Document:

cool_ex1077.htm

EXHIBIT 10.77
  
 INDEPENDENT AGENT AGREEMENT
  
 THIS AGREEMENT effective as of the 26th day of October, 2017 by and between Cool Technologies, Inc., a Nevada corporation with offices at 8875 Hidden River Parkway, #300, Tampa, FL 33637 (collectively hereinafter the "Company") and Barron and Associates, LLC., a Nevada Corporation located at 5636 Donald Road, Las Vegas , Nevada 89131 USA (collectively hereinafter "Agent").
  
  	1.	Engagement of Agent. The Company hereby engages the Agent to perform the services that are described in Section 2, and the Agent hereby accepts such engagement.
	  
	  

	2.	Duties of Agent.

  
  	  
	a.	Description of Duties. The Company hereby engages the Agent as its agent for generating Revenue, and Investment Funding, for Company from various organizations including investment funds, end-users, channel partners, integrators, and OEMs (“Customers”). Revenue shall be defined as invoiced Net Revenue (invoiced Total Revenue minus taxes, duties, shipping, and return material authorizations “RMA’s”). Company shall enter into a direct relationship with Customers, determine their creditworthiness, and shall have the sole discretion on whether to accept or reject any transaction. All purchase orders shall be made payable to Company at its place of business.
	  
	  
	  

	  
	b.	Agent Support. Company will provide the following support for the benefit of Agent as requested and mutually agreed upon: sales tools, including price lists, product literature, corporate identity tools and presentation materials; e-mail on Company’s system, business cards; copies of customer orders, invoices, and reports upon request; commission statements.
	  
	  
	  

	  
	c.	Company Support. Agent must adhere to any applicable customer registration programs, status reports, and forecasting requirements.
	  
	  
	  

	  
	d.	Advertising. The Agent shall not solicit through any paid or unpaid advertising in media of any kind using the Company name or logo, whether in electronic or printed format, without the prior approval of the Company.

  
  	3.	Independent Agent Status. The Agent is an independent Agent. The Agent shall be free to exercise its own judgment as to the persons whom it will use to assist it in the performance of its services and whom it will hire as employees or agents, and the time, place and manner of rendering its services, including arranging for others to provide services directly to the Company. Agent shall be liable for all general and indirect expenses which it incurs in connection with the performance of its duties hereunder and for any and all damages which may arise from its conduct and that of its agents and employees. None of the agents and employees of the Agent shall be construed as agents, employees or representatives of the Company. The Agent shall have no authority to bind the Company in any manner whatsoever.
	  
	  

	4.	Compensation. Subject to the terms and conditions hereof, the Company shall pay Agent per the terms in Exhibit A.
	  
	  

	5.	Representations and Covenants of Agent and Company to each Other.

  
  	1	Barron and Associates, LLC. 	 Independent Agent Agreement 
	 October 26, 2017

 	 
	  

	 
 
	 

  
  	  
	a.	The Agent and Company shall each comply with all rules and regulations of any domestic and/or foreign regulatory authorities which may be applicable to the activities of the Agent and the Company. Furthermore, the Agent shall comply with all reasonable policies, practices and procedures established by Company.
	  
	  
	  

	  
	b.	The Agent represents that none of the events described below have occurred during the past ten (10) years with respect to the Agent or any of his agents or employees: (i) a petition under any foreign or federal bankruptcy laws or any foreign or state insolvency law was filed by or against, or a receiver or fiscal agent was appointed by a court for the business or property of, (A) such person (B) any partnership in which either was a general partner (or an executive officer of a general partner) at or within two (2) years before the time of such filing, or (C) any corporation or business association of which either was an executive officer at or within two (2) years before the time of such filing; (ii) such person was convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic violations and other minor offenses). The foregoing representations shall not include all offenses previously disclosed.

  
  	6.	Termination of Agreement. Either party may terminate this Agreement at any time upon actual breach or default by the other party in the performance of its obligations and duties under this Agreement and failure of the defaulting party to cure the same with fifteen (15) day "cure period". Either party may terminate this agreement at any time without cause. Upon termination of this Agreement by either party, Agent shall accrue and receive commissions to which Agent would normally be entitled according to the provisions of Exhibits A. Upon termination, Agent shall immediately return or destroy all copies of the Confidential Information, and any other materials provided, but the remaining terms and obligations of these Terms and Conditions shall otherwise survive.
	  
	  

	7.	Nondisclosure and Nonuse of Confidential Information. During the term of this Agreement, it may be necessary for the Company to provide the Agent with access to certain proprietary information, the nature of the services and products offered by the Company, and the manner in which the Company operates (collectively the "Proprietary Information"). Such information is confidential and is considered a trade secret by the Company. It is expressly understood that the existence of this Agreement, and the terms and conditions negotiated with sourced entities, shall be considered Confidential Information. The Company and the Agent shall: (a) not disclose the Proprietary Information of each other to others; (b) not use the Proprietary Information for any reason except as necessary for the performance of their respective duties; (c) not copy or otherwise produce any documents regarding the Proprietary Information except as necessary for the performance of their respective duties, or divulge such documents to others; (d) upon the termination of this Agreement, the Company and the Agent shall promptly deliver to each other all documents, letters, notes, notebooks, reports and other materials of a confidential nature relating to the business of each other which is in their possession or control; and (e) take additional reasonable actions necessary to ensure the confidentiality of the Proprietary Information, including, without limitation, obtaining written non-disclosure agreements from employees, agents and third parties to whom the Proprietary Information is disclosed. Notwithstanding anything to the contrary that is contained in this Agree­ment, the Agent and the Company may disclose Proprietary Information solely to the extent that: (a) the Agent or the Company is authorized in writing to do so by the other; (b) disclosure is required by any applicable law, in the reasonable opinion of legal counsel to the parties, or court decision or other regulatory or competent authority; (c) the Proprietary Information is otherwise public information. The Agent and the Company will promptly notify each other in the event that any Proprietary Information is no longer confidential. The obligations of confidentiality contained in this Section 5 shall survive the termination of this Agreement. The Agent and the Company acknowledge and agree that the other party would be irreparably damaged in the event that the provisions of this Section 5 were not performed in accordance with their respective terms or were otherwise breached and monetary damages would not provide an adequate or sufficient remedy in such event. Accordingly, it is agreed that the Company or the Agent, as the case may be, shall be entitled to equitable relief (e.g., injunctive relief and specific performance) to enforce the provisions contained in this Section 5 in addition to any other remedy, including monetary damages, that may be available at law or in equity.

  
  	2	Barron and Associates, LLC. 	 Independent Agent Agreement 
	 October 26, 2017

 	 
	  

	 
 
	 

  
 	  
	  

	8.	Indemnification. Agent and Company shall promptly indemnify and hold the other party harmless from any liability, including any attorneys' fees and any and all other expenses, incurred by the other party as a result of the breach of this Agreement by the other party or any negligent acts or omissions of the other party and its employees and agents.
	  
	  

	9.	Notices. Whenever any notice or other communication is required to be given pursuant to this Agreement, such notice shall be given in writing and shall be delivered, in person, by electronic means, and/or by courier, return receipt requested, to the address of the party set forth at the beginning of this Agreement, or to such other address as either party hereto may give in accordance with the provisions of this Agreement.
	  
	  

	10.	Governing Law and Venue. This Agreement shall be governed by and con­strued in accordance with the laws of the State of Nevada, and any dispute arising under this Agreement shall lie solely with the federal or state courts in and for Clark County, Nevada, USA. 
	  
	  

	11.	Entire Agreement; Waiver. This Agreement contains the entire agreement and understanding of the parties hereto and supersedes all prior agreements and understandings relating to the subject matter hereof. No modification, amendment, waiver or alteration of this Agreement or any of the provisions hereof shall in any event be effective unless the same shall be in a written document executed by both parties. Any such waiver shall be effective only in the specific instance and for the specific purpose for which given.
	  
	  

	12.	Successors and Assigns; Assignment. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto, and their heirs, successors, assigns and legal representatives. The rights and duties of the Agent are not assignable without the prior written consent of the Company.
	  
	  

	13.	Severability. Every provision of this Agreement is intended to be severable. If any term or provision hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remainder of the Agreement.
	  
	  

	14.	Waiver of Jury Trial. As part of the consideration for entering into this Agreement, the Company and the Agent each waive their rights to trial by jury.
	  
	  

	15.	Litigation Costs. In the event of any litigation arising out of this Agreement or the transactions contemplated hereby, all reasonable costs and expenses incurred in connection with such litigations, including, without limitation, costs and attorneys' fees incurred at the trial court level, in pursuance of costs and attorneys' fees, witnesses' traveling expenses and expert witness fees of the prevailing party following and including any and all appeals, shall be reimbursed by the non-prevailing party promptly upon demand.

   	3	Barron and Associates, LLC. 	 Independent Agent Agreement 
	 October 26, 2017

 	 
	 
	 
 
	 

  
 	16.	Dispute Resolution/ Mediation/Arbitration. Each party will allow the other reasonable opportunity to comply before it claims that the other has not met its obligations under this Agreement. The parties will attempt in good faith to resolve all disputes, disagreements, or claims between the parties relating to this Agreement before taking legal action. Furthermore, both parties will identify and agree upon a mediator within 30 days or petition the Superior Court of Clark County, Nevada to appoint a mediator to settle the claim. Any party that fails to participate in this process in good faith waives their right to any attorneys' fees, litigation fees, cost of expert services and any and all other expenses, incurred by the other party as a result of the breach of this Agreement by the other party or any negligent acts or omissions of the other party and its employees and Agents.

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

	  
	 	 	  
	 	 
	 By:
	/s/ Timothy Hassett	 	 By:
	/s/ Elizabeth F. Myers	 
	  
	Timothy Hassett	 	  
	Elizabeth F. Myers	 
	 Title:
	CEO	 	 Title:
	Managing Partner	 

   
  	4	Barron and Associates, LLC. 	 Independent Agent Agreement 
	 October 26, 2017

  	 
	  

	 
 
	 

  
 EXHIBIT A - COMPENSATION
  
  	1.	Commissions. Company agrees to pay Agent a portion of the cash proceeds from a customer as a percentage of the Net Revenue (“Commissions”). Specific Commissions rates are defined as follows:

  
  
 	 Commission Rate for Registered 
 Opportunities after date of initial 
 order 

	 Months 1-18
	 Months 19+

	 10%
	 5%

  
  		Commissions will be earned on the date invoice is paid in full to the company.
	  
	  

	2.	The Agent will be eligible to receive blocks of warrants on a sliding scale for each agreement in principle accepted and signed by the Company. For each of the first two agreements accepted by the Company, the Agent will be eligible to receive a warrant to purchase 1,000,000 shares of restricted common stock. For each subsequent agreement, the block of warrants that the Agent will be eligible to receive will be reduced by half. Upon signing this agreement and signing of the Jatropha
	  
	  

		Therefore, for the third agreement in principle accepted by the Company, the agent will be eligible to receive a warrant for 500,000 shares of restricted common stock. For the fourth agreement, he will be eligible to receive a warrant for 250,000 shares of restricted common stock. The scale shall continue to slide downward until a floor of 25,000 shares is reached. For each agreement in principle accepted after the floor is reached, the Agent will be eligible to receive a warrant for 25,000 shares of restricted common stock.
	  
	  

		The exercise price of the first warrant will be $0.05. The exercise price for each subsequent warrant will equal the closing price of the Company’s common stock on the day the agreement in principle is accepted and signed by the Company’s CEO. The warrants will be paid out on each $250,000 of net revenue shipped by the company in fulfillment of the respective agreement in principle
	  
	  

	3.	Compensation after Termination. Upon termination of this Agreement by either party (“Effective Date of Termination”), Agent shall accrue commissions to which Agent would normally be entitled for all orders invoiced up to six (6) months after the Effective Date of Termination (“Period of Termination”).
	  
	  

		Payment shall be made on accrued commissions only after receipt of payment by Company.
	  
	  

		Company agrees to reimburse Agent for approved expenses within 30 days of termination.

   
  	5	Barron and Associates, LLC. 	 Independent Agent Agreement 
	 October 26, 2017cool_ex1078.htm

EXHIBIT 10.78
  
 AMENDMENT
 TO THE $110,000 PROMISORRY NOTE DATED February 3, 2017
  
 This Amendment (this “Agreement”) is entered into as of November 1, 2017 (the “Effective Date”), by and between Cool Technologies, Inc., a Nevada corporation (the “Company”) and Lucas Hoppel (the “Holder”) collectively, the Company and Holder shall be referred to as the “Parties” and each a “Party.”
  
 RECITALS:
  
 WHEREAS, on February 3, 2017 (the “Issuance Date”), the Company and the Black Mountain Equities, Inc. entered into a Convertible Note (the “Note”) pursuant to which the Company promised to pay $110,000 (the “Original Principal Amount”).
  
 WHEREAS, Lucas Hoppel purchased the Note from Black Mountain Equities, Inc. on November 1, 2017
  
 WHEREAS, The Note has a current outstanding balance of $141,625, consisting of $110,000.00 of principal, $3,300 of accrued and unpaid interest and $28,325 of additional charges;
  
 WHEREAS, the parties hereto desire to enter into this Amendment to the Note.
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree as follows:
  
  	  
	1)	The Maturity Date of the Note is hereby extended to December 31, 2017 (“Extended Maturity Date”).
	  
	  
	  

	  
	2)	This Note balance is hereby convertible at any time into shares of the Company's Common Stock at $0.05 per share according to the terms and conditions attached hereto as Exhibit A.

  
 ALL OTHER TERMS AND CONDITIONS OF THE $110,500 NOTE REMAIN IN FULL FORCE AND EFFECT.
  
 [Signature Page to Follow]
  
  	 
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 Please indicate acceptance and approval of this amendment dated November 1, 2017 by signing below:
  
  	 /s/ Timothy Hassett
	  
	 /s/ Lucas Hoppel 
	  

	 Timothy Hassett
	  
	 Lucas Hoppel
	  

	 Cool Technologies, Inc.
	  
	  
	  

	 Chief Executive Officer
	  
	  
	  

  
 	 
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 EXHIBIT A 
  
 (1) CONVERSION OF NOTE. This Note shall be convertible into shares of the Company's Common Stock, on the terms and conditions set forth in this Section 1.
  
 (a) Conversion Right. Subject to the provisions of Section 1(c), at any time or times on or after the Issuance Date, the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount (as defined below) into fully paid and nonassessable shares of Common Stock in accordance with Section 1(b), at the Conversion Price (as defined below). The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant to this Section 1(a) shall be equal to the quotient of dividing the Conversion Amount by the Conversion Price. The Company shall not issue any fraction of a share of Common Stock upon any conversion. If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of a share of Common Stock up to the nearest whole share. The Company shall pay any and all transfer agent fees, legal fees, costs and any other fees or costs that may be incurred or charged in connection with the issuance of shares of the Company’s Common Stock to the Holder arising out of or relating to the conversion of this Note.
  
 (i) "Conversion Amount" means the portion of the Original Principal Amount and Interest to be converted, plus any penalties, redeemed or otherwise with respect to which this determination is being made.
  
 (ii) "Conversion Price" shall equal $0.05.
  
 (b) Mechanics of Conversion.
  
 (i) Optional Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a "Conversion Date"), the Holder shall (A) transmit by email, facsimile (or otherwise deliver), for receipt on or prior to 11:59 p.m., New York, NY Time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit A (the "Conversion Notice") to the Company. On or before the third Business Day following the date of receipt of a Conversion Notice (the "Share Delivery Date"), the Company shall (A) if legends are not required to be placed on certificates of Common Stock pursuant to the then existing provisions of Rule 144 of the Securities Act of 1933 (“Rule 144”) and provided that the Transfer Agent is participating in the Depository Trust Company's ("DTC") Fast Automated Securities Transfer Program, credit such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder's or its designee's balance account with DTC through its Deposit Withdrawal Agent Commission system or (B) if the Transfer Agent is not participating in the DTC Fast Automated Securities Transfer Program, issue and deliver to the address as specified in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number of shares of Common Stock to which the Holder shall be entitled which certificates shall not bear any restrictive legends unless required pursuant the Rule 144. If this Note is physically surrendered for conversion and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount being converted, then the Company shall, upon request of the Holder, as soon as practicable and in no event later than three (3) Business Days after receipt of this Note and at its own expense, issue and deliver to the holder a new Note representing the outstanding Principal not converted. The Person or Persons entitled to receive the shares of Common Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such shares of Common Stock upon the transmission of a Conversion Notice.
  
  	 
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 (ii) Company's Failure to Timely Convert. If within two (2) Trading Days after the Company's receipt of the facsimile or email copy of a Conversion Notice the Company shall fail to issue and deliver to Holder via “DWAC/FAST” electronic transfer the number of shares of Common Stock to which the Holder is entitled upon such holder's conversion of any Conversion Amount (a "Conversion Failure"), the Original Principal Amount of the Note shall increase by $2,000 per day until the Company issues and delivers a certificate to the Holder or credit the Holder's balance account with DTC for the number of shares of Common Stock to which the Holder is entitled upon such holder's conversion of any Conversion Amount (under Holder’s and Company’s expectation that any damages will tack back to the Issuance Date). Company will not be subject to any penalties once its transfer agent processes the shares to the DWAC system. If the Company fails to deliver shares in accordance with the timeframe stated in this Section, resulting in a Conversion Failure, the Holder, at any time prior to selling all of those shares, may rescind any portion, in whole or in part, of that particular conversion attributable to the unsold shares and have the rescinded conversion amount returned to the Outstanding Balance with the rescinded conversion shares returned to the Company (under Holder’s and Company’s expectations that any returned conversion amounts will tack back to the original date of the Note).
  
 (iii) DWAC/FAST Eligibility. If the Company fails for any reason to deliver to the Holder the Shares by DWAC/FAST electronic transfer (such as by delivering a physical stock certificate), or if there is a Conversion Failure as defined in Section 1(b)(ii), and if the Holder incurs a Market Price Loss, then at any time subsequent to incurring the loss the Holder may provide the Company written notice indicating the amounts payable to the Holder in respect of the Market Price Loss and the Company must make the Holder whole by either of the following options at Holder’s election:
  
 Market Price Loss = [(High trade price for the period between the day of conversion and the day the shares clear in the Holder’s brokerage account) x (Number of shares receivable from the conversion)] – [(Net Sales price realized by Holder) x (Number of shares receivable from the conversion)].
  
 Option A – Pay Market Price Loss in Cash. The Company must pay the Market Price Loss by cash payment, and any such cash payment must be made by the third business day from the time of the Holder’s written notice to the Company.
  
 Option B – Add Market Price Loss to Outstanding Balance. The Company must pay the Market Price Loss by adding the Market Price Loss to the Outstanding Balance (under Holder’s and the Company’s expectation that any Market Price Loss amounts will tack back to the Issuance Date).
  
 In the case that conversion shares are not deliverable by DWAC/FAST electronic transfer an additional 10% discount to the Conversion Price will apply.
  
 (iv) [BLANK]
  
 (v) [BLANK]
  
 (vi) Book-Entry. Notwithstanding anything to the contrary set forth herein, upon conversion of any portion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to the Company unless (A) the full Conversion Amount represented by this Note is being converted or (B) the Holder has provided the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Note upon physical surrender of this Note. The Holder and the Company shall maintain records showing the Principal and Interest converted and the dates of such conversions or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require physical surrender of this Note upon conversion.
   	 
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 (c) Limitations on Conversions or Trading.
  
 (i) Beneficial Ownership. The Company shall not effect any conversions of this Note and the Holder shall not have the right to convert any portion of this Note or receive shares of Common Stock as payment of interest hereunder to the extent that after giving effect to such conversion or receipt of such interest payment, the Holder, together with any affiliate thereof, would beneficially own (as determined in accordance with Section 1(d) of the Exchange Act and the rules promulgated thereunder) in excess of 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to such conversion or receipt of shares as payment of interest. Since the Holder will not be obligated to report to the Company the number of shares of Common Stock it may hold at the time of a conversion hereunder, unless the conversion at issue would result in the issuance of shares of Common Stock in excess of 4.99% of the then outstanding shares of Common Stock without regard to any other shares which may be beneficially owned by the Holder or an affiliate thereof, the Holder shall have the authority and obligation to determine whether the restriction contained in this Section will limit any particular conversion hereunder and to the extent that the Holder determines that the limitation contained in this Section applies, the determination of which portion of the principal amount of this Note is convertible shall be the responsibility and obligation of the Holder. If the Holder has delivered a Conversion Notice for a principal amount of this Note that, without regard to any other shares that the Holder or its affiliates may beneficially own, would result in the issuance in excess of the permitted amount hereunder, the Company shall notify the Holder of this fact and shall honor the conversion for the maximum principal amount permitted to be converted on such Conversion Date in accordance with Section 1(a) and, any principal amount tendered for conversion in excess of the permitted amount hereunder shall remain outstanding under this Note. In the event that the Market Capitalization of the Company falls below $2,500,000, the term “4.99%” above shall be permanently replaced with “9.99%”. “Market Capitalization” shall be defined as the product of (a) the closing price of the Common Stock of the Common stock multiplied by (b) the number of shares of Common Stock outstanding as reported on the Company’s most recently filed Form 10-K or Form 10-Q. The provisions of this Section may be waived by Holder upon not less than 65 days prior written notification to the Company.
  
 (ii) Capitalization. So long as this as this Note is outstanding, upon written request of the Holder, the Company shall furnish to the Holder the then-current number of common shares issued and outstanding, the then-current number of common shares authorized, and the then-current number of shares reserved for third parties.
  
 (d) Other Provisions.
  
 (i) Share Reservation. The Company shall at all times reserve and keep available out of its authorized Common Stock a number of shares equal to the full number of shares of Common Stock issuable upon conversion of all outstanding amounts under this Note. The Company will at all times reserve at least 3,000,000 shares of Common Stock for conversion.
  
  
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