Document:

INDEPENDENT CONTRACTOR AGREEMENT

_

THIS EMPLOYMENT
AGREEMENT (“Agreement”) made this 16th day of April, 2015

(Effective Date) by and between REGULUS Corporation, a Florida Corporation
with an address of 423

Main Street, 2nd Floor, Rockland, ME 04841, (the “Company”
or “Party”) and Raj Shah, 3140 Deering

Bay Drive, Naperville, IL 60564 (“Independent Contractor”
or “Party”). Company and Independent

Contractor collectively referred to herein as Parties.

 

The Company requests the Contractor to perform services for it and may
request the Contractor to

perform other services in the future; and

 

The Parties therefore agree as follows:

 

1.
Term and Termination.

 

1.1. This Agreement takes effect immediately as of the Effective Date,
and remains in full force and effect

until the Contractor
has completed the Services (the "Term"),
unless earlier terminated under this Section

(Section 1).

 

1.2. Either Party may terminate this Agreement for cause by providing
the other Party written notice if the

other Party: (i) is in material breach of this Agreement and has failed
to cure such breach within five (5)

days after its receipt of written notice of such breach provided by the
non-breaching Party; (ii) engages in

any unlawful business practice related to that Party's performance under
the Agreement; or (iii) files a

petition for bankruptcy, becomes insolvent, acknowledges its insolvency
in any manner, ceases to do

business, makes an assignment for the benefit of its creditors, or has
a receiver, trustee or similar party

appointed for its property.

 

2. Contractor
Services.

 

2.1. During the Term, the Company may engage the Contractor to provide
the following services as

needed (the
"Services"),
or other such services as mutually agreed upon in writing by the Parties (email is

acceptable):

 

2.2. The Contractor shall provide the necessary equipment to perform
the Services. If the Contractor has

obtained employees
or agents (the "Contractor Personnel"),
the Contractor shall be solely responsible

for all costs associated with the Contractor Personnel.

 

2.3 POSITION. Executive shall serve as Company’s SVP Business Development
and a Director of the

Company.

 

a. DUTIES
- GENERAL DESCRIPTION. Builds market position by locating, developing,

defining, negotiating, and closing business relationship. Based upon
this experience, Executive shall

perform various services for the Company as are customary in the industry
and as directed from time to

time by Company’s Board of Directors.

 

b. REPORTING.
Executive shall report as requested to the President/CEO.

 

c. LOCATION.
Executive shall be based in Illinois.

 

d. TERRITORY.
Executive’s geographic area of responsibilities shall be as determined
by

Company’s business needs.

 

INDEPENDENT CONTRACTOR AGREEMENT

_

2.4 As a result of providing the Services, the Contractor or Contractor
Personnel may create certain work

product (the
"Work Product").

 

2.5. The Contractor shall notify the Company of any change(s) to the
Contractor’s schedule that could

adversely affect the availability of the Contractor, whether known or
unknown at the time of this

Agreement, no later than 15 days prior to such change(s). If the Contractor
becomes aware of such

change(s) within the 15 day period, the Contractor shall promptly notify
the Company of such change(s)

within a reasonable amount of time.

 

2.6. The work
performed by the Contractor shall be performed at the following rate: (1)
Public sponsored

transaction.
Contractor shall receive 20% of all fees; (2) Contractor brings in a private
business listing

(sell side
transaction). Contractor shall receive twenty percent (20%) of flat fees
and fifty percent (50%)

of net (less
expenses) Completion Fees; and (3) Contractor initiates General Consulting
agreement.

Contractor shall receive twenty percent (20%) up to a maximum of thirty
percent (30%) of consulting

fees. The Company shall remit payment to
the Contractor on the 15th and 30th
of each month.

 

2.7. REIMBURSEMENT
of EXPENSES. Contractor is authorized to incur reasonable expenses for

promoting the business of Company, all expenses must be submitted prior
to incurring such expenses, and

shall be limited to travel, entertainment and like expenses. All expenses
shall be itemized on a standard

Company form along with proof of the expenses furnished to Company’s
Treasurer/CFO/COO and

Executive shall upon such itemization and approval by Company’s
Treasurer/CFO/COO, be reimbursed

by the Company within Two (2) weeks after submittal by Executive.

 

2.8. The Company shall not be responsible for federal, state and local
taxes derived from the Contractor's

net income or for the withholding and/or payment of any federal, state
and local income and other payroll

taxes, workers' compensation, disability benefits or other legal requirements
applicable to the Contractor.

 

3. Independent
Contractor Status.

 

3.1. The Parties intend that the Contractor and any Contractor Personnel
be engaged as independent

contractors of Company. Nothing contained in this Agreement will be construed
to create the relationship

of employer and employee, principal and agent, partnership or joint venture,
or any other fiduciary

relationship.

 

3.2. The Contractor may not act as agent for, or on behalf of, the Company,
or to represent the Company,

or bind the Company in any manner.

 

4. Work
Product Ownership.

 

4.1. The Parties intend that, to the extent the Work Product or a portion
of the Work Product qualifies as a

"work made for hire," within the definition of Section 101
of the Copyright Act of the United States (17

U.S.C. § 101), it will be so deemed a work made for hire. If the
Work Product or any portion of the Work

Product does not qualify as work made for hire, and/or as otherwise necessary
to ensure the Company's

complete ownership of all rights, titles and interest in the Work Product,
the Contractor shall transfer and

assign to the Company all rights, titles and interests throughout the
world in and to any and all Work

Product. This transfer and assignment includes, but is not limited to,
the right to publish, distribute, make

derivative works of, edit, alter or otherwise use the Work Product in
any way the Company sees fit.

 

4.2. The Company grants the Contractor, a limited, non-exclusive, non-transferable,
non-assignable,

royalty free, worldwide license to display the Work Product on a platform
personally controlled, in whole

 

INDEPENDENT CONTRACTOR AGREEMENT

_

or in part, by the Contractor. The Company may revoke this license at
any time by requesting the removal

of the Work Product displayed by the Contractor. Upon such request, the
Contractor shall remove the

Work Product from the platform, and provide written notification of such
removal.

 

5. Representations.
Both Parties represent that they are fully authorized and empowered to
enter into

this Agreement, and that the performance of the obligations under this
Agreement will not violate or

infringe upon the rights of any third-party, or violate any agreement
between the Parties and any other

person, firm or organization or any law or governmental regulation.

 

6. Indemnification.
The Contractor shall indemnify and hold harmless the Company, its affiliates,
and

its respective officers, directors, agents and employees from any and
all claims, demands, losses, causes

of action, damage, lawsuits, judgments, including attorneys’ fees
and costs, arising out of, or relating to,

the Contractor’s services under this Agreement.

 

7. Confidential
Information.

 

7.1 Each Party (on its behalf and on behalf of its subcontractors, employees
or representatives, or agents

of any kind) agrees to hold and treat all confidential information of
the other Party, including, but not

limited to, trade secrets, sales figures, employee and customer information
and any other information that

the receiving
Party reasonably should know is confidential (“Confidential Information”)
as confidential

and protect the Confidential Information with the same degree of care
as each Party uses to protect its

own Confidential Information of like nature.

 

7.2 Confidential Information does not include any information that (i)
at the time of the disclosure or

thereafter is lawfully obtained from publically available sources generally
known by the public (other

than as a result of a disclosure by the receiving Party or its representatives);
(ii) is available to the

receiving Party on a non-confidential basis from a source that is not
and was not bound by a

confidentiality agreement with respect to the Confidential Information;
or (iii) has been independently

acquired or developed by the receiving Party without violating its obligations
under this Agreement or

under any federal or state law.

 

8. Liability.
EXCEPT WITH RESPECT TO THE PARTIES’ INDEMNIFICATION OBLIGATIONS,

NEITHER PARTY SHALL BE LIABLE TO THE OTHER FOR ANY SPECIAL, INDIRECT,

INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES ARISING FROM OR RELATED
TO

THIS AGREEMENT, INCLUDING BODILY INJURY, DEATH, LOSS OF REVENUE, OR PROFITS

OR OTHER BENEFITS, AND CLAIMS BY ANY THIRD PARTY, EVEN IF THE PARTIES
HAVE

BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE FOREGOING LIMITATION

APPLIES TO ALL CAUSES OF ACTION IN THE AGGREGATE, INCLUDING WITHOOUT

LIMITATION TO BREACH OF CONTRACT, BREACH OF WARRANTY, NEGLIGENCE, STRICT

LIABILITY, AND OTHER TORTS.

 

9. Disclaimer
of Warranty. THE WARRANTIES CONTAINED HEREIN ARE THE ONLY

WARRANTIES MADE BY THE PARTIES HEREUNDER. EACH PARTY MAKES NO OTHER

WARRANTY, WHETHER EXPRESS OR IMPLIED, AND EXPRESSLY EXCLUDES AND

DISCLAIMS ALL OTHER WARRANTIES AND REPRESENTATIONS OF ANY KIND,

INCLUDING ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR

PURPOSE, TITLE, AND NON-INFRINGEMENT. THE COMPANY DOES NOT PROVIDE ANY

WARRANTY THAT OPERATION OF ANY SERVICES HEREUNDER WILL BE

UNINTERRUPTED OR ERROR-FREE.

 

INDEPENDENT CONTRACTOR AGREEMENT

 

10. Miscellaneous Provisions.

 

1 0.1. This Agreement, and
any accompanying appendices, duplicates, or copies, constitutes the
entire

agreement between the Parties
with respect to the subject
matter of this Agreement, and supersedes all

prior negotiations, agreements, representations, and understandings
of any kind, whether written or oral,

between the Parties, preceding
the date of this Agreement.

 

1 0.2. This Agreement may be amended only by written agreement
duly executed by an authorized

representative of each party (email is acceptable).

 

10.3. If
any provision or provisions of this Agreement shall be held unenforceable for any reason, then

such provision shall be modified
to reflect the parties' intention. All remaining provisions
of this

Agreement shall remain in
full force and effect for the duration of this Agreement.

 

10.4. This Agreement shall
not be assigned by either
party without the express consent of the other party.

 

10.5. A
failure or delay in exercising any right, power or privilege in respect of this Agreement will not be

presumed to operate as a waiver, and a single or partial
exercise of any right, power or privilege will not

be
presumed to preclude any subsequent or further
exercise, of that right, power or privilege or the

exercise of any other right, power or privilege.

 

10.6. This Agreement is be governed by and construed in
accordance with the laws of the State of Florida

without reference to any principles of conflicts of laws,
which might cause the application of the laws of

another state. Any action
instituted by either party arising out of this Agreement will only be
brought,

tried and resolved in the applicable federal or state courts
having jurisdiction in the State of Florida.

EACH PARTY HEREBY CONSENTS TO THE
EXCLUSIVE PERSONAL JURISDICTION AND

VENUE OF THE COURTS, STATE AND FEDERAL, HAVING JURISDICTION
IN THE STATE OF

Florida.

 

The Parties are
signing this Agreement on the date stated in the introductory clause.

REGULUS Corporation

By: /s/David F. Emery

Name: David F. Emery

Title: CEO

 

Raj
Shah

By: /s/Raj Shah

Name: Raj
Shah

Title:S\TP Business DevelopmentSTOCK
PURCHASE AGREEMENT

 

This
STOCK PURCHASE AGREEMENT (this “Agreement”) is made and entered into

as
of April 16, 2015 (the “Effective Date”), by and between REGULUS Corporation, a Florida

corporation
(the “Company”), and Raj Shah (the “Purchaser”).

 

1.
GRANT OF SHARES. On the effective date and subject to the terms and

conditions
of this Agreement, the Company hereby grants and sells to the Purchaser, and the

Purchaser
hereby purchases and subscribes for, seventy thousand (70,000) shares of the

Company’s
common stock, $0.0001 par value per share (the “Shares”), at a price of $0.50 per

share
for an aggregate purchase price of thirty five thousand ($35,000) (the “Purchase Price”).

As
used in this Agreement, the term “Shares” refers to the shares sold under this Agreement and

includes
all securities received (i) in replacement of the Shares; (ii) as a result of stock dividends

or
stock splits with respect to the Shares, and (iii) in replacement of the Shares in a merger,

recapitalization,
reorganization or similar corporate transaction.

 

2.
CLOSING.

 

2.1
Deliveries by Purchaser. Purchaser hereby delivers to the Company:

(i)
the Purchase Price payable by (A) wire transfer, cash or check payable to the Company in the

amount
of $35,00 to be paid as follows; $17,500 at the signing of this agreement and $17,500

due
in 120 days from signing of this agreement, and (B) a non-recourse promissory note in the

form
of Exhibit 1 attached hereto for the principal amount of $17,500 (the “Note”), together with

a
Pledgeholder Agreement in the form of Exhibit 2 attached hereto; (ii) a duly executed copy of

this
Agreement; (iii) two (2) copies of a blank Stock Power and Assignment Separate from Stock

Certificate
in the form of Exhibit 3 attached hereto (the “Stock Powers”), both executed by

Purchaser
(and Purchaser’s spouse, if any); and (iv) if Purchaser is married, a Spouse Consent in

the
form of Exhibit 4 attached hereto (the “Spouse Consent”) duly executed by Purchaser’s

spouse.

2.2
Deliveries by the Company. Upon its receipt of all the documents to

be
executed and delivered by Purchaser to the Company under Section 2.1, the Company will

issue
a duly executed stock certificate evidencing the 70,000 Shares in the name of Purchaser

pursuant
to the company receiving clear funds for Purchasers first payment, registered in

Purchaser’s
name, with such certificate to be placed in escrow as provided in Section 9 until the

second
payment is received, expiration or termination as described in Section 7.

 

3.
REPRESENTATIONS AND WARRANTIES OF PURCHASER. Purchaser

represents
and warrants to the Company that:

 

3.1
State of Residence. Purchaser’s principal residence for tax purposes is

the
state of Illinois.

 

3.2
Securities for Own Account for Investment. Purchaser is accepting

the
Shares for Purchaser’s own account for investment purposes only and not with a view to, or

for
sale in connection with, a distribution of the Shares within the meaning of the U.S. Securities

Act
of 1933, as amended (the “Securities Act”). Purchaser has no present intention of selling or

otherwise
disposing of all or any portion of the Shares and no one other than Purchaser has any

beneficial
ownership of any of the Shares.

 

3.3
Access to Information. Purchaser has had access to all information

regarding
the Company and its present and prospective business, assets, liabilities and financial

condition
that Purchaser reasonably considers important in making the decision to accept the

Shares,
and Purchaser has had ample opportunity to ask questions of the Company’s

representatives
concerning such matters and this investment.

 

3.4
Understanding of Risks. Purchaser is fully aware of: (i) the highly

speculative
nature of the investment in the Shares; (ii) the financial hazards involved; (iii) the

lack
of liquidity of the Shares and the restrictions on transferability of the Shares (e.g., that

Purchaser
may not be able to sell or dispose of the Shares or use them as collateral for loans);

(iv)
the qualifications and backgrounds of the management of the Company; and (v) the tax

consequences
of accepting and holding the Shares.

 

3.5
Purchaser’s Qualifications. Purchaser has a preexisting personal or

business
relationship with the Company and/or certain of its officers and/or directors of a nature

and
duration sufficient to make Purchaser aware of the character, business acumen and general

business
and financial circumstances of the Company and/or such officers and directors. By

reason
of Purchaser’s business or financial experience, Purchaser is capable of evaluating the

merits
and risks of this investment, has the ability to protect Purchaser’s own interests in this

transaction
and is financially capable of bearing a total loss of this investment.

 

3.6
No General Solicitation. At no time was Purchaser presented with or

solicited
by any publicly issued or circulated newspaper, mail, radio, television or other form of

general
advertising or solicitation in connection with the offer, grant and acceptance of the

Shares.

 

3.7
Compliance with Securities Laws. Purchaser understands and

acknowledges
that, in reliance upon the representations and warranties made by Purchaser

herein,
the Shares are not being registered with the U.S. Securities and Exchange Commission

(“SEC”)
under the Securities Act or being qualified under the California Corporate Securities

Law
of 1968, as amended (the “Law”), or being registered under any other applicable U.S. state

or
foreign securities laws or listing requirements or regulations, but instead are being issued

under
an exemption or exemptions from the registration and qualification requirements of the

Securities
Act and the Law, which impose certain restrictions on Purchaser’s ability to transfer

the
Shares.

 

3.8
Restrictions on Transfer. Purchaser understands that Purchaser may

not
transfer any Shares unless such Shares are registered under the Securities Act and qualified

under
the Law and/or such other applicable U.S. state securities law, or registered under such

other
applicable foreign securities laws or listing requirements or regulations, or unless, in the

opinion
of counsel to the Company, exemptions from such registration, qualification or listing

requirements
are available.

Purchaser
understands that only the Company may file a registration statement with the SEC or

the
California Commissioner of Corporations or other applicable U.S. state or foreign securities

commissioners
or agencies and that the Company is under no obligation to do so with respect to

the
Shares. Purchaser has also been advised that exemptions from registration, qualification or

listing
may not be available or may not permit Purchaser to transfer all or any of the Shares in

the
amounts or at the times proposed by Purchaser.

 

3.9
Rule 144. In addition, Purchaser has been advised that Rule 144

promulgated
under the Securities Act, which permits certain limited sales of unregistered

securities,
is not presently available with respect to the Shares and, in any event, requires that the

Shares
be held for a minimum of one (1) year, and in certain cases two (2) years, after they have

been
purchased and paid for (within the meaning of Rule 144), before they may be resold under

Rule
144. Purchaser understands that Rule 144 may indefinitely restrict transfer of the Shares so

long
as Purchaser remains an “affiliate” of the Company or if “current public information” about

the
Company (as defined in Rule 144) is not publicly available.

 

4.
COMPLIANCE WITH ILLINOIS SECURITIES LAWS. The sale of the

securities
that are the subject of this Agreement, if not yet qualified with the Illinois

commissioner
of corporations and not exempt from such qualification, is subject to such

qualification,
and the issuance of such securities, and the receipt of any part of the consideration

therefore
prior to such qualification is unlawful unless the sale is exempt. The rights of the

parties
to this Agreement are expressly conditioned upon such qualification being obtained or an

exemption
being available.

 

5.
RESTRICTIONS ON TRANSFERS.

 

5.1
Disposition of Shares. Purchaser hereby agrees that Purchaser shall

make
no disposition of any or all of the Shares (other than as expressly permitted by this

Agreement)
unless and until:

(a)
Purchaser shall have notified the Company of the proposed

disposition
and provided a written summary of the terms and conditions of the proposed

disposition;

(b)
Purchaser shall have complied with all requirements of this

Agreement
applicable to the disposition of the Shares; and

(c)
Purchaser shall have provided the Company with written

assurances,
in form and substance satisfactory to counsel for the Company, that (i) the proposed

disposition
does not require registration of the Shares under the Securities Act or (ii) all

appropriate
action necessary for compliance with the registration requirements of the Securities

Act
or of any exemption from registration available under the Securities Act (including

Rule
144) has been taken.

 

5.2
Restriction on Transfer. Purchaser shall not transfer, assign, grant a

lien
or security interest in, pledge, hypothecate, encumber or otherwise dispose of any of the

Shares
which are subject to the Repurchase Option or the Right of First Refusal, except as

expressly
permitted by this Agreement.

 

5.3
Transferee Obligations. Each person (other than the Company) to

whom
the Shares are transferred by means of one of the permitted transfers specified in this

Agreement
must, as a condition precedent to the validity of such transfer, acknowledge in

writing
to the Company that such person is bound by the provisions of this Agreement and that

the
transferred Shares are subject to, among other things: (i) the Repurchase Option under

Section
6; (ii) the Right of First Refusal under Section 7; (iii) the market standoff provisions of

Section
12; and (iv) the escrow arrangement under Section 9, in each case to the same extent

such
Shares would be so subject if retained by the Purchaser.

 

6.
COMPANY’S REPURCHASE OPTION FOR UNVESTED SHARES.

 

6.1
Repurchase Option. The Company, or its assignee, shall have the

option
to repurchase Purchaser’s Unvested Shares (as defined below) on the terms and

conditions
set forth in this Section 6 (the “Repurchase Option”) if Purchaser Independent

Contract
is Terminated (as defined in Section 6.3 hereunder) for any reason, or no reason,

including
without limitation Purchaser’s death, Disability (as defined in the Plan), voluntary

resignation
or termination by the Company with or without cause. As of April 16, 2015,

(i)
none of the Shares are vested and (ii) all of the Shares are subject to the Repurchase Option.

The
Shares shall begin vesting on October 16, 2015 (the “Vesting Commencement Date”).

 

6.2
Release of Unvested Shares (as defined below) from Repurchase

Option.

 

(a)
Standard Vesting. On the first anniversary of the Vesting

Commencement
Date, 25% of the Shares shall be released from the Repurchase Option and

become
Vested Shares. An additional one forty-eighth (1/48th) of the Shares shall be released

from
the Repurchase Option and become Vested Shares on the 1st day of each month after the

first
anniversary of the Vesting Commencement Date until vesting terminates upon the

Termination
Date or all of the Shares are released from the Repurchase Option. If application of

the
vesting percentage causes any fractional share, all fractional Shares shall be aggregated and

then
rounded down to the nearest whole share. Any of the Shares not subject to the Repurchase

Option
are referred to herein as “Vested Shares.” Any of the Shares which have not yet been

released
from the Repurchase Option are referred to herein as “Unvested Shares.”

(b)
Accelerated Vesting Upon Termination At or After a Change

of
Control.

(i)
In the event Purchaser is involuntarily Terminated

without
Cause simultaneously with, or within twelve (12) months following, a Change of

Control,
and Purchaser signs and does not revoke a standard release of claims with the Company,

then
all of the remaining Unvested Shares, if any, shall be released from the Repurchase Option

upon
the Termination Date.

(ii)
In the event Purchaser terminates his Contract

with
the Company simultaneously with, or within twelve (12) months following, a Change of

Control
in accordance with paragraph (iii) below for Constructive Termination (as defined in

Section
6.2(c) below), and Purchaser signs and does not revoke a standard release of claims with

the
Company, then all of the Unvested Shares, if any, shall be released from the Repurchase

Option
on an accelerated basis upon the Termination Date.

(iii)
If Purchaser believes that a Constructive

Termination
has occurred, or is about to occur, Purchaser shall notify the Board of Directors of

the
Company that events constituting a Constructive Termination have occurred or are about to

occur.
The notice (the “Constructive Termination Notice”) shall be in writing, shall set forth the

events
that constitute the Constructive Termination, shall be delivered to the Company’s Board

of
Directors no later than 45 days after the event or events occur which Purchaser believes

constitute
a Constructive Termination and shall specifically state that it is the Constructive

Termination
Notice provided for in this Agreement. The Company shall have 30 days following

the
delivery of the Constructive Termination Notice to rescind the actions giving rise to the

Constructive
Termination. If Purchaser delivers the Constructive Termination Notice and the

Company
does not rescind the actions within 30 days following Purchaser’s delivery of the

Constructive
Termination Notice, then Purchaser shall have 30 days within which to terminate

Independent
Contractor’s agreement and cause the remaining Unvested Shares to vest as set

forth
in paragraph (b) above. Such 30 day period will begin on the 31st day after the date on

which
Purchaser delivers the Constructive Termination Notice to the Company, unless the

Company
and Purchaser agree in writing that such period shall start on a different date. If

Purchaser
either (i) fails to deliver the Constructive Termination Notice within the 45 day period

described
above or (ii) fails to resign within the 30 day period provided for in this paragraph

following
the Company’s failure to rescind the actions, then in either case Purchaser shall be

deemed
to have waived his right to resign for Constructive Termination and cause the Unvested

Shares
to be released from the Repurchase Option. Such waiver shall apply only to the actions or

events
giving rise to the Constructive Termination and shall not affect Purchaser’s rights

regarding
any subsequent events or actions that may also constitute a Constructive Termination.

(c)
Definitions. For the purpose of this Agreement, the

following
terms shall have the meaning indicated below:

“Cause”
shall mean: (i) Purchaser engaging in knowing and intentional illegal conduct

that
was or is materially injurious to the Company or its affiliates; (ii) Purchaser violating a

federal
or state law or regulation applicable to the Company’s business which violation was or is

reasonably
likely to be injurious to the Company; (iii) Purchaser materially breaching the terms

of
any confidentiality agreement or invention assignment agreement between Purchaser and the

Company;
(iv) Purchaser being convicted of, or entering a plea of nolo contendere to, a felony or

committing
any act of moral turpitude, dishonesty or fraud against, or the misappropriation of

material
property belonging to, the Company or its affiliates; or (v) Purchaser’s death or inability

to
perform Purchaser’s duties for a period of three (3) consecutive months;

“Change
of Control” shall mean the consummation of a reorganization, merger or

consolidation,
or sale or other disposition of all or substantially all of the assets of the Company,

or
the acquisition of assets of another corporation or entity, or other similar transaction (each, a

“Business
Combination”), unless, in each case, immediately following such Business

Combination
(A) all or substantially all of the individuals and entities who were the beneficial

owners
of voting stock of the Company immediately prior to such Business Combination

beneficially
own, directly or indirectly, more than 55% of the combined voting power of the then

outstanding
shares of voting stock of the entity resulting from such Business Combination

(including,
without limitation, an entity which as a result of such transaction owns the Company

or
all or substantially all of the Company’s assets either directly or through one or more

subsidiaries,)
and (B) at least a majority of the members of the Board of Directors of the entity

resulting
from such Business Combination were members of the Board of Directors of the

Company
at the time of the execution of the initial agreement or of the action of the Board of

Directors
providing for such Business Combination;

“Constructive
Termination” shall mean: (i) without Purchaser’s written consent, a

reduction
in Purchaser’s base salary, other than a reduction in salary that is part of an expense

reduction
effort applied to the executive management team (defined as the Chief Executive

Officer’s
direct reports) generally and which results in a percentage reduction of Purchaser’s

salary
or bonus no greater than the greatest percentage reduction applied to at least one other

member
of the executive management team; (ii) without Purchaser’s written consent, a

relocation
of Purchaser’s principal place of work to a location more than 35 miles away from

Purchaser’s
workplace prior to the relocation; or (iii) without Purchaser’s written consent, the

significant
reduction of Purchaser’s duties or responsibilities when compared to Purchaser’s

duties
or responsibilities in effect immediately prior to such reduction.

 

6.3
Termination and Termination Date. For purposes of this

Agreement,
“Termination” or “Terminated” means that the Purchaser has for any reason
ceased

to
provide services as a Contractor of the Company or a Parent or Subsidiary of the Company.

The
Purchaser will not be deemed to have ceased to provide services in the case of sick leave,

military
leave or any other leave of absence approved by the Board of Directors of the Company,

provided
that such leave is for a period of not more than 90 days (a) unless reinstatement upon

the
expiration of such leave is guaranteed by contract or statute, or (b) unless provided otherwise

pursuant
to formal policy adopted from time to time by the Board of Directors of the Company

and
issued and promulgated in writing. In the case of sick leave, military leave or an approved

leave
of absence, the Board of Directors of the Company may make such provisions respecting

suspension
of vesting while on leave from the Company or a Parent or Subsidiary of the

Company
as it may deem appropriate. The date on which a Termination becomes effective is

referred
to herein as the “Termination Date.”

 

6.4
Exercise of Repurchase Option. At any time within 90 days after

the
Purchaser’s Termination Date (or, in the case of securities issued upon exercise of an Option

after
the Purchaser’s Termination Date, within 90 days after the date of such exercise), the

Company,
or its assignee, may elect to repurchase the Purchaser’s Unvested Shares by giving

Purchaser
written notice of exercise of the Repurchase Option (the “Repurchase Notice”). The

Repurchase
Notice shall indicate the number of Unvested Shares to be repurchased and the date

on
which the repurchase is to be effected, such date to be not more than 30 days after the date of

the
Repurchase Notice. The certificates representing the Unvested Shares to be repurchased shall

be
delivered to the Company or its assignee on the closing date specified for the repurchase in

the
Repurchase Notice.

 

6.5
Calculation of Repurchase Price for Unvested Shares. The

Company
or its assignee shall have the option to repurchase from Purchaser (or from Purchaser’s

personal
representative as the case may be) the Unvested Shares at an aggregate repurchase price

equal
to the sum of (i) the Per Share Price (as adjusted proportionately adjusted for any stock

split,
reverse stock split, stock dividend or other similar change in the capital structure of the

Company
as set forth in Section 9.1.1 of the Plan that is effected after the Effective Date)

multiplied
by the number of Unvested Shares to be repurchased plus (ii) interest on such amount

from
the Effective Date to the date of repurchase at the rate of 5% per annum, compounded

annually.

 

6.6
Payment of Repurchase Price. The repurchase price shall be

payable,
at the option of the Company or its assignee, by check or by cancellation of all or a

portion
of any outstanding indebtedness of Purchaser to the Company or its assignee or by any

combination
thereof. The repurchase price shall be paid on the closing date specified for the

repurchase
in the Repurchase Notice, upon the Company’s or its assignee’s receipt of the stock

certificates
representing the Unvested Shares to be repurchased.

 

6.7
Right of Termination Unaffected. Nothing in this Agreement shall

be
construed to limit or otherwise affect in any manner whatsoever the right or power of the

Company
(or any Parent or Subsidiary of the Company) to terminate Purchaser’s employment or

other
relationship with Company (or the Parent or Subsidiary of the Company) at any time, for

any
reason or no reason, with or without Cause.

 

7.
RIGHT OF FIRST REFUSAL. Before any Shares held by Purchaser or any

transferee
of such Shares (either being sometimes referred to herein as the “Holder”) may be

sold
or otherwise transferred (including without limitation a transfer by gift or operation of law),

the
Company and/or its assignee(s) shall have an assignable right of first refusal to purchase the

Shares
to be sold or transferred (the “Offered Shares”) on the terms and conditions set forth in

this
Section (the “Right of First Refusal”).

 

7.1
Notice of Proposed Transfer. The Holder of the Offered Shares

shall
first obtain from each proposed bonafide Purchaser or other transferee (each, a “Proposed

Transferee”)
a written offer to purchase the Offered Shares at a specified price, and shall deliver

to
the Company a copy of such written offer together with a written notice (the “Notice”) stating:

(a)
the Holder’s bonafide intention to sell or otherwise transfer the Offered Shares; (b) the name

of
each Proposed Transferee; (c) the number of Offered Shares to be transferred to each

Proposed
Transferee; (d) the bonafide cash price or other consideration per share for which the

Holder
proposes to transfer the Offered Shares (the “Offered Price Per Share”); and (e) that the

Holder
will offer to sell all or any portion of the Offered Shares to the Company and/or its

assignee(s)
at the Offered Price Per Share for each share so sold as provided in this Section. The

Company
shall not be required to respond to the Notice, and the time within which the Company

must
exercise its right of first refusal as described in Section 7.2 shall not begin to run, unless all

of
the specified elements, including a copy of the written offer from each Proposed Transferee,

are
included in the Notice.

 

7.2
Exercise of Right of First Refusal. At any time within 30 days after

the
date of the Notice, the Company and/or its assignee(s) may, by giving written notice to the

Holder,
elect to purchase all or any portion of the Offered Shares proposed to be transferred to

any
one or more of the Proposed Transferees named in the Notice, at the purchase price

determined
as specified below.

 

7.3
Purchase Price. The purchase price for each of the Offered Shares

purchased
under this Section will be the Offered Price Per Share. If the Offered Price Per Share

includes
consideration other than cash, then the cash equivalent value of the non-cash

consideration
shall conclusively be deemed to be the value of such non-cash consideration as

determined
in good faith by the Company’s Board of Directors.

 

7.4
Payment. Payment of the aggregate purchase price for the Offered

Shares
that the Company and/or its assignee(s) elected to purchase pursuant to Section 7.2 will

be
payable, at the option of the Company and/or its assignee(s) (as applicable), by check or by

cancellation
of all or a portion of any outstanding indebtedness of the Holder to the Company (or

to
such assignee, in the case of a purchase of Offered Shares by such assignee) or by any

combination
thereof. The aggregate purchase price will be paid without interest within 60 days

after
the Company’s receipt of the Notice, or, at the option of the Company and/or its

assignee(s),
in the manner and at the time(s) set forth in the Notice.

 

7.5
Holder’s Right to Transfer. If all of the Offered Shares proposed in

the
Notice to be transferred to a given Proposed Transferee are not purchased by the Company

and/or
its assignee(s) as provided in this Section, then the Holder may sell or otherwise transfer

each
of such remaining Offered Shares to that Proposed Transferee at the Offered Price Per

Share
or at a higher price, provided that such sale or other transfer is consummated within 120

days
after the date of the Notice, and provided further, that (a) any such sale or other transfer is

effected
in compliance with all applicable securities laws and (b) the Proposed Transferee agrees

in
writing that the provisions of this Section will continue to apply to the Offered Shares in the

hands
of such Proposed Transferee. If the Offered Shares described in the Notice are not

transferred
to the Proposed Transferee within such 120-day period, then a new Notice must be

given
to the Company, and the Company will again be offered the Right of First Refusal before

any
Shares held by the Holder may be sold or otherwise transferred.

 

7.6
Exempt Transfers. Notwithstanding anything to the contrary in this

Section,
the following transfers of Shares will be exempt from the Right of First Refusal: (i) the

transfer
of any or all of the Shares during Purchaser’s lifetime by gift or on Purchaser’s death by

will
or intestacy to Purchaser’s “immediate family” (as defined below) or to a trust for the

benefit
of Purchaser or Purchaser’s immediate family, provided that each transferee or other

recipient
agrees in a writing satisfactory to the Company that the provisions of this Section will

continue
to apply to the transferred Shares in the hands of such transferee or other recipient;

(ii)
any transfer of Shares made pursuant to a statutory merger or statutory consolidation of the

Company
with or into another corporation or corporations (except that the Right of First Refusal

will
continue to apply thereafter to such Shares, in which case the surviving corporation of such

merger
or consolidation shall succeed to the rights of the Company under this Section unless the

agreement
of merger or consolidation expressly otherwise provides); or (iii) any transfer of

Shares
pursuant to the winding up and dissolution of the Company. As used herein, the term

“immediate
family” will mean Purchaser’s spouse, the lineal descendant or antecedent or brother

or
sister of the Purchaser or the Purchaser’s spouse, or the spouse of any child or grandchild of

Purchaser
or the Purchaser’s spouse, whether or not adopted.

 

7.7
Termination of Right of First Refusal. The Right of First Refusal will

terminate
(a) when the Company’s securities become publicly traded or (b) at the Company’s

sole
election, if the tax or accounting treatment of this Award in connection with the Right of

First
Refusal is in any way unfavorable to the Company.

 

8.
RIGHTS AS STOCKHOLDER. Subject to the terms and conditions of this

Agreement,
Purchaser will have all of the rights of a stockholder of the Company with respect to

the
Shares from and after the date that Shares are issued to Purchaser until such time as

Purchaser
disposes of the Shares or the Company and/or its assignee(s) exercise(s) the Right of

First
Refusal. Upon an exercise of the Right of First Refusal, Purchaser will have no further

rights
as a Holder of the Shares so purchased upon such exercise, except the right to receive

payment
for the Shares so purchased in accordance with the provisions of this Agreement, and

Purchaser
will promptly surrender the stock certificate(s) evidencing the Shares so purchased to

the
Company for transfer or cancellation.

 

9.
DEPOSIT. As security for Purchaser’s faithful performance of this Agreement,

Purchaser
agrees, immediately upon receipt of the stock certificate(s) evidencing the Shares, to

deliver
such certificate(s), together with the pledged stock powers executed by Purchaser and by

Purchaser’s
spouse, if any (with the date and number of Shares left blank), to the Chief

Executive
Officer of the Company or other designee of the Company (the “Pledgeholder”), who

is
hereby appointed to hold such certificate(s) and stock powers and to take all such actions and

to
effectuate all such transfers and/or releases of such Shares as are in accordance with the terms

of
this Agreement. Pledgeholder will act solely for the Company as its agent and not as a

fiduciary.
Purchaser and the Company agree that Pledgeholder will not be liable to any party to

this
Agreement (or to any other party) for any actions or omissions unless Pledgeholder is

grossly
negligent or intentionally fraudulent in carrying out the duties of Pledgeholder under this

Agreement.
Pledgeholder may rely upon any letter, notice or other document executed with any

signature
purported to be genuine and may rely on the advice of counsel and obey any order of

any
court with respect to the transactions contemplated by this Agreement. The Shares will be

released
to Purchaser upon (i) full payment of the Note, including all accrued interest and

(ii)
termination of the Repurchase Option and the Right of First Refusal.

 

10.
TAX CONSEQUENCES.

 

10.1
Representations. PURCHASER UNDERSTANDS THAT

PURCHASER
MAY SUFFER ADVERSE TAX CONSEQUENCES AS A RESULT OF

PURCHASER’S
ACCEPTANCE OR DISPOSITION OF THE SHARES. PURCHASER

REPRESENTS
(I) THAT PURCHASER HAS CONSULTED WITH A TAX ADVISOR THAT

PURCHASER
DEEMS ADVISABLE IN CONNECTION WITH THE ACCEPTANCE OR

DISPOSITION
OF THE SHARES AND (II) THAT PURCHASER IS NOT RELYING ON THE

COMPANY
OR ITS COUNSEL FOR ANY TAX ADVICE. IN PARTICULAR, IF ANY

SHARES
ARE SUBJECT TO REPURCHASE BY THE COMPANY, PURCHASER

REPRESENTS
THAT PURCHASER HAS CONSULTED WITH PURCHASER’S TAX

ADVISOR
CONCERNING THE ADVISABILITY OF FILING AN 83(B) ELECTION WITH

THE
INTERNAL REVENUE SERVICE.

 

10.2
Section 83(b) Election for Unvested Shares. Unless an election is

filed
by Purchaser with the Internal Revenue Service (and, if necessary, the proper state taxing

authorities),
within 30 days after the purchase of the Unvested Shares, electing pursuant to

Section
83(b) of the Code (and similar state tax provisions, if applicable) to be taxed currently on

any
difference between the Price and their Fair Market Value on the date of purchase, there may

be
a recognition of taxable income (including, where applicable, alternative minimum taxable

income)
to Purchaser, measured by the excess, if any, of the Fair Market Value of the Unvested

Shares
at the time they cease to be Unvested Shares, over the Purchase Price.

 

11.
RESTRICTIVE LEGENDS AND STOP-TRANSFER ORDERS.

 

11.1
Legends. Purchaser understands and agrees that the Company will

place
the legends set forth below or similar legends on any stock certificate(s) evidencing the

Shares,
together with any other legends that may be required by foreign, U.S. state or U.S.

federal
securities laws, the Company’s Certificate of Incorporation or Bylaws, any other

agreement
between Purchaser and the Company or any agreement between Purchaser and any

third
party:

THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN

REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED

(THE
“SECURITIES ACT”), OR UNDER THE SECURITIES LAWS OF

CERTAIN
STATES. THESE SECURITIES ARE SUBJECT TO

RESTRICTIONS
ON TRANSFERABILITY AND RESALE AND MAY

NOT
BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED

UNDER
THE SECURITIES ACT AND APPLICABLE STATE

SECURITIES
LAWS, PURSUANT TO REGISTRATION OR EXEMPTION

THEREFROM.
INVESTORS SHOULD BE AWARE THAT THEY MAY

BE
REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS

INVESTMENT
FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER

OF
THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL

IN
FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO

THE
EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN

COMPLIANCE
WITH THE SECURITIES ACT AND ANY APPLICABLE

STATE
SECURITIES LAWS.

THE
SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT

TO
CERTAIN RESTRICTIONS ON PUBLIC RESALE AND TRANSFER,

A
MARKET STANDOFF AGREEMENT AND A RIGHT OF FIRST

REFUSAL
OPTION HELD BY THE ISSUER AND/OR ITS ASSIGNEE(S)

AND
AN IRREVOCABLE PROXY AS SET FORTH IN A STOCK GRANT

AGREEMENT
BETWEEN THE ISSUER AND THE ORIGINAL HOLDER

OF
THESE SHARES, A COPY OF WHICH MAY BE OBTAINED AT THE

PRINCIPAL
OFFICE OF THE ISSUER. SUCH PUBLIC SALE AND

TRANSFER
RESTRICTIONS AND THE RIGHT OF FIRST REFUSAL

ARE
BINDING ON TRANSFEREES OF THESE SHARES.

 

11.2
Stop-Transfer Instructions. Purchaser agrees that, to ensure

compliance
with the restrictions imposed by this Agreement, the Company may issue appropriate

“stop-transfer”
instructions to its transfer agent, if any, and if the Company transfers its own

securities,
it may make appropriate notations to the same effect in its own records.

 

11.3
Refusal to Transfer. The Company will not be required (i) to

transfer
on its books any Shares that have been sold or otherwise transferred in violation of any

of
the provisions of this Agreement or (ii) to treat as owner of such Shares, or to accord the right

to
vote or pay dividends, to any Purchaser or other transferee to whom such Shares have been so

transferred.

 

12.
MARKET STANDOFF AGREEMENT.

 

12.1
Purchaser agrees in connection with any registration of the

Company’s
securities relating to any initial public offering of the Company’s securities (“IPO”)

that,
upon the request of the Company or the underwriters managing such IPO, Purchaser will

not
sell or otherwise dispose of any Shares without the prior written consent of the Company or

such
underwriters, as the case may be, for such period of time (not to exceed one hundred eighty

(180)
days) after the effective date of such registration requested by such managing underwriters

and
subject to all restrictions as the Company or the managing underwriters may specify.

Purchaser
further agrees to enter into any agreement reasonably required by the underwriters to

implement
the foregoing.

 

12.2
Purchaser shall be subject to the market stand-off provisions of this

Section
12 only if the officers and directors of the Company are also subject to similar

arrangements.

 

12.3
In order to enforce the provisions of this Section 12, the Company

may
impose stop-transfer instructions with respect to the Shares until the end of the applicable

standoff
period.

 

13.
COMPLIANCE WITH LAWS AND REGULATIONS. The

issuance
and transfer of the Shares will be subject to and conditioned upon compliance by the

Company
and Purchaser with all applicable U.S. state, U.S. federal or foreign laws and

regulations
and with all applicable requirements of any stock exchange or automated quotation

system
on which the Company’s common stock may be listed or quoted at the time of such

issuance
or transfer.

 

14.
GENERAL PROVISIONS.

 

14.1
Assignments; Successors and Assigns. The Company may assign

any
of its rights and obligations under this Agreement, including its rights to repurchase Shares

under
the Right of First Refusal. Any assignment of rights and obligations by any other party to

this
Agreement requires the Company’s prior written consent. This Agreement, and the rights

and
obligations of the parties hereunder, will be binding upon and inure to the benefit of their

respective
successors, assigns, heirs, executors, administrators and legal representatives.

 

14.2
Governing Law; Severability. This Agreement shall be governed

by
and construed in accordance with the internal laws of the State of Florida, without regard to

principles
of conflicts of laws. The Company and Purchaser each hereby (i) submits to the

exclusive
jurisdiction of the Florida Court for any action, suit or proceeding arising out of or

relating
to this Agreement, (ii) agrees that no such action, suit or proceeding shall be brought by

it
except in such court, and (iii) irrevocably waives, and agrees not to assert (by way of motion,

defense
or otherwise), in any such action, suit or proceeding, any claim that it is not subject

personally
to the jurisdiction of the Florida Chancery Court, that its property is exempt or

immune
from attachment or execution, that such action, suit or proceeding is brought in an

inconvenient
forum, that the venue of such action, suit or proceeding is improper or that this

Agreement
may not be enforced in or by the Florida Chancery Court. If any provision of this

Agreement
is determined by a court of law to be illegal or unenforceable, then such provision

will
be enforced to the maximum extent possible and the other provisions will remain fully

effective
and enforceable.

 

14.3
Notices. Any notice required to be given to the Company shall be in

writing
and addressed to the Assistant Corporate Secretary and the Chief Executive Officer of

the
Company at its principal corporate offices. Any notice required to be given to Purchaser shall

be
in writing and addressed to Purchaser at the address indicated on the signature page to this

Agreement
or to such other address as Purchaser may designate in writing from time to time to

the
Company. All notices shall be deemed effectively given upon personal delivery, three days

after
deposit in the United States mail by certified or registered mail (return receipt requested) or

one
business day after its deposit with any return receipt express courier (prepaid).

 

14.4
Further Assurances. The parties agree to execute such further

documents
and instruments and to take such further actions as may be reasonably necessary to

carry
out the purposes and intent of this Agreement.

 

14.5
Titles and Headings. The titles, captions and headings of this

Agreement
are included for ease of reference only and will be disregarded in interpreting or

construing
this Agreement. Unless otherwise specifically stated, all references herein to

“sections”
and “exhibits” will mean “sections” and “exhibits” to this Agreement.

 

14.6
Counterparts. This Agreement may be executed in any number of

counterparts,
each of which when so executed and delivered will be deemed an original, and all

of
which together shall constitute one and the same agreement.

 

14.7
Severability. If any provision of this Agreement is determined by

any
court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable in any

respect,
such provision will be enforced to the maximum extent possible given the intent of the

parties
hereto. If such clause or provision cannot be so enforced, such provision shall be stricken

from
this Agreement and the remainder of this Agreement shall be enforced as if such invalid,

illegal
or unenforceable clause or provision had (to the extent not enforceable) never been

contained
in this Agreement. Notwithstanding the foregoing, if the value of this Agreement

based
upon the substantial benefit of the bargain for any party is materially impaired, which

determination
as made by the presiding court or arbitrator of competent jurisdiction shall be

binding,
and then both parties agree to substitute such provision(s) through good faith

negotiations.

 

14.8
Amendment and Waivers. This Agreement may be amended only

by
a written agreement executed by each of the parties hereto. No amendment of or waiver of, or

modification
of any obligation under this Agreement will be enforceable unless set forth in a

writing
signed by the party against which enforcement is sought. Any amendment effected in

accordance
with this section will be binding upon all parties hereto and each of their respective

successors
and assigns. No delay or failure to require performance of any provision of this

Agreement
shall constitute a waiver of that provision as to that or any other instance. No waiver

granted
under this Agreement as to anyone provision herein shall not constitute a subsequent

waiver
of such provision or of any other provision herein, nor shall it constitute the waiver of any

performance
other than the actual performance specifically waived.

 

14.9
Entire Agreement. This Agreement and the documents referred to

herein
constitute the entire agreement and understanding of the parties with respect to the subject

matter
of this Agreement, and supersede all prior understandings and agreements, whether oral

or
written, between or among the parties hereto with respect to the specific subject matter hereof.

 

[Signature
Page Follows]

 

 

IN
WITNESS WHEREOF, the Company has caused this Agreement to be executed by

its
duly authorized representative and Purchaser has executed this Agreement, as of the Effective

Date.

 

	REGULUS
    Corporation	PURCHASER:
	/s/David
    F. Emery	/s/Raj
    Shah
	By:
    David F. Emery	By:
    Raj Shah
	President/CEO	Address:
    3140 Deering Bay Dr., Naperville, IL 60564

    	 

    	 

    

 

 

LIST
OF EXHIBITS

Exhibit
1: Form of Non-Recourse Promissory Note

Exhibit
2: Form of Pledgeholder Agreement

Exhibit
3: Stock Power and Assignment Separate from Stock Certificate

Exhibit
4: Spouse Consent

Exhibit
5: Section 83(b) Election

    	 

    	 

    

 

 

EXHIBIT
1

NON-RECOURSE
SECURED PROMISSORY NOTE

$17,500
April 16, 2015

 

FOR
VALUE RECEIVED, the undersigned promises to pay to REGULUS

Corporation,
a Florida corporation (the “Company”), or order, at its principal office, the

principal
sum of $17,500 plus interest thereon at the rate of 1%, compounded annually, upon the

earlier
to occur of (i) the failure of the Purchaser to make payment within 120 days from signing

the
Note, or (ii) anniversary of the date of this note, (iii) one year following the termination of

the
undersigned’s employment with the Company for any reason, whether voluntary or

involuntary,
(iv) 30 days following the consummation of a Change of Control (as such term is

defined
in the Stock Purchase Agreement dated April 16, 2015 by and between the undersigned

and
the Company) in which the consideration received by the stockholders of the Company

consists
of cash or freely tradable securities or a combination thereof or (iv) six months

following
any other Change of Control (the “Due Date”).

The
entire outstanding balance of principal and all accrued interest shall be due and

payable
on the Due Date. In addition, if at any time the Company consummates an initial public

offering
of its capital stock (a) pursuant to a registration statement under the Securities Act of

1933
filed with, and declared effective by, the Unites States Securities and Exchange

Commission
or (b) through the listing of any class of its equity securities on a non-U.S. stock

exchange
(an “IPO”), then to the extent that the undersigned sells any shares of the Company’s

capital
stock in such IPO, or otherwise sells any such shares into a public market or to a private

party,
then the undersigned agrees to use any Excess Net Proceeds (as defined below) of any

such
sale remaining to pay the accrued interest and outstanding principal balance of this note.

For
purposes of this note, Excess Net Proceeds shall mean the amount determined by

(A)
multiplying the number of shares sold by the undersigned by the price per share paid by the

purchasers
thereof, and subtracting the sum of (x) the costs incurred by the undersigned in

connection
with such sale (including underwriting discounts and/or brokerage commissions,

legal
fees and costs, and the like) plus (y) the taxes reasonably determined by the undersigned to

be
owed as a result of such sale, after determining the nature of any gain on such sale (e.g.,

ordinary
income, long term capital gain or short term capital gain) and assuming that the

undersigned
must pay tax on such gain at the maximum marginal rate applicable to gain of such

nature.

The
undersigned may prepay any amount due hereunder at any time, without premium

or
penalty. All payments on this note shall be applied first to accrued interest and then to

principal.

The
undersigned hereby waives to the full extent permitted by law all rights to plead

any
statute of limitations as a defense to any action hereunder.

As
security for the full and timely payment of this note, the undersigned hereunder

pledges
and grants to the Company a security interest in 35,000 shares of the Company’s

common
stock purchased pursuant to the Stock Purchase Agreement (the “Pledged Stock”),

together
with any stock subscription rights, liquidating dividends, stock dividends, new securities

of
any type whatsoever, or any other property which the undersigned is or may be
entitled to

receive
as a result of the undersigned's ownership of the Pledged Stock. The undersigned shall,

upon
execution of this note, deliver all certificates representing the Pledged Stock to the agent

for
the Company (the "Agent"); designated
pursuant to the Pledgeholder Agreement between the

Company
and the undersigned dated the same date as this note. The Agent shall hold the Pledged

Stock
solely for the benefit of the Company to perfect the security interest granted hereunder.

This
note is non-recourse to any assets of the undersigned other than the Pledged Stock,

and
the Company shall not have recourse to any other assets of the undersigned. In the event of

any
default in the payment of this note, the Company shall have and may exercise any and all

remedies
of a secured party under the California Commercial Code, and any other remedies

available
at law or in equity, with respect to the Pledged Stock. The undersigned acknowledges

that
state or federal securities laws may restrict the public sale of securities, and may require

private
sales at prices or on terms less favorable to the seller than public sales.

The
failure of the Company to exercise any of the rights created hereby, or to promptly

enforce
any of the provisions of this note, shall not constitute a waiver of the right to exercise

such
rights or to enforce any such provisions.

As
used herein, the undersigned includes the successors, assigns and distributees of the

undersigned.

As
used herein, the Company includes the successors, assigns and distributees of the

Company,
as well as a holder in due course of this note.

In
the event the Company incurs any costs or fees in order to enforce payment of this

note
or any portion thereof (including reasonable attorney's fees), such costs and fees shall be

added
to the other amounts owing under this note.

This
note is made under and shall be construed in accordance with the laws of the State

of
California, without regard to the conflict of law provisions thereof.

 

/s/Raj
Shah

Raj
Shah

Address:
3140 Deering Bay Drive, Naperville, IL 60564

 

    	 

    	 

    

 

 

EXHIBIT
2

REGULUS
Corporation

PLEDGEHOLDER
AGREEMENT

This
Pledgeholder Agreement is entered into as of April 16, 2015.

RECITALS

 

A.
REGULUS Corporation, a Florida corporation (the “Company”), and its

undersigned
Independent Contractor (the “Contractor”) have executed a Stock Purchase

Agreement
on April 16, 2015, (the “Purchase Agreement”) pursuant to which Contractor

agreed
to purchase, and the Company agreed to sell to Contractor, 70,000 shares of the

Company’s
common stock (the “Shares”). As partial consideration for the Shares, the Contractor

has
executed and delivered to the Company a Non-Recourse Secured Promissory Note also dated

April
16, 2015 in the principal amount of $17,500.00 (the “Note”).

B.
As security for the full and timely payment of the Note, the Contractor has

granted
to the Company a security interest in 35,000 Shares and hereby pledges the Shares (the

“Pledged
Stock”) as collateral.

C.
The Company and the Contractor now desire to appoint the Company’s Chief

Executive
Officer as their agent (the “Agent”) with respect to certain certificate(s) evidencing the

Pledged
Stock.

PLEDGEHOLDER
INSTRUCTIONS

The
Company and the Contractor hereby authorize and direct the Agent to hold the

documents
and certificate(s) delivered to the Agent pursuant to these instructions (these

“Instructions”)
and to take the following actions with respect thereto, and the Company and the

Contractor
hereby agree as follows:

1.
The Contractor hereby delivers and/or agrees to deliver to the Agent the

certificate(s)
evidencing the Pledged Stock and an Assignment Separate From Certificate

executed
in blank.

2.
The provisions of these Instructions shall apply for so long as the Company has

a
security interest in the Pledged Stock pursuant to the Note. Upon full payment by the

Contractor
of all indebtedness under the Note, and the termination of the Repurchase Option and

the
Right of First Refusal (as those terms are defined in the Purchase Agreement), the Agent

shall
deliver the Pledged Stock back to the Employer.

3.
As security for the full repayment of the Note, the Contractor has granted (and

hereby
confirms) to the Company a security interest in the Pledged Stock, together with any

stock
subscription rights, liquidating dividends, stock dividends, new securities of any type

whatsoever,
or any other property which the Contractor is or may be entitled to receive as a

result
of the Contractor’s ownership of the Pledged Stock. Notwithstanding anything herein to

the
contrary, the Agent holds the certificate(s) representing the Pledged Stock as the Company’s

agent
to perfect the Company’s security interest in the Pledged Stock and not as an escrow

holder
for Contractor and the Company. Nothing herein shall be construed to permit the

Contractor
any control over the Pledged Stock while so held, the right to direct disposal of the

Pledged
Stock, or any other right inconsistent with the Agent’s possession of the certificate(s) as

perfecting
the Company’s security interest, provided however, that this provision shall not apply

in
connection with any sale or transfer of Pledged Stock pursuant to which the entire remaining

balance
of the Note is paid in full. In the event the Contractor fails to make any payment under

the
Note when due, or otherwise defaults in any obligation due the Company, the Agent shall

deliver
the certificate(s) to the Company, or take such other action as the Company, as a secured

creditor
under the California Commercial Code, shall direct. The Contractor acknowledges that

state
or federal securities laws may restrict the public sale of the Pledged Stock, and may require

private
sales at prices or on terms less favorable to the seller than public sales. The Contractor

agrees
that where the Company, in its sole discretion, determines that a private sale is

appropriate,
such sale shall be deemed to have been made in a commercially reasonable manner.

4.
To facilitate (i) the exercise of the Company’s rights as a secured party, (ii) the

Company’s
ability to exercise the Repurchase Right and/or the Right of First Refusal, and

(iii)
the performance of these Instructions, the Contractor does hereby constitute and appoint the

Agent
as the Contractor’s attorney-in-fact and agent to execute with respect to the Pledged Stock

all
stock certificates, stock assignments, or other instruments which shall be necessary or

appropriate
to make such securities negotiable and complete any transaction herein

contemplated,
including the Company’s exercise of its rights as a secured party and the exercise

of
the Repurchase Right and/or the Right of First Refusal by the Company or any assignee of the

Company.
The Contractor understands that such appointment is coupled with an interest and is

irrevocable.
Subject to the provisions of these Instructions, the Contractor shall exercise all rights

and
privileges of a stockholder of the Company while the Pledged Stock is held by the Agent;

provided,
however, the Contractor may not sell, transfer, dispose of, or in any manner encumber

any
shares of the Pledged Stock while the Pledged Stock is held by Agent hereunder other than

in
connection with any sale or transfer of Pledged Stock pursuant to which the entire remaining

balance
of the Note (including both principal and accrued interest) is paid in full.

5.
If at the time of termination of the pledge of the Pledged Stock, the Agent shall

have
in its possession any documents, securities, or other property belonging to the Contractor,

the
Agent shall deliver all of same to the Contractor and shall be discharged of all further

obligations
hereunder.

6.
The Agent’s duties hereunder may be altered, amended, modified, or revoked

only
by a writing signed by the Company and the Contractor, and approved by the Agent.

7.
The Agent shall not be personally liable for any act the Agent may do or omit to

do
hereunder as agent for the Company, or attorney in fact for the Contractor while acting in

good
faith and in the exercise of the Agent’s own good judgment, and any act done or omitted by

the
Agent pursuant to the advice of the Agent’s own attorneys shall be conclusive evidence of

such
good faith.

8.
In consideration of the Agent’s acceptance of this appointment, the Company

agrees
to indemnify and hold harmless the Agent as to any liability incurred by Agent to any

person
by reason of its having accepted such appointment or in carrying out the provisions of this

Pledgeholder
Agreement, and to reimburse the Agent for all its costs and expenses (including,

without
limitation, legal counsel fees and expenses) reasonably incurred by reason of any matter

relating
to or arising under this Pledgeholder Agreement.

9.
The Agent is hereby expressly authorized to disregard any and all warnings by

any
of the parties hereto or by any other person, firm, corporation, or other entity, excepting only

orders
or process of courts of law, and is hereby expressly authorized to comply with and obey

orders,
judgments, or decrees of any court. In the event the Agent obeys or complies with any

such
order, judgment, or decree of any court, the Agent shall not be liable to any of the parties

hereto
or to any other person, firm, corporation, or other entity by reason of such compliance

notwithstanding
that any such order, judgment, or decree shall be subsequently reversed,

modified,
annulled, set aside, vacated, or found to have been entered without jurisdiction.

10.
The Agent shall not be liable in any respect on account of the identity,

authorities,
or rights of the parties executing or delivering or purporting to execute or deliver any

agreements
or documents called for by the Purchase Agreement or any documents or papers

deposited
or called for hereunder.

11.
The Agent shall not be liable for the barring of any rights under the statute of

limitations
with respect to these Instructions or any documents deposited with the Agent.

12.
By signing this Pledgeholder Agreement, the Agent becomes a party hereto only

for
the purpose of said Pledgeholder Agreement. The Agent shall not be considered a party to the

Purchase
Agreement or to any documents or agreements called for by the Purchase Agreement.

13.
The Agent may resign from its duties hereunder at any time upon written notice

to
the Company and the Contractor and delivery of all documents and certificates held in this

escrow
to the successor Agent. If a successor agent has not been appointed within thirty

(30)
days, the Agent may deliver all such documents and certificates to the Company, at which

time,
all further responsibilities and duties of the Agent shall cease.

14.
If prior to the termination of these Instructions the Agent shall resign or

otherwise
cease to operate as Agent, a successor agent shall be designated by the Board of

Directors
of the Company. The Board of Directors of the Company may, at any time, substitute

another
party in the Agent’s place as agent hereunder, and the Contractor hereby expressly

accepts
such substitution.

15.
All notices and other communications hereunder shall be in writing and shall be

deemed
given if delivered personally or mailed by registered or certified mail (return receipt

requested)
to the parties at the following addresses (or at such other address for a party as shall

be
specified by like notice):

(a)
if to the Company, to:

REGULUS
Corporation

423
Main Street, 2nd Floor

Rockland,
ME 04841

Attn:
David F. Emery

Chief
Executive Officer

(b)
if to the Contractor, to:

Raj
Shah

3140
Deering Bay Drive

Naperville,
IL 60564

(c)
if to the Agent, to: REGULUS Corporation

RYS
& Company Management LLC

PO
Box 9413

Windermere,
FL 34786

Attn:
James E Jenkins

Chief
Executive Officer

16.
The provisions of this Pledgeholder Agreement shall inure to the benefit of and

be
binding upon the parties hereto and their respective heirs, executors, administrators,

successors
and assigns.

17.
This Pledgeholder Agreement shall be governed, to the fullest extent possible,

by
the laws contained in the California Commercial Code, including any regulations or judicial

interpretations
with respect thereto. To the extent that any matter is not governed by the laws

contained
in the California Commercial Code, such matter shall be governed by the laws of the

state
of the Contractor’s residence as such laws are applied to agreements between residents of

such
state entered into and to be performed entirely within such state.

18.
This Pledgeholder Agreement, the Note, and the Purchase Agreement contain

the
entire understanding of the Company and the Contractor with respect to the subject matter

contained
herein, and there are no other contracts, agreements, understandings, representations,

warranties,
or covenants with respect to the subject matter contained herein.

[Signature
Page Follows]

    	 

    	 

    

 

IN
WITNESS WHEREOF, the Company and the Contractor have executed this Pledgeholder Agreement as of the date first above written.
The Pledgeholder Agreement may be executed in counterparts, each of which shall be considered an original but together which shall
constitute one and the same instrument.

 

Contractor

/s/Raj
Shah

Name:
Raj Shah

Address:
3140 Deering Bay Drive

Naperville,
IL 60564

 

REGULUS
Corporation

/s/David
F. Emery

Name:
David F. Emery

Title:
President/CEO

Address:
423 Main Street, 2nd Floor

Rockland,
ME 04841

 

Pledgeholder

/s/Raj
Shah

Address:
3140 Deering Bay Drive

Naperville,
IL 60564

 

    	 

    	 

    

 

EXHIBIT3

STOCK
POWER AND ASSIGNMENT

SEPARATE
FROM STOCK CERTIFICATE

FOR
VALUE RECEIVED, and pursuant to that certain Stock Purchase Agreement

dated
as of April 16, 2015 (the "Agreemenf'), the
undersigned hereby sells, assigns and

transfers
untoDavid F. Emery 70,000 shares of common stock, $0.0001 par value per

share,
of REGULUS Corporation, a Florida corporation (the "Company"),
standing in the

undersigned's
name on the books of the Company represented by Certificate No(s) __

delivered
herewith, and does hereby irrevocably constitute and appoint the CEO of the Company

as
the undersigned's attorney-in-fact, with full power of substitution, to transfer said stock on the

books
of the Company. THIS ASSIGNMENT MAY ONLY BE USED AS AUTHORIZED BY

THE
AGREEMENT AND ANY EXHIBITS THERETO.

 

Date:
4/16/15

 

PURCHASER:

/s/Raj
Shah

Raj
Shah

 

Instructions
to Purchaser: Please do not fill in any blanks other than the signature line.

The
purpose of this Stock Power and Assignment is to enable the Company and/or its assignee(s)

to
acquire the shares upon exercise of the Repurchase Option or the Right of First Refusal set

forth
in the Agreement without requiring additional signatures on the
part of the Purchaser or

Purchaser's
Spouse, if any.

    	 

    	 

    

 

 

EXHIBIT
4

SPOUSE
CONSENT

The
undersigned spouse of Raj Shah (the “Purchaser”) has read, understands and

hereby
approves all the terms and conditions of that certain Stock Purchase Agreement dated as

of
April __, 2015 (the “Agreement”), by and between REGULUS Corporation, a Florida

corporation
(the “Company”), and the Purchaser, pursuant to which the Company granted to the

Purchaser
shares of common stock of the Company (the “Shares”).

In
consideration of the Company selling my spouse the Shares under the Agreement, I

hereby
agree to be irrevocably bound by all the terms and conditions of the Agreement

(including
but not limited to the Company’s Repurchase Option and Right of First Refusal, the

Company’s
limited irrevocable proxy and the market standoff agreements contained therein) and

further
agree that any community property interest I may have in the Shares will be similarly

bound
by the Agreement.

I
hereby appoint Purchaser as my attorney-in-fact, to act in my name, place and stead

with
respect to any amendment of, or exercise of any rights under, the Agreement.

Dated:

Signature
of Spouse [Sign Here]

Name
of Spouse [Please Print]

_
Check this box and sign below if you

do
not have a spouse

    	 

    	 

    

 

EXHIBITS

ELECTION
UNDER SECTION 83(B) OF THE

INTERNAL
REVENUE CODE

The
undersigned Taxpayer hereby elects, pursuant to Section 83(b) of the Internal

Revenue
Code of 1986, as amended, to include the excess, if any, of the fair market value of the

property
described below at the time of transfer over the amount paid for such property, as

compensation
for services in the calculation of: (1) regular gross income; (2) alternative

minimum
taxable income; or (3) disqualifying disposition gross income, as the case may be.

1.
TAXPAYER'S NAME: Raj Shah

TAXPAYER'S
ADDRESS: 3140, Deering Bay Drive, Naperville, IL 60564

2.
The property with respect to which the election is made is described as follows: 70,000

shares
of Common Stock of REGULUS Corporation, a Florida corporation (the

"Company"),
which is Taxpayer's employer or the corporation for whom the Taxpayer

performs
services.

3.
The date on which the shares were purchased was April _, 2015 and this election is

made
for calendar year 2015.

4.
The shares are subject to the following restrictions: The Company may repurchase all
or a

portion
of the shares at the Taxpayer's original purchase price under certain conditions at

the
time of Taxpayer's termination of employment or services.

5.
The fair market value of the shares (without regard to restrictions other than restrictions

which
by their terms will never lapse) was $.0001 per share at the time of purchase.

6.
The amount paid for such shares was $0.50 per share.

7.
The Taxpayer has submitted a copy of this statement to the Company.

THIS
ELECTION MUST BE FILED WITH THE INTERNAL REVENUE SERVICE ("IRS"), AT

THE
OFFICE WHERE THE TAXPAYER FILES ANNUAL INCOME TAX RETURNS, WITHIN

30
DAYS AFTER THE DATE OF TRANSFER OF THE SHARES, AND MUST ALSO BE FILED

WITH
THE TAXPAYER'S INCOME TAX RETURNS FOR THE CALENDAR

 

Date:
4/16/15

/s/Raj
Shah

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