Document:

Exhibit 10.24

 

CONSORTEUM HOLDINGS, INC.

INCENTIVE STOCK OPTION PLAN

 

 

1.PURPOSE.

 

This Incentive Stock Option
Plan (the "Plan") is intended to promote the best interests of the Corporation and its shareholders by enabling
the Corporation to attract and retain persons of ability as employees, providing an incentive to employees of the Corporation by
affording them an equity participation in the Corporation and rewarding those employees who contribute to the operating progress
and earning power of the Corporation.

 

2.DEFINITIONS.

 

The following terms shall
have the following meanings when used in the Plan unless the context clearly otherwise requires:

 

(a)"Board of
Directors" means the Board of Directors of the Corporation.

 

(b)"Code"
means the Internal Revenue Code on the date hereof, as amended, or any successor provisions.

 

(c)"Controlling
Participant" means any Eligible Employee who, immediately before any Option is granted to that particular Eligible Employee,
directly or indirectly possesses more than ten percent (10%) of the total combined voting power of all classes of stock of the
Corporation (or any parent or subsidiary corporation thereof, as such terms are defined in Section 425(e) and (f) of the Code,
respectively).

 

(d)"Corporation"
means Consorteum Holdings, Inc., a Nevada corporation, and any subsidiary corporation, as defined in Section 425(f) of the Code,
to which the Board of Directors has determined to extend the application of this Plan.

 

(e)"Eligible
Employee" means any employee of the Corporation.

 

(f)"Exercise
Price" means the price at which a share of Incentive stock may be purchased by a particular Participant pursuant to the
exercise of an Option, as determined in accordance with Article 7 hereof.

 

(g)"Incentive
Stock" means the Common Stock of the Corporation, par value of $0.001 per share, issued pursuant to this Plan.

 

(h)"Incentive
Stock Option Agreement" means an agreement by and between a Participant and the Corporation setting forth the specific
terms and conditions of an Option as well as the specific terms and conditions under which Incentive Stock may be purchased by
such Participant pursuant to the exercise of such Option. Such Incentive Stock Option Agreement shall be subject to the provisions
of this Plan (which Plan shall be incorporated by reference into the Agreement) and shall contain such provisions as the Board
of Directors, in its sole discretion, may authorize.

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(i)"Option"
means the right of a Participant to purchase shares of Incentive Stock in accordance with the terms of this Plan and the Incentive
Stock Option Agreement between such Participant and the Corporation.

 

(j)"Participant"
means any Eligible Employee who is designated (in accordance with the provisions of Article 5 of this Plan) to be granted an Option
and who is a party to an Incentive Stock Option Agreement.

 

(k)"Stock Option
Committee" means any committee chosen by the Board of Directors to implement, interpret and administer this Plan.

 

3.ADOPTION AND ADMINISTRATION
OF PLAN.

 

This Plan shall become effective
upon its adoption by the Board of Directors; provided, however, that the shareholders of the Corporation shall approve this Plan,
in accordance with applicable state law, within twelve (12) months before or after the adoption of this Plan by the Board of Directors.
Upon such effectiveness, except as expressly limited in Articles 4 and 7 of this Plan and §§5(d) and 6(c) of this Plan,
any action taken by the Board of Directors with respect to the implementation, interpretation or administration of this plan shall
be final, conclusive and binding; provided, however, that to the extent not prohibited by the Business Corporation Law of 1988
of the Commonwealth of Pennsylvania, as amended, the Articles of the Corporation, the Bylaws of the Corporation or the Code, the
Board of Directors may delegate (by resolutions adopted prior to or after the effectiveness of this Plan) any or all of its responsibilities
hereunder to the Stock Option Committee and all references herein or in any Incentive Stock Option Agreement to the Board of Directors
shall, to the extent applicable, be deemed to refer to and include the Stock Option Committee.

 

4.TOTAL NUMBER OF
SHARES OF INCENTIVE STOCK.

 

The number of shares of Incentive
Stock which may be issued in the aggregate by the Corporation under this Plan pursuant to the exercise of Options granted hereunder
shall not be more than Fifty Million (50,000,000), which number may be increased only by a resolution adopted by the Board of Directors
and approved within twelve (12) months after such adoption by the shareholders of the Corporation in accordance with applicable
state law.

 

Such shares of Incentive
Stock may be issued out of the authorized and unissued or reacquired Common Stock of the Corporation. Any shares subject to an
Option which expires or is terminated unexercised as to such shares may again be subject to an Option under this Plan. To the extent
there shall be any adjustment pursuant to the provisions of Article 11 hereof, the aforesaid number of shares shall be appropriately
so adjusted.

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5.ELIGIBILITY AND
AWARDS.

 

The Board of Directors shall
designate, at any time, and from time to time thereafter: a) the Eligible Employees of the Corporation who shall be granted an
Option; b) the number of shares of Incentive Stock which each Eligible Employee so designated may purchase pursuant to the exercise
of an Option; c) the Exercise Price for each designated Eligible Employee; d) the other terms of each Eligible Employee's Option,
including, without limitation, the term during which such Option shall be in effect, which term shall not be greater than ten (10)
years for any Option, and provided, however, that the term shall not be greater than five (5) years for any Option granted to a
Controlling Participant; and e) the restrictions, if any, applicable to the shares of Incentive Stock which each Eligible Employee
so designated may purchase.

 

6.GRANT, EXERCISE
AND TERMINATION OF OPTIONS.

 

 

(a)As soon as practicable
after a designation is made by the Board of Directors pursuant to Article 5 hereof, the appropriate officer or officers of the
Corporation shall give notice (written or oral) to such effect to each Eligible Employee of the Corporation so designated, which
notice shall be accompanied by a copy or copies of the Incentive Stock Option Agreement to be executed by such Eligible Employee.

 

(b)Upon receipt of the
notice specified in §6(a) hereof, an Eligible Employee so designated shall have an Option, and shall thereby become
and be a Participant, only after the due execution by such Eligible Employee and the Corporation of an Incentive Stock Option Agreement
(in such number as the Board of Directors shall determine) within such number of days from the giving of such notice as shall be
specified in such notice (unless waived by the Corporation).

 

(c)Any Option granted
pursuant to this Plan must be granted within ten (10) years from the date that this Plan is adopted by the Board of Directors or
this Plan is approved by the stockholders of the Corporation, whichever is earlier.

 

(d)An Option of a Participant
may be exercised during the period such Option is in effect and as set forth herein and in the Incentive Stock Option Agreement,
and only if compliance with all applicable Federal and state securities laws can be effected, and may be exercised only by: i)
such Participant's completion, execution and delivery to the Corporation of a notice of such Participant's exercise of such Option
and an "investment letter" (if required by the Corporation) as supplied by the Corporation; and ii) the payment to the
Corporation of the aggregate Exercise Price, as provided under Article 8 hereof, for the shares of Incentive Stock to be purchased
pursuant to such exercise (as shall be specified by such Participant in such notice) in accordance with the terms of this Plan
and the Incentive Stock Option Agreement. Except as specifically provided by a duly executed Incentive Stock Option Agreement or
unless waived by the Board of Directors, an Option or any of the rights thereunder may be exercised by such Participant only, and
may not be transferred or assigned, voluntarily, involuntarily or by operation of law (including, without limitation, the laws
of bankruptcy, intestacy, descent and distribution and succession).

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(e)Notwithstanding any
terms or provisions of this Plan to the contrary, the Board of Directors may delegate to the appropriate officer or officers of
the Corporation the authority to prepare, execute and deliver any Incentive Stock Option Agreement reflecting any option granted
under this Plan; provided, however, that any such incentive Stock Option Agreement shall be consistent with the terms and conditions
of this Plan.

 

7.PURCHASE PRICE
OF INCENTIVE STOCK.

 

The determination of the
Exercise Price shall be made by the Board of Directors, in its sole discretion, it being understood that the Exercise Price may
not be less than one hundred percent (100%) of the fair market value of the shares of Common Stock of the Corporation on the date
that such Option shall be granted; provided, however, that, if an Option shall be granted to a Controlling Participant, the Exercise
Price may not be less than one hundred ten percent (110%) of the fair market value of the shares of Common Stock of the Corporation
on the date that such Option is granted. The fair market value of the shares of Incentive Stock of the Corporation shall be determined
for purposes of this Plan by the Board of Directors in accordance with the Code, and such determination shall be final, conclusive
and binding upon each Participant and the Corporation for all purposes of this Plan.

 

8.PAYMENT FOR SHARES
OF INCENTIVE STOCK.

 

Payment by each Participant
for the shares of Incentive Stock purchased hereunder shall be made by good check or in accordance with the terms of any Incentive
Stock Option Agreement executed by such Participant.

 

9.COSTS AND EXPENSES.

 

All costs and expenses with
respect to the adoption, implementation, interpretation and administration of this Plan shall be paid by the Corporation; provided,
however, that except as otherwise specifically provided in this Plan or the applicable Incentive Stock Option Agreement between
the Corporation and a Participant, the Corporation shall not be obligated to any costs or expenses (including legal fees) incurred
by any Participant in connection with any Incentive Stock Option Agreement, this Plan or any Option or Incentive held by any Participant.

 

10.NO PRIOR RIGHT
OF AWARD.

 

Nothing in this Plan shall
be deemed to give any officer or employee of the Corporation, or such person's legal representatives or assigns, or any other person
or entity claiming under or through such person, any contract or other right to participate in the benefits of this Plan. Nothing
in this Plan shall be construed as constituting a commitment, guarantee, agreement or understanding of any kind or nature that
the Corporation shall continue to employ any individual (whether or not a Participant). This Plan shall not affect in any way the
right of the Corporation to terminate the employment of any individual (whether or not a Participant) at any time and for any reason
whatsoever. No change of a Participant's duties as an employee of the Corporation shall result in a modification of the terms of
any rights of such Participant under this Plan or any Incentive Stock Option Agreement executed by such Participant.

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11.CHANGES IN CAPITAL
STRUCTURE.

 

Subject to any required action
by the shareholders of the Corporation and the provisions of the Articles of Incorporation of the State of Nevada, as amended,
the number of shares of Incentive Stock represented by the unexercised portion of an Option and the number of shares of Incentive
Stock which has been authorized or reserved for issuance hereunder (whether such shares are unissued, reacquired or subject to
an Option that expired, was surrendered or terminated unexercised as to such shares), as well as the Exercise Price of a share
of Incentive Stock represented by the unexercised portion of an Option, shall be proportionately adjusted for: a) a division, combination
or reclassification of any of the shares of Common Stock of the Corporation; or b) a dividend payable in shares of Common Stock
of the Corporation.

 

12.AMENDMENT OR
TERMINATION OF PLAN.

 

Except as otherwise provided
herein, this Plan may be amended or terminated in whole or in part by the Board of Directors, in its sole discretion, but no such
action shall adversely affect or alter any right or obligation with respect to any Option or Incentive Stock Option Agreement then
in effect, except to the extent that any such action shall be required or desirable (in the opinion of the Corporation or its counsel)
in order to comply with the Code or any rule or regulation promulgated or proposed thereunder.

 

13.BURDEN AND BENEFIT.

 

The terms and provisions
of this Plan shall be binding upon, and shall inure to the benefit of, each Participant and such Participant's executors and administrators,
estate, heirs and personal and legal representatives.

 

14.HEADINGS.

 

The headings and other captions
contained in this Plan are for convenience and reference only and shall not be used in interpreting, construing or enforcing any
of the provisions of this Plan.

 

15.INTERPRETATION.

 

Notwithstanding any provision
of this Plan or any provision of any Incentive stock Option Agreement to the contrary, this Plan and each Incentive Stock Option
Agreement are intended to comply with all requirements for qualification under the Code and with any rule or regulation promulgated
or proposed thereunder, and shall be interpreted and construed in a manner which is consistent with this Plan and each Incentive
Stock Option Agreement being so qualified.

 

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UNANIMOUS WRITTEN CONSENT OF

THE BOARD OF DIRECTORS AND SHAREHOLDERS OF

CONSORTEUM HOLDINGS, INC.

 

 

The undersigned, being all
of the directors and shareholders of CONSORTEUM HOLDINGS, INC. (the "Corporation"), a Nevada corporation, acting pursuant
to the Nevada Corporation Law, hereby waive any notice requirement and consent in writing to the adoption of the following resolutions
as though adopted at a duly noticed and called meeting of the directors held on January 1, 2012:

 

WHEREAS, pursuant to the
Incentive Stock Option Plan of the Corporation (the "Plan"), and in recognition of the continuing contributions
to the operating progress and earning power of the Corporation made by certain employees of the Corporation, the Corporation desires
to offer certain shareholders an option for equity participation in the Corporation;

 

RESOLVED, THEREFORE, that
the Plan is hereby adopted.

 

 

RESOLVED FURTHER, that the
appropriate officer or officers of the Corporation, acting for and on behalf of the Corporation, shall be, and hereby are, authorized,
empowered and directed to enter into and execute an Incentive Stock Option Agreement with each such employee, with such terms and
provisions as the board of directors have approved.

 

RESOLVED FURTHER, a copy
of each such Incentive Stock Option Agreement as executed be inserted in the Minutebook of the Corporation.

 

IN WITNESS WHEREOF, the undersigned
have executed this Combined Unanimous Written Consent of the directors and shareholders as of the date first above written.

 

 

 

	 	/s/
    Patrick Shuster                     
	 	Secretary

 

 

 

    	6Exhibit 10.25

 

GENERAL RELEASE AGREEMENT

 

This General Release
Agreement dated as of October 31, 2012 (this “Agreement”), is made by and among Joseph A. Cellura, Craig A. Fielding,
Consorteum Holdings, Inc., Consorteum, Inc., and Patrick Shuster

 

RECITALS:

 

		1.	The parties to this Agreement have various disputes and claims (the “Disputes”) against
each other arising out of or in connection with their respective positions with, and actions taken or omitted to be taken for,
Consorteum Holdings, Inc., Consorteum, Inc. and various other entities and persons named below in this Agreement.

 

		2.	In order to resolve these Disputes the parties entered into a settlement and release agreement
dated October 21, 2012 (the “Settlement Agreement”). Section B Item 8 of the Settlement Agreement requires the parties
to execute and deliver general releases to each other to resolve all Disputes with finality.

 

		3.	The parties agree to execute and deliver this Agreement to fulfill the requirement of the Settlement
Agreement as described in Recital 2 of this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing recitals, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties, intending to be legally bound, agree as follows:

 

SECTION
A

 

DEFINITIONS

 

“Affiliate” refers to a Person
that directly, or indirectly through one or more intermediaries, controls, or is controlled by or under common control with, the
Person specified, for so long as such Person remains so associated to the specified Person. Control means, with respect to a specified
Person, the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a
Person, whether through the ownership of voting securities, by contract or otherwise. For the avoidance of doubt CSRH and Consorteum
will not be deemed Affiliates of Cellura for any purposes under this Agreement.

 

“Agreement” refers to this
Agreement.

 

“Cellura” refers to Joseph
Cellura and his heirs, successors and assigns, privies, executors, administrators, legatees, and distributes, attorneys, insurers,
employees and agents, past or present, and shall include for all purposes Game2Mobile, Inc. or any affiliate thereof.

 

“Consorteum” refers to Consorteum,
Inc., and its shareholders, predecessors, successors, parents, subsidiaries, and affiliates, and their respective directors, officers,
management committee members, attorneys, insurers, employees and agents, past or present.

 

“CSRH” refers to Consorteum
Holdings, Inc., and its shareholders, predecessors, successors, parents, subsidiaries, and affiliates, and their respective directors,
officers, management committee members, attorneys, insurers, employees and agents, past or present.

 

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“Counsel for Cellura” refers
to Douglas Dollinger, Esq.

 

“Counsel for CSRH and Consorteum
and Fielding” refers to Sol V. Slotnik, P.C.

 

“Disputes” refers to any and
all claims, counterclaims, crossclaims, third-party claims or any other claims howsoever denominated or described by any Party
against any other Party arising out of, in connection with, under or related to CSRH, Consorteum, Cellura, Fielding, Shuster,
their respective Affiliates, and any executed and closed or potential and unconsummated transaction by and among any of the foregoing
or any other person or entity beginning on and after March 1, 2011, and continuing through and including the Effective Date including
therein, but without limitation the action filed in the United States District Court for the Southern District of New York (Civ.
Action No. 2012/05098 pending before U.S.D.J. Edgardo Ramos (the “Action”) and any potential or closed financing or
lending or funding transaction for any Party.

 

“Effective Date” refers to
the date on which this Agreement becomes effective, which after this Agreement is signed by all Parties shall be deemed to be
October 21, 2012.

 

“Fielding” refers to Craig
A. Fielding, and his heirs, successors and assigns, privies, executors, administrators, legatees, and distributes, attorneys,
insurers, employees and agents, past or present.

 

“Parties” refers collectively
to all parties to this Agreement.

 

"Person": Any natural person,
corporation, partnership, joint venture, trust, incorporated organization, limited liability company, other form of business or
legal entity or Governmental Authority.

 

“Signature Page” refers to the signature page contained in Section E of this
Agreement.

 

SECTION
B

 

TERMS AND CONDITIONS
APPLICABLE TO THIS AGREEMENT

 

1. Consent and Authority. The signatories
to this Agreement represent and warrant that they have the full and proper consent and authority of the persons or entities for
which they sign to enter into this Agreement. Each of the Parties represents and warrants that he/she/it is the full and sole owner
of the claims, demands and/or causes of action released and settled in this Agreement, that he/she/it has full authority and consent
to execute this Agreement and to settle and release all such claims, demands and/or causes of action, and that the claims, demands,
causes of action and/or other matters released in this Agreement have not been assigned, transferred, or otherwise encumbered.

 

2. No Assignment of Claims. Each
Party represents and warrants to all other Parties that he or it has not assigned or transferred any claims against any other Party
to any person or entity.

 

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3. No Litigation and Proceedings.
Each Party represents and warrants to each other Party that there are no pending or outstanding administrative, arbitration, or
judicial proceedings of any kind against any of the other Parties to which he, it or any of their representatives is a party, and
that there are no such outstanding charges, complaints, claims, actions lawsuit or proceedings (together an “Action”)
against any other Party that involve or relate to the Disputes. Pursuant to and as a part of each Party’s release and discharge
of all other Parties, as set forth herein, each Party agrees, with the sole exception of the right to bring a proceeding to enforce
his or its rights under this Agreement, and to the fullest extent permitted by law, not to sue or file a charge, complaint, grievance
or demand for arbitration against any other Party in any forum or assist or otherwise participate willingly or voluntarily in any
claim, arbitration, suit, action, investigation or other proceeding of any kind which relates to any matter that involves any other
Party, and that occurred up to and including the date of each Party’s execution of this Agreement, unless required to do
so by court order, subpoena or other directive by a court, administrative agency, arbitration panel or legislative body, or unless
required to enforce this Agreement. To the extent any such action may be brought by a third party, each Party expressly waives
any claim to any form of monetary or other damages, or any other form of recovery or relief in connection with any such action.
Nothing in the foregoing paragraph shall prevent any Party (or its attorneys) from commencing an action or proceeding to enforce
this Agreement. 

 

4. Successors and Assigns. This
Agreement shall be binding upon and inure to the benefit of the successors and assigns of each of the Parties; provided, however,
that no Party may assign this Agreement or its rights and obligations hereunder without the prior written consent of each other
Party. Any purported assignment without such consent shall be void and of no force and effect.

 

5. Amendment. This Agreement may
not be amended, nor shall any waiver, change, modification, consent, or discharge be effected except by an instrument in writing
executed by or on behalf of the Party against whom enforcement of any waiver, change, modification, consent, or discharge is sought.

 

6. Jointly Drafted. This Agreement
has been reviewed and/or revised by counsel for the Parties. Accordingly, the Agreement shall be deemed to have been jointly drafted
by the Parties for the purposes of applying any rule of contract construction.

 

7. Severability. In the event that
any provision of this Agreement shall be held to be void, voidable, or unenforceable in any respect, the remaining portions shall
remain in full force and effect.

 

8. Headings. Headings in this Agreement
are for the convenience of the Parties and are not to be used in construing the document.

 

9. Additional Documents. Each of
the Parties agrees to execute such additional documents as may be reasonably necessary to effectuate the terms of this Agreement
either prior to or after the Effective Date to ensure that every other Party has the benefit of the terms and conditions of this
Agreement.

 

10. Complete Agreement. The Parties
agree that this Agreement and the Settlement Agreement constitutes the full, final and complete settlement of the matters released
herein, and supersedes all other written or oral exchanges, arrangements, or negotiations between them concerning the subject matter
of this Agreement, all of which are merged with and into this Agreement and shall not survive the Effective Date.

 

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11. Counterparts and Scanned/Facsimile
Execution. This Agreement may be executed in one or more counterparts or by scanned electronic signature or facsimile, each
of which when executed and delivered shall be an original, and all of which when executed shall constitute one and the same instrument.

 

12. Notices. All notices, requests,
demands or other communications to any Party shall be in writing and shall conclusively be deemed to have been received and to
be effective upon receipt if sent by personal delivery or the next business day if sent by Federal Express or similar overnight
courier service or three business days after deposit in the United States mails, certified mail, with proper postage prepaid and
addressed to the party to be notified at the following addresses (or to such other address of any party as such party shall designate
in a notice delivered to the other party hereunder):

 

If to CSRH, Consorteum,
Fielding or Shuster:

 

5045 Orbiter Road-Building
8-Suite 200

Mississauga, Ontario,
Canada, L4W 4Y4

Attn: Mr. Craig A.
Fielding

 

If to Cellura, at

 

[Insert
address]

 

13. Expenses. Each Party shall pay
its own expenses incident to the performance or enforcement of this Agreement, including all fees and expenses of its counsel for
all activities of such counsel undertaken pursuant to this Agreement, except as otherwise herein specifically provided in Section
28.

 

14 Governing Law. This Agreement
shall be interpreted, construed, and enforced, and its construction and performance shall be governed by the laws of the State
of Nevada without giving effect to the conflict of laws or choice of laws rules thereof.

 

15. Jurisdiction; Venue; Jury Trial
Waiver. (a) Any action to enforce this Agreement shall be brought in the federal or state courts of the State of Nevada, County
of Clark. Each party irrevocably submits to the exclusive jurisdiction of (i) the Courts of the State of Nevada and (ii) the United
States District Court for the District of Nevada, for the purposes of any suit, action or other proceeding (including appeals to
their respective appellate courts) arising out of this Agreement (and agrees not to commence any action, suit or proceeding relating
hereto except in such courts). Each party irrevocably and unconditionally waives any objection to the laying of venue of any action,
suit or proceeding arising out of this Agreement or the transactions contemplated hereby in (i) the Courts of the State of Nevada
or (ii) the United States District Court for the District of Nevada, and hereby further irrevocably and unconditionally waives
and agrees not to plead or claim in any such court that any such action, suit or proceeding brought in any such court has been
brought in an inconvenient forum.

 

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(b) EACH PARTY HEREBY WAIVES IRREVOCABLY
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF, RELATED TO OR IN CONNECTION WITH THIS AGREEMENT,
AND THE ENFORCEMENT THEREOF, WHETHER ALLEGED IN TORT, CONTRACT OR OTHERWISE AND WHETHER ASSERTED AS A CLAIM, COUNTERCLAIM, THIRD-PARTY
CLAIM OR IN ANY OTHER FORM. 

 

16. Attorney’s Fees and Costs.
In any action at law or in equity necessary to enforce or interpret the terms of this Agreement, the prevailing party (either plaintiff
or defendant) shall be entitled to recover from the other party reasonable attorney’s fees, costs, and necessary disbursements
in addition to any other relief to which such prevailing party may be entitled.

 

17. Waiver of Section 1542 of the California
Civil Code. Cellura acknowledges that he has been advised of and is familiar with Section 1542 of the California Civil Code,
which provides as follows:

 

“A general release does not
extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release,
which if known by him or her must have materially affected his or her settlement with the debtor.”

 

Cellura acknowledges in this connection
that he may have Claims (as defined above) against the other Parties to this Agreement that are presently unknown and unsuspected.
Nevertheless, Cellura acknowledges that this Agreement has been negotiated and agreed upon in light of this possibility and expressly
waives any rights that he may have under Section 1542 of the California Civil Code, or any other state or federal statute or common
law principle of similar effect.

 

18. Representations of Corporate Parties.
CSRH, Consorteum and each CSRH Affiliate represents and warrants, with the understanding that these representations will survive
execution and delivery of this Agreement: (a) it is duly organized, validly existing and in good standing under the laws of its
jurisdiction of organization, and (b) has all requisite power and authority to execute, deliver, and perform this Agreement and
to consummate the transactions contemplated hereby. This Agreement has been duly authorized, executed, and delivered by CSRH, Consorteum
and each CSRH Affiliate, constitutes its legal, valid, and binding obligation , and is enforceable as to it in accordance with
its terms. No consent, authorization, approval, order, license, certificate, or permit of or from, or declaration or filing with,
or notice to, any governmental authority or any other person is required to be obtained or made by CSRH, Consorteum or any CSRH
Affiliate for the execution, delivery, or performance of this Agreement. No consent of any party to any contract to which CSRH,
Consorteum or any CSRH Affiliate is a party, is required for the execution, delivery, or performance of this Agreement. The execution,
delivery, and performance of this Agreement will not violate, result in a breach of, conflict with, or (with or without the giving
of notice or the passage of time or both) entitle any person to terminate or call a default under, any such contract, or violate
or result in a breach of any term of the certificates of incorporation or by-laws of CSRH, Consorteum or any CSRH Affiliate.

 

 

 

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19. Representations of Cellura, Fielding
and Shuster. Each of Cellura, Fielding and Shuster represents and warrants to all other Parties to this Agreement, with the
understanding that these representations will survive execution and delivery of this Agreement: he has all requisite power and
authority to execute, deliver, and perform this Agreement and to consummate the transactions contemplated hereby. This Agreement
has been duly authorized, executed, and delivered by each of Cellura, Fielding, and Shuster and constitutes his legal, valid, and
binding obligation, and is enforceable as to him in accordance with its terms. No consent, authorization, approval, order, license,
certificate, or permit of or from, or declaration or filing with, or notice to, any governmental authority or any other person
is required to be obtained or made by Cellura Fielding or Shuster or any of their respective Affiliates for the execution, delivery,
or performance of this Agreement. No consent of any party to any contract to which Cellura, Fielding, Shuster or any of their respective
Affiliates is a party, is required for the execution, delivery, or performance of this Agreement. The execution, delivery, and
performance of this Agreement will not violate, result in a breach of, conflict with, or (with or without the giving of notice
or the passage of time or both) entitle any person to terminate or call a default under, any such contract, or violate or result
in a breach of any term of any agreement to which Cellura, Fielding, Shuster or their respective Affiliates is a party.

 

SECTION
C

 

RELEASES

 

20. Cellura’s Release of CSRH,
Consorteum and their Affiliates. Cellura for himself, his Affiliates, and his heirs, successors and assigns, privies, executors,
administrators, legatees, and distributees, hereby releases and forever discharges CSRH, Consorteum, and each of their shareholders,
predecessors, successors, parents, subsidiaries, and Affiliates, as well as their respective directors, officers, management committee
members, attorneys, insurers, employees, representatives and agents, past or present, from any and all claims, demands, acts, transactions,
disputes, omissions, duties, promises, assurances, representations, debts, liabilities, costs, complaints, damages, requests for
relief, actions, facts, losses, expenses, obligations, occurrences, causes of action, or lawsuits of any kind or nature, whether
previously asserted or not, and whether now known or unknown, that Cellura and his Affiliates has or may have against CSRH, Consorteum
or their Affiliates in connection with the Disputes. This releases all claims in connection with the Disputes, including those
of which Cellura is not aware and those not mentioned in this paragraph. As of the Effective Date of this Agreement, Cellura knows
of no other claims he has against CSRH and Consorteum and their Affiliates. This paragraph applies to all claims in connection
with the Disputes resulting from anything that has happened from the beginning of time up to and including the Effective Date of
this Agreement, and also includes all of the following: any and all charges, complaints, actions, grievances, causes of action,
suits, liabilities, obligations, promises, controversies, damages, losses, debts and expenses (including attorneys fees and costs)
and claims in law or equity of any nature whatsoever, known or unknown, suspected or unsuspected, Cellura ever had, now has, or
shall have against CSRH and Consorteum and their Affiliates to the date of Cellura’s execution and delivery of this Agreement,
including but not limited to: (i) claims arising out of breach of an express or implied employment agreement including claims for
salary, bonuses, equity compensation or awards or issuances, and reimbursement for disbursements and expenses, (ii) claims for
wrongful discharge or termination of employment, (iii) claims for intentional or negligent tort, (iv) claims alleging a violation
of Title VII of the Civil Rights Act of 1964, the Civil Rights Act of !991 or comparable laws of the State of Nevada or California,
(v) any claims, demands, and causes of action alleging violations of public policy, or of any federal, state, or local law, statute,
regulation, executive order, or ordinance, including, but not limited to, Title VII of the Civil Rights Act of 1964, 42 U.S.C.
§ 2000e et seq., the Civil Rights Act of 1866, 42 U.S.C. § 1981, the Family and Medical Leave Act, 29 U.S.C. §
2601 et seq., the Americans With Disabilities Act, 42 U.S.C. § 12101 et seq., the Fair Labor Standards Act,
29 U.S.C. § 201 et seq., the Age Discrimination in Employment Act, 29 U.S.C. § 621 et seq., including
the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act, 29 U.S.C. § 1001 et seq., as
each such act has been amended, (vi) claims pursuant to federal, state and local law regarding discrimination based on age, race,
sex, age, religion, national origin, disability, marital status, sexual orientation, or preference, including claims for sexual
harassment, sex discrimination or retaliation, (vii) claims for alleged violation of any other local, state or federal law, regulation,
ordinance or public policy, including tortuous discharge in violation of public policy and breach of the implied covenant of good
faith and fair dealing, having any bearing on the terms and conditions of Cellura’s employment with or by CSRH and Consorteum
and (viii) any claims, demands, and causes of action for monetary or equitable relief, including, but not limited to, wages, back
pay, severance pay, vacation pay, sick pay, personal leave pay, medical or life insurance, non-vested employee benefits, compensatory
damages, exemplary or punitive damages, fines, liquidated damages, injunctive relief, or attorneys’ fees and costs, except
as noted within this Agreement. Cellura agrees not to bring or cause to be brought any claim or demand against CSRH or Consorteum
in any court or before any other governmental authority or regulatory body for, or relating to or arising out of or under the matters
that are the subject of, or included within this Release. Nothing in the foregoing paragraph shall prevent Cellura (or his
attorneys) from commencing an action or proceeding to enforce this Agreement, or the breach of any representations and warranties
and covenants by any other Party.

 

 

    	6

    	 

    

 

 

21. Cellura’s Release of Fielding
and Shuster. Cellura for himself, his Affiliates and each of his heirs, successors and assigns, privies, executors, administrators,
legatees, and distributees hereby releases and forever discharges Fielding and Shuster, and each of their respective heirs, successors
and assigns, privies, executors, administrators, legatees, and distributees, attorneys, insurers, employees and agents, past or
present, from any and all claims, demands, acts, transactions, disputes, omissions, duties, promises, assurances, representations,
debts, liabilities, costs, complaints, damages, requests for relief, actions, facts, losses, expenses, obligations, occurrences,
causes of action, or lawsuits of any kind or nature, whether previously asserted or not, and whether now known or unknown, that
Cellura has or may have against Fielding or Shuster in connection with the Disputes. This releases all claims in connection with
the Disputes, including those of which Cellura is not aware and those not mentioned in this paragraph. As of the Effective Date
of this Agreement, Cellura does not know of any other claims he may have against Fielding or Shuster and their Affiliates. This
paragraph applies to all claims in connection with the Disputes resulting from anything that has happened from the beginning of
time up to and including the Effective Date of this Agreement. Nothing in the foregoing paragraph shall prevent Cellura (or his
attorneys) from commencing an action or proceeding to enforce this Agreement, or the breach of any representations and warranties
and covenants by any other Party.

 

23. Waiver of Section 1542 of the California
Civil Code. Cellura acknowledges that he has been advised of and is familiar with Section 1542 of the California Civil Code,
which provides as follows:

 

“A general release does not
extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release,
which if known by him or her must have materially affected his or her settlement with the debtor.”

 

Cellura acknowledges in this connection
that he may have Claims (as defined above) against the other Parties to this Agreement that are presently unknown and unsuspected.
Nevertheless, Cellura acknowledges that this Agreement has been negotiated and agreed upon in light of this possibility and expressly
waives any rights that he may have under Section 1542 of the California Civil Code, or any other state or federal statute or common
law principle of similar effect.

 

24. Fielding’s and Shuster’s
Release of Cellura. Fielding and Shuster for himself and each of their respective heirs, successors and assigns, privies, executors,
administrators, legatees, and distributes, hereby releases and forever discharges Cellura, his Affiliates and each of his heirs,
successors and assigns, privies, executors, administrators, legatees, and distributees, attorneys, insurers, employees, representatives
and agents, past or present, from any and all claims, demands, acts, transactions, disputes, omissions, duties, promises, assurances,
representations, debts, liabilities, costs, complaints, damages, requests for relief, actions, facts, losses, expenses, obligations,
occurrences, causes of action, or lawsuits of any kind or nature, whether previously asserted or not, and whether now known or
unknown, that Fielding or Shuster has or may have against Cellura in connection with the Disputes. This releases all claims in
connection with the Disputes, including those of which Fielding and Shuster are not aware and those not mentioned in this paragraph.
 As of the Effective Date of this Agreement, each of Fielding and Shuster does not know of any other claims he may have against
Cellura and his Affiliates. This paragraph applies to all claims in connection with the Disputes resulting from anything that has
happened from the beginning of time up to and including the Effective Date of this Agreement. Nothing in the foregoing paragraph
shall prevent Fielding, Shuster (or his attorneys) from commencing an action or proceeding to enforce this Agreement, the breach
of any representations and warranties and covenants by any other Party.

 

25. CSRH and Consorteum Release of Cellura.
CSRH and Consorteum and their Affiliates hereby release and forever discharge Cellura, his Affiliates and his heirs, successors
and assigns, privies, executors, administrators, legatees, and distributees, attorneys, insurers, employees, representatives and
agents, past or present, from any and all claims, demands, acts, transactions, disputes, omissions, duties, promises, assurances,
representations, debts, liabilities, costs, complaints, damages, requests for relief, actions, facts, losses, expenses, obligations,
occurrences, causes of action, or lawsuits of any kind or nature, whether previously asserted or not, and whether now known or
unknown, that CSRH, Consorteum and their Affiliates have or may have against Cellura in connection with the Disputes. This releases
all claims in connection with the Disputes, including those of which CSRH and Consorteum are not aware and those not mentioned
in this paragraph. As of the Effective Date of this Agreement, CSRH and Consorteum know of no other claims they have against Cellura
and his Affiliates. This paragraph applies to all claims in connection with the Disputes resulting from anything that has happened
from the beginning of time up to and including the Effective Date of this Agreement. Nothing in the foregoing paragraph shall prevent
CSRH, Consorteum (or their attorneys) from commencing an action or proceeding to enforce this Agreement, the breach of any representations
and warranties by any other Party.

 

 

    	7

    	 

    

 

SECTION
E

 

SIGNATURES

 

In recognition of and agreement to the
terms of the Agreement, the Parties hereto affix their signatures below intending the Agreement to be effective as of October 21,
2012.

 

Dated:October 31, 2012

 

 

Consorteum
Holdings, Inc.

 

/s/ Craig
A. Fielding                      

Craig A.
Fielding, CEO

 

 

Consorteum,
Inc.

 

/s/ Craig
A. Fielding                      

Craig A.
Fielding, CEO

 

 

/s/ Craig
A. Fielding                      

Craig A.
Fielding

 

 

/s/ Joseph
Cellura                         

Joseph Cellura

 

 

/s/ Patrick
Shuster                          

Patrick
Shuster

 

 

 

    	8

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