Document:

Exhibit
10.2 

 

SETTLEMENT
AGREEMENT AND RELEASE

 

This
Settlement Agreement and Release (“Agreement”) is entered into effective as of November 5, 2020, by and between
International Porfolio Management (“Creditor”) and Arvana Inc. (“Arvana”). Collectively,
Creditor and Arvana shall be referred to collectively as the “Parties” or individually as a “Party”.

 

BACKGROUND

 

WHEREAS,
Creditor provided a loan and paid a series of expenses that accrued to Arvana denominated in US and Canadian funds between September
2007 and April 2014, pursuant to which Creditor is entitled to the repayment of an aggregate amount due of one hundred and thirteen
thousand two hundred and sixty nine U.S. dollars ($113,269), which amount includes six percent in accrued (6%) interest of one
thousand seven hundred and forty nine U.S. dollars ($1,749), as of September 30, 2020 (“Debt”).

 

WHEREAS,
Arvana and Creditor desire and agree to provide for the payment of the above-stated indebtedness in accordance with terms and
provisions different from, and in substitution of, the terms and obligations of the Debt as described above.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to
be legally bound hereby, Creditor and Arvana hereby agree as follows:

 

AGREED
TERMS AND CONDITIONS

 

1.
Settlement of Debt. Arvana will issue to Creditor one million one hundred and thirty two thousand six hundred and ninety
(1,132,690) shares of its restricted common stock (“Settlement Shares”) as provided herein valued for the purposes
of this Agreement at ten U.S. cents ($0.10) per share in full and complete satisfaction of the Debt.

 

2.
Closing. The Settlement Shares, unless agreed otherwise, shall be issued to Creditor not later than ten (10) business days
after the execution of this Agreement and delivered to Creditor not later than twenty (20) business days thereafter.

 

3.
Securities Act Exemption. The Parties are executing and delivering this Agreement in reliance upon exemptions from registration
under the rules and regulations as promulgated by the U.S. Securities and Exchange Commission (“Commission”)
under the Securities Act of 1933, as amended (“Securities Act”).

 

4.
Investment Representations of Creditor. Creditor represents and warrants that:

 

a.
Investment Purpose. Creditor is acquiring the Settlement Shares for his own account and not with a present view towards
the public sale or distribution thereof, except pursuant to sales registered or exempted from registration under the Securities
Act.

 

b.
Accredited Investor Status. Creditor is an “accredited investor” as that term is defined in Rule 501(a) of
Regulation D of the Securities Act (“Accredited Investor”).

 

c.
Reliance on Exemptions. Creditor understands that the Settlement Shares are being offered and sold to him in reliance upon
specific exemptions from the registration requirements of U.S. federal securities laws and that Arvana is relying upon the truth
and accuracy of, and Creditor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings
of Creditor set forth herein in order to determine the availability of such exemptions and the eligibility of Creditor to acquire
the Settlement Shares.

 

d.
Availability of Exemptions in the Country of Residence. Creditor certifies to Arvana that he is relying on an exemption
applicable to the nation in which Creditor is resident to enter into this Agreement, as required under national and local securities
laws, reflected by Creditor initials hand written on the following line: //AN.

 

    	 	1	 

     

    

 

e.
Transfer or Re-sale. Creditor understands that except as provided herein, the sale of the Settlement Shares has not been
and is not being registered under the Securities Act, and that the Settlement Shares may not be transferred unless sold pursuant
to an effective registration statement under the Securities Act or an exemption from registration.

 

f.
Legend. Creditor understands that the Settlement Shares will bear a restrictive legend in substantially the following form
(and a stop-transfer order may be placed against transfer of the certificates for such Settlement Shares):

 

“The
securities represented by this certificate have not been registered under the Securities Act of 1933, as amended. The securities
may not be sold, transferred or assigned in the absence of an effective registration statement for the securities under said Act,
or an opinion of counsel, in form, substance and scope customary for opinions of counsel in comparable transactions, that registration
is not required under said Act or unless sold pursuant to Rule 144 under said Act.” 

 

g.
Authorization; Enforcement. Creditor (i) has the requisite authority to enter into and to perform this Agreement, and to
consummate the transaction contemplated hereby in accordance with the terms hereof, (ii) the execution and delivery of this Agreement
has been duly executed and delivered by Creditor and no further consent or authorization is required; and (iii) this Agreement
constitutes a legal, valid and binding obligation of Creditor enforceable against Creditor in accordance with its terms, except
to the extent that enforceability may be limited by bankruptcy, insolvency or similar laws affecting Creditor’ rights generally
or by general principles of equity.

 

5.
Representations and Warranties of Arvana. Arvana represents to Creditor, that (i) Arvana has all requisite corporate power
and authority to enter into and perform this Agreement, and to consummate the transaction contemplated hereby, in accordance with
the terms hereof; (ii) the execution and delivery of this Agreement has been duly authorized by Arvana’s Board of Directors
and no further consent or authorization is required; (iii) this Agreement has been duly executed and delivered by Arvana through
its authorized representative; and (iv) this Agreement constitutes a legal, valid and binding obligation of Arvana enforceable
against Arvana in accordance with its terms, except to the extent that enforceability may be limited by bankruptcy, insolvency
or similar laws affecting Arvana’s rights generally or by general principles of equity.

 

6.
No Outstanding or Known Future Claims/Causes of Action. Each Party affirms that it has not filed with any governmental
agency or court any type of action or report against the other Party, and currently knows of no existing act or omission by the
other Party that may constitute a claim or liability excluded from the release in section 10 below.

 

7.
Acknowledgment of Settlement. The Parties, as described in section 10 below, acknowledge that (i) the consideration set
forth in this Agreement, which includes, but is not limited to, the Settlement Shares, is in full settlement of all claims or
losses of whatsoever kind or character that they have, or may ever have had, against the other Party, including by reason of the
Debt and (ii) by signing this Agreement, and accepting the consideration provided herein and the benefits of it, they are giving
up forever any right to seek further monetary or other relief from the other Party, for any acts or omissions up to and including
the date of this Agreement as set forth in section 10, including, without limitation, the Debt.

 

8.
Legal Fees. The Parties acknowledge and agree that they are solely responsible for paying any attorneys’ fees and
costs they incurred and that neither Party nor its attorney(s) will seek any award of attorneys’ fees or costs from the
other Party, except as provided herein.

 

9.
Taxes. Creditor shall be solely responsible for, and is legally bound to make payment of, any taxes determined to be due
and owing (including penalties and interest related thereto) by it to any federal, state, local, or regional taxing authority
as a result of the Settlement Shares. Creditor understand that Arvana has not made, and it does not rely upon, any representations
regarding the tax treatment of the Settlement Shares paid pursuant to this Agreement. Moreover, Creditor agrees to indemnify and
hold Arvana harmless in the event that any governmental taxing authority asserts against Arvana any claim for unpaid taxes, failure
to withhold taxes, penalties, or interest based upon the payment of the Settlement Shares.

 

    	 	2	 

     

    

 

10.
Mutual Release. The Parties, on behalf of themselves, their predecessors, successors, direct and indirect parent companies,
direct and indirect subsidiary companies, companies under common control with any of the foregoing, affiliates and assigns, and
its and their past, present, and future officers, directors, shareholders, interest holders, members, partners, attorneys, agents,
employees, managers, representatives, assigns, and successors in interest, and all persons acting by, through, under, or in concert
with them, and each of them, hereby release and discharge the other Party, together with their predecessors, successors, direct
and indirect parent companies, direct and indirect subsidiary companies, companies under common control with any of the foregoing,
affiliates and assigns and its and their past, present, and future officers, directors, shareholders, interest holders, members,
partners, attorneys, agents, employees, managers, representatives, assigns and successors in interest, and all persons acting
by, through, under or in concert with them, and each of them, from all known and unknown charges, complaints, claims, grievances,
liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs,
losses, debts, penalties, fees, wages, medical costs, pain and suffering, mental anguish, emotional distress, expenses (including
attorneys’ fees and costs actually incurred), and punitive damages, of any nature whatsoever, known or unknown, which either
Party has, or may have had, against the other Party, whether or not apparent or yet to be discovered, or which may hereafter develop,
for any acts or omissions related to or arising from the Debt.

 

This
Agreement resolves any claim for relief that could have been alleged, no matter how characterized, including, without limitation,
compensatory damages, damages for breach of contract, bad faith damages, reliance damages, liquidated damages, damages for humiliation
and embarrassment, punitive damages, costs and attorneys fees related to or arising from the Debt.

 

11.
Entire Agreement. The recitals set forth at the beginning of this Agreement are incorporated by reference and made a part
of this Agreement. This Agreement constitutes the entire agreement and understanding of the Parties and supersedes all prior negotiations
and/or agreements, proposed or otherwise, written or oral, concerning the subject matter hereof. Furthermore, no modification
of this Agreement shall be binding unless in writing and signed by each of the parties hereto.

 

12.
New or Different Facts: No Effect. Except as provided herein, this Agreement shall be, and remain, in effect despite any
alleged breach of this Agreement or the discovery or existence of any new or additional fact, or any fact different from that
which either Party now knows or believes to be true. Notwithstanding the foregoing, nothing in this Agreement shall be construed
as, or constitute, a release of any Party’s rights to enforce the terms of this Agreement.

 

13.
Interpretation. Should any provision of this Agreement be declared or be determined by any court to be illegal or invalid,
the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term
or provision shall be deemed not to be a part of this Agreement. The headings within this Agreement are purely for convenience
and are not to be used as an aid in interpretation. Moreover, this Agreement shall not be construed against either Party as the
author or drafter of the Agreement.

 

14.
Counterparts. This Agreement may be executed by the Parties in counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument.

 

    	 	3	 

     

    

 

15.
Notices. All notices required or permitted to be given under this Agreement will be in writing and will be deemed given
(i) when delivered in person, (ii) seven (7) business days after being deposited in the United States mail, postage prepaid, registered
or certified mail addressed as set forth below, or (iii) on the 2nd business day after being deposited with a nationally
recognized overnight courier service addressed as set forth below:

 

International
Portfolio Management

3001-788
Richards Street

The
Hermitage

Vancouver

British
Columbia

Canada
V6B 0C7

 

Arvana
Inc.

299
South Main Street, 13th Floor

Salt
Lake City

Utah
84111

United
States of America

 

16.
Governing Law and Venue. This Agreement shall be deemed to be a contract made under the laws of the State of Utah and for
all purposes it and any related or supplemental documents and notices, shall be construed in accordance with and governed by the
laws of such state. In respect of any action or claim arising out of or relating to this Agreement (x) the parties hereby irrevocably
submit to the jurisdiction of the United States District Court for the District of Utah (Salt Lake City) and/or in the Utah state
courts located within Salt Lake County, Utah, over any action or proceeding arising out of or related to this Agreement and the
documents related hereto or executed in connection herewith, (y) the Parties hereby irrevocably agree that all claims in respect
of such actions or proceedings may be heard and determined in the courts referenced in the foregoing clause (x), and (z) the Parties
hereto hereby irrevocably waive, to the fullest extent they may effectively do so, the defense of an inconvenient forum to the
maintenance of such action or proceeding in Utah.

 

17.
Reliance on Own Counsel. In entering into this Agreement, the Parties acknowledge that they have relied upon the legal
advice of their respective attorneys, who are the attorneys of their own choosing, that such terms are fully understood and voluntarily
accepted by them, and that, other than the consideration set forth herein, no promises or representations of any kind have been
made to them by the other Party. The Parties represent and acknowledge that in executing this Agreement they did not rely, and
have not relied, upon any representation or statement, whether oral or written, made by the other Party or by that other Party’s
agents, representatives or attorneys with regard to the subject matter, basis or effect of this Agreement or otherwise.

 

READ
THE FOREGOING DOCUMENT CAREFULLY. IT INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS. 

 

IN
WITNESS WHEREOF, and intending to be legally bound, each of the Parties hereto has caused this Agreement to be executed as
of the date(s) set forth below.

 

	Arvana	Creditor
	 	 
	 	 
	/s/ Ruairidh Campbell	/s/ Altaf Nazerali
	By: Ruairidh Campbell	By: Altaf Nazerali
	Its: Chief Executive Officer	Its: President
	 	 
	Dated: November 10, 2020	Dated: November 9, 2020

 

    	 	4Exhibit 10.3

CONSULTING
AGREEMENT 

THIS
CONSULTING AGREEMENT (“Agreement”), by and between Arvana Inc. a Nevada corporation (“Company”)
with offices located at 299 South Main Street, 13th Floor, Salt Lake City, Utah 84111 and Valor Invest Ltd. with offices
located at 5th floor 60 rue de Rhone, Geneva CH-1211 Switzerland (“Consultant”).

RECITALS

WHEREAS,
Company needs to identify an alternative business opportunity that might be a good match for the Company and its stockholders;

WHEREAS,
Consultant possesses intimate knowledge of the Company’s business aspirations, policies, methods, accounting and personnel;

WHEREAS,
Consultant has extensive background in identifying strategic business alliances, business combinations, mergers and acquisitions;

WHEREAS,
Company recognizes that the Consultant is able to contribute to the growth and success of the Company; and

WHEREAS,
Consultant is willing to make its services available to Company on the terms and conditions hereinafter set forth.

NOW
THEREFORE, for and in consideration of the premises, the mutual covenants and agreements contained herein, and for other good
and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereby agree as
follows:

1. Engagement
as an Independent Consultant. The relationship between Company and Consultant is as an independent contractor. Consultant
shall have no authority to legally bind Company in any manner. Further, Company acknowledges that Consultant makes no representations
or warranties as to the success or outcome of the engagement contemplated herein. All information prepared, including projections,
financial statements, reports and similar information and disclosure for Company are the responsibility of Company. Consultant
makes no representations as to the accuracy, ability to achieve projections, disclosure requirements, internal controls, accounting
treatment or issues or any other representation whatsoever. Unless specifically authorized herein, Consultant will not assume
responsibility for making management decisions including, but not limited to, decisions about strategic business alliances, business
combinations, mergers and acquisitions; compliance with laws, and/or government regulation, debts or obligations of the Company.

2. Term.
Unless terminated sooner by either party, the term of this Agreement shall be for a one (1) year commencing on October
1, 2019, and ending on September 30, 2020 (“Term”).

3. Consulting
Services.

During
the Term, Consultant shall advise the Company’s Chief Executive Officer (“CEO”) on corporate strategy
and financial plans.

 

    	 	1	 

     

    

 

The
Consultant is further tasked to perform the following enumerated duties:

 

	(a)		to
                                         introduce prospective business associations, and strategic partners and joint venture;

	(b)		to
                                         plan financial structures related to the acquisition of business operations, tactical
                                         business alliances, business combinations, mergers and acquisitions;

	(c)		to
                                         structure financial mechanisms related to the acquisition of business operations, tactical
                                         business alliances, business combinations, mergers, acquisitions;

	(d)		to
                                         discuss from time to time any matters pertaining to Company's business;

	(e)		to
                                         introduce prospective investors to Company, it being understood that Consultant is not
                                         a registered securities broker or dealer, with no authority to enter into any commitments
                                         on Company's behalf or to perform any act which would require Consultant to be registered
                                         as a securities broker or dealer (“Consulting Services”).

 

Consultant
shall faithfully and diligently perform all services as may be reasonably assigned to him, and shall exercise such power and authority
as may from time to time be delegated to him by the Board. Consultant shall devote sufficient business time, attention and effort
to the performance of its duties under this Agreement, render such services to the best of its ability, and use its reasonable
best efforts to promote the interests of the Company. Consultant shall not engage in any business or occupation during the Term
that (i) conflicts with the interests of Company, (ii) interferes with the proper and efficient performance of its duties for
the Company, or (iii) interferes with the exercise of its judgment in the Company’s best interests. Notwithstanding the
foregoing or any other provision of this Agreement, it shall not be a breach or violation of this Agreement for Consultant to
(x) serve on civic or charitable boards or committees, (y) deliver lectures, or fulfill speaking engagements, or (z) advise other
companies, so long as such activities do not compete with the Company or materially impair its ability to perform its responsibilities
in accordance with this Agreement

 

4. Independent
Contractor Relationship. The parties acknowledge and intend that the relationship of Consultant to Company under this Agreement
shall be that of an independent contractor. In performing Consulting Services, Consultant shall undertake Consulting Services
according to its own means and methods of work which shall not be subject to the control or supervision of Company, except as
to the objectives of those Consulting Services. Consultant shall determine its own working hours and schedule and shall not be
subject to Company’s personnel policies and procedures. Consultant shall be entirely and solely responsible for its actions
or inactions and the actions or inactions of its agents, employees or subcontractors, if any, while performing Consulting Services
hereunder. Consultant agrees that it shall not maintain, hold out, represent, state or imply to any individual or entity that
an employer/employee relationship exists between Company and Consultant. Consultant is not granted nor shall he represent that
he is granted any right or authority to make any representation or warranty or assume or create any obligation or responsibility,
express or implied, for, on behalf or in the name of Company, to incur debts for Company or to bind Company in any manner whatsoever.
The obligations imposed on Consultant concerning Company’s confidential information are set forth in Section 8 of this Agreement.
In the event of any conflict between the provisions of Section 4 and Section 8 of this Agreement, the provisions of Section 8
shall control.

 

5. Hours.
Consultant shall devote such time to the performance of Consulting Services hereunder as is reasonably necessary to perform them
in a satisfactory manner.

 

    	 	2	 

     

    

 

6. Compensation/Expenses/Taxes
and Employee Benefits

 

The
Consultant agrees to accept the following compensation and policies for the payment of taxes, the reimbursement of expenses and
employee benefits as follows:

 

	(a)		Common
Stock. For each month of Term, Consultant shall earn thirty thousand (30,000) shares of the Company’s common
stock (“Shares”) valued at $0.10 a share up to an aggregate of three hundred and sixty thousand (360,000)
Shares of the Company’s common stock, that will accrue on a monthly basis and be issued to Consultant on the expiration
of Term or earlier termination by either party to this Agreement (“Termination Date”).

	(b)		Expenses.
Company shall reimburse Consultant for all reasonable expenses that are pre-approved in writing, including expenses for non-local
travel, meals, lodging, and rental cars, on Consultant’s presentation of an invoice containing a complete account of such
expenditures and all reasonable documentation as may be required by Company. All invoices for expenses properly submitted by Consultant
shall be paid by Company within thirty (30) days after receipt thereof.

	(c)		Taxes
and Employee Benefits. The parties agree that over Term, Consultant shall be serving as an independent contractor, and therefore
unless required by law, Company shall not deduct any federal, provincial, state or local taxes or other withholdings from any
sums paid to Consultant hereunder, and Consultant hereby agrees to indemnify and hold harmless Company from, direct liability
for any and all federal, state and local taxes or assessments of any kind arising out of any payment made by Company to Consultant
hereunder. Consultant shall be responsible for all tax reporting, tax payments, withholdings, insurance and other payments, expenses
and filings required to be made or paid by him or its agents or employees. Further, neither Consultant nor any of its agents or
employees on account of having rendered Consulting Services hereunder shall be entitled to any benefits provided by Company to
any of its employees, including, without limitation, any retirement plan, insurance program, disability plan, medical benefits
plan or any other fringe benefit program sponsored and maintained by Company for its employees.

 

7. Termination.

 

 (a) By Company Without Cause. During Term: 

 

	(i)		Company
may terminate Consultant’ engagement at any time without cause upon thirty (30)
days written notice.

	(ii)		In
the event Company terminates Consultant’s engagement during Term without cause pursuant to Section 7(a)(i), the Shares to
which the Consultant is entitled under this Agreement over the Term shall be issued to Consultant within thirty (30)
of the Termination Date.

	(iii)		Upon
termination by the Company of Consultant’s engagement during Term without cause pursuant to Section 7(a)(i), Company shall
pay any unpaid reimbursable expenses within thirty (30)
of the Termination Date.

 

 (b) By Company With Cause. 

 

	(i)		Company
may terminate Consultant’s engagement at any time for cause.

 

    	 	3	 

     

    

 

	(ii)		The
term “cause”
shall mean (1) Consultant’s material failure, neglect or refusal to perform any duties, responsibilities or obligations
specifically described in or assigned to him under Section 3 of this Agreement; (2) any willful or intentional act of Consultant
that has the effect of substantially injuring the reputation or business of Company or any of its affiliates; (3) use of illegal
drugs by Consultant or repeated drunkenness; (4) a plea of nolo contendre, admission of guilt or conviction of Consultant by a
court of competent jurisdiction for the commission of (A) a felony or (B) a misdemeanor involving moral turpitude; (5) an act
of fraud or embezzlement or material dishonesty by Consultant against Company or any other person or entity; (6) other violations
of policies adopted by Company that provide for the orderly administration of the workplace; or (7) during Term, any material
violation of a covenant described in Section 8 of this Agreement.

	(iii)		Company
shall give Consultant written notice of the Company’s intention to terminate Consultant’s engagement for cause under
Section 7(b)(i) (“Cause Notice”).
Cause Notice shall state the particular action(s) or inaction(s) giving rise to cause for termination. If the cause for termination
is capable of cure, Consultant shall have a reasonable time not to exceed thirty (30)
days after a Cause Notice is communicated to perform or correct performance of the particular duties, responsibilities or obligations
described in Cause Notice. If Consultant performs and continues to perform as required, Company shall not terminate Consultant’s
engagement for cause based upon the reasons stated in Cause Notice.

	(iv)		Upon
termination by Company for cause, Consultant shall be entitled to Shares earned through the Termination Date, unreimbursed expenses
through the Termination Date, and any rights or benefits to which Consultant is entitled at law.

 

(c) Termination
of Engagement by Consultant. 

 

	(i)		At
any time during Term, Consultant may terminate its engagement, with or without good reason, by giving thirty (30)
days prior written notice of termination to Company.

	(ii)		The
term “good reason”
shall mean the occurrence of any of the following events: (1) Company shall fail to reimburse Consultant for any reasonable expenses
due under this Agreement and such failure shall not be remedied within ten (10) days
after receipt of written notice from Consultant specifying such failure; or (2) the Company shall materially breach any other
provision of this Agreement and such breach shall not be remedied within a reasonable time after receipt by Company of written
notice from Consultant specifying such breach.

	(iii)		In
the event Consultant terminates its engagement with good reason during the Term, the Shares to which the Consultant is entitled
under this Agreement over the Term shall be issued to Consultant within thirty (30)
of the Termination Date.

	(iv)		Consultant
shall give written notice to the Company of the intention to terminate its engagement for good reason under Section 7(c)(i) (“Good
Reason Notice”). Good Reason Notice shall state the particular action(s) or inaction(s)
giving rise to the good reason for termination. Company shall have a reasonable time, not to exceed thirty (30) days after a Good
Reason Notice is given, to perform or correct performance of the particular duties action(s) or inaction(s) described in the Good
Reason Notice. If Company reasonably corrects performance of the action(s) or inaction(s) described in Good Reason Notice, then
Company shall not terminate Consultant’s engagement for good reason based upon the reasons stated in Good Reason Notice.

 

    	 	4	 

     

    

 

	(v)		In
the event Consultant voluntarily terminates its engagement without good reason at any time during Term, he shall be entitled to
the Shares earned through the Termination Date, unreimbursed expenses through the Termination Date, and any rights and benefits
to which Consultant is entitled at law.

 

8.
Confidentiality. Consultant will have access to Confidential Information (defined below) during its engagement with
Company. Except pursuant to its engagement hereunder, or as required to be disclosed by any law, regulation or order of any
court or regulatory commission, department or agency, Consultant shall not use or disclose to any person or entity during
Term or at any time thereafter, any Confidential Information of Company.

 

 (a) “Confidential Information” shall include all information regarding Company’s (or any of its affiliate’s) customers, vendors, suppliers, trade secrets, training programs, manuals or materials, technical information, seismic data, contracts, systems, procedures, mailing lists, know-how, trade names, improvements, price lists, financial or other data (including the revenues, costs or profits associated with Company’s products or services), business plans, code books, invoices and other financial statements, computer programs, software systems, databases, discs and printouts, plans (business, technical or otherwise), customer and industry lists, correspondence, internal reports, personnel files, sales and advertising material, telephone numbers, names and addresses or any other compilation of information, written or unwritten, which is or was used in the business of Company not in the public domain or generally known in the industry, in any form, and including without limitation all such information acquired by Consultant during Term.

 

 (b) Consultant agrees and acknowledges that all Confidential Information, in any form, and copies and extracts thereof, are and shall remain the sole and exclusive property of Company and upon termination of its engagement under this Agreement, Consultant shall within a reasonable period of time return to Company the originals and all copies of any such information provided to or acquired by Consultant in connection with the performance of its duties for Company, and shall return to Company all such files, correspondence and/or other communications received, maintained and/or originated by Consultant during the course of its engagement.

 

The
terms of this Section 8 shall be a continuing covenant that survives the expiration or earlier termination of this Agreement for
an additional period of two (2) years, after which this covenant respecting confidentiality shall expire.

 

9. Dispute
Resolution.

 

 (a) Resolution Procedure. The parties agree to resolve any dispute or controversy between Company and Consultant arising out of or in connection with the terms and provisions of this Agreement in accordance with the following:

 

	(i)		If
any dispute or controversy arises out of or relates to this Agreement or any alleged breach hereof, the party desiring to resolve
such dispute or controversy shall deliver a written notice of the dispute, including the specific claim in the dispute (“Dispute
Notice”) to the other party pursuant to Section 10. If any party delivers a Dispute Notice
pursuant to this Section 9(a)(i), the parties involved in the dispute or controversy shall meet at least twice within the thirty
(30) day period commencing with the date of the Dispute Notice and in good faith shall
attempt to resolve such dispute or controversy through negotiation.

    	 	5	 

     

    
 

	(ii)		If
any dispute or controversy is not resolved or settled by the parties as a result of negotiation pursuant to Section 9(a)(i) above,
the parties shall in good faith submit the dispute or controversy to non-binding mediation in Vancouver, British Columbia before
a mediator agreed upon by the parties. In the event the parties are unable to agree upon a mediator, the parties shall request
that a mediator be appointed by the provincial or federal court in Vancouver, British Columbia. The parties shall bear the costs
of such mediation equally.

	(iii)		Any
dispute or controversy between Company and Consultant arising out of or relating to this Agreement or any breach of this Agreement
that is not resolved by mediation pursuant to Section 9(a)(i) above, the dispute or controversy shall be resolved through arbitration
held in Vancouver, British Columbia, which arbitration shall be conducted in accordance with the rules and procedures of the ADR
Institute of Canada in accordance with its Rules then in effect. The arbitration of such issues, including the determination of
any amount of actual damages suffered by any party hereto by reason of the acts or omissions of any party, shall be final and
binding upon all parties. Except as otherwise set forth in this Agreement, the cost of arbitration hereunder, including the cost
of record or transcripts thereof, if any, administrative fees, and all other fees involved, including reasonable attorneys’
fees incurred by the party determined by the arbitrator to be the prevailing party, shall be paid by the party determined by the
arbitrator not to be the prevailing party, or otherwise allocated in an equitable manner as determined by the arbitrator. The
parties shall instruct the arbitrator to render his or her decision no later than ninety (90)
days after submission of the dispute to the arbitrator.

 

(b) Confidentiality.
Each party agrees to keep all disputes, mediation and arbitration proceedings strictly confidential, except for disclosures of
information in the ordinary course of business of the parties or by applicable law or regulation.

 

10. Notices.
All notices required, necessary or desired to be given pursuant to this Agreement shall be in writing and shall be effective
when delivered or on the third day following the date upon which such notice is deposited, postage prepaid, in the United
States or Canadian mail, certified return receipt requested, and addressed to the party at the address set forth
below:

 

	If
    to Consultant: 	Valor
                           Invest Ltd.

        5th
        floor 60 rue de Rhone

        Geneva

        CH-1211
        Switzerland

	If to the Company:
	Arvana Inc.

        299 South Main Street, 13th Floor

        Salt
        Lake City

        Utah
        84111 

 

Any
party may change the address to which notices and other communications shall be delivered or mailed by giving notice thereof to
the other party in the same manner provided here.

 

11. Waiver
of Breach. The waiver by either party to this Agreement of a breach of any provision, section or paragraph of this
Agreement shall not operate or be construed as a waiver of any subsequent breach of the same, or of a different provision,
section or paragraph, by any party hereto.

 

12. Assignment.
Consent is required for an assignment (absolute, collateral, or other) of this Agreement.

 

    	 	6	 

     

    

 

13. Governing
Law. Except to the extent pre-empted by federal law, and without regard to conflict of laws principles, the laws of the Province
of British Columbia will govern this Agreement in all respects, whether as to its validity, construction, capacity, performance
or otherwise.

 

14. Entire
Agreement. This Agreement embodies the entire agreement of the parties and may only be changed by a written agreement signed
by the party against whom enforcement of any waiver, change, modification, extension or discharge is sought.

 

15. Partial
Invalidity. If any provision of this Agreement is found to be invalid or unenforceable by any court, only that provision shall
be ineffective, unless its invalidity or unenforceability shall defeat an essential purpose of this Agreement.

 

IN
WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement effective as of October 1, 2019.

 

	Valor Invest Ltd.	Arvana Inc.
	(“Consultant”)	(“Company”)
	 	 
	 	 
	 	 
	/s/Altaf Nazerali	/s/ Ruairidh Campbell
	By: Altaf Nazerali	By: Ruairidh Campbell
	Its: Authorized Signatory	Its: Chief Executive Officer

 

    	 	7

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