Document:

Exhibit 10.3

 

Employment
Contract – Guoan Xu

 

BETWEEN:  Shandong
Taiying Technology Co., Ltd., a company legally incorporated under the laws of People’s Republic of China, having a
mailing address at No.1366, Zhongtianmen Street, High-tech Zone, Tai’an City, acting and represented herein by Mr.
Zhili Wang, Legal Representative, declaring duly authorized, (hereinafter called the "COMPANY")

 

AND:   Mr.
Guoan Xu, residing  in Qufu City, Shandong Province, (hereinafter called the “EMPLOYEE ")

 

(COMPANY
and EMPLOYEE hereinafter collectively called "Parties")

 

WHEREAS:

COMPANY
requires the services of EMPLOYEE as Vice President;

 

EMPLOYEE
agreed to provide COMPANY his full-time services as Vice President;

 

the
Parties wish to confirm their agreement in writing;

 

the
Parties have the capacity and quality of exercise all the rights necessary for the conclusion and implementation of the agreement
found in this Contract;

 

THEREFORE
THE FOREGOING, THE PARTIES AGREE AS FOLLOWS:

 

1.
Employment

 

EMPLOYEE
agrees to assume full-time for COMPANY (minimum of forty (40) hours per week) the role of Vice President during the entire duration
of the Contract;

 

2.
Term

 

This
Contract is for an initial term of 36 months, namely from January 3, 2016 to January 2, 2019, renewable
for an additional period of 24 months unless either party terminates it in writing at least sixty (60) days
before the expiration of the initial term;

 

3.
Responsibilities 

 

EMPLOYEE
agrees and undertakes to COMPANY to the following: The services must be made full time in a professional manner, according to
the rules generally accepted by industry.

 

     

     

    

 

3.1
Shall be subject to regulatory oversight of the Board, in representation of the COMPANY within the authorization of the Board,
and shall take respective responsibility for the operation and management of the COMPANY in accordance with the instruction of
the Board and the authorization of the CEO, to ensure the safety of operation, effective management and the preservation and appreciation
of assets.

 

3.2
Shall be strictly compliance with laws, regulations and financial and accounting system, drafting plans on the establishment of
the COMPANY’s internal management departments and basic management system of the COMPANY.

 

3.3
Unless agreed by the Board, shall not make change to the legal representative, company name, business scope of the company.

 

3.4
Unless agreed by the Board, shall not dispose the property of the COMPANY, including but not limited to transfer, selling off,
mortgaging, pledge, leasing or giving out.

 

3.5
If the COMPANY needs to ask for a loan, consent of the Board shall be made.

 

3.6
Shall not provide external guarantee in the name of the COMPANY.

 

3.7
Shall regularly submit factual financial reports to the Board.

 

3.8
Deciding on the hiring or dismissing of the persons-in-charge other than those who shall be decided by the Board.

 

3.9
Performing other responsibility granted by the articles of association or the Board.

 

4.
CONSIDERATION

 

4.1
Service Awards

 

In
consideration of the provision of services, COMPANY to pay EMPLOYEE, as compensation;

 

The
gross amount of RMB 720,000 annually calculated at the rate of twelve (12) equal monthly installments consecutively
of RMB 60,000 each.

   

4.2
Expenditure incurred

 

COMPANY
will reimburse EMPLOYEE all reasonable expenses incurred in connection with this Contract, upon presentation of appropriate documentation.
The date of reimburse EMPLOYEE shall be the 20th of each month.

 

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4.3
Bonus

 

Executive
will be eligible to receive an annual bonus with a target payout up to 83.33% of the base salary (the “Target Bonus”),
subject to achieving Company and individual performance goals, established by the Compensation Committee in consultation with
the Executive. The Compensation Committee shall have the sole discretion to determine whether Executive is entitled to any such
bonus and to determine the amount of any such bonus. Such bonus will be pro-rated for partial year of service.

 

5.
Commitment to confidentiality and nondisclosure

 

EMPLOYEE
recognizes that certain disclosures to be provided by COMPANY have or may have considerable strategic importance, and therefore
represent trade secrets for purposes of this Contract. During the term of this Contract and for a period of 36 months following
the end of it, EMPLOYEE is committed to COMPANY to:

 

a)
keep confidential and not disclose the information;

 

b)
take and implement all appropriate measures to protect the confidentiality of the information;

 

c)
not disclose, transmit, exploit or otherwise use for its own account or for others, elements of information;

 

6.
Exclusivity of service provider

 

During
the term of this Contract and for a period of 24 months following the end of it, EMPLOYEE is committed to COMPANY not render
services to or for direct or indirect competitors of COMPANY.

 

7.
Termination of Contract

 

Either
party may terminate this Contract at any time, upon presentation of a sixty (60) days notice given to the other party.

 

8.
GENERAL PROVISIONS

 

Unless
specific provision to the contrary in this Contract, the following provisions apply.

 

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8.1
Force Majeure

 

Neither
party can be considered in default under this Contract if the performance of its obligations in whole or in part is delayed or
prevented by following a force majeure situation. Force majeure is an external event, unforeseeable, irresistible and it absolutely
impossible to fulfill an obligation.

 

8.2
Severability

 

The
possible illegality or invalidity of an article, a paragraph or provision (or part of an article, a paragraph or provision) does
not in any way affect the legality of other items, paragraphs or provisions of this Contract, nor the rest of this article, this
paragraph or provision unless a contrary intention is evident in the text.

 

8.3
Notices

 

Any
notice to a party is deemed to have been validly given if in writing and sent by registered or certified mail, by bailiff or by
courier to such party at the address listed at the beginning of this Contract or any other address that the party may indicate
a similar notice to another party. A copy of any notice sent by mail must be sent by one mode of delivery mentioned above.

 

8.4
No Waiver

 

The
inertia, neglect or delay by any party to exercise any right or remedy under this Contract shall in no way be construed as a waiver
of such right or remedy.

 

8.5
Contract Amendment

 

This
Contract may be amended only by a writing signed by all Parties.

  

9.
Applicable Laws and Election of domicile

 

This
Contract is subject to the laws of the People’s Republic of China. 

 

The
Parties agree to elect domicile in the judicial district of Taian City, Shandong Province, China, and chose it as the appropriate
district to hear any claim arising from the interpretation, application, and performance, the entry into force, validity and effect
of this Contract.

 

10.
Currencies

 

All
sums of money under this Contract refer to Chinese currency.

 

11.
Effectiveness and Copies

 

This
Contract will come into force upon signature and seal by both Parities. This Contract is made in duplicate and both are of equally
binding force. The COMPANY and the EMPLOYEE each holds one copy.

 

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IN
THE CITY OF TAIAN CITY, SHANDONG PROVINCE, 

  

	Shandong
    Taiying Technology Co., Ltd.	 
	(Seal)	 

 

	/s/ Guoan Xu	 
	(Signature)	 

 

 

5Exhibit 10.17

 

AMENDMENT TO UNSECURED CONVERTIBLE PROMISSORY
NOTE

 

This Amendment to Unsecured
Convertible Promissory Note (this “Amendment”) is entered into as of August 26, 2015, by and between Typenex
Co-Investment, LLC, a Utah limited liability company (“Lender”), and Vape
Holdings, Inc., a Delaware corporation (“Borrower”). Capitalized terms used in this Amendment without
definition shall have the meanings given to them in the Note (as defined below).

 

A.       Borrower previously
issued to Lender an Unsecured Convertible Promissory Note dated December 3, 2014 in the principal amount of $560,000.00 (the “Note,”
and together with all other documents entered into in conjunction therewith, the “Transaction Documents”).

 

B.       Borrower and Lender
have mutually agreed to eliminate Borrower’s obligation to make Amortization Payments pursuant to the Note, subject to the
terms, amendments, conditions and understandings expressed in this Amendment.

 

NOW THEREFORE, for good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

 

1.       Recitals.
Each of the parties hereto acknowledges and agrees that the recitals set forth above in this Amendment are true and accurate and
are hereby incorporated into and made a part of this Amendment.

 

2.       Amendments to
Section 2 of the Note. Each of Section 2.2 of the Note and Section 2.3 of the Note is deleted in its entirety.

 

3.       Amendments to
Section 3.1 of the Note. Section 3.1 of the Note is deleted in its entirety and replaced with the following:

 

“Conversion Price. Subject
to the adjustments set forth herein, the conversion price for each Lender Conversion (the “Conversion Price”)
shall be 55% (the “Conversion Factor”) of the lowest intra-day trade price of the Common Stock in the fifteen
(15) Trading Days immediately preceding the applicable Conversion. Additionally, if at any time after the Effective Date, the Conversion
Shares are not DTC Eligible, then the then-current Conversion Factor will automatically be reduced by 5% for all future Conversions.
Finally, in addition to the Default Effect, if any Major Default occurs after the Effective Date, the Conversion Factor shall automatically
be reduced for all future Conversions by an additional 5% for each of the first three (3) Major Defaults that occur after the Effective
Date (for the avoidance of doubt, each occurrence of any Major Default shall be deemed to be a separate occurrence for purposes
of the foregoing reductions in Conversion Factor, even if the same Major Default occurs three (3) separate times). For example,
the first time the Conversion Shares are not DTC Eligible, the Conversion Factor for future Conversions thereafter will be reduced
from 55% to 50% for purposes of this example. If, thereafter, there are three (3) separate occurrences of a Major Default pursuant
to Section Error! Reference source not found.(i), then for purposes of this example the Conversion Factor would be reduced
by 5% for the first such occurrence, and so on for each of the second and third occurrences of such Major Default.”

 

     

     

    

 

In addition to the foregoing,
and for the avoidance of doubt, all references to the term “Conversion Floor Price” in the Note and any other Transaction
Document are hereby eliminated due to the Dilutive Issuance issued by the Company on or about August 5, 2015 and delivered to Lender
pursuant to a Dilutive Issuance Notice on August 6, 2015 and Lender shall be entitled to make Lender Conversions under the Note
without regard to any floor price hereafter. All references to the term “Amortization Conversion” in the Note and any
other Transaction Document are hereby eliminated. All references to the term “Conversion” are in the Note and any other
Transaction Document are hereby eliminated and replaced with the term “Lender Conversion.”

 

4.       Representations
and Warranties. In order to induce Lender to enter into this Amendment, Borrower, for itself, and for its affiliates, successors
and assigns, hereby acknowledges, represents, warrants and agrees as follows:

 

(a)       Borrower has
full power and authority to enter into this Amendment and to incur and perform all obligations and covenants contained herein,
all of which have been duly authorized by all proper and necessary action. No consent, approval, filing or registration with or
notice to any governmental authority is required as a condition to the validity of this Amendment or the performance of any of
the obligations of Borrower hereunder.

 

(b)       There is no
fact known to Borrower or which should be known to Borrower which Borrower has not disclosed to Lender on or prior to the date
of this Amendment which would or could materially and adversely affect the understanding of Lender expressed in this Amendment
or any representation, warranty, or recital contained in this Amendment.

 

(c)       Except as expressly
set forth in this Amendment, Borrower acknowledges and agrees that neither the execution and delivery of this Amendment nor any
of the terms, provisions, covenants, or agreements contained in this Amendment shall in any manner release, impair, lessen, modify,
waive, or otherwise affect the liability and obligations of Borrower under the terms of the Transaction Documents.

 

(d)       Borrower has
no defenses, affirmative or otherwise, rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action
of any kind or nature whatsoever against Lender, directly or indirectly, arising out of, based upon, or in any manner connected
with, the transactions contemplated hereby, whether known or unknown, which occurred, existed, was taken, permitted, or begun prior
to the execution of this Amendment and occurred, existed, was taken, permitted or begun in accordance with, pursuant to, or by
virtue of any of the terms or conditions of the Transaction Documents. To the extent any such defenses, affirmative or otherwise,
rights of setoff, rights of recoupment, claims, counterclaims, actions or causes of action exist or existed, such defenses, rights,
claims, counterclaims, actions and causes of action are hereby waived, discharged and released. Borrower hereby acknowledges and
agrees that the execution of this Amendment by Lender shall not constitute an acknowledgment of or admission by Lender of the existence
of any claims or of liability for any matter or precedent upon which any claim or liability may be asserted.

 

    	 	2	 

     

    

 

(e)       Borrower represents
and warrants that as of the date hereof no Events of Default or other material breaches exist under the Transaction Documents or
have occurred prior to the date hereof.

 

5.       Certain Acknowledgments.
Each of the parties acknowledges and agrees that no property or cash consideration of any kind whatsoever has been or shall be
given by Lender to Borrower in connection with any amendment to the Note granted herein.

 

6.       Other Terms Unchanged.
The Note, as amended by this Amendment, remains and continues in full force and effect, constitutes legal, valid, and binding obligations
of each of the parties, and is in all respects agreed to, ratified, and confirmed. Any reference to the Note after the date of
this Amendment is deemed to be a reference to the Note as amended by this Amendment. If there is a conflict between the terms of
this Amendment and the Note, the terms of this Amendment shall control. No forbearance or waiver may be implied by this Amendment.
Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver
of, or as an amendment to, any right, power, or remedy of Lender under the Note, as in effect prior to the date hereof.

 

7.       Waiver of Past
Default. Lender agrees to waive any claims made regarding an alleged default relating to Borrower’s failure to make the
August 3, 2015 Amortization Payment (the “August Amortization Payment”). It is understood and agreed by Borrower
and Lender that this waiver applies only to the failure to make the August Amortization Payment and does not apply to events that
may trigger default provisions in the Transaction Documents in the future.

 

8.       Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together
shall constitute one instrument. The parties hereto confirm that any electronic copy of another party’s executed counterpart
of this Amendment (or such party’s signature page thereof) will be deemed to be an executed original thereof.

 

9.       Further Assurances.
Each party shall do and perform or cause to be done and performed, all such further acts and things, and shall execute and deliver
all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry
out the intent and accomplish the purposes of this Amendment and the consummation of the transactions contemplated hereby.

 

[Remainder of page intentionally left blank]

 

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IN WITNESS WHEREOF, the undersigned have executed
this Amendment as of the date set forth above.

 

	 	BORROWER:
    
	 	 	 
	 	VAPE
    HOLDINGS, INC.
	 	 	 
	 	By:
    	/s/
    Kyle Tracey
	 	Name:	Kyle
    Tracey
	 	Title:
    	CEO
     

  

	 	LENDER:
	 	 
	 	TYPENEX
    CO-INVESTMENT, LLC 
	 	 	 
	 	By:
    Red Cliffs Investments, Inc., its Manager
	 	 	 
	 	By:
    	/s/
    John Fife
	 	 	John
    M. Fife, President

 

 

[Signature page to
Amendment to Unsecured Convertible Promissory Note]

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