Document:

Exhibit 10.2

 

LICENSE
AGREEMENT 

 

This
LICENSE AGREEMENT (this "Agreement") is entered into by and between SONIFI Solutions, Inc. ("SONIFI")
and Zonzia Media, Inc ("Network") and is effective as of August 1, 2015 (the "Effective Date").
SONIFI and Network may each be referred to herein as a "Party' and may be collectively referred to herein as the
"Parties".

 

1.          Definitions
and Interpretation.

 

1.1          Capitalized
terms used but not defined elsewhere in this Agreement shall have the meanings ascribed to them in this Section 1.1, except
to the extent expressly set forth herein:

 

		(a)	"Ad Time" means
                                         all promotional, commercial, advertisement, public-service announcement (collectively,
                                         "Ads") and other non-programming time contained in the Service

 

		(b)	"Alter" or "Altered"
                                         means to digitize, encode, transcode, decode, encrypt. decrypt, multiplex, rate shape,
                                         compress, decompress, packetize, reassemble, modify, edit, modulate, remodulate, buffer,
                                         replace or otherwise technologically manipulate. "Alteration" shall
                                         have the appropriate correlative meaning.

 

		(c)	"Confidential Information"
                                         means all information, whether disclosed prior to or after the Effective Date hereof,
                                         that relates to either Party's non-public present and future products, business plans,
                                         business opportunities, pricing, marketing plans, financial information, analyses, compilations,
                                         research, development, know-how, technology, designs, ideas, concepts, inventions, discoveries,
                                         methods, combinations, techniques, solutions, systems, specifications, software, code,
                                         communications protocols, algorithms, prototypes, devices, or other intellectual property,
                                         or third party confidential information disclosed through dealings or discussions between
                                         the Parties, including derivations, revisions and improvements thereto, and the existence
                                         and details of dealings or discussions between the Parties. Confidential Information
                                         may be furnished in tangible and intangible form including, but not limited to, writings,
                                         drawings, schematics, flow charts, computer and other electronic media, samples, demonstrations
                                         and oral communications. Confidential Information furnished in written form shall be
                                         marked as confidential or bear a marking of like import, and if furnished orally or by
                                         demonstration shall be designated as confidential at the time of initial disclosure arid
                                         described generally in a written summary to be sent to the receiving Party within thirty
                                         (30) days after such initial disclosure. Information which is not so marked or claimed
                                         shall not be treated as Confidential Information under this Agreement.

 

		(d)	"Control" means
                                         the possession, directly or indirectly, of the power to direct or cause the direction
                                         of the management, actions and policies of an entity, whether through the ownership of
                                         voting securities, by contract or otherwise, and the terms "Controlled"
                                         and "Controlling" have meanings correlative thereto.
	 	 	 
	 	(e)	"Force Majcurc Event" means acts of
                                         God, accidents, fires, floods, earthquakes, riots, civil disturbances, strikes and labor
                                         disputes (other than those involving Network or Network Entity employees), terrorism,
                                         vandalism, Internet service outages, uplink or downlink outages, legal enactment, governmental
                                         order or regulation or other cause (financial inability excepted) beyond the reasonable
                                         control of the Party experiencing such event.

 

    	1

    	 

    

 

		(f)	"Guest Room"
                                         means the non-public spaces for transient rental, not including meeting rooms or
                                         ballrooms, within a Participating Property.

 

		(g)	"Future Format"
                                         means (1) any 3-13 format, regardless of resolution, (ii) any enhanced video resolution
                                         such as UHD 4K that is greater than 720p or 1080i (whether in progressive, interlaced
                                         or other format) and/or with a frame rate greater than thirty (30) frames-per-second
                                         (e.g., Ultra HD); and (iii) any other transmission or display format other than SD or
                                         HD format in which Network makes a Signal of the Service available to any other distributor
                                         of the Service in the Territory.

 

		(h)	"HD" or "High
                                         Definition" means a high definition video display format that satisfies applicable
                                         ATSC standards (or other applicable successor standards) (i.e., as of the ElTective Date,
                                         a minimum vertical display resolution of 1080i or 720p).

 

		(i)	"Network Entity"
                                         means any entity Controlled by, under common Control with or Controlling the Network.
	 	 	 
	 	(j)	"Participating Properties" means those
                                         hotels, resorts, timeshares, residential and other transient-stay properties served by
                                         SONIFI that subscribe to the Service.

 

		(k)	"Required Material"
                                         means the Service's primary audio and video components and the following: underlying
                                         data, protocols and instructions necessary to deliver the Service and Signals to SONIFI,
                                         and to distribute, perform and exhibit the Service and Service programming via SONIFI
                                         platforms, closed captioning, Nielsen (or industry standard successor) ratings information,
                                         and all data or information that Network is required at any time by the Federal Communications
                                         Commission or its successor or by applicable law or regulation to provide and that is
                                         included in the vertical blanking interval (or its digital equivalent) or the audio or
                                         video subearriers of the Service.
	 	 	 
	 	(l)	"Service" has the meaning ascribed in
                                         Section 4 (including subsections).

 

		(m)	"Signal(s)"
                                         means the upstream and/or downstream feed(s), regardless of transmission technology,
                                         transporting the Service and the signal(s)/data comprising the Service, all of which
                                         may be HD format and/or a Future Format or, to the extent specifically provided for herein,
                                         in standard definition or analog format.

 

		(n)	"SONIFI Entity"
                                         means any entity Controlled by, under common Control with or Controlling SONIFI.

 

		(a)	"Territory"
                                         means the United States, its territories and possessions, and the Caribbean, including
                                         but not limited to those nations, states and dependencies comprising the Caribbean Community
                                         and the Association of Caribbean States (either as members, full members or associate
                                         members), in which SONIFI lawfully can and does display Signals at Participating Properties.

 

1.2          In
this Agreement, unless otherwise specified:

 

		(a)	the expression "including'
                                         means "including but not limited to";

 

		(b)	references to Exhibits are
                                         to the exhibits to this Agreement;

 

    	2

    	 

    

 

		(c)	the Exhibits form an operative
                                         part of this Agreement and references to this Agreement shall, unless the context otherwise
                                         requires, include references to the Exhibits;

 

		(d)	words denoting the singular
                                         shall include the plural and vice versa, and

 

		(e)	headings are for information
                                         only and shall not be taken into account when construing the meaning of this Agreement.

 

2.          Term.
Unless terminated earlier as provided herein, the initial term of this Agreement shall consist of the period of two (2)
years commencing on the Effective Date (the "Term").

 

3.          Grant
of Rights.

 

3.1          During
the Term, Network hereby grants to SONIFI the non-exclusive, non-assignable (except pursuant to Section 17.3(a)), non-sublicensable,
royalty-free right and license for the Territory to: (a) receive the Signal and the Service in all standard definition, I ID format
and Future Format versions available, and (b) transmit, distribute, subdistribute through third parties.. perform, display and
exhibit the Signal and the Service, in any format now known or hereafter developed, irrespective of transmission technology, transmission
format and/or display format via the SONIFI "in-Guest Room" satellite-delivered television programming and/or interactive
hotel entertainment platform or any successor platforms thereto (collectively, the "SONIFI Platforms") to any
one or more display devices (including television monitor, tablet computer or mobile phone).

 

4.          Content
of the Service.

 

4.1          Service
Description. The -Service" is the video programming service, consisting of the Signals provided to
SONIFI pursuant to this Agreement that include a variety of general entertainment programming. Network represents, warrants and
covenants that, throughout the Term: the Service shall be a linear 24-hour-per-day, 7-day-per-week, 365-day-per-year, professionally-produced,
high-quality, advertiser-supported, free-to-view, English language, multi-genre video programming service and shall include original
programming produced by or on behalf of Network and syndicated programming distributed by Network. Without limiting the foregoing,
the Service shall conform (in terms of the nature, type, genre, quality of programs, target audience, and relative quantity of
different types of programs :i in all material respects to the programming set forth in the sample program schedule attached hereto
as Schedule 4.1.

 

4.2          Alternate
Service. If, during the Term, Network makes available in the Territory (i) a video programming service using a material amount
of Service branding or (ii) a video programming service the majority of programming of which, in any month, contains the same
genre(s) of programming as the Service and which targets the same audience (or part thereof) as the Service (whether or not branded
with Service branding), then SONIFI shall have the right to (i) receive from Network and make such video programming service (an
"Alternate Service") available via the SONIFI Platforms in the Territory in addition to the Service and on the
same terms and conditions applicable to the Service (except that unless otherwise agreed by the Parties, no additional Distribution
Fee (defined below) shall apply. or (ii) in SONIFI's sole discretion, substitute the Service with any such Alternate Service on
the same terms and conditions applicable to the Service.

 

4.3          The
Service (including any Ads contained therein) will not contain: (a) any programming that is rated (or if not rated, that would
have been rated) more restrictively than "PG-13" by the Motion Picture Association of America or "TV-14" under
the National Cable Television Association TV Parental Guidelines (or any comparable rating under any successor or other industry
ratings system that is widely adopted by the motion picture or cable television industries), (b) religious programming that includes
(directly or indirectly) any solicitation or request for donations, contributions or payments of any kind (whether monetary or
otherwise); (c) music videos; (e) pay-per-view movies or events; (f) programming containing blackouts or associated with surcharges;
(g) promotion or marketing of "800," "888," "900,-or "976' telephone services, or similar
services that bill a caller for placing or confirming the call (other than for the telephone company's cost of the call), relating
(directly or indirectly) to gambling, the occult, astrological, psychic, sexual or romantic activities or other adults-only services,
or that is directed at children; (h) programming bought or leased by a third party; (i) direct on-air sales programming (including
infomercial programming); or (j) programming other than (1) Ads provided for herein, (2) the primary audio and video of the Service
and (3) the Required Material.

 

    	3

    	 

    

 

4.4          SONIFI
shall have the right to distribute, exhibit, display and perform the Service and Signal either by itself or as part of a bundled
offering containing similar programming from other content providers.

 

4.5          Network
shall not embed any data or material other than Required Material in the Signal that cannot be blocked or removed by SONIFI using
then-existing equipment available on commercially reasonable terms at the time such material is embedded ("Prohibited
Material"). If the Signal includes any Prohibited Material that SONIFI elects to remove or block (which blockage or removal
is expressly permitted hereunder and, in respect of which, Network agrees to provide SONIFI such reasonable assistance and information
as SONIFI may request), Network shall reimburse SONIFI for any and all costs incurred by SONIFI as a result of such block-out
or removal within thirty (30) days of notice to Network from SONIFI of such costs. Network represents and warrants that, other
than the Required Material, it is not engaged as of the Effective Date in any such embedding with respect to the Signal and the
Service and agrees that it shall provide to SONIFI (i) no less than ninety (90) days prior written notice of its intention to
embed any material other than Required Material into or around the Signal prior to the commencement of such embedding; (ii) prompt
written notice of its actual embedding of any material other than Required Material of any additional Required Material into or
around the Signal; and (iii) prompt written notice of its relocation of any information already embedded in the Signal, which
notice shall describe with specificity the information Network intends to so embed, has embedded or has relocated, as the case
may be, and the technical placement of such information within the Signal.

 

4.6          Network
shall not include in the Service any Ads or other material that promotes, advertises or mentions any product or service that is
competitive with any of SONIFI's current products or services or any future products or services of which SONIFI has made Zonzia
aware.

 

4.7          if,
for any reason, the Service includes (a) Prohibited Material or programming prohibited by this Agreement, (b) programming that
deviates from the content as required in this Agreement, and/or (c) content not selected and programmed by Network, SONIFI may
(in addition to all other rights and remedies under this Agreement, at law or in equity): (l )_discontinue distribution of the
Service on any or all SONIFI Platforms; (2) preempt the deviating and/or prohibited programming/Prohibited Material on any or
all SONIFI Platforms and/or, in SONIFI's sole discretion, insert substitute programming thereon; and/or (3) terminate this Agreement.

 

    	4

    	 

    

 

5.          Distribution
Fee.

 

5.1          During
the Term, SONIFI shall earn a monthly fee (the "Distribution Fee") for distribution of the Service in the amount
of twenty-two cents (US $0 22) for each Guest Room in all Participating Properties subscribing to the Service as of the end of
the calendar month, as provided herein

 

6.          Payment.

 

6.1          Within
thirty (30) days following the end of each calendar month in which SONIFI has earned Distribution Fees, SONIFI shall calculate
the applicable Distribution Fee amount and invoice Network therefor. Network shall pay such amount, in full, within thirty
(30) days of the invoice date to an account designated by SONIFI the Distribution Fees for such calendar month.

 

7.          Delivery
and Distribution of the Service.

 

7.1          Beginning
as of the Effective Date and continuing throughout the Term, Network at its sole cost and expense shall deliver the Signal to SONIFI
at the locations designated by SONIFI and in accordance with the quality requirements and technical specifications (including format)
specified by SONIFI.

 

7.2          Network
shall identify the make and model of one or more commercially available integrated receiver and decoder devices and associated
equipment that, in SONIH's determination, are required for, and will facilitate SONIFI's receipt and distribution of, the Service
and Signal as herein contemplated ("Equipment"). Network, at its sole cost and expense, shall provide to SONIFI the required
Equipment for each facility from which SONIFI intends to distribute the Service and Signal. The Equipment shall be provided to
SONIFI in such quantity or quantities, at such time or times, and at such location or locations as SONIFI from time-to-time designates.

 

7.3          Network
shall supply at no cost to SONIFI the authorization credentials and/or software necessary to receive, unencrypt and/or reassemble
the Signal ("Credentials") in order to enable SONIF1 to simultaneously transmit the Signal via the SONIFI Platforms and
to otherwise exercise any other rights granted under this Agreement.

 

7.4          Network
shall, as soon as possible, notify SONIFI in writing of any significant deterioration, disruption, discontinuance of, or interruption
in or other interference with the transmission of the Signal that may have a negative effect on SONIFI's reception, distribution,
display and/or exhibition of the Signal or the Service and rectify the same with the utmost expediency. Network shall reimburse
SONIFI's actual direct costs due to such deterioration, disruption, discontinuance, interruption or interference.

 

8.          Reports;
Inspection and Audit.

 

8.1          Subject
to any contractual limitations imposed by Participating Properties, SONIFI shall provide Network with certain available viewing
metrics or data that SONIFI generally provides to its other video programming partners.

 

9.          Rights
Clearances. Network shall be responsible for securing all rights clearances, including, without limitation, music performance
rights, related to the Service or Service video programming and content necessary for SONIFI's distribution and exhibition thereof
in accordance with this Agreement.

 

    	5

    	 

    

 

10.          [Reserved].

 

11.          [Reserved].

 

12.          Intellectual
Property. SONIFI acknowledges that, as between Network and SONIFI, the names and marks owned by Network (and the names
of certain Service promotions and programs) are the exclusive property of Network, Network Entities or third-parties and that
SONIFI has not and will not acquire any proprietary rights therein by reason of this Agreement. SONIFI may not use the Network
Marks without Network's prior approval and any use must comply with Network's then-current guidelines regarding use of the Network
Marks or with Network's prior written approval, which may be withheld for any reason in Network's sole discretion. Should Network
object to any use of the Network Marks by SONIFI, Network may revoke, with respect to the objectionable use, SONIFI's rights to
use the Network Marks, and SONIFI shall immediately cease using the Network Marks in the objectionable manner. For purposes of
this Agreement, `'Network Marks" means, without limitation, any and all marks owned, registered and/or used by Network and/or
one or more Network Entities. Notwithstanding the preceding, no prior approval of Network shall be required for the standard mention
and marketing by or on behalf of SONIFI of Network channel availability and content, either separately or as part of a bundle
or package service. Network acknowledges that, as between Network and SONIFI, the SONIFI Marks are the exclusive property oSONIFI,
the SONIFI Entities and/or their licensors. Network may not use the SONIFI Marks without SONIFI's prior approval and any use must
comply with SONIFI's then-current guidelines regarding use of the SONIFI Marks. Network will not acquire any proprietary and/or
ownership rights to the SONIFI Marks by virtue of this Agreement. Should SONIFI object to any use of the SONIFI Marks by Network,
SONIFI may revoke, with respect to the objectionable use, Network's rights to use the SONIFI Marks, and Network shall immediately
cease using the SONIFI Marks in the objectionable manner. For purposes of this Agreement, "SONIFI Marks" means, without
limitation, the trademarks "SONIFI", "SONIFI SELECT", "STAYI000", "STAY1000LX", "STAYCONNECT",
"CONTENT & CONNECTIVITY'', THF CONNECTOR LOGO and any other marks owned, registered and/or used by SONIFI and/or one
or more SONIFI Entities

 

13.          Representations
and Warranties.

 

13.1          Each
Party represents and warrants to the other that (a) it is duly organized, validly existing and in good standing under the laws
of the country, state. province or governmental unit under which it is organized; (b) it has the power and authority to enter
into this Agreement and to perform fully its obligations hereunder; (c) it is under no contractual or other legal obligation that
in any way interferes with its full, prompt and complete performance hereunder, (d) the individual executing this Agreement on
its behalf has authority to do so; and (e) the obligations created by this Agreement, insofar as they purport to be binding on
such Party, constitute legal, valid and binding obligations enforceable in accordance with their terms

 

13.2          Network
represents, warrants and covenants that, at Network's sole cost and expense, the Service and the Signal comply as of the Effective
Date, and will continue to comply throughout the Term in all respects with all applicable laws, rules, regulations, administrative
orders, court orders, and judicial decisions (regardless of whether such laws or regulations impose the obligation for compliance
on Network or on SONIFI), as each may be amended or superseded from time to time (collectively, "Network Regulatory Requirements")
Network shall cooperate with SONIFI, at Network's sole expense, to the extent necessary to establish compliance with all Network
Regulatory Requirements. Network further covenants and agrees that at the end of each quarter (or on any shorter time interval
required by any Network Regulatory Requirements or upon the reasonable request of SONIFI), Network shall promptly provide SONIFI
all records, documents and other information and data as are necessary for SONIFI to timely and fully demonstrate its compliance
with such Network Regulatory Requirements, and a certification (and any other report required by the Federal Communications Commission
or any other regulatory authority in the Territory) signed by Network's Chief Executive Officer, General Counsel or Chief Financial
Officer (or equivalent officer or representative, respectively) as to Network's compliance with all of the Network Regulatory
Requirements (or to the extent any such Network Regulatory Requirements are not applicable, a statement setting forth the basis
for such non-applicability).

 

    	6

    	 

    

 

13.3          SONIFI
represents, warrants and covenants that, at SONIFI's sole cost and expense the services provided hereunder will comply throughout
the Term in all respects with all applicable laws, rules, regulations, administrative orders, court orders, and judicial decisions,
as each may be amended or superseded from time to time (collectively, "SONIFI Regulatory Requirements"). SONIFI
shall cooperate with Network, at SONIFI's sole expense, to the extent necessary to establish compliance with all SONIFI Regulatory
Requirements. SONIFI further covenants and agrees that at the end of each quarter (or on any shorter time interval required by
any SONIFI Regulatory Requirements or upon the reasonable request of Network), SONIFI shall promptly provide Network all records,
documents and other information and data as are necessary for SONIFI to timely and fully demonstrate its compliance with such
SONIFI Regulatory Requirements, and a certification (and any other report required by the Federal Communications Commission or
any other regulatory authority in the Territory) signed by Network's Chief Executive Officer, General Counsel or Chief Financial
Officer (or equivalent officer or representative, respectively) as to SONIFI's compliance with all of the SONIFI Regulatory Requirements
(or to the extent any such SONIFI Regulatory Requirements are not applicable, a statement setting forth the basis for such non-applicability).

 

13.4          Network
represents, warrants and covenants that: (a) it has and will maintain the right to grant the rights and licenses granted herein,
free arid clear of all liens, restrictions, charges, claims and encumbrances; (b) it has obtained and will maintain all licenses,
permits, exemptions, authorizations and consents necessary to fully perform this Agreement; and (c) neither the Service nor any
programming, content or Ad Time contained therein (i) is or will be libelous, slanderous, obscene, defamatory, indecent or otherwise
unlawful, or (ii) violates or infringes or will violate or infringe the civil, common law:
statutory or property rights, copyrights, including music synchronization and performance rights, and dramatic and
nondramatic music rights, trademark rights. patent rights or rights of privacy or publicity of any person or entity. Without limiting
the foregoing., Network represents, warrants and covenants that it has, and throughout the Term will have a "through-to-the-viewer-
license (as such term is commonly understood in the entertainment industry) from the applicable music performing
rights societies and organizations (c g., ASCAP, RMI and SESAC) in each country within the Territory for all music contained in
the Network's Service, programming and content.

 

14.          Indemnification.

 

14.1          Mutual.
SONIFI and Network shall each indemnify, defend and hold_harmless_the other Party and such other Party's parents, subsidiaries
and affiliates and each of their present and former officers, shareholders, directors, employees, partners and agents, from and
against any and all claims, losses, liabilities, costs, damages and expenses, including fines, forfeitures, attorneys' fees, disbursements
and court or administrative costs arising out of or relating to claims by or on behalf of a third party (collectively, "Losses")
by reason of any breach or alleged breach by the indemnifying Party of any provision of this Agreement or any warranty.. covenant
or representation contained herein.

 

14.2          By
Network. Without limiting Network's other indemnification obligations herein, Network shall indemnify, defend and hold harmless
SONIFI and SONIFI's parents, subsidiaries and affiliates and each of their present and former officers, shareholders, directors,
employees, partners and agents from and against any and all Losses, arising directly or indirectly out of: (i) the content of
the Service (including but not limited to Ms, advertising spots and music performances), the use of the Service hereunder or of
any promotional or other materials or content provided to SONIFI by Network including any Losses based upon any suit, lien, encumbrance,
charge, lis pendens, administrative proceeding, governmental investigation, or litigation pending or threatened; (Li) the promotion,
sale or marketing of any products or services by, through or on the Service by Network, including claims related to product liability,
patent, trademark, copyright infringement, right of privacy or publicity, express or implied warranties, warranties relating to
compliance with any applicable laws or regulations and personal injuries (physical, economic or otherwise), to any person who
may use, consume or be affected by the products and services sold or marketed by, through or on the Service; (iii) Network's
failure or alleged failure to fully comply with all applicable Network Regulatory Requirements to which it is subject, or any
other failure by Network that causes SONIF1 to violate any SONIF1 Regulatory Requirements, and any lines, forfeitures, attorneys'
lees and disbursements and court and/or administrative costs related to or arising out of Network's breach of this Section 14.2;
and (iv) Network's failure or alleged failure to have acquired at the pertinent time when all or part of the Service is made available
to SONIFI, good title to, and/or each and every property right or other right necessary for Network to satisfy its obligations
hereunder.

 

    	7

    	 

    

 

14.3          By
SONIFI. Without limiting SONIFI's other indemnification obligations
herein, SONIFI shall indemnify, defend and hold harmless Network and Network's parents, subsidiaries and affiliates and each of
their present and former officers, shareholders, directors, employees, partners and agents from and against any and all Losses,
arising directly or indirectly out of any material added to. Altered in, or deleted from the Service by SONIFI, unless such addition,
Alteration or deletion was at the direction of Network.

 

14.4          Process.
Promptly after receipt by a Party of notice of the commencement of any action, suit, proceeding or investigation in respect
of which a claim for indemnification may be made hereunder by it or its parents, subsidiaries or affiliates or any of their present
and former officers, shareholders, directors, employees, partners and agents, such. Party will give written notice thereof to
the other Party; but any failure or delay in so notifying the other Party will not relieve the other Party from any liability
or obligation which the other Party may have to any indemnified person or entity except to the extent such failure or delay material
prejudices or impair the other Party's defense of the applicable action, suit, proceeding, or investigation. The indemnifying
Party shall have primary control of the defense of the action, suit, proceeding or investigation and negotiation for its settlement,
except that (a) the indemnified Party may, at its own cost and expense, obtain separate counsel to represent its interest, and
(h) the indemnifying Party may enter into a settlement of a third party action, suit, proceeding or investigation if such settlement
(i) involves only the payment of money damages by the indemnifying Party, and (ii) includes a complete release of the indemnified
Party's indemnitees, it being acknowledged and agreed that any other settlement shall be subject to the written consent of the
indemnified Party's indemnitees. The indemnified Party shall cooperate reasonably with the indemnifying Party's defense and the
indemnifying Party shall reimburse the indemnified. Party tier
its reasonable out-of-pocket expenses in providing such cooperation.

 

15.          Termination
Rights.

 

15.1          Without
limiting Network's other rights and remedies available to Network at law, in equity or under this Agreement, Network may, by notifying
SONIFI, terminate this Agreement if: (a) SONIFI is in material breach of this Agreement and SONIFI has not cured such breach within
thirty (30) days after receipt of Network's written notice specifying and describing such breach; (b) SONIFI has filed a petition
in bankruptcy or reorganization, is insolvent or has sought relief under any law related to SONIFI's financial condition or its
ability to meet its payment obligations hereunder; (c) any involuntary petition in bankruptcy or reorganization has been
filed against SONIFI pursuant to applicable law, or any relief under any such law has been sought by any creditor(s) of SONIFI,
unless such petition is dismissed, or such relief is denied, within thirty (30) days after it has been filed or sought, or (b)
without cause, after providing SONIFI with at least forty-five (45) days' prior written notice.

 

    	8

    	 

    

 

15.2          Without
limiting SONIFI's other rights, remedies and defenses available to SONIFI at law, in equity or under this Agreement, SONIFI may,
by notifying Network, terminate this Agreement if: (a) Network is in material breach of this Agreement and Network has not cured
such breach within thirty (30) days (or ten (10) days in the event of Network's payment failure) after receipt of SONIFI's written
notice of such breach, unless a shorter cure period is specified elsewhere in this Agreement for a specific breach, in which case
such shorter cure period will apply; (b) Network has filed a petition in bankruptcy or reorganization, is insolvent or has sought
relief under any law related to Network's financial condition or its ability to meet its payment obligations hereunder; (c) any
involuntary petition in bankruptcy or reorganization has been filed against Network pursuant to applicable law, or any relief
under any such law has been sought by any creditor(s) of Network, unless such petition is dismissed, or such relief is denied,
within thirty (30) days after it has been filed or sought; (d) the distribution of the Signal or the Service on the SONIFI Platforms
violates any Regulatory Requirement or applicable law, rule, regulation, administrative order, court order or judicial decision;
(e) upon written notice to Network if Network fails to deliver the Signal, Equipment, or Credentials to SONIFI in accordance with
Section 7 hereof (for any reason, including a Force Majeure Fvent) for a continuous period of fourteen (14) days or a continuous
period of one (1) hour per day for fourteen (14) days or more (whether consecutive or not) in any ninety (90) day period; or (1)
without cause, after providing Network with at least forty-five (45) days' prior written notice.

 

15.3          Upon
any termination as herein provided, SONIFI shall discontinue distribution of the Signal or the Service to all affected SONIFI
Platforms and Network shall discontinue all marketing and promotion efforts for which SONIFI's written approval was required pursuant
to Section 11.2 hereof.

 

16.          Confidentiality.
Neither SONIFI nor Network shall disclose to any third party (other than its respective employees and/or agents, in their
capacity as such and other than any affiliated entity, subject in each case to such permitted third party agreeing to be bound
by confidentiality obligations at least as restrictive as those contained herein) the terms of this Agreement or any other Confidential
Information of the other Party, except: (a) to the extent necessary (but redacted to the greatest extent possible) to comply with
applicable law or the valid order of a court or administrative agency of competent jurisdiction, in which event the Party making
such disclosure shall so notify the other as promptly as practicable and shall seek confidential treatment of such information;
(b) as part of its normal reporting to or review procedure of its parent company, its auditors and its attorneys; provided, however,
that such parent company, auditors and attorneys agree to abide by these confidentiality provisions, (c) to potential investors
and purchasers, provided that such investors and purchasers agree in writing to confidentiality provisions at least as restrictive
as those contained herein; (d) in order to enforce its rights pursuant to this Agreement, and/or (e) if mutually agreed by SON
IFI and Network in writing In addition to and notwithstanding the generality of the foregoing, neither SONIFI nor Network shall
make any news release or public announcement concerning all or any part of its discussions or negotiations with the other; provided,
however, that the Parties may make a press release or public announcement disclosing the existence of the Agreement and the Service
covered hereby without causing a breach of this confidentiality provision.

 

    	9

    	 

    

 

17.          Miscellaneous.

 

17.1          Notices.
Any consent, election or notice required or permitted to be given under this Agreement shall be in writing and sent by overnight
courier or certified mail, return receipt requested, addressed us follows, or to such other address or addresses as shall, from
time to time, be furnished in writing by the Party to receive such notice to the other Party. All notices shall be deemed delivered
upon receipt.

 

	If to SONIFI:	SONIFI Solutions, Inc
	 	3900 West Innovation Street
	 	Sioux Fulls, SD 57107
	 	Attn: Legal Department
	 	 
	If to Network:	Zonzia Media, Inc
	 	112 W. 34th Street, Suite 1555
	 	New York, New York
	 	Attn: Myles A. Prcsscy 111

 

17.2          Force
Majeure. Except as otherwise set forth in this Agreement, neither SONIFI nor Network has any rights against the other for
failure to perform its respective obligations due to a Force Majeure Event. If a Party is unable to perform its obligations because
of a Force Majeure Event, such Party will provide written notice to the other as soon as reasonably practicable after the occurrence
of the Force Majeure Event. Notwithstanding anything to the contrary, if a Force Majeure Event causes a Service interruption (sporadically
or continuously) or degrades the quality of the Signal received by SONIFI, SONIFI may immediately insert programming of its choice
on the channel (or equivalent) otherwise identified with the Service until the Service is fully operational and carriage is restored.
If such interruptions or degradations occur for a continuous period of fourteen (14) days or a continuous period of one (1) hour
per day for fourteen (14) days or more (whether consecutive or not) in any ninety (90) day period for three (3) consecutive months
(for any reason, including but not limited to a Force Majeure Event), SONIFI shall have the right to terminate this Agreement
upon written notice to Network.

 

17.3          Binding
Effect; Assignment. Subject to the provisions of this Section 17.3, this Agreement shall be binding upon the Parties
and their respective successors and permitted assigns and shall inure to the benefit of the Parties and their respective successors
and permitted assigns.

		(a)	This Agreement may not be
                                         assigned by SONIFI without the prior written consent of Network, which consent shall
                                         not be unreasonably withheld, conditioned or delayed; provided, that SONIH may
                                         assign this Agreement without the consent of Network to (1) any SONIFI Entity having
                                         the requisite rights, capabilities and authorities to fully perform SONIF1's obligations
                                         under this Agreement or (ii) any entity acquiring all or substantially all of the assets
                                         of SONIFI provided such entity has the rights, capabilities and authorities to fully
                                         perform SONIFI's obligations hereunder. In the event of any valid assignment of this
                                         Agreement by SONIFI_ SONIFI shall be relieved of all obligations arising thereafter,
                                         if any, and Network shall look solely to the assignee for enforcement of such obligations.

		(b)	This Agreement may not be
                                         assigned by Network without the prior written consent or SONIFI, which consent shall
                                         not be unreasonably withheld, conditioned or delayed; provided, that Network may
                                         assign this Agreement without the consent of SONIFI to (i) any Network Entity having
                                         the requisite rights, capabilities and authorities to fully perform Network's obligations
                                         under this Agreement or (ii) any entity acquiring all or substantially all of the assets
                                         of Network. In the event of any valid assignment of this Agreement by Network, Network
                                         shall be relieved of all obligations arising thereafter, if any, and SONIFI shall look
                                         solely to the assignee for enforcement of such obligations.

 

    	10

    	 

    

 

17.4          No
Inference Against Author. Network and SONIFI each acknowledge that this Agreement was fully and voluntarily negotiated by
the Parties and, therefore, no provision of this Agreement shall be interpreted against any Party because such Party or its legal
representative drafted such provision.

 

17.5          Non-Recourse.
Notwithstanding anything contained in this Agreement to the contrary, it is expressly understood and agreed by the Parties
that each and every representation, warranty, covenant, undertaking and agreement made in this Agreement was not made or intended
to be made as a personal representation, undertaking, warranty, covenant, or agreement on the part of any individual, and any
recourse, whether in at law, in equity, by statute or otherwise, against any individual is hereby forever waived and released.

 

17.6          Limitation
of Liability. Excluding only a Party's indemnification obligations hereunder with respect to third party claims and claims
or losses arising out of a Party's gross negligence or willful misconduct, neither Party shall, for any reason or under any legal
theory, be liable to the other or any third party for any special, punitive, indirect, incidental, consequential, exemplary or
statutory damages, or for loss of profits, lost revenues, lost opportunities, loss of goodwill, lost efficiencies, damage to or
loss of personal property or data or services, regardless of whether such damages or losses were foreseeable and regardless of
the theory of liability, even if such Party has been informed in advance of the possibility of such damages or losses.

 

17.7          Governing
Law and Venue. 'the interpretation,performance and enforcement of this Agreement, and all legal actions brought under
or in connection with the subject matter of this Agreement, shall be governed by the laws of the State of New York (except that
any conflicts-of-law principles of such state that would result in the application of the law of another jurisdiction shall be
disregarded), The respective obligations of the panics under this Agreement are subject to all applicable laws and regulations.
Any legal action brought under or in connection with the subject matter of this Agreement shall be brought only in the United
States District Court for the Southern District of New York or, if such court would not have jurisdiction over the matter, then
only in a New York State court sitting in the City of New York. Each Party submits to the exclusive jurisdiction of these courts
and agrees not to commence any legal action under or in connection with the subject matter of this Agreement in any other court
or forum. Each Party waives any objection to the laying of the venue of any legal action brought under or in connection with the
subject matter of this Agreement in the Federal or state courts sitting in the City of New York, and agrees not to plead or claim
in such courts that any such action has been brought in an inconvenient forum.

 

17.8          Entire
Agreement, Amendments., Modifications. This Agreement constitutes the entire agreement between the Parties with respect to
the subject matter hereof and cancels and supersedes all previous or contemporaneous agreements and understandings whether oral
or written) between the Parties with respect to the subject matter hereof No addition to, and no cancellation, renewal, extension,
modification or amendment of, this Agreement shall be binding upon a Party unless set forth in a written agreement executed by
an officer of such Party. The invalidity or unenforceability of any provision of this Agreement will not affect the validity of
any other provision of this Agreement, and in the event that any provision is determined to be invalid or otherwise illegal, this
Agreement will remain in effect and will be construed in accordance with its terms as if the invalid or illegal provision were
not contained herein.

 

17.9          Survival. All
representations, covenants and warranties set forth herein shall remain in full force and effect throughout the Term
and shall be deemed to be made continuously throughout the Term. All indemnification obligations set forth herein shall
survive the expiration or termination of this Agreement. In addition, Sections 1 8, 12, 14, 16, and 17 shall survive the
expiration or termination of this Agreement.

 

    	11

    	 

    

 

17.10          Waivers.
No waiver of any provision of this Agreement shall be binding upon a Party unless such waiver is set forth in a written instrument
executed by an officer of such Party. No waiver of any right, power or remedy or a Party shall be deemed to be a waiver of any
other right, power or remedy of such Party or shall, except to the extent so waived, impair, limit or restrict the exercise of
such right, power or remedy.

 

17.11          Relationship
of the Parties. Nothing herein shall be deemed to create any joint venture or agency relationship between the Parties, and
neither Party is authorized to or shall act toward third parties or the public in any manner which would indicate any such relationship
with the other. There shall be no third-party beneficiaries of this Agreement.

 

17.12          Subject
to Laws and Regulations. The obligations of SONIFI and Network under this Agreement are subject to all applicable laws and
regulations. Nothing herein shall require any Party to take any action that would result in the violation of any applicable law
or regulation.

 

17.13          Non-Disparagement.
Network shall not distribute, include or publish (or release for publication by another) in any medium (including by superimposing
or embedding in a Signal (or any component thereof) or in any Network programming or Ad Time) any spot. Ad, video clip, message,
electronic mail, document, readable computer file, communication, announcement or "crawl" that (a) is intended to disparage
or does disparage (or is otherwise intended to negatively portray) SONIFI any SONIFI Entity or any SONIFI Platform; (b) is intended
to or would adversely affect or interfere with relations between SONIFI, any SONIFI Entity or any SONIFI Platform, on the one
hand, and any current, former or potential SONIFI customer or user of any SONIF1 Platform, or trade, franchise, licensing, governmental
or quasi-governmental agencies, authorities or instrumentalities, on the other hand; or (c) is intended to damage the business,
commercial reputation or competitive position of SONIFI, any SONIFI Entity or any SON I Fl Platform. SONIFI shall not distribute,
include or publish (or release for publication by another) in any medium (including by superimposing or embedding in a Signal
(or any component thereof) or in any SONIFI programming or Ad Time) any spot, Ad, video clip, message, electronic mail, document,
readable computer file, communication announcement or "crawl" that (a) is intended to disparage or does disparage (or
is otherwise intended to negatively portray) Network, any Network Entity or any Network Platform; (b) is intended to or would
adversely affect or interfere with relations between Network, any Network Entity or any Network Platform, on the one hand, and
any current, former or potential Network customer or user of any Network Platform, or trade, franchise, licensing, governmental
or quasi-governmental agencies, authorities or instrumentalities, on the other hand; or (c) is intended to damage the business,
commercial reputation or competitive position of Network, any Network Entity or any Network Platform.

 

17.14          Rights
and Remedies Cumulative. All rights and remedies given to a Party by this Agreement, applicable laws and regulations, court
orders, and administrative and judicial decisions shall be in addition to and cumulative with any and all other rights and remedies,
existing or implied, now or hereafter available to such Party, at law or in equity, and such rights and remedies shall not be
exclusive, but each and every right and remedy given by this Agreement or otherwise existing or given may be exercised from time
to time and as often and in such order as may be deemed expedient by such Party and the exercise of
one or more remedies or rights shall not be deemed a waiver of the right to exercise at the same time or thereafter any
other right or remedy.

 

17.15          Execution.
The Parties agree to accept as originals facsimile copies of signatures or signatures
submitted in documents Forwarded as e-mailed attachments.

 

[Signature page follows]

 

    	12

    	 

    

 

IN WITNESS WHEREOF each of the Parties
ha, executed this Agreement as of the Effective Date.

 

	SONIFI Solutions, Inc.	Zonzia Media, Inc.
	 	 
	By: /s/ Tommy Moreno	By: /s/ Myles A. Pressey III
	 	 
	Name: Tommy Moreno	Name: Myles A. Pressey III
	 	 
	Title: SVP, Content & Advertising	Title: Chairman
	 	 
	 	 
	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	13ptla-ex1027_51.htm

 

Exhibit 10.27

 

	

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
info@portola.com

www.portota.com
	
 
	
 
	
T: 650.246.7000

F: 650.246.7376
	
 
	
 
	
270 East Grand Avenue

South San Francisco, CA 94080
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 Innovative Science. Patient Focused.
	
 

 

May 8, 2015 

DELIVERED VIA EMAIL

Tao Fu

[email address]

Dear Tao,

On behalf of Portola Pharmaceuticals, Inc. (“Portola” or the “Company”), I am pleased to offer you an exempt position of Executive Vice President, Chief Commercial and Business Officer reporting directly to me. This role will be a member of the Portola executive committee.

Total Rewards: Annual Salary

Your salary will be paid at the rate of $32,616.67 per month ($391,400.00 annualized) less payroll deductions and all required withholdings. You will be eligible to receive Portola’s complete package of benefits and discretionary bonus program that is made available to all of the Company’s full-time employees. Details about these benefit plans will be made available for your review. Portola may modify compensation and benefits from time to time as it deems necessary.

Total Rewards: Target Bonus

You will be eligible to receive a target discretionary annual bonus of up to 45% of your base salary, based on the Company’s performance and your individual performance, subject to Portola’s policy for paying annual bonuses set forth in Portola’s Employee Handbook, as may be amended from time to time. Whether Portola awards bonuses for any given year, the allocation of the bonuses for Company and individual performance, and the amounts of such bonuses, if awarded, will be in the sole discretion of the Company as determined by its Board of Directors (the “Board”). If the Board approves payment of bonuses for any given year, the bonus amounts generally will be determined and paid within the first calendar quarter of the year based on the prior year’s performance. To incentivize you to remain employed with the Company, you must be employed on the date any bonus is paid in order to earn the bonus. If your employment terminates for any reason prior to the payment of the bonus, then you will not have earned the bonus and will not receive any portion of it.

Total Rewards: Equity

Stock Options

Subject to approval by the Portola Board of Directors, you will be granted an option to purchase 140,000 shares of the Company’s common stock, subject to the terms and conditions of Portola’s equity incentive plan, pursuant to a stock option grant notice and stock option agreement that will be provided to you following the date of grant. The exercise price of the option will be the closing price of Portola’s Common Stock on the date of grant. The option will be subject to a four (4) year vesting schedule, such that 25% of the shares will vest on the first anniversary of the commencement of your employment, with the balance vesting in equal monthly installments over the subsequent thirty-six (36) months, until either your option shares are fully vested or your employment ends, whichever occurs first, in each case subject to your continued employment with the Company through the applicable vesting dates.

Restricted Stock Units (RSUs)

Subject to approval by the Portola Board of Directors, you will be granted 2,500 Restricted Stock Units that will vest and become non-forfeitable, assuming your continued employment with the Company upon each vesting date, annually over three years.

1

 

Performance Stock Units (PSUs)

Subject to approval by the Portola Board of Directors, you will be granted 25,000 Performance Stock Units. Each PSU represents a contingent right to receive one share of the Company’s common stock. At any time over the four years following the date of the award, 5,000 of the shares subject to each PSU award will be earned when the average closing price of Portola’s stock measured over 45 consecutive trading days on the NASDAQ Global Select Market is above $50.00 per share, and the remaining 20,000 of the shares subject to each PSU award will be earned when the average closing price of Portola’s stock over 45 consecutive trading days is above $60.00 per share. Any shares earned will vest on the one year anniversary of the date such shares were earned (even if outside of the four year performance period), subject to continuous service as of each such date. Upon vesting, you will receive shares of the Company’s common stock.

Ongoing Equity Awards

In addition, you will be eligible to participate in the Company’s annual performance stock program under the terms and conditions of the program. Your participation and the terms and conditions of the program are subject to approval by the Board.

Total Rewards: Additional Benefits

In addition to your compensation package, you will receive the following:

Relocation Assistance:  Up to $150,000.00, in assistance which will help with the move of your household goods, temporary housing, and all miscellaneous moving expenses. Details of Portola’s relocation reimbursement assistance program are outlined on page five of your offer. Your receipt of this assistance may be subject to repayment upon termination of your employment as set forth in Portola’s relocation assistance program, as may be amended from time to time. If you have any questions about the program, please contact Human Resources.

Executive Severance Benefits Agreement:  Provides compensation and benefits in the event that you are subject to certain qualifying terminations of employment, including a change in control and an involuntary termination without cause. The compensation and benefits are subject to the terms of the Company’s form of severance benefits agreement for similarly situated employees.

Sign-On Bonus:  Payable upon your start date you will receive a one-time sign-on bonus payment of $75,000.00, less required taxes and withholdings. You are required to repay this bonus to the Company in full if you terminate your employment with the Company for any reason, or are terminated for cause, within the first twelve (12) months of your employment. You authorize the Company to deduct such amounts from any wages, vacation pay, expense reimbursements or other compensation due to you upon termination of employment, subject to the requirements of applicable law. You agree to repay to the Company any remaining amounts owed by you that are not satisfied by such deductions within sixty (60) days following your employment termination date.

Confidentiality

As a Portola employee, you will be expected to abide by Company rules and regulations and sign and comply with the Company’s Proprietary Information and Inventions Agreement which prohibits unauthorized use or disclosure of Portola proprietary information.

In your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets, of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only that information which is generally known and used by persons with training and experience comparable to your own, which is common knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company.

You agree that you will not bring onto Company premises any unpublished documents or property belonging to any former employer or other person to whom you have an obligation of confidentiality.

Acknowledgements

By signing below, you agree that your employment with Portola is “at will,” which means you may terminate your employment with Portola at any time and for any reason whatsoever simply by notifying Portola, and likewise, Portola may terminate your employment at any time and for any reason whatsoever, with or without cause or advance notice. This at-will employment relationship cannot be changed except in a writing signed by a Company officer. Portola reserves the right, in its sole discretion, to adjust salaries, incentive compensation, stock plans, employee benefits, job titles, locations, duties, responsibilities and reporting relationships.

2

 

This letter, together with the Proprietary Information and Inventions Agreement, forms the complete and exclusive statement of your employment agreement with Portola. The employment terms in this letter supersede any other agreements or promises made to you by anyone, whether oral or written. Changes in your employment terms, other than those changes expressly reserved to the Company’s discretion in this letter, require a written modification signed by an officer of Portola. As required by law, this offer is subject to satisfactory proof of your right to work in the United States of America.

The Company reserves the right to conduct background investigations and/or reference checks on all of its potential employees. Your employment offer, therefore, is contingent upon a clearance of such a background investigation and/or reference check, if any.

Please sign and date this letter and return it to the Company by Wednesday, May 13, 2015, if you wish to accept employment at Portola under the terms described above.

-SIGNATURE ON NEXT PAGE-

 

3

 

We welcome you to the Portola team and look forward to your contribution to the Company’s success.

 

	
Yours truIy,
	
 
	
 

	
 
	
 
	
 

	
/s/ William Lis
	
 
	
 

	
William Lis
	
 
	
 

	
Chief Executive Officer
	
 
	
 

	
 
	
 
	
 

	
Accepted:
	
 
	
 

	
 
	
 
	
 

	
/s/ Tao Fu
	
 
	
June 15, 2015

	
Tao Fu
	
 
	
Start Date (Mondays)

4

 

Dear Tao, 

The objective of Portola Pharmaceuticals, Inc. (“Portola” or the “Company”) relocation program is to provide cost-effective financial assistance for newly hired employees and their immediate family members. While our program is developed to reimburse most of the costs you will incur, it does not necessarily reimburse all expenses associated with your move. In addition, your receipt of this assistance may be subject to repayment upon termination of your employment as set forth in this policy, as may be amended from time to time.  

You are encouraged to become thoroughly familiar with the aspects of the program that apply to you. You will not be reimbursed for any extra expenses you incur outside the guidelines of this program.

Eligibility

The provisions of this policy apply to you, your immediate family, and other household members who permanently reside in your primary residence and will continue to live with you when your job relocates. This definition does not provide for moving an individual employed by you.

Duration

The relocation process must be completed no later than twelve (12) months after you are transferred. No reimbursements will be made for expenses incurred or submitted more than twelve (12) months after your start date. 

Relocation Assistance

The Right Move Group is our preferred vendor for relocation assistance.  You will be reimbursed up to $3,000.00 in destination services that include tours of the Bay Area, references for moving companies, information about local schools and housing market analysis.  

Closing Costs 

You will be reimbursed for reasonable costs incurred for loan applications, recording fees, and certain other closing costs, but not including prepaid expenses such as real estate taxes and property insurance or costs for services normally paid by sellers of residential properties or provided by title companies and closing agents as part of other services.

Transportation of Household Goods 

You will be responsible for the selection of the moving carrier to handle the shipment of your household goods. The Company will reimburse you for the following:

	
·
	
Packing and unpacking

	
·
	
Movement of all authorized household goods and personal effects to the new place of residence.

	
·
	
Normal appliance disconnections and connections (limited to washer, dryer and refrigerator)

	
·
	
Overtime and weekend packing will be allowed only in unavoidable circumstances and must have prior authorization from Human Resources.

5

 

The Company will not reimburse you for any of the following:

	
a. 
	
The shipment of:

	
·
	
Food, perishables, alcoholic beverages, combustible items and items that may cause contamination or damage to other goods.

	
·
	
Recreational motor vehicles, boats or airplanes

	
·
	
Patio slate, bricks, cement or sand

	
·
	
Indoor and outdoor plants, fertilizer

	
·
	
Disassembled vehicles or motors

	
·
	
Firewood, lumber, building material

	
·
	
Large machinery, workshop equipment

	
·
	
Swimming pools or spas

	
·
	
Jewelry, precious stones, legal documents, stamp or coin collections, money (cash, securities, bonds, notes)

	
·
	
Outbuildings, storage sheds, greenhouses, or farm equipment

	
·
	
Satellite dishes

	
·
	
Animals (other than domesticated animals)

	
·
	
Illegal items - as per ICC regulations

	
b. 
	
Maid service

	
c. 
	
Plumbing, electrical work, carpentry, disassembling or setting up large equipment (playground equipment, workshop, water beds, draperies, etc), telephone or cable hookups

	
d. 
	
Special servicing (i.e. piano tuning)

Note: If your household goods total less than 1000 pounds, you will be ineligible for van-line moving service. You will then be reimbursed for reasonable UPS shipping or U-Haul truck rental costs, including applicable mileage and tolls. See Final Move Expenses section for further details.

Packing of Household Goods

Neither the moving carrier nor the Company will accept responsibility for breakage of articles packed by you.  Items of value such as deeds, coin and stamp collections, jewelry and precious stones should not be shipped with the carrier. You should carry these items yourself during the move. The Company will not reimburse labor costs for the unpacking of owner-packed items.

Insuring Household Goods

We will reimburse full coverage, based on the replacement value of household goods against loss or damage to a maximum of $50,000. The expense of any additional coverage, available through the carrier, will be your responsibility. 

Loss and/or Damage Claims

It is your responsibility to promptly file a claim with the van line for any loss or damages related to transported goods within 90 days of delivery. Any noticeable damage at the time of delivery should be brought to the attention of the driver and followed up by you with a claim in writing to the carrier. The best proof of claim is a notation on the bill of lading, inventory listing or delivery report. These reports can be obtained from the carrier. Be sure to also report any claims to the van line customer service representative.

6

 

Storage of Goods 

Household goods may be stored for a period not to exceed 30 days. If you exceed the number of storage days authorized, you will assume the cost for the additional storage time; however, the Company will still reimburse the charges for delivery to the final residence provided it falls within the one-year policy. Partial delivery from storage to residence is not covered by the Company.

Gratuities

Gratuities for any service will not be reimbursed.

Transportation of Personal Automobiles 

If the distance to the new location is greater than 500 miles from the original city, the Company will reimburse you for the shipment of one (1) automobile per adult in the family to a maximum of two (2) vehicles. The blue book value of the automobile(s) must exceed the cost of shipping.

Shipment of the automobile will be made via loading on the moving van with your household goods, drive-away service or car carrier service. If you sell a car in lieu of shipping or driving, there will be no reimbursement for loss on sale.

The Company will reimburse for related expenses, as outlined in the Final Move Expenses section of this program, while driving to the new location. 

Final Move Expenses - One Way Travel 

The Company will reimburse the cost of transportation for you and your family for the final move trip from the old to the new location. 

Travel by Airplane

The Company will reimburse you for two (2) round trip economy flights for you and your spouse, and one (1) round trip economy flight for you and your family.

Travel by Automobile

You must drive a minimum of 350 miles per day over the most direct route. You will be reimbursed for highway and bridge tolls and at the standard rate per mile. To be reimbursed for reasonable lodging expenses en route, you must submit original receipts. 

Temporary Living Assistance 

If you are not able to move into permanent quarters upon arrival to California, the Company will reimburse you for temporary living quarters for up to 90 consecutive days for you and your family.

You will be reimbursed for reasonable temporary living expenses as defined below:

	
·
	
Rental car: One car, up to 14 days maximum or until personal car arrives

	
·
	
Lodging: Studio kitchenette temporary housing for 90 consecutive nights maximum 

Return Visit to Former Location 

Should you precede your spouse to the new location during temporary living, you will be reimbursed for two (2) return trips home. Round-trip transportation (airfare or mileage) and airport parking will be the only reimbursable expenses. Transportation can be economy/coach airfare or personal automobile at the standard mileage reimbursement rates. Hotel and automobile rental are not reimbursable expenses.

Relocation Allowance

Relocation eligible employees are not eligible for a relocation allowance. 

7

 

Recovery of Relocation Expenses

The termination of your employment with Portola Pharmaceuticals, Inc. by you for any reason, or by the Company for cause or due to your performance or conduct, in each case within one year from effective date of employment or transfer will result in forfeiture of any remaining program benefits as of the termination date.

The Company reserves the right to request reimbursement of all relocation expenses according to the following schedule:.  You authorize the Company to deduct such amounts from any wages, vacation pay, expense reimbursements or other compensation due to you upon termination of employment, subject to the requirements of applicable law.  You agree to repay to the Company any remaining amounts owed by you that are not satisfied by such deductions within sixty (60) days following your employment termination date.

 

	
Length of Service from Effective Date of Employment
	
 
	
Reimbursement % Due Company for All Relocation Expenses

	
Termination within 3 months
	
 
	
100%

	
Termination within 6 months
	
 
	
85%

	
Termination within 9 months
	
 
	
60%

	
Termination within 12 months
	
 
	
50%

Taxes

The Internal Revenue Service (IRS) generally considers reimbursements of moving and relocation expenses to be “compensation for services” rendered. Subject to a number of restrictions, dollar limitations and rules (see IRS Publication 521, Moving Expenses), the following expenses are generally excluded from income and are not reportable as wages to the IRS:

	
·
	
Costs incurred for the transportation of household goods and effects

	
·
	
Costs of travel to the new residence, including lodging but excluding meals.

The above costs must be in connection with a move in which you must travel more than 50 miles, one way from your principal residence because of a change in work area requested by Portola Pharmaceuticals, Inc. In addition, you must be a full-time employee for at least 39 weeks during the 12 months immediately following your arrival in the location for these costs to be excluded from income.

The following costs are considered income:

	
·
	
Temporary living expenses in the general area of the new workplace

	
·
	
Any meals connected with the relocation

	
·
	
Mileage in excess of $0.575 per mile

You are solely responsible for paying any applicable taxes associated with any payments or benefits provided under this policy. Any taxable reimbursements will be paid to you within 60 days after the date you submit receipts for the expenses, provided you submit those receipts within 45 days after you incur the expense. For the avoidance of doubt, if any reimbursements payable to you are subject to the provisions of Section 409A of the Internal Revenue Code: (i) to be eligible to obtain reimbursement for such expenses you must submit expense reports within 45 days after the expense is incurred, (ii) any such reimbursements will be paid no later than December 31 of the year following the year in which the expense was incurred, (iii) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (iv) the right to reimbursement under this agreement will not be subject to liquidation or exchange for another benefit.

Acknowledgement

I acknowledge that I have read, understood and agree to the pay back provisions of this relocation assistance program if I choose to terminate my employment within twelve months of my start date.

 

	
/s/ Tao Fu
	
 
	
5/11/15

	
Signature
	
 
	
Date

 

8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00248-of-00352.parquet"}]]