Document:

ex_247102.htm

Exhibit 10.1

 

CONSULTING SERVICES AGREEMENT 

Date: November 1, 2019

 

This Consulting Services Agreement (this “Agreement”) is entered into by and between Salt Blockchain Inc. a Delaware corporation (the “Company”), and English Ventures, LLC (“Consultant”), with a primary address set forth below, as of the date set forth above (the “Effective Date”). The Company and Consultant may each be referred to as a “Party” or together, the “Parties.”

 

WHEREAS, the Company wishes to obtain the services of Consultant for certain purposes, and Consultant wishes to provide such services, all subject to the terms and conditions of this Agreement.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Company and Consultant hereby agree to be legally bound as follows:

 

1.    Services Engagement. The Company hereby retains Consultant as an independent contractor, and Consultant hereby accepts such retention, to perform services for the Company as set forth herein.

 

1.1         Scope. Consultant shall provide services as generally described in Exhibit A, attached, (the “Services”) to the Company in the field of operational and business management (the “Field”). The specific nature and amount of the Services to be performed within the Field shall be agreed by Consultant and the Company during the Term (as defined below) of this Agreement.

 

1.2         Performance and Time Commitment. Consultant shall render the Services as generally described in Exhibit A, attached, or at such times as may be mutually agreed upon by Consultant and the Company. Consultant shall perform the Services remotely or as set forth in Exhibit A. Consultant also agrees to perform a reasonable amount of informal consultation with the Company over the telephone or otherwise.

 

2.    Compensation. As compensation for the Services rendered by Consultant and the discharge of all Consultant’s obligations hereunder, the Company shall pay Consultant compensation as described in Exhibit A as compensation for the Services rendered by Consultant and the discharge of all Consultant’s obligations hereunder.

 

3.    Expenses. The Company shall reimburse Consultant for travel and accommodation expenses actually incurred by Consultant in performing the Services, so long as such expenses are reasonable and necessary as determined by the Company and approved in advance by the Company. Consultant shall maintain adequate books and records relating to any expenses to be reimbursed and shall submit requests for reimbursement in a timely manner and form acceptable to the Company.

 

4.    Invoicing and Payment. Consultant shall use its reasonable efforts to consolidate invoices deliverable pursuant to this Section 4 into no more than one invoice per month. Such invoice shall be itemized and otherwise shall be in reasonable detail. The Company shall pay all undisputed invoices (or portions thereof) within thirty (30) days of receipt of invoice. The Company shall pay all disputed amounts within thirty (30) days following resolution of such dispute by the Parties. This Section 4 shall be subject to any specific payment schedule otherwise specified by the Company.

 

 

 

 

 

5.    Taxes and Withholdings. All taxes relating to Consultant’s performance under this Agreement shall be the responsibility of Consultant. In particular, Consultant shall be solely responsible for the payment of all federal, state and local taxes or contributions imposed or required under unemployment insurance, social security and income tax laws that pertain to the compensation paid or reimbursements provided to Consultant.

 

6.    Duties of Consultant. 

 

6.1         Availability; Communication Reports and Performance. Consultant shall be available to the Company at such times and locations as the Parties may agree, and shall be available for telephone consultations as requested by the Company. Consultant shall provide a written report summarizing all activities under this Agreement at the request of the Company. Consultant shall perform all of the Services in a prompt and professional manner. Consultant shall not be entitled to subcontract any of Consultant’s obligations hereunder without the Company’s prior written approval.

 

6.2         Efforts of Consultant. Consultant shall perform the Services conscientiously and in a professional and timely manner, and devote Consultant’s best efforts and abilities thereto. Consultant shall observe all policies and procedures of the Company, and such other directives as may be promulgated from time to time by the Company’s officers or board of directors. In addition, Consultant shall follow generally accepted professional standards of care and all applicable federal, national, state and local laws, rules and regulations of each country where the Services shall be conducted.

 

6.3         No Conflicting Agreements. Consultant represents and warrants that Consultant is not a party to any existing agreement that would prevent Consultant from entering into and performing its obligations under this Agreement in accordance with its terms. Consultant shall not enter into any agreement that is in conflict with, or that would prohibit or impair the performance of, Consultant’s obligations under this Agreement in accordance with its terms.

 

6.4         Independent Contractor. Consultant understands and agrees that Consultant is acting solely as an independent contractor of the Company in performing any of the Services and as such agrees that, at all times, Consultant is not an employee of the Company. This Agreement shall not be construed as authority for Consultant to act as the Company’s agent or in any similar capacity, or to make commitments of any kind for the account of or on behalf of the Company, and Consultant shall not take any action suggesting otherwise, and Consultant shall fully indemnify and hold harmless the Company from all liabilities arising from any allegation or determination to the contrary. Consultant acknowledges that Consultant will receive no company-sponsored benefits from the Company, where benefits include without limitation paid time off, medical insurance, and 401k participation. If Consultant is reclassified by a state or federal agency or court as an employee, Consultant will receive no compensation or benefits beyond those mandated by state or federal law.

 

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6.5         Non-Solicitation. Consultant agrees that during the Term and for the twelve (12) month period thereafter, Consultant shall not, either directly or indirectly, on its own behalf or in the service or on behalf of others, (a) solicit or recruit (i) the employment or services of any person who was employed by the Company during the Term or (ii) any customer of the Company, or prospective customer contacted by Consultant within six (6) months immediately preceding the termination of Consultant, or (b) otherwise interfere with the Company’s relations with its employees, customers and vendors.

 

6.6         Modification. Consultant agrees that, should a court determine that any provision, term or condition set forth in this agreement are invalid or unenforceable, the court may alter or modify any such provision, term or condition in a manner so as to protect the Company’s legitimate business interests.

 

6.7         Tax ID Number. Consultant certifies that Consultant will supply Consultant’s correct Tax ID Number to the Company. Consultant acknowledges that the Company will rely upon the foregoing certification in filing certain documents and instruments required by law in connection with this Agreement, including, without limitation, Form 1099 under the Internal Revenue Code of 1986, as amended (or any successor form). Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to this Agreement, and Consultant acknowledges its obligation to pay all self-employment and other taxes thereon.

 

7.    Confidentiality. 

 

7.1         Company Confidential Information. Consultant shall hold in strict confidence, and not use, except for the benefit of the Company, and not disclose to any person or entity without written authorization of the Chief Executive Officer of the Company, any Confidential Information (as defined below) of the Company. “Confidential Information” means any proprietary or confidential information, technical data, trade secrets or know-how, including, but not limited to, research, product plans, products, services, customer lists and customers, markets, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, marketing, distribution and sales methods and systems, sales and profit figures, finances and other business information disclosed to Consultant by or on behalf of the Company, either directly or indirectly, whether in writing, orally or by drawings or inspection of documents or other tangible property; provided, that Confidential Information shall not include any of the foregoing items to the extent they have become publicly known and made generally available through no wrongful act of Consultant.

 

7.2         Third Party Information Held by Consultant. Consultant represents and warrants that Consultant shall not improperly use or disclose to the Company or any of its directors, officers, employees or agents, any Confidential Information of any current or former client or other person or entity with whom Consultant has an agreement or duty to keep such information confidential, and that Consultant shall not bring onto the premises of the Company any such information in any medium unless consented to in writing by such client, person or entity.

 

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7.3         Third Party Information Held by the Company. Consultant recognizes that the Company has received, and in the future may receive, from third parties Confidential 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. Consultant shall hold all such information in strict confidence and not disclose it to any person or entity or use it except as necessary in carrying out the Services, consistent with the Company’s agreement with such third party. For purposes of this Agreement, such third-party information shall be deemed part of the Confidential Information of the Company.

 

7.4         Required Disclosure of Confidential Information. If Consultant is required by law or court or governmental order to disclose Confidential Information, Consultant shall give the Company prompt written notice of such requirement such that the Company shall have the opportunity to apply for a protective order, for an injunction or for confidential treatment of such Confidential Information. Notwithstanding the forgoing, any information disclosed by Consultant pursuant to a court or governmental order shall remain Confidential Information and may not be disclosed under any other circumstances unless and until the Confidential Information so disclosed becomes publicly known and generally available through no wrongful act of Consultant.

 

7.5         Retention of Rights. This Agreement does not transfer ownership of Confidential Information or grant a license thereto. Company will retain all right, title, and interest in and to all Confidential Information.

 

8.    Ownership of Results. 

 

8.1         Assignment of Inventions. Consultant shall promptly make full written disclosure to the Company, shall hold in trust for the sole right and benefit of the Company, and hereby assigns, transfers and conveys to the Company, or its designee, all of Consultant’s worldwide right, title and interest in and to any and all inventions, original works of authorship, findings, conclusions, data, discoveries, developments, concepts, improvements, trade secrets, techniques, processes and know-how, whether or not patentable or registrable under patent, copyright or similar laws, that Consultant may solely or jointly conceive, develop or reduce to practice, or cause to be conceived, developed or reduced to practice, in the performance of the Services or that result, to any extent, from use of the Company’s premises or property (collectively, the “Inventions”), including any and all moral rights and intellectual property rights inherent therein and appurtenant thereto, including, but not limited to, all patent rights, copyrights, trademarks, know-how and trade secrets and the rights to apply for the same and the right to claim priority from the same (collectively, “Intellectual Property Rights”). Consultant further acknowledges and agrees that all original works of authorship that are made by Consultant (solely or jointly with others) in the performance of the Services (a “Work”) and that are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act. However, to the extent that any Work may not, by operation of any applicable law, be a work made for hire, Consultant hereby assigns, transfers and conveys to the Company all of Consultant’s worldwide right, title and interest in and to such Work, including all Intellectual Property Rights relating thereto.

 

8.2         Further Assurances. Upon the request and at the expense of the Company, Consultant shall execute and deliver any and all instruments and documents and take such other acts as may be necessary or desirable to document the assignment and transfer described in Section 8.1  or to enable the Company to secure its rights in the Inventions, Works and Intellectual Property Rights relating thereto in any and all jurisdictions, or to apply for, prosecute and enforce Intellectual Property Rights in any and all jurisdictions with respect to any Inventions or Works, or to obtain any extension, validation, re-issue, continuance or renewal of any such Intellectual Property Right. Without limiting the foregoing, Consultant shall disclose to the Company all pertinent information and data with respect thereto and shall execute all applications, specifications, oaths and all other instruments that the Company deems necessary in order to apply for and obtain such rights and in order to assign and convey to the Company the sole and exclusive right, title and interest in and to such Inventions, Works and any Intellectual Property Rights relating thereto. If the Company is unable for any other reason to secure Consultant’s signature to apply for or to pursue any application for any United States or foreign patent, trademark, copyright or other registration covering Inventions or Works assigned to the Company hereunder, then Consultant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as Consultant’s agent and attorney in fact, to act for and in Consultant’s behalf and stead to execute and file any such applications and to do all other lawfully permitted acts to further the prosecution and issuance of letters patent or trademark, copyright or other registrations thereon with the same legal force and effect as if executed by Consultant.

 

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9.    Term and Termination. 

 

9.1         Term. The term of this Agreement shall begin on the Effective Date and shall continue for the period set forth in Exhibit A thereafter (the “Term”) unless earlier terminated pursuant to this Section 9. 

 

9.2         Termination by the Company. The Company shall have the right to terminate this Agreement, without notice or penalty, upon the occurrence of any of the following events: (a) the death or disability of Consultant, (b) Consultant’s breach of any of Consultant’s obligations under this Agreement, or (c) Consultant’s failure to perform the Services as contemplated under this Agreement. In addition, the Company shall have the right, without penalty, to terminate this Agreement upon providing thirty (30) days prior written notice to Consultant.

 

9.3         Obligations. Upon termination, the Company shall have no obligation to pay Consultant any fees or expenses that accrued subsequent to (a) a breach of Consultant’s obligations hereunder, (b) the failure of Consultant to perform the Services as contemplated by this Agreement, or (c) the commission of fraud upon the Company by Consultant.

 

10.    Miscellaneous. 

 

10.1 U.S. Defend Trade Secrets Act. The U.S. Defend Trade Secrets Act of 2016 (“DTSA”) provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. In addition, DTSA provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement is intended to limit any rights under such federal law.

 

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10.2 Notices. All notices and other communications required or permitted hereunder shall be in writing and deemed to have been given when hand delivered, sent by facsimile or mailed by registered or certified mail or overnight courier with tracking capabilities, as follows, or as a Party may otherwise notify to the other in accordance with this Section 10 (provided that such notice of change of address or recipient shall be deemed given only when received):

 

	If to the Company:	If to Consultant:
	Salt Blockchain Inc.	Justin English
	Attn: Legal Department	55 N Main St.
	707 17th Street, Suite 4200 	Cohasset, MA
	02025 Denver, CO 80202	 

       

10.3 Company Property; Return or Destruction. Consultant shall not remove any Company property from the Company’s premises without prior written authorization from the Company. Promptly upon the expiration or termination of this Agreement, and earlier if requested by the Company at any time, Consultant shall deliver to the Company (and shall not keep in Consultant’s possession or deliver to anyone else) or destroy all Confidential Information of the Company (including all embodiments thereof) and all software, documentation, devices, records, data, notes, reports, proposals, lists, correspondence, specifications, drawings, blueprints, sketches, materials, equipment, other documents or property, or reproductions of any aforementioned items, or any other work product whatsoever, developed by Consultant as part of or in connection with the Services or otherwise belonging to the Company. Consultant shall certify in writing as to such complete return or destruction.

 

10.4 Indemnification. Consultant shall indemnify and hold harmless the Company for all costs, fees (including reasonable attorney’s fees), expenses, losses and other damages arising from (a) any injury to person or damage to property caused by Consultant, (b) any breach of this Agreement by Consultant, (c) Consultant’s negligence or willful misconduct, (d) a determination by a court, agency, or taxing authority that Consultant or any of Consultant’s assistants, employees or agents is not an independent contractor with respect to the Company, (e) any failure of Consultant to perform the Services in accordance with all applicable laws, rules and regulations, or (f) any violation or claimed violation of a third party’s rights resulting in whole or in part from the Company’s use of the Inventions, Works and Intellectual Property Rights under this Agreement (each, a “Consultant Indemnified Claim”). Company shall indemnify, defend, and hold harmless Consultant and his/her agents, heirs, successors, and assigns against any “Company Indemnified Claim,” meaning any third party claim, suit, or proceeding arising out of or related to the Services, including without limitation claims related to the operation or failure to operate of work product and claims of personal injury or property damage. Company Indemnified Claims include, without limitation, claims by or Company’s customers, contractors, and other users. Each Party’s obligations pursuant to this Section 10.4: (a) include retention and payment of attorneys and payment of court costs, as well as settlement and payment of judgments; and (b) will be excused to the extent that the other contracting party’s (“Indemnified Party’s”) failure to provide prompt notice of the Indemnified Claim or reasonably to cooperate materially prejudices the defense. Company will control the defense of any Company Indemnified Claim, including appeals, negotiations, and any settlement or compromise thereof; provided Consultant will have the right, not to be exercised unreasonably, to reject any settlement or compromise that requires that he/she admit wrongdoing or liability or subjects him/her to any ongoing affirmative obligations.

 

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10.5 Advice of Counsel. Each Party acknowledges that, in executing this Agreement, such Party has had the opportunity to seek the advice of independent legal counsel and has read and understood all of the terms and provisions of this Agreement. Furthermore, this Agreement shall not be construed against any Party by reason of the drafting or preparation hereof.

 

10.6 Assignment; No Third-Party Beneficiaries. The Company may assign this Agreement without the prior written consent of Consultant. Consultant hereby acknowledges and agrees that the duties and responsibilities of Consultant hereunder are of a personal nature and shall not be assignable or delegable in whole or in part by Consultant. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective heirs, executors, administrators, legal representatives, successors and permitted assigns of the Parties. Nothing in this Agreement, express or implied, is intended to confer on any person or entity other than the Parties hereto or their respective successors and permitted assigns, any benefits, rights or remedies.

 

10.7 Governing Law Jurisdiction and Attorney Fees. This Agreement shall be governed by and interpreted in accordance with the laws of the State of Colorado without giving effect to any conflict of laws provisions. Each Party agrees that any dispute or controversy arising out of or relating to any interpretation, construction, performance or breach of this Agreement may be brought in the United States District Court in the State of Colorado, or if such court does not accept jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in the State of Colorado. The prevailing Party in any dispute or legal action regarding the subject matter of this Agreement shall be entitled to recover attorney’s fees and costs.

 

10.8 Equitable Relief. Consultant agrees that the limitations on its ability to solicit the Company’s employees and customers as set forth in Section 6.5, as well the confidentiality, assignment, licensing and related obligations in Sections 7 and 8 are reasonably necessary to protect the Company’s legitimate business interests. Consultant acknowledges that such limitations will not constitute or cause it or the Principal any undue hardship. Consultant further agrees that it would be impossible or inadequate to measure and calculate the Company’s damages from any breach of the covenants set forth in Sections 7 and 8 of this Agreement, and that a breach of such covenants could cause serious and irreparable injury to the Company. Accordingly, the Company shall have available, in addition to any other right or remedy available to it, the right to obtain an injunction from a court of competent jurisdiction restraining such a breach (or threatened breach) and to specific performance of any such Section. Consultant further agrees that no bond or other security shall be required in obtaining such equitable relief and Consultant hereby consents to the issuance of such injunction and to the ordering of specific performance.

 

10.9 Entire Agreement Amendment and Waiver. This Agreement (including the exhibits hereto) contains the entire understandings of the Parties and supersedes all previous agreements (oral and written), negotiations and discussions with respect to the Services. The Parties may modify any of the provisions hereof only by an instrument in writing duly executed by the Parties. No waiver of any rights under this Agreement shall be effective unless in writing signed by the Party to be charged.

 

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10.10 Severability. In the event of the invalidity of any provisions of this Agreement containing any gaps, the Parties agree that such invalidity or gap shall not affect the validity of the remaining provisions of this Agreement. The Parties will replace an invalid provision or fill any gaps with valid provisions, which most closely approximate the purpose and economic effect of the invalid provision or, in the case of a gap, the Parties’ presumable intentions.

 

10.11 Headings. The headings in this Agreement are intended solely for convenience or reference and shall be given no effect in the construction or interpretation of this Agreement.

 

10.12 Survival. The rights and obligations of the Parties, which by intent or meaning have validity beyond such termination (including, but not limited to, rights with respect to confidentiality and inventions) shall survive the termination or expiration of this Agreement. The expiration or termination of this Agreement shall not impair any right or obligation of any Party accruing prior to the effective date of such expiration or termination.

 

10.13 Counterparts. This Agreement may be executed in two or more counterparts, including by facsimile or “PDF” exchange, each of which shall be deemed to be an original as against any Party whose signature appears thereon, but all of which together shall constitute but one and the same instrument.

 

Remainder of page intentionally left blank. Signature page follows.)

 

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IN WITNESS WHEREOF, the undersigned, intending to be legally bound, have duly executed this Consulting Services Agreement as of the Effective Date.

 

 

 

9ex_247103.htm

Exhibit 10.2

 

 

 

 

 

 

 

 

 

P3K Master Services Agreement and

Consulting Services Contract

 

 

 

 

 

	
			TERMS OF MSA

				3
	 	 
	
			1.

				 	
			SCOPE

				3
	 	 	 	 
	
			2.

				 	
			DEFINITIONS

				3
	 	 	 	 
	
			3.

				 	
			PRODUCTS AND SERVICES

				4
	 	 	 	 
	
			4.

				 	
			RETAINER:

				4
	 	 	 	 
	
			5.

				 	
			PAYMENT AND INVOICING

				5
	 	 	 	 
	
			6.

				 	
			P3K AS INDEPENDENT CONTRACTOR

				5
	 	 	 	 
	
			 

				 	6.1	
			SOFTWARE

				5
	 	 	 	 	 
	
			 

				 	6.2	
			HARDWARE

				5
	 	 	 	 	 
	
			7.

				 	
			RECURRING SERVICE(S)

				6
	 	 	 	 
	
			 

				 	7.1	
			MONITORING

				6
	 	 	 	 	 
	
			 

				 	7.2	
			MANAGEMENT

				7
	 	 	 	 	 
	
			 

				 	7.3	
			SUPPORT

				
			7

			
	 	 	 	 	 
	
			 

				 	7.4	
			SECURITY

				7
	 	 	 	 	 
	
			 

				 	7.5	
			DATA/CONNECTIVITY/BACKUP/SECURITY ISSUES

				7
	 	 	 	 	 
	
			 

				 	7.6	
			RECOMMENDATIONS LIMITATIONS

				8
	 	 	 	 	 
	
			8.

				 	
			WARRANTIES

				
			9

			
	 	 	 	 
	
			9.

				 	
			LIABILITY

				8
	 	 	 	 
	
			10.

				 	
			INDEMNITY

				9
	 	 	 	 
	
			11.

				 	
			TERMINATION

				9
	 	 	 	 
	
			12.

				 	
			CONFIDENTIALITY

				9
	 	 	 	 
	
			13.

				 	
			INTELLECTUAL PROPERTY

				10
	 	 	 	 
	
			14.

				 	
			SUBORDINATE AGREEMENTS

				10
	 	 	 	 
	
			15.

				 	
			GOVERNING LAW

				10
	 	 	 	 
	
			16.

				 	
			CONFLICT RESOLUTION

				10
	 	 	 	 
	17.	 	ACKNOWLEDGE	10

 

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MASTER SERVICES AGREEMENT

 

This agreement is entered by and between P3K, LLC (P3K) located at 935 W Chestnut St., Suite 206, Chicago, IL, 60642, and Salt Platform, LLC (Salt) located at 707 17th Street, Denver, CO 80202 in accordance with this Master Services Agreement (MSA).

 

RECITALS

 

WHEREAS, P3K is engaged in the business of providing a full range of information technology products and services; and

 

WHEREAS, Salt desires to retain P3K to provide information technology products and services;

 

NOW, THEREFORE, in consideration of the mutual promises, covenants and agreements contained herein, the parties agree and are subject to the following:

 

TERMS OF MSA

 

	
			1.

				
			SCOPE

			

 

The present MSA contains the terms, conditions and provisions that will regulate all relationships between P3K and Salt. This document becomes applicable and enforceable once an active engagement occurs by and between Salt and P3K. The MSA shall change only when both parties mutually agree in writing to the change. In this event, and at this point, the new agreement shall supersede any previous terms of services previously agreed to, published, or executed between the parties. Each party is responsible for maintaining a record of the current, fully executed MSA.

 

	
			2.

				
			DEFINITIONS

			

 

In order to have a better understanding, interpretation, and application of this MSA, the following words will have the following meanings:

 

Engagement: An Engagement is any direct, implied, or indirect relationship with P3K. An active engagement is established once P3K and Salt make any form of contact.

 

Invoice: An Invoice is the aggregate of listed Billing Items extended to Salt. It will have a date of issuance, due date, and other elements to describe to Salt what money is owed and for what reason under the mutually agreed upon terms of APPENDIX A-TERMS OF ENGAGEMENT (APPENDIX A).

 

Post (Billing): Post (Billing) is the process of passing Labor, Material, or any billing item through the accounting process. Posted Items impact the profit and loss position of the relationship by and between Salt and P3K. Only posted billing items will generate an invoice to Salt.

 

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				MSA

 

Contracts: Contracts are the billing configuration(s) set by P3K for the Salt Limited The term Contract, and Agreement are used interchangeably.

 

Ticket: A Ticket is the primary vehicle in which service is performed on behalf of Salt. Tickets contain billable labor, Materials, Charges, Expenses, etc.

 

Project: A Project is very similar in behavior to a Ticket but contains more robust management and billing components. Like a Ticket, a Project contains billable labor, Materials, Charges, Expenses, etc.

 

Resource: A resource is an employee, subcontractor, or otherwise human resource under the management and sale of P3K, made available to Salt. Each Resource is assigned a Role within the organization.

 

Role: A Role is a predefined capacity and title assigned to Resources within P3K. Roles are assigned billing rates and applied to Contracts.

 

Confidential Information: Confidential Information means any non-public information of the parties hereto relating to its business activities, financial affairs, technology, marketing or sales plans that is disclosed to, and received by, the other party pursuant to the Agreement. Confidential Information includes, but is not limited to, the terms and pricing of the Agreement. Confidential Information shall not include information which: (i) is or becomes public knowledge through no breach of the Agreement by the receiving party, (ii) is received by recipient from a third party not under a duty of confidence, or (iii) is already known or is independently developed by the receiving party without use of the Confidential Information.

 

	
			3.

				
			PRODUCTS AND SERVICES

			

 

During the Term of this Agreement, P3K will provide its Products and Services to Salt in accordance with the provisions herein. The Products or Services to be performed, fees, and other specific information mutually agreed upon by the parties, shall be more fully described in APPENDIX A. If applicable, and as stated in APPENDIX A, in the event P3K purchases any parts, computers, servers, equipment or third-party services, to execute the mutually agreed upon terms, Salt agrees to reimburse P3K for such expenses that have been pre-approved in writing, pursuant to the invoicing terms. Unless terminated early pursuant to Section 11, the Term of this Agreement shall be one year and shall automatically renew for successive one-year terms unless a party provides notice of termination 60 days prior.

 

	
			4.

				
			RETAINER:

			

 

Salt has agreed to prepay $40,000 to P3K, within 30 days of the date this Agreement is signed and pursuant to APPENDIX A. This retainer is to be applied to labor. The value of the Retainer is only redeemable towards labor. Labor shall be performed according to APPENDIX A. This is a Fixed Price MSA, the terms of which are detailed in APPENDIX A. The remainder shall be due upon deliverable terms detailed in APPENDIX A.

 

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				MSA

 

	
			5.

				
			PAYMENT AND INVOICING

			

 

Salt will pay all applicable rates and fees set forth in the MSA, as stated in APPENDIX A. All invoices are due for payment 30 days after their issuance unless otherwise specified in the invoice. Any payments not received by the Due Date will be past due and subject to interest of at least 1.5% of the monthly invoiced amount or the highest rate permitted by applicable law, whichever is lower.

 

	
			6.

				
			P3K AS INDEPENDENT CONTRACTOR

			

 

It is understood that P3K is acting as an independent contractor and not as an employee of Salt in providing the services set forth in this agreement. P3K has the sole discretion to retain qualified subcontractors, third parties, or vendors to provide additional services required to complete work under this contract. Salt authorizes P3K to act as an agent with Salt, to facilitate relationships and necessary services. P3K shall not be responsible for, and Salt shall release P3K and its employees and members from any liability or damage caused by subcontractors, third parties or vendors. P3K may act as an authorized agent of Salt, in order to successfully complete the delivery of products or services in accordance with the mutually agreed upon terms set forth in APPENDIX A. P3K shall control the conditions, time, details, and means by which P3K performs the services. P3K has no authority to commit, act for or on behalf of Salt, or to bind Salt to any obligation or liability. P3K shall not be eligible for and shall not receive any employee benefits from Salt and shall be solely responsible for the payment of all taxes, FICA, federal and state unemployment insurance contributions, state disability premiums, and all similar taxes and fees relating to the fees earned by P3K hereunder.

 

	
			6.1

				
			SOFTWARE

			

 

Salt understands that delivery of any service may involve the use of software owned by P3K or third parties (“Software”) under license agreements with P3K and Salt, shall not cause or permit reverse engineering, disassembly or recompilation of any software provided by P3K. Title to software provided by P3K shall not pass to Salt. Salt shall agree to abide by all other terms governing the use of such software. P3K makes no representations or guarantees whatsoever with regard to such third party software. Salt, shall acknowledge that certain Software and technical data to be provided hereunder and certain transactions hereunder may be subject to export controls under the laws and regulations of the United States, the European Union, the United Nations and other jurisdictions. Salt shall not export or re-export any such items or any direct product thereof or undertake any transaction or service in violation of any such laws or regulations.

 

	
			6.2

				
			HARDWARE

			

 

If applicable, and as stated in APPENDIX A, if the service provided by P3K includes access to or the use of equipment or software provided by P3K or its licensors ("P3K Equipment") that will be located at Salt premises or other non-P3K location ("THE CLIENT Site(s)"), Salt shall: (a) at its expense, provide secure, suitable space and power supply as necessary for the installation and operation of P3K Equipment; (b) ensure that P3K, its agents and subcontractors have appropriate access to enable P3K to install, maintain and disconnect the P3K Equipment; (c) not, nor permit others to, move, modify, or attempt to repair the services or P3K Equipment or interfere with the maintenance thereof; (d) not assert any ownership interest whatsoever in P3K Equipment and shall keep P3K Equipment free and clear from all liens, claims and encumbrances; (e) use all P3K Equipment in accordance with the MSA (f) bear the entire risk of loss or damage to the P3K Equipment at THE CLIENT Site(s); and (g) upon any termination of the applicable service, provide all necessary cooperation to allow P3K to remove P3K Equipment.

 

5

 

 

	
			

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			7.

				
			RECURRING SERVICE(S)

			

 

If applicable, and as stated in APPENDIX A, recurring Contracts containing Services or Bundles will begin on the first of the month and partial months will be billed for the first and last months of service. Billing for services will be effective the date of installation, configuration, or reasonable discretion by P3K. Salt or P3K may terminate Recurring Services at any time barring any obligation due to a vendor or other binding agreement as outlined in APPENDIX A. P3K shall provide the services (a) in accordance with the terms and subject to the conditions set forth in this Agreement; (b) using personnel of required skill, experience, licenses, and qualifications; (c) in a timely, workmanlike, and professional manner; (d) in accordance with generally recognized industry standards in P3K’s field; and (e) to the reasonable satisfaction of Salt.

 

	
			7.1

				
			MONITORING

			

 

If applicable, and as stated in APPENDIX A., Monitoring Recurring Services provided by P3K include monitoring criteria, metrics, data, etc. that is reasonably able to be monitored and reported to P3K. Monitoring Services provided by P3K shall not guarantee a reduction or preemptive resolution to issues or losses sustained by Salt. Salt, hereby shall agree that monitoring services are not an implied guarantee of protection or elimination of faults. Salt, shall acknowledge and shall agree that monitoring services are only intended to make reasonable attempts to actively monitor systems where able. Salt shall agree that P3K will monitor these systems according to its available resources and means. Salt shall accept any response or none at all, by P3K for a monitoring event or alert. Salt, shall agree and acknowledge that the monitoring service applies directly to the described service subscribed to by Salt, and any question to the scope lies with P3K’s discretion. P3K at its discretion may monitor services of Salt without notice. Salt, must explicitly request an opt out of its service sending monitoring data to P3K. Salt, must explicitly request receipt of monitoring related alerts. P3K shall not collect or maintain information regarding Salt customer’s personal information (“Customer PI”). If P3K inadvertently collects Customer PI, it shall promptly delete or anonymize such information and notify Salt of such actions. If P3K is subject to a data breach that includes any information monitored under this Agreement, it shall promptly notify Salt, and in case no later than 48 hours of discovering the breach.

 

6

 

 

	
			

				MSA

 

	
			7.2

				
			MANAGEMENT

			

 

If applicable, and as stated in APPENDIX A., Management Recurring Services provided by PK3, include monitoring recurring services in addition to reasonable management functions where the nature of the system is not significantly supported, repaired, installed, upgraded, or reassigned. In addition it includes the installation of routine patches, updates, fixes, and security updates (“Patches”) as they are installed successfully and ably from the corresponding vendor or manufacturer. Manual installation of patches is included where P3K is made aware of the necessity and availability of said patch. The installation of patches shall not guarantee either in time or reliability. P3K, shall not be responsible for patches that are not installed, not able to be installed, or where the installation results in damage to the system. Salt shall agree and acknowledge that the management service applies directly to the described service subscribed to by Salt and any question to the scope lies with P3K’s commercially reasonable discretion.

 

	
			7.3

				
			SUPPORT

			

 

If applicable, and as stated in APPENDIX A., Support Recurring Services provided by P3K include support, repair, installation, upgrade, reassignment, etc. as intended by the Original Equipment Manufacturer (OEM). Salt, shall agree and acknowledge that the support service applies directly to the described service subscribed to by Salt and any question to the scope lies with P3K’s discretion. Support Recurring Service includes the corresponding management service where applicable and at P3K’s commercially reasonable discretion.

 

	
			7.4

				
			SECURITY

			

 

If applicable, and as stated in APPENDIX A., Security Recurring Services whereby the nature of the service is security by P3K includes antivirus, anti-malware, anti-spam, firewall, filtering, scanning, etc. Salt shall agree and acknowledge that security services are not a guaranteed protection. Salt shall agree and acknowledges that P3K is not liable for any failings by security services to protect Salt. Salt shall agree and acknowledge that the security service applies directly to the described service subscribed to by Salt and any questions to the scope lies with P3K’s commercially reasonable discretion.

 

	
			7.5

				
			DATA/CONNECTIVITY/BACKUP/SECURITY ISSUES

			

 

If applicable, and as stated in APPENDIX A., In the event that Salt engages P3K to provide services with respect to security of Salt’s network or data, Salt shall remain liable for the security of Salt’s network and data. Salt acknowledges that the services endeavor to mitigate security incidents, but such incidents may not be mitigated entirely or rendered harmless. Salt should consider any particular service as just one tool to be used as part of an overall security strategy and not a guarantee of security. In no event shall P3K be liable for any damages resulting from security breaches regarding Salt’s network or data. P3K shall use reasonable efforts to make available to Salt at all times the server and the services but shall not, in any event, be liable for interruptions of service or down-time. Salt shall be responsible for backup and other protection of its data against loss, damage, or destruction. P3K shall have no obligation or liability with respect to lost, damaged, or destroyed data. Salt shall acknowledge that P3K shall not be responsible for the security of the contents of e-mail sent or received by Salt. P3K shall not liable for non-receipt, non-delivery or misrouting of e-mail or any other failure of the e-mail system.

 

7

 

 

	
			

				MSA

 

	
			7.6

				
			RECOMMENDATIONS LIMITATIONS

			

 

If applicable, and as stated in APPENDIX A., P3K recommendations are made to improve Salt’s functionality, reliability, security, etc. and are given based upon P3K’s industry knowledge. Should P3K not deliver a recommendation or Salt decide not to implement P3K recommendations, Salt acknowledges that P3K shall not be liable in any way for the impact related to such failure to implement or provide such recommendations.

 

	
			8.

				
			WARRANTIES

			

 

Except for the warranty expressly set forth herein, the services and any related products, software and other materials provided by P3K in connection with the services, shall be provided without any warranties or representations of any kind, whether statutory, express or implied, including but not limited to, warranties of title, non-infringement, merchantability, fitness for a particular purpose, accuracy, completeness or any results to be achieved therefrom. P3K shall make no warranties or representations concerning the compatibility of software or equipment or any results to be achieved therefrom or that any service will be free from loss or liability arising out of any third party technology, any third party action such as hacking, or any act or omission of Salt including failure to encrypt, and P3K shall have no responsibility therefore.

 

	
			9.

				
			LIABILITY

			

 

Any imposed liability extending to Salt from outside parties shall stop with Salt and shall not extend to P3K. Therefore, P3K shall assume no liability on behalf of Salt. P3K shall not be liable for damage or perceived damage to Salt as a consequence of direct or indirect products or services provided by P3K or the lack thereof, unless due to P3K’s negligence, willful misconduct, or breach of this Agreement. P3K shall not be liable for, and Salt shall not make any claim for any indirect, incidental, special, consequential, punitive, or exemplary damages (even if P3K has been advised of the possibility of such damages), including without limitation, any lost or imputed profits or revenues, lost data, damages to software of firmware, or cost of procuring or transitioning to substitute services

 

8

 

 

	
			

				MSA

 

	
			10.

				
			INDEMNITY

			

 

Salt shall indemnify, defend and hold P3K and its suppliers harmless from any and all third party claims, losses, damages, costs and expenses, including, without limitation, reasonable attorney’s fees and court costs, or liabilities arising from or related to the use or resale of any product or service provided by P3K. P3K shall indemnify, defend and hold Salt harmless from any and all third party claims, losses, damages, costs and expenses, including, without limitation, reasonable attorney’s fees and court costs, or liabilities arising out of or occurring in connection with P3K’s negligence, willful misconduct, or breach of this Agreement. P3K shall not enter into any settlement without Salt’s prior written consent.

 

	
			11.

				
			TERMINATION

			

 

In case Salt decides to terminate the MSA for any reason, such termination will not relieve Salt’s duty to pay for the products delivered, services actually performed, or expenses incurred pursuant to any existent engagement between the parties.

 

Upon 60 days’ notice, P3K may suspend any of the services or terminate the MSA in the following situations:

 

	 	
			1.

				
			Immediately upon an overdue invoice;

			
	 	 	 

	 	
			2.

				
			Upon notice in the event of any violation of the provisions of the present MSA;

			
	 	 	 

	 	
			3.

				
			If Salt becomes insolvent, makes an assignment for the benefit of creditors, or if any bankruptcy proceeding is begun by or against Salt

			
	 	 	 

	 	
			4.

				
			In the event that a party ceases to make such Service available.

			

 

In addition, Salt may terminate the MSA at its own discretion and with written notice. Salt may terminate the MSA by written notice of discontinued use of P3K’s products and services. Salt shall make P3K aware that the engagement by and between the parties has been concluded. P3K will make every reasonable attempt to cancel products and services but Salt will be held responsible for any billing valid until P3K furnishes a Notice of Separation or similarly indicated notice where applicable.

 

	
			12.

				
			CONFIDENTIALITY

			

 

Neither party shall, without the prior written consent of the other party, use or disclose the Confidential Information (as defined above) of the other party during the Term of this MSA and for 2 years following the expiration or termination hereof. Each party will take all reasonable precautions to protect the other party's Confidential Information, using at least the same standard of care as it uses to maintain the confidentiality of its own Confidential Information. Notwithstanding the foregoing, a party may disclose Confidential Information: to any consultants, contractors, and counsel who have a need to know in connection with this MSA and pursuant to all applicable laws, regulations, or judicial requests, including corporate or securities law disclosures. Upon Salt’s request, P3K shall promptly return all documents and other materials received from Salt. Salt shall be entitled to injunctive relief for any violation of this Section.

 

9

 

 

	
			

				MSA

 

	
			13.

				
			INTELLECTUAL PROPERTY

			

 

Nothing in the MSA or the performance thereof shall convey, license, or otherwise transfer any right, title, or interest in any intellectual property or other proprietary rights held by either party or its licensors. P3K intellectual property and proprietary rights include any skills, know-how, modifications, or other enhancements developed or acquired in the course of configuring, providing, or managing the Service. Each party shall agree that they shall not, directly or indirectly, reverse engineer, decompile, reproduce or otherwise attempt to derive source code, trade secrets, or other intellectual property from any information, material, or technology of the other party or its licensors.

 

	
			14.

				
			SUBORDINATE AGREEMENTS

			

 

The parties may subscribe to mutually agreed upon subordinate agreements to the present MSA in order to specify the terms and conditions of the products or services to be provided by P3K to Salt. Such agreements could consist of, but are not limited to, Service Level Agreements (SLA), Retainer Agreements (RA), Recurring Services Agreements (RSA), Managed Services Agreements (MSA), Block Hours Agreements (BHA), Fixed Price Agreements (FPA), etc. Any such agreement that is mutually agreed upon shall be added to APPENDIX A. The provisions contained in this MSA will regulate any subordinate agreements entered by and between the parties.

 

	
			15.

				
			GOVERNING LAW

			

 

This MSA shall be governed by and construed in accordance with the laws of the State of Colorado and subject to the courts of Denver, Colorado, without regard to its principles for resolving conflicts of law. The parties agree that the substantive laws of the State of Colorado shall govern the existence, validity, and interpretation of this AGREEMENT, without regard to choice of law principles.

 

	
			16.

				
			CONFLICT RESOLUTION

			

 

Any conflict that may arise between P3K and Salt., which might require mediation, arbitration, litigation, etc. shall occur in or about Denver, Colorado.

 

	
			17.

				
			ACKNOWLEDGE

			

 

The content of this agreement was read by both parties and make them aware of the legal scope and effect thereof.

 

10

 

 

	
			

				MSA

 

Any notices given in connection with this agreement will be in writing and delivered personally, sent by internationally recognized courier services or emailed to the relevant party at the addresses below or to such other address or email address as that party may notify to the other party:

 

P3K:      Joseph Perry

 

935 W Chestnut #206

 

Chicago, IL 60642

 

joe@p3kgroup.com

 

Salt:

 

Address: P.O. Box 8350, Denver, CO 80201

 

Email: justin.english@saltlending.com

 

Marked for the attention of: Justin English and General Counsel, Legal

 

11

 

 

	
			

				MSA

 

	
			P3K LLC

			 

			 

			Name: Joe Perry

			 

			Title: CEO

			 

			Signature:

			 

			

			___________________________

			Date: 7/27/2020

				
			Salt Platform, LLC

			 

			 

			By: Salt Blockchain Inc., its sole member

			Name: Justin English

			Title: CEO

			 

			Signature:

			 

			

			___________________________

			Date: 7/27/2020

			

 

12

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