Document:

EXHIBIT 10.2

 

INTELLECTUAL PROPERTY PURCHASE AGREEMENT

 

by and among

 

G. Randall and Sons, Inc.

 

and

 

FBEC Worldewide Inc.

 

Dated as of June 29, 2015

 

 

 

 

 

 

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Table of Contents

	 	 	 	Page
	ARTICLE I PURCHASE AND SALE OF ASSETS	 	3
	Section 1.1	Purchase and Sale of Assets.	 	3
	Section 1.2	Excluded Liabilities.	 	3
	Section 1.3	Purchase Price.	 	3
	Section 1.4	Closing Transactions.	 	3
	 	 	 	 
	ARTICLE II REPRESENTATIONS AND WARRANTIES OF SELLER	 	4
	Section 2.1	Organization.	 	4
	Section 2.2	Authority Relative to this Agreement and Related Matters.	 	4
	Section 2.3	No Conflict; Required Filings and Consents.	 	4
	Section 2.4	Absence of Litigation.	 	4
	Section 2.5	Conveyed Intellectual Property.	 	5
	Section 2.6	Data.	 	5
	ARTICLE III REPRESENTATIONS AND WARRANTIES OF BUYER	 	5
	Section 3.1	Organization.	 	5
	Section 3.2	Authority Relative to this Agreement and Related Matters.	 	5
	Section 3.3	No Conflict; Required Filings and Consents.	 	5
	Section 3.4	Absence of Litigation.	 	5
	 	 	 	 
	ARTICLE IV COVENANTS OF SELLER	 	6
	Section 4.1	Conduct of Seller Pending the Closing.	 	6
	Section 4.2	Notification of Certain Events.	 	6
	 	 	 	 
	ARTICLE V COVENANTS OF BUYER	 	6
	Section 5.1	Representations and Warranties.	 	6
	Section 5.2	Notification of Certain Events.	 	6
	 	 	 	 
	ARTICLE VI ADDITIONAL AGREEMENTS OF THE PARTIES	 	7
	Section 6.1	Commercially Reasonable Efforts.	 	7
	Section 6.2	Public Announcements.	 	7
	Section 6.3	Amendment of Trademark Coexistence Agreement.	 	7
	 	 	 	 
	ARTICLE VII CONDITIONS TO THE CLOSING	 	7
	Section 7.1	Conditions to Obligations of Each Party.	 	7
	Section 7.2	Additional Conditions to Obligations of Buyer.	 	8
	Section 7.3	Additional Conditions to Obligations of Seller.	 	8
	 	 	 	 
	ARTICLE VIII TERMINATION	 	8
	Section 8.1	Termination.	 	8
	Section 8.2	Effect of Termination.	 	9
	 	 	 	 
	ARTICLE IX INDEMNIFICATION PROVISIONS	 	9
	Section 9.1	Seller’s Indemnification Obligation.	 	9
	Section 9.2	Buyer’s Indemnification Obligation.	 	9
	Section 9.3	Procedures for Indemnification for Third Party Claims.	 	9
	Section 9.4	Indemnification Limitations.	 	10
	Section 9.5	Exclusive Remedy.	 	10
	 	 	 	 
	ARTICLE X GENERAL PROVISIONS	 	11
	Section 10.1	Survival of Representations and Warranties.	 	11
	Section 10.2	Notices.	 	11
	Section 10.3	Headings.	 	11
	Section 10.4	Entire Agreement.	 	11
	Section 10.5	Assignment: Parties in Interest.	 	12
	Section 10.6	Governing Law; Consent to Jurisdiction.	 	12
	Section 10.7	Counterparts.	 	12
	Section 10.8	Severability.	 	12
	Section 10.9	Specific Performance.	 	12
	Section 10.10	Fees and Expenses.	 	12
	Section 10.11	Amendment.	 	12
	Section 10.12	Waiver.	 	12
	Section 10.13	dELiA*s Undertaking and Guaranty.	 	13
	 	 	 	 
	ARTICLE XI CERTAIN DEFINITIONS	 	13

 

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INTELLECTUAL PROPERTY PURCHASE AGREEMENT

 

INTELLECTUAL PROPERTY
PURCHASE AGREEMENT, dated as of June 29, 2015 (this “Agreement”), by and among G. Randall & Sons, Inc.,
a California Corporation (“Seller”), and FBEC Worldwide, Inc., a Wyoming Corporation (“Buyer”),
are referred to collectively herein as the “Parties.”

 

WHEREAS, Buyer
is engaged in the business of manufacturing beverages and proprietary HEMP based products under the trade name “HEMP ENERGY”
(the “Business”); and

 

WHEREAS, Seller
desires to sell, and Buyer desires to purchase, the Purchased Assets (as defined below) upon the terms and subject to the conditions
set forth in this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing, of the mutual covenants and agreements herein contained and of other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree
as follows:

 

ARTICLE I

 

PURCHASE AND SALE OF ASSETS

 

Section 1.1 Purchase and Sale
of Assets. 

 

On and subject to
the terms and conditions of this Agreement, at the Closing, Seller shall sell, assign, transfer, convey and deliver to Buyer, and
Buyer shall purchase and acquire from Seller, free and clear of all Encumbrances (other than Permitted Encumbrances), all of Seller’s
right, title and interest, as of the Closing, in and to the following assets, properties and rights (collectively, the “Purchased
Assets”):

 

(a) The Seller will
provide a formulation and preparation of a 2 oz hemp energy shot as described in Exhibit-A: 2 oz Extra Strength Hemp Energy Shot
- Original Formula. (b) The Buyer seeks to purchase the formula of a specific HEMP energy drink, the “Conveyed Intellectual
Property”) inclusive of irrevocable rights to provide the Seller with a Royalty Agreement and Consulting Agreement as
a part of, and not limited to, the purchase of the said Formula; and

 

(b) all of the goodwill
relating to the Purchased Assets.

 

Section 1.2 Excluded Liabilities.

 

Buyer will not assume
any liability or obligation of Seller in connection with Buyer’s purchase of the Purchased Assets pursuant to this Agreement.

 

Section 1.3 Purchase Price.

 

In consideration for
the sale by Seller of the Purchased Assets to Buyer, at the Closing, Buyer shall pay to Seller the amount of FIFTY THOUSAND DOLLARS
($50,000.00) (the “Purchase Price”), as follows;

 

		(a)	$15,000 down payment in cash wired to the Seller’s bank account, and

 

		(b)	$35,000 in the form of an 8% Convertible Note with a 6 month maturity, whereas the Seller may convert
the note at 75% of the average of the closing price 20 days previous to conversion.

 

Section 1.4 Closing Transactions.

 

(a) Closing.
Unless this Agreement shall have been terminated in accordance with Section 8.1, and subject to the satisfaction or,
if permissible, waiver of the conditions set forth in Article VII, the closing of the Transactions (the “Closing”)
will take place at 10:00 a.m., June 30, 2015, Pacific Standard Time, on this date to be specified by the Parties (the “Closing
Date”), if permissible, a waiver of the conditions set forth in Article VII (other than those that by their
terms are to be satisfied or waived at the Closing), at a time, date or place as agreed to in writing by the Parties.

 

(b) Actions and
Deliveries by Seller. At the Closing, Seller shall deliver to Buyer:

 

(i) an energy drink
formula in agreement in the form of Exhibit A dated the Closing Date and duly executed by Seller, assigning all of Seller’s
right, title and interest in and to the Buyer (the “Formula”);

 

(ii) the certificates
and documents required to be delivered by Seller pursuant to Sections 7.1 and 7.2; and

 

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(iii) all such other
instruments of assignment and transfer as are reasonably required to effect the transfer to Buyer of all of Seller’s right,
title and interest in and to the Purchased Assets in accordance with this Agreement, in form and substance reasonably satisfactory
to Buyer.

 

(c) Actions and
Deliveries by Buyer. At the Closing, Buyer shall deliver to Seller:

 

(i) the Purchase
Price specified in Section 1.3 above; and

 

(ii) the certificates
and documents required to be delivered by Buyer pursuant to Sections 7.1 and 7.3.

 

 

ARTICLE II

 

REPRESENTATIONS AND WARRANTIES OF
SELLER

 

Seller hereby represents
and warrants to Buyer that, except as set forth in the disclosure schedule delivered by Seller to Buyer and attached hereto and
made a part hereof (the “Seller Disclosure Schedule”):

 

Section 2.1 Organization.

 

Seller is duly incorporated,
validly existing and in good standing under the Laws of the jurisdiction of its incorporation and has the requisite corporate power
and authority to own, operate or lease the properties that it purports to own, operate or lease and to carry on its business as
it is now being conducted.

 

Section 2.2 Authority Relative
to this Agreement and Related Matters. 

 

Seller has all necessary
corporate power and authority to enter into this Agreement and to carry out its obligations hereunder. The execution and delivery
by Seller of this Agreement and the consummation by Seller of the transactions contemplated hereby (the “Transactions”)
have been duly authorized by all necessary corporate action on the part of Seller. This Agreement has been duly executed and delivered
by Seller and, assuming the due authorization, execution and delivery hereof by Buyer, constitutes the legal, valid and binding
obligation of Seller, enforceable against Seller in accordance with its terms, except as enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally and by
general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

Section 2.3 No Conflict; Required
Filings and Consents. 

 

The execution and
delivery of this Agreement by Seller do not, and the consummation by Seller of the Transactions will not, (a) conflict with
or violate the certificate of incorporation or bylaws, each as amended to date, of Seller, (b) conflict with or violate any
Law or Order applicable to Seller or by which Seller or any of its properties is bound, (c) result in a breach of or constitute
a default (or an event that with notice or lapse of time or both would become a default) under, or give rise to any right of termination,
acceleration or cancellation under, or result in the creation of an Encumbrance on any of the Purchased Assets pursuant to, any
note, bond, mortgage, indenture, contract, agreement, lease, license or other instrument or obligation to which Seller is a party
or by which Seller or any of its properties is bound, or (d) require Seller to obtain any consent, approval, authorization
or permit of, or to make any filing with or notification to, any Governmental Authority, except (i) as set forth in Section 2.3
of the Seller Disclosure Schedule, or (ii) for any filings required pursuant to the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder (the “Exchange Act”).

 

Section 2.4 Absence of Litigation.

 

Except as disclosed
in Section 2.4 of the Seller Disclosure Schedule, as of the date hereof, (a) there is no private or governmental
action, suit, proceeding, litigation, arbitration or investigation (“Action”) pending or, to the knowledge of
Seller, threatened against Seller before any Governmental Authority that, if adversely determined, would prohibit, prevent, enjoin,
restrict or materially impair or delay any of the Transactions, and (b) there is no legally binding judgment, decree, order,
injunction, decision or award of any Governmental Authority (“Order”) against Seller that would prohibit, prevent,
enjoin, restrict or materially impair or delay any of the Transactions.

 

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Section 2.5 Conveyed Intellectual
Property. 

 

Section 2.5
of the Seller Disclosure Schedule sets forth a list of all registrations and applications for registration in respect of the Conveyed
Intellectual Property. Except as set forth in Section 2.5 of the Seller Disclosure Schedule, Seller owns (beneficially
and of record) all right, title and interest in and to all Conveyed Intellectual Property, free and clear of all Encumbrances,
other than Permitted Encumbrances. Except as set forth in Section 2.5 of the Seller Disclosure Schedule, the Formula
has been validly registered under FDA and CFR-21for a Closing Date. Except as set forth in Section 2.5 of the Seller
Disclosure Schedule, there is no Action that is pending or, to the knowledge of Seller, threatened that challenges the rights of
Seller in respect of any Conveyed Intellectual Property or the validity, enforceability or effectiveness thereof. Seller has not
received any written communication alleging that the Business has infringed the Intellectual Property rights of any third party
and there are no Actions that are pending or, to the knowledge of Seller, threatened against Seller with respect thereto. Except
as set forth in Section 2.5 of the Seller Disclosure Schedule, to the knowledge of Seller, there is no unauthorized
use, infringement or misappropriation of the Conveyed Intellectual Property by any third party and there is no Action that is pending
or threatened by Seller with respect thereto. Notwithstanding anything to the contrary, this representation shall not limit or
restrict the transfer to Buyer pursuant to this Agreement of all right, title and interest in and to (i) the Conveyed Intellectual
Property owned by Seller throughout the world and (ii) any other client names associated with the Formula owned by Seller;
provided, however, that Seller does not represent, warrant or covenant that any rights in or to the Conveyed Intellectual Property
exist anywhere within or outside of the United States of America.

 

Section 2.6 Formula. 

 

As of the Closing,
as among the Parties, each of Seller, and Buyer (and any transferee of Seller or Buyer) will have unrestricted rights to sell,
rent, send communications to customers whose information is included in, and otherwise use the Formula, without notification to,
consent of, or payment of any further consideration (other than pursuant to any agreement or arrangement negotiated between Seller
and any third party to whom Buyer allows the Formula, or any parent entity of such third party), in all such cases subject to applicable
Law, consumer opt-ins and opt-outs, and applicable privacy and usage policies.

 

 

ARTICLE III

 

REPRESENTATIONS AND WARRANTIES OF
BUYER

 

Buyer hereby represents
and warrants to Seller that, except as set forth in the disclosure schedule delivered by Buyer to Seller and attached hereto and
made a part hereof (the “Buyer Disclosure Schedule”):

 

Section 3.1 Organization.

 

Buyer is duly organized,
validly existing and in good standing under the Laws of its jurisdiction of organization and has the requisite limited liability
company power and authority to own, operate or lease the properties that it purports to own, operate or lease and to carry on its
business as it is now being conducted.

 

Section 3.2 Authority Relative
to this Agreement and Related Matters. 

 

The Buyer has all
necessary corporate company power and authority, as the case may be, to enter into this Agreement and to carry out its obligations
hereunder. The execution and delivery by the Buyer of this Agreement and the consummation by Buyer of the Transactions have been
duly authorized by all necessary corporate company (as applicable) action on the part of the Buyer. This Agreement has been duly
executed and delivered by the Buyer and, assuming the due authorization, execution and delivery hereof by Seller, constitutes the
legal, valid and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms, except as enforceability
may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting creditors’
rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in
equity or at law).

 

Section 3.3 No Conflict; Required
Filings and Consents. 

 

The execution and
delivery of this Agreement by the Buyer does not, and the consummation of the Transactions will not, (a) conflict with or
violate the organizational or governing documents of Buyer, (b) conflict with or violate any Law or Order applicable to Buyer
or by which Buyer or any of their respective properties is bound, (c) result in a breach of or constitute a default (or an
event that with notice or lapse of time or both would become a default) under, or give rise to any right of termination, acceleration
or cancellation under, any note, bond, mortgage, indenture, contract, agreement, lease, license or other instrument or obligation
to which Buyer is a party or by which Buyer or any of their respective properties is bound, or (d) require Buyer to obtain
any consent, approval, authorization or permit of, or to make any filing with or notification to, any Governmental Authority, except
(i) as set forth in Section 3.3 of the Buyer Disclosure Schedule, or (ii) for any filings required pursuant
to the Exchange Act.

 

Section 3.4 Absence of Litigation.

 

Except as disclosed
in Section 3.4 of the Buyer Disclosure Schedule, as of the date hereof, (a) there is no Action pending or, to
the knowledge of Buyer, threatened against Buyer before any Governmental Authority that, if adversely determined, would prohibit,
prevent, enjoin, restrict or materially impair or delay any of the Transactions, and (b) there is no Order against Buyer that
would prohibit, prevent, enjoin, restrict or materially impair or delay any of the Transactions.

 

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ARTICLE IV

 

COVENANTS OF SELLER

 

Section 4.1 Conduct of Seller
Pending the Closing. 

 

Seller shall not,
between the date of this Agreement and the Closing Date or the earlier termination of this Agreement, do or agree to do any of
the following without the prior written consent of Buyer:

 

(a) take or fail to
take, or agree to take or fail to take, any action which would make any representation or warranty made by Seller herein untrue
or incorrect in any material respect;

 

(b) sell, lease, license,
encumber, transfer or otherwise dispose of any Purchased Assets; and

 

(c) agree to do any
of the foregoing.

 

Section 4.2 Notification of
Certain Events. 

 

Seller shall give
prompt notice to Buyer if any of the following occurs after the date of this Agreement: (i) there has been a material failure
of Seller to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it hereunder; (ii) receipt
by Seller of any material notice or other communication from any Governmental Authority in connection with the Transactions; (iii) the
occurrence of an event which would cause a condition in Section 7.2 not to be satisfied; or (iv) the commencement
or threat, in writing, of any Action against Seller, or any of its properties, with respect to the Transactions and/or any of the
Purchased Assets. No such notice to Buyer shall have any effect on the determination of whether or not any of the conditions to
Closing or to the consummation of the Transactions have been satisfied or in determining whether or not any of the representations,
warranties or covenants contained in this Agreement have been breached.

 

 

ARTICLE V

 

COVENANTS OF BUYER

 

Section 5.1 Representations
and Warranties. 

 

Buyer covenants and
agrees that, except as otherwise contemplated by this Agreement or unless Seller shall give its prior written consent, Buyer shall
not, between the date of this Agreement and the Closing Date or the earlier termination of this Agreement, take or fail to take,
or agree to take or fail to take, any action which would make any representation or warranty made by Buyer herein untrue or incorrect
in any material respect.

 

Section 5.2 Notification of
Certain Events. 

 

Buyer shall give prompt
notice to Seller if any of the following occurs after the date of this Agreement: (i) there has been a material failure of
Buyer to comply with or satisfy any covenant, condition or agreement to be complied with or satisfied by it hereunder; (ii) receipt
by Buyer of any material notice or other communication from any Governmental Authority in connection with the Transactions; (iii) the
occurrence of an event which would cause a condition in Section 7.3 not to be satisfied; or (iv) the commencement
or threat, in writing, of any Action against Buyer, or any of its properties, with respect to the Transactions. No such notice
to Seller shall have any effect on the determination of whether or not any of the conditions to Closing or to the consummation
of the Transactions have been satisfied or in determining whether or not any of the representations, warranties or covenants contained
in this Agreement have been breached.

 

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ARTICLE VI

 

ADDITIONAL AGREEMENTS OF THE PARTIES

 

Section 6.1 Commercially Reasonable
Efforts. 

 

(a) Upon the terms
and subject to the conditions hereof, each of the Parties agrees to use its commercially reasonable efforts to take, or cause to
be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate and make effective
as promptly as practicable the Transactions and to vest in Buyer (and any transferee of Buyer) good and marketable title to the
Conveyed Intellectual Property, including obtaining all consents, waivers, authorizations and approvals from Governmental Authorities
and other third parties required for the consummation of the Transactions.

 

(b) From time to time
after the Closing, at the request of Buyer (or any transferee of Buyer) and at such requesting party’s expense, and without
further consideration, Seller agrees on its own behalf, as well as on behalf of its subsidiaries, affiliates, successors, assigns
and legal representatives, to execute and deliver to Buyer any further documents or instruments and perform any further acts that
may reasonably be deemed necessary or desirable by Buyer to vest, record, perfect, support and/or confirm the rights herein conveyed,
or intended so to be, to Buyer (and any transferee of Buyer) with respect to the Conveyed Intellectual Property, including without
limitation such assignments, agreements and limited powers of attorney as may be needed for recording or effectuating the transfer
of the Conveyed Intellectual Property in the United States. Nothing herein shall be deemed a waiver by Buyer of its right to receive
at the Closing an effective assignment of such rights by Seller as otherwise set forth in this Agreement. Without limiting the
generality of the foregoing, Seller shall execute and deliver to Buyer or obtain for delivery to Buyer, at the request of Buyer
and at its expense, and without further consideration, any documents required to update record title to the owned Conveyed Intellectual
Property to reflect Buyer (and any transferee of Buyer) as the record owner in each jurisdiction in which such Conveyed Intellectual
Property exists. At the request of Buyer and at its expense, and without further consideration, Seller shall reasonably cooperate
with Buyer (and any transferee of Buyer) in connection with the registration of the Conveyed Intellectual Property in jurisdictions
outside of the United States.

 

(c) From time to time
after the Closing, at the request of Buyer and at its expense, and without further consideration, Seller shall assist Buyer (and
any transferee of Buyer) as Buyer may reasonably require in connection with the defense or prosecution of any claim by or against
any third party with respect to the ownership, validity, enforceability, infringement or other violation of or by the Conveyed
Intellectual Property.

 

Section 6.2 Public Announcements.

 

Each of the Parties
agrees that no press release or announcement concerning this Agreement or the Transactions shall be issued by it or any of its
Affiliates without the prior consent of the other Party (which consent shall not be unreasonably withheld or delayed), except as
such release or announcement may be required by applicable Law or the rules or regulations of any securities exchange, in which
case such Party shall use its commercially reasonable efforts to allow the other Party reasonable time to comment on such release
or announcement in advance of such issuance.

 

Section 6.3 Amendment of Formula
Coexistence Agreement. 

 

On the Closing Date,
the Formula shall be amended to delete the reference to Seller’s ownership on Exhibit A thereto.

 

 

ARTICLE VII

 

CONDITIONS TO THE CLOSING

 

Section 7.1 Conditions to Obligations
of Each Party. 

 

The respective obligations
of each Party to consummate the Transactions shall be subject to the satisfaction or waiver (where permissible), on or prior to
the Closing Date, of each of the following conditions:

 

(a) No Governmental
Authority shall have enacted, issued, promulgated, enforced or entered any Law or Order (whether temporary, preliminary or permanent)
that is then in effect and has the effect of making the Transactions illegal or otherwise preventing or prohibiting consummation
of the Transactions.

 

		(c)	The closing under the Commercial Supply Agreement, dated as of the date hereof, by and among Buyer,
and Seller (the “Commercial Supply Agreement”) shall have occurred. Notwithstanding the foregoing, the Closing
under this Agreement shall be deemed to occur immediately prior to the closing under the Commercial Supply Agreement .

 

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Section 7.2 Additional Conditions
to Obligations of Buyer. 

 

The obligation of
Buyer to consummate the Transactions shall also be subject to the satisfaction or waiver (where permissible), on or prior to the
Closing Date, of each of the following conditions:

 

(a) The representations
and warranties of Seller set forth in Article II of this Agreement (i) that are qualified by the words “material”
or “material adverse effect” shall be true and correct in all respects on and as of the Closing Date as if made on
and as of such date and (ii) that are not so qualified shall be true and correct in all material respects on and as of the
Closing Date as if made on and as of such date, except in any such case (x) for changes contemplated by this Agreement and
by the Seller Disclosure Schedule, and (y) to the extent that any such representation or warranty is made as of a specified
date, in which case such representation or warranty shall remain true and correct (in all material respects, as the case may be)
as of such date.

 

(b) Seller shall in
all material respects have performed or complied with each obligation and covenant to be performed or complied with by Seller hereunder
on or prior to the Closing Date, including the deliveries under Section 1.4(b).

 

(c) Buyer shall have
received a certificate of Seller, dated the Closing Date, signed by an officer of Seller, to the effect that the conditions specified
in Sections 7.2(a) and (b) have been satisfied.

 

Section 7.3 Additional Conditions
to Obligations of Seller. 

 

The obligation of
Seller to consummate the Transactions shall also be subject to the satisfaction or waiver (where permissible), on or prior to the
Closing Date, of each of the following conditions:

 

(a) The representations
and warranties of Buyer set forth in Article III of this Agreement (i) that are qualified by the words “material”
or “material adverse effect” shall be true and correct in all respects on and as of the Closing Date as if made on
and as of such date and (ii) that are not so qualified shall be true and correct in all material respects on and as of the
Closing Date as if made on and as of such date, except in any such case (x) for changes contemplated by this Agreement and
by the Buyer Disclosure Schedule, and (y) to the extent that any such representation or warranty is made as of a specified
date, in which case such representation or warranty shall remain true and correct (in all material respects, as the case may be)
as of such date.

 

(b) Buyer shall in
all material respects have performed or complied with each obligation and covenant to be performed or complied with by it hereunder
on or prior to the Closing Date, including the deliveries under Section 1.4(c).

 

(c) Seller shall have
received a certificate of Buyer, dated the Closing Date, signed by an executive officer of Buyer, to the effect that the conditions
specified in Sections 7.3(a) and (b) have been satisfied.

 

(d) The Commercial
Supply Agreement between Buyer and Seller in the form attached as Exhibit B shall have been executed and delivered by the
parties thereto and shall be in full force and effect.

 

 

ARTICLE VIII

 

TERMINATION

 

Section 8.1 Termination.

 

This Agreement may
be terminated and the Transactions may be abandoned at any time prior to the Closing Date:

 

(a) By mutual written
consent of Buyer and Seller;

 

(b) by either Seller
or Buyer, if the Closing shall not have occurred on or before July 1, 2015 (the “Outside Date”); provided,
however, that the right to terminate this Agreement under this Section 8.1(b) shall not be available to any
Party whose failure to fulfill any obligation under this Agreement has been the cause of, or resulted in, the failure of the Transactions
to be consummated on or before the Outside Date;

 

(c) by either Seller
or Buyer if any Governmental Authority shall have enacted, issued, promulgated, enforced or entered any Law or Order that is, in
each case, then in effect and is final and non-appealable and has the effect of making the Transactions illegal or otherwise preventing
or prohibiting consummation of the Transactions; provided, however, that the right to terminate this Agreement under
this Section 8.1(c) shall not be available to any Party whose failure to fulfill any obligation under this Agreement
has been the cause of, or resulted in, any such Law or Order to have been enacted, issued, promulgated, enforced or entered;

 

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(d) by Buyer (if Buyer
is not in material breach of any of its representations, warranties, covenants or agreements under this Agreement), if there has
been a breach by Seller of any of its representations, warranties, covenants or agreements contained in this Agreement, or if any
representation or warranty of Seller shall have become inaccurate, in either case that would result in a failure of a condition
set forth in Section 7.2(a) or 7.2(b) (a “Terminating Seller Breach”); provided, that
if such Terminating Seller Breach is reasonably curable by Seller, within 30 days after Seller has received written notice from
Buyer of such Terminating Seller Breach, through the exercise of its commercially reasonable efforts and for as long as Seller
continues to exercise such commercially reasonable efforts, Buyer may not terminate this Agreement under this Section 8.1(d)
until the earlier of the expiration of such 30-day period and the Outside Date;

 

(e) by Seller (if
Seller is not in material breach of any of its representations, warranties, covenants or agreements under this Agreement), if there
has been a breach by Buyer of any of its representations, warranties, covenants or agreements contained in this Agreement, or if
any representation or warranty of Buyer shall have become inaccurate, in either case that would result in a failure of a condition
set forth in Section 7.3(a) or 7.3(b) (a “Terminating Buyer Breach”); provided, that
if such Terminating Buyer Breach is reasonably curable by Buyer, within 30 days after Buyer has received written notice from Seller
of such Terminating Buyer Breach, through the exercise of its commercially reasonable efforts and for as long as Buyer continues
to exercise such commercially reasonable efforts, Seller may not terminate this Agreement under this Section 8.1(e)
until the earlier of the expiration of such 30-day period and the Outside Date; and

 

(f) by either Buyer
or Seller if the Asset Purchase Agreement has been terminated in accordance with its terms.

 

Section 8.2 Effect of Termination.

 

In the event of the
termination of this Agreement pursuant to Section 8.1, this Agreement shall forthwith become void, and there shall
be no liability on the part of any Party hereto or any of their respective Affiliates or the directors, officers, partners, members,
managers, employees, agents or other representatives of any of them, and all rights and obligations of each Party hereto shall
cease, except that nothing herein shall relieve any Party from liability for any willful breach of this Agreement. Without limiting
the foregoing, Section 6.2, this Section 8.2 and Article X shall survive the termination of this
Agreement. Notwithstanding anything to the contrary contained in this Agreement, nothing shall limit or prevent any Party from
exercising any rights or remedies it may have under Section 10.9 hereof in lieu of terminating this Agreement pursuant
to Section 8.1.

 

 

ARTICLE IX

 

INDEMNIFICATION PROVISIONS

 

Section 9.1 Seller’s Indemnification
Obligation. 

 

Seller agrees that,
from and after the Closing, it shall indemnify, defend and hold harmless Buyer, its officers, directors, Affiliates, partners,
members, managers, employees, agents and other representatives (“Buyer Indemnified Parties”) from and against
any damages, claims, losses, liabilities, costs and expenses (including, without limitation, reasonable attorneys’ fees)
(each, a “Liability” and, collectively, “Liabilities”) incurred by any of the foregoing Persons
arising out of (a) any inaccuracy or breach of any representation or warranty of Seller contained in Article II of
this Agreement, (b) any breach of any covenant or agreement of Seller contained in this Agreement or (c) any use by Seller,
its Affiliates or their respective licensees prior to the Closing, including, without limitation, any claims of infringement relating
thereto.

 

Section 9.2 Buyer’s Indemnification
Obligation. 

 

Buyer agrees that,
from and after the Closing, it shall indemnify, defend and hold harmless Seller, its officers, directors, Affiliates, partners,
members, managers, employees, agents and other representatives (“Seller Indemnified Parties”) from and against
any Liabilities incurred by any of the foregoing Persons arising out of (a) any inaccuracy or breach of any representation
or warranty of Buyer contained in Article III of this Agreement, (b) any breach of any covenant or agreement of Buyer
contained in this Agreement, or (c) any use by Buyer, its Affiliates or their respective licensees after the Closing, including,
without limitation, any claims of infringement relating thereto.

 

Section 9.3 Procedures for Indemnification
for Third Party Claims. 

 

For purposes of this
Article IX, any Party entitled to be indemnified under Article IX is referred to herein as an “Indemnified
Party,” and any Party obligated to provide indemnification under Article IX is referred to herein as an “Indemnifying
Party.” The obligations and liabilities of the Parties under this Article IX with respect to, relating to or arising
out of claims of third parties (individually, a “Third Party Claim” and, collectively, the “Third Party
Claims”) shall be subject to the following terms and conditions:

 

    	9

    	 

    

 

(a) The Indemnified
Party shall give the Indemnifying Party prompt written notice of any Third Party Claim, and the Indemnifying Party may undertake
the defense of that claim by representatives chosen by it and reasonably satisfactory to the Indemnified Party, provided,
that, in such event, the Indemnified Party will have the right to participate in such defense through counsel of its own choice
and at its own expense. Any such notice of a Third Party Claim shall identify with reasonable specificity the basis for the Third
Party Claim, the facts giving rise to the Third Party Claim and the amount of the Third Party Claim (or, if such amount is not
yet known, a reasonable estimate of the amount of the Third Party Claim). The Indemnified Party shall make available to the Indemnifying
Party copies of all relevant documents and records in its possession. Failure of an Indemnified Party to give prompt notice shall
not relieve the Indemnifying Party of its obligation to indemnify, except to the extent that the failure to so notify materially
prejudices the Indemnifying Party’s ability to defend such claim against a third party.

 

(b) If the Indemnifying
Party, within 20 days after notice from the Indemnified Party of any such Third Party Claim, notifies the Indemnified Party in
writing of its election not to, or fails to, assume the defense thereof in accordance with Section 9.3(a) of this Agreement,
the Indemnified Party shall have the right (but not the obligation) to undertake the defense of the Third Party Claim. Any failure
on the part of the Indemnifying Party to notify the Indemnified Party within the time period provided above regarding its election
shall be deemed an election by the Indemnifying Party not to assume and control the defense of the Third Party Claim.

 

(c) Anything in this
Section 9.3 to the contrary notwithstanding, the Indemnifying Party shall not, without the prior written consent of
the Indemnified Party, settle or compromise any Third Party Claim or consent to the entry of judgment which does not include as
an unconditional term thereof the giving by the claimant or the plaintiff to the Indemnified Party of an unconditional release
from all liability in respect of the Third Party Claim. The Indemnified Party shall not, without the prior written consent (which
shall not be unreasonably withheld or delayed) of the Indemnifying Party, settle, compromise or pay any Third Party Claim or consent
to the entry of judgment with respect thereto.

 

Section 9.4 Indemnification
Limitations. 

 

(a) Time Limits
On Indemnification. No claim on account of a breach or inaccuracy of a representation or warranty shall be made after the expiration
of the survival periods referred to in Section 10.1 of this Agreement. Notwithstanding the foregoing, if a written
claim or written notice is given under Article IX with respect to any representation or warranty prior to the expiration
of its survival period, the claim with respect to such representation or warranty shall continue until such claim is finally resolved.

 

(b) Limitations
on Damages.

 

(i) In no event shall
Seller be liable for indemnification pursuant to Section 9.1(a) unless and until the aggregate of all Liabilities which
are incurred or suffered by the Buyer Indemnified Parties exceeds $50,000 (the “Basket”), in which case the
Buyer Indemnified Parties shall be entitled to indemnification for all such Liabilities including the Basket (subject to Section 9.4(b)(ii)).
In no event shall Buyer be liable for indemnification pursuant to Section 9.2(a) unless and until the aggregate of
all Liabilities which are incurred or suffered by the Seller Indemnified Parties exceeds the Basket, in which case the Seller Indemnified
Parties shall be entitled to indemnification for all such Liabilities including the Basket (subject to Section 9.4(b)(ii)).

 

(ii) Notwithstanding
anything to the contrary in this Agreement, (x) the maximum aggregate liability of Seller pursuant to Section 9.1(a)
shall not exceed $7,500,000 and (y) the maximum aggregate liability of Buyer pursuant to Section 9.2(a) shall
not exceed $7,500,000.

 

(iii) Notwithstanding
anything to the contrary contained in this Agreement or otherwise, no Party to this Agreement shall be liable to any Indemnified
Party for any special, incidental, punitive, consequential or similar damages.

 

(c) Waiver of Conditions.
The right of an Indemnified Party to indemnification hereunder shall not be affected by any investigation conducted with respect
to the accuracy of or compliance with any of the representations, warranties, covenants or obligations set forth in this Agreement.
Notwithstanding the foregoing, the waiver of any condition based on the accuracy of any representation or warranty, or on the performance
of or compliance with any covenant or obligation, shall negate the right to indemnification or other remedy based on such representations,
warranties, covenants and obligations.

 

Section 9.5 Exclusive Remedy.

 

The remedies provided
in this Article IX shall be the sole and exclusive remedies of the Parties with respect to the matters arising from or related
to this Agreement or the Transactions, except that nothing herein shall prevent a Party from seeking specific performance pursuant
to Section 10.9, subject to the provisions thereof, including with respect to the obligations in Section 6.1.

 

    	10

    	 

    

 

ARTICLE X

 

GENERAL PROVISIONS

 

Section 10.1 Survival of Representations
and Warranties. 

 

The representations
and warranties made by Seller in Article II of this Agreement shall survive until the earlier of the date that is
fifteen (15) months after the Closing Date, or the expiration date of any substantially similar representations and warranties
with respect to the Conveyed Intellectual Property made by Buyer to any transferee of Buyer. The representations and warranties
made by Buyer in Article III of this Agreement shall survive until the date that is fifteen (15) months after the Closing
Date.

 

Section 10.2 Notices. 

 

All notices and other
communications under this Agreement shall be in writing and shall be deemed given (a) when delivered personally by hand (with
written confirmation of receipt) or (b) one Business Day following the day sent by nationally-recognized overnight courier
(with written confirmation of receipt), in each case at the following addresses (or to such other address as a Party may have specified
by notice given to the other Party pursuant to this provision):

 

	 	(a)	if to Buyer : 

 

Robert Sand, CEO

FBEC Worldwide, Inc.

16639 Rocker Road

Rough and Ready, CA
95975

 

with a copy to:

 

William B. Haseltine,
ESQ,

Haseltine Law Firm

1629K Street, NW,
Suite 300

Washington, D.C. 20006

 

	 	(b)	If to Seller: 

 

Tyler Strause, President

G. Randall & Sons,
Inc.

2069 Coast Blvd

Del Mar CA 92014

 

Any notice or other
communication that has been given or made as of a date that is not a Business Day shall be deemed to have been given or made on
the next succeeding day that is a Business Day.

 

Section 10.3 Headings. 

 

The headings contained
in this Agreement and the disclosure schedules are for reference purposes only and shall not affect in any way the meaning or interpretation
of this Agreement or the disclosure schedules. Unless the context of this Agreement otherwise requires, words of any gender are
deemed to include each other gender and words using the singular or plural number also include the plural or singular number, respectively.

 

Section 10.4 Entire Agreement.

 

This Agreement, together
with the exhibits and schedules attached hereto, constitutes the entire agreement, and supersede all prior agreements and undertakings,
both written and oral, between the Parties with respect to the subject matter hereof.

 

    	11

    	 

    

 

Section 10.5 Assignment: Parties
in Interest. 

 

Neither this Agreement
nor any rights or obligations hereunder shall be assigned by any Party without the prior written consent of the other Party. This
Agreement shall be binding upon and inure solely to the benefit of each Party hereto and its successors and permitted assigns,
and nothing in this Agreement, express or implied, is intended to confer upon any other Person any rights or remedies of any nature
whatsoever under this Agreement, other than Article IX hereof (which is intended to be for the benefit of the Persons covered
thereby and may be enforced by such Persons).

 

Section 10.6 Governing Law;
Consent to Jurisdiction. 

 

This Agreement shall
be governed by, and construed in accordance with, the Laws of the State of Wyoming applicable to contracts executed in and to be
performed entirely in that State, without regard to conflicts of Laws principles thereof to the extent that the general application
of the Laws of another jurisdiction would be required thereby. The Parties hereto hereby irrevocably submit to the jurisdiction
of any Wyoming state or federal court sitting in the County of Wyoming, State of Wyoming, in any action or proceeding arising out
of or relating to this Agreement, and the Parties hereby irrevocably agree that all claims in respect of such action or proceeding
may be heard and determined exclusively in such Wyoming state or federal court. The Parties hereto hereby irrevocably waive, to
the fullest extent permitted by Law, any objection which they or any of them may now or hereafter have to the laying of the venue
of any such action or proceeding brought in any such court, and any claim that any such action or proceeding brought in any such
court has been brought in an inconvenient forum.

 

Section 10.7 Counterparts.

 

This Agreement may
be executed and delivered (including by facsimile transmission or .pdf) in one or more counterparts, and by the Parties hereto
in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall constitute
one and the same agreement.

 

Section 10.8 Severability.

 

In case any provision
in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision shall be modified or deleted,
as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable, and the validity,
legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby nor shall the
validity, legality or enforceability of such provision be affected thereby in any other jurisdiction.

 

Section 10.9 Specific Performance.

 

The Parties hereto
agree that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached. Accordingly, the Parties further agree that each Party shall be entitled
to seek an injunction or restraining order to prevent breaches of this Agreement and to seek to enforce specifically the terms
and provisions hereof, this being in addition to any other right or remedy to which such Party may be entitled under this Agreement,
at law or in equity.

 

Section 10.10 Fees and Expenses.

 

All fees, costs and
expenses incurred in connection with this Agreement and the Transactions shall be paid by the Party incurring the same, regardless
of the termination, if any, of this Agreement pursuant to Section 8.1.

 

Section 10.11 Amendment.

 

This Agreement may
not be modified, amended, altered or supplemented except upon the execution and delivery of a written agreement executed by Buyer
and Seller.

 

Section 10.12 Waiver. 

 

At any time prior
to the Closing Date, any Party hereto may (a) extend the time for the performance of any of the obligations or other acts
of the other Party hereto, (b) waive any inaccuracies in the representations and warranties contained herein or in any document
delivered pursuant hereto and (c) waive compliance with any of the agreements or conditions contained herein. Any such extension
or waiver shall be valid if set forth in an instrument in writing signed by the Parties hereto. The failure of any Party hereto
to assert any of its rights hereunder shall not constitute a waiver of such rights.

 

    	12

    	 

    

 

Section 10.13 Buyer Undertaking
and Guaranty. 

 

Buyer, for the benefit
of Seller, in consideration of the promises, covenants and agreements of Seller under this Agreement, hereby (i) agrees to
cause Buyer to take all actions as are necessary for it to perform its obligations under Section 1.3, Section 6.1(c)
and Article IX of this Agreement and (ii) unconditionally guarantees the performance of all the obligations of Buyer
under Section 1.3, Section 6.1(c) and Article IX of this Agreement, including but not limited to
the full and prompt payment by Buyer of any and all payments required to be made by Buyer to Seller pursuant to Section 1.3,
Section 6.1(c) and Article IX of this Agreement. This guarantee is an absolute and continuing guarantee.

 

ARTICLE XI 

 

CERTAIN DEFINITIONS 

 

For purposes of this
Agreement, the term:

 

“Action”
shall have the meaning ascribed to it in Section 2.4.

 

“Affiliate”
of a Person means a Person that directly or indirectly, through one or more intermediaries, Controls, is Controlled by, or is under
common Control with, the first mentioned Person.

 

“Agreement”
shall have the meaning ascribed to it in the preamble.

 

“Asset Purchase
Agreement” shall have the meaning ascribed to it in Section 7.1(b).

 

“Business”
shall have the meaning ascribed to it in the recitals.

 

“Business
Day” means any calendar day which is not a Saturday, Sunday or federal holiday.

 

“Buyer”
shall have the meaning ascribed to it in the Preamble.

 

“Buyer Disclosure
Schedule” shall have the meaning ascribed to it in the preamble to Article III.

 

“Closing”
shall have the meaning ascribed to it in Section 1.4(a).

 

“Closing
Date” shall have the meaning ascribed to it in Section 1.4(a).

 

“Control”
(including the terms “Controlled by” and “under common Control with”) means the possession, directly or
indirectly or as trustee or executor, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, as trustee or executor, by contract or credit arrangement or otherwise.

 

“Conveyed
Intellectual Property” shall have the meaning ascribed to it in Section 1.1(a).

 

“Data”
means all information gathered in the conduct of the Business that identifies or describes an individual or an individual’s
record of behavior or action, including without limitation, name, telephone, postal address, phone number, email, date of birth,
gender, but specifically excluding credit card data, as such information exists as of the Closing Date.

 

“Domain
Name Assignment Agreement” shall have the meaning ascribed to it in Section 1.4(b)(ii).

 

“Encumbrance”
means any charge, claim, community property interest, condition, easement, covenant, warrant, demand, encumbrance, equitable interest,
lien, mortgage, option, purchase right, pledge, security interest, right of first refusal or other right of third parties or restriction
of any kind, including any restriction on use, voting, transfer, receipt of income or exercise of any other attribute of ownership.

 

“Exchange
Act” shall have the meaning ascribed to it in Section 2.3.

 

“Governmental
Authority” means any United States federal, state or local government, governmental, regulatory or administrative authority,
agency, self-regulatory body, instrumentality or commission, and any court, tribunal or judicial or arbitral body (including private
bodies) and any political or other subdivision, department or branch of any of the foregoing.

 

“Indemnified
Party” shall have the meaning ascribed to it in Section 9.3.

 

    	13

    	 

    

 

“Indemnifying
Party” shall have the meaning ascribed to it in Section 9.3.

 

“Intellectual
Property” means all United States and foreign intellectual property and all other similar proprietary rights, including
all (i) patents and patent applications, including divisionals, continuations, continuations-in-part, reissues, reexaminations
and extensions thereof and counterparts claiming priority therefrom; utility models; invention disclosures; and statutory invention
registrations and certificates; (ii) registered, pending and unregistered trademarks, service marks, trade dress, logos, trade
names, corporate names and other source identifiers, domain names, Internet sites and web pages; and registrations and applications
for registration for any of the foregoing, together with all of the goodwill associated therewith; (iii) registered copyrights,
and registrations and applications for registration thereof; rights of publicity; and copyrightable works; (iv) all inventions
and design rights (whether patentable or unpatentable) and all categories of trade secrets as defined in the Uniform Trade Secrets
Act, including business, technical and financial information; and (v) confidential and proprietary information, including
know-how.

 

“knowledge”
means, with respect to Seller, the actual knowledge, with no duty to make inquiries, of one or more of the persons set forth in
Section 11 of the Seller Disclosure Schedule.

 

“Laws”
means any federal, state or local statute, law, rule, ordinance, code or regulation of any Governmental Authority.

 

“Liability”
and, collectively, “Liabilities” shall have the meaning ascribed to it in Section 9.1.

 

“Order”
shall have the meaning ascribed to it in Section 2.4.

 

“Outside
Date” shall have the meaning ascribed to it in Section 8.1(b).

 

“Parties”
shall have the meaning ascribed to it in the preamble.

 

“Permitted
Encumbrance” means: (i) statutory liens for Taxes, assessments and governmental charges or levies not yet due and
payable or that are being contested in good faith by appropriate proceedings; (ii) mechanics’, materialmen’s,
carriers’, warehousemen’s or similar statutory liens for amounts not yet due or being diligently contested in good
faith in appropriate proceedings; and (iii) pledges or deposits to secure obligations under workers’ compensation laws
or similar legislation or to secure public or statutory obligations.

 

“Person”
means an individual, corporation, partnership, limited liability company, association, trust, unincorporated organization or other
entity.

 

“Purchase
Price” shall have the meaning ascribed to it in Section 1.3.

 

“Purchased
Assets” shall have the meaning ascribed to it in Section 1.1.

 

“Seller”
shall have the meaning ascribed to it in the Preamble.

 

“Seller
Disclosure Schedule” shall have the meaning ascribed to it in the preamble to Article II.

 

“Subsidiary”
means any Person with respect to which a specified Person directly or indirectly (A) owns a majority of the equity interests,
(B) has the power to elect a majority of that Person’s board of directors or similar governing body, or (C) otherwise
has the power, directly or indirectly, to direct the business and policies of that Person.

 

“Tax”
or “Taxes” means any and all taxes, fees, levies, duties, tariffs, imposts and other charges of any kind (together
with any and all interest, penalties, additions to tax and additional amounts imposed with respect thereto) imposed by any Governmental
Authority, including: taxes or other charges on or with respect to income, franchise, windfall or other profits, gross receipts,
property, sales, use, equity interests, payroll, employment, social security, workers’ compensation, unemployment compensation
or net worth; taxes or other charges in the nature of excise, withholding, ad valorem, stamp, transfer, value-added or gains taxes;
license, registration and documentation fees; and customers’ duties, tariffs and similar charges.

 

“Terminating
Buyer Breach” shall have the meaning ascribed to it in Section 8.1(e).

 

“Terminating
Seller Breach” shall have the meaning ascribed to it in Section 8.1(d).

 

“Third Party
Claim” and, collectively, “Third Party Claims” shall have the meaning ascribed to it in Section 9.3.

 

“Trademark
Assignment Agreement” shall have the meaning ascribed to it in Section 1.4(b)(i)

 

“Transactions”
shall have the meaning ascribed to it in Section 2.2.

 

[Signature page follows]

 

    	14

    	 

    

 

IN WITNESS WHEREOF,
each of the parties hereto has caused this Agreement to be duly executed as of the date first written above.

 

	 	 	 	 
	 	G. Randall & Sons, Inc.
	 	 	 
	 	By:	 	
        /s/
        Linda Strause

	 	Name:	 	Linda Strause, Ph. D.
	 	Title:	 	Vice President

 

	 	 	 	 
	 	FBEC WORLDWIDE, INC.
	 	 	 
	 	By:	 	
        /s/
        Robert Sand

	 	Name:	 	Robert Sand
	 	Title:	 	Chief Executive Officer

 

 

 

 

    	15

    	 

    

EXHIBIT A:

 

2oz - Extra Strength, Hemp Energy Drink
- Original Formula

 

Hemp Juice Energy Shot –

 

● A two ounce shot made with hemp
juice, aloe, sweetened with stevia and agave nectar.

 

● Fortified with vital nutrients
and amino-acids enriched with a proprietary blend of herbal

 

extracts to deliver a boost of energy and
all day focus.

 

Base Ingredients

 

● Hemp Juice

 

● Vegetable Glycerine

 

● Agave Nectar

 

● Aloe Juice

 

● Sweetener of Choice

 

Vital Nutrients & Amino Acids

 

● Beta-Carotene (Vitamin A)

 

● Caffeine

 

● Niacin (Vitamin B3)

 

● Thiamine (Vitamin B1)

 

● Pantothenic Acid (Vitamin B5)

 

● Sodium (Sodium Ascorbate)

 

● Biotin (Vitamin B7)

 

● Phosphatidylserine

 

Proprietary Herbal Blend

 

● Green Tea Extract (Camellia sinensis)

 

● Siberian Ginseng Extract (Eleutheroccoccus
senticosus)

 

● American Ginseng Root Extract (Panax
Ginseng)

 

● Chinese Licorice Root Extract (Glycyrrhiza
Uranelsis Radix)

 

● Ginkgo Biloba Leaf Extract (Ginkgo
biloba)

 

● Guayusa Leaf Extract (Ilex guayusa)

 

Other Ingredients : Soy Lecithin, Sodium
Benzoate, Natural Flavor

 

    	16Exhibit 10.3

 

ROYALTY AGREEMENT

 

This ROYALTY AGREEMENT
(“Agreement”) is made and entered into this 29th day of June, 2015, by and among G. Randall & Sons,
Inc., a California Corporation (hereinafter “GR&S”), and FBEC Worldwide Inc., a Wyoming Corporation (hereinafter
“FBEC”), .

W I T N
E S S E T H:

 

WHEREAS,
GR&S sold certain Intellectual Property to FBEC as described in the Intellectual property Purchase Agreement dated June 29,
2015; and

 

WHEREAS,
in consideration for the covenants and the payments to be provided for herein, GR&S seeks a Royalty for sales of the “IP”
as described above.

 

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

 

ARTICLE I

DEFINITIONS

 

For purposes of
this Agreement, the following definitions shall apply:

 

1.1 Affiliate. The
term “Affiliate” shall have the same meaning as such term has in the Securities and Exchange Act of 1934, as amended
and the rules and regulations promulgated thereunder.

 

1.2 Net
Product Sales. The term “Net Product Sales” shall mean all monetary compensation received from the sale of
products and services, whether for cash or credit and regardless of collection in the case of credit, reduced by (i) discounts,
rebates and complimentary beverages, (ii) returns and exchanges, (iii) sales and other taxes and surcharges collected
for transmittal to taxing authorities and (iv) revenue from catering activities done for charitable, marketing or community
involvement purposes.

 

1.3 Proprietary
Marks. The term “Proprietary Marks” shall mean, collectively and individually, Federal Trademark/Service;
and all other copyrights, trademarks, trade names, service marks, logos, emblems and other indicia of origin used to identify
the System; together with all goodwill associated with all of the foregoing.

 

ARTICLE II

TRANSFER OF SYSTEM

 

2.1 Transfer
of System. GR&S hereby assigns, transfers and conveys outright and absolutely to FBEC all ownership, right, title
and interest in and to the System and the Proprietary Marks and all elements, characteristics and property thereof, and all goodwill
associated therewith, free and clear of any lien, claim, encumbrance or retained interest whatsoever, subject to and except only
the following:

 

(a) FBEC’s
rights to blending the formulation as described within the Intellectual Property Purchase Agreement, unless GR&S ceases doing
business, or are disabled in being able to blend the said formula.

 

2.3 Limitation. Notwithstanding
the foregoing, GR&S shall not use the Proprietary Marks in connection with any product or service related to FBEC and
this formula.

 

    	1

    	 

    

 

ARTICLE III

ROYALTIES

3.1 Royalties. For
each product sold using the formulation as described within the Intellectual Property Purchase Agreement dated June 29, 2015, FBEC
shall pay to GR&S a quarterly royalty fee during the term of this Agreement in the amount of 2.5% of Net Sales.

 

COVENANTS OF OUTBACK ENTITIES

The parties covenant
and agree with as follows:

 

4.1 Development
of Product. FBEC shall use its best reasonable efforts to successfully promote and develop the sales of the product, by
itself and through licensees and franchisees, as FBEC deems prudent, in its sole discretion.

 

4.2 Payments
of Royalties. FBEC shall use its best reasonable efforts to maximize the Net Sales of each product and shall promptly
pay or cause to be paid to GR&S the royalties provided for in Article III.

 

4.3 Improvement
of System. FBEC shall use its best reasonable efforts to modify and improve the System and to protect and defend the Proprietary
Marks; provided, however, nothing contained herein shall be construed as obligating FBEC to initiate any legal action against
any particular infringer of any Proprietary Mark. All improvements, modifications and changes to the System or any element
thereof shall be the sole and exclusive property of FBEC.

 

4.4 Obligations. FBEC
and GR&S shall fully perform all obligations under this Agreement, the Intellectual Property Purchase Agreement and the Consulting
Agreement, and FBEC will comply with all terms thereof.

 

4.5 Accounting
and Records.

 

(a) Monthly
Reporting. FBEC shall maintain during the term of this Agreement, and shall preserve for at least five (5) years
from the dates of their preparation, full, complete, and accurate books, records, and accounts prepared in accordance with generally
accepted accounting principles and in sufficient detail to document the calculation of royalties hereunder.

 

(b) Monthly
Reports. FBEC shall submit to GR&S no later than the tenth (10th) day of each month during the term of this Agreement,
a remittance report accurately reflecting all Net Sales and Net Product Sales during the preceding calendar month and such other
data or information as GR&S may reasonably request. In addition, and without limiting the foregoing, FBEC shall submit
a quarterly and fiscal year-to-date profit and loss statement (which may be unaudited) for FBEC, and shall submit copies of all
state sales tax returns for FBEC.

 

(c) Quarterly
Reports. FBEC shall submit to GR&S a quarterly balance sheet (which may be unaudited) within thirty (30) days
after the end of each quarter of the fiscal year of the FBEC. Each such statement shall be signed by FBEC or by FBEC’s
treasurer or chief financial officer attesting that it is true and correct.

 

(d) Annual
Reports. FBEC shall submit to GR&S complete audited annual financial statements of FBEC prepared by an independent
certified public accountant satisfactory to GR&S, within ninety (90) days after the end of each fiscal year of FBEC,
showing the results of operations of FBEC during said fiscal year. Such statements shall include, at a minimum,
a balance sheet, profit and loss statement and statement of sources and uses of funds.

 

(e) Additional
Reports. FBEC shall submit to GR&S, for review or auditing, such other forms, reports, records, information,
and data as GR&S may reasonably request in order to verify the calculation of royalties payable pursuant to this Agreement.

 

    	2

    	 

    

 

(f) Inspection
Rights. GR&S or its designated agents shall have the right at all reasonable times to examine and copy, at GR&S’s
expense, the books, records, and tax returns of FBEC. GR&S shall also have the right, at any time, to have an independent
audit made of the books of FBEC. If an inspection should reveal that any payments have been understated in any report
to GR&S, then FBEC shall immediately pay to GR&S the amount understated upon demand, in addition to interest from the date
such amount was due until paid, at the rate of ten percent (10%) per annum, or the maximum rate permitted by law, whichever
is less. If an inspection discloses an understatement in any report of five percent (5%) or more, FBEC shall pay
interest at the rate of eighteen percent (18%) per annum or the maximum rate permitted by law, whichever is less, and
in addition, shall reimburse GR&S for any and all costs and expenses connected with the inspection (including, without limitation,
travel, lodging and wages expenses and reasonable accounting and legal costs). The foregoing remedies shall be in addition
to any other remedies GR&S may have.

 

(g) Expenses. All
reports, forms and other information required by this Section 4.5 shall be prepared at FBEC’s expense and shall
be submitted to GR&S at the address indicated in Section 10.4 hereof.

 

4.6 Non-Competition. Each
covenants that, except as otherwise approved in writing by FBEC, GR&S shall not, during the term of this Agreement, directly or
indirectly, for itself or through, on behalf of, or in conjunction with any person, persons, partnership, limited liability company,
corporation or any other entity, own, maintain, operate, engage in, license, franchise, be employed by or have any interest in,
any beverage company utilizing any material proprietary component, element or property of the System for which royalties are paid
hereunder. 

 

4.7 Right
of First Refusal.

 

(a) Restriction. FBEC
hereby covenants and agrees to that it shall not, directly or indirectly, in any manner whatsoever, transfer or offer to transfer
the System (hereinafter referred to as a “Transfer”), except in accordance with the provisions of this Section 4.7. Any
purported Transfer, no matter how effected, which does not

 

comply with the terms, conditions and procedures
of this Section 4.7 shall be null and void and shall transfer no interest in the System. This Section 4.7 shall
not apply to the grant in the ordinary course of business .

 

(b) Termination
of Restrictions. Notwithstanding any contrary provision hereof, the restrictions on Transfer and rights of first
refusal contained in this Section 4.7 shall terminate and thereafter be forever null and void if at any time on or before
June 29. 2020.

 

(c) Right
of First Refusal. In the event any Transfer of the System ( by FBEC or its Affiliates) or a majority of the vote
or value of the capital stock of FBEC, to any person or entity, the Transferor shall, prior to any such Transfer, give GR&S
written notice of such desire (“Notice of Transfer”), which notice shall specify the property to be transferred (“Property”), the
identity of the proposed transferee, and the purchase price, including payment terms and the treatment of liabilities related to
the Property (“Purchase Price”). Any purported Notice of Transfer that does not comply with the requirements
of this subsection (c) shall be null and void and of no effect hereunder. Upon receipt of a proper Notice of Transfer,
GR&S shall thereupon have the right to acquire all, but not less than all, of the Property specified in the Notice of Transfer
on terms identical to the Purchase Price. In the event the Purchase Price contains terms which GR&S cannot reasonably
duplicate, GR&S shall have the right to substitute the reasonable cash equivalent thereof.

 

GR&S shall
exercise the right of first refusal contained herein by giving written notice thereof (“Notice of Election”) to
the Transferor within thirty-five (35) days of the date of the Notice of Transfer. In the event GR&S fails to give
a Notice of Election to the Transferor within the thirty-five (35) day period, the purchase option contained herein shall lapse,
and, if so requested by the Transferor, GR&S shall give an affirmative written statement of non-exercise of the right
of first refusal within five (5) days of request by the Transferor.

 

The closing for
any purchase hereunder shall be consummated and closed in FBEC’s principal office on a date and at a time designated
by GR&S in a notice to the Transferor, provided such consummation and closing date shall occur within ninety (90) days from
the date of the Notice of Election. At such closing the Transferor shall execute and deliver all documents and instruments
as are necessary and appropriate, in the opinion of counsel for GR&S, to effectuate the transfer of the Property to GR&S
in accordance with the terms of the Notice of Transfer, and GR&S shall deliver the Purchase Price.

 

    	3

    	 

    

 

(d) Limitation. 
None

 

(e) Transfer
Permitted After Failure to Elect. In the event GR&S does not elect pursuant to subsection (c) to exercise
the purchase option specified therein, or in the event the closing for any purchase pursuant to subsection (c) does not
occur within the time limits specified therein, then the Transferor shall be free to transfer the Property as was specified in
the Notice of Transfer to the person or entity identified in the Notice of Transfer in exchange for the exact Purchase Price
as was specified in the Notice of Transfer; provided, however, that the closing and consummation of such transfer
shall occur on or before the earlier of (i) sixty (60) days from the date of the Notice of Transfer if no Notice of Election
was given; or (ii) one hundred twenty (120) days from the date of the Notice of Election; and provided further that such
transfer must comply with all other requirements of this Section 4.7. In the event such transfer is not so closed and
consummated within such period, the purchase option granted to GR&S in subsection (c) shall again be exercisable
and the Transferor shall make no Transfer of the Property, or any right, title or interest therein, until he has again complied
with all terms and provisions of this Section 4.7. In the event GR&S does not elect pursuant to Section 4.7
to exercise the purchase option contained therein and the Transferor makes a permitted Transfer in compliance with the terms
and provisions of this Section 4.7, then the person or entity to whom such Property is transferred shall, as a condition
to such transfer, agree in writing to be bound by all terms and provisions of this Agreement.

 

(f) Effect
of Transfer. Notwithstanding any Transfer of the System or any portion thereof, unless GR&S (or any Permitted
Successor entitled to royalties hereunder at the time of such transfer) otherwise agrees in writing, no Transfer shall relieve
Outback, FBEC or any other transferring person or entity from any liability to pay royalties hereunder, which liabilities
and obligations shall be joint and several as to such parties; and, unless otherwise so agreed by GR&S or its Permitted Successor,
all transferees of the System shall be and remain jointly and severally liable for the payment of such royalties and the performance
of such liabilities and obligations hereunder.

 

ARTICLE V

COVENANTS OF GR&S

 

5.1 Non-Disclosure;
Non-Solicitation. Except as required by law or as necessary to protect its interests in legal proceedings involving
the parties to this Agreement or thired parties, at no time during the term of this Agreement, or at any time thereafter, shall
any GR&S, individually or jointly with others, for the benefit of any GR&S or any third party, publish, disclose,
use, or authorize anyone else to publish, disclose, or use, any secret or confidential material or information relating to any
aspect of the business or operations of FBEC, the System or the Formula, including, without limitation, any secret or confidential
information relating to the business, customers, trade or industrial practices, trade secrets, technology, recipes or know-how
of FBEC, its Affiliates or the System. Moreover, during the term of this Agreement and for a period of two (2) years
thereafter, no GR&S shall offer employment to any then-current employee of any of FBEC, its Affiliates or licensees (other
than a GR&S), or otherwise solicit or induce any employee of any of FBEC, its Affiliates or licensees to terminate their
employment, nor shall any GR&S act as an officer, director, employee, partner, independent contractor, consultant, principal,
agent, proprietor, owner or part owner, or in any other capacity, for any person or entity which solicits or otherwise induces
any employee of any of FBEC, its Affiliates or licensees (other than a GR&S) to terminate their employment.

 

5.2 Competition. Each
GR&S covenants to FBEC that, except for the Formula owned by FBEC, and except as otherwise approved in writing by FBEC, each
shall not, during the term of this Agreement and for a continuous uninterrupted period commencing upon the expiration or termination
of this Agreement, and continuing for two (2) years thereafter, directly or indirectly, for themselves, or through, on
behalf of, or in conjunction with any person, persons, partnership or corporation, own, maintain, operate, engage in, be employed
by, or have any interest in, or lend any assistance to, any business; provided, however, that during the term
of this Agreement the foregoing geographic limitation shall apply whereas GR&S shall be prohibited from such ownership and/or
activity regardless of whether such other business globally.

 

    	4

    	 

    

 

This section shall
not apply to ownership by GR&S of less than one percent (1%) beneficial interest in the outstanding equity securities
of any corporation required to file periodic reports under the Securities Exchange Act of 1934, as amended.

 

5.3 Independent
Covenants. The parties agree that each of the foregoing covenants shall be construed as independent of any other covenant
or provision of this Agreement. If all or any portion of a covenant in this Article V is held unreasonable or unenforceable
by a court or agency having valid jurisdiction in an unappealed final decision to which FBEC is a party, each GR&S expressly
agrees to be bound by any lesser covenant subsumed within the terms of such covenant that imposes the maximum duty permitted by
law, as if the resulting covenant were separately stated in and made a part of this Article V.

 

5.4 Modification. Each
GR&S understands and acknowledges that FBEC shall have the right, in its sole discretion, to reduce the scope of any covenant
set forth in Sections 5.1 and 5.2 of this Agreement, or any portion thereof, effective immediately upon receipt of written
notice thereof; and each GR&S agrees that it shall comply forthwith with any covenant as so modified, which shall be fully
enforceable against such GR&S.

 

5.5 Claims
Not a Defense.  None

 

5.6 Reasonableness
of Restrictions; Reformation; Enforcement. Each GR&S recognizes and acknowledges that the geographical and time limitations
contained in this Article V are reasonable and properly required for the adequate protection of FBEC and the System. It
is agreed by each GR&S that if any portion of the restrictions contained in this Article V be unreasonable, arbitrary
or against public policy, then the restrictions shall be considered divisible, both as to the time and to the geographical area,
with each month of the specified period being deemed a separate period of time and each radius mile of the restricted territory
being deemed a separate geographical area, so that the lesser period of time or geographical area shall remain effective so long
as the same is not unreasonable, arbitrary or against public policy. The parties hereto agree that in the event any court
of competent jurisdiction determines the specified period or the specified geographical area of the restricted territory to
be unreasonable, arbitrary, or against public policy, a lesser time period or geographical area which is determined to be
reasonable, non-arbitrary, and not against public policy may be enforced against each GR&S. If GR&S shall violate
any of the covenants contained herein and if any court action is instituted by FBEC to prevent or enjoin such violation,
then the period of time during which the covenants of this Article V shall apply, as provided in this Agreement, shall be lengthened
by a period of time equal to the period between the date of the breach of the terms or covenants contained in this Agreement and
the date on which the decree of the court disposing of the issues upon the merits shall become final and not subject to further
appeal.

 

5.7 Specific
Performance. GR&S agrees that a breach of any of the covenants contained in this Article V will cause irreparable
injury to FBEC for which the remedy at law will be inadequate and would be difficult to ascertain and therefore, in the event of
the breach or threatened breach of any such covenants, FBEC shall be entitled, in addition to any other rights and remedies
it may have at law or in equity, to obtain an injunction to restrain such GR&S from any threatened or actual activities in
violation of any such covenants. Each GR&S hereby consents and agrees that temporary and permanent injunctive relief may
be granted in any proceedings which might be brought to enforce any such covenants without the necessity of proof of actual
damages, and in the event FBEC does apply for such an injunction, the Carrabba Entities shall not raise as a defense thereto that
FBEC has an adequate remedy at law.

 

5.8 Personnel. GR&S
shall require and obtain execution of covenants similar to those set forth in this Article V (including covenants applicable
during the term of a person’s relationship with them and for two years after termination of such relationship) from
any or all of the principals of FBEC. Section 5.8 shall be in a form reasonably satisfactory to FBEC, including, without
limitation, specific identification of FBEC as a third-party beneficiary of such covenants with the independent right to enforce
them. Failure by GR&S to obtain execution of a covenant required by this Section 5.8 shall constitute a default under
this Agreement. Nothing contained in this Section 5.8 shall be construed as a guarantee by GR&S of the enforceability
of such covenants of such personnel.

 

5.9 Ownership
of Improvements. GR&S acknowledges and agrees that any and all improvements, modifications or additions to the
System developed by GR&S (or their employees) shall constitute part of the System and shall be the sole and exclusive property
of FBEC.

 

    	5

    	 

    

 

ARTICLE VI

RESTRICTIONS ON TRANSFER

 

6.1 Restriction
Against Transfer. GR&S shall not, directly or indirectly, in any manner whatsoever, transfer or encumber, or
offer to transfer or encumber (hereinafter referred to as “Transfer”) any of its interest in the royalties provided
for in Article III hereof, or any right, title or interest therein, whether now owned or hereafter acquired (“Royalty Interest”),
except in accordance with the provisions of this Article VI.

 

Any purported Transfer,
no matter how effected, which does not comply with the terms, conditions and procedures of this Agreement shall be null and void
and shall transfer no interest in the Royalty Interest, but such non-complying purported Transfer shall not relieve FBEC of
any of its obligations under this Agreement.

 

For purposes of
this Agreement, a Transfer of a Royalty Interest shall include any issuance, disposition or encumbrance, of any shares of any class
of capital stock of GR&S or other ownership or voting interest in GR&S, and all provisions of this Article VI shall
apply to any such disposition or encumbrance.

 

6.2 Transferees
Bound. Any permitted transferee or assignee to whom a Royalty Interest (or capital stock or other ownership or voting
interest in GR&S or any successor to GR&S) may be transferred under the terms of this Agreement who is not at the
time of such transfer a party to this Agreement shall take such Royalty Interest subject to all of the terms and conditions of
this Agreement and shall not be considered to have title to such Royalty Interest until the transferee or assignee shall have
accepted and assumed the terms and conditions of this Agreement by a written agreement to that effect.

 

6.3 Transfers
Subject to Rights of First Refusal. In the event GR&S, or any shareholder of GR&S, (“Transferor”)
desires to Transfer all or any part of its Royalty Interest or (i) in the case of GR&S, issue additional shares of
capital stock, or (ii) in the case of a shareholder of GR&S, Transfer capital stock or other ownership or voting interest
in GR&S to any person or entity, the Transferor shall, prior to any such Transfer, give FBEC written notice of such desire
(“Notice of Transfer”), which notice shall specify the Royalty Interest (or capital stock in GR&S) to be transferred
or issued, the identity of the proposed transferee, the purchase price for the Royalty Interest (or capital stock of GR&S,
as the case may be), and the terms for payment of the purchase price, (“Purchase Price”). Any purported Notice
of Transfer that does not comply with the requirements of this Section shall be null and void and of no effect hereunder. Upon
receipt of a proper Notice of Transfer, FBEC shall thereupon have the right to acquire the Transferor’s entire Royalty
Interest (or entire capital stock in GR&S, as the case may be), or such portion thereof as is specified in the Notice
of Transfer, on terms identical to the Purchase Price or proportionately identical if FBEC elects to purchase the entire Royalty
Interest (or entire capital stock, as the case may be) of the Transferor. In the event the Purchase Price contains terms which
FBEC cannot reasonably duplicate, FBEC shall have the right to substitute the reasonable cash equivalent thereof.

 

FBEC shall exercise
the right of first refusal contained herein by giving written notice thereof (“Notice of Election”) to the Transferor
within thirty-five (35) days of the date of the Notice of Transfer. The Notice of Election shall specify whether
FBEC elects to purchase the entire Royalty Interest (or entire capital stock, as the case may be) of the Transferor, or, if less,
the portion thereof specified in the Notice of Transfer. In the event FBEC fails to give a Notice of Election to the
Transferor within the thirty-five (35) day period, the purchase option contained herein shall lapse, and, if so requested
by the Transferor, FBEC shall give an affirmative written statement of non-exercise of the right of first refusal within five (5)
days of request by the Transferor.

 

The closing for
any purchase hereunder shall be consummated and closed in FBEC’s principal office on a date and at a time designated
by FBEC in a notice to the Transferor, provided such consummation and closing date shall occur within ninety (90) days from
the date of the Notice of Election. At such closing the Transferor shall execute and deliver all documents and instruments
as are necessary and appropriate, in the opinion of counsel for FBEC, to effectuate the transfer of the Transferor’s
Royalty Interest (or capital stock of GR&S, as the case may be) to FBEC in accordance with the terms of the Notice of
Transfer and FBEC shall deliver the Purchase Price.

 

6.4 Limitation. Notwithstanding
any other provision of this Agreement, shares of stock of GR&S or interests in royalty payments hereunder may be transferred
or assigned under the following circumstances, without giving rise to any right of first refusal under Section 6.3:

 

    	6

    	 

    

 

(a) GR&S
may transfer or assign its interest in royalty payments hereunder, or any portion thereof, to any organization,
association or other entity (a “Successor”), so long as the capital stock of or other equity interests in
such Successor are held only by or for the account of any one or more of the Carrabba Entities, or any other person or
entity that would be permitted to own stock of or equity interests in GR&S or a Permitted Successor pursuant to
clauses (b) and (c) below, or any coGR&Snation of the foregoing persons (all such Successors referred to
collectively as “Permitted Successors”), provided that in each case the transferee of such interest shall be
subject to the same restrictions on further transfer as are contained in this Article VI including exceptions from such
restrictions pursuant to this Section 6.4), and provided, further, that for a period of five (5) years from
the date of this Agreement following each such transfer, Johnny Carrabba or Damian Mandola, if both are then alive,
shall have the exclusive right to vote a number of shares of stock of GR&S and any Permitted Successor sufficient to
elect their entire Board of Directors and to exclusively determine all matters submitted to shareholder vote;

 

(b) In addition
to transfers permitted by sections (a) or (c), shares of stock of, or other equity interests in, GR&S or any Permitted
Successor or any interest therein may be transferred to the spouse, children, grandchildren, nephews and nieces of GR&S, or
to any trust for the benefit of one or more such persons (the foregoing collectively referred to as “Permitted Transferees”),
provided that in each case the transferee of such shares or equity interests shall be subject to the same restrictions on further
transfer as are contained in this Article VI; (including exceptions from such restrictions pursuant to this Section 6.4),
and provided, further, that for a period of five (5) years from the date of this Agreement following each such transfer,
if applicable, shall have the exclusive right to vote a number of shares of stock of GR&S and any Permitted Successor
sufficient to elect their entire Board of Directors and to exclusively determine all matters submitted to shareholder vote; and

 

6.5 Transfer
Permitted After Failure to Elect. In the event FBEC does not elect pursuant to Section 6.3 to exercise the purchase option
specified therein, or in the event the closing for any purchase pursuant to Section 6.3 does not occur within the time
limits specified therein, then the Transferor shall be free to transfer the exact portion of its Royalty Interest (or capital stock
of GR&S, as the case may be) as was specified in the Notice of Transfer to the person or entity identified in the Notice of
Transfer in exchange for the exact Purchase Price as was specified in the Notice of Transfer; provided, however,
that the closing and consummation of such transfer shall occur on or before the earlier of (i) sixty (60) days from
the date of the Notice of Transfer if no Notice of Election was given; or (ii) one hundred twenty (120) days from
the date of the Notice of Election; and provided further that such transfer must comply with all other requirements of this
Article VI. In the event such transfer is not so closed and consummated within such period, the purchase option granted
to FBEC in Section 6.3 shall again be exercisable and the Transferor shall make no Transfer of any portion of its Royalty
Interest (or capital stock in GR&S), or any right, title or interest therein, until he has again complied with all
terms and provisions of this Article. In the event FBEC does not elect pursuant to Section 6.3 to exercise the purchase
option contained therein and the Transferor makes a permitted Transfer in compliance with the terms and provisions of this
Article, then the person or entity to whom such Royalty Interest (or capital stock of GR&S) is transferred shall nevertheless
acquire such Royalty Interest (or capital stock) subject to the restrictions imposed on such Royalty Interest (or capital
stock) under this Article VI as to further transfers of such Royalty Interest (or capital stock), and provided further that
as a condition to such transfer any such transferee shall agree in writing to be bound by all terms and provisions of this
Agreement.

 

6.6 Purchase
Option on Bankruptcy of GR&S:

 

(a) For purposes
of this Agreement, the term “Bankrupt” or “Bankruptcy” means, with respect to any person, a situation
in which (i) such person shall file a voluntary petition in bankruptcy or shall be adjudicated as bankrupt or insolvent,
or shall file any petition or answer seeking any reorganization, arrangement, composition, readjustment, liquidation, dissolution
or similar relief for itself under the present or future applicable Federal, state or other statute or law relating to bankruptcy,
insolvency, or other relief for debtors, or shall seek or consent to or acquiesce in the appointment of any trustee, receiver,
conservator or liquidator of such person or of all or any substantial part of its properties or its rights under this Agreement
(the term “acquiesce”, as used in this definition, includes the failure to file a petition or motion to vacate
or discharge any order, judgment or decree within twenty (20) days after entry of such order, judgment or decree); (ii) a
court of competent jurisdiction shall enter an order, judgment or decree approving a petition filed against such person seeking
a reorganization, arrangement, composition, readjustment, liquidation, dissolution or similar relief under the present or
any future Federal Bankruptcy Act, or any other present or future applicable Federal, state or other statute or law relating
to bankruptcy, insolvency, or other relief for debtors, and such person shall acquiesce in the entry of such order, judgment or
decree or such order, judgment or decree shall remain unvacated and unstayed for an aggregate of thirty (30) days (whether
or not consecutive) from the date of entry thereof, or any trustee, receiver, conservator or liquidator of such person or of all
or any substantial part of its property or its rights under this Agreement shall be appointed without the consent or acquiescence
of such person and such appointment shall remain unvacated and unstayed for an aggregate of thirty (30) days (whether
or not consecutive); (iii) such person shall admit in writing its inability to pay its debts as they mature; (iv) such
person shall give notice to any governmental body of insolvency or pending insolvency, or suspension or pending suspension
of operations; or (v) such person shall make an assignment for the benefit of creditors or take any other similar action
for the protection or benefit of creditors.

 

    	7

    	 

    

 

(b) Options.

 

(i) Upon
the Bankruptcy of GR&S, FBEC shall have an option to purchase all of the shares of capital stock of GR&S (and any
Successor) the bankrupt at his Bankruptcy (the “Bankrupt”), and if such option is exercised, the Bankrupt’s estate
(or legal representative, as the case may be), shall be obligated to sell to FBEC all of the shares of capital stock of GR&S
(and any Successor) owned by the Bankrupt (the “Shares”).

 

(ii) In the
event the Bankruptcy occurs, FBEC shall have an option to purchase the entire Royalty Interest owned by GR&S, and if such
option is exercised, the Bankrupts’ estate (or legal representative, as the case may be), shall be obligated to cause GR&S
to sell to FBEC all of the Royalty Interest owned by GR&S.

 

(c) Limitation. Notwithstanding
any contrary provision of this Section 6.6, the purchase options granted to FBEC pursuant to this Section 6.6 shall not
apply if, and to the extent, upon Bankruptcy , such Bankrupt person’s Shares are devised or transferred to one or more
persons, all of whom are Permitted Transferees as defined in Sections 6.4(b) and 6.4(c). 

 

(d) Exercise. The
purchase options granted in this Section 6.6 are exercisable at any time within one hundred twenty (120) days from the
date of qualification of the executor, administrator, trustee, personal representative or other legal representative (“Representative”)
of the Bankrupt’s estate (the “Exercise Period”), and if not exercised within such time period shall lapse. FBEC
shall exercise the options by written notice to the Representative of its election to exercise.

 

(e) Purchase
Price. The purchase price to be paid for the Bankrupt’s Shares or GR&S’s Royalty Interest, as the case
may be, shall be the Value thereof, determined as provided in Section 6.7 hereof. The purchase price to be paid
by FBEC for the Royalty Interest or Shares purchased pursuant to this Section 6.6 shall be paid in cash or immediately
available funds at Closing.

 

(f) Documentation. At
the Closing of any purchase pursuant to this Section 6.6, the Representative or GR&S, as the case may be, shall execute
and deliver to FBEC such documents, affidavits and instruments of conveyance and warranty as are reasonably necessary, in
the opinion of counsel for FBEC, to transfer, convey and validly vest in FBEC good, marketable and absolute title to the Royalty
Interest or Shares being purchased, free and clear of any lien, claim, pledge, security interest, or other encumbrance of
any kind or character whatsoever.

 

(g) Closing. The
Closing for any purchase pursuant to this Section 6.6 shall be held at the principal office of FBEC at a date and time mutually
acceptable to FBEC and the Representative, provided that if they are unable to agree on a mutually acceptable date, the Closing
shall be held sixty (60) days following final determination of Value pursuant to Section 6.7.

 

6.7 Value. For
purposes of this Article VI only, the term “Value” shall mean the fair market value (i.e., the value at
which a willing purchaser and a willing seller would, under normal circumstances, purchase and sell, both cognizant of all
relevant factors, and neither being under a compulsion to buy or sell) of the Property in question, as of the date of the notice
exercising any right to purchase or sell under this Agreement, determined in the following manner:

 

(a) Agreement. In
the event a determination of Value is required, such determination shall be made by agreement in writing of GR&S or the Representative
of a Bankrupt, as the case may be, (the “Seller”), on the one hand, and by FBEC (the “Purchaser”), on
the other hand.

 

    	8

    	 

    

 

(b) Procedure. If
the persons specified in paragraph (a) of this Section 6.7 fail to agree in writing upon the Value of the property
in question within thirty (30) days of the date of any notice given exercising any right to purchase (the “Agreement
Period”), then the Value of such property shall be determined as follows, which determination shall be final, binding,
and conclusive upon all persons affected by such determination:

 

(i) The
Seller and the Purchaser shall agree upon a mutually acceptable appraiser within ten (10) days following the end of the
Agreement Period, or, in the event such persons fail to so agree, two (2) appraisers shall be appointed within fifteen
(15) days following the end of the Agreement Period, one by the Seller, and a second by the Purchaser. If the
Seller, on the one hand, or the Purchaser, on the other hand, fail to appoint an appraiser within the fifteen (15) day
time period specified herein, the sole appraiser appointed within such fifteen (15) day time period shall be the sole
appraiser of the Value of the property in question. Each of the Seller and the Purchaser shall promptly provide notice
of the name of the appraiser so appointed by such parties, respectively, to the other. A third appraiser, if
the initial two appraisers are appointed, shall be appointed by the mutual agreement of the first two appraisers so
appointed, or, if such first two appraisers fail to agree upon a third appraiser within twenty (20) days following
the end of the Agreement Period, either the Seller or the Purchaser may demand that appointment of an appraiser be made by
the then Director of the Regional Office of the American Arbitration Association located nearest to Tampa, Florida, in which
event the appraiser appointed thereby shall be the third appraiser. Each of the three appraisers shall submit to
each of the Seller and the Purchaser, within thirty (30) days after all appraisers have been appointed (the
“Appraisal Period”), a written appraisal of the Value of the property in question.

 

(ii) In connection
with any appraisal conducted pursuant to this Agreement, the parties hereto agree that any appraiser appointed hereunder shall
be given full access during normal business hours to all books, records and files of the parties relevant to a valuation of the
property in question.

 

(iii) If
three appraisers are appointed, the Value of the property in question shall be equal to the numerical average of the three
appraised determinations; provided, however, that if the difference between any two appraisals is not more than ten percent
(10%) of the lower of the two, and the third appraisal differs by more than ten percent (10%) of the lower of the
other two appraisals, the numerical average of such two appraisals shall be determinative.

 

(c) Qualifications. Any
appraiser, to be qualified to conduct an appraisal hereunder, shall be an independent appraiser (i.e., not affiliated
with the Seller or the Purchaser), who shall be reasonably competent as an expert to appraise the value of the property in
question. If any appraiser initially appointed under this Agreement shall, for any reason, be unable to serve, a successor
appraiser shall be promptly appointed in accordance with the procedures pursuant to which the predecessor appraiser was appointed.

 

(d) Time. Notwithstanding
the foregoing, if the determination of the Value of the property in question by appraisal is not completed and all appraisal
reports delivered as provided for herein within the Appraisal Period, then all closing, payment, and similar dates subsequent
thereto shall be automatically extended one (1) day for each day delivery of the appraisal reports is delayed beyond
the end of the Appraisal Period.

 

(e) Costs. The
costs of the appraiser appointed by the Seller shall be borne by the Seller. The costs of the appraiser appointed by the Purchaser
shall be borne by the Purchaser. The costs of the third appraiser, if any, or the sole appraiser, in the event the Seller
and Purchaser mutually agree upon a single appraiser, shall be borne equally by the Seller and the Purchaser.

 

    	9

    	 

    

 

ARTICLE VII

REPRESENTATIONS AND WARRANTIES

 

7.1 Representations
and Warranties. GR&S represents and warrants to FBEC as follows:

 

(a) Organization
and Standing. GR&S is a corporation duly organized and validly existing under the laws of the state of Calfiornia
with its principal place of business at the address previously set forth in this Agreement and has the power and authority to carry
on its businesses as presently conducted.

 

(b) Power and
Authority. GR&S has all necessary power and authority, corporate and otherwise, to (i) conduct its businesses
as presently conducted, (ii) execute and deliver this Agreement and all other agreements required to be executed and delivered
pursuant to this Agreement, and (iii) consummate the transactions provided for herein and therein.

(c) Due
Authorization. The execution and delivery of this Agreement and the consummation of the transactions contemplated herein
have been duly authorized by all necessary corporate action on the part of GR&S, and this Agreement constitutes the valid and legally
binding agreement of GR&S enforceable in accordance with the terms hereof.

 

(d) Conflicts;
Defaults. Neither the execution and delivery of this Agreement by GR&S, nor the performance of its obligations hereunder,
will violate, conflict with or constitute a default under, or result in the acceleration of any obligation under the Articles of
Incorporation or Bylaws of GR&S, nor any indenture, mortgage, agreement, contract, lien, instrument, permit, deed, lease, order,
judgment, decree or other restriction or agreement to which GR&S’s assets are bound, and will not constitute an
event which, after notice or lapse of time or both, will result in such violation, conflict, default or acceleration. The
execution and delivery of this Agreement by GR&S, and the performance by it of the transactions contemplated hereby, will not,
except as specifically authorized herein, result in the creation or imposition of any liens or other rights, whether legal
or equitable, in any third person or entity upon or against any of GR&S’s assets or against GR&S, and will not violate
any law, judgment, decree, order, rule or regulation (collectively “Law”) of any governmental authority applicable
to GR&S or its assets.

 

(e) Legal
Proceedings. Except for personal injury claims resulting from the operation of the Formula in the ordinary course of business,
there is no litigation, action, suit, investigation, claim or proceeding (collectively “Litigation”) pending or,
to their best knowledge, threatened against GR&S or affecting GR&S’s assets or the System. To the best
knowledge of GR&S, no condition, event, fact or circumstance exists which could give rise to such Litigation.

 

(f) Consents. With
respect to the transaction contemplated by this Agreement, no consent, waiver, approval or authorization of or declaration or filing
with, any governmental agency or authority or other public persons or entities is required in connection with execution or delivery
by GR&S of this Agreement or the consummation by GR&S of the transactions contemplated hereby, the failure of which
to be obtained would have a material adverse effect on the ability of GR&S to consummate the transactions contemplated hereby.

 

(g) Ownership
of GR&S. Tyler Strause and Linda Strause are the sole shareholders and sole directors of GR&S. 

 

(h) Miscellaneous. No
representation or warranty by GR&S under this Agreement and no statement made by GR&S in any closing document delivered
pursuant to this Agreement contains or will contain any untrue statement of a material adverse fact or omits or will omit
to state a material adverse fact necessary to make any such representation or warranty or statement not misleading.

 

7.2 Representations
and Warranties. FBEC represents and warrants to GR&S as follows:

 

(a) Organization
and Standing. FBEC is a corporation duly organized and existing in good standing under the laws of the State of Wyoming;
and has all necessary power to own its property and to carry on its business as presently conducted.

 

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(b) Power
and Authority. FBEC has all necessary power and authority, corporate and otherwise, to (i) conduct their businesses
as presently conducted, (ii) execute and deliver this Agreement and all other agreements required to be executed and delivered
pursuant to this Agreement, and (iii) consummate the transactions provided for herein and therein.

 

(c) Due
Authorization. The execution and delivery of this Agreement, and the consummation of the transactions provided for
herein, have been duly authorized by all necessary corporate action on the part of FBEC. This Agreement constitutes the legally
binding agreement of FBEC, enforceable in accordance with its terms.

 

(d) Conflicts;
Defaults. Neither the execution and delivery of this Agreement nor the consummation of any transaction herein contemplated
is an event which of itself, or with the giving of notice or the passage of time, or both, would constitute a violation of, conflict
with or result in a breach of, or constitute a default under the Articles of Incorporation or Bylaws of FBEC or any of the
terms, conditions or provisions of any indenture, mortgage, lien, lease, agreement, contract, instrument, order, judgment, decree,
or other restriction or agreement or instrument to which FBEC or any subsidiary or affiliate of FBEC is now a party or by which
it is bound, or result in the creation or imposition of any lien, charge or encumbrance of any kind upon the property or assets
of FBEC or any subsidiary or affiliate of FBEC pursuant to the terms of any such agreement or instrument.

 

(e) Consents. With
respect to the transactions contemplated by this Agreement, no consent, waiver, approval, license or authorization of, or declaration
or filing with, any governmental agency or authority or other public persons or entities is required in connection with execution
or delivery by FBEC of this Agreement or the consummation by FBEC of the transactions contemplated hereby, the failure of which
to be obtained would have a material adverse effect on the ability of FBEC to consummate the transactions contemplated hereby.

 

(f) Miscellaneous. No
representation or warranty by FBEC under this Agreement and no statement made by FBEC in any closing document delivered pursuant
to this Agreement contains or will contain any untrue statement of a material fact or omits or will omit to state a material
fact necessary to make any such representation or warranty or statement not misleading.

 

ARTICLE VIII

SURVIVAL, INDEMNIFICATION AND REMEDIES

 

8.1 Survival
of Representations and Warranties. All representations, warranties and covenants made or given by the parties in
this Agreement shall survive the consummation of all transactions contemplated herein, and shall continue in force throughout the
term of this Agreement.

 

8.2 Indemnification
by GR&S. GR&S shall be obligated, jointly and severally, to indemnify FBEC, and hold FBEC harmless from,
and reimburse FBECfor, any and all claims, loss, damages, costs and expenses, including, without limitation, reasonable attorneys’
fees, court costs (whether at trial or appeal, in arbitration, or otherwise) and the costs and expenses of investigation (collectively,
“Liability” or “Liabilities,” as appropriate), incurred by FBEC and which arise out of or in connection
with: (i) any breach by GR&S of any representation or warranty made by GR&S and contained in this Agreement.;
or (ii) any failure by GR&S to perform any covenant or agreement of GR&S under this Agreement.

 

8.3 Indemnification
by FBEC. FBEC shall indemnify GR&S against, hold GR&S harmless from, and reimburse GR&S for, any and
all Liabilities, as defined in Section 8.2 hereof, incurred by GR&S and which arise out of or in connection with: (i)
any breach by FBEC of any representation or warranty of FBEC contained in this Agreement; or (ii) any failure by
FBEC to perform any covenant or agreement of FBEC contained in this Agreement.

 

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8.4 Indemnification
Procedures. In case any claim or proceeding (including, without limitation, any claim, investigation or proceeding by
any governmental authority) shall be instituted affecting any indemnified person in respect of which indemnity will be sought
pursuant to Section 8.2 or Section 8.3 hereof, such indemnified person shall promptly (considering the circumstances)
notify the indemnifying person in writing, and the indemnifying person, within thirty (30) days following such notification
from the indemnified person, shall retain counsel reasonably satisfactory to the indemnified person (which satisfaction shall
not be unreasonably delayed, withheld or conditioned) to represent the indemnified person and any others the indemnifying
person may designate in such proceeding, and shall pay the fees and disbursements of such counsel related to such proceeding. In
any such proceeding, any indemnified person shall have the right to retain its own counsel, but the fees and disbursements of
such counsel shall be at the expense of such indemnified person unless: (i) the indemnifying person shall have failed to retain
counsel for the indemnified person as required herein; or, (ii) counsel retained by the indemnifying person for the indemnified
person would be inappropriate due to actual or potential differing interests between such indemnified person and any other person
represented by such counsel in such proceeding. It is understood that the indemnifying person shall not, in connection with
any proceeding or related proceedings in the same jurisdiction, be liable for the fees and disbursements of more than one
separate firm qualified in such jurisdiction to act as counsel for the indemnified person. The indemnifying person shall
not be liable for any settlement of any proceeding effected without its written consent, but, if settled with such consent, or
upon a final judgment for the plaintiff, the indemnifying person shall, to the extent required pursuant to the terms of this
Article VII, indemnify the indemnified person from and against any and all Liabilities by reason of such settlement or judgment. The
indemnified person shall also have the right to consent in writing in advance of any such settlement, but such consent shall not
be unreasonably withheld. If any third-party claim is made for which indemnification is asserted hereunder (a “Third-Party
Claim”), or in the event any claim for indemnification is made directly by one party against the other (a “Direct
Claim”), in the event such Third-Party Claim or Direct Claim is unsuccessful, the party against whom such claim
for indemnification is made shall be entitled to recover from the party claiming a right to indemnification all Liabilities incurred
by the party against whom such claim for indemnification is made in the defense of such Third-Party Claim or Direct Claim for indemnification. No
pre-proceeding settlement of any item which will give rise to a claim for indemnification hereunder shall be effected in the absence
of the prior written consent of the indemnifying person, which consent shall not be unreasonably withheld.

 

8.5 Remedies.

 

(a) The parties
agree that the remedies available for any breach, default or invalidity or unenforceability of any representation, warranty,
covenant or agreement contained in this Agreement shall be limited to one or more of: (i) monetary damages, (ii) declaratory
relief, (iii) specific performance or (iv) other injunctive relief. Except in the case of actions seeking a
declaration that this Agreement is terminated in accordance with the terms of Section 9.1, in no event shall FBEC be
entitled to a remedy which allows FBEC to retain ownership of the System but terminates the obligation to pay royalties as
provided in Article III (however, an offset of damages against royalties due or to become due shall be allowed). In no event
shall GR&S be entitled to a remedy which divests FBEC of ownership of the System or any element thereof, or which imposes any
significant limitation on FBEC’s absolute ownership rights to the System, or which grants any GR&S or any third party
any rights to use the System or elements thereof, except for GR&S’s reversion rights under this Section 8.5.

 

(b) The parties
acknowledge and agree that GR&S’s transfer and conveyance of the System to FBEC pursuant to Article II hereof constitutes
the sole consideration for FBEC’s (and its successors and assigns) obligations to pay royalties pursuant to Article III hereof. In
accordance with the foregoing, from and after the date of this Agreement, FBEC’s obligations to pay royalties pursuant to
Article III hereof shall in no respect be conditioned upon the performance by GR&S of any further act; and all obligations
and covenants of GR&S hereunder constitute covenants and agreements that are independent of FBEC’s obligations to
pay royalties pursuant to Article III hereof (subject to FBEC’s right of offset referred to in (c) below).

 

(c) In furtherance
of the foregoing, in the event that notwithstanding the express intention and agreement of the parties as set forth herein,
FBEC or any trustee for FBEC in bankruptcy or other representative, successor or assign of FBEC should ever obtain any court
order, judgment, or ruling in any bankruptcy, receivership or other insolvency proceeding of which FBEC is the subject, or
any other proceeding, permanently terminating FBEC’s obligation to pay royalties when and as due pursuant to Article
III hereof (but not including any temporary abatement during violation of non-competition covenants or as offset against damages),
including as a result of a rejection of this Royalty Agreement as an executory contract or a discharge of such obligations
or otherwise, the System, and all ownership rights therein shall immediately revert to and become the property of GR&S
and FBEC or such other party shall immediately take all steps necessary to effect such retransfer and reconveyance.

 

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(d) If Licensor
shall be delinquent in the payment of any amount (excluding bona fide amounts in controversy) (and not including any temporary
abatement by reason of offset during violation of non-competition covenants or as offset against other damages) payable under
Article III hereof for more than six months and either (i) Licensor or any of its Affiliates has granted to any party
any interest in any revenues or assets of FBEC, or

otherwise prevents GR&S’s realization
of, GR&S’s rights to receive royalties under Article III as due under this Agreement (excluding a mortgage, security
interest or other encumbrance with respect to debt-financed assets (other than the System and elements thereof) which is granted
to the lender who provided the funds to acquire such assets) or (ii) Licensor fails to commence and thereafter diligently
pursue the termination of all license, franchise or other rights to use the System of any party that is three months or more delinquent
in payment of royalties due from it (other than immaterial delinquencies resulting from miscalculations or oversights made
in good faith), then in either such event the System and all ownership rights therein shall immediately revert to and become the
property of GR&S, and FBEC or such other party shall immediately take all steps necessary to effect such retransfer and
reconveyance.

 

(e) FBEC will
cooperate with GR&S and take such actions as GR&S shall reasonably request to grant and perfect a security interest to
GR&S to secure its reversionary interest in the System as specified in this Section 8.5.

 

8.6 Failure
to Develop System. If (i) FBEC or any of its Affiliates publicly states that it intends to increase the number
of Formula or (ii) during any twelve consecutive calendar months, additional new Formula become subject to the payment of
royalties hereunder to utilize this Section 8.6 shall be applicable to any of the activities permitted under this Section 8.6.

 

ARTICLE IX

TERMINATION; CONVERSION

 

9.1 Term. The
term of this Agreement shall commence upon execution of this Agreement and shall continue in full force and effect until termination. This
Agreement shall terminate upon the first to occur of: (i) agreement of FBEC and GR&S (or their respective successor
in interest) to terminate this Agreement or (ii) conversion of GR&S’s royalty rights pursuant to Section 9.2. Upon
termination of this Agreement as a result of conversion of GR&S’s royalty rights pursuant to Section 9.2, FBEC shall
retain all ownership rights to the System, and all other obligations of the parties under this Agreement shall terminate (including
all obligations to pay royalties) except for obligations which by their express terms continue in force beyond expiration or termination
of this Agreement.

 

9.2 Conversion. In
the event FBEC, or any successor to FBEC as owner of the System, determines to make an initial public offering of any class
of its capital stock pursuant to a registration statement filed under the Securities Act of 1933, as amended (or any successor law),
FBEC (or its successor) shall give prompt written notice thereof to GR&S and shall provide GR&S with such information as
is then available to FBEC regarding the terms of the proposed offering. 

 

At such meeting,
FBEC, GR&S and the managing underwriter shall attempt in good faith to establish the value of GR&S’s royalty
rights immediately prior to the proposed offering. For a period of five business days following such meeting, GR&S shall
have the right (but not the obligation), exercisable by written notice which must be received by FBEC prior to 5:00 p.m. eastern
time on the fifth business day, to convert its royalty rights under this Agreement into newly issued capital stock of FBEC
(or its successor) of the same class as is to be sold in the proposed initial offering. GR&S shall receive a number of
shares of capital stock which have a value (based on the proposed initial offering price to the public) equal to the value
of GR&S’s royalty rights as agreed upon by the parties, subject to no commission or other deduction.

 

This conversion
option is a one-time only option available only in connection with FBEC’s (or its successor’s) initial public
offering of any class of capital stock. If not timely exercised as provided in the preceding paragraph this conversion option
shall forever lapse.

 

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ARTICLE X

MISCELLANEOUS

10.1 Severability. Each
section, subsection and lesser section of this Agreement constitutes a separate and distinct undertaking, covenant or provision
hereof. In the event that any provision of this Agreement shall be determined to be invalid or unenforceable, such provision
shall be deemed limited by construction in scope and effect to the minimum extent necessary to render the same valid and enforceable,
and, in the event such a limiting construction is impossible, such invalid or unenforceable provision shall be deemed severed
from this Agreement, but every other provision of this Agreement shall remain in full force and effect.

 

10.2 Consents. Whenever
any party’s consent is required under this Agreement, such consent (unless otherwise specifically provided herein) shall
not be unreasonably withheld, delayed or conditioned.

 

10.3 Good
Faith. The parties hereto covenant to deal with each other fairly and in good faith.

 

10.4 Notices. Any
notice, request, instruction or other document to be given hereunder by any party shall be in writing and delivered personally
or sent by registered or certified mail, postage prepaid, to:

 

	FBEC:	FBEC Worldwide, Inc.
	 	1621 Central Avenue
	 	Cheyenne, WY 82001
	 	 
	GR&S:	G. Randall & Sons, Inc.
	 	2069 Coast Blvd
	 	Del Mar CA 92014

 

10.5 Expenses. All
expenses of the preparation of this Agreement and of the transactions provided for herein, including, without limitation, counsel
fees, accounting fees, sales taxes, recording fees, investment advisors’ fees and disbursements, shall be borne by the
respective parties incurring such expense, whether or not such transactions are consummated.

 

10.6 Entire
Agreement. A CONTRACT IN WHICH THE AMOUNT INVOLVED EXCEEDS FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.00) IN VALUE
IS NOT ENFORCEABLE UNLESS THE AGREEMENT IS IN WRITING AND SIGNED BY THE PARTY TO BE BOUND OR BY THAT PARTY’S AUTHORIZED REPRESENTATIVE. THE
RIGHTS AND OBLIGATIONS OF THE PARTIES HERETO SHALL BE DETERMINED SOLELY FROM WRITTEN AGREEMENTS, DOCUMENTS AND INSTRUMENTS, AND
ANY PRIOR ORAL AGREEMENTS BETWEEN THE PARTIES ARE SUPERSEDED BY AND MERGED INTO SUCH WRITINGS. THIS AGREEMENT (AS AMENDED
IN WRITING FROM TIME TO TIME), REPRESENTS THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE
OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS BY THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES. THIS PARAGRAPH IS INCLUDED HEREIN PURSUANT TO THE CALIFORNIA BUSINESS AND COMMERCE CODE, AS AMENDED FROM TIME TO
TIME.

 

10.7 Language
Construction. The language in all parts of this Agreement shall be construed, in all cases, according to its fair
meaning, and not for or against either party hereto. The parties acknowledge that each party and its counsel have reviewed
and revised this Agreement and that the normal rule of construction to the effect that any concerns are to be resolved against
the drafting party shall not be employed in the interpretation of this Agreement.

 

10.8 Modification;
Waiver. This Agreement shall not be modified except by an instrument in writing duly signed on behalf of the party
against whom enforcement of such modification is sought. No waiver of any provision of this Agreement shall be effective unless
in writing and similarly signed, nor shall any failure of any party to enforce any right or remedy hereunder be deemed a waiver
of such right or remedy for the future in the same or any situation.

 

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10.9 Captions. Captions
have been inserted in this Agreement for reference only and shall not limit or otherwise affect any of its terms and provisions.

 

10.10 Enforcement. In
the event it becomes necessary for any party to institute legal proceedings or to retain the services of an attorney to enforce,
interpret or construe any provision hereof, the prevailing party shall be entitled to collect from the non-prevailing party, in
addition to other remedies, all costs of such enforcement or legal proceedings, including reasonable attorneys’ fees and
including appellate proceedings, regardless of whether suit is filed.

 

10.11 Counterparts.
This Agreement may be executed concurrently in one or more counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same instrument.

 

10.12 Governing
Law. This Agreement and its performance shall be governed and construed in accordance with the laws of the State of California,
without giving effect to the principles or comity or conflicts of law thereof.

 

10.13 Jurisdiction
and Venue. The parties agree that jurisdiction and venue for any legal proceedings instituted in connection with
this Agreement shall lie in the state and federal courts having jurisdiction over Nevada County, California, and each waives the
claim or defense that such courts constitute an inconvenient forum; provided, that such jurisdiction and venue shall not be
exclusive.

 

10.14 Joint
and Several Obligation of Outback. By its execution of this Agreement, FBEC agrees to be jointly and severally liable
for the full and timely performance of each and every obligation and liability of hereunder, and FBEC may enforce such obligation.

 

10.15 Parties
Bound. This Agreement shall be binding upon and inure to the benefit of, the parties hereto and their respective successors,
permitted assigns, heirs, personal representatives and administrators.

 

IN WITNESS WHEREOF,
the parties have hereunto executed this Agreement as of the day and year first written above.

 

	/s/ Linda Strause	 	June 29, 2015
	Linda Strause, Ph.D. Vice President	 	Date
	G. Randall & Sons, Inc.	 	 
	 	 	 
	/s/ Robert S. Sand	 	June 29, 2015
	Robert S. Sand, Cairman and CEO	 	Date
	FBEC Worldwide Inc.	 	 
	 	 	 

 

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