Document:

Exhibit 10.2

 

EXECUTION
COPY

 

CONSULTING AGREEMENT

 

This CONSULTING AGREEMENT
(this “Agreement”) is dated as of May 13, 2022 (the “Execution Date”) by and between Tellurian
Inc., a corporation organized under the laws of the State of Delaware (the “Company”), and R. Keith Teague (“Consultant”).
The Company and the Consultant are hereinafter sometimes referred to individually as a “Party” or collectively as the
 “Parties.”

 

Recitals

 

WHEREAS, Consultant served
as the Executive Vice President and Chief Operating Officer of the Company, and, as of the Execution Date, has simultaneously entered
into that certain Retirement Agreement and General Release with the Company (as amended or supplemented from time to time, the “Retirement
Agreement”), pursuant to which, among other things, Consultant will voluntarily retire from employment with the Company and
its affiliates (collectively, the “Company Group”) as of the Separation Date (as defined in the Retirement Agreement);
and

 

WHEREAS, during the Advisory
Period (as defined below), the Company desires to retain the Consultant as an advisor to provide certain services upon the terms and conditions
set forth herein, and the Consultant is willing to perform such services.

 

Agreement

 

NOW, THEREFORE, in consideration
of the mutual promises, covenants, and agreements set forth below, and intending to be legally bound hereby, the Parties hereby agree
as follows:

 

ARTICLE I

SERVICES, TERM, FEES AND EXPENSES

 

1.1            Services;
Exclusivity.

 

(a)            The
Company hereby engages the Consultant, and the Consultant hereby accepts such engagement, as an independent contractor to provide certain
services to the Company on the terms and conditions set forth in this Agreement.

 

(b)            During
the Advisory Period, the Consultant shall provide services as a consultant to the Company, which shall include, but will not be limited
to, making himself available to the Company’s Board of Directors (the “Board”), Executive Chairman, and Chief
Executive Officer to provide advisory services to the Company Group regarding the “Driftwood” project or any other project,
as may be reasonably requested from time to time by the Company (collectively, the “Services”).

 

     

     

    

 

(c)            The
Company shall not control the manner or means by which the Consultant performs the Services, including, but not limited to, the time and
place the Consultant performs the Services; provided, however, that, during the Advisory Period, the Consultant shall not,
directly or indirectly, alone or jointly with any person or entity, participate in, engage in, facilitate the participation or engagement
in, or otherwise be involved with, or be employed in, consult with, advise, or otherwise provide services to, any natural gas, liquefied
natural gas (LNG), hydrogen, ammonia or alternative fuel-related business other than the Company Group. The Consultant shall devote the
Consultant’s business time and best efforts to providing the Services during the Advisory Period. Notwithstanding the foregoing,
it shall not be a violation of this Section 1.1(c) for the Consultant to (i) manage the Consultant’s personal
investments and family affairs; (ii) participate or engage in businesses that are not natural gas, liquefied natural gas (LNG), hydrogen,
ammonia or alternative fuel-related businesses; or (iii) perform and participate in civic, community, charitable, educational, religious,
or other related activities, so long as such activities described in the foregoing clauses (i) through (iii) do not, individually
or collectively, (x) materially interfere with the Consultant’s duties and responsibilities to the Company Group, (y) create
an actual or potential conflict of interest with, or result in an adverse effect or material injury to, the business interests or goodwill
of the Company Group, or (z) violate the Consultant’s obligations under this Agreement or the Retirement Agreement.

 

(d)            Except
as set forth in Section 1.3(b), the Consultant shall furnish, at Consultant’s own expense, the equipment, supplies,
and other materials used to perform the Services.

 

1.2            Advisory
Period. The term of this Agreement (the “Advisory Period”) shall commence on July 18, 2022 and shall automatically
expire at the close of business on the second (2nd) anniversary thereof (such second (2nd) anniversary, the “Expiration
Date”), unless earlier terminated in accordance with ARTICLE V; provided, that, notwithstanding anything
to the contrary in this Agreement, if the Consultant fails to timely execute and deliver the Retirement Agreement (including Annex
B attached thereto) in accordance with its terms, or if the Consultant timely revokes the Retirement Agreement (or Annex B
attached thereto) in accordance with its terms, then this Agreement shall automatically terminate and become null and void ab initio,
and neither Party shall have any further obligation or liability hereunder.

 

1.3            Fees
and Expenses.

 

(a)            As
compensation for the Services and the rights granted to the Company in this Agreement, the Company shall pay the Consultant an annualized
advisory fee of $250,000 during the Advisory Period, paid in substantially equal monthly installments in arrears within thirty (30) days
following the end of each calendar month during the Advisory Period (the “Advisory Fees”). The Consultant acknowledges
that the Consultant will receive an IRS Form 1099-NEC (or equivalent successor form) from the Company with respect to the Advisory
Fees, and that the Consultant shall be solely responsible for all federal, state, local, and non-U.S. taxes relating thereto, as set out
in Section 2.1(b).

 

(b)            During
the Advisory Period, reasonable out-of-pocket business expenses incurred in connection with the Services by the Consultant that are approved
by the Company shall be reimbursed to the Consultant, subject to and in accordance with the Company’s applicable expense reimbursement
policies as in effect from time to time (including, without limitation, any requirements regarding provision of documentation or receipts).

 

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1.4            Full
Consideration. The compensation payable and provided to the Consultant under this Agreement shall constitute the full consideration
to be paid to the Consultant for the provision of all Services.

 

ARTICLE II

INDEPENDENT CONTRACTOR RELATIONSHIP

 

2.1            Relationship
of the Parties.

 

(a)            The
Consultant is an independent contractor of the Company, and this Agreement shall not be construed to create any association, partnership,
joint venture, employee, or agency relationship between the Consultant and the Company for any purpose. The Consultant has no authority
(and shall not hold himself out as having authority) to bind the Company or any other member of the Company Group, and the Consultant
shall not make any agreements or representations on the Company Group’s behalf without the Company’s prior written consent.

 

(b)            Without
limiting Section 2.1(a), the Consultant will not be eligible to participate in any group medical or life insurance, disability,
profit sharing, or retirement benefits, or any other fringe benefits, benefit plans, or bonus or compensation programs offered by the
Company to its employees (but, for the avoidance of doubt, the foregoing shall not be construed as limiting the Consultant’s ability
to elect continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, in connection with
the Consultant’s termination of employment with the Company Group as described in the Retirement Agreement, at the Consultant’s
sole cost and expense and in accordance with the applicable Company Group health and welfare benefit plans). Without limitation of the
foregoing, in the event that the Consultant’s relationship to the Company Group during the Advisory Period is reclassified as an
employment relationship, the Consultant hereby expressly waives participation in any of the foregoing employee benefit, bonus, or compensation
plans, programs, or arrangements. In addition, the Company Group will not be responsible for withholding or paying any federal, state,
local, or non-U.S. income taxes, required withholdings, Social Security and other payroll taxes, or other required deductions under federal,
state, local, or non-U.S. regulation, or making any insurance contributions, including for unemployment or disability, or obtaining workers’
compensation insurance on the Consultant’s behalf. The Consultant shall be responsible for all such taxes, contributions, and amounts,
and shall indemnify and hold the Company Group harmless against any liability arising from the failure to withhold or make payment of
such amounts, including as may be claimed or assessed by any taxing authority and including any related fines, penalties, and reasonable
attorneys’ fees. Notwithstanding the foregoing, the Consultant acknowledges and agrees that the Company will report any payments
under the Retirement Agreement (including, without limitation, any payments in respect of the CIP Award and the Outstanding ICP LTI Award,
each as defined in the Retirement Agreement) on an IRS Form W-2 (or applicable successor form), and all such payments shall be subject
to all applicable withholdings and other deductions as described in Section 22 of the Retirement Agreement.

 

(c)            Any
doubt as to the construction of this Agreement shall be resolved to maintain the Consultant’s status as an independent contractor
of the Company.

 

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2.2            Intellectual
Property Rights.

 

(a)            The
Company is and will be the sole and exclusive owner of all right, title, and interest throughout the world in and to all the results and
proceeds of the Services performed under this Agreement (collectively, the “Deliverables”) and all other writings,
technology, inventions, discoveries, processes, techniques, methods, ideas, concepts, research, proposals, and materials, and all other
work product of any nature whatsoever, that are created, prepared, produced, authored, edited, modified, conceived, or reduced to practice
in the course of performing the Services or other work performed in connection with the Services or this Agreement (collectively, and
including the Deliverables, the “Work Product”) including all patents, copyrights, trademarks (together with the goodwill
symbolized thereby), trade secrets, know-how, and other confidential or proprietary information, and other intellectual property rights
(collectively, the “Intellectual Property Rights”) therein. The Consultant agrees that the Work Product is hereby deemed
 “work made for hire” as defined in 17 U.S.C. § 101 for the Company, and all copyrights therein automatically and immediately
vest in the Company. If, for any reason, any Work Product does not constitute “work made for hire,” the Consultant hereby
irrevocably assigns to the Company, for no additional consideration, the Consultant’s entire right, title, and interest throughout
the world in and to such Work Product, including all Intellectual Property Rights therein, including the right to sue for past, present,
and future infringement, misappropriation, or dilution thereof.

 

(b)            To
the extent any copyrights are assigned under Section 2.2(a), the Consultant hereby irrevocably waives in favor of the Company,
to the extent permitted by applicable law, any and all claims the Consultant may now or hereafter have in any jurisdiction to all rights
of paternity or attribution, integrity, disclosure, and withdrawal and any other rights that may be known as “moral rights”
in relation to all Work Product to which the assigned copyrights apply.

 

(c)            Upon
the request of the Company, during and after the Advisory Period, the Consultant shall promptly take such further actions, including execution
and delivery of all appropriate instruments of conveyance, and provide such further cooperation, as may be necessary to assist the Company
to apply for, prosecute, register, maintain, perfect, record, or enforce its rights in any Work Product and all Intellectual Property
Rights therein. In the event the Company is unable, after reasonable effort, to obtain the Consultant’s signature on any such documents,
the Consultant hereby irrevocably designates and appoints the Company as the Consultant’s agent and attorney-in-fact, to act for
and on the Consultant’s behalf solely to execute and file any such application or other document and do all other lawfully permitted
acts to further the prosecution and issuance of patents, copyrights, or other intellectual property protection related to the Work Product
with the same legal force and effect as if the Consultant had executed them. The Consultant agrees that this power of attorney is coupled
with an interest.

 

(d)            As
between the Consultant and the Company, the Company is, and will remain, the sole and exclusive owner of all right, title, and interest
in and to any documents, specifications, data, know-how, methodologies, software, and other materials provided to the Consultant by the
Company (collectively, the “Company Materials”), including all Intellectual Property Rights therein. The Consultant
has no right or license to use, publish, reproduce, prepare derivative works based upon, distribute, perform, or display any Company Materials
except solely during the Advisory Period to the extent necessary to perform the Consultant’s obligations under this Agreement. All
other rights in and to the Company Materials are expressly reserved by the Company. The Consultant has no right or license to use the
Company’s trademarks, service marks, trade names, logos, symbols, or brand names.

 

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2.3            Restrictive
Covenants. Sections 10, 11, 12, 13, 14, and 15 of the Retirement Agreement are incorporated by reference as though fully set forth
herein.

 

ARTICLE III

REPRESENTATIONS, WARRANTIES, AND COVENANTS

 

3.1            Representations
and Warranties.

 

(a)            By
the Consultant’s acceptance and execution of this Agreement and in performing the Services, the Consultant hereby represents and
warrants to the Company that:

 

(i)         
     the Consultant has the right to enter into this Agreement, to grant the rights
granted herein, and to perform fully all of the Consultant’s obligations in this Agreement;

 

(ii)             the
Consultant’s entering into this Agreement with the Company and the Consultant’s performance of the Services do not and will
not conflict with or result in any breach or default under any other agreement to which the Consultant is subject;

 

(iii)            the
Consultant has the required skill, experience, and qualifications to perform the Services, the Consultant shall perform the Services in
a professional and workmanlike manner in accordance with generally recognized industry standards for similar services, and the Consultant
shall devote sufficient resources to ensure that the Services are performed in a timely and reliable manner;

 

(iv)            the
Consultant shall perform the Services in compliance with all applicable federal, state, local, and non-U.S. laws and regulations;

 

(v)         
    the Company will receive good and valid title to all Work Product, free and clear
of all encumbrances and liens of any kind; and

 

(vi)            all
Work Product is and shall be the Consultant’s original work (except for material in the public domain or provided by the Company)
and does not and will not violate or infringe upon the intellectual property right or any other right whatsoever of any person, firm,
corporation, or other entity.

 

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3.2            The
Company hereby represents and warrants to the Consultant that:

 

(a)            it
has the full right, power, and authority to enter into this Agreement and to perform its obligations hereunder; and

 

(b)            the
execution of this Agreement by its representative whose signature is set forth at the end hereof has been duly authorized by all necessary
corporate action.

 

3.3            Covenants.

 

(a)            Compliance
with Sanctions Laws. The Consultant shall not, in connection with the Services provided pursuant to this Agreement, engage in any
transaction with any person or entity that would constitute a violation of any Sanctions Laws, including any person or entity identified
in the U.S. Department of the Treasury, Office of Foreign Assets Control’s list of “Specially Designated Nationals and Blocked
Persons” or list of “Foreign Sanctions Evaders,” the U.S. Department of State’s list of debarred parties and lists
of persons and entities that have been designated pursuant to sanctions and/or non-proliferation statutes that it administers and related
executive orders, or the European Union Commission’s “Consolidated list of persons, groups and entities subject to EU financial
sanctions.” For purposes of this Section 3.3(a), “Sanctions Laws” means economic sanctions laws and
trade restrictions pursuant to sanctions laws of the United States, including those administered by the Departments of Treasury and State,
and equivalent measures of the United Kingdom, the European Union, the United Nations Security Council, and laws of any other relevant
jurisdictions.

 

(b)            Compliance
with Anti-Corruption Laws. The Consultant has not and shall not, in connection with the Services provided pursuant to this Agreement,
offer, accept, make, authorize, or promise to make any payment or transfer anything of value, direct business, or provide any other personal
benefit to any person or entity in order to illegally obtain or retain business or secure any business advantage. Terms used in this Section 3.3(b) shall
be construed in accordance with the provisions of applicable anti-corruption laws, including the United States Foreign Corrupt Practices
Act of 1977, as amended, and any similar anti-corruption laws enacted in any other relevant jurisdiction.

 

ARTICLE IV

INDEMNIFICATION

 

4.1            Indemnification.
THE CONSULTANT SHALL INDEMNIFY, DEFEND, AND HOLD HARMLESS THE COMPANY GROUP AND ITS AFFILIATES, AND THEIR OFFICERS, DIRECTORS, EMPLOYEES,
AGENTS, SUCCESSORS, ASSIGNS, AND REPRESENTATIVES, FROM AND AGAINST ANY AND ALL LIABILITIES, LOSSES, DAMAGES, ACTIONS, JUDGMENTS, INTEREST
AWARDS, PENALTIES, FINES, COSTS OR EXPENSES OF WHATEVER KIND (INCLUDING, WITHOUT LIMITATION, LEGAL FEES AND COSTS) ARISING FROM INJURY
TO OR DEATH OF PERSONS OR DAMAGE TO PROPERTY, TO THE EXTENT ATTRIBUTABLE TO THE NEGLIGENT ACTS, OMISSIONS, OR THE WILLFUL MISCONDUCT OF
THE CONSULTANT. WITHOUT LIMITATION ON THE COMPANY’S REMEDIES, THE COMPANY MAY SATISFY SUCH INDEMNITY (IN WHOLE OR IN PART)
BY WAY OF DEDUCTION FROM ANY PAYMENT DUE TO THE CONSULTANT, TO THE EXTENT PERMITTED UNDER THE PROVISIONS OF CODE SECTION 409A (AS
DEFINED BELOW).

 

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ARTICLE V

TERMINATION; RELEASE REQUIREMENT

 

5.1            Termination
Generally. The Consultant or the Company may terminate this Agreement at any time and for any reason (or no reason) upon fifteen (15)
calendar days’ written notice to the other Party to this Agreement; provided, that the Company may terminate this Agreement
with immediate effect for Cause (as defined below) (and this Agreement shall automatically and immediately terminate upon the Consultant’s
death). In the event of termination pursuant to this Section 5.1, the Company shall pay the Consultant any accrued but unpaid
Advisory Fees through the date of such termination (the “Accrued Amounts”), and shall have no further payment obligations
under this Agreement, except as expressly set forth in Section 5.2 below.

 

5.2            Termination
without Cause. If, and only if, this Agreement are terminated by the Company without Cause, then, subject to and conditioned upon
(i) continued compliance with the confidentiality obligations and restrictive covenants to which Employee is subject under Sections
2.2, 2.3, 3.1, and 3.3 of this Agreement, and (ii) the Consultant’s timely execution, delivery, and
non-revocation of the Release (as defined below), the Company shall continue to pay the Consultant the Advisory Fees through the Expiration
Date, payable on the same schedule that such Advisory Fees would have been paid absent such termination; provided, that the first
payment of such continued Advisory Fees will be made on the first regular Advisory Fee payment date that immediately follows the sixtieth
(60th) day following the termination of the Advisory Period, and with such first payment to include any payments that would
have been paid prior to such first payment date absent this proviso.

 

The Company shall have “Cause”
to terminate this Agreement upon the Consultant’s: (i) indictment for, conviction of, or pleading guilty or nolo contendere
to, any felony or any crime involving fraud, dishonesty, or moral turpitude; (ii) gross negligence with regard to any member of the
Company Group in respect of the Services; (iii) willful misconduct having or, which in the good faith discretion of the Board could
have, an adverse impact on any member of the Company Group economically or reputation-wise; (iv) material breach of this Agreement,
the Retirement Agreement, or any other written agreement with any member of the Company Group, or material breach of any code of conduct
or ethics or any other policy of any member of the Company Group, which breach (if curable in the good faith discretion of the Board)
has remained uncured for a period of ten (10) days following delivery of written notice to the Consultant specifying the manner in
which the agreement or policy has been materially breached; or (v) continued or repeated failure to perform the Consultant’s
duties or responsibilities to the Company Group pursuant to this Agreement at a level and in a manner satisfactory to the Company in its
sole discretion (including by reason of the Consultant’s habitual unavailability to perform the Services or insubordination), which
failure has not been cured to the satisfaction of the Company within ten (10) days following delivery of written notice to the Consultant
of such failure. Any determination as to whether the Company has grounds to terminate this Agreement for Cause shall be made by the Board
in its sole discretion.

 

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5.3           Release
Requirement. Upon termination of this Agreement for any reason, the Consultant agrees to execute and deliver to the Company the release
of claims substantially in the form attached to this Agreement as Exhibit A (the “Release”), which Release
shall become fully effective and irrevocable in accordance with its terms no later than the sixtieth (60th) day following
the termination of this Agreement. If the Consultant fails to so timely execute and deliver such Release (or if the Consultant timely
revokes the Release in accordance with its terms), then the Company’s obligations to make any payments pursuant to Section 5.2
of this Agreement shall immediately terminate, and, notwithstanding anything to the contrary in the Retirement Agreement, the Consultant
shall immediately forfeit any then-unvested and unpaid amounts with respect to the Phase 1 and Phase 2 portions of the CIP Award and
the Outstanding ICP LTI Award.

 

5.4           Return
of Property. Upon expiration or termination of this Agreement for any reason, or at any other time upon the Company’s written
request, the Consultant shall within three (3) business days after such expiration, termination, or request:

 

(a)            deliver
to the Company all Deliverables (whether complete or incomplete) and all hardware, software, tools, equipment, or other materials provided
for the Consultant’s use by the Company;

 

(b)            deliver
to the Company all tangible documents and materials (and any copies) containing, reflecting, incorporating, or based on Confidential Information
(as defined in the Retirement Agreement);

 

(c)            permanently
erase all of the Confidential Information from the Consultant’s computer systems; and

 

(d)            certify
in writing to the Company that the Consultant has complied with the requirements of this Section 5.4.

 

5.5            The
terms and conditions of Section 5.4 and Section 2.1, Section 2.2, Section 2.3, Section 3.1,
Section 3.3, ARTICLE IV, and ARTICLE VI shall survive the expiration or termination of this Agreement.

 

ARTICLE VI

MISCELLANEOUS

 

6.1            Governing
Law and Venue.  This Agreement shall be governed by the laws of the State of Texas. The Parties
agree that all legal actions brought by either party under this Agreement shall be brought in a court located in Houston, Harris County,
Texas. Accordingly, the Parties consent to the personal jurisdiction of the courts located in Houston, Harris County, Texas, to the exclusion
of any other courts in any other counties, states, or countries.

 

6.2            Waiver
of Trial by Jury; Class Actions. THE PARTIES HERETO HEREBY WAIVE THE RIGHT TO A TRIAL BY JURY OR CLASS ACTION TO THE MAXIMUM
EXTENT PERMITTED BY LAW.

 

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6.3            Section 409A.
The intent of the Parties is that payments and benefits under this Agreement comply with, or are exempt from, Section 409A of the
Internal Revenue Code of 1986, as amended, and the regulations and guidance promulgated thereunder to the extent applicable (collectively
 “Code Section 409A”) and this Agreement shall be interpreted accordingly. In no event shall any member of the
Company Group or any of their respective directors, managers, officers, members, employees, consultants, or advisers be liable for any
additional tax, interest, or penalty that may be imposed on Consultant by Code Section 409A or any damages for failing to comply
with Code Section 409A. With regard to any provision in this Agreement that provides for reimbursement of expenses, (i) any
taxable reimbursement of costs and expenses by the Company provided for under this Agreement shall be made in accordance with the Company’s
applicable policy and in no event later than December 31 of the calendar year next following the calendar year in which the expenses
to be reimbursed are incurred; (ii) the right to reimbursement is not subject to liquidation or exchange for another benefit; and
(iii) the amount of expenses eligible for reimbursement during any taxable year shall not affect the expenses eligible for reimbursement
in any other taxable year. Whenever a payment under this Agreement may be paid within a specified period, the actual date of payment within
the specified period shall be within the sole discretion of the Company. In no event may the Consultant, directly or indirectly, designate
the calendar year of any payment to be made under this Agreement. With regard to any installment payments provided for under this Agreement,
each installment thereof shall be deemed a separate payment for purposes of Code Section 409A.

 

6.4            Assignment.
This Agreement is personal to the Consultant, and the Consultant shall not assign any rights, or delegate or subcontract any obligations,
under this Agreement. Any assignment in violation of the foregoing shall be deemed null and void. The Company may freely assign its rights
and obligations under this Agreement at any time. Subject to the limits on assignment stated above, this Agreement will inure to the benefit
of, be binding on, and be enforceable against each of the Parties and their respective successors and assigns.

 

6.5            Notices.
All notices, requests, consents, claims, demands, waivers, and other communications hereunder (each, a “Notice”) shall
be in writing and shall be deemed to have been given (i) when delivered by hand (with written confirmation of receipt); (ii) when
received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (iii) on the date sent by facsimile
or email (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if sent
after normal business hours of the recipient; or (iv) on the third (3rd) day after the date mailed, by certified or registered
mail (in each case, return receipt requested, postage pre-paid). Notices must be sent to the respective Parties at the following addresses
(or at such other address for a Party as shall be specified in a Notice given in accordance with this Section 6.5):

 

		If to the Consultant:	At the last address reflected in the Company’s records
	 	 	 
	 	If to the Company:	Tellurian Inc.

Attn: Legal Department

1201 Louisiana Street, Suite 3100

Houston, Texas 77002

Email: legal.notices@tellurianinc.com

 

6.6            Entire
Agreement. This Agreement constitutes the sole and entire agreement of the Parties with respect to the subject matter contained herein,
and supersedes all prior and contemporaneous understandings, agreements, representations, and warranties, both written and oral, with
respect to such subject matter (including, without limitation, any term sheet related hereto). For the avoidance of doubt, this Agreement
does not supersede the Retirement Agreement, which shall continue in full force and effect in accordance with its terms.

 

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6.7            Modification;
Waiver. This Agreement may only be amended, modified, or supplemented by an agreement in writing signed by each Party, and any of
the terms thereof may be waived, only by a written document signed by each Party or, in the case of waiver, by the Party or Parties waiving
compliance. The failure or delay of either Party to insist upon the other Party’s strict performance of the provisions in this Agreement
or to exercise in any respect any right, power, privilege, or remedy provided for under this Agreement shall not operate as a waiver or
relinquishment thereof.

 

6.8            Advice
of Legal Counsel. Each Party acknowledges and represents that, in executing this Agreement, the Party has had the opportunity to seek
advice as to its legal rights from legal counsel and that the person signing on its behalf has read and understood all of the terms and
provisions of this Agreement. This Agreement shall not be construed against any Party by reason of the drafting, revising, or preparation
thereof.

 

6.9           Headings.
The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

6.10         Severability.
If any term or provision of this Agreement, or the application thereof, is invalid, illegal, or unenforceable in any jurisdiction, (i) such
invalidity, illegality, or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable
such term or provision in any other jurisdiction, and (ii) to the extent permitted by applicable law, any such term or provision
shall be restricted in applicability or reformed to the minimum extent required for such term or provision to be enforceable.

 

6.11         Counterparts;
Facsimile Signatures. This Agreement may be executed in multiple counterparts and by facsimile or in electronic signatures (including,
without limitation, in portable document format (.pdf)), each of which shall be deemed an original and all of which together shall constitute
one instrument.

 

6.12         Recitals.
The Recitals to this Agreement are hereby incorporated and made a part hereof and are an integral part of this Agreement.

 

[Signature page follows]

 

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IN WITNESS WHEREOF, each of
the Parties has caused this Agreement to be duly executed on the date first above written.

 

	 	TELLURIAN INC.
	 	 
	 	By:	/s/ Margie M. Harris
	 	Name:	Margie M. Harris
	 	Title:	EVP, Chief Human Resources Officer
	 	 
	 	CONSULTANT
	 	 
	 	By:	/s/ R. Keith Teague
	 	Name:	R. Keith Teague

 

[Signature
Page to Consulting Agreement]Exhibit
10.1

 

EMPLOYMENT
AGREEMENT

 

This
Employment Agreement (the “Agreement”) is made and entered into as of May 13, 2022, by and between SurgePays, Inc., a corporation
incorporated under the laws of the State of Nevada with a principal place of business at 3124 Brother Blvd., Suite 104, Bartlett, TN
38133 (the “Company”), and Kevin Brian Cox, an individual residing at (“Executive”).

 

RECITALS

 

	 	A.	Executive
    is knowledgeable with respect to the business of the Company
	 	 	 
	 	B.	Company
    desires to offer employment to Executive and Executive desires to be employed by Company.
	 	 	 
	 	C.	Company
    and Executive agree to enter into an Employment Agreement providing for the term set forth in Article I below, on the terms and conditions
    herein provided.

 

In
consideration of the mutual promises set forth in this Agreement the parties hereto agree as follows:

 

ARTICLE
I

 

Term
of Employment

 

Subject
to the provisions of Article V, and upon the terms and subject to the conditions set forth herein, the Company will employ Executive
for the period beginning on the date hereof (the “Commencement Date”) and ending on the five (5) year anniversary of the
date hereof (the “Initial Term”). The Initial Term shall be automatically renewed for successive consecutive one (1) year
periods (each, a “Renewal Term” and the Initial Term and Renewal Term are collectively referred to as the “term of
employment”) thereafter unless either party sends written notice to the other party, not more than 270 days and not less than 90
days before the end of the then-existing term of employment, of such party’s desire to terminate the Agreement at the end of the
then-existing term, in which case this Agreement will terminate at the end of the then-existing term. Executive will serve the Company
during the term of employment.

 

ARTICLE
II

 

Duties

 

2.01
(a) During the term of employment, Executive will:

 

(i)
Promote the interests, within the scope of his duties, of the Company and devote his full working time and efforts to the Company’s
business and affairs;

 

(ii)
Serve as the Chief Executive Officer of the Company; and

 

(iii)
Perform the duties and services consistent with the title and function of such office, including without limitation, those set forth
in the By-Laws of the Company.

 

(b)
Notwithstanding anything contained in clause 2.01(a)(i) above to the contrary, nothing contained herein or under law shall be construed
as preventing Executive from (i) investing Executive’s personal assets in such form or manner as will not require any services
on the part of Executive in the operation or the affairs of the companies in which such investments are made and in which his participation
is solely that of an investor; (ii) engaging (whether or not during normal business hours) in any other professional, civic, or philanthropic
activities, provided that Executive’s engagement does not result in a violation of his covenants under this Section or Article
VI hereof; or (iii) accepting appointments to the boards of directors of other companies provided that the Board of Directors of the
Company reasonably approves of such appointments and Executive’s performance of his duties on such boards does not result in a
violation of his covenants under this Section or Article VI hereof.

 

    	 

     

    

 

ARTICLE
III

 

Base
Compensation

 

3.01
The Company will compensate Executive for the duties performed by him hereunder by payment of a base salary at the rate of Four Hundred
Seventy Five Thousand Dollars ($475,000) per annum (the “Base”), payable in equal semimonthly installments, subject to customary
withholding for federal, state, and local taxes and other normal and customary withholding items. Provided that the Company’s EBITDA
is positive with respect to the prior calendar year, the Base will be increased on January 1 of each year by six percent (6%) per annum
(which figure shall act as a surrogate for the service cost of living increases) over the then-existing Base. All dollar references contained
herein shall be references to United States dollars.

 

3.02
Reserved.

 

3.03
Cash Bonus. In addition to the Base, for each year during the Initial Term and Renewal Term, the Company shall pay to the Executive
a bonus determined by the relationship between the Company’s annual performance and an annual target performance set each year
by mutual agreement between the Board of Directors and the Executive (the “Target”) as follows: The greater of the Cash Percentage
or:

 

	%
    of Target	 	>150%	 	149-120%	 	119-100%	 	99-80%	 	79-60%	 	Under
    60%
	%
    of Base Salary	 	150%	 	149-120%	 	119-100%	 	60%	 	30%	 	0%

 

Such
bonus shall be paid no later than March 15 of the next calendar year.

 

“Cash
Percentage” means 10% of the Company’s calendar year EBITDA for amounts of EBITDA between $0 and $1,000,000; 7.5% of the
Company’s calendar year EBITDA for amounts of EBITDA between $1,000,001 and $2,000,000; 5% of the Company’s calendar year
EBITDA for amounts of EBITDA between $2,000,001 and $3,000,000; and 2.5% of the Company’s calendar year EBITDA for amounts of EBITDA
greater than $3,000,000.

 

3.04
Stock Bonus. The Executive will participate in the Company’s executive equity incentive plan (the “Plan”) consistent
with other C-level officers, once adopted by the Company. In addition, Executive will receive the following stock-based bonuses:

 

	 	(A)	EBITDA
    based issuances. The first time the Company reaches i) positive cash flow EBITDA for a quarter, Executive will receive 500,000
    shares of the Company’s common stock, ii) positive cash flow of over $1,000,000 EBITDA for a quarter, Executive will receive
    500,000 shares of the Company’s common stock, iii) positive cash flow of over $3,000,000 EBITDA for a quarter, Executive will
    receive 500,000 shares of the Company’s common stock, and iv) positive cash flow of over $5,000,000 EBITDA for a quarter, Executive
    will receive 500,000 shares of the Company’s common stock. Such issuance to be issued before the last business day of the following
    quarter in which such milestone is achieved.
	 	 	 
	 	(B)	Market
    Capitalization Based Issuances. The Executive shall qualify to receive (i) an issuance of 500,000 shares immediately upon the
    market capitalization of the Company reaching $250,000,000, (ii) an issuance of 500,000 shares immediately upon the market capitalization
    of the Company reaching $500,000,000, (iii) an issuance of 500,000 shares immediately upon the market capitalization of the Company
    reaching $1,000,000,000, (iv) an issuance of 500,000 shares immediately upon the market capitalization of the Company reaching $2,000,000,000,
    (v) an issuance of 500,000 shares immediately upon the market capitalization of the Company reaching $3,000,000,000, (vi) an issuance
    of 500,000 shares immediately upon the market capitalization of the Company reaching $4,000,000,000, and (vii) an issuance of 500,000
    shares immediately upon the market capitalization of the Company reaching $5,000,000,000; in each case such issuance to be issued
    on the last business day of the quarter in which such milestone is achieved so long as the Executive is employed by the Company on
    such day,

 

    	 

     

    

 

	 	(C)	Business
    Metrics Growth Based Issuances. The Executive shall qualify to receive (i) an issuance of 250,000 shares immediately upon 25,000
    stores becoming active on SurgePays network, (ii) an issuance of 250,000 shares immediately upon 50,000 stores becoming active on
    SurgePays network, (iii) an issuance of 250,000 shares immediately upon 100,000 stores becoming active on SurgePays network (iv)
    an issuance of 500,000 shares immediately upon the total subscribers (Wireless MVNO, Mobile Broadband or digital content customers)
    of the Company reaching 250,000, (v) an issuance of 500,000 shares immediately upon the total subscribers (Wireless MVNO, Mobile
    Broadband or digital content customers) of the Company reaching 500,000, (vi) an issuance of 500,000 shares immediately upon the
    total subscribers (Wireless MVNO, Mobile Broadband or digital content customers) of the Company reaching 750,000, (vii) an issuance
    of 500,000 shares immediately upon the total subscribers (Wireless MVNO, Mobile Broadband or digital content customers) of the Company
    reaching 1,000,000, and (vii) additional issuance of 500,000 shares of stock per increment of 500,000 subscribers total subscribers
    (Wireless MVNO, Mobile Broadband or digital content customers) of the Company; in each case such issuance to be issued on the last
    business day of the quarter in which such milestone is achieved so long as the Executive is employed by the Company on such day.
	 	 	 
	 	(D)	Executive
    Stock Options. Following the adoption of a stock option plan (the “Plan”), the Executive will receive the following
    stock-based bonuses on January 1 of each calendar year (each a “Grant Date”) at an exercise price equal to the greater
    of (i) fair market value per share as of the Grant Date and (ii) $4.29: (i) 250,000 options to purchase shares of the Company’s
    common stock, such options vesting quarterly over the period beginning January 2022 and ending December 2022; (ii) 250,000 options
    to purchase shares of the Company’s common stock, such options vesting quarterly over the period beginning January 2023 and
    ending December 2023; (iii) 250,000 options to purchase shares of the Company’s common stock, such options vesting quarterly
    over the period beginning January 2024 and ending December 2024; (iv) 250,000 options to purchase shares of the Company’s common
    stock, such options vesting quarterly over the period beginning January 2025 and ending December 2025; and (v) 250,000 options to
    purchase shares of the Company’s common stock, such options vesting quarterly over the period beginning January 2026 and ending
    December 2026. 
	 	 	 
	 	(E)	All
    of the awards referenced in subparagraphs (A) - (D) of this Section 3.04 shall be made pursuant to the Plan, subject to approval
    by the Company’s shareholders of a sufficient number of shares available for issuance under the Plan. The Plan and related
    award agreements shall provide for the acceleration of all vesting requirements referenced in subparagraphs (A) – (D) upon
    a Change in Control, and for the use of cash, shares or other method of cashless exercise to satisfy all tax withholding requirements
    which shall be borne by the Executive. If any of the awards referenced in subparagraphs (A) – (D) are earned but cannot be
    made pursuant to the Plan because the Board has not approved the mailing of either (i) a proxy statement or (ii) a notice and access
    card regarding the availability of proxy materials to the shareholders to vote to have an increase in the authorized shares under
    the Plan be approved by the shareholders within 90 days following the date upon which such award is due and owing, the Company shall
    make a cash payment to Executive in lieu of each such award at the time the award otherwise would have been made in an amount equal
    to three (3) times the number of shares to be issued to the Executive pursuant to subparagraphs (A) – (D) multiplied by the
    volume average weighted price (VWAP) of the Company’s common stock during the period commencing on the date of this Agreement
    and ending on the day prior to the date of payment. In the event that the Board has approved the mailing of either (i) a proxy statement
    or (ii) a notice and access card regarding the availability of proxy materials to the shareholders, as required pursuant to this
    Section, and the shareholders do not approve an increase in the authorized shares under the Plan, the Company shall make a cash payment
    to Executive in lieu of each such award at the time the award otherwise would have been made in an amount equal to one (1) times
    the number of shares to be issued to the Executive pursuant to subparagraphs (A) – (D) multiplied by the volume average weighted
    price (VWAP) of the Company’s common stock during the period commencing on the date of this Agreement and ending on the day
    prior to the date of payment. In the event that the Company does not have the available cash or cannot otherwise afford to pay cash
    owed pursuant to this Section in the Board’s discretion, the Company shall be able to issue a promissory note to the Executive
    with terms which are mutually agreeable amongst the Company (as approved by the Board) and the Executive.

 

    	 

     

    

 

ARTICLE
IV

 

Reimbursement
and Employment Benefits

 

4.01
Health and Other Medical. Executive shall be eligible to participate in all health, medical, dental, and life insurance employee
benefits as are available from time to time to other key executive employees (and their families) of the Company, including a Life Insurance
Plan, Medical and Dental Insurance Plan, and a Long Term Disability Plan (the “Plans”). The Company shall pay all premiums
with respect to such Plans. To the extent that such premiums are deemed to be includable in Executive’s gross income and taxable
(the “Reimbursement”), the Company shall pay to the Executive on or before March 15 of the year after the premium payment(s)
the quotient of the amount of Reimbursement divided by 0.54, and then subtracting the Reimbursement from this amount (e.g., if the Reimbursement
is $1,000.00, then the Company would pay to the Executive the sum of $851.85, which is $1,000.00 divided by 0.54, and subtracting the
amount of Reimbursement). 

 

4.02
Vacation. Executive shall be entitled to Four (4) weeks of vacation and five (5) personal days per year, to be taken in such amounts
and at such times as shall be mutually convenient for Executive and the Company. Any time not taken by Executive in one year shall be
carried forward to subsequent years. If all such vacation and personal time to which Executive is entitled is not taken by Executive
before the termination of this Agreement, Executive shall be entitled to be reimbursed upon termination (for any reason) for such lost
time in accordance with the Base then in effect.

 

4.03
Performance-Enhancing Items. Executive shall be entitled to receive from the Company (a) an annual car allowance up to fifteen
thousand dollars ($15,000.00) per annum, and (b) reimbursement by the Company for home office expenses up to five thousand dollars ($5,000.00)
per month, including, without limitation, the purchase and maintenance of a home computer with linkup facilities to the Company, a home
facsimile, printer and scanner, interconnection of two telephone or cable connections to the Internet, laptop computer, portable mobile
phone, together with any charges for the use thereof. Executive shall be entitled to a remote housing allowance of up to ten thousand
ten thousand dollars ($10,000.00) per month. Executive shall be responsible for any taxes due on such allowance. To the extent that any
and all such reimbursements or payments by the Company pursuant to this Section 4.03 are includable in Executive’s gross income
and taxable (the “Allowances”), then the Company shall, on or before March 15 of the year after the payment is made, pay
to the Executive the quotient of the amount of Allowances divided by 0.54, and then subtracting the Allowances from this amount (e.g.,
if the Allowances are $1,000.00, then the Company would pay to the Executive the sum of $851.85, which is $1,000.00 divided by 0.54,
and subtracting the amount of the Allowances). 

 

4.04
Reimbursable Expenses. The Company shall in accordance with its standard policies in effect from time to time reimburse Executive
for all reasonable out-of-pocket expenses actually incurred by him in the conduct of the business of the Company including business class
air travel for flights of 4 hours or more, quality hotels and rental cars, entertainment and similar executive expenditures provided
that Executive submits all substantiation of such expenses to the Company on a timely basis in accordance with such standard policies.

 

4.05
Savings Plan. Executive will be eligible to enroll and participate, and be immediately vested in (to the extent legally possible
and in accordance with existing Company benefit plans), all Company savings and retirement plans, including any 401(k) plans.

 

4.06
Life Insurance. The Company shall pay all premiums for Executive to receive on his (a) term life insurance premiums paid by Executive
on his own life, provided that the life insurance proceeds do not exceed 300% of Executive’s previous year’s Base and Bonus
and (b) split dollar life insurance in the face amount of $2,000,000, it being understood that Executive may designate the beneficiary
(or beneficiaries) of such policies. To the extent that any and all such reimbursements or payments by the Company pursuant to this Section
4.06 are includable in Executive’s gross income and taxable (“Premiums”), then the Company shall, on or before March
15 of the year after the payment is made, pay to the Executive the quotient of the amount of Premiums divided by 0.54, and then subtracting
the Premiums from this amount (e.g., if the Premiums are $1,000.00, then the Company would pay to the Executive the sum of $851.85, which
is $1,000.00 divided by 0.54, and subtracting the amount of the Premiums).

 

    	 

     

    

 

4.07
Directors and Officers Liability Insurance. The Company will provide liability insurance coverage protecting Executive and his
estate, to the extent permitted by law against suits by fellow employees, shareholders and third parties and criminal and regulatory
investigations arising out of any alleged act or omission occurring with the course and scope of Executive’s employment with the
Company. Such insurance will be in an amount not less than two million dollars ($2,000,000).

 

4.08
Financial Planning. The Company shall reimburse Executive for all legal, and accounting costs, fees, and expenses incurred each
year by Executive in connection with (a) income tax preparation and (b) estate planning, provided that the aggregate annual expenses
to be reimbursed shall not exceed Ten Thousand Dollars ($10,000.00). To the extent that any and all such reimbursements or payments by
the Company pursuant to this Section 4.08 are includable in Executive’s gross income and taxable (the “Planning Fees”),
then the Company shall, on or before March 15 of the year after the payment is made, pay to the Executive the quotient of the amount
of Planning Fees divided by 0.54, and then subtracting the Planning Fees from this amount (e.g., if the Planning Fees are $1,000.00,
then the Company would pay to the Executive the sum of $851.85, which is $1,000.00 divided by 0.54, and subtracting the amount of the
Planning Fees).

 

ARTICLE
V

 

Termination

 

5.01
Automatic. This Agreement shall be automatically terminated upon the first to occur of the following (a) the Company’s termination
pursuant to section 5.02, (b) the Executive’s termination pursuant to section 5.03 or (c) the Executive’s death.

 

5.02
By the Company. This Agreement (and Executive’s employment) may be terminated by the Company upon written notice to the
Executive upon the first to occur of the following:

 

(a)
Disability. Upon the Executive’s Disability (as defined herein). The term “Disability” shall mean the Executive
cannot physically or mentally perform the essential functions of the position with or without reasonable accommodations for a period
of six (6) consecutive months or more.

 

(b)
Cause. Upon the Executive’s commission of Cause (as defined herein). The term “Cause” shall mean the following:

 

(i)
Any willful violation by Executive of any material provision of this Agreement (including without limitation Sections 6.01 and 6.02 hereof)
causing demonstrable and serious injury to the Company, upon written notice of same by the Company describing in detail the breach asserted
and stating that it constitutes notice pursuant to this Section 5.02(b)(i), which breach, if capable of being cured, has not been cured
within sixty (60) days after such notice or such longer period of time if Executive proceeds with due diligence not later than ten (10)
days after such notice to cure such breach.

 

(ii)
Embezzlement by Executive of funds or property of the Company;

 

(iii)
Fraud or willful misconduct on the part of Executive in the performance of his duties as an employee of the Company, or gross negligence
on the part of Executive in the performance of his duties as an employee of the Company causing demonstrable and serious injury to the
Company, provided that the Company has given written notice of such breach which notice describes in detail the breach asserted and stating
that it constitutes notice pursuant to this Section 5.02(b)(iii), and which breach, if capable of being cured, has not been cured within
sixty (60) days after such notice or such longer period of time if Executive proceeds with due diligence not later than ten (10) days
after such notice to cure such breach; or

 

(iv)
A felony conviction of Executive under the laws of the United States or any state (except for any conviction based on a vicarious liability
theory and not the actual conduct of the Executive).

 

    	 

     

    

 

Upon
a termination for Cause, the Company shall pay Executive his Base and benefits including vacation pay through the date of termination
of employment; and Executive shall receive no severance under this Agreement.

 

5.03
By the Executive. This Agreement may be terminated by the Executive upon written notice to the Company upon the first to occur
of the following:

 

(a)
Change in Control. Upon the occurrence of a “Change in Control” (as defined herein) of the Company. The term “Change
in Control” shall mean any of the following: (i) a replacement of more than one half of the Board of Directors of the Company from
that membership of the Board of Directors which exists as of the date hereof, (ii) sale or exchange of all or substantially all of the
assets of the Company, (iii) a merger or consolidation involving the Company where the Company is not the survivor in such merger or
consolidation, (iv) a liquidation, winding up, or dissolution of the Company, or (v) an assignment for the benefit of creditors, foreclosure
sale, voluntary filing of a petition under the Bankruptcy Reform Act of 1978, or an involuntary filing under such act which filing is
not stayed or dismissed within 45 days of filing.

 

(b)
Constructive Termination. Upon the occurrence of a “Constructive Termination” (as defined herein) by the Company.
The term “Constructive Termination” shall mean any of the following:

 

(i)
Any breach by the Company of any material provision of this Agreement, including, without limitation, the assignment to the Executive
of duties inconsistent with his position specified in Section 2.01 hereof or any breach by the Company of such Section,;

 

(ii)
A substantial and continued reduction in the level of support, services, staff, secretarial resources, office space, and accoutrements
below that which is reasonably necessary for the performance of Executive’s duties hereunder, consistent with that of other key
executive employees;

 

(iii)
a reduction in the Executive’s base salary or target bonus (but not including any diminution related to a broader compensation
reduction that is not limited to any particular employee or executive);

 

(iv)
a requirement that the Executive be based anywhere other than within 25 miles of Memphis, Tennessee;

 

(v)
a material diminution in the Executive’s title, duties, or responsibilities from those in effect on the date hereof (it being understood
that the Executive’s obligation to report to the Board and the Board’s exercise of its final authority over Company matters
shall not give rise to any such claim of diminution);

 

provided,
however, that no event shall constitute Constructive Termination unless the Executive has notified the Company in writing describing
the event which constitutes Constructive Termination and then only if the Company fails to cure such event within thirty (30) days after
the Company’s receipt of such written notice.

 

5.04
Consequences of Termination. Upon any termination of Executive’s employment with the Company for any reason, except for
a termination for Cause pursuant to Section 5.02(b), the Executive shall be entitled to (a) a payment equal to the greater of (i) two
(2) years’ worth of the then-existing Base and the last year’s Bonus and (ii) the Base payable through the remaining Initial
Term (the “Severance”), and (b) retain the benefits set forth in Article IV for the remainder of the Initial Term or Renewal
Term, as then applicable. The Severance shall be paid in a lump sum upon termination with such payments discounted by the U.S. Treasury
rate most closely comparable to the applicable time period left in the Agreement. As a condition to the Company’s obligation to
pay said Severance, Executive shall execute a comprehensive release of any and all claims that Executive may have against the Company
(excluding any claims for the Company to pay or provide Accrued Obligations and Severance) (Release of Claims) within twenty one (21)
days of the effective date of termination of employment, and Executive shall not revoke said release in writing within seven (7) days
of execution, provided however that if the twenty one (21) day period spans two calendar years, payment shall be made in the second calendar
year.

 

    	 

     

    

 

ARTICLE
VI

 

Covenants

 

6.01
Executive shall treat as confidential and keep secret the affairs of the Company and shall not at any time during the term of employment
or for a period of five years thereafter, without the prior written consent of the Company, divulge, furnish, or make known or accessible
to, or use for the benefit of, anyone other than the Company and its subsidiaries and affiliates any information of a confidential nature
relating in any way to the business of the Company or its subsidiaries or affiliates or their clients and obtained by him in the course
of his employment hereunder. provided, however, that confidential information of the Company shall not include any information
known or available generally to the public (other than as a result of unauthorized disclosure by Executive).

 

6.02
All records, papers, and documents kept or made by Executive relating to the business of the Company or its subsidiaries or affiliates
or their clients shall be and remain the property of the Company.

 

6.03
Following the termination of Executive’s employment hereunder for any reason except for those set forth in section 5.03 in which
event this section is inapplicable, Executive shall not for a period of twelve (12) months from such termination, solicit any employee
of the Company to leave such employ to enter the employ of Executive or of any person, firm, or Company with which Executive is then
associated (except solicitation by general means such as newspapers). During Executive’s employment with the Company and for a
period of 12 months after termination of Executive’s employment at any time and for any reason, except for those set forth in Section
5.03 in which event this section is inapplicable, Executive shall not, directly or indirectly, solicit any person who during any portion
of the time of Executive’s employment or at the time of termination of Executive’s employment with the Company, was a client,
customer, policyholder, vendor, consultant or agent of the Company to discontinue business, in whole or in part, with the Company. Executive
further agrees that, during such time, if such a client, customer, policyholder, vendor, or consultant or agent contacts Executive about
discontinuing business with the Company or moving that business elsewhere, Executive will inform such client, customer, policyholder,
vendor, consultant or agent that he or she cannot discuss the matter further without the consent of the Company

 

6.04.
Executive agrees as follows, except in the event of a termination pursuant to Section 5.03, in which event this section is inapplicable:

 

(a)
Executive agrees that during the term of his employment with the Company, neither he nor any of his Affiliates (Executive’s Affiliates
is defined as any legal entity in which Executive directly or indirectly owns at least a 25% interest or any entity or person which is
under the control of the Executive) will directly or indirectly compete with the Company in any way in any business in which the Company
or its Affiliates is engaged in, and that he will not act as an officer, director, employee, consultant, shareholder, lender, or agent
of any entity which is engaged in any business of the same nature as, or in competition with the businesses in which the Company is now
engaged or in which the Company becomes engaged during the term of employment; provided, however, that this Section shall not prohibit
Executive or any of his Affiliates from purchasing or holding an aggregate equity interest of up to 10% in any publicly traded business
in competition with the Company, so long as Executive and his Affiliates combined do not purchase or hold an aggregate equity interest
of more than 10%. Furthermore, Executive agrees that during the term of employment, he will not accept any board of director seat or
officer role or undertake any planning for the organization of any business activity competitive with the Company (without the approval
of the Board of Directors) and Executive will not combine or conspire with any other Executives of the Company for the purpose of the
organization of any such competitive business activity.

 

    	 

     

    

 

(b)
In order to protect the Company against the unauthorized use or the disclosure of any confidential information of the Company presently
known or hereinafter obtained by Executive during his employment under this Agreement, Executive agrees that for a period of twelve (12)
months following the termination of this Agreement for any reason, neither Executive nor any of his Affiliates, shall, directly or indirectly,
for itself or himself or on behalf of any other corporation, person, firm, partnership, association, or any other entity (whether as
an individual, agent, servant, employee, employer, officer, director, shareholder, investor, principal, consultant or in any other capacity):

 

(i)
engage or participate in any business, regardless of where situated, which engages in direct market competition with such businesses
being conducted by the Company during the term of employment; or

 

(ii)
assist or finance any person or entity in any manner or in any way inconsistent with the intents and purposes of this Agreement.

 

6.05.
Executive agrees that at no time during his employment by the Company or thereafter, shall he make, or cause or assist any other person
to make, any statement or other communication to any third party which impugns or attacks, or is otherwise critical of, the reputation,
business or character of the Company or any of its respective directors, officers or Executives. In addition, the Company agrees that
its Board of Director and executives will not disparage the Executive so long as the Executive separates from the Company in good standing
and abides by all terms of this agreement and signed non-disclosure and non-compete agreements. Nothing contained herein shall be deemed
to prevent Executive from performing his duties hereunder, including but not limited to conducting candid, internal discussions. This
paragraph shall not prohibit any person from testifying truthfully in response to a lawful subpoena.

 

6.06
If at the time of enforcement of any provision of this Agreement, a court shall hold that the duration, scope, or area restriction of
any provision hereof is unreasonable under circumstances now or then existing, the parties hereto agree that the maximum duration, scope,
or area reasonable under the circumstances shall be substituted by the court for the stated duration, scope, or area.

 

6.07
Executive acknowledges that any breach by him of the provisions of this Article VI of this Agreement shall cause irreparable harm to
the Company and that a remedy at law for any breach or attempted breach of Article VI of this Agreement will be inadequate, and agrees
that, notwithstanding Article VIII hereof, the Company shall be entitled to exercise all remedies available to it, including specific
performance and injunctive and other equitable relief, in the case of any such breach or attempted breach.

 

6.08
The Company represents and warrants that this Agreement has been duly authorized, executed, and delivered on behalf of the Company and
that this Agreement represents the legal, valid, and binding obligation of the Company and does not conflict with any other agreement
binding on the Company.

 

ARTICLE
VII

 

Assignment

 

7.01
This Agreement shall be binding upon and inure to the benefit of the successors and assigns of the Company without relieving the Company
of its obligations hereunder. Neither this Agreement nor any rights hereunder shall be assignable by Executive and any such purported
assignment by him shall be void.

 

ARTICLE
VIII

 

Entire
Agreement

 

8.01
This Agreement constitutes the entire understanding between the Company and Executive concerning his employment by the Company or subsidiaries
and supersedes any and all previous agreements between Executive and the Company or any of its affiliates or subsidiaries concerning
such employment, including, without limitation, the Original Employment Agreement. Each party hereto shall pay its own costs and expenses
(including legal fees) except as otherwise expressly provided herein incurred in connection with the preparation, negotiation, and execution
of this Agreement. This Agreement may not be changed orally, but only in a written instrument signed by both parties hereto.

 

    	 

     

    

 

ARTICLE
IX

 

Applicable
Law. Miscellaneous

 

9.01
This Agreement shall be governed by and construed in accordance with the laws of the State of New York. All actions brought to interpret
or enforce this Agreement shall be brought in courts located in the State of New York.

 

9.02
In addition to all other rights and benefits under this Agreement, each party agrees to reimburse the other for, and indemnify and hold
harmless such party against, all costs and expenses (including attorney’s fees) incurred by such party (whether or not during the
term of this Agreement or otherwise), if and to the extent that such party prevails on or is otherwise successful on the merits with
respect to any action, claim, or dispute relating in any manner to this Agreement or to any termination of this Agreement or in seeking
to obtain or enforce any right or benefit provided by or claimed under this Agreement, taking into account the relative fault of each
of the parties and any other relevant considerations.

 

9.03
The Company shall indemnify and hold harmless Executive to the full extent authorized or permitted by law with respect to any claim,
liability, action, or proceeding instituted or threatened against or incurred by Executive or his legal representatives and arising in
connection with Executive’s conduct or position at any time as a director, officer, employee, or agent of the Company or any subsidiary
thereof. The Company shall not change, modify, alter, or in any way limit the existing indemnification and reimbursement provisions relating
to and for the benefit of its directors and officers without the prior written consent of the Executive, including any modification or
limitation of any directors and officers liability insurance policy.

 

9.04
No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision
of this Agreement to be performed by such other party shall be deemed a continuing waiver or a waiver of any similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time. No agreements or representations, oral or otherwise, express or implied,
with respect to the subject matter hereof have been made by either party hereto which are not set forth expressly in this Agreement.

 

9.05
The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, which shall remain in full force and effect.

 

9.06
This Agreement may be executed in several counterparts, each of which shall be deemed to be an original and all of which together shall
constitute one and the same instrument.

 

9.07
The section headings contained in this Agreement are inserted for reference purposes only and shall not affect the meaning or interpretation
of this Agreement.

 

9.08
This Agreement shall at all times be administered and interpreted in a manner which is consistent with and complies with the requirements
of Section 409A of the Internal Revenue Code of 1986, as amended, and the Department of Treasury regulations and other interpretive guidance
issued thereunder, including any guidance or regulations that may be issued after the effective date of the Agreement (“Section
409A”). To the extent necessary to comply with Section 409A, the term “termination of employment” shall mean “separation
from service” as defined in Section 409A. Notwithstanding anything in this
Agreement to the contrary, if Executive is deemed by the Company at the time of Executive’s “separation from service”
to be a “specified employee” for purposes of Section 409A, to the extent delayed commencement of any portion of the benefits
to which Executive is entitled under this Agreement is required in order to avoid a prohibited distribution under Section 409A, such
portion of Executive’s benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the six-month
period measured from the date of Executive’s separation from service with the Company or (ii) the date of Executive’s death.
Upon the first business day following the expiration of the applicable Section 409A period, all payments deferred pursuant to the preceding
sentence shall be paid in a lump sum to Executive (or Executive’s estate or beneficiaries), and any remaining payments due to Executive
under this Agreement shall be paid as otherwise provided herein.

 

    	 

     

    

 

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

 

	 	Company:
	 	 	 
	 	SurgePays,
    Inc
	 	 	 
	 	By:	/s/
    Anthony Evers
	 	Name:	Anthony
    Evers
	 	Title:	Chief
    Financial Officer
	 	 	 
	 	Executive:
	 	 	 
	 	Kevin
    Brian Cox
	 	 	 
	 	/s/
    Kevin Brian Cox

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