Document:

inmune_ex1022.htm

EXHIBIT 10.22
  
 SUBSCRIPTION AGREEMENT
  
 Common Stock 
 of
 Inmune Bio Inc.
  
 This subscription agreement (this “Subscription”) is dated          , 2018, by and between the investor identified on the signature page hereto (the “Investor”) and Inmune Bio Inc., a Nevada corporation (the “Company”). The parties agree as follows:
  
 1. Subscription
  
 Investor agrees to buy and the Company agrees to sell and issue to Investor such number of Company’s common stock (the “Shares”), par value $0.001 per share, as set forth on the signature page hereto, for an aggregate purchase price (the “Purchase Price”) equal to the product of (x) the aggregate number of Shares the Investor has agreed to purchase and (y) the Purchase Price per Share as set forth on the signature page hereto. 
  
 The Shares are being offered pursuant to a registration statement on Form S-1, File No. 333-27122 (the “Registration Statement”). The Registration Statement was declared effective by the Securities and Exchange Commission (the “Commission”) prior to issuance of any Shares and acceptance of Investor’s subscription. The prospectus (the “Prospectus”) which forms a part of the Registration Statement, however, is subject to change. A final prospectus and/or prospectus supplement will be delivered to the Investor as required by law.
  
 The Shares are being offered by Univest Securities, LLC (the “Placement Agent”) as Placement Agent on a “best efforts, minimum/maximum” basis pursuant to an underwriting agreement (the “Placement Agent Agreement”). The completion of the purchase and sale of the Shares (the “Closing”) shall take place at a place and time (the “Closing Date”) to be specified by the Company and Placement Agents in accordance with Rule 15c6-1 promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Upon satisfaction or waiver of all the conditions to closing set forth in the Placement Agent Agreement and the Registration Statement declared effective by the Commission, at the Closing (i) the Purchase Price deposited by the Investor subsequent to the declaration of effectiveness of the Registration Statement by wire transfer or ACH transfer of immediately available funds to the Company’s escrow accounts shall be released to the Company, and (ii) the Company shall cause the Shares to be delivered to the Investor (A) through the facilities of The Depository Trust Company’s DWAC system in accordance with the instructions set forth on the signature page attached hereto under the heading “DWAC Instructions,” or (B) if requested by the Investor on the signature page hereto or if the Company is unable to make the delivery through the facilities of The Depository Trust Company’s DWAC system, through the DRS or book-entry delivery of Shares on the books and records of the transfer agent. If delivery is made by book entry on the books and records of the transfer agent, the Company shall send written confirmation of such delivery to the Investor at the address indicated on the Signature Page hereof.
  
 The Placement Agent and any participating broker dealers (the “Members”) shall confirm, via the Placement Agent Agreement, selected dealer agreement or master selected dealer agreement, as applicable, that it will comply with Exchange Act Rule 15c2-4. Payments may only be made by wire transfer or electronic deposit, and no payments may be made by check. With regards to monies being wired or sent via ACH transfer from an investor’s bank account, the Members shall request the investors send their wires or ACH transfers by the business day immediately following the receipt of a completed subscription document. In regards to monies being sent from an investor’s account held at the participating broker, the funds will be “promptly transmitted” to the escrow agent following the receipt of a completed subscription document and completed instructions by the investor to send funds to the escrow accounts. Absent unusual circumstances, funds in customer accounts will be transmitted by noon of the next business day. In the event that the offering does not close for any reason prior to the termination date set forth in the Registration Statement, all funds deposited in the escrow accounts will be returned to investors promptly in accordance with the terms of the escrow agreements and applicable law.
  
  	 
	 
	 
 
	 

  
 2. Subscription Process.
  
 To purchase our Shares in this offering, investors must complete and sign a subscription agreement. Investors will be required to pay for their Shares by wire or ACH transfer for the full purchase price of the Shares. China Merchants Bank New York Branch shall serve as escrow agent for any payments made via wire or ACH transfer. 
  
 Subscriptions will be effective only upon our acceptance of the subscriptions, and we reserve the right to reject any subscriptions in whole or in part. In compliance with Rule 15c2-4 under the Exchange Act, we and the Placement Agent will instruct investors to deliver all monies in the form of wire transfers or ACH transfers to the escrow agent. Upon the escrow agent’s receipt of such monies, they shall be credited to the escrow accounts. Pursuant to escrow agreements among us, Placement Agent and China Merchants Bank New York, as escrow agent, the funds received in payment for the Shares purchased in this offering will be wired to a non-interest bearing escrow account at China Merchants Bank New York Branch, and held until the escrow agent determines that the amount in the escrow account is equal to at least the minimum amount required to close this offering. Upon confirmation of receipt of the requested minimum subscription amount, the escrow agent will release the funds in accordance with the written instructions provided by us and Placement Agent, indicating the date on which the Shares purchased in this offering are to be delivered to the investors and the date the net proceeds are to be delivered to us.
  
 3. Investor Representations.
  
 a. Investor represents that it has received (or otherwise had access to the electronic filing on the SEC website) the Prospectus prior to or in connection with receipt of this Agreement.
  
 b. Investor represents that it understands and acknowledges that Investor’s subscription for the Shares indicated on the Signature Page hereto may be accepted or rejected in whole or in part by the Company, for any reason and in their sole and absolute discretion.
  
 4. FINRA Rules 5130 and 5131
  
 This rule states that “restricted persons” are prohibited from participating in Syndicate or new issue offerings. Please review the following definition of a “restricted person” on Schedule A prior to signing this form acknowledging you do not fall into ‘“restricted person” status.
  
 The undersigned hereby represents and warrants as of the date set forth below that:
  
 		 i.
	 The undersigned is the holder of the account identified below or is authorized to represent the beneficial holders of the account;

  
 		 ii.
	 Neither the undersigned nor any beneficial holder of the account is a “restricted person” as that term is described in FINRA Rule 5130 (described in Schedule A); and

  
 		 iii.
	 The undersigned understands FINRA. Rule 5130 and the account is eligible to purchase new issues in compliance with such rule.

  
 5. Miscellaneous
  
 This Subscription Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and shall become effective when counterparts have been signed by each party and delivered to the other parties hereto, it being understood that all parties need not sign the same counterpart. Execution may be made by delivery by facsimile or via electronic format.
  
 This Subscription Agreement will be governed by and construed in accordance with the internal laws of the State of New York, without giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction. 
  
  	 
	 
	 
 
	 

  
 All communications hereunder, except as may be otherwise specifically provided herein, shall be in writing and shall be mailed, hand delivered, sent by a recognized overnight courier service such as FedEx, or sent via facsimile and confirmed by letter, to the party to whom it is addressed at the following addresses or such other address as such party may advise the other in writing:
  
 To the Company: as set forth on the signature page hereto.
  
 To the Investor: as set forth on the signature page hereto.
  
 All notices hereunder shall be effective upon receipt by the party to which it is addressed.
  
 If the foregoing correctly sets forth the parties’ agreement, please confirm this by signing and returning to the Company the duplicate copy of this Subscription Agreement.
  
 Please email back the completed Subscription Agreement to Edric Guo at yguo@univest.us.
  
 [Signature Page to Investor Subscription Agreement for Inmune Bio Inc.]
  
  	 
	 
	 
 
	 

  
 If the foregoing correctly sets forth the parties agreement, please confirm this by signing and returning to us the duplicate copy of this Subscription Agreement.
  
 	  
	  
	 Inmune Bio Inc.
	  

	  
	  
	  
	  
	  

	 Number of Shares:________________________
	  
	 By:
		
	  
	  
	  
	  
	  

	 Purchase Price per Share: $8.00 per share__________
	  
	 Name:
		
				  

	 Aggregate Purchase Price: $____________________
	  
	 Title:
		
				
		  
	 Address Notice:

	 INVESTOR NAME:__________________________
	  
	 1224 Prospect Street, Suite 150
 La Jolla, CA 92037

			

  
 	 Signature:
		  
	 Address:
	
					  

	 Signor Name:
				
					  

	 Title:
		  
	 Phone:
	
					  

	 Date: 
		  
	 SSN or EIN:
	

  
  ̈ Please wire $____________________from my account held at:________________________
  
 Account Title:_______________________________; Account Number:_____________________
  
 To the following instructions:
  
 ABA Routing No: 
 SWIFT Code: 
 Bank Name: China Merchants Bank Co., Ltd., New York Branch
 Bank Address: 535 Madison Avenue, New York, NY 10022
 Beneficiary Account Name: 
 Beneficiary Account No: 
 Beneficiary Address: 
  
 	 By:
		  
	 Date:_______________ , 201__

				  

	 Name:
			
				  

	 Title:
			

  
  	 
	 
	 
 
	 

  
 Select method of delivery of Shares: 
  
  ̈ DWAC DELIVERY 
  
 DWAC Instructions:
  
 	  
	 1.
	
		  
	 Name of DTC Participant (broker dealer at which the account or accounts to be credited with the Shares are maintained)

	  
	 2.
	
		  
	 DTC Participant Number

	  
	 3.
	
		  
	 Name of Account at DTC Participant being credited with the Shares

	  
	 4.
	
		  
	 Account Number of DTC Participant being credited with the Shares

  
  ̈ DRS Electronic Book Entry Delivery Instructions:
  
 Name in which Shares should be issued:_______________________________________
  
 	 Address:
		  
	 Telephone No.:
	

  
 Please email back the completed Subscription Agreement to 
 Edric Guo at yguo@univest.us.
  
  	 
	 
	 
 
	 

  
 SCHEDULE A
  
 		 a)
	 FINRA Member Firms or other Broker/Dealers

  
 		 b)
	 Broker-Dealer Personnel

  
 		 ·
	 Any officer, director, General partner, associated person or employee of a member firm or any other Broker/dealer.

  
 		 ·
	 Any agent of a member firm or any other Broker/dealer that is engaged in the investment banking or securities business

  
 		 ·
	 Any immediate family member of a person specified above. Immediate family members include a person’s parents, mother-in-law or father-in-law, spouse, brother or sister, brother-in-law or sister-in-law, son-in-law or daughter-in law, and children.

  
 		 i.
	 Person that materially supports or receives material support from the immediate family member.

  
 		 ii.
	 Person employed by or associated with the member, or an affiliate of the member, selling the new issue to the immediate family member.

  
 		 iii.
	 Person that has an ability to control the allocation of the new issue.

  
 		 c)
	 Finders and Fiduciaries. With respect to the security being offered, a finder or any person acting in a fiduciary capacity to the managing Placement Agent, including, but not limited to, attorneys, accountants, and financial consultants; and any immediate family members (or person(s) receiving material support or receives material support from the family member) of a person identified as a Finder or Fiduciary.

  
 		 d)
	 Portfolio Managers

  
 		 a.
	 Any person who has authority to buy or sell securities for a bank, savings and loan institution, insurance company, investment company, investment advisor, or collective investment account.

  
 		 b.
	 Any immediate family member of a person specified under portfolio Managers that materially supports, or receives material support from such person.

  
 		 e)
	 Persons Owning a Broker/Dealer

  
 		 a.
	 Any person listed, or required to be listed, in Schedule A of a Form BD, except persons identified by ownership of less than 10%.

  
 		 b.
	 Any person listed, or required to be listed, in Schedule B of a Form BD, except persons identified by ownership of less than 10%.

  
 		 c.
	 Any person listed, or required to be listed, in Schedule C of a Form BD that meets the criteria of (e)(bullet point 1) or (e) (bullet point 2) above.

  
 		 d.
	 Any person that directly or indirectly owns 10% or more of a public reporting company listed, or required to be listed, in Schedule B of a Form BD.

  
 		 e.
	 Any person that directly or indirectly owns 25% or more of a public reporting company listed, or required to be listed, in Schedule B of a Form BD.

  
 		 f.
	 Any immediate family member of a person specified in (5) (bullet points 1-5) unless the person owning the Broker/dealer:

  
 		 i.
	 Does not materially support, or receive material support from the immediate family member.

  
 		 ii.
	 Is not an owner of the member, or an affiliate of the member, selling the new issue to the immediate family member.

  
 		 iii.
	 Has no ability to control the allocation of the new issue.Exhibit
10.29

 

 

EMPLOYMENT
AGREEMENT

 

THIS
EMPLOYMENT AGREEMENT (“Agreement”) is made, entered into, and effective as of October 1, 2018 (the “Effective
Date”), by and between Cipherloc Corporation a Texas Corporation, with its principal place of business located at 825 Main
Street, Suite 100 Buda, TX 78610 (“Company”), and Milton Mattox, Ed. D, an individual located at 2155 S. 55th St.
#3007,Tempe, AZ 85282 (“Employee”) (individually, a “Party”; collectively, the “Parties”).

 

RECITALS

 

WHEREAS,
Company desires to employ Employee, and Employee desires to be employed as Chief Operating Officer; and

 

WHEREAS,
Company desires to have an employment agreement with Employee as its Chief Operating Officer, subject to the terms and conditions
of this Agreement.

 

NOW,
THEREFORE, in consideration of the mutual covenants and conditions contained herein, the Parties hereto hereby agree as follows:

 

AGREEMENT

 

1.       Term
of Employment.

 

a.       Specified
Period. Company hereby employs Employee and Employee accepts employment with Company for a period of one year beginning on
October 1, 2018 and terminating on September 30, 2019.

 

b.       Renewal.
This Agreement is subject to automatic renewal for three successive one-year
terms, upon the same terms and conditions as set forth herein, unless either this Agreement is terminated pursuant to Section
8 hereof or a Party gives written notice to the other Party of its intent to terminate, at least 30 days prior to expiration of
the then-current term.

 

c.       Employment
Term Defined. “Employment term” refers to the entire period of employment of Employee by Company, whether for
the period provided above, or whether terminated earlier as hereinafter provided or extended by mutual agreement between Company
and Employee.

 

    	 	1	 

    	 	 	 

    

 

2.       Duties
and Obligations of Employee.

 

Employee
shall serve as Chief Operating Officer and shall report to the President. Employee shall faithfully and diligently perform all
services and duties as may be requested and required of Employee by the President. Employee shall devote such time and attention
on an exclusive basis to oversee the development of the Company’s Business and operate the Company on a day to day basis.
Employee at all times during the employment term shall strictly adhere to and obey all policies, rules and regulations established
from time to time governing the conduct of employees of the Company.

 

3.       Exclusivity,
Non-Disclosure.

 

a.       Devotion
to Company Business. Employee agrees to perform Employee’s services efficiently and to the best of Employee’s
ability. Employee agrees throughout the term of this Agreement to devote his time, energy and skill to the business of the Company
and to the promotion of the best interests of the Company.

 

b.       Trade Secrets. Employee agrees that he shall not at any time, either during or
subsequent to his employment term, unless expressly consented to in writing by Company, either directly or indirectly use or disclose
to any person or entity any confidential information of any kind, nature or description concerning any matters affecting or relating
to the business of Company, including, but not limited to, information concerning the technology of the Company, the customers
of Company, Company’s marketing methods, compensation paid to employees, independent contractors or suppliers and other
terms of their employment or contractual relationships, financial and business records, know-how, or any other information concerning
the business of Company, its manner of operations, or other data of any kind, nature or description. Employee agrees that the
above information and items are important, material and confidential trade secrets and these affect the successful conduct of
Company’s business and its goodwill.

 

c.       Inventions
and Patents. Employee agrees to disclose and to assign immediately to the Company, or to any persons designated by the Company,
or at the Company’s option, any of the Company’s successors or assigns, all inventions or improvements which are or
were made, conceived or reduced to practice by Employee, whether acting independently or with others, during the course of Employee’s
employment with the Company, and which (i) were made, conceived of or first reduced to practice in the performance of any duties
assigned to or undertaken by the Employee as an employee of the Company; or (ii) were made, conceived of or first reduced to practice
with the use of the Company’s time, material, facilities or funds.

 

d.       Third
Party Information. Employee recognizes that the Company has received and will receive from third parties their confidential
or proprietary information subject to a duty on the Company’s part to maintain the confidentiality of such information and
to use it only for certain limited purposes. Employee agrees to hold all such confidential or proprietary information in the strictest
confidence and not to disclose it to any person, firm or corporation or to use it except as necessary in carrying out Employee’s
work for the Company consistent with the Company’s agreement with such third party.

 

    	 	2	 

    	 	 	 

    

 

e.       Conflicting
Employment. Employee agrees that, during the term of his employment with the Company, Employee will devote his full time and
efforts to the Company and he will not engage in any other employment, occupation or consulting activity, nor will Employee engage
in any other activities that conflict with Employee’s obligations to the Company without written consent of the Company.

 

f.       Solicitation
of Employees. By executing this Employment Agreement Employee agrees that for a period of eighteen (18) months immediately
following the termination of Employee’s relationship with the Company for any reason, whether with or without good cause
or for any or no cause, at the option either of the Company or Employee, with or without notice, Employee will not hire any employees
of the Company and will not, either directly or indirectly, solicit, induce, recruit or encourage any of the Company’s employees
to leave their employment, or take away such employees, or attempt to solicit, induce, recruit, encourage or take away employees
of the Company, either for Employee or for any other person or entity.

 

g.       Noncompetition
Covenants. Employee further agrees that during the period of employment by the Company and for a period of two (2) years thereafter,
regardless of the reason for the termination of such employment, Employee will not, directly or indirectly, whether alone or as
a partner, joint venturer, officer, director, consultant, employee, independent contractor or stockholder of any company or business
organization, engage in any business activity and/or accept employment with any person or entity, which is or may be directly
or indirectly in competition with the products or services being marketed, promoted, distributed, developed, planned, sold or
otherwise provided by the Company. The ownership by Employee of not more than one percent of the shares of capital stock of any
corporation having a class of equity securities traded on a national securities exchange shall not be deemed, in and of itself,
to violate this section.

 

4.       Compensation.

 

a.       Salary.
Subject to the termination of this Agreement as provided herein, Company shall compensate Employee for his services hereunder
at an annual salary of $175,000.00 payable in accordance with the Company’s practices, less normal payroll deductions, and
prorated for the actual employment term.

 

b.       Stock.
Common stock shall be granted to Employee on a quarterly basis commencing on the anniversary of Employees first quarter of employment
and a like amount each quarter so long as this Agreement is in effect. The value of the stock shall be determined by the bid price
on date of grant. The common stock shall be issued pursuant to the 2019 Stock Option/Stock Issuance Plan and shall not exceed
the Employees annual Salary

 

c.       Bonuses
and Salary Increases. Annual bonuses shall be equal to 1% of the net operating profit of the Company. Employee shall receive
such annual increases in salary and such additional compensation as may be determined by the Board of Directors of the Company
in its sole discretion. Such salary increase and/or additional compensation shall be paid to Employee on the anniversary date
of this Agreement during the Employment Term, and at such other times as may be determined by the Board of Directors.

 

    	 	3	 

    	 	 	 

    

 

5.       Employee
Incentives. Employee shall be entitled to receive incentives under all incentive plans made available by Company or in the
future to similarly situated employees, subject to the terms, conditions and overall administration of such plans, including but
not limited to stock options, profit sharing, and any other incentive plans that the Company has or will make available to similarly
situated employees.

 

6.       Employee
Benefits.

 

a.       Vacation.
Employee shall be entitled, during each employment year, to four weeks vacation, per annum, non-cumulative. Employee may be
absent from his employment for Vacation only at such times as may be convenient to Company and Employee.

 

b.       Medical
Coverage. Company agrees to include Employee in the coverage of its medical and dental insurance when implemented.

 

c.       Plan
Participation. Employee shall be entitled to participate in or to receive benefits under all of Company’s employee benefit
plans made available by Company or in the future to similarly situated employees, subject to the terms, conditions and overall
administration of such plans, including but not limited to 401(k) plans, IRA plans, E.R.I.S.A Plans, any other retirement or benefit
plans that the Company has made available to similarly situated employees.

 

7.       Business
Expenses. 

 

Employee
will be required to incur travel, meals, entertainment and other business expenses on behalf of the Company in the performance
of Employee’s duties hereunder. Company will reimburse Employee for all such reasonable business expenses incurred by Employee
in connection with Company’s business upon presentation of receipts or other acceptable documentation of the expenditures.
In compensating Employee for expenses, the ordinary and usual business guidelines and documentation requirements shall be adhered
to by Company and Employee.

 

8.       Termination
of Employment.

 

(1)       Termination
for Cause. For purposes of this Agreement, “Cause” shall mean the occurrence of any one of the following events:

 

(a)       Employee’s
material breach of any provision of this Agreement or of Executive Employee Confidentiality, Non-Competition and Invention Assignment
Agreement of even date herewith, entered into by and between the Company and Employee, which breach is not cured within ten days
after the Company provides Employee with written notice of the nature and existence of such material breach;

 

(b)       
Employee’s willful refusal to obey written directions of Employee’s supervisor of the Company (so long as such directions
do not involve illegal or immoral or otherwise improper acts), which refusal continues for a period of five business days after
notice to Employee by the Company, and which notice references such refusal and this Section 8.

 

    	 	4	 

    	 	 	 

    

 

(c)
       Employee’s failure to perform Employee’s duties and responsibilities with
diligence and in accordance with the productivity and quality requirements of the Company, which failure continues for a period
of ten business days after written notice to Employee by the Company of Employee’s failure to perform; provided, however,
that if Employee has been provided written notice pursuant to this Section 8 on two separate occasions during the Initial Term,
any subsequent failure by Employee to perform Employee’s duties and responsibilities in accordance with the Company’s
requirements shall constitute Cause and the Company shall not be required to provide any written notice or opportunity for Employee
to correct Employee’s performance prior to a termination of Employee’s employment by the Company;

 

(d)
       Employee’s repeated refusal to comply with Company written policies or requirements
which are adopted by the Board of Directors from time to time and which apply to Employee’s responsibilities;

 

(e)
       Employee’s action, or failure to act, in violation of any provision of the Company’s
standard employee guidelines, including but not limited to any policy concerning sexual harassment, substance abuse, as such policies
may be in effect from time to time, if such violation of the Company’s policy would generally result in the termination
of employment of a Company employee;

 

(f)
       Fraud or dishonesty by Employee, in the good faith opinion of the Board of Directors
of the Company; or

 

(g)
       If Employee is convicted or admits to the commission of a criminal offense or act of
moral turpitude that constitutes a felony in the jurisdiction in which the offense is committed.

 

(h)
       The notice of termination required by this section shall specify the ground for the
termination and shall be supported by a statement of all relevant facts.

 

(2).Termination
Upon Death or Disability.

 

i.       Death.
This Agreement shall be terminated immediately upon the death of Employee.

 

ii.       Disability.
Company reserves the right to terminate this Agreement if, due to illness or injury, either physical or mental, Employee is unable
to perform Employee’s customary duties as an employee of Company, unless reasonable accommodation can be made to allow Employee
to continue working, for more than 30 days in the aggregate out of a period of 12 consecutive months. The disability shall be
determined by a certification from a physician. Such a termination shall be effected by giving ten days’ written notice
of termination to Employee. Termination pursuant to this provision shall not prejudice Employee’s rights to receive disability
insurance payments or the continued compensation pursuant to this Agreement.

 

iii.       Without
cause. Termination under this section for either death or disability shall not be considered “for cause” for the
purposes of this Agreement.

 

    	 	5	 

    	 	 	 

    

 

(3).      Effect
of Merger, Transfer of Assets, or Dissolution. Without the prior written consent of Employee, this Agreement shall not be
terminated by any voluntary or involuntary dissolution of Company resulting from a merger or consolidation in which Company is
not the consolidated or surviving corporation, or a transfer of all or substantially all of the assets of Company. In the event
of any such merger or consolidation or transfer of assets, Employee’s rights, benefits, and obligations hereunder shall
be assigned to the surviving or resulting corporation or the transferee of Company’s assets, unless Employee agrees otherwise.

 

(4).      Payment
on Termination. If Company terminates this Agreement “without cause,” it shall pay “Severance
Benefits” to the Employee. Severance Benefits shall mean, for purposes of this Agreement,
a cash payment equal to the aggregate compensation payable to the Employee during the remaining term of this Agreement, including
all salary, commissions, bonuses and other compensation.

 

(5).      Termination
by Employee.

 

i.       Without
Cause. Employee may terminate this Agreement without cause upon 30 days’ prior written notice to Company.

 

ii.       With
Cause. Employee may terminate this Agreement immediately with cause, in which event Employee shall receive the Payment on
Termination in accordance with Section 8(4) herein. For the purposes of this Agreement, “cause” for termination by
Employee shall be a breach of any material covenant or obligation hereunder; or the termination of this Agreement without the
prior written consent of Employee due to the voluntary or involuntary dissolution of the Company, any merger or consolidation
in which the Company is not the surviving or resulting corporation, or any transfer of all or subsequently all of the assets of
Company.

 

9.       General
Provisions.

 

a.       Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Parties hereto their respective devisees, legatees,
heirs, legal representatives, successors, and permitted assigns. The preceding sentence shall not affect any restriction on assignment
set forth elsewhere in this Agreement.

 

b.       Notices.
Any notice, request, instruction, or other document required by the terms of this Agreement, or deemed by any of the Parties hereto
to be desirable, to be given to any other party hereto shall be in writing and shall be given by personal delivery, overnight
delivery, mailed by registered or certified mail, postage prepaid, with return receipt requested, or sent by facsimile/electronic
transmission to the addresses of the Parties as follows:

 

	To
    Company:	Cipherloc
Corporation
	 	825
    Main Street
	 	Suite
    100
	 	Buda
    Texas,78610
	 	Attn:
    President
	 	Email:mdgl@Cipherloc.net

 

    	 	6	 

    	 	 	 

    

 

	To
    Employee:	Milton
    Mattox, Ed. D
	 	2155
    S. 55th St. #3007
	 	Tempe,
    AZ 85282
	 	Email:
    mcmattox@cox.net

 

The
persons and addresses set forth above may be changed from time to time by a notice sent as aforesaid. If notice is given by personal
delivery or overnight delivery in accordance with the provisions of this Section, such notice shall be conclusively deemed given
at the time of such delivery provided a receipt is obtained from the recipient. If notice is given by mail in accordance with
the provisions of this Section, such notice shall be conclusively deemed given upon receipt and delivery or refusal. If notice
is given by facsimile/electronic transmission in accordance with the provisions of this Section, such notice shall be conclusively
deemed given at the time of delivery if during business hours and if not during business hours, at the next business day after
delivery, provided a confirmation is obtained by the sender.

 

c.       Sums
Due Deceased Employee. If Employee dies prior to the expiration of the employment term, any sums that may be due him from
Company under this Agreement as of the date of death shall be paid to Employee’s executors, administrators, heirs, personal
representatives, successors, and assigns.

 

d.       Assignment.
Subject to all other provisions of this Agreement, any attempt to assign or transfer this Agreement or any of the rights conferred
hereby, by judicial process or otherwise, to any person, firm, Company, or corporation without the prior written consent of the
other Party, shall be invalid, and may, at the option of such other Party, result in an incurable event of default resulting in
termination of this Agreement and all rights hereby conferred.

 

e.       Choice
of Law. This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws
of the State of Texas including all matters of construction, validity, performance, and enforcement and without giving effect
to the principles of conflict of laws.

 

f.       Jurisdiction.
The parties submit to the jurisdiction of the Courts of the State of Texas or a Federal Court impaneled in the State of Texas
for the resolution of all legal disputes arising under the terms of this Agreement.

 

g.       Indemnification.
Company shall indemnify, defend and hold Employee harmless, to the fullest extent permitted by law, for all claims, demands, losses,
costs, expenses, obligations, liabilities, damages, recoveries and deficiencies, including interest, penalties and reasonable
attorney’s fees that Employee shall incur or suffer that arise from, result from or relate to the discharge of Employee’s
duties under this Agreement. Company shall maintain adequate insurance for this purpose or shall advance Employee any expenses
incurred in defending any such proceeding or claim to the maximum extent permitted by law.

 

    	 	7	 

    	 	 	 

    

 

h.       Entire
Agreement. Except as provided herein, this Agreement, including exhibits, contains the entire agreement of the Parties, and
supersedes all existing negotiations, representations, or agreements and all other oral, written, or other communications between
them concerning the subject matter of this Agreement. There are no representations, agreements, arrangements, or understandings,
oral or written, between and among the Parties hereto relating to the subject matter of this Agreement that are not fully expressed
herein.

 

i.       Severability.
If any provision hereof is held to be illegal, invalid or unenforceable under present or future laws effective during the term
hereof, such provision shall be fully severable. This Agreement shall be construed and enforced as if such illegal, invalid or
unenforceable provision had never comprised a part hereof, and the remaining provisions hereof shall remain in full force and
effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance wherefrom. Furthermore,
in lieu of such illegal, invalid or unenforceable provision there shall be added automatically by the Company as a part hereof
a provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and legal, valid and enforceable.

 

j.       Captions.
The captions in this Agreement are inserted only as a matter of convenience and for reference and shall not be deemed to define,
limit, enlarge, or describe the scope of this Agreement or the relationship of the Parties, and shall not affect this Agreement
or the construction of any provisions herein.

 

k.       Modification.
No change, modification, addition, or amendment to this Agreement shall be valid unless in writing and signed by all Parties hereto.

 

l.       Attorneys’
Fees. In the event any Party hereto shall commence legal proceedings against the other to enforce the terms hereof, or to
declare rights hereunder, as the result of a breach of any covenant or condition of this Agreement, the prevailing Party in any
such proceeding shall be entitled to recover from the losing Party its costs of suit, including reasonable attorneys’ fees,
as may be fixed by the court.

 

m.       Taxes.
Any income taxes required to be paid in connection with the payments due hereunder, shall be borne by the Party required to make
such payment. Any withholding taxes in the nature of a tax on income shall be deducted from payments due, and the Party required
to withhold such tax shall furnish to the Party receiving such payment all documentation necessary to prove the proper amount
to withhold of such taxes and to prove payment to the tax authority of such required withholding.

 

n.       Not
for the Benefit of Creditors or Third Parties. The provisions of this Agreement are intended only for the regulation of relations
among the Parties. This Agreement is not intended for the benefit of creditors of the Parties or other third Parties and no rights
are granted to creditors of the Parties or other third Parties under this Agreement. Under no circumstances shall any third party,
who is a minor, be deemed to have accepted, adopted, or acted in reliance upon this Agreement.

 

o.       Counterparts.
This Agreement may be executed in several counterparts and it shall not be necessary for each Party to execute each of such counterparts,
but when all of the parties have executed and delivered one of such counterparts, the counterparts, when taken together, shall
be deemed to constitute one and the same instrument, enforceable against each Party in accordance with its terms.

 

    	 	8	 

    	 	 	 

    

 

p.       Facsimile
Signatures. The parties hereto agree that this Agreement may be executed by facsimile signatures and such signatures shall
be deemed originals. The parties further agree that within ten days following the execution of this Agreement, they shall exchange
original signature pages.

 

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

 

	 	COMPANY:
	 	 
	 	Cipherloc
    Corporation, a Texas Corporation
	 	 
	 	/s/
    Michael De La Garza
	 	By:
    Michael De La Garza
	 	Its:
    President/CEO
	 	 
	 	EMPLOYEE:
	 	 
	 	Milton
    Mattox
	 	 
	 	/s/
    Milton Mattox
	 	By:
    Milton Mattox, Ed. D

 

    	 	9

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