the manufacturing, sales and distribution of the Drones (the “Acquired Assets”); (any right, title or interest in the foregoing as the same relates to the Drone technology currently owned by Inventors shall be referred to hereinafter as the “Business”); 

  

WHEREAS, this Agreement contemplates a transaction whereby TACC shall acquire one hundred percent (100%) of the Acquired Assets in exchange for: (i) the issuance of an aggregate of 60,000,000 restricted shares of the Company’s common stock to the Inventors (“TACC Shares”); (ii) the facilitation of a cancellation and return to the Company’s treasury of 50,000,000 shares of the Company’s common stock currently beneficially owned by the Company’s largest shareholder (the “Purchase Price”). The Purchase Price immediately following the Closing of the transaction contemplated hereby represents ownership of TACC by the Inventors of approximately 73.00% on a fully-diluted basis; and, 

 

WHEREAS, the foregoing recitals express the true intentions of the Parties and are hereby incorporated by reference into this Agreement.

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises and the mutual promises herein made, and in consideration of the representations, warranties, and covenants herein contained, the Parties, intending to be legally bound, hereby agree as follows: 

 

Section 1.Definitions.  

 

“Acquired Assets” means one hundred percent (100%) of the assets that are beneficially owned by Inventors relating to the Business.

 

“Acquisition” shall have the meaning set forth in Section 2 herein.

 

“Closing” has the meaning set forth in Section 1.04 herein.

 

“Closing Date” has the meaning set forth in Section 1.04 herein.

 

“Confidential Information” means any information concerning the business and affairs of either Party and its subsidiaries, if any, which is not already generally available to the public.

 

“Intellectual Property” means all assets related to the know-how, trade secrets, supply lists, world-wide rights and all other intangible assets, relating to all customer lists, vendor and supplier lists and any other proprietary information and trade secrets relating to or in connection with the Business;

 

“Material Adverse Effect” or “Material Adverse Change” means any effect or change that would be materially adverse to the Business, including to its assets, condition (financial or otherwise), operating results, operations, or business prospects of Business, taken as a whole, or to the ability of any Party to consummate timely the transactions contemplated hereby. 

 

“Party” has the meaning set forth in the preface above.

 

“Person” means an individual, a partnership, a limited liability company, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, any other business entity or a governmental entity or any department, agency, or political subdivision thereof.

1

Section 2.Acquisition.  

 

Section 2.01 Acquired Assets 

. Upon satisfaction of all conditions to the obligations of the Parties contained herein (other than such conditions as shall have been waived in accordance with the terms hereof), the Inventors shall sell, transfer, convey, assign and deliver to TACC, and TACC shall purchase from the Inventors, at the Closing (as defined in Section 2.01), all of the Seller’s world-wide right, title and interest in and to the Business, including any and all assets, properties, goodwill and any rights related thereto of the Inventors used in the Business, as a going concern, of every nature, kind and description, tangible and intangible, wherever located and whether or not carried or reflected on the books and records of the Seller (hereinafter sometimes collectively called the “Assets”), as more specifically set forth in Schedule 2.01 hereto. It is expressly understood that the sale of the Assets includes the following rights:

 

(a)  Intellectual Property. All trademarks and trademark applications, and all patents and patent applications, as set forth in Schedule 2.01, and any trade secrets, and “know-how” held by Inventors or any Affiliate Entities, and all other intangible assets, in Inventors’ possession or that may be reasonably acquired by Inventor relating to all customer lists, vendor and supplier lists and any other proprietary information and trade secrets relating to the Business; 

 

(b)Production Standards.  Inventor shall convey and transfer to TACC any and all intellectual property and other intangible assets as may be necessary for TACC to purchase, create and manufacture the UAV’s to the exact standards that the same has been manufactured in the past, including any and all supplier and/or vendor information, setting forth complete and accurate information relating to the acquisition of any and all raw materials related to the manufacturing of the UAV’s and any and all notes or documents related to the purchase, creation and manufacture of UAV’s, including "know-how" and trade secrets;  

 

(d)Promotional Rights. All marketing or promotional designs, brochures, advertisements, concepts, literature, books, media rights, and all other promotional properties, in each case primarily used, useful, developed or acquired by the Inventor for use in connection with the ownership and operation of the Business in the Inventors’ possession; 

 

(e) Books and Records. All papers, documents, computerized databases and records of Inventors related to the Acquired Assets, including without limitation all, sales records, marketing records, purchase records, accounting and financial records, maintenance and production records, vendor lists and information. The foregoing shall specifically include any and all documents, reports, financial information and audits pertaining to the Business, or electronic or video graphic records, including website materials, relating to the Business and held by any company controlled by Inventors in the Inventors’ possession.  

 

Section 2.02 Consideration.  The Purchase Price for the Business shall be for: (i) the issuance of an aggregate of 60,000,000 restricted shares of the Company’s common stock to the Inventors (“TACC Shares”); (ii) the facilitation of a cancellation and return to the Company’s treasury of 50,000,000 shares of the Company’s common stock currently beneficially owned by the Company’s largest shareholder (the “Purchase Price”). The Purchase Price immediately following the Closing of the transaction contemplated hereby represents ownership of TACC by the Inventors of approximately 74.00% on a fully-diluted basis. 

 

Section 2.03 Allocation of Purchase Price. The Inventors have mutually agreed that the allocation of the consideration being paid by TACC for the Acquired Assets shall be equally distributed to the Inventors, accordingly each shall receive 30,000,000 shares of TACC restricted common stock. The Inventors represent and warrant they following as it relates to the acquisition by Inventors of the Purchase Price:  

 

(a)Entirely for the Inventors’ Own Account. Inventors’ hereby warrants that the TACC Shares received will be acquired for investment purposes and not by Inventors as a nominee or agent, and not with a view to the resale, distribution or offering of any part thereof, and Inventors have no present intention of selling, granting any participation in, or otherwise distributing the same.  Inventors do not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to TACC. 

 

(b)Accredited Investor; Investment Experience. Inventors have such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the prospective investment in the TACC Shares and is able to bear the economic consequences thereof, and qualifies as an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the Securities Act. 

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(c)Restricted Securities. Inventors understand that the TACC Shares will not have been, and will not be, registered under the Securities Act or any state securities (“Blue-Sky”) law, by reason of a specific exemption from the registration provisions of the Securities Act and the applicable Blue-Sky laws, which depend upon, among other things, the bona fide nature of the investment intent and the accuracy of Inventors’ representations as expressed herein. Inventors understand that as such the TACC Shares are characterized as “restricted securities” under the Securities Act and that under the Securities Act and applicable regulations such TACC Shares may be resold without registration under the Securities Act only in certain limited circumstances. Inventors represents that it is familiar with Rule 144 promulgated under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act. 

 

(d)Legends. It is understood that the TACC Shares, and any securities issued in respect thereof or exchange therefor, shall bear a legend substantially as follows: 

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND SUCH LAWS. IN ADDITION, THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF A REGISTRATION RIGHTS AGREEMENT AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN ACCORDANCE WITH SUCH AGREEMENT.”

 

Section 2.04 The Closing. The closing of the acquisition contemplated by this Agreement shall take place remotely via the exchange of documents and signatures (the “Closing”) at such time and date as the parties hereto shall agree orally or in writing (the “Closing Date”). 

 

Section 2.05 Deliveries at the Closing. At the Closing, (i) Inventors will deliver to TACC the various certificates, instruments, and documents referred to in Section 6(a) below; (ii) TACC will deliver to Inventors the various certificates, instruments, and documents referred to in Section 6(b) below; (iii) Inventors will execute, acknowledge such other instruments of transfer, conveyance, and assignment as TACC and its counsel may reasonably request; and (iv) TACC will execute such other instruments of assumption as Inventors and its counsel may reasonably request.  

 

Section 2.06Resignations and Appointments. As of the Closing, Mr. Francisco Ariel Acosta shall resign from all positions with the Company, including but not limited to those of President, Chief Executive Officer, Secretary and Director and Mr. Thomas Li shall be appointed a member of the Company’s Board of Directors and as the Company’s President, Chief Executive Officer and Mr. Nathan Xian shall be appointed a member of the Company’s Board of Directors and Chief Financial Officer and Secretary. 

 

Section 3.Inventors’ Representations and Warranties. Inventors represents and warrants to TACC that the statements contained in this Section 3 are true and correct in all aspects as of the date of this Agreement and will be true and correct as of the Closing Date as though made then and as though the Closing Date were substituted for the date of this Agreement throughout this Section 3.  

 

(a) Authorization of Acquisition. Inventors have the full power and authority to execute and deliver this Agreement and to perform its obligations hereunder and that this Agreement constitutes the valid and legally binding obligation of Inventors, enforceable in accordance with its terms and conditions. 

 

(c) Non-contravention.  Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which Inventors are subject or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to which Inventors are a party or by which it is bound or to which any of its assets is, except where the violation, conflict, breach, default, acceleration, termination, modification, cancellation, failure to give notice, or Lien would not have a Material Adverse Effect. Inventors need to give no notice to, make any filing with, or obtain any authorization, consent, or approval of any government or governmental agency in order for the Parties to consummate the transactions contemplated by this Agreement, except where the failure to give notice, to file, or to obtain any authorization, consent, or approval would not have a Material Adverse Effect on the Acquisition. 

 

(d) Brokers' Fees. Inventors have no liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the transactions contemplated by this Agreement for which TACC could become liable or obligated.  

3

(e) Legal Compliance. Inventors have complied with all applicable laws, including rules, regulations, codes, plans, injunctions, judgments, orders, decrees, rulings, and charges thereunder of federal, state, local, and foreign governments, and no action, suit, proceeding, hearing, investigation, charge, complaint, claim, demand, or notice has been filed or commenced against any of them alleging any failure so to comply, except where the failure to comply would not have a Material Adverse Effect. 

 

(f) Litigation. As the same specifically relates to the acquisition by TACC of the Acquired Assets, Inventors (i) are not subject to any outstanding injunction, judgment, order, decree, ruling, or charge nor (ii) neither is a party to or, to the knowledge of Inventors’ is threatened to be made a party to any action, suit, proceeding, hearing, or investigation of, in, or before any court or quasi-judicial or administrative agency of any federal, state, local, or foreign jurisdiction or before any arbitrator. 

 

(g) Disclosure. The representations and warranties contained in this Section 3 do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements and information contained in this Section 3 not misleading. 

 

Section 4.TACC’s Representations and Warranties. TACC represents and warrants to Inventors that the statements contained in this Section 4 are true and correct in all aspects as of the date of this Agreement and will be true and correct as of the Closing Date, as though made then and as though the Closing Date were substituted for the date of this Agreement throughout this Section 4.  

 

(a) Organization of TACC. TACC is a corporation company duly incorporated, validly existing, and in good standing under the laws of the state of Nevada. 

 

(b) Authorization of Acquisition. TACC has full power and authority to execute and deliver this Agreement and to perform its obligations hereunder. This Agreement constitutes the valid and legally binding obligation of TACC, enforceable in accordance with its terms and conditions.  The execution, delivery and performance of this Agreement and all other agreements contemplated hereby have been duly authorized by TACC. 

 

(c) Non-contravention. Neither the execution and delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental agency, or court to which TACC is subject or any provision of its charter, or other governing documents or (ii) conflict with, result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to which TACC is a party or by which it is bound or to which any of its assets are subject.  

 

(d) Brokers' Fees. TACC has no liability or obligation to pay any fees or commissions to any broker, finder, or agent with respect to the transactions contemplated by this Agreement for which Inventors could become liable or obligated. 

 

Section 5.Pre-Closing and Post-Closing Covenants. The Parties agree as follows with respect to the period between the execution of this Agreement and the Closing: 

 

(a) General. Each of the Parties will use its reasonable best efforts to take all actions and to do all things necessary and advisable in order to consummate and make effective the transactions contemplated by this Agreement, including satisfaction, but not waiver, of the Closing conditions set forth in Section 6 below. 

 

(b) Notices and Consents. Each of the Parties will give any notices to, make any filings with, and use its reasonable best efforts to obtain any authorizations, consents, and approvals of governments and governmental agencies in connection with the matters referred herein.  

 

(c)Notice of Developments. Each Party will give prompt written notice to the other Party of any material adverse development causing a breach of any of its own representations and warranties in Section 3 and Section 4 above. No disclosure by any Party pursuant to this Section 5(c), however, shall be deemed to prevent or cure any misrepresentation, breach of warranty, or breach of covenant.  

 

Section 6.Conditions to Obligation to Close. 

 

(a) Conditions to TACC’s Obligation. The obligation of TACC to consummate the transactions to be performed by it in connection with the Closing is subject to satisfaction of the following conditions:  

4

(i) the representations and warranties set forth in Section 3 above shall be true and correct in all material respects at and as of the Closing Date, except to the extent that such representations and warranties are qualified by the term “material,” or contain terms such as “Material Adverse Effect” or “Material Adverse Change,” in which case such representations and warranties shall be true and correct in all respects at and as of the Closing Date;  

 

(ii) Inventors shall have performed and complied with all of its covenants hereunder in all material respects through the Closing, except to the extent that such covenants are qualified by the term “material,” or contain terms such as “Material Adverse Effect” or “Material Adverse Change,” in which case Inventors shall have performed and complied with all of such covenants in all respects through the Closing; 

 

(iii) Inventors shall have, if necessary, procured all of the third-party consents specified in Sections 5(b) above;  

 

(iv) no action, suit, or proceeding shall be pending before any court or quasi-judicial or administrative agency of any federal, state, local, or foreign jurisdiction or before any arbitrator wherein an unfavorable injunction, judgment, order, decree, ruling, or charge would (A) prevent consummation of any of the transactions contemplated by this Agreement, (B) cause any of the transactions contemplated by this Agreement to be rescinded following consummation, and, (C) adversely affect the right of TACC to acquire the Acquired Assets; 

 

(v) all actions to be taken by Inventors in connection with consummation of the transactions contemplated hereby and all certificates, opinions, instruments, and other documents required to effect the transactions contemplated hereby will be reasonably satisfactory in form and substance to TACC and shall be delivered to TACC on or before the Closing Date; and 

 

(vi) Inventors shall have performed all necessary actions to transfer legal title of the Acquired Assets to the name of TACC. 

 

(b) Conditions to Inventor's Obligation. The obligation of Inventors to consummate the transactions to be performed by it in connection with the Closing is subject to satisfaction of the following conditions:  

 

(i) the representations and warranties set forth in Section 4 above shall be true and correct in all material respects at and as of the Closing Date, except to the extent that such representations and warranties are qualified by the term “material,” or contain terms such as “Material Adverse Effect” or “Material Adverse Change,” in which case such representations and warranties shall be true and correct in all respects at and as of the Closing Date; 

 

(ii) TACC shall have performed and complied with all of its covenants hereunder in all material respects through the Closing, except to the extent that such covenants are qualified by the term “material,” or contain terms such as “Material Adverse Effect” or “Material Adverse Change,” in which case TACC shall have performed and complied with all of such covenants in all respects through the Closing; 

 

(iii) no action, suit, or proceeding shall be pending before any court or quasi-judicial or administrative agency of any federal, state, local, or foreign jurisdiction or before any arbitrator wherein an unfavorable injunction, judgment, order, decree, ruling, or charge would (A) prevent consummation of any of the transactions contemplated by this Agreement or (B) cause any of the transactions contemplated by this Agreement to be rescinded following consummation (and no such injunction, judgment, order, decree, ruling, or charge shall be in effect); and,  

 

(iv) all actions to be taken by TACC in connection with consummation of the transactions contemplated hereby and all certificates, opinions, instruments, and other documents required to effect the transactions contemplated hereby will be reasonably satisfactory in form and substance to Inventors and shall be delivered to TACC on or before the Closing Date. 

 

Section 7.Termination. Either Party may terminate this Agreement by giving written notice to the other Party at any time prior to the Closing in the event a Party has breached any material representation, warranty, or covenant contained in this Agreement in any material respect, the other Party has notified the respective Party of the breach, and the breach has continued without cure for a period of 5 days after the notice of breach. 

 

Section 8.Miscellaneous.  

 

(a) Survival of Representations and Warranties. All of the representations and warranties of the Parties contained in this Agreement shall survive the Closing hereunder. 

5

(b) Press Releases and Public Announcements.  No Party shall issue any press release or make any public announcement relating to the subject matter of this Agreement prior to the Closing without the prior written approval of the other Party, provided; however, that any Party may make any public disclosure it believes in good faith is required by applicable law in which case the disclosing Party will use its reasonable efforts to advise the other Party prior to making the disclosure. 

 

(c) Indemnity.  TACC and Inventors shall each indemnify each other, and the other Party’s members, officers, partners, employees and agents (each such Person being called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements, incurred by or asserted against any Indemnitee arising out of in any way connected with, or as a result of (i) the execution or delivery of this Agreement or any instrument, certificate or document contemplated hereby, the performance by the Parties of their respective obligations hereunder or the consummation of the transactions contemplated hereby, and (ii) any claim, litigation, investigation or proceeding relating to any of the foregoing, whether or not any Indemnitee is a party thereto. 

 

(d) Confidentiality. Except as provided herein, the existence and the terms of this Agreement shall be maintained in confidence by the Parties hereto and their respective officers, members, and employees. Except as compelled to be disclosed by judicial or administrative process or by other requirements of law, legal process, rule or regulation (including to the extent required in connection with any filings made by the Parties or their controlling affiliates with the Securities and Exchange Commission) all public announcements, notices, or other communications regarding such matters to third parties, including without limitation any disclosure regarding the transactions contemplated hereby, shall require the prior approval of all Parties hereto. 

 

(e) Entire Agreement. This Agreement, including the documents referred to herein, constitutes the entire agreement between the Parties and supersedes any prior understandings, agreements, or representations by or between the Parties, written or oral, to the extent they relate in any way to the subject matter hereof. 

 

(f) Succession and Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties named herein and their respective successors and permitted assigns. No Party may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other Party. 

 

(g) Counterparts. This Agreement may be executed in one or more counterparts (including by means of facsimile), each of which shall be deemed an original but all of which together will constitute one and the same instrument. 

 

(h) Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or interpretation of this Agreement. 

 

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

 

(j) Amendments and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in writing and signed by TACC and Inventors. No waiver by any Party of any provision of the Agreement or any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be valid unless the same shall be in writing and signed by the Party making such waiver nor shall such waiver be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue of any prior or subsequent such occurrence. 

 

(k) Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. 

 

(l) Expenses. Each Party will bear its own costs and expenses (including legal fees and expenses) incurred in connection with this Agreement and the transactions contemplated hereby. 

 

(m) Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement. Any reference to any federal, state, local, or foreign statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise.  

6

IN WITNESS WHEREOF, the Parties have executed this Asset Acquisition Agreement as of the date first above written.

 

Tactical Services, Inc.

(“TACC”)

 

 

 

__________________________________

By: Francisco Ariel Acosta

Its: Chief Executive Officer

  

 

Thomas Li 

 

 

__________________________________

By: Thomas Li

 

 

Nathan Xian

 

 

__________________________________

By: Nathan Xian

 

  

  

 

  

7

SCHEDULE 2.01

 

ASSETS 

8

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