Document:

THE
ISSUANCE AND SALE OF THIS NOTE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES
LAWS. THE NOTE AND THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE
REGISTRATION STATEMENT FOR THE NOTE OR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL
(WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID
ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. 

 

	Principal
    Amount: $500,000.00	Issue
    Date: June 22, 2017

 

PROMISSORY
NOTE

 

FOR
VALUE RECEIVED, Life Clips, Inc., a Wyoming corporation (hereinafter called the “Borrower”), hereby promises to
pay to the order of Ascenda Corporation, a Samoa corporation (the “Holder”) the principal sum of $500,000.00, together
with interest at the rate of two percent (2%) per annum, at maturity or upon acceleration or otherwise, as set forth herein (the
“Note”).

 

This
Note is free from all taxes, liens, claims and encumbrances with respect to the issue thereof and shall not be subject to preemptive
rights or other similar rights of shareholders of the Borrower and will not impose personal liability upon the holder thereof.

 

The
following additional terms shall apply to this Note:

 

Article
I. PAYMENT

 

1.1
Payment.

 

(a)
Maturity and Payment Time. The maturity date for the Note is one hundred and eighty (180) days following the Issue Date
as set forth above (the “Maturity Date”), and is the date upon which the principal sum, as well as any accrued and
unpaid interest and other fees relating to this Note, shall be due and payable, if not earlier paid in accordance herewith. This
Note may be prepaid in whole or in part at any time at the election of the Borrower.

 

(b)
Interest. Any amount of principal or interest of 2% per annum on this Note, which is not paid by the Maturity Date, as
default, and shall bear interest at the rate of twenty two percent (22%) per annum, or the maximum rate permitted by law if lower,
from the due date thereof until the same is paid (“Default Interest”). Interest shall commence accruing on the Issue
Date and shall be computed on the basis of a 365-day year and the actual number of days elapsed.

 

1.2
Payment Details and Process. All payments due hereunder shall be made in United States Dollars (“USD”). All
payments shall be made at such address of the Holder as set forth in Section 3.2 or by wire transfer pursuant to instructions
provided by Holder to Borrower at least three business days prior to such payment. Whenever any amount expressed to be due by
the terms of this Note is due on any day which is not a business day, the same shall instead be due on the next succeeding day
which is a business day and, in the case of any interest payment date which is not the date on which this Note is paid in full,
the extension of the due date thereof shall not be taken into account for purposes of determining the amount of interest due on
such date. As used in this Note, the term “business day” shall mean means any day that is not a Saturday, Sunday or
other day on which banking institutions in Florida are authorized or required by law or executive order to close.

 

    	 	 	 

    	 	 	 

    

 

Article
II. EVENTS OF DEFAULT

 

If
any of the following events occur, it shall be an “Event of Default” under this Note:

 

2.1
Failure to Pay Principal or Interest. The Borrower fails to pay the principal hereof or interest thereon when due on this
Note, whether at maturity, upon acceleration or otherwise.

 

2.2
Bankruptcy. Bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings, voluntary or involuntary,
for relief under any bankruptcy law or any law for the relief of debtors shall be instituted by or against the Borrower, and are
not dismissed or settled within and ten (10) days.

 

Upon
the occurrence and during the continuation of any Event of Default specified herein, exercisable through the delivery of written
notice to the Borrower by the Holder, the Note shall become immediately due and payable in full.

 

Article
III. MISCELLANEOUS

 

3.1
Failure or Indulgence Not Waiver. No failure or delay on the part of the Holder or the Borrower in the exercise of any
power, right or privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power,
right or privilege preclude other or further exercise thereof or of any other right, power or privileges. All rights and remedies
existing hereunder are cumulative to, and not exclusive of, any rights or remedies otherwise available.

 

3.2
Notices. All notices, demands, requests, consents, approvals, and other communications required or permitted hereunder
shall be in writing and, unless otherwise specified herein, shall be (i) personally served, (ii) deposited in the mail, registered
or certified, return receipt requested, postage prepaid, (iii) delivered by reputable air courier service with charges prepaid,
or (iv) transmitted by hand delivery, or electronic mail addressed as set forth below or to such other address as such party shall
have specified most recently by written notice. Any notice or other communication required or permitted to be given hereunder
shall be deemed effective (a) upon hand delivery, upon electronic mail delivery with return receipt requested and received, at
the address or number designated below (if delivered on a business day during normal business hours where such notice is to be
received), or the first business day following such delivery (if delivered other than on a business day during normal business
hours where such notice is to be received) or (b) on the second business day following the date of mailing by express courier
service, fully prepaid, addressed to such address, or upon actual receipt of such mailing, whichever shall first occur. The addresses
for such communications shall be:

 

If
to the Borrower:

 

Life
Clips, Inc.

Attention:
Huey Long, Chief Executive Officer

18851
NE 29th Ave, Suite 700

Aventura,
FL 33180

E-mail:
hlong@lifeclips.com

 

    	 	2	 

    	 

    

 

With
a copy, which shall not constitute notice, to:

 

Legal
& Compliance, LLC

330
Clematis Street, Suite 217

West
Palm Beach, FL 33401

 

If
to the Holder:

 

Ascenda
Corporation

Attention:
Donald Ruan

35J
Jia-Li Building

1228
Yan-An Road

Shanghai,
China 200052

E-mail:
donald.ruan@ascendaintl.com

 

3.3
Amendments. This Note and any provision hereof may only be amended by an instrument in writing signed by the Borrower and
the Holder. The term “Note” and all reference thereto, as used throughout this instrument, shall mean this instrument
as originally executed, or if later amended or supplemented, then as so amended or supplemented.

 

3.4
Assignability. Prior to any Event of Default hereunder, Holder may not assign this Note without the prior written consent
of the Borrower, which may be withheld by the Borrower in its sole discretion. Following any Event of Default hereunder, Holder
may freely assign this Note, upon notice to Borrower. This Note shall be binding upon the Borrower and its successors and assigns,
and shall inure to be the benefit of the Holder and its successors and assigns.

 

3.5
Governing Law. This Note shall be governed by and construed in accordance with the laws of the State of Florida without
regard to principles of conflicts of laws. Any action brought by either party against the other concerning the transactions contemplated
by this Note shall be brought only in the state and/or federal courts of Florida located in Palm Beach County, Florida. The parties
to this Note hereby irrevocably waive any objection to jurisdiction and venue of any action instituted hereunder and shall not
assert any defense based on lack of jurisdiction or venue or based upon forum non conveniens. The Borrower and Holder waive
trial by jury. The prevailing party shall be entitled to recover from the other party its reasonable attorney’s fees and
costs. In the event that any provision of this Note or any other agreement delivered in connection herewith is invalid or unenforceable
under any applicable statute or rule of law, then such provision shall be deemed inoperative to the extent that it may conflict
therewith and shall be deemed modified to conform with such statute or rule of law. Any such provision which may prove invalid
or unenforceable under any law shall not affect the validity or enforceability of any other provision of any agreement. Each party
hereby irrevocably waives personal service of process and consents to process being served in any suit, action or proceeding in
connection with this Note by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery)
to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any other manner permitted by law.

 

3.6
Remedies. The Borrower acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the
Holder, by vitiating the intent and purpose of the transaction contemplated hereby. Accordingly, the Borrower acknowledges that
the remedy at law for a breach of its obligations under this Note will be inadequate and agrees, in the event of a breach or threatened
breach by the Borrower of the provisions of this Note, that the Holder shall be entitled, in addition to all other available remedies
at law or in equity, and in addition to the penalties assessable herein, to an injunction or injunctions restraining, preventing
or curing any breach of this Note and to enforce specifically the terms and provisions thereof, without the necessity of showing
economic loss and without any bond or other security being required.

 

[Signature
appears on following page]

 

    	 	3	 

    	 

    

 

IN
WITNESS WHEREOF, Borrower has caused this Note to be signed in its name by its duly authorized officer as of the Issue Date.

 

	 	Life
    Clips, Inc.
	 	 	 
	 	By:	/s/
    Huey Long
	 	Name:	Huey
    Long
	 	Title:	Chief
    Executive Officer

 

    	 	4EXECUTIVE
EMPLOYMENT AGREEMENT

 

Dated
as of June 22, 2017

 

THIS
EXECUTIVE EMPLOYMENT AGREEMENT (the “Agreement”) dated as of the date first set forth above (the “Effective
Date”) is entered into by and between Life Clips, Inc., a Wyoming corporation (the “Company”), and Donald Su
Yo Ruan, a citizen of the Republic of China (the “Executive”). The Company and the Executive may collectively be referred
to as the “Parties” and each individually as a “Party.”

 

WHEREAS,
the Company desires to employ the Executive as President of Asia Operations and its Chairman of the Board of the Company and the
Executive desires to serve in such capacity on behalf of the Company subject to the terms and conditions herein;

 

NOW,
THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, and for other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Executive hereby
agree as follows:

 

	 	1.	Employment.

 

	 	(a)	Term.
    The term of this Agreement (the “Initial Term”) shall begin as of the Effective Date and shall end on the earlier
    of (i) the second anniversary of the Effective Date and (ii) the time of the termination of the Executive’s employment
    in accordance with Section 3 herein. This Initial Term and any Renewal Term (as defined below) shall automatically be extended
    for one or more additional terms of one (1) year each (each a “Renewal Term” and together with the Initial Term,
    the “Term”), unless either the Company or Executive provide notice to the other Party of their desire not to renew
    the Initial Term or Renewal Term as applicable at lease thirty (30) days prior to the expiration of the then current Initial
    Term or Renewal Term as applicable. Notwithstanding anything herein to the contrary, however, this Agreement is not terminable
    at will. 
	 	 	 
	 	(b)	Duties.
    The Company hereby appoints Executive, and Executive shall serve, as President/CEO of Asia Operations of the Company reporting
    to the CEO of the Company and as Chairman of the Board of the Company. The Executive shall have such duties and responsibilities
    as are consistent with Executive’s position. In addition, the Executive shall perform all other duties and accept all
    other responsibilities incident to such position as may reasonably assigned to Executive by the Board.
	 	 	 
	 	(c)	Chairman
    of the Board. Executive shall be named as Chairman of the Board of the Company upon the Effective Date and being duly
    elected and shall have the right to serve as Chairman of the Board of the Company during the Term and each renewal term.
	 	 	 
	 	(d)	Best
    Efforts. During the Term, the Executive shall devote Executive’s best efforts, and attention to promote the business
    and affairs of the Company and its affiliated companies, and shall be engaged in other business activities only to the extent
    that such activities are not competitive with the Company and do not interfere or conflict with Executive’s obligations
    to the Company hereunder, including, without limitation, the obligations pursuant to Section 5. Notwithstanding the foregoing,
    the Executive may (A) serve on corporate, civic, educational, philanthropic or charitable boards or committees, (B) deliver
    lectures, fulfill speaking engagements or teach at educational institutions and (C) manage personal investments and consult
    non-competitive businesses so long as such activities do not significantly interfere with the performance of the Executive’s
    responsibilities hereunder. 

 

    	 	1	 

    	 

    

 

	 	2.	Compensation
    and Other Benefits. As compensation for the services to be rendered hereunder, during the Term the Company shall pay to
    the Executive the salary and bonuses, and shall provide the benefits, as set forth in this Section 2.

 

	 	(a)	Base
    Salary. The Company shall pay to the Executive an annual base salary of $180,000 payable as $15,000 on a monthly basis
    commencing as set forth below (the “Base Salary”). The Base Salary is the responsibility of the Company from the
    closing date and may be subject to annual increases (but not decreases), as determined in the discretion of Board. The Base
    Salary shall begin once the Company has acquired both Hong Kong Ascenda International Co., Limited, a company limited by shares
    incorporated under the laws of Hong Kong (“Company HK”), and Hong Kong Ascenda International Co., Limited, a company
    limited by shares incorporated under the laws of Independent State of Samoa (“Company Samoa”, and collectively
    with Company HK, the “Ascenda Companies”) and if the Ascenda Companies’ global sourcing cash flow supports
    the Base Salary and normal operating expenses, the Base Salary may start on the Effective Date of this Agreement. In the event
    the cash flow from the Ascenda Companies does not support the Base Salary and normal operations upon the initial date of this
    Agreement, the Base Salary owed will be covered after the Company has raised appropriate working capital to support the Base
    Salary and normal operations. It is expected that appropriate working capital to support the Base Salary and normal operations
    will be raised within 90 days of acquiring the Ascenda Companies. Initially the Base Salary shall be paid on a 1099 to Donald
    Ruan as a consulting fee on the 10th of each month.
	 	 	 
	 	(b)	Bonus.
    The Executive shall be eligible for an annual bonus payment in an amount to be determined by the Board and Executive (the
    “Bonus”). The Bonus shall be determined and payable based on the achievement of certain performance objectives
    of the Company as established by the Board and communicated to the Executive in writing as soon as practicable after commencement
    of the year in respect of which the Bonus is paid.
	 	 	 
	 	(c)	Equity
    Grant. On each anniversary of the Effective Date, the Executive shall be granted 500,000 shares of Common Stock of the
    Company that will vest as follows: 50% shall vest on the date granted and the remaining 50% shall vest on the anniversary
    of the date of the grant. The amount of the grant may be increased by the Board as part of the performance Bonus. 
	 	 	 
	 	(d)	Expenses.
    The Company shall reimburse the Executive for all necessary and reasonable travel, entertainment and other business expenses
    incurred by Executive in the performance of Executive’s duties hereunder in accordance with such reasonable procedures
    as the Company may adopt generally from time to time.
	 	 	 
	 	(e)	Vacation.
    The Executive shall be entitled to 4 weeks of vacation annually, holiday and sick leave at levels no less than commensurate
    with those provided to any other senior executives of the Company, in accordance with the Company’s vacation, holiday
    and other pay-for-time-not-worked policies.
	 	 	 
	 	(f)	Retirement
    and Welfare Benefits. The Executive shall be entitled to participate in the Company’s health, life insurance, long
    and short-term disability, dental, retirement, and medical programs, if any, pursuant to their respective terms and conditions,
    on a basis no less than commensurate with those provided to any other senior executives of the Company. Nothing in this Agreement
    shall preclude the Company or any affiliate of the Company from terminating or amending any employee benefit plan or program
    from time to time after the Effective Date, provided that any such amendment or termination shall be effective as to the Executive
    only if it is equally applicable to every other senior executive officer of the Company.

 

    	 	2	 

    	 

    

 

	 	3.	Termination.

 

	 	(a)	Definition
    of Cause. For purposes hereof, “Cause” shall mean:

 

	 	 	(i)	a
    material violation of any material written rule or policy of the Company, a copy of which has been provided to Executive,
    (A) for which violation any employee may be terminated pursuant to the written policies of the Company reasonably applicable
    to an executive employee, and (B) which the Executive fails to correct within 10 days after the Executive receives written
    notice from the Board of such violation;
	 	 	 	 
	 	 	(ii)	misconduct
    by the Executive to the material and demonstrable detriment of the Company;
	 	 	 	 
	 	 	(iii)	the
    Executive’s conviction (by a court of competent jurisdiction, not subject to further appeal) of, or pleading guilty
    to, a felony;
	 	 	 	 
	 	 	(iv)	the
    Executive’s continued and ongoing gross negligence in the performance of Executive’s duties and responsibilities
    to the Company as described in this Agreement; or
	 	 	 	 
	 	 	(v)	the
    Executive’s material failure to perform Executive’s duties and responsibilities to the Company as described in
    this Agreement (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness
    or any such failure subsequent to the Executive being delivered a notice of termination without Cause by the Company or delivering
    a notice of termination for Good Reason to the Company), in either case after written notice from the Board to the Executive
    of the specific nature of such material failure and the Executive’s failure to cure such material failure within ten
    (10) days following receipt of such notice.

 

	 	(b)	Definition
    of Good Reason. For purposes hereof, “Good Reason” shall mean:

 

	 	 	(i)	A
    significant diminution by the Company of the Executive’s role with the Company or a significant detrimental change in
    the nature and/or scope of the Executive’s status with the Company (including a diminution in title);
	 	 	 	 
	 	 	(ii)	a
    reduction in Base Salary or target or maximum Bonus, other than as part of an across-the-board reduction in salaries of management
    personnel (including all vice presidents and positions above) of less than 20%; or
	 	 	 	 
	 	 	(iii)	any
    other material breach by the Company of any of the terms and conditions of this Agreement which the Company fails to correct
    within 10 days after the Company receives written notice from Executive of such violation.

 

	 	(c)	Termination
    by the Company. The Company may terminate the Term and Executive’s employment hereunder at any time, with or without
    Cause, subject to the terms and conditions herein.

 

	 	 	(i)	For
    Cause. In the event that the Company terminates the Term or Executive’s employment hereunder with Cause, then in
    such event, the Company shall pay to Executive any unpaid Base Salary and benefits then owed or accrued, and any unreimbursed
    expenses incurred by the Executive pursuant to Section 2(d) in each case through the termination date, and each of which shall
    be paid within 10 days following the termination date; (ii) any unvested portion of any Stock Grants shall immediately be
    forfeited as of the termination date without any further action of the Parties; and (iii) all of the Parties’ rights
    and obligations hereunder shall thereafter cease, other than such rights or obligations which arose prior to the termination
    date or in connection with such termination, and subject to Section 13.

 

    	 	3	 

    	 

    

 

	 	 	(ii)	Without
    Cause. In the event that the Company terminates the Term of Executive’s employment hereunder without Cause, then
    in such event, a pro rata portion of Grants based on a prorate vesting period of 12 months, to the extent not already vested,
    shall be deemed automatically vested, based on the number of full months from the Effective Date to the date of termination.

 

	 	(d)	Termination
    by the Executive. The Executive may terminate the Term or resign from Executive’s employment hereunder at any time,
    with or without Good Reason.

 

	 	 	(i)	With
    Good Reason. In the event that Executive terminates the Term or resigns from Executive’s employment hereunder with
    Good Reason, the Company shall pay to Executive the amounts, and Executive shall be entitled to such benefits (including without
    limitation any vesting of unvested shares under any Grant), that would have been payable to Executive or which Executive would
    have received had the Term and Executive’s employment been terminated by the Company without Cause pursuant to Section
    3(c)(ii). 
	 	 	 	 
	 	 	(ii)	Without
    Good Reason. In the event that Executive terminates the Term or resigns from Executive’s employment hereunder without
    Good Reason, the Company shall pay to Executive the amounts, and Executive shall be entitled, subject to Section3(e), to such
    benefits (including without limitation any vesting of unvested shares under any Grant), that would have been payable to Executive
    or which Executive would have received had the Term and Executive’s employment been terminated by the Company with Cause
    pursuant to Section 3(c)(i). 

 

	 	(e)	Termination
    by Death or Disability. In the event of the Executive’s death or total disability (as defined in Section 22(e)(3)
    of the Internal Revenue Code of 1986, as amended) during the Term, the Term and Executive’s employment shall terminate
    on the date of death or total disability. In thee vent of such termination, the Company’s obligations hereunder to the
    Executive (or the Executive’s estate) shall be for unpaid Base Salary, accrued but unpaid Bonus and benefits ,a pro-rata
    Bonus for the year of termination based on the Executive’s target Bonus for such year and the portion of such year in
    which the Executive was employed, and reimbursement of expenses pursuant to Section 2(d) through the effective date of termination,
    each of which shall be paid within 10 days following the date of the Executive’s termination, and any unvested portion
    of any Stock Grants shall immediately be forfeited as of the termination date without any further action of the Parties.

 

	 	4.	Post-Termination
    Assistance. Upon the Executive’s termination of employment with the Company, the Executive agrees to fully cooperate
    in all matters relating to the winding up or pending work on behalf of the Company and the orderly transfer of work to other
    employees of the Company following any termination of the Executives’ employment. The Executive further agrees that
    Executive will provide, upon reasonable notice, such information and assistance to the Company as may reasonably be requested
    by the Company in connection with any audit, governmental investigation ,litigation, or other dispute in which the Company
    is or may become a party and as to which the Executive has knowledge; provided, however, that (i) the Company agrees to reimburse
    the Executive for any related out-of-pocket expenses, including travel expenses, and (ii) any such assistance may not unreasonably
    interfere with Executive’s then current employment.

 

    	 	4	 

    	 

    

 

	 	5.	Restrictive
    Covenants.

 

	 	(a)	Inconsideration
    of the obligations of the Company hereunder, the Executive agrees that Executive shall not:

 

	 	 	(i)	during
    the Term and for a period of two years after a termination of the Executive’s employment with the Company for any reason,
    directly or indirectly solicit or hire or encourage the solicitation or hiring of any person who was an employee of the Company
    at any time on or after the date of such termination (unless more than six months shall have elapsed between the last day
    of such person’s employment by the Company and the first date of such solicitation or hiring);
	 	 	 	 
	 	 	(ii)	during
    or after the Term, make statements or representations, or otherwise communicate, directly or indirectly, in writing, orally,
    or otherwise, or take any other action which disparages the Company or its officers, directors, businesses or reputations;
    or
	 	 	 	 
	 	 	(iii)	during
    or after the Term, without the written consent of the Board, disclose to any person other than as required by law or court
    order, any confidential information obtained by the Executive while in the employ of the Company, provided, however, that
    confidential information shall not include any information known generally to the public(other than as a result of unauthorized
    disclosure by the Executive) or any specific information or type of information generally not considered confidential by persons
    engaged in the same business as the Company, or information disclosed by the Company by any member of the Board or any other
    officer thereof to a third party without restrictions on the disclosure of such information.

 

	 	(b)	Executive
    agrees that the geographic scope of the above restrictions shall extend to the geographic area in which Company actively conducted
    business immediately prior to termination of this Agreement or expiration of the Term.
	 	 	 
	 	(c)	For
    the purpose of Section 5 and Section 7 only, the term “Company” shall mean the Company and its subsidiaries. Notwithstanding
    the above, nothing in this Agreement shall preclude the Executive from making truthful statements or disclosures that are
    required by applicable law, regulation or legal process.
	 	 	 
	 	(d)	Executive
    admits and agrees that Executive’s breach of the provisions of this Section 5 would result in irreparable harm to the
    Company. Accordingly, in the event of Executive’s breach or threatened breach of such restrictions, Executive agrees
    that the Company shall be entitled to an injunction restraining such breach or threatened breach without the necessity of
    posting a bond or other security. Further, in the event of Executive’s breach, the duration of the restrictions contained
    in this Section 5 shall be extended for the entire time that the breach existed so that the Company is provided with the benefit
    of the full time period provided herein.
	 	 	 
	 	(e)	In
    addition to injunctive relief, the Company shall be entitled to any other remedy available in law or equity by reason of Executive’s
    breach or threatened breach of the restrictions contained in this Section 5.

 

    	 	5	 

    	 

    

 

	 	(f)	If
    the Company or Executive retains an attorney to enforce or attest the provisions of this Section 5, the successful Party in
    such proceeding shall be entitled to receive its attorneys’ fees and costs so incurred both prior to filing a lawsuit,
    during the lawsuit and on appeal, from the unsuccessful Party in such proceeding.
	 	 	 
	 	(g)	It
    is the intent and understanding of each Party hereto that if, in any action before any arbitration panel, court or agency
    legally empowered to enforce this Agreement, any term, restriction, covenant or promise in this Section 5 is found to be unreasonable
    and for that reason unenforceable, then such term, restriction, covenant or promise shall be deemed modified to the extent
    necessary to make it enforceable by such arbitration panel, court or agency.

 

	 	6.	Return
    of Documents. Upon termination of Executive’s employment, the Executive agrees to return all documents belonging
    to the Company in Executive’s possession including, but not limited to, contracts, agreements, licenses, business plans,
    equipment, software, software programs, products, work-in-progress, source code, object code, computer disks, books, notes
    and all copies thereof, whether in written, electronic or other form; provided that the Executive may retain copies of Executive’s
    rolodex and contacts. In addition, the Executive shall certify to the Company in writing as of the effective date of termination
    that none of the assets or business records belonging to the Company are in Executive’s possession, remain under Executive’s
    control, or have been transferred to any third person.
	 	 	 
	 	7.	Intellectual
    Property Rights.

 

	 	(a)	Disclosure
    of Work Product. As used in this Agreement, the term “Work Product” means any invention, whether or not patentable,
    know-how, designs, mask works, trademarks, formulae, processes, manufacturing techniques, trade secrets, ideas, artwork, software
    or any copyrightable or patentable works. Executive agrees to disclose promptly in writing to Company, or any person designated
    by Company, all Work Product that is solely or jointly conceived, made, reduced to practice, or learned by Executive in the
    course of any work performed for Company (“Company Work Product”). Executive agrees (a) to use Executive’s
    best efforts to maintain such Company Work Product in trust and strict confidence; (b) not to use Company Work Product in
    any manner or for any purpose not expressly set forth in this Agreement; and (c) not to disclose any such Company Work Product
    to any third party without first obtaining Company’s express written consent on a case-by-case basis.
	 	 	 
	 	(b)	Ownership
    of Company Work Product. Executive agrees that any and all Company Work Product conceived, written, created or first reduced
    to practice in the performance of work under this Agreement shall be deemed “work for hire” under applicable law
    and shall be the sole and exclusive property of Company.
	 	 	 
	 	(c)	Assignment
    of Company Work Product. Executive irrevocably assigns to Company all right, title and interest worldwide in and to the
    Company Work Product and all applicable intellectual property rights related to the Company Work Product, including without
    limitation, copyrights, trademarks, trade secrets, patents, moral rights, contract and licensing rights (the “Proprietary
    Rights”). Except as set forth below, Executive retains no rights to use the Company Work Product and agrees not to challenge
    the validity of Company’s ownership in the Company Work Product. Executive hereby grants to Company a perpetual, non-exclusive,
    fully paid-up, royalty-free, irrevocable and world-wide right, with rights to sublicense through multiple tiers of sublicenses,
    to reproduce, make derivative works of, publicly perform, and display in any form or medium whether now known or later developed,
    distribute, make ,use and sell any and all Executive owned or controlled Work Product or Technology that Executive uses to
    complete the services and which is necessary for Company to use or exploit the Company Work Product.

 

    	 	6	 

    	 

    

 

	 	(d)	Assistance.
    Executive agrees to cooperate with Company or its designee(s), both during and after the Term, in the procurement and maintenance
    of Company’s rights in Company Work Product and to execute, when requested, any other documents deemed necessary by
    Company to carry out the purpose of this Agreement. Executive will assist Company in every proper way to obtain, and from
    time to time enforce, United States and foreign Proprietary Rights relating to Company Work Product in any and all countries.
    Executive’s obligation to assist Company with respect to Proprietary Rights relating to such Company Work Product in
    any and all countries shall continue beyond the termination of this Agreement, but Company shall compensate Executive at a
    reasonable rate to be mutually agreed upon after such termination for the time actually spent by Executive at Company’s
    request on such assistance.
	 	 	 
	 	(e)	Execution
    of Documents. In the event Company is unable for any reason, after reasonable effort, to secure Executive’s signature
    on any document requested by Company pursuant to this Section 7(e) within seven (7) days of the Company’s initial request
    to Executive, Executive hereby irrevocably designates and appoints Company and its duly authorized officers and agents as
    its agent and attorney in fact, which appointment is coupled with an interest ,to act for and on its behalf solely to execute,
    verify and file any such documents and to do all other lawfully permitted acts to further the purposes of this Section 7 with
    the same legal force and effect as if executed by Executive. Executive hereby waives and quitclaims to Company any and all
    claims, of any nature whatsoever, which Executive now or may hereafter have for infringement of any Proprietary Rights assignable
    hereunder to Company.
	 	 	 
	 	(f)	Executive
    Representations and Warranties. Executive hereby represents and warrants that: (i) Company Work Product will be an original
    work of Executive or all applicable third parties will have executed assignments of rights reasonably acceptable to Company;
    (ii) neither the Company Work Product nor any element thereof will infringe the intellectual property rights of any third
    party; (iii) neither the Company Work Product nor any element thereof will be subject to any restrictions or to any mortgages,
    liens, pledges, security interests, encumbrances or encroachments; (iv) Executive will not grant, directly or indirectly,
    any rights or interest whatsoever in the Company Work Product to any third party; (v)Executive has full right and power to
    enter into and perform Executive’s obligations under this Agreement without the consent of any third party;(vi) Executive
    will use best efforts to prevent injury to any person (including employees of Company) or damage to property (including Company’s
    property) during the Term; and (vii) should Company permit Executive to use any of Company’s equipment, tools, or facilities
    during the Term, such permission shall be gratuitous and Executive shall be responsible for any injury to any person (including
    death) or damage to property (including Company’s property) arising out of use of such equipment, tools or facilities.

 

	 	8.	Confidentiality

 

	 	(a)	Definition.
    For purposes of this Agreement, “Confidential Information” shall mean all Company Work Product and all non-public
    written, electronic, and oral information or materials of Company communicated to or otherwise obtained by Executive in connection
    with this Agreement, which is related to the products, business and activities of Company, its Affiliates (as defined below),
    and subsidiaries, and their respective customers, clients, suppliers, and other entities with which such party does business,
    including: (i) all costing, pricing, technology, software, documentation, research, techniques, procedures, processes, discoveries,
    inventions, methodologies, data, tools, templates, know how, intellectual Property and all other proprietary information of
    Company;(ii)the terms of this Agreement; and (iii) any other information identified as confidential in writing by Company.
    Confidential Information shall not include information that: (a) was lawfully known by Executive without an obligation of
    confidentiality before its receipt from Company; (b) is independently developed by Executive without reliance on or use of
    Confidential Information; (c) is or becomes publicly available without a breach by Executive of this Agreement; or(d)is disclosed
    to Executive by a third party which is not required to maintain its confidentiality. An “Affiliate” of a Party
    shall mean any entity directly or indirectly controlling, controlled by, or under common control with, such Party at any time
    during the Term for so long as such control exists.

 

    	 	7	 

    	 

    

 

	 	(b)	Company
    Ownership. Company shall retain all right, title, and interest to the Confidential Information, including all copies thereof
    and all rights to patents, copyrights, trademarks, trade secrets and other intellectual property rights inherent therein and
    appurtenant thereto. Subject to the terms and conditions of this Agreement, Company hereby grants Executive a non-exclusive,
    non-transferable, license during the Term to use any Confidential Information solely to the extent that such Confidential
    Information is necessary for the performance of Executive’s duties hereunder. Executive shall not, by virtue of this
    Agreement or otherwise, acquire any proprietary rights whatsoever in Confidential Information, which shall be the sole and
    exclusive property and confidential information of Company. No identifying marks, copyright or proprietary right notices may
    be deleted from any copy of Confidential Information. Nothing contained herein shall be construed to limit the rights of Company
    from performing similar services for, or delivering the same or similar deliverable to, third parties using the Confidential
    Information and/or using the same personnel to provide any such services or deliverables.
	 	 	 
	 	(c)	Confidentiality
    Obligations. Executive agrees to hold the Confidential Information in confidence and not to copy, reproduce, sell, assign,
    license, market, transfer, give or otherwise disclose such Confidential Information to any person or entity or to use the
    Confidential Information for any purposes whatsoever, without the express written permission of Company, other than disclosure
    to Executive’s, partners, principals, directors, officers, employees, subcontractors and agents on a “need-to-know”
    basis as reasonably required for the performance of Executive’s obligations hereunder or as otherwise agreed to herein.
    Executive shall be responsible to Company for any violation of this Section 8 by Executive’s employees, subcontractors,
    and agents. Executive shall maintain the Confidential Information with the same degree of care, but no less than a reasonable
    degree of care, as Executive employs concerning its own information of like kind and character.
	 	 	 
	 	(d)	Required
    Disclosure. If Executive is requested to disclose any of the Confidential Information as part of an administrative or
    judicial proceeding, Executive shall, to the extent permitted by applicable law, promptly notify Company of that request and
    cooperate with Company, at Company’s expense, in seeking a protective order or similar confidential treatment for the
    Confidential Information. If no protective order or other confidential treatment is obtained, Executive shall disclose only
    that portion of Confidential Information which his legally required and will exercise all reasonable efforts to obtain reliable
    assurances that confidential treatment will be accorded the Confidential Information which is required to be disclosed.
	 	 	 
	 	(e)	Enforcement.
    Executive acknowledges that the Confidential Information is unique and valuable, and that remedies at law will be inadequate
    to protect Company from any actual or threatened breach of this Section 8 by Executive and that any such breach would cause
    irreparable and continuing injury to Company. Therefore, Executive agrees that Company shall be entitled to seek equitable
    relief with respect to the enforcement of this Section 8 without any requirement to post a bond, including, without limitation,
    injunction and specific performance, without proof of actual damages or exhausting other remedies, in addition to all other
    remedies available to Company at law or in equity. For greater clarity, in the event of a breach or threatened breach by Executive
    of any of the provisions of this Section 8 in addition to and not in limitation of any other rights, remedies or damages available
    at law or inequity, Company shall be entitled to a permanent injunction or other like remedy in order to prevent or restrain
    any such breach or threatened breach by Executive, and Executive agrees that an interim injunction may be granted against
    Executive immediately on the commencement of any action, claim, suit or proceeding by Company to enforce the provisions of
    this Section 8 If any action at law or inequity is necessary to enforce the terms of this Section 8 if it is determined to
    be at fault, shall pay Company’s reasonable legal fees and expenses on a substantial indemnity basis.

 

    	 	8	 

    	 

    

 

	 	(f)	Related
    Duties. Executive shall: (i) promptly deliver to Company upon Company’s request all materials in Executive’s
    possession which contain Confidential Information; (ii) use its best efforts to prevent any unauthorized use or disclosure
    of the Confidential Information; (iii) notify Company in writing immediately upon discovery of any such unauthorized use or
    disclosure; and (iv) cooperate in every reasonable way to regain possession of any Confidential Information and to prevent
    further unauthorized use and disclosure thereof.
	 	 	 
	 	(g)	Legal
    Exceptions. Further notwithstanding the foregoing provisions of this Section 8 Executive may disclose confidential information
    as may be expressly required by law, governmental rule, regulation, executive order, court order, or in connection with a
    dispute between the Parties; provided that prior to making any such disclosure, Executive shall use its best efforts to: (i)
    provide Company with at least fifteen (15) days’ prior written notice setting forth with specificity the reason(s) for
    such disclosure, supporting documentation therefor, and the circumstances giving rise thereto; and (ii) limit the scope and
    duration of such disclosure to the strictest possible extent.
	 	 	 
	 	(h)	Limitation.
    Except as specifically set forth herein, no licenses or rights under any patent, copyright, trademark, or trade secret are
    granted by Company to Executive hereunder, or are to be implied by this Agreement. Except for the restrictions on use and
    disclosure of Confidential Information imposed in this Agreement, no obligation of any kind is assumed or implied against
    either Party or their Affiliates by virtue of meetings or conversations between the Parties hereto with respect to the subject
    matter stated above or with respect to the exchange of Confidential Information. Each party further acknowledges that this
    Agreement and any meetings and communications of the Parties and their affiliates relating to the same subject matter shall
    not: (i) constitute an offer, request, invitation or contract with the other Party to engage in any research ,development
    to other work;(ii)constitute an offer, request, invitation or contract involving a buyer-seller relationship, joint venture,
    teaming or partnership relationship between the Parties and their affiliates; or (iii) constitute a representation, warranty,
    assurance, guarantee or inducement with respect to the accuracy or completeness of any Confidential Information or the non-infringement
    of the rights of third persons.

 

	 	9.	Effect
    of Waiver. The waiver by either Party of a breach of any provision of this Agreement shall not operate or be construed
    as a waiver of any subsequent breach hereof. No waiver shall be valid unless in writing.
	 	 	 
	 	10.	Assignment.
    This Agreement may not be assigned by either Party without the express prior written consent of the other Party hereto, except
    that the Company (i) may assign this Agreement to any Subsidiary or affiliate of the Company, provided that no such assignment
    shall relieve the Company of its obligations hereunder without the written consent of the Executive, and (ii) will require
    any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
    the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the same manner and to
    the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
    “Company” shall mean the Company as herein before defined and any success or to its business and/or assets as
    afore said which assumes and agrees to perform this Agreement by operation of law, or otherwise. This Agreement shall inure
    to the benefit of, and shall be binding upon, the successors and permitted assigns of the Parties.

 

    	 	9	 

    	 

    

 

	 	11.	No
    Third Party Rights. Except as expressly provided in this Agreement, this Agreement is intended solely for the benefit
    of the Parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person or entity
    other than the Parties hereto.
	 	 	 
	 	12.	Entire
    Agreement; Effectiveness of Agreement. This Agreement sets forth the entire agreement of the Parties hereto and shall
    supersede any and all prior agreements and understandings concerning the Executive’s employment by the Company. This
    Agreement may be changed only by a written document signed by the Executive and the Company. Notwithstanding the foregoing,
    this Agreement shall not supersede or replace any agreement entered into between the Company and the Executive with respect
    to any plan or benefit described in Section 2(f)
	 	 	 
	 	13.	Survival.
    The provisions of Section 4, Section 5, Section 6, Section 7, Section 8, this Section 13, Section 15, Section 16 and Section
    17 shall survive any termination or expiration of this Agreement.
	 	 	 
	 	14.	Severability.
    If any one or more of the provisions, or portions of any provision, of the Agreement shall be held to be invalid, illegal
    or unenforceable, the validity, legality or enforceability of the remaining provisions or parts hereof shall not in any way
    be affected or impaired thereby.
	 	 	 
	 	15.	Governing
    Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE SUBSTANTIVE AND PROCEDURAL
    LAWS OF THE STATE OF FLORIDA WITHOUT REGARD TO RULES GOVERNING CONFLICTS OF LAW.
	 	 	 
	 	16.	Arbitration.
    Other than as set forth in Section 7, any controversy, claim or dispute arising out of or relating to this Agreement or the
    Executive’s employment by the Company, including, but not limited to, common law and statutory claims for discrimination,
    wrongful discharge, and unpaid wages, shall be resolved by arbitration in a mutually agreed upon location pursuant to then
    prevailing National Rules for the Resolution of Employment Disputes of the American Arbitration Association. The arbitration
    shall be conducted by three arbitrators, with one arbitrator selected by each Party and the third arbitrator selected by the
    two arbitrators so selected by the Parties. The arbitrators shall be bound to follow the applicable Agreement provisions in
    adjudicating the dispute. It is agreed by both Parties that the arbitrators’ decision is final, and that no Party may
    take any action, judicial or administrative, to overturn such decision. The judgment rendered by the arbitrators may be entered
    in the Selected Courts. Each Party will pay its own expenses of arbitration and the expenses of the arbitrators will be equally
    shared provided that, if in the opinion of the arbitrators any claim, defense, or argument raised in the arbitration was unreasonable,
    the arbitrators may assess all or part of the expenses of the other Party (including reasonable attorneys’ fees) and
    of the arbitrators as the arbitrators deem appropriate. The arbitrators may not award either Party punitive or consequential
    damages.
	 	 	 
	 	17.	Indemnification.
    The Company is in the process of obtaining insurance coverage for directors and officers. During the Term, when obtained by
    the Company, the Executive shall be entitled to indemnification and insurance coverage for directors’ and officers’
    liability, fiduciary liability and other liabilities arising out of the Executive’s position with the Company in any
    capacity, in an amount not less than the highest amount available to any other senior level executive or member of the Board
    and to the full extent provided by the Company’s certificate of incorporation or by-laws, and such coverage and protections,
    with respect to the various liabilities as to which the Executive has been customarily indemnified prior to termination of
    employment, shall continue for at least six years following the end of the Term. Any indemnification agreement entered into
    between the Company and the Executive shall continue in full force and effect in accordance with its terms following the termination
    of this Agreement.

 

    	 	10	 

    	 

    

 

	 	18.	Notices.
    All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other party,
    or by registered or certified mail, return receipt requested, postage prepaid, or by email with return receipt requested and
    received or nationally recognized overnight courier service, addressed asset for the below or to such other address as either
    Party shall have furnished to the other in writing in accordance herewith. All notices, requests, demands and other communications
    shall be deemed to have been duly given (i) when delivered by hand, if personally delivered, (ii) when delivered by courier
    or overnight mail, if delivered by commercial courier service or overnight mail, and (iii) on receipt of confirmed delivery,
    if sent by email.

 

If
to the Company:

 

Life
Clips, Inc.

Attn:
Huey Long

Harbour
Centre 18851 NE 29thAve.

Suite
700

Aventura,
FL 33180

Email:
Hlong@lifeclips.com

 

If
to Executive:

Donald
Ruan

Email:
donald.ruan@ascendaintl.com

 

	 	19.	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.
	 	 	 
	 	20.	Rule
    of Construction. The general rule of construction for interpreting a contract, which provides that the provisions of a
    contract should be construed against the Party preparing the contract, is waived by the Parties hereto. Each Party acknowledges
    that such Party was represented by separate legal counsel in this matter who participated in the preparation of this Agreement
    or such Party had the opportunity to retain counsel to participate in the preparation of this Agreement but elected not to
    do so.
	 	 	 
	 	21.	Execution
    in Counterparts, Electronic Transmission. This Agreement may be executed in any number of counterparts, each of which
    shall be deemed an original. The signature of any party to this Agreement which is transmitted by any reliable electronic
    means such as, but not limited to, a photocopy, electronically scanned or facsimile machine, for purposes hereof, is to be
    considered as an original signature, and the document transmitted is to be considered to have the same binding effect as an
    original signature or an original document.

 

[Signatures
appear on following page]

 

    	 	11	 

    	 

    

 

IN
WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date.

 

Life
Clips, Inc.

 

	By:
    	/s/
    Huey Long 	 
	Name:
    	Huey
    Long	 
	Title:
    	Chief
    Executive Officer	 

 

Donald
Su Yo Ruan

 

	By:
    	/s/
    Donald Su Yo Ruan	 
	Name:
    	Donald
    Su Yo Ruan	 

 

    	 	12

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