Document:

Exhibit 10.5

 

 

 

 

CANTERBURY PARK HOLDING CORPORATION

 

STOCK PLAN

 

AS AMENDED THROUGH JUNE 7, 2017

 

 

 

 

 

     

     

    

 

	SECTION	CONTENTS	PAGE
	 	 	 
	 	 	 
	 1.	General Purpose of Plan; Definitions	1
	 	 	 
	 2.	Administration	3
	 	 	 
	 3.	Stock Subject to Plan	4
	 	 	 
	 4.	Eligibility	5
	 	 	 
	 5.	Stock Options	5
	 	 	 
	 6.	Stock Appreciation Rights	9
	 	 	 
	 7.	Restricted Stock	10
	 	 	 
	 8.	Deferred Stock Awards	12
	 	 	 
	 9.	Transfer, Leave of Absence, etc.	13
	 	 	 
	 10.	Amendments and Termination	13
	 	 	 
	 11.	Unfunded Status of Plan	14
	 	 	 
	 12.	General Provisions	14
	 	 	 
	 13.	Effective Date of Plan	16

 

 

     

     

    

 

CANTERBURY PARK HOLDING CORPORATION

 

STOCK PLAN

 

AS AMENDED THROUGH JUNE 7, 2017

 

 

SECTION 1. General Purpose of Plan; Definitions.

 

The name of this plan is the Canterbury
Park Holding Corporation Stock Plan (the “Plan”). The purpose of the Plan is to enable Canterbury Park Holding Corporation
(the “Company”) and its Subsidiaries, if any, to retain and attract executives, other key employees, non-employee directors
and others who contribute to the Company’s success by their ability, ingenuity and industry, and to enable such persons to
participate in the long-term success and growth of the Company by giving them a proprietary interest in the Company.

 

For purposes of the Plan, the following
terms shall be defined as set forth below:

 

		a.	“Board” means the Board of Directors of the Company.

 

		b.	“Cause” means a felony conviction of a participant or the failure of a participant to contest prosecution
for a felony, or a participant’s willful misconduct or dishonesty, any of which is directly and materially harmful to the
business or reputation of the Company.

 

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

 

		d.	“Committee” means the Committee referred to in Section 2 of the Plan. If at any time no Committee shall
be in office, then the functions of the Committee specified in the Plan shall be exercised by the Board, unless the Plan specifically
states otherwise.

 

		e.	“Company” means the Canterbury Park Holding Corporation, a corporation organized under the laws of the State
of Minnesota (or any successor corporation).

 

		f.	“Deferred Stock” means an award made pursuant to Section 8 below of the right to receive Stock at the end
of a specified deferral period.

 

		g.	“Disability” means permanent and total disability as determined by the Committee.

 

		h.	“Disinterested Person” shall have the meaning set forth in Rule 16b-3(d)(3) as promulgated by the Securities
and Exchange Commission under the Securities Exchange Act of 1934, or any successor definition adopted by the Commission.

 

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		i.	“Early Retirement” means retirement, with consent of the Committee at the time of retirement, from active
employment with the Company or any Subsidiary or Parent Corporation of the Company.

 

		j.	“Fair Market Value” means the value of the Stock on a given date as determined by the Committee in accordance
with the applicable Treasury Department regulations under Section 422 of the Code with respect to “incentive stock options.”

 

		k.	“Incentive Stock Option” means any Stock Option intended to be and designated as an “Incentive Stock
Option” within the meaning of Section 422 of the Code.

 

		l.	“Non-Employee Director” means any member of the Board who is not an employee of the Company, any Parent
Corporation or Subsidiary.

 

		m.	“Non-Qualified Stock Option” means any Stock Option that is not an Incentive Stock Option, and is intended
to be and is designated as a “Non-Qualified Stock Option.”

 

		n.	“Normal Retirement” means retirement from active employment with the Company and any Subsidiary or Parent
Corporation of the Company on or after age 60.

 

		o.	“Optionee” means a person who receives a Stock Option or other award under this Plan.

 

		p.	“Parent Corporation” means any corporation (other than the Company) in an unbroken chain of corporations
ending with the Company if each of the corporations (other than the Company) owns stock possessing 50% or more of the total combined
voting power of all classes of stock in one of the other corporations in the chain.

 

		q.	“Restricted Stock” means an award of shares of Stock that are subject to restrictions under Section 5, paragraph
(k) below or Section 7 below.

 

		r.	“Retirement” means Normal Retirement or Early Retirement.

 

		s.	“Stock” means the Common Stock, $.01 par value per share, of the Company.

 

		t.	“Stock Appreciation Right” means the right pursuant to an award granted under Section 6 below to surrender
to the Company all or a portion of a Stock Option in exchange for an amount equal to the difference between (i) the Fair Market
Value, as of the date such Stock Option or such portion thereof is surrendered, of the shares of Stock covered by such Stock Option
or such portion thereof, and (ii) the aggregate exercise price of such Stock Option or such portion thereof.

 

    	 	2	 

     

    

 

		u.	“Stock Option” means any option to purchase shares of Stock granted pursuant to Section 5 below.

 

		v.	“Subsidiary” means any corporation (other than the Company) in an unbroken chain of corporations beginning
with the Company if each of the corporations (other than the last corporation in the unbroken chain) owns stock possessing 50%
or more of the total combined voting power of all classes of stock in one of the other corporations in the chain.

 

SECTION 2. Administration.

 

The Plan shall be administered by the Board
of Directors or by a Committee of not less than three Disinterested Persons, who shall be appointed by the Board of Directors of
the Company and who shall serve at the pleasure of the Board. If such a Committee is not appointed, each and every reference to
“Committee” herein shall mean the Board of Directors of the Company. Unless otherwise determined by the Board, the
Compensation Committee of the Board of Directors shall be the Committee for purposes of this Plan.

 

The Committee shall have the power and authority
to grant to eligible employees, pursuant to the terms of the Plan: (i) Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted
Stock, or (iv) Deferred Stock awards.

 

In particular, the Committee shall have
the authority:

 

		(i)	to select the officers and other key employees of the
Company and its Subsidiaries to whom Stock Options, Stock Appreciation Rights, Restricted Stock and/or Deferred Stock awards may
from time to time be granted hereunder;

 

		(ii)	to determine whether and to what extent Incentive Stock
Options, Non-Qualified Stock Options, Stock Appreciation Rights, Restricted Stock or Deferred Stock awards, or a combination of
the foregoing, are to be granted hereunder;

 

		(iii)	to determine the number of shares to be covered by each
such award granted hereunder;

 

		(iv)	to determine the terms and conditions, not inconsistent
with the terms of the Plan, of any award granted hereunder (including, but not limited to, any restriction on any Stock Option
or other award and/or the shares of Stock relating thereto), which authority shall be exclusively vested in the Committee (and
not the Board) for purposes of establishing performance criteria used with Restricted Stock and Deferred Stock awards;

 

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		(v)	to determine whether, to what extent and under what circumstances
Stock and other amounts payable with respect to an award under this Plan shall be deferred either automatically or at the election
of the participant; and,

 

		(vi)	to amend the terms and conditions of any Stock Option
or other award hereunder subsequent to the date of grant if, in its sole discretion, if to do so would not violate applicable
law or regulations or otherwise have a material adverse effect on the Company or its affiliates and the Committee determines that
such amendment is in the best interests of the Company.1

 

The Committee shall have the authority to
adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall, from time to time,
deem advisable; to interpret the terms and provisions of the Plan and any award issued under the Plan (and any agreements relating
thereto); and to otherwise supervise the administration of the Plan. The Committee may delegate its authority to officers of the
Company for the purpose of selecting employees who are not officers of the Company for purposes of (i) above.

 

All decisions made by the Committee pursuant
to the provisions of the Plan shall be final and binding on all persons, including the Company and Plan participants.

 

SECTION 3. Stock Subject to Plan.

 

The total number of shares of Stock reserved
and available for issuance and distribution under the Plan shall be One Million Four Hundred Fifty Thousand (1,650,000) shares.
2 Such shares may consist, in whole
or in part, of authorized and unissued shares.

 

Subject to paragraph (b)(iv) of Section
6 below, if any shares that have been optioned ceased to be subject to Options, or if any shares subject to any Restricted Stock
or Deferred Stock award granted hereunder are forfeited or such award otherwise terminates without a payment being made to the
participant, such shares shall again be available for distribution in connection with future awards under the Plan.

 

In the event of any merger, reorganization, consolidation,
recapitalization, stock dividend, other change in corporate structure affecting the Stock, or spin-off or other distribution of
assets to shareholders, such substitution or adjustment shall be made in the aggregate number of shares reserved for issuance under
the Plan, in the number and option price of shares subject to outstanding options granted under the Plan, and in the number of
shares subject to Restricted Stock or Deferred Stock awards granted under the Plan as may be determined to be appropriate by the
Committee, in its sole discretion, provided that the number of shares subject to any award shall always be a whole number. Such
adjusted option price shall also be used to determine the amount payable by the Company upon the exercise of any Stock Appreciation
Right associated with any Option.

 

 

 

 

1
This sub-paragraph (vi) was added by Board action on October 30, 2008.

2 Amendments to
increase authorized shares have been approved by shareholders as follows: June 1997 (increasing authorized shares from 250,000
to 500,000); June 1999 (increasing authorized shares to 850,000); June 6, 2002 (increasing authorized shares to 1,150,000); June
3, 2004 (increasing authorized shares to 1,450,000); and, June 7, 2017 (increasing authorized shares to 1,650,000); .

    	 	4	 

     

    

 

SECTION 4. Eligibility.

 

Officers, other key employees of the Company
and Subsidiaries and Non-Employee Directors, and consultants and other persons having a contractual relationship with the Company
or its Subsidiaries who are responsible for or contribute to the management, growth and/or profitability of the business of the
Company and its Subsidiaries are eligible to be granted Stock Options, Stock Appreciation Rights, Restricted Stock or Deferred
Stock awards under the Plan. Except for Non-Employee Directors, whose participation in the Plan shall be limited as provided in
paragraph (k) of Section 5, the Optionees and participants under the Plan shall be selected from time to time by the Committee,
in its sole discretion, from among those eligible, and the Committee shall determine, in its sole discretion, the number of shares
covered by each award.

 

SECTION 5. Stock Options.

 

Any Stock Option granted under the Plan
shall be in such form as the Committee may from time to time approve.

 

The Stock Options granted under the Plan
may be of two types: (i) Incentive Stock Options and (ii) Non-Qualified Stock Options. No Incentive Stock Options shall be granted
under the Plan after June 1, 2027.

 

The Committee shall have the authority to
grant any Optionee Incentive Stock Options, Non-Qualified Stock Options, or both types of options (in each case with or without
Stock Appreciation Rights). To the extent that any option does not qualify as an Incentive Stock Option, it shall constitute a
separate Non-Qualified Stock Option.

 

Anything in the Plan to the contrary notwithstanding,
no term of this Plan relating to Incentive Stock Options shall be interpreted, amended or altered, nor shall any discretion or
authority granted under the Plan be so exercised, so as to disqualify either the Plan or any Incentive Stock Option under Section
422 of the Code. The preceding sentence shall not preclude any modification or amendment to an outstanding Incentive Stock Option,
whether or not such modification or amendment results in disqualification of such Option as an Incentive Stock Option, provided
the Optionee consents in writing to the modification or amendment.

 

Options granted under the Plan shall be
subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with the
terms of the Plan, as the Committee shall deem desirable.

 

    	 	5	 

     

    

 

(a)       Option
Price. The option price per share of Stock purchasable under a Stock Option shall be determined by the Committee at the time
of grant. In no event shall the option price per share of Stock purchasable under an Incentive Stock Option or a Non-Qualified
Stock Option be less than 100% of the Fair Market Value of the Stock on the date of the grant of the option. If an employee owns
or is deemed to own (by reason of the attribution rules applicable under Section 425(d) of the Code) more than 10% of the combined
voting power of all classes of stock of the Company or any Parent Corporation or Subsidiary and an Incentive Stock Option is granted
to such employee, the option price shall be no less than 110% of the Fair Market Value of the Stock on the date the option is granted.

 

(b)       Option
Term. The term of each Stock Option shall be fixed by the Committee, but no Incentive Stock Option shall be exercisable more
than ten years after the date the option is granted. If an employee owns or is deemed to own (by reason of the attribution rules
of Section 425(d) of the Code) more than 10% of the combined voting power of all classes of stock of the Company or any Parent
Corporation or Subsidiary and an Incentive Stock Option is granted to such employee, the term of such option shall be no more than
five years from the date of grant.

 

(c)       Exercisability.
Stock Options shall be exercisable at such time or times as determined by the Committee at or after grant. If the Committee provides,
in its discretion, that any option is exercisable only in installments, the Committee may waive such installment exercise provisions
at any time. Notwithstanding the foregoing, unless the Stock Option Agreement provides otherwise, any Stock Option granted under
this Plan shall be exercisable in full, without regard to any installment exercise provisions, for a period specified by the Company,
but not to exceed sixty (60) days, prior to the occurrence of any of the following events: (i) dissolution or liquidation of the
Company other than in conjunction with a bankruptcy of the Company or any similar occurrence, (ii) any merger, consolidation, acquisition,
separation, reorganization, or similar occurrence, where the Company will not be the surviving entity or (iii) the transfer of
substantially all of the assets of the Company or 75% or more of the outstanding Stock of the Company.

 

(d)       Method
of Exercise. Stock Options may be exercised in whole or in part at any time during the option period by giving written notice
of exercise to the Company specifying the number of shares to be purchased. Such notice shall be accompanied by payment in full
of the purchase price, either by certified or bank check, or by any other form of legal consideration deemed sufficient by the
Committee and consistent with the Plan’s purpose and applicable law, including promissory notes or a properly executed exercise
notice together with irrevocable instructions to a broker acceptable to the Company to promptly deliver to the Company the amount
of sale or loan proceeds to pay the exercise price. As determined by the Committee, in its sole discretion, payment in full or
in part may also be made in the form of unrestricted Stock already owned by the Optionee or, in the case of the exercise of a Non-Qualified
Stock Option, Restricted Stock or Deferred Stock subject to an award hereunder (based, in each case, on the Fair Market Value of
the Stock on the date the option is exercised, as determined by the Committee), provided, however, that, in the case of an Incentive
Stock Option, the right to make a payment in the form of already owned shares may be authorized only at the time the option is
granted, and provided further that in the event payment is made in the form of shares of Restricted Stock or a Deferred Stock award,
the Optionee will receive a portion of the option shares in the form of, and in an amount equal to, the Restricted Stock or Deferred
Stock award tendered as payment by the Optionee. If the terms of an option so permit, an Optionee may elect to pay all or part
of the option exercise price by having the Company withhold from the shares of Stock that would otherwise be issued upon exercise
that number of shares of Stock having a Fair Market Value equal to the aggregate option exercise price for the shares with respect
to which such election is made. No shares of Stock shall be issued until full payment therefor has been made. An Optionee shall
generally have the rights to dividends and other rights of a shareholder with respect to shares subject to the option when the
Optionee has given written notice of exercise, has paid in full for such shares, and, if requested, has given the representation
described in paragraph (a) of Section 12.

 

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(e)       Limited
Transferability of Options.3

 

(i)       Incentive
Stock Options. No Incentive Stock Option shall be transferable by the Optionee otherwise than by will or by the laws of descent
and distribution, and all Incentive Stock Options shall be exercisable during the Optionee’s lifetime, only by the Optionee.

 

(ii)       Non-Qualified
Stock Options. Non-Qualified Stock Options (“NQSOs”) shall be transferable by will and by the laws of descent and
distribution and may also be transferred to and, subject to the last sentence below in this paragraph (e)(ii) of Section 5, exercised
by a Family Member (hereinafter defined) of an Optionee who acquired the NQSOs directly or indirectly from the Optionee if no consideration
is given to the Optionee by the transferee for effecting such transfer.

 

For purposes of this subsection (e)(ii)
the term “Family Member” means any of the following: any child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, former spouse, sibling, niece, nephew, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law,
of the Optionee, including adoptive relationships, any person sharing the Optionee’s household (other than a tenant or employee),
a trust in which these persons have more than fifty percent of the beneficial interest, a foundation in which these persons (or
the Optionee) control the management of assets, and any other entity in which these persons (or the Optionee) own more than fifty
percent of the voting interests.

 

In addition, an Optionee may transfer
NQSOs to a trust that does not qualify as a Family Member (“Non-Qualifying Trust”), if (x) no consideration is given
to the Optionee by the trust for effecting such transfer; (y) at the time of such transfer the Committee receives reasonable assurances
that the NQSOs will be subsequently transferred to a Family Member; and, (y) the Non-Qualifying Trust acknowledges and agrees,
concurrent with such transfer, that, under the terms of the Stock Plan, it has no right to exercise the NQSOs.

 

 

 

 

3 Amended
by written Board action July 30, 2004.

 

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Notwithstanding the foregoing, no NQSO
shall be exercisable by a Family Member during the Optionee’s lifetime and all such NQSOs shall be exercisable during the
Optionee’s lifetime only by the Optionee.

 

(iii)       Committee
Discretion. The Committee may approve other transfers of Stock Options and approve exercises of Stock Options following the
death of an Optionee that would otherwise not be permitted under this Plan if (x) it determines in its sole discretion the proposed
transfer or option exercise would not violate applicable law, would not cause other Stock Options that are designated as Incentive
Stock Options under this Plan to become NQSOs by operation of law, and would not affect the availability of any registration statement
pertaining to exercise of Stock Options and resale of the acquired shares; and, (y) the Committee concludes in its sole discretion
that permitting such transfer or exercise (conditioned upon such undertakings, if any, it may require) is consistent with the purposes
of this Plan and in the best interest of the Company.

 

(f)       Termination
by Death.4 If an Optionee’s
employment by the Company or other service to the Company and any Subsidiary or Parent Corporation terminates by reason of death,
the Stock Option may thereafter be exercised, to the extent exercisable at death (or on such accelerated basis as the Committee
shall determine at or after grant), by the legal representative of the estate or by a Family Member that receives the Stock Option,
directly or indirectly, under a will or trust of the Optionee for a period of three years (or such shorter period as the Committee
shall specify at grant) from the date of such death or until the expiration of the stated term of the option, whichever period
is shorter. In the event of termination of employment by reason of death, if an Incentive Stock Option is exercised after the expiration
of the exercise period that apples for purposes of Section 422 of the Code, the option will thereafter be treated as a Non-Qualified
Stock Option.

 

(g)       Termination
by Reason of Disability. If an Optionee’s employment by the Company and any Subsidiary or Parent Corporation terminates
by reason of Disability, any Stock Option held by such Optionee may thereafter be exercised, to the extent it was exercisable at
the time of termination due to Disability (or on such accelerated basis as the Committee shall determine at or after grant), but
may not be exercised after three years (or such shorter period as the Committee shall specify at grant) from the date of such termination
of employment or the expiration of the stated term of the option, whichever period is the shorter. In the event of termination
of employment by reason of Disability, if an Incentive Stock Option is exercised after the expiration of the exercise periods that
apply for purposes of Section 422 of the Code, the option will thereafter be treated as a Non-Qualified Stock Option.

 

 

 

 

4 Amended
by written Board action July 30, 2004.

    	 	8	 

     

    

 

(h)       Termination
by Reason of Retirement. If an Optionee’s employment by the Company and any Subsidiary or Parent Corporation terminates
by reason of Retirement, any Stock Option held by such Optionee may thereafter be exercised to the extent it was exercisable at
the time of such Retirement, but may not be exercised after three years (or such shorter period as Committee shall specify at grant)
from the date of such termination of employment or the expiration of the stated term of the option, whichever period is the shorter.
In the event of termination of employment by reason of Retirement, if an Incentive Stock Option is exercised after the expiration
of the exercise periods that apply for purposes of Section 422 of the Code, the option will thereafter be treated as a Non-Qualified
Stock Option.

 

(i)       Other
Termination. Unless otherwise determined by the Committee, if an Optionee’s employment by the Company and any Subsidiary
or Parent Corporation terminates for any reason other than death, Disability or Retirement, the Stock Option shall thereupon terminate,
except that the option may be exercised to the extent it was exercisable at such termination for the lesser of three months or
the balance of the option’s term if (a) the Optionee is involuntarily terminated without Cause by the Company and any Subsidiary
or Parent Corporation, or (b) on or before the date Optionee’s employment with the Company terminates the Committee in its
discretion approves extending the date by which the Stock Option may be exercised to a date that is not more than three months
after the date Optionee’s employment with the Company terminates.5

 

(j)       Annual
Limit on Incentive Stock Options. The aggregate Fair Market Value (determined as of the time the Option is granted) of the
Common Stock with respect to which an Incentive Stock Option under this Plan or any other plan of the Company and any Subsidiary
or Parent Corporation is exercisable for the first time by an Optionee during any calendar year shall not exceed $100,000.

 

(k)       Awards
to Non-Employee Directors6. Notwithstanding
any other provisions of this Plan, a grant of Restricted Stock, Deferred Stock or NQSOs, or any combination thereof, shall be made
to each Director who is not an employee of the Company or any Subsidiary within the meaning of Rule 16b-3 of the Exchange Act and
who at the regular annual shareholders meeting is elected or re-elected to the Board. Except as provided in (a) and (b) below,
the number of Shares and the other terms of Restricted Stock, Deferred Stock or NQSOs shall be determined by the Board in its sole
discretion at least 10 days prior to such annual meeting of shareholders. The date of grant of the Restricted Stock, Deferred Stock
or NQSOs is the date of the regular annual meeting of Shareholders on which such non-employee Director is elected or re-elected
to serve on the Board. If an individual is elected to the Board between annual meetings of shareholders, a pro-rated grant of Restricted
Stock, Deferred Stock or NQSOs may be made. The following terms shall be applied to the Restricted Stock, Deferred Stock or NQSOs
granted under this Section to non-employee Directors:

 

 

 

 

5
Clause (i) was added by Board action on October 30, 2008.

6 Board approved
restatement adopted April 15, 2011 to authorize discretionary grants of restricted stock or NQSOs which was approved by shareholders
on June 2, 2011. This provision was amended by Board action in April 2017 and approved by the Company’s shareholders on
June 7, 2017 to include Deferred Stock as another form of paying equity compensation to directors.

    	 	9	 

     

    

 

(i)       Unless
the Board specifies a longer period, each grant of Restricted Stock, Deferred Stock or NQSQs to a non-employee Director shall vest
one year after the date of grant, provided that the non-employee Director continues to serve as a member of the Board until the
next annual meeting of shareholders, and if the non-employee Director ceases to serve as a member of the Board for such period,
he or she shall forfeit any Restricted Stock, Deferred Stock or NQSQs for which the restrictions have not lapsed; and,

 

(ii)       Unless
the Board determines otherwise, Shares acquired pursuant to a grant of Restricted Stock or Deferred Stock or upon exercise of an
NQSO granted under this Section may not be sold before the second anniversary of the date of grant.

 

SECTION 6. Stock Appreciation Rights.

 

(a)       Grant
and Exercise. Except as set forth in paragraph (k) of Section 5, Stock Appreciation Rights may be granted in conjunction with
all or part of any Stock Option granted under the Plan. In the case of a Non-Qualified Stock Option, such rights may be granted
either at or after the time of the grant of such Option. In the case of an Incentive Stock Option, such rights may be granted only
at the time of the grant of the option.

 

A Stock Appreciation Right or applicable
portion thereof granted with respect to a given Stock Option shall terminate and no longer be exercisable upon the termination
or exercise of the related Stock Option, except that a Stock Appreciation Right granted with respect to less than the full number
of shares covered by a related stock Option shall not be reduced until the exercise or termination of the related Stock Option
exceeds the number of shares not covered by the Stock Appreciation Right.

 

A Stock Appreciation Right may be exercised
by an Optionee, in accordance with paragraph (b) of this Section 6, by surrendering the applicable portion of the related Stock
Option. Upon such exercise and surrender, the Optionee shall be entitled to receive an amount determined in the manner prescribed
in paragraph (b) of this Section 6. Stock Options which have been so surrendered, in whole or in part, shall no longer be exercisable
to the extent the related Stock Appreciation Rights have been exercised.

 

(b)       Terms
and Conditions. Stock Appreciation Rights shall be subject to such terms and conditions, not inconsistent with the provisions
of the Plan, as shall be determined from time to time by the Committee, including the following:

 

(i)       Stock
Appreciation Rights shall be exercisable only at such time or times and to the extent that the Stock Options to which they relate
shall be exercisable in accordance with the provisions of Section 5 and this Section 6 of the Plan.

 

(ii)       Upon
the exercise of a Stock Appreciation Right, an Optionee shall be entitled to receive up to, but not more than, an amount in cash
or shares of Stock equal in value to the excess of the Fair Market Value of one share of Stock over the option price per share
specified in the related option multiplied by the number of shares in respect of which the Stock Appreciation Right shall have
been exercised, with the Committee having the right to determine the form of payment.

 

 

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(iii) Stock Appreciation Rights
shall be transferable only when and to the extent that the underlying Stock Option would be transferable under Section 5 of the
Plan.

 

(iv) Upon the exercise of a Stock
Appreciation Right, the Stock Option or part thereof to which such Stock Appreciation Right is related shall be deemed to have
been exercised for the purpose of the limitation set forth in Section 3 of the Plan on the number of shares of Stock to be issued
under the Plan, but only to the extent of the number of shares issued or issuable under the Stock Appreciation Right at the time
of exercise based on the value of the Stock Appreciation Right at such time.

 

(v)       A
Stock Appreciation Right granted in connection with an Incentive Stock Option may be exercised only if and when the market price
of the Stock subject to the Incentive Stock Option exceeds the exercise price of such Option.

 

SECTION 7. Restricted Stock.

 

(a)       Administration.
Shares of Restricted Stock may be issued to non-employee directors under Section 5, paragraph (k) above and may be issued either
alone or in addition to other awards granted under the Plan, to officers and keey employees under this Section 7. The Committee
shall determine the officers and key employees of the Company and Subsidiaries to whom, and the time or times at which, grants
of Restricted Stock will be made, the number of shares to be awarded, the time or times within which such awards may be subject
to forfeiture, and all other conditions of the awards. The Committee may also condition the grant of Restricted Stock to officers
and key employees upon the attainment of specified performance goals, and the provisions of such Restricted Stock awards need not
be the same with respect to each recipient.

 

(b)       Awards
and Certificates. The grantee of an award of shares of Restricted Stock shall not have any rights with respect to such award,
unless and until such recipient has executed an agreement evidencing the award and has delivered a fully executed copy thereof
to the Company, and has otherwise complied with the then applicable terms and conditions.

 

(i) The shares of Restricted Stock
may be issued in uncertificated or “direct registration” form and restricted on the books and records of the Company’s
transfer agent as to transfer in order to assure compliance with all terms of the Restricted Stock award. Alternatively, each participant
may be issued a stock certificate in respect of shares of Restricted Stock awarded under the Plan. Such certificate shall be registered
in the name of the participant, and shall bear an appropriate legend referring to the terms, conditions, and restrictions applicable
to such award, substantially in the following form:

 

    	 	11	 

     

    

 

“The transferability of this certificate
and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the Canterbury Park
Holding Corporation 1994 Stock Plan and an Agreement entered into between the registered owner and Canterbury Park Holding Corporation.
Copies of such Plan and Agreement are on file in the offices of Canterbury Park Holding Corporation, 1100 Canterbury Drive, Shakopee,
Minnesota 55379.”

 

(ii) If Restricted Stock is issued
in certificated form, the Committee shall require that the stock certificates evidencing such shares be held in custody by the
Company until the restrictions thereon shall have lapsed, and that, as a condition of any Restricted Stock award, the participant
shall have delivered a stock power, endorsed in blank, relating to the Stock covered by such award.

 

(c)       Restrictions
and Conditions. The shares of Restricted Stock awarded pursuant to the Plan shall be subject to the following restrictions
and conditions:

 

(i) Subject to the provisions
of this Plan and the award agreement, during a period set by the Committee commencing with the date of such award (the “Restriction
Period”), the participant shall not be permitted to sell, transfer, pledge or assign shares of Restricted Stock awarded under
the Plan. In no event shall the Restriction Period be less than one (1) year. Within these limits, the Committee may provide for
the lapse of such restrictions in installments where deemed appropriate.

 

(ii) Except as provided in paragraph
(c)(i) of this Section 7, the participant shall have, with respect to the shares of Restricted Stock, all of the rights of a shareholder
of the Company, including the right to vote the shares and the right to receive any cash dividends. The Committee, in its sole
discretion, may permit or require the payment of cash dividends to be deferred and, if the Committee so determines, reinvested
in additional shares of Restricted Stock (to the extent shares are available under Section 3 and subject to paragraph (f) of Section
12). Certificates for shares of unrestricted Stock shall be delivered to the grantee promptly after, and only after, the period
of forfeiture shall have expired without forfeiture in respect of such shares of Restricted Stock.

 

(iii) With respect to awards of
Restricted Stock to officers and key employees, subject to the provisions of the award agreement and paragraph (c)(iv) of this
Section 7, upon termination of employment for any reason during the Restriction Period, all shares still subject to restriction
shall be forfeited by the participant.

 

(iv) With respect to awards of
Restricted Stock to officers and key employees, in the event of special hardship circumstances of a participant whose employment
is terminated (other than for Cause), including death, Disability or Retirement, or in the event of an unforeseeable emergency
of a participant still in service, the Committee may, in its sole discretion, when it finds that a waiver would be in the best
interest of the Company, waive in whole or in part any or all remaining restrictions with respect to such participant’s shares
of Restricted Stock.

 

    	 	12	 

     

    

 

(v) Notwithstanding the foregoing,
all restrictions with respect to any participant’s shares of Restricted Stock shall lapse, on the date determined by the
Committee, prior to, but in no event more than sixty (60) days prior to, the occurrence of any of the following events: (i) dissolution
or liquidation of the Company, other than in conjunction with a bankruptcy of the Company or any similar occurrence, (ii) any merger,
consolidation, acquisition, separation, reorganization, or similar occurrence, where the Company will not be the surviving entity
or (iii) the transfer of substantially all of the assets of the Company or 75% or more of the outstanding Stock of the Company.

 

SECTION 8. Deferred Stock Awards.

 

(a)       Administration.
Deferred Stock may be awarded either alone or in addition to other awards granted under the Plan. The Committee shall determine
the officers and key employees of the Company and Subsidiaries to whom and the time or times at which Deferred Stock shall be awarded,
the number of Shares of Deferred Stock to be awarded to any participant or group of participants, the duration of the period (the
“Deferral Period”) during which, and the conditions under which, receipt of the Stock will be deferred, and the terms
and conditions of the award in addition to those contained in paragraph (b) of this Section 8. The Committee may also condition
the grant of Deferred Stock upon the attainment of specified performance goals. The provisions of Deferred Stock awards need not
be the same with respect to each recipient.

 

(b)       Terms
and Conditions.

 

(i) Subject to the provisions
of this Plan and the award agreement, Deferred Stock awards may not be sold, assigned, transferred, pledged or otherwise encumbered
during the Deferral Period. In no event shall the Deferral Period be less than one (1) year. At the expiration of the Deferral
Period (or Elective Deferral Period, where applicable), share certificates shall be delivered to the participant, or his legal
representative, in a number equal to the shares covered by the Deferred Stock award.

 

(ii) Amounts equal to any dividends
declared during the Deferral Period with respect to the number of shares covered by a Deferred Stock award will be paid to the
participant currently or deferred and deemed to be reinvested in additional Deferred Stock or otherwise reinvested, all as determined
at the time of the award by the Committee, in its sole discretion.

 

(iii) Subject to the provisions
of the award agreement and paragraph (b)(iv) of this Section 8, upon termination of employment for any reason during the Deferral
Period for a given award, the Deferred Stock in question shall be forfeited by the participant.

 

(iv) In the event of special hardship
circumstances of a participant whose employment is terminated (other than for Cause) including death, Disability or Retirement,
or in the event of an unforeseeable emergency of a participant still in service, the Committee may, in its sole discretion, when
it finds that a waiver would be in the best interest of the Company, waive in whole or in part any or all of the remaining deferral
limitations imposed hereunder with respect to any or all of the participant’s Deferred Stock.

 

    	 	13	 

     

    

 

(v) A participant may elect to
further defer receipt of the award for a specified period or until a specified event (the “Elective Deferral Period”),
subject in each case to the Committee’s approval and to such terms as are determined by the Committee, all in its sole discretion.
Subject to any exceptions adopted by the Committee, such election must generally be made prior to completion of one half of the
Deferral Period for a Deferred Stock award (or for an installment of such an award).

 

(vi) Each award shall be confirmed
by, and subject to the terms of, a Deferred Stock agreement executed by the Company and the participant.

 

SECTION 9. Transfer, Leave of Absence,
etc.

 

For purposes of the Plan, the following
events shall not be deemed a termination of employment:

 

(a)       a
transfer of an employee from the Company to a Parent Corporation or Subsidiary, or from a Parent Corporation or Subsidiary to the
Company, or from one Subsidiary to another;

 

(b)       a
leave of absence, approved in writing by the Committee, for military service or sickness, or for any other purpose approved by
the Company if the period of such leave does not exceed ninety (90) days (or such longer period as the Committee may approve, in
its sole discretion); and

 

(c)       a
leave of absence in excess of ninety (90) days, approved in writing by the Committee, but only if the employee’s right to
reemployment is guaranteed either by a statute or by contract, and provided that, in the case of any leave of absence, the employee
returns to work within 30 days after the end of such leave.

 

SECTION 10. Amendments and Termination.

 

The Board may amend, alter, or discontinue
the Plan, but no amendment, alteration, or discontinuation shall be made (i) which would impair the rights of an Optionee or participant
under a Stock Option, Stock Appreciation Right, Restricted Stock, Deferred Stock or other Stock-based award theretofore granted,
without the Optionee’s or participant’s consent, or (ii) which without the approval of the stockholders of the Company
would cause the Plan to no longer comply with Rule 16b-3 under the Securities Exchange Act of 1934, Section 422 of the Code or
any other regulatory requirements.

 

The Committee may amend the terms of any
award or option theretofore granted, prospectively or retroactively, but, subject to Section 3 above, no such amendment shall impair
the rights of any holder without his consent. The Committee may also substitute new Stock Options for previously granted options,
including previously granted options having higher option prices.

 

    	 	14	 

     

    

 

SECTION 11. Unfunded Status of Plan.

 

The Plan is intended to constitute an “unfunded”
plan for incentive and deferred compensation. With respect to any payments not yet made to a participant or Optionee by the Company,
nothing contained herein shall give any such participant or Optionee any rights that are greater than those of a general creditor
of the Company. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations
created under the Plan to deliver Stock or payments in lieu of or with respect to awards hereunder, provided, however, that the
existence of such trusts or other arrangements is consistent with the unfunded status of the Plan.

 

SECTION 12. General Provisions.

 

(a)       The
Committee may require each person purchasing shares pursuant to a Stock Option under the Plan to represent to and agree with the
Company in writing that the Optionee is acquiring the shares without a view to distribution thereof. The certificates for such
shares may include any legend which the Committee deems appropriate to reflect any restrictions on transfer.

 

All certificates for shares of Stock delivered
under the Plan pursuant to any Restricted Stock, Deferred Stock or other Stock-based awards shall be subject to such stock-transfer
orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other requirements of the Securities
and Exchange Commission, any stock exchange upon which the Stock is then listed, and any applicable Federal or state securities
laws, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such
restrictions.

 

(b)       Subject
to paragraph (d) below, recipients of Restricted Stock, Deferred Stock and other Stock-based awards under the Plan (other than
Stock Options) are not required to make any payment or provide consideration other than the rendering of services.

 

(c)       Nothing
contained in this Plan shall prevent the Board of Directors from adopting other or additional compensation arrangements, subject
to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only
in specific cases. The adoption of the Plan shall not confer upon any employee of the Company or any Subsidiary any right to continued
employment with the Company or a Subsidiary, as the case may be, nor shall it interfere in any way with the right of the Company
or a Subsidiary to terminate the employment of any of its employees at any time.

 

    	 	15	 

     

    

 

(d)       Each
participant shall, no later than the date as of which any part of the value of an award first becomes includible as compensation
in the gross income of the participant for Federal income tax purposes, pay to the Company, or make arrangements satisfactory to
the Committee regarding payment of, any Federal, state, or local taxes of any kind required by law to be withheld with respect
to the award. The obligations of the Company under the Plan shall be conditional on such payment or arrangements and the Company
and Subsidiaries shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise
due to the participant. With respect to any award under the Plan, if the terms of such award so permit, a participant may elect
by written notice to the Company to satisfy part or all of the withholding tax requirements associated with the award by (i) authorizing
the Company to retain from the number of shares of Stock that would otherwise be deliverable to the participant, or (ii) delivering
to the Company from shares of Stock already owned by the participant, that number of shares having an aggregate Fair Market Value
equal to part or all of the tax payable by the participant under this Section 12(d). Any such election shall be in accordance with,
and subject to, applicable tax and securities laws, regulations and rulings.

 

(e)       At
the time of grant, the Committee may provide in connection with any grant made under this Plan that the shares of Stock received
as a result of such grant shall be subject to a repurchase right in favor of the Company, pursuant to which the participant shall
be required to offer to the Company upon termination of employment for any reason any shares that the participant acquired under
the Plan, with the price being the then Fair Market Value of the Stock or, in the case of a termination for Cause, an amount equal
to the cash consideration paid for the Stock, subject to such other terms and conditions as the Committee may specify at the time
of grant. The Committee may, at the time of the grant of an award under the Plan, provide the Company with the right to repurchase,
or require the forfeiture of, shares of Stock acquired pursuant to the Plan by any participant who, at any time within two years
after termination of employment with the Company, directly or indirectly competes with, or is employed by a competitor of, the
Company.

 

(f)       The
reinvestment of dividends in additional Restricted Stock (or in Deferred Stock or other types of Plan awards) at the time of any
dividend payment shall only be permissible if the Committee (or the Company’s chief financial officer) certifies in writing
that under Section 3 sufficient shares are available for such reinvestment (taking into account then outstanding Stock Options
and other Plan awards).

 

SECTION 13. Effective Date of Plan.

 

The Plan shall be effective on the date
it is approved by a vote of the holders of a majority of the Stock present and entitled to vote at a meeting of the Company’s
shareholders.

 

 

    	 	16Exhibit 10.9

 

Joint Marketing Agreement

 

This Joint Marketing Agreement (“JMA”)
outlines the relationship and responsibilities of the parties with regard to collaborative selling of products and servicing of
clients (the “Collaboration”), and is made as of March 24, 2017, (the “Effective Date”), by and between GeoCommerce,
Inc., (“GC”), and Digital Donations, Inc. (“DIGITAL”), each a “Party,” and collectively the “Parties.”

 

NOW, THEREFORE, in consideration of the mutual
covenants herein contained and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged,
the Parties hereto hereby agree as follows:

 

RECITALS

 

WHEREAS, the mutual intention of the Parties
is to collaborate on business opportunities, the Parties agree as follows:

		A.	The Parties desire to cooperate on specific client projects for the purpose of generating and sharing
revenue.

		B.	The Parties acknowledge that the provisional benefits and accountabilities for the contemplated
Collaboration as outlined herein have been drafted equally.

		C.	This JMA constitutes an enforceable agreement between the Parties hereto with respect to the provisions
hereof, meaning this Agreement shall govern any collaboration in the interim between the Effective Date and the date on which a
more comprehensive definitive agreement may be executed.

		D.	The Parties agree to negotiate in good faith and use their respective best efforts to execute a
definitive version of this Agreement that materially incorporates the terms and conditions set forth herein. In the event that
the Parties do not execute a definitive agreement, the terms of this Memorandum shall continue to govern the Collaboration for
the Term of this Agreement.

 

		1.	Definitions

		1.1.	“Collaboration” means a business relationship structured for the purpose of cooperating
on a series of projects.

		1.2.	“Reseller” means a party who is authorized to resell products at predefined rates to
its clients contracted by Reseller as a customer, such client engagements and relationships being directly managed by the Reseller.

		1.3.	“Insertion Order” means a mutually agreed to Insertion Order (“IO”), proposal,
quote, statement of work, or other project agreement under which GC will deliver GC products for the benefit of DIGITAL or its
clients, that incorporates the terms of this Agreement.

		1.4.	“GC Products” means any GC product or service provided by GC, which may include product
integration and configuration, data capture and delivery, information, and proprietary systems and processes, as described in separate
IOs, proposals, quotes, statements of work, or other project agreements.

		1.5.	“DIGITAL Products” means any DIGITAL product or service provided by DIGITAL, which may
include fundraising technologies, financial products, lead generation, data sales, affiliate offers, and other products, as described
in separate IOs, proposals, quotes, statements of work, or other project agreements.

		1.6.	“GC Data” means any data, code, processes, or information taken from or relating to GC
or its clients, which DIGITAL may directly or indirectly read, view, copy, duplicate, transmit or utilize in any way, or allows
or facilitates a third party to perform any of the foregoing.

		1.7.	“Gross Revenue” means the amount of money that clients actually pay for the Products
and/or services, which is the raw sales income generated by the Collaboration.

		1.8.	“Net Revenue” means the amount of money that clients actually pay for the Products and/or
services, which is the raw sales income generated by the Collaboration, less mutually agreed upon costs itemized in separate project
agreements.

 

    	CONFIDENTIAL	 	1

     

    

 

		2.	Relationship

		2.1.	GC

		a.	GC will provide DIGITAL a non-exclusive, royalty-free, worldwide license to market and sell
                                                          GC Products.

		b.	GC will supply its Intellectual Property (the “IP”), including patented works, know-how,
resources to link disparate online and offline audience intelligence and one-to-one audience reach, and certain GC Data to co-market GC Products with DIGITAL as GC deems appropriate.

		c.	GC will supply training, support, project management, and account management resources to
                                                           service DIGITAL client accounts GC deems appropriate.

		d.	GC will provide DIGITAL with access to and use of GC Products for the purposes of performing
                                                           on DIGITAL client projects as GC deems appropriate.

		e.	GC will collect internet-related data resulting from the use of GC Products on behalf of
                                                           DIGITAL clients, and all such GC Data is granted to GC to improve upon its intellectual property.

		2.2.	DIGITAL

		a.	DIGITAL will become an authorized reseller for GC Products.

		b.	DIGITAL will provide access to the raw data collected for all its clients in which the GC Product
has been implemented.

		c.	DIGITAL will hold first position with regard to client relationship management, being responsible
for client acquisition, proposals, contracts, invoices, payments, and collections.

		d.	DIGITAL will conduct marketing and sales endeavors to promote GC Products, which may include
                                                           such activities as market research, data modeling, matching, analytics, brand development, positioning, pricing,
                                                           advertising, public relations, events, website design, materials production, and other activities, as mutually
                                                           agreed.

		e.	DIGITAL will invoice clients monthly, and provide payment to GC within thirty (30) days of
                                                           receiving client payment.

		f.	DIGITAL grants GC the right to publish company names of clients and project descriptions
                                                           regarding clients serviced under this agreement for self-promotional purposes, upon written approval from DIGITAL.

		g.	DIGITAL shall retain a non-exclusive, royalty-free, non-restricted, worldwide license to GC
                                                           data collected on DIGITAL’s behalf and on that of DIGITAL Clients.

 

		3.	Financial

		3.1.	The parties agree to share revenue, as defined herein, related to the Collaboration as follows:

		a.	35% to GC of Net Revenue on all DIGITAL products sold in connection with this Collaboration.

		b.	35% to DIGITAL of Net Revenue on all GC products sold in connection with this Collaboration.

		c.	50% to DIGITAL of Net Revenue on all products jointly developed by both Parties and sold in connection with this Collaboration.

	d.	50% to GC of Net Revenue on all products jointly developed by both Parties and sold in
                                                           connection with this Collaboration.
	 	 

		4.	Term

		4.1.	Initial term of this agreement will be one (1) year from the Effective Date.

		4.2.	Automatic renewals for additional one (1) year periods, unless either party provides notice of
non-renewal thirty (30) days prior to the end of the then-applicable term.

		4.3.	This agreement may be terminated by either party for cause on thirty (30) days advance written
notice effective as of the expiration of the notice period.

 

    	CONFIDENTIAL	 	2

     

    

 

		5.	Confidentiality

	5.1.	Confidential Information. During the Term of this Agreement, the parties may disclose to one another,
both orally and in writing, certain information of such party which concerns that party’s business plans, technology or products
which is or contains confidential, proprietary or trade secret information (“Confidential Information”), including, without
limitation, information relating to their business and the terms and conditions of this Agreement. Each of the parties shall hold
the other party’s Confidential Information in strict confidence using means no less protective than the means used by the receiving
party to protect its own confidential information (but in any event using not less than reasonable means) and shall not disclose
the Confidential Information to any person or entity other than to the employees and contractors of such party having a need to
know in order for the party to perform properly its obligations and/or exercise its rights under this Agreement and who are subject
to confidentiality obligations no less protective of the disclosing party than those hereunder. Neither party will make any other
use of any nature whatsoever of the other party’s Confidential Information except as expressly permitted under this Agreement.
“Confidential Information” will not include information that: (a) is or becomes generally known or available by publication,
commercial use or otherwise through no fault of the receiving party; (b) was already known by the receiving party at the time of
disclosure; (c) is independently developed by the receiving party without use of the disclosing party’s Confidential Information;
(d) is lawfully obtained from a third party who has the right to make such disclosure; (e) is released for publication by the disclosing
party in writing. Notwithstanding the foregoing, the parties may disclose Confidential Information if required by law as part of
a judicial or regulatory proceeding so long as the party that is required to so disclose takes reasonable steps available (at the
disclosing party’s cost) to obtain protective treatment, designates the material under the highest level of confidentiality available
under a protective order, or notifies the other party prior to disclosure in sufficient time to enable such party to seek protective
treatment. 
	5.2.	Irreparable Harm. The parties acknowledge that in the event of any breach or threatened breach by either party,
the other party may suffer irreparable harm and may not possess an adequate remedy at law. Accordingly, each party shall have the
right to seek injunctive or other equitable relief to restrain such breach or threatened breach.
	 	 

		6.	Non-compete, Non-circumvent

		a.	During the term of this Agreement, and for a period of 2 years after this Agreement is cancelled,
the Parties shall not a) directly solicit an individual, whether a member of a customer organization, an employee, a contractor,
or a vendor, who is personally involved in the Collaboration defined herein and who is a direct contact of the other Party without
the prior written approval of the other Party; b) directly or indirectly request or advise any individual who is a direct contact
of the other Party to withdraw, curtail, or cancel business with the other Party; (c) induce or attempt to induce any employee
or agent of the other Party to leave the employ of the other Party, or hire any such employee or agent in any business or capacity;
(d) enter into any direct or indirect business relationship with the client or affiliate business partner of the other without
express prior written approval of the other party.

		b.	The Parties shall not directly or indirectly disclose to any other person, partnership, corporation
or association, the names or contact information of any of the customers of the other Party, or make any statement disparaging
the other Party, any member, principal, officer, director, shareholder, employee or agent thereof, to any person, firm, corporation
or other business organization whatsoever.

 

		7.	INTELLECTUAL
                                         PROPERTY RIGHTS

	7.1	All Intellectual Property, including existing or in-progress IP, which is owned by one of the Parties, will remain the sole
property of the owner.

 

	7.2	The Parties may, at their own discretion, grant certain rights to use their IP for the purposes of collaboration in relation
to this Agreement. No further rights to use the other Party’s IP are granted herein, except with the express written consent of
the other Party. The parties will be responsible for any and all damages resulting from the unauthorized use of the Intellectual
Property.

 

		8.	INDEMNIFICATION

		8.1.	Generally. Each party agrees to comply with any federal, state or local law applicable to the data
and agrees to indemnify the other party (including its directors, officers, employees, and representatives) from any third party
losses, expenses, fees (including attorney’s fees) or liabilities arising out of a third-party claim related to the respective
party’s violation of any applicable law, misuse of the Data, or other breach of this Agreement. This includes recent compliance
changes effective October 16, 2013 to the Telephone Consumer Protection Act (TCPA) and impacting consumer privacy.

 

    	CONFIDENTIAL	 	3

     

    

 

		8.2.	By DIGITAL. DIGITAL shall defend, indemnify and hold GC and its Customer harmless against any loss,
damage or costs (including reasonable attorneys’ fees) incurred in connection with claims, demands, suits or proceedings (“Claims”)
made or brought against GC or its Customer by a third party arising out of, incident or relating to any claim based on any inappropriate
use or misuse or willfully negligent action by DIGITAL in connection with this Agreement or its provisions of services hereunder,
the technology used by DIGITAL’S Services or products, actual or alleged (i) breach of any term, condition, representation, or
warranty of this Agreement; (ii) violation of any applicable law, rule or regulation; (iii) infringement on the intellectual property
rights or other rights of such third party; provided, however, that DIGITAL shall have no such indemnification obligation to the
extent such infringement: (a) relates to use of the application Services or Deliverables in combination with other software, data
products, processes, or materials not provided by DIGITAL to the extent which the infringement would not have occurred but for
the combination; (b) arises from or relates to modifications to the application Services or Deliverables not made or authorized
by DIGITAL; or (c) where Customer continues the activity or use constituting or contributing to the infringement after notification
thereof by DIGITAL.

		8.3.	By GC. GC shall defend, indemnify, and hold DIGITAL harmless against any loss, damage, or costs
(including reasonable attorneys’ fees) incurred in connection with a Claim that (a) DIGITAL has used the application Services or
other GC product or service in violation of the terms of use set forth in this Agreement; (b) Data, and/or any materials provided
by GC to DIGITAL necessary to perform the Professional Services, (c) infringe the intellectual property rights of a third party;
or (d) GC has violated the UIGE Act.

		8.4.	Procedure. As an express condition to the indemnifying party’s obligation under this Section, the
party seeking indemnification must: (a) promptly notify the indemnifying party in writing of the applicable Claim for which indemnification
is sought; and (b) provide the indemnifying party with all non-monetary assistance, information and authority reasonably required
for the defense and settlement of such Claim. The indemnifying party may select counsel for defense of the Claim and direct the
course of any litigation or other disputed proceedings concerning the Claim. The indemnified party may select its own counsel and
direct its own defense of a Claim if it chooses to do so, but it must bear the costs of its own counsel and any activities in any
disputed proceeding conducted by counsel of its choosing. The indemnifying party may settle any Claim; to the extent it seeks a
money payment, with or without the consent of the indemnified party. The indemnifying party must obtain the indemnified party’s
consent to any settlement to the extent it consents to injunctive relief or contains contract terms governing future activities
that would materially affect the indemnified party’s business or interests, said consent not to be unreasonably withheld, conditioned
or delayed.
	 	 	 

		9.	LIMITATIONS

		9.1.	Limitation of Liability. EXCEPT FOR DIGITAL’s INDEMNITY OR DUE TO A BREACH OF ITS OBLIGATIONS
                                                             HEREOF, IN NO EVENT SHALL DIGITAL’s AGGREGATE LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT, WHETHER
                                                             IN CONTRACT, TORT OR UNDER ANY OTHER THEORY OF LIABILITY, EXCEED THE GREATER OF $100,000 OR THE AMOUNTS ACTUALLY PAID BY AND/OR
DUE FROM CUSTOMER HEREUNDER IN THE 12 MONTHS PRECEDING THE INCIDENT
GIVING RISE TO LIABILITY.

		9.2.	Exclusion of Consequential and Related Damages. IN NO EVENT SHALL EITHER PARTY HAVE ANY
                                                             LIABILITY TO THE OTHER PARTY FOR ANY LOST PROFITS OR FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, CONSEQUENTIAL OR
                                                             SPECIAL DAMAGES OF ANY KIND OR NATURE HOWEVER CAUSED AND, WHETHER IN CONTRACT, TORT OR UNDER ANY OTHER THEORY OF LIABILITY, WHETHER
OR NOT THE OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH
DAMAGES.

	9.3.	Time to File Claim. NO CLAIM MAY BE BROUGHT BY EITHER PARTY
UNDER THIS AGREEMENT MORE THAN ONE YEAR AFTER
THE ACCRUAL OF THE CLAIM.
	 	 

	10.	Each party agrees to maintain insurance in commercially reasonable amounts calculated to protect
itself and the other party to this agreement from any and all claims of any kind or nature for damage to property or personal injury,
including death, made by anyone, that may arise from activities performed or facilitated by this contract, whether these activities
are performed by that company, its employees, agents, or anyone directly or indirectly engaged or employed by that party or its
agents.
	 	 

		11.	Miscellaneous

		11.1.	Headings. The section headings used in this Agreement are intended for reference purposes only
and shall not affect the interpretation of this Agreement.

		11.2.	Counterparts. This Agreement may be executed in counterparts (which may be exchanged by facsimile),
each of which shall be deemed an original, but which together shall constitute one and the same instrument.

 

    	CONFIDENTIAL	 	4

     

    

 

		11.3.	Waiver. No failure on the part of any Party to exercise, and no delay in exercising, any right,
power or remedy under this Agreement shall operate as a waiver thereof.

		11.4.	Remedies Not Exclusive. Except as expressly set forth herein, no remedy hereunder is intended to
be exclusive of any other remedy available hereunder or at law or in equity.

		11.5.	Severability. If any provision of this Agreement is held to be illegal, invalid or unenforceable,
such illegality, invalidity or unenforceability shall supply only to such provision. The illegality, invalidity, or unenforceability
of such provision shall not in any manner affect or render illegal, invalid or unenforceable any other provision of this Agreement,
and that provision, and this Agreement generally, shall be reformed, construed and enforced so as to most nearly give lawful effect
to the intent of the Parties as expressed in this Agreement. The fact that any provision of this Agreement is held to be illegal,
invalid or unenforceable in a particular jurisdiction shall have no effect upon the legality, validity, or enforceability of such
provision in any other jurisdiction.

		11.6.	Non-Exclusivity. This Agreement is non-exclusive. Nothing in this Agreement restricts either Party
from developing, marketing, selling, licensing, and/or distributing its products or services, or products and services similar
to those of the other Party, in the normal course of business or through its standard sales channels.

		11.7.	No Strict Construction. If an ambiguity or question arises with respect to any provision of this
Agreement, this Agreement will be construed as if drafted jointly by the Parties and no presumption or burden of proof will arise
favoring or disfavoring either Party by virtue of authorship of any of the provisions of this Agreement.

		11.8.	Assignment. This Agreement, and any Addendum, or any rights or licenses granted hereunder may be
assigned, delegated, or subcontracted upon mutual written consent of the Parties. Any attempt to assign any rights, duties, or
obligations which arise under this Agreement or any Addendum without such consent shall be null and void. Further, either Party
may assign this Agreement, in whole, but not in part, to (i) an entity controlled by, under common control with, or controlling
such Party; (ii) the successor in interest in any merger, share exchange, or reorganization; or (iii) the purchaser of all or substantially
all of such Party’s assets. This Agreement will be binding upon and will inure to the benefit of the Parties and their respective
permitted successors and assignees.

		11.9.	Relationship. This Agreement does not create a partnership or joint venture relationship
                                                              between the Parties. Both Parties have sole responsibility for activities of its own organization and its
                                                              personnel, and shall have no authority and shall not represent to any third party that it has the authority to bind
                                                              or otherwise obligate the other Party in any manner except as defined in this Agreement.

		11.10.	Force Majeure. Neither Party shall be liable for any failure or delay in the performance of any
of their respective obligations if prevented from doing so by a Force Majeure Event. “Force Majeure Event” means (i)
floods, earthquakes, or other similar elements of nature or acts of God; (ii) riots, civil disorders, strikes, rebellions or revolutions
in any country; or (iii) any other cause beyond the reasonable control of the non-performing Party, provided the non-performing
Party is without fault in failing to prevent or causing such default or delay, and such default or delay could not have been prevented
or circumvented by the non-performing Party through the reasonable use of alternate sources, workaround plans or other reasonable
precautions.

		11.11.	Notices. All notices and other communications required or permitted to be given to a Party pursuant
to this Agreement shall be in writing, and shall be deemed duly given (i) on the date delivered if personally delivered, (ii) on
the business day after being sent by Federal Express or another recognized overnight courier service which utilizes a written form
of receipt for next day or next business day delivery, provided that a Party hereto may change its address for receiving notice
by the proper giving of notice hereunder.

		11.12.	Publicity. Following receipt of the parties express written approval, GC and DIGITAL may use the
name or marks of, refer to, or identify the parties (or any related entity) as a reference or in publicity releases, interviews,
promotional or marketing materials (including testimonials, quotations, case studies and other endorsements), public announcements,
customer listings, or advertising.

		11.13.	Governing Law / Jurisdiction. This Agreement, and all matters arising directly or indirectly from
this Agreement, shall be governed by and construed in accordance with the laws of the State of California, and shall have venue
in Orange, California, without regard to its conflict of laws rules applicable to contracts to be performed entirely within the
State of California.

		11.14.	Entire Agreement. This Agreement, including all Exhibits, Order Forms and Statement of Work, constitutes
the entire agreement between the Parties, and supersedes all prior and contemporaneous agreements, proposals or representations,
written or oral, concerning its subject matter. No modification, amendment, or waiver of any provision of this Agreement shall
be effective unless in writing and signed by both Parties. To the extent of any conflict or inconsistency between the provisions
in the body of this Agreement and any Exhibit, Order Form, or Statement of Work, the terms of this Agreement shall prevail unless
expressly stated otherwise in the applicable Exhibit, Order Form, or Statement of Work. The language used in this Agreement shall
be deemed to be language chosen by both parties hereto to express their mutual intent, and no rule of strict construction against
either party shall supply to rights granted herein or to any term or condition of this Agreement.

 

    	CONFIDENTIAL	 	5

     

    

 

		11.15.	Amendments. This Agreement may only be modified in a writing
signed by both the Parties.

		11.16.	Survival. The obligations under sections that contemplate performance or observance subsequent
to termination or expiration of this Agreement, shall survive the expiration or termination of this Agreement.

 

IN WITNESS WHEREOF, the Parties hereto have
executed this Agreement as of the day and year indicated above.

 

	GEOCOMMERCE, INC.	 	DIGITAL DONATIONS, INC.
	 	 	 	 	 
	By:	 	 	By:	/s/
    Keith Orlean
		(Signature)	 		(Signature)
	 	 	 	 	 
	Name:	 	 	Name: 	Keith
    Orlean
		(Print)	 		(Print)
	 	 	 	 	 
	Title:	 	 	Title:	President
	 	 	 
	Contact for notices and
    operations matters:	 	Contact for notices and
    operations matters:
	GeoCommerce, Inc.	 	Digital Donations, Inc.
	Attn: Mark Sullivan, Managing
    Director	 	Attn: Keith Orlean, President
	1621 Alton Pkwy, Suite 160	 	68 South Service Road
	Irvine, CA 92606	 	Melville, NY 11747
	mark@geocommerce.com	 	korlean@digitaldonations.org

 

    	CONFIDENTIAL	 	6

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