Document:

Vertex Energy Inc. 8-K

Exhibit 10.11

 

 

	daTED	1
    april 2022

 

 

		(1)	VERTEX
                                            REFINING ALABAMA LLC

		(2)	Macquarie
                                            Energy North America Trading Inc.

ORIGINAL/COUNTERPART

INVENTORY
SALES AGREEMENT

 

EXECUTION
VERSION

     

     

    

CONTENTS

clause

	1   	DEFINITIONS	1
	2   	ASSIGNMENT AND CONVEYANCE	2
	3   	DETERMINATION OF INVENTORY	3
	4   	PAYMENT AND PRICING	3
	5   	MISCELLANEOUS	5

 

CONTENTS PAGE 2

 

     

     

    

 

THIS
INVENTORY SALES AGREEMENT (this “Agreement”), is made and entered into as of
1 April 2022.

 

BETWEEN:

		(1)	Vertex
                                            Refining Alabama LLC (“Seller”); and

		(2)	Macquarie
                                            Energy North America Trading Inc. (“Buyer”),

each
referred to individually as a “Party” and collectively, the “Parties”.

recitals

		(A)	WHEREAS,
                                            Seller owns and operates a crude oil refinery and related assets located in Mobile, Alabama
                                            (the “Refinery”) for the processing and refining of crude oil and other
                                            feedstocks and the recovery therefrom of refined products;

		(B)	WHEREAS,
                                            Seller and Buyer have entered into a Supply and Offtake Agreement, dated 1 April 2022 (the
                                            “S&O Agreement”), pursuant to which, among other things, it is contemplated
                                            that, the Buyer shall (a) on the Commencement Date, purchase from the Seller all Crude Oil
                                            and Products then being stored at the Included Storage Locations; (b) purchase from the Seller
                                            certain Products produced by the Refinery during the term of the S&O Agreement; (c) sell
                                            and deliver Crude Oil and Products to the Seller and certain Customers of the Company pursuant
                                            to the terms of the S&O Agreement; (d) provide certain other accommodations to the Seller
                                            based on Crude Oil and Products being stored at Company Storage Locations from time to time
                                            and otherwise being purchased and sold pursuant to the terms of the S&O Agreement;

		(C)	WHEREAS,
                                            as a condition (among others) to the Buyer’s obligations under the S&O Agreement,
                                            on the Commencement Date, the Seller is to sell to Buyer all Crude Oil and Products then
                                            being held at the Included Storage Locations on such date;

		(D)	WHEREAS,
                                            to satisfy such condition, and to set forth their agreements regarding the protocols to be
                                            used for measuring the quantity and quality of Crude Oil and Products being sold by the Seller
                                            and to establish the prices to be paid for such Crude Oil and Products by the Buyer, the
                                            Seller and the Buyer are entering into this Agreement; and

		(E)	NOW,
                                            THEREFORE, in consideration of the foregoing premises, the mutual promises and covenants
                                            contained herein and other good and valuable consideration, the receipt and sufficiency of
                                            which are hereby acknowledged, the Parties, subject to the terms and conditions hereinafter
                                            set forth, agree as follows:

		1	DEFINITIONS

		1.1	Definitions.

All
capitalized terms used, but that are not otherwise defined, in the body of this Agreement shall have the meanings ascribed to such terms
in the S&O Agreement. The following terms shall have the following meanings for the purposes of this Agreement:

"Average
Current Month Pricing Benchmark" means, in respect of a calendar month and a Product Group, an amount equal to the sum of the
Current Month Pricing Benchmark applicable to the relevant Product Group for each Quotation Day in such calendar month; divided by
the number of Quotation Days in that calendar month; provided, however, that for the purposes of calculating the Estimated
Commencement Date Value, the "Average Current Month Pricing Benchmark" for a Product Group shall be calculated by taking
into account only those Quotation Days from (and including) 1 March 2022 to (and including) 25 March 2022.

“BS&W”
means basic sediment and water.

“Buyer”
has the meaning set forth in the introductory paragraph immediately preceding the Recitals.

“Crude
and Product Inventory” means all Crude Oil, Products and Product Linefill that are held in the Included Storage Locations as
of, and owned by Seller immediately prior to, the Inventory Transfer Time.

    1 

     

    

“CT”
means the prevailing time in the Central time zone of the United States of America.

“Definitive
Commencement Date Value” means the value calculated by the Buyer in accordance with Section 4.3.1.

“Estimated
Commencement Date Value” has the meaning set forth in Section 4.1.2.

“Independent
Inventory Report” has the meaning set forth in Section 3.3 of this Agreement.

“Inventory
Transfer Time” means 12:00:01 a.m. CT on the Commencement Date.

“Parties”
and “Party” have the meanings set forth in the introductory paragraph immediately preceding the Recitals.

“Price
Adjustment” has the meaning set forth in Section 4.4 of this Agreement.

“Product
Linefill” means, at any time and for any grade of Product, the aggregate volume of linefill of that Product on the Included
Product Pipelines for which the Buyer will be treated as the exclusive owner by the Included Product Pipelines from (and including) the
Commencement Date; provided that such volume shall be determined by using the volumes reported on the monthly or daily statements,
as applicable, from the Included Product Pipelines.

“Projected
Inventory Report” has the meaning set forth in Section 4.1.1 of this Agreement.

"Quotation
Days" means, in respect of a Product Group, a quotation day for the relevant pricing index, formula or benchmark set out in
Schedule H to the S&O Agreement.

“Refinery”
has the meaning set forth in the Recitals of this Agreement.

“S&O
Agreement” has the meaning specified in the Recitals hereto.

“Sales
Statement” has the meaning set forth in Section 4.3.1 of this Agreement.

“Seller”
has the meaning set forth in the introductory paragraph immediately preceding the Recitals.

“Shell”
means the “Seller” as such term is defined in the Refinery SPA.

		2	ASSIGNMENT
                                            AND CONVEYANCE

		2.1	Assignment,
                                            Purchase and Conveyance. 

Effective
upon the Inventory Transfer Time, Seller shall, and hereby does, assign, transfer and deliver unto Buyer, and Buyer shall and hereby
does purchase from Seller, all of Seller’s right, title, and interest in and to all of the Crude and Product Inventory, free and
clear of all Liens, claims and encumbrances of any nature, other than Permitted S&O Liens, to have and to hold. Seller covenants
and agrees to warrant and forever defend good title to the Crude and Product Inventory, free and clear of all Liens, claims and encumbrances
of any nature, subject to Permitted S&O Liens, against the claims of all parties claiming the same by, through, or under Seller,
but not otherwise.

		2.2	Warranties
                                            and Representations of Conveying Party.

All
representations and warranties of the Seller contained herein shall be true and correct on and as of the Commencement Date.

		2.3	Disclaimer
                                            of Warranties.

SELLER
DOES NOT MAKE ANY WARRANTY, CONDITION OR OTHER REPRESENTATION, WRITTEN OR ORAL, EXPRESS OR IMPLIED, OF MERCHANTABILITY, FITNESS OR SUITABILITY
OF SUCH CRUDE OIL OR PRODUCTS FOR ANY PARTICULAR PURPOSE OR OTHERWISE AND ALL SUCH WARRANTIES, CONDITIONS AND OTHER REPRESENTATIONS ARE
HEREBY DISCLAIMED.

    2 

     

    

		3	DETERMINATION
                                            OF INVENTORY

		3.1	Inspection.

The
Independent Inspection Company shall determine and report the quantity and quality of the physical inventory, except as described in
Section 3.2.2 below. The cost of the Independent Inspection Company is to be borne by and is the sole responsibility of the Seller.

		3.2	Physical
                                            Inventory.

		3.2.1	The
                                            Independent Inspection Company shall conduct a survey of the physical inventory at the Included
                                            Storage Locations and the Company Storage Locations as of the Inventory Transfer Time, except
                                            as described in Section 3.2.2 below. The Independent Inspection Company shall conduct such
                                            survey of the physical inventory in accordance with its customary procedures and in accordance
                                            with the latest ASTM standards and principles then in effect, provided that the Independent
                                            Inspection Company shall be instructed by the Parties to maximize, to the extent reasonably
                                            practicable, the extent to which tank measurements are conducted on a static tank basis.
                                            Each of the Buyer and the Seller shall have the right to witness or appoint a representative
                                            to witness on its behalf, the survey of the physical inventory conducted by the Independent
                                            Inspection Company.

		3.2.2	With
                                            respect to volumes (if any) located at any Crude Storage Tanks owned or operated by a third
                                            party, the physical inventory shall be determined by such third party at that location based
                                            on its normal month-end inventory determination procedures.

		3.3	Disputes.

Either
Party or their respective representatives present at the survey of the physical inventory conducted by the Independent Inspection Company
at the Inventory Transfer Time may question or dispute the calculations and/or laboratory results of the Independent Inspection Company.
The Parties shall use commercially reasonable efforts to ensure that any questions or disputes relating to the quantity and the qualitative
laboratory results of the entire physical inventory shall be resolved by the Independent Inspection Company within three (3) Business
Days after the receipt of the Independent Inspection Company quantity and quality report and the resolution by the Independent Inspection
Company shall be final and binding on both Parties. Following resolution of any quantity and quality disputes, the agreed quantity and
quality entries, together with the quantity (if any) determined under Section 3.2.2, shall be recorded in the physical inventory report
(the “Independent Inventory Report”) and will become the official quantity and quality measurements of the Crude and
Product Inventory as of the Inventory Transfer Time. Such recorded quantity shall be adjusted for BS&W and temperature corrected
to 60 degrees Fahrenheit.

		3.4	Independent
                                            Inventory Report.

The
Parties shall use commercially reasonable efforts to procure that, within five (5) Business Days after the Inventory Transfer Time, the
Independent Inspection Company shall provide the Parties with the Independent Inventory Report.

		4	PAYMENT
                                            AND PRICING

		4.1	Delivery
                                            of Estimated Commencement Date Value.

		4.1.1	The
                                            Parties acknowledge that prior to the Commencement Date, the Seller has delivered to the
                                            Buyer a notice containing Shell’s provisional estimate of the Crude and Product Inventory
                                            in the Included Storage Locations determined in accordance with the Refinery SPA (the “Projected
                                            Inventory Report”).

		4.1.2	Based
                                            on the Projected Inventory Report and such data as are then reasonably available and using,
                                            where applicable, the applicable Average Current Month Pricing Benchmark(s) calculated in
                                            respect of March 2022 or, in the case of Product Linefill, such other pricing measure as
                                            Buyer may select, in good faith and in a commercially reasonable manner, the Buyer shall,
                                            no later than two (2) Business Days prior to the Commencement Date, calculate and notify
                                            Seller of the pricing basis and value for the Projected Inventory Report (the “Estimated
                                            Commencement Date Value”) available at the Inventory Transfer Time. The Buyer shall
                                            include the Estimated Commencement Date Value and all supporting calculations used to determine
                                            it in the notice delivered to Seller.

    3 

     

    

 

		4.2	Payment
                                            of Estimated Commencement Date Value.

On
the Commencement Date, the Buyer shall pay to, or as directed by, the Seller an amount equal to the Estimated Commencement Date Value.

		4.3	Crude
                                            and Product Inventory Sales Statement.

		4.3.1	Promptly
                                            following the last day in April 2022, the Buyer shall calculate the Definitive Commencement
                                            Date Value using the data regarding the Crude and Product Inventory provided in the Projected
                                            Inventory Report delivered to the Buyer pursuant to section 4.1.1 above and deliver to Seller
                                            a statement including such calculated price (the “Sales Statement”). The
                                            Buyer shall use the applicable Average Current Month Pricing Benchmark(s) calculated in respect
                                            of April 2022 or, in the case of Product Linefill, such other pricing measure as Buyer may
                                            select in good faith and in a commercially reasonable manner, to price the various quantities
                                            set forth in the Projected Inventory Report. The Buyer shall include in the Sales Statement
                                            all supporting calculations and documentation used to determine the Definitive Commencement
                                            Date Value. Each of Buyer and Seller acknowledges and agrees that any volumetric differences
                                            between the Projected Inventory Report and the Independent Inventory Report provided by the
                                            Independent Inspection Company shall be taken into account to the extent it identifies an
                                            inaccuracy with the daily settlements under and in accordance with the terms of the Supply
                                            and Offtake Agreement through which, as set forth in Section 4.4 below, the Parties intend
                                            to effect a volumetric true up.

		4.3.2	Unless
                                            the Seller gives notice to the Buyer on or before the third (3rd) Business Day
                                            after Seller’s receipt of the Sales Statement that Seller disputes the Definitive Commencement
                                            Date Value specified in the Sales Statement, the Definitive Commencement Date Value shall
                                            be as specified in the Sales Statement. If Seller gives timely notice to Buyer that it disputes
                                            the Definitive Commencement Date Value specified in the Sales Statement, the Parties shall
                                            consult in good faith and use all reasonable efforts to agree upon the calculation of the
                                            Definitive Commencement Date Value. If the Parties have not agreed on the Definitive Commencement
                                            Date Value within one (1) Business Day after the Buyer receives a notice of dispute from
                                            the Seller, the Buyer's original determination of the Definitive Commencement Date Value
                                            shall prevail.

		4.4	Crude
                                            and Product Inventory Sales Price Adjustment.

Upon
the final determination of the Definitive Commencement Date Value pursuant to Section 4.3, a true-up adjustment will be made in accordance
with the provisions of this Section 4.4 (the “Price Adjustment”) or otherwise as may be agreed between the Parties.
If the Definitive Commencement Date Value is greater than the Estimated Commencement Date Value paid by Buyer to Seller on the Commencement
Date, then Buyer shall make a payment to Seller in an amount equal to such excess. If the Estimated Commencement Date Value is greater
than the Definitive Commencement Date Value paid by Buyer to Seller on the Commencement Date, then the Seller shall make a payment to
Buyer in an amount equal to such excess. Any such payment by Buyer or Seller shall be made by wire transfer of immediately available
funds on or before 5:00 p.m. CT on the 3rd Business Day in May 2022. The Parties acknowledge and agree that any volumetric true-up based
on the data set out in the Projected Inventory Report and the actual Crude Oil and Products sold by the Refinery to Macquarie shall be
settled in accordance with the on-going purchase and sale mechanisms set out in the S&O Agreement.

		4.5	Priced
                                            Cargos on the Commencement Date. 

The
Parties acknowledge and agree that certain cargos of Crude Oil which are the subject of Macquarie Crude Procurement Contracts with Shell
Trading (US) Company have fully priced prior to the Commencement Date (“Fully Priced Cargos”). Accordingly, the price
true-ups in Section 6.4 and Schedule C of the S&O Agreement will not apply to any such Fully Priced Cargos. Instead, on or promptly
following the Commencement Date, Macquarie shall determine an amount equal to the product of:

		(i)	the
                                            Current Month Pricing Benchmark in respect of Crude Oil, as in effect as of the Commencement
                                            Date; minus the volume weight average price per barrel across each of the Fully Priced
                                            Cargos; and

		(ii)	the
                                            total volume of the Fully Priced Cargos,

(the
“Fully Priced Cargos Adjustment Amount”)

    4 

     

    

If
the Fully Priced Cargos Adjustment Amount is a positive amount it shall be payable by Macquarie to the Company, and if the Fully Priced
Cargos Adjustment Amount is a negative amount, the absolute value of such amount shall be payable by the Company to Macquarie, in either
case on or prior to the second Business Day immediately following the Commencement Date.

		4.6	Taxes.
                                            

The
Parties agree that the provisions of Article 16 of the S&O Agreement relating to tax matters shall apply to this Agreement and the
transactions contemplated hereby to the same extent as if set forth herein in full (except that references to the “Company”
shall be deemed to refer to the Seller hereunder and references to “Macquarie” shall be deemed to refer to the Buyer hereunder).

		5	MISCELLANEOUS

		5.1	Assignment.
                                            

		5.1.1	This
                                            Agreement shall inure to the benefit of and be binding upon the Parties hereto, their respective
                                            successors and permitted assigns.

		5.1.2	Neither
                                            Party shall assign this Agreement or its rights or interests hereunder in whole or in part,
                                            or delegate its obligations hereunder in whole or in part, without the consent of the other
                                            Party. Any attempted assignment in violation of this Section 5 shall be null and void ab
                                            initio and the non-assigning Party shall have the right, without prejudice to any other
                                            rights or remedies it may have hereunder or otherwise, to terminate this Agreement effective
                                            immediately upon notice to the Party attempting such assignment.

		5.2	Notices.
                                            

All
invoices, notices, requests and other communications given pursuant to this Agreement shall be in writing and sent by email or nationally
recognized overnight courier. A notice shall be deemed to have been received when transmitted by email to the other Party’s email
address set forth in Schedule K of the S&O Agreement, or on the following Business Day if sent by nationally recognized overnight
courier to the other Party’s address set forth in Schedule K of the S&O Agreement and to the attention of the person or department
indicated. A Party may change its address or email address by giving written notice in accordance with this Section, which is effective
upon receipt.

		5.3	Severability.
                                            

In
the event any portion of this Agreement shall be found by a court of competent jurisdiction to be unenforceable, that portion of this
Agreement will be null and void and the remainder of this Agreement will be binding on the Parties as if the unenforceable provisions
had never been contained herein.

		5.4	No
                                            Waiver, Cumulative Remedies.

		5.4.1	The
                                            failure of a Party hereunder to assert a right or enforce an obligation of the other Party
                                            shall not be deemed a waiver of such right or obligation. The waiver by any Party of a breach
                                            of any provision of, Event of Default or Default under, this Agreement shall not operate
                                            or be construed as a waiver of any other breach of that provision or as a waiver of any breach
                                            of another provision of, Event of Default or Default under, this Agreement, whether of a
                                            like kind or different nature.

		5.4.2	Each
                                            and every right grant to the Parties under this Agreement or allowed it by law or equity
                                            shall be cumulative and may be exercised from time to time in accordance with the terms thereof
                                            and Applicable Law.

		5.5	Entire
                                            Agreement; Amendment.

The
terms of this Agreement constitute the entire agreement between the Parties with respect to the matters set forth in this Agreement,
and no representations or warranties shall be implied or provisions added in the absence of a written agreement to such effect between
the Parties. This Agreement shall not be modified or changed except by written instrument executed by the Parties’ duly Authorized
Representatives.

    5 

     

    

		5.6	GOVERNING
                                            LAW

		5.6.1	This
                                            Agreement shall be governed by, construed and enforced under the laws of the State of New
                                            York without giving effect to its conflicts of laws principles that would require the application
                                            of the laws of another state.

		5.6.2	Each
                                            of the Parties hereby irrevocably submits to the exclusive jurisdiction of any federal or
                                            state court of competent jurisdiction situated in the City of New York, (without recourse
                                            to arbitration unless both Parties agree in writing), and to service of process by certified
                                            mail, delivered to the Party at the address indicated in SCHEDULE
                                            K of the S&O Agreement. Each Party hereby irrevocably
                                            waives, to the fullest extent permitted by Applicable Law, any objection to personal jurisdiction,
                                            whether on grounds of venue, residence or domicile.

		5.6.3	EACH
                                            PARTY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO
                                            A TRIAL BY JURY IN RESPECT OF ANY PROCEEDINGS RELATING TO THIS AGREEMENT.

		5.7	Counterparts.
                                            

This
Agreement may be executed by the Parties in separate counterparts and initially delivered by facsimile transmission, pdf or otherwise,
with original signature pages to follow, and all such counterparts shall together constitute one and the same instrument.

		5.8	Further
                                            Assurances. 

Both
Seller and Buyer agree to execute and deliver, from time to time, such other and additional instruments, notices, transfer orders and
other documents, and to do all such other and further acts and things as may be necessary to more fully and effectively transfer and
assign the Crude and Product Inventory to Buyer.

[Signature
page follows.]

    6 

     

    

 

	Executed
    by MACQUARIE ENERGY NORTH AMERICA TRADING INC. acting by:
	 	 	 
	 	and	 
	 	 	 
	/s/ Daniel Vizel	 	/s/ Travis McCullough
	Name: Daniel Vizel	 	Name: Travis McCullough
	Title: Senior Managing Director	 	Title: Division Director
	 	 	 

 

	Executed
    by VERTEX REFINING ALABAMA LLC acting by:
	 
	 	and	 
	 	 	 
	/s/ Benjamin P. Cowart	 	 
	Name: Benjamin P. Cowart	 	 
	Title: President & Chief Executive Officer	 	 
	 	 	 

 

 

    7Exhibit
10.1

 

Executive
Employment Agreement

 

Dated
as of April 5, 2022

 

This
Executive Employment Agreement (the “Agreement”) dated as of the date first set forth above (the “Effective Date”)
is entered into by and between Novo Integrated Sciences, Inc., a Nevada corporation, (the “Company”) and Dr. Joseph Mathew
Chalil (the “Executive”). The Company and Executive may collectively be referred to as the “Parties” and each
individually as a “Party”.

 

WHEREAS,
the Company now desires to employ the Executive as an officer of the Company and for certain of the subsidiaries of the Company, and
the Executive desires to serve in such capacities on behalf of the Company, in each case subject to the terms and conditions herein;

 

NOW,
THEREFORE, in consideration of the promises and of the mutual covenants and agreements hereinafter set forth, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company and the Executive hereby agree as follows:

 

	 	1.	Employment.
    

 

	 	(a)	Term.
    The term of this Agreement (the “Initial Term”) shall begin as of the Effective Date and shall end on the earlier of
    (i) the third (3rd) anniversary of the Effective Date and (ii) the time of the termination of the Executive’s employment
    in accordance with Section 2(f). The Initial Term and any Renewal Term (as defined below) shall automatically be extended for one
    or more additional terms of one (1) year each (each a “Renewal Term” and together with the Initial Term, the “Term”),
    unless either the Company or Executive provides notice to the other Party of their desire to not so renew the Initial Term or Renewal
    Term (as applicable) at least thirty (30) days prior to the expiration of the then-current Initial Term or Renewal Term, as applicable.
    Executive’s employment with the Company shall be “at will,” meaning that either Executive or the Company may terminate
    Executive’s employment at any time and for any reason, subject to Section 3. Any contrary representations that may have been
    made to Executive are superseded by this Agreement.
	 	 	 
	 	(b)	Duties.
    The Company hereby appoints Executive, and Executive shall serve, as (i) the Chief Medical Officer of the Company and (ii) as the
    President of Novomerica Healthcare Group, Inc., a Nevada corporation which is a wholly-owned subsidiary of the Company (“NVOM”),
    and shall report to the Chief Executive Officer of the Company and the Chief Executive Officer of NVOM, and to such other persons
    as designated by the Board of Directors of the Company (the “Board”). The Executive shall have such duties and responsibilities
    as are consistent with the Executive’s position with the Company and NVOM. In addition, the Executive shall perform all other
    duties and accept all other responsibilities incident to such position as may reasonably be assigned to the Executive by the Board.
    With respect to the services to be provided by Executive hereunder, and for purposes of this Agreement other than Section 2, any
    references herein to the “Company” shall be deemed a reference to either or both Novo Integrated Sciences, Inc. and NVOM,
    as the context may reasonably require. 

 

    	 

     

    

 

	 	2.	Compensation
    and Other Benefits. As compensation for the services to be rendered hereunder, during the Term the Company shall pay to the Executive
    the salary and bonuses, and shall provide the benefits, as set forth in this Section 2.

 

	 	(a)	Base
    Salary. The Company shall pay to the Executive an annual base salary of $400,000, payable on a monthly basis commencing on the
    Effective Date (as the same may be adjusted herein, the “Base Salary”). The Base Salary shall be paid in accordance with
    the Company’s payroll policies.
	 	 	 
	 	(b)	CCI
    Revenue Share.

 

	 	(i)	The
    Parties acknowledge and agree that the Company is the sole member of Clinical Consultants International LLC, a Florida limited liability
    company acquired by the Company on the Effective Date from the Executive and his spouse (“CCI”). During the Term, the
    Company shall pay to Executive a share of the revenue of CCI, as set forth in this Section 2(b).
	 	 	 
	 	(ii)	For
    each calendar year of the Term, the Company shall pay to Executive an amount equal to 10% of the Net Income (as defined below) of
    CCI in excess of $450,000 during such calendar year (the “Revenue Share Payment”). By way of example and not limitation,
    in the event that the Net Income for CCI for a calendar year of the Term was $1,000,000, Executive shall be entitled to be paid $55,000
    (10% of $550,000) as the Revenue Share Payment. The amount of the Revenue Share Payment shall be determined by the Company as soon
    as reasonably practicable following the end of each calendar year of the Term, and shall be paid within thirty (30) days thereafter.
	 	 	 
	 	(iii)	In
    the event that the Term expires or is terminated for any reason hereunder, the Revenue Share Payment for the calendar year of such
    expiration or termination shall be appropriately pro-rated, such that for example, if the Term is terminated on June 30 of a calendar
    year, Executive would be entitled to receive 50% of the Revenue Share Payment that Executive would have received had the Term remained
    in effect for the full calendar year, and such payment shall be made at the same time as set forth in Section 2(b)(ii).
	 	 	 
	 	(iv)	For
    purposes herein, “Net Income” shall mean the net income of CCI for the applicable period, as determined in accordance
    with Generally Accepted Accounting Principles in the United States, consistently applied, as determined by the Company’s accountants.

 

	 	(c)	Equity
    Issuances. The Company may issue to Executive options to acquire shares of common stock, par value $0.0001 per share (the “Common
    Stock”) of the Company, awards of restricted Common Stock or other equity awards of the Company, as determined by the Board,
    with each to be pursuant to an award agreement in the form as determined by the Company (each, an “Award Agreement”).

 

    	2

     

    

 

	 	(d)	Bonus.
    The Executive shall be eligible to participate in any bonus plans of the Company and to receive any discretionary bonuses as determined
    by the Board. Additionally the Executive shall be offered a Market Cap Milestone Bonus, as identified in Exhibit A herein.
	 	 	 
	 	(e)	Fringe
    Benefits. During the Term, the Executive shall be entitled to fringe benefits consistent with the practices of the Company, and
    to the extent, the Company provides similar benefits to the Company’s executive officers, of which fringe benefits shall include
    private health insurance.
	 	 	 
	 	(f)	Business
    Expenses. The Executive shall be entitled to reimbursement for all reasonable and necessary out-of-pocket business, entertainment,
    and travel expenses incurred by the Executive in connection with the performance of Executive’s duties hereunder and in accordance
    with the Company’s expense reimbursement policies and procedures.
	 	 	 
	 	(g)	Vacation.
    The Executive shall be eligible to accrue vacation time at the rate of twenty (20) days per year in accordance with the Company’s
    vacation policy. Vacation is to be taken at such intervals as shall be appropriate and consistent with the proper performance of
    the Executive’s duties hereunder. 
	 	 	 
	 	(h)	Outside
    Employment. Executive will devote Executive’s full time and attention to the performance
    of the duties incident to Executive’s position with the Company, and will not have any other employment with any other enterprise
    or substantial responsibility for any enterprise which would be inconsistent with Executive’s duty to devote Executive’s
    full time and attention to Company matters; However, nothing shall prevent the Executive from participating in charitable, media,
    civic, educational, professional, community or industry affairs or, serving on the board of directors or advisory board of up to
    four other public companies provided that (i) does not interfere with Executive’s performance of the duties and responsibilities
    to be performed by Executive under this Agreement; and (ii) shall not serve on any board that would be deemed a conflict of interest
    with respect to services provided to the Company, unless the Company otherwise agrees with the perspective board appointment.

 

	 	3.	Termination.
    

 

	 	(a)	Definition
    of Cause. For purposes hereof, “Cause” shall mean:

 

	 	(i)	a
    violation of any material written rule or policy of the Company for which violation any employee may be terminated pursuant to the
    written policies of the Company reasonably applicable to an executive employee,
	 	 	 
	 	(ii)	misconduct
    by the Executive to the material detriment of the Company, 
	 	 	 
	 	(iii)	the
    Executive’s conviction (by a court of competent jurisdiction, not subject to further appeal) of, or pleading guilty to, a felony,
    
	 	 	 
	 	(iv)	the
    Executive’s gross negligence in the performance of Executive’s duties and responsibilities to the Company as described
    in this Agreement; or 
	 	 	 
	 	(v)	the
    Executive’s gross negligence in the performance of Executive’s duties and responsibilities to the Company as described
    in this Agreement; or 

 

    	3

     

    

 

	 	(vi)	the
    Executive’s material failure to perform Executive’s duties and responsibilities to the Company as described in this Agreement
    (other than any such failure resulting from the Executive’s incapacity due to physical or mental illness or any such failure
    subsequent to the Executive being delivered a notice of termination without Cause by the Company or delivering a notice of termination
    for Good Reason to the Company) or failure to comply with the other terms and conditions herein, in either case after written notice
    from the Board to the Executive of the specific nature of such material failure and the Executive’s failure to cure such material
    failure within 10 days following receipt of such notice.

 

	 	(b)	Definition
    of Good Reason. For purposes hereof, “Good Reason” shall mean:

 

	 	(i)	a
    material diminution by the Company of compensation and benefits (taken as a whole) provided to the Executive,
	 	 	 
	 	(ii)	a
    reduction in Base Salary or target or maximum bonus, other than as part of an across-the-board reduction in salaries of management
    personnel, 
	 	 	 
	 	(iii)	the
    relocation of the Executive’s principal executive office to a location more than 50 miles further from the Executive’s
    principal executive office immediately prior to such relocation; or
	 	 	 
	 	(iv)	a
    material breach by the Company of any of the terms and conditions of this Agreement which the Company fails to correct within 10
    days after the Company receives written notice from Executive of such violation. 

 

	 	(c)	Termination
    by the Company. The Company may terminate the Term and Executive’s employment hereunder at any time, with or without Cause,
    subject to the terms and conditions herein. 

 

	 	(i)	For
    Cause. In the event that the Company terminates the Term or Executive’s employment hereunder with Cause, then in such event,
    subject to Section 3(f), (i) the Company shall pay to Executive any unpaid Base Salary and benefits then owed or accrued, and any
    unreimbursed expenses, pursuant to the terms of Section 2(f), incurred by the Executive in each case through the termination date,
    and each of which shall be paid within 10 days following the termination date, and the Revenue Share Payment for the portion of the
    calendar year in which such termination occurs, which shall be paid at the time as set forth in Section 2(b)(iii); (ii) any unvested
    portion of any equity granted to Executive hereunder or under any Award Agreements or any other agreements with the Company (collectively,
    the “Equity Grants”) shall immediately be forfeited as of the termination date without any further action of the Parties;
    and (iii) all of the Parties’ rights and obligations hereunder shall thereafter cease, other than such rights or obligations
    which arose prior to the termination date or in connection with such termination, and subject to Section 14. 

 

    	4

     

    

 

	 	(ii)	Without
    Cause. In the event that the Company terminates the Term or Executive’s employment hereunder without Cause, then in such
    event, subject to Section 3(f), (i) the Company shall pay to Executive any Base Salary, bonuses, and benefits then owed or accrued,
    and any unreimbursed expenses incurred by the Executive in each case through the termination date, and each of which shall be paid
    within 10 days following the termination date; (ii) the Company shall pay to Executive, in one lump sum, an amount equal to the greater
    of (1) the Base Salary that would have been paid to Executive for the remainder of the Initial Term (if such termination occurs during
    the Initial Term) or Renewal Term (if such termination occurs during a Renewal Term), as applicable, and (2) the total Base Salary
    that would have been paid to Executive for a one year period based on the Base Salary as of the date of termination, which shall
    be paid within 10 days following the termination date, and the Revenue Share Payment for the calendar year in which such termination
    occurs, which shall be paid at the time as set forth in Section 2(b)(iii); (iii) any Equity Grant already made to Executive shall,
    to the extent not already vested, be deemed automatically vested; and (iv) all of the Parties’ rights and obligations hereunder
    shall thereafter cease, other than such rights or obligations which arose prior to the termination date or in connection with such
    termination, and subject to Section 14. 

 

	 	(d)	Termination
    by the Executive. The Executive may terminate the Term and resign from Executive’s employment hereunder at any time, with
    or without Good Reason. 

 

	 	(i)	With
    Good Reason. In the event that Executive terminates the Term or resigns from Executive’s employment hereunder with Good
    Reason, the Company shall pay to Executive the amounts, and Executive shall, subject to Section 3(f), be entitled to such benefits
    (including without limitation any vesting of unvested shares under any Equity Grant), that would have been payable to Executive or
    which Executive would have received had the Term and Executive’s employment been terminated by the Company without Cause pursuant
    to Section 3(c)(ii). 
	 	 	 
	 	(ii)	Without
    Good Reason. In the event that Executive terminates the Term or resigns from Executive’s employment hereunder without Good
    Reason, the Company shall pay to Executive the amounts, and Executive shall be entitled, subject to Section 3(f), to such benefits
    (including without limitation any vesting of unvested shares under any Equity Grant), that would have been payable to Executive or
    which Executive would have received had the Term and Executive’s employment been terminated by the Company with Cause pursuant
    to Section 3(c)(i). 

 

	 	(e)	Termination
    by Death or Disability. In the event of the Executive’s death or total disability (as defined in Section 22(e)(3) of the
    Internal Revenue Code of 1986, as amended) during the Term, the Term and Executive’s employment shall terminate on the date
    of death or total disability. In the event of such termination, the Company’s sole obligations hereunder to the Executive (or
    the Executive’s estate) shall be for unpaid Base Salary, accrued but unpaid bonus and benefits (then owed or accrued and owed
    in the future), a pro-rata bonus for the year of termination based on the Executive’s target bonus for such year and the portion
    of such year in which the Executive was employed, and reimbursement of expenses pursuant to the terms hereon through the effective
    date of termination, each of which shall be paid within 10 days following the date of the Executive’s termination, and any
    unvested portion of any Equity Grants shall immediately be forfeited as of the termination date without any further action of the
    Parties.

 

    	5

     

    

 

	 	(f)	Conflict.
    In the event of a conflict between the terms and conditions herein and those in any other agreement or contract between the Company
    and the Executive with respect to any Equity Grants granted to the Executive, the terms and conditions of such other agreement or
    contract shall control. 

 

	 	4.	Post-Termination
    Assistance. Upon the Executive’s termination of employment with the Company, the Executive agrees to fully cooperate in
    all matters relating to the winding up or pending work on behalf of the Company and the orderly transfer of work to other employees
    of the Company following any termination of the Executives’ employment. The Executive further agrees that Executive will provide,
    upon reasonable notice, such information and assistance to the Company as may reasonably be requested by the Company in connection
    with any audit, governmental investigation, litigation, or other dispute in which the Company is or may become a party and as to
    which the Executive has knowledge; provided, however, that (i) the Company agrees to reimburse the Executive for any related out-of-pocket
    expenses, including travel expenses, and (ii) any such assistance may not unreasonably interfere with Executive’s then current
    employment. 
	 	 	 
	 	5.	No
    Mitigation or Set Off. In no event shall the Executive be obligated to seek other employment or take any other action by way
    of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement and such amounts shall not be
    reduced, regardless of whether the Executive obtains other employment. The Company’s obligation to make the payments provided
    for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any circumstances, including, without
    limitation, any set-off, counterclaim, recoupment, defense or other right which the Company may have against the Executive or others;
    provided, however, the Company shall have the right to offset the amount of any funds loaned or advanced to the Executive and not
    repaid against any severance obligations the Company may have to the Executive hereunder.
	 	 	 
	 	6.	Confidentiality

 

	 	(a)	Definition.
    For purposes of this Agreement, “Confidential Information” shall mean all Company Work Product (as hereinafter defined)
    and all non-public written, electronic, and oral information or materials of Company communicated to or otherwise obtained by Executive
    in connection with this Agreement, which is related to the products, business and activities of Company, its Affiliates (as defined
    below), and subsidiaries, and their respective customers, clients, suppliers, and other entities with which such party does business,
    including: (i) all costing, pricing, technology, software, documentation, research, techniques, procedures, processes, discoveries,
    inventions, methodologies, data, tools, templates, know how, intellectual property and all other proprietary information of Company;
    (ii) the terms of this Agreement; and (iii) any other information identified as confidential in writing by Company. Confidential
    Information shall not include information that: (a) was lawfully known by Executive without an obligation of confidentiality before
    its receipt from Company; (b) is independently developed by Executive without reliance on or use of Confidential Information; (c)
    is or becomes publicly available without a breach by Executive of this Agreement; or (d) is disclosed to Executive by a third party
    which is not required to maintain its confidentiality. An “Affiliate” of a Party shall mean any entity directly or indirectly
    controlling, controlled by, or under common control with, such Party at any time during the Term for so long as such control exists.

 

    	6

     

    

 

	 	(b)	Company
    Ownership. Company shall retain all right, title, and interest to the Confidential Information, including all copies thereof
    and all rights to patents, copyrights, trademarks, trade secrets and other intellectual property rights inherent therein and appurtenant
    thereto. Subject to the terms and conditions of this Agreement, Company hereby grants Executive a non-exclusive, non-transferable,
    license during the Term to use any Confidential Information solely to the extent that such Confidential Information is necessary
    for the performance of Executive’s duties hereunder. Executive shall not, by virtue of this Agreement or otherwise, acquire
    any proprietary rights whatsoever in Confidential Information, which shall be the sole and exclusive property and confidential information
    of Company. No identifying marks, copyright or proprietary right notices may be deleted from any copy of Confidential Information.
    Nothing contained herein shall be construed to limit the rights of Company from performing similar services for, or delivering the
    same or similar deliverable to, third parties using the Confidential Information and/or using the same personnel to provide any such
    services or deliverables.
	 	 	 
	 	(c)	Confidentiality
    Obligations. Executive agrees to hold the Confidential Information in confidence and not to copy, reproduce, sell, assign, license,
    market, transfer, give or otherwise disclose such Confidential Information to any person or entity or to use the Confidential Information
    for any purposes whatsoever, without the express written permission of Company, other than disclosure to Executive’s, partners,
    principals, directors, officers, employees, subcontractors and agents on a “need-to-know” basis as reasonably required
    for the performance of Executive’s obligations hereunder or as otherwise agreed to herein. Executive shall be responsible to
    Company for any violation of this Section 6 by Executive’s employees, subcontractors, and agents. Executive shall maintain
    the Confidential Information with the same degree of care, but no less than a reasonable degree of care, as Executive employs concerning
    its own information of like kind and character.
	 	 	 
	 	(d)	Required
    Disclosure. If Executive is requested to disclose any of the Confidential Information as part of an administrative or judicial
    proceeding, Executive shall, to the extent permitted by applicable law, promptly notify Company of that request and cooperate with
    Company, at Company’s expense, in seeking a protective order or similar confidential treatment for the Confidential Information.
    If no protective order or other confidential treatment is obtained, Executive shall disclose only that portion of Confidential Information
    which is legally required and will exercise all reasonable efforts to obtain reliable assurances that confidential treatment will
    be accorded the Confidential Information which is required to be disclosed.

 

    	7

     

    

 

	 	(e)	Enforcement.
    Executive acknowledges that the Confidential Information is unique and valuable, and that remedies at law will be inadequate
    to protect Company from any actual or threatened breach of this Section 6 by Executive and that any such breach would cause irreparable
    and continuing injury to Company. Therefore, Executive agrees that Company shall be entitled to seek equitable relief with respect
    to the enforcement of this Section 6 without any requirement to post a bond, including, without limitation, injunction and specific
    performance, without proof of actual damages or exhausting other remedies, in addition to all other remedies available to Company
    at law or in equity. For greater clarity, in the event of a breach or threatened breach by Executive of any of the provisions of
    this Section 6, in addition to and not in limitation of any other rights, remedies or damages available at law or in equity, Company
    shall be entitled to a permanent injunction or other like remedy in order to prevent or restrain any such breach or threatened breach
    by Executive, and Executive agrees that an interim injunction may be granted against Executive immediately on the commencement of
    any action, claim, suit or proceeding by Company to enforce the provisions of this Section 6, and Executive further irrevocably consents
    to the granting of any such interim or permanent injunction or any like remedy. If any action at law or in equity is necessary to
    enforce the terms of this Section 6, Executive, if it is determined to be at fault, shall pay Company’s reasonable legal fees
    and expenses on a substantial indemnity basis.
	 	 	 
	 	(f)	Related
    Duties. Executive shall: (i) promptly deliver to Company upon Company’s request all materials in Executive’s possession
    which contain Confidential Information; (ii) use its best efforts to prevent any unauthorized use or disclosure of the Confidential
    Information; (iii) notify Company in writing immediately upon discovery of any such unauthorized use or disclosure; and (iv) cooperate
    in every reasonable way to regain possession of any Confidential Information and to prevent further unauthorized use and disclosure
    thereof. 
	 	 	 
	 	(g)	Legal
    Exceptions. Further notwithstanding the foregoing provisions of this Section 6, Executive may disclose confidential information
    as may be expressly required by law, governmental rule, regulation, executive order, court order, or in connection with a dispute
    between the Parties; provided that prior to making any such disclosure, subject to applicable law, Executive shall use its best efforts
    to: (i) provide Company with at least fifteen (15) days’ prior written notice setting forth with specificity the reason(s)
    for such disclosure, supporting documentation therefor, and the circumstances giving rise thereto; and (ii) limit the scope and duration
    of such disclosure to the strictest possible extent.
	 	 	 
	 	(h)	Limitation.
    Except as specifically set forth herein, no licenses or rights under any patent, copyright, trademark, or trade secret are granted
    by Company to Executive hereunder, or are to be implied by this Agreement. Except for the restrictions on use and disclosure of Confidential
    Information imposed in this Agreement, no obligation of any kind is assumed or implied against either Party or their Affiliates by
    virtue of meetings or conversations between the Parties hereto with respect to the subject matter stated above or with respect to
    the exchange of Confidential Information. Each Party further acknowledges that this Agreement and any meetings and communications
    of the Parties and their affiliates relating to the same subject matter shall not: (i) constitute an offer, request, invitation or
    contract with the other Party to engage in any research, development or other work; (ii) constitute an offer, request, invitation
    or contract involving a buyer-seller relationship, joint venture, teaming or partnership relationship between the Parties and their
    affiliates; or (iii) constitute a representation, warranty, assurance, guarantee or inducement with respect to the accuracy or completeness
    of any Confidential Information or the non-infringement of the rights of third persons.

 

    	8

     

    

 

	 	7.	Intellectual
    Property Rights. 

 

	 	(a)	Disclosure
    of Work Product. As used in this Agreement, the term “Work Product” means any invention, whether or not patentable,
    know-how, designs, mask works, trademarks, formulae, processes, manufacturing techniques, trade secrets, ideas, artwork, software
    or any copyrightable or patentable works. Executive agrees to disclose promptly in writing to Company, or any person designated by
    Company, all Work Product that is solely or jointly conceived, made, reduced to practice, or learned by Executive in the course of
    any work performed for Company (“Company Work Product”). Executive agrees (a) to use Executive’s best efforts to
    maintain such Company Work Product in trust and strict confidence; (b) not to use Company Work Product in any manner or for any purpose
    not expressly set forth in this Agreement; and (c) not to disclose any such Company Work Product to any third party without first
    obtaining Company’s express written consent on a case-by-case basis. 
	 	 	 
	 	(b)	Ownership
    of Company Work Product. Executive agrees that any and all Company Work Product conceived, written, created or first reduced
    to practice in the performance of work under this Agreement shall be deemed “work for hire” under applicable law and
    shall be the sole and exclusive property of Company.
	 	 	 
	 	(c)	Assignment
    of Company Work Product. Executive irrevocably assigns to Company all right, title and interest worldwide in and to the Company
    Work Product and all applicable intellectual property rights related to the Company Work Product, including without limitation, copyrights,
    trademarks, trade secrets, patents, moral rights, contract and licensing rights (the “Proprietary Rights”). Except as
    set forth below, Executive retains no rights to use the Company Work Product and agrees not to challenge the validity of Company’s
    ownership in the Company Work Product. Executive hereby grants to Company a perpetual, non-exclusive, fully paid-up, royalty-free,
    irrevocable and world-wide right, with rights to sublicense through multiple tiers of sublicensees, to reproduce, make derivative
    works of, publicly perform, and display in any form or medium whether now known or later developed, distribute, make, use and sell
    any and all Executive owned or controlled Work Product or technology that Executive uses to complete the services and which is necessary
    for Company to use or exploit the Company Work Product.
	 	 	 
	 	(d)	Assistance.
    Executive agrees to cooperate with Company or its designee(s), both during and after the Term, in the procurement and maintenance
    of Company’s rights in Company Work Product and to execute, when requested, any other documents deemed necessary by Company
    to carry out the purpose of this Agreement. Executive will assist Company in every proper way to obtain, and from time to time enforce,
    United States and foreign Proprietary Rights relating to Company Work Product in any and all countries. Executive’s obligation
    to assist Company with respect to Proprietary Rights relating to such Company Work Product in any and all countries shall continue
    beyond the termination of this Agreement, but Company shall compensate Executive at a reasonable rate to be mutually agreed upon
    after such termination for the time actually spent by Executive at Company’s request on such assistance.

 

    	9

     

    

 

	 	(e)	Execution
    of Documents. In the event Company is unable for any reason, after reasonable effort, to secure Executive’s signature on
    any document requested by Company pursuant to this Section 7 within seven (7) days of the Company’s initial request to Executive,
    Executive hereby irrevocably designates and appoints Company and its duly authorized officers and agents as its agent and attorney
    in fact, which appointment is coupled with an interest, to act for and on its behalf solely to execute, verify and file any such
    documents and to do all other lawfully permitted acts to further the purposes of this Section 7 with the same legal force and effect
    as if executed by Executive. Executive hereby waives and quitclaims to Company any and all claims, of any nature whatsoever, which
    Executive now or may hereafter have for infringement of any Proprietary Rights assignable hereunder to Company.
	 	 	 
	 	(f)	Executive
    Representations and Warranties. Executive hereby represents and warrants that: (i) Company Work Product will be an original work
    of Executive or all applicable third parties will have executed assignments of rights reasonably acceptable to Company; (ii) neither
    the Company Work Product nor any element thereof will infringe the intellectual property rights of any third party; (iii) neither
    the Company Work Product nor any element thereof will be subject to any restrictions or to any mortgages, liens, pledges, security
    interests, encumbrances or encroachments; (iv) Executive will not grant, directly or indirectly, any rights or interest whatsoever
    in the Company Work Product to any third party; (v) Executive has full right and power to enter into and perform Executive’s
    obligations under this Agreement without the consent of any third party; (vi) Executive will use best efforts to prevent injury to
    any person (including employees of Company) or damage to property (including Company’s property) during the Term; and (vii)
    should Company permit Executive to use any of Company’s equipment, tools, or facilities during the Term, such permission shall
    be gratuitous and Executive shall be responsible for any injury to any person (including death) or damage to property (including
    Company’s property) arising out of use of such equipment, tools or facilities.

 

	 	8.	Non-Solicitation

 

	 	(a)	Business
    Interests. The Parties acknowledge that the Company is engaged in the various business as disclosed to the Executive (together
    with such other activities as may be engaged in from time to time, the “Existing Business”). As part of this Existing
    Business, Company has developed and continues to develop Confidential Information regarding the operation of such business. In addition,
    Company has developed and continues to develop substantial relationships with existing and prospective clients, accounts, suppliers
    and others, as well as goodwill associated with these relationships and business. These relationships are a substantial business
    asset owned by, and proprietary to, Company and are integral to Company’s Existing Business and continued operation. The Company
    also is engaged in expanding its business by developing new business concepts and services (the “Developing Business”).
    As part of this Developing Business, the Company has developed and continues to develop
    Confidential Information related thereto, valuable relationships with prospective and existing clients, accounts, suppliers and others,
    and continues to create goodwill associated with these relationships and business. The Developing Business is a substantial business
    asset owned by, and proprietary to, the Company. In addition to the Existing Business and the Developing Business, Company has other
    legitimate business interests which are necessary to protect through the provisions
    of this Section 8, which Executive acknowledges include, but are not limited to the following (collectively the “Other Legitimate
    Business Interests”):

 

	 	(i)	The
    Company has expended considerable resources in developing relationships with its suppliers, clients and customers,

 

    	10

     

    

 

	 	(ii)	The
    Company has expended considerable resources to recruit and hire vendors and/or employees who could perform services for Company,
    
	 	 	 
	 	(iii)	Executive
    may, through the contractual relationship set forth herein, develop a substantial relationship with Company’s existing or potential
    clients, including but not limited to being the sole or primary contact between Company and its clients and principals; and
	 	 	 
	 	(iv)	The
    relationship between Company and its clients and principals will depend on the quality and quantity of the services Executive performs
    for Company.

 

	 	(b)	Acknowledgement
    of Company’s Right to Protection of Business Interests. Executive acknowledges and agrees that Company desires, is entitled
    to, and deserves, protection of its legitimate business interests associated with the
    Existing Business, the Developing Business and the Other Legitimate Business Interests. Accordingly, Executive agrees to the restrictions
    set forth in this Section 8 as reasonable under the circumstances.
	 	 	 
	 	(c)	No-Solicitation.
    In recognition and consideration of Company’s Existing Business, Developing Business and Other Legitimate Business Interests,
    subject to applicable law, Executive agrees that, for the Term and for a period of three (3) years thereafter, Executive shall not,
    directly or indirectly solicit or discuss with any employee of Company the employment of such Company employee by any other commercial
    enterprise other than Company, nor recruit, attempt to recruit, hire or attempt to hire any such Company employee on behalf of any
    commercial enterprise other than Company. Nothing in this Section 8(c) shall prohibit Executive from undertaking a general recruitment
    advertisement provided that the foregoing is not targeted towards any person identified above, or from hiring, employing or engaging
    any such person who responds to such general recruitment advertisement.

 

	 	(d)	Remedies
    for Breach of Restrictions.

 

	 	(i)	Executive
    admits and agrees that Executive’s breach of the provisions of this Section 8 would result in irreparable harm to Company.
    Accordingly, in the event of Executive’s breach or threatened breach of such restrictions, Executive agrees that Company shall
    be entitled to an injunction restraining such breach or threatened breach without the necessity of posting a bond or other security.
    Further, in the event of Executive’s breach, the duration of the restrictions contained in this Section 8 shall be extended
    for the entire time that the breach existed so that Company is provided with the full time period provided herein.
	 	 	 
	 	(ii)	In
    addition to injunctive relief, Company shall be entitled to any other remedy available in law or equity by reason of Executive’s
    breach or threatened breach of the restrictions contained in this Section 8. 
	 	 	 
	 	(iii)	If
    the Company retains an attorney to enforce the provisions of this Section 8, the Company shall be entitled to recover its reasonable
    attorneys’ fees and costs so incurred from Executive, both prior to filing a lawsuit, during the lawsuit and on appeal.

 

    	11

     

    

 

	 	(e)	Blue
    Pencil. Executive has carefully read and considered the provisions of this Section 8 and, having done so, agrees that the restrictions
    set forth in such Section 8 are fair and reasonable and are reasonably required for the protection of the legitimate business interests
    of the Company. In the event that a court of competent jurisdiction shall determine that any of the foregoing restrictions are unenforceable,
    the Parties hereto agree that it is their desire that such court substitute an enforceable restriction in place of any restriction
    deemed unenforceable, and that the substitute restriction be deemed incorporated herein and enforceable against Executive. It is
    the intent of the Parties hereto that the court, in so determining any such enforceable substitute restriction, recognizes that it
    is their intent that the foregoing restrictions be imposed and maintained to the greatest extent possible. 

 

	 	9.	Representations
    and Warranties Relating to Securities. Any shares of Common Stock or other securities of the Company that may be issued or granted
    to the Executive hereunder or pursuant to any Award Agreement or any other agreement between the Company and the Executive in connection
    with the transactions contemplated herein may be referred to as the “Securities”, and Executive represents and warrants
    to the Company as set forth in this Section 9 with respect to the Securities and Executive’s receipt thereof, as of the Effective
    Date and as of the date of any issuance or granting of any Securities. 

 

	 	(a)	Executive
    is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D promulgated pursuant to the Securities
    Act (an “Accredited Investor”).
	 	 	 
	 	(b)	Executive
    hereby represent that the Securities awarded pursuant to this Agreement are being acquired for Executive’s own account and
    not for sale or with a view to distribution thereof. Executive acknowledges and agrees that any sale or distribution of Securities
    which have vested may be made only pursuant to either (a) a registration statement on an appropriate form under the Securities Act
    of 1933, as amended (the “Securities Act”), which registration statement has become effective and is current with regard
    to the shares being sold, or (b) a specific exemption from the registration requirements of the Securities Act that is confirmed
    in a favorable written opinion of counsel, in form and substance satisfactory to counsel for the Company, prior to any such sale
    or distribution. Executive hereby consents to such action as the Board or the Company deems necessary or appropriate from time to
    time to prevent a violation of, or to perfect an exemption from, the registration requirements of the Securities Act or to implement
    the provisions of this Agreement, including but not limited to placing restrictive legends on certificates evidencing shares of Securities
    (whether or not the Restrictions applicable thereto have lapsed) and delivering stop transfer instructions to the Company’s
    stock transfer agent.
	 	 	 
	 	(c)	Executive
    understands that the Securities is being offered and sold to Executive in reliance upon specific exemptions from the registration
    requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and
    Executive’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Executive
    set forth herein in order to determine the availability of such exemptions and the eligibility of the Executive to acquire the Securities.

 

    	12

     

    

 

	 	(d)	Executive
    has been furnished with all documents and materials relating to the business, finances and operations of the Company and information
    that Executive requested and deemed material to making an informed investment decision regarding its acquisition of the Securities.
    Executive has been afforded the opportunity to review such documents and materials and the information contained therein. Executive
    has been afforded the opportunity to ask questions of the Company and its management. Executive understands that such discussions,
    as well as any written information provided by the Company, were intended to describe the aspects of the Company’s business
    and prospects which the Company believes to be material, but were not necessarily a thorough or exhaustive description and the Company
    makes no representation or warranty with respect to the completeness of such information and makes no representation or warranty
    of any kind with respect to any information provided by any entity other than the Company. Some of such information may include projections
    as to the future performance of the Company, which projections may not be realized, may be based on assumptions which may not be
    correct and may be subject to numerous factors beyond the Company’s control. Additionally, Executive understands and represents
    that Executive is acquiring the Securities notwithstanding the fact that the Company may disclose in the future certain material
    information that the Executive has not received. Executive has sought such accounting, legal and tax advice as Executive has considered
    necessary to make an informed investment decision with respect to Executive’s investment in the Securities. Executive has full
    power and authority to make the representations referred to herein, to acquire the Securities and to execute and deliver this Agreement.
    Executive, either personally, or together with Executive’s advisors has such knowledge and experience in financial and business
    matters as to be capable of evaluating the merits and risks of an investment in the Securities, is able to bear the risks of an investment
    in the Securities and understands the risks of, and other considerations relating to, a purchase of the Securities. The Executive
    and Executive’s advisors have had a reasonable opportunity to ask questions of and receive answers from the Company concerning
    the Securities. Executive’s financial condition is such that Executive is able to bear the risk of holding the Securities that
    Executive may acquire pursuant to this Agreement for an indefinite period of time, and the risk of loss of Executive’s entire
    investment in the Company. Executive has investigated the acquisition of the Securities to the extent Executive deemed necessary
    or desirable and the Company has provided Executive with any reasonable assistance Executive has requested in connection therewith.
    No representations or warranties have been made to Executive by the Company, or any representative of the Company, or any securities
    broker/dealer, other than as set forth in this Agreement.
	 	 	 
	 	(e)	Executive
    also acknowledges and agrees that an investment in the Securities is highly speculative and involves a high degree of risk of loss
    of the entire investment in the Company and there is no assurance that a public market for the Securities will ever develop and that,
    as a result, Executive may not be able to liquidate Executive’s investment in the Securities should a need arise to do so.
    Executive is not dependent for liquidity on any of the amounts Executive is investing in the Securities. Executive has full power
    and authority to make the representations referred to herein, to acquire the Securities and to execute and deliver this Agreement.
    Executive understands that the representations and warranties herein are to be relied upon by the Company as a basis for the exemptions
    from registration and qualification of the issuance and sale of the Securities under the federal and state securities laws and for
    other purposes.

 

    	13

     

    

 

	 	(f)	Executive
    understands that no United States federal or state agency or any other government or governmental agency has passed upon or made
    any recommendation or endorsement of the Securities.

 

	 	(g)	Executive
    understands that until such time as the Securities have been registered under the Securities Act or may be sold pursuant to Rule
    144, Rule 144A under the Securities Act or Regulation S without any restriction as to the number of securities as of a particular
    date that can then be immediately sold, the Securities may bear a restrictive legend in substantially the following form (and a stop-transfer
    order may be placed against transfer of the certificates for such Securities):

 

“NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED,
OR APPLICABLE STATE SECURITIES LAWS. THESE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF
(A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL
(WHICH COUNSEL SHALL BE SELECTED BY THE HOLDER), IN A GENERALLY ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR
(II) UNLESS SOLD PURSUANT TO RULE 144, RULE 144A OR REGULATION S UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.”

 

	 	(h)	This
    Agreement has been duly and validly authorized by Executive. This Agreement has been duly executed and delivered on behalf of Executive,
    and this Agreement constitutes a valid and binding agreement of Executive enforceable in accordance with its terms.
	 	 	 
	 	(i)	Executive
    is an individual resident of the state set forth in the notices provision for Executive herein. 

 

	 	10.	Effect
    of Waiver. The waiver by either Party of a breach of any provision of this Agreement shall not operate or be construed as a waiver
    of any subsequent breach hereof. No waiver shall be valid unless in writing.

 

    	14

     

    

 

	 	11.	Assignment.
    This Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted
    assigns. No Party shall have any power or any right to assign or transfer, in whole or in part, this Agreement, or any of its rights
    or any of its obligations hereunder, including, without limitation, any right to pursue any claim for damages pursuant to this Agreement
    or the transactions contemplated herein, or to pursue any claim for any breach or default of this Agreement, or any right arising
    from the purported assignor’s due performance of its obligations hereunder, without the prior written consent of the other
    Party and any such purported assignment in contravention of the provisions herein shall be null and void and of no force or effect,
    provided however, that notwithstanding the forgoing the Company may transfer, assign or delegate to any successor (whether direct
    or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company
    any of Company’s rights, obligations or duties hereunder. As used in this Agreement, “Company” shall mean the Company
    as hereinbefore defined and any successor to its business and/or assets as aforesaid which assumes and agrees to perform this Agreement
    by operation of law, or otherwise. This Agreement shall inure to the benefit of, and shall be binding upon, the successors and permitted
    assigns of the Parties.
	 	 	 
	 	12.	No
    Third-Party Rights. Except as expressly provided in this Agreement, this Agreement is intended solely for the benefit of the
    Parties hereto and is not intended to confer any benefits upon, or create any rights in favor of, any person or entity other than
    the Parties hereto. Notwithstanding the foregoing, NVOM is an intended third-party beneficially of this Agreement and may enforce
    this Agreement as though a party hereto. 
	 	 	 
	 	13.	Entire
    Agreement; Effectiveness of Agreement. This Agreement, any Award Agreement and any other agreement entered into between the Company
    and Executive with respect to the issuance of any equity securities of the Company or other equity awards relating to the Company
    set forth the entire agreement of the Parties hereto and shall supersede any and all prior agreements and understandings concerning
    the Executive’s employment by the Company. This Agreement may be changed only by a written document signed by the Executive
    and the Company. 
	 	 	 
	 	14.	Survival.
    The provisions of Section 3, Section 4, Section 5, Section 6, Section 7, Section 8 and Section 12 through Section 25, inclusive,
    shall survive any termination or expiration of this Agreement, and provided that any expiration or termination of this Agreement
    shall not excuse a Party from compliance with, or fulfillment of, any obligations or conditions which arose prior to such expiration
    or termination.
	 	 	 
	 	15.	Severability.
    If any one or more of the provisions, or portions of any provision, of the Agreement shall be held to be invalid, illegal or unenforceable,
    the validity, legality or enforceability of the remaining provisions or parts hereof shall not in any way be affected or impaired
    thereby.
	 	 	 
	 	16.	Governing
    Law and Waiver of Jury Trial. 

 

	 	(a)	All
    questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be determined, and this Agreement
    shall be governed by and construed and enforced in accordance with the internal laws of the State of Nevada, and for all purposes
    shall be construed in accordance with the laws of such state, without giving effect to the choice of law provisions of such state.

 

    	15

     

    

 

	 	(b)	Subject
    to Section 17, each Party agrees that all legal proceedings concerning this Agreement shall be commenced in the state and federal
    courts sitting in KING COUNTY, WASHINGTON (the “Selected Courts”). Each Party hereto hereby irrevocably submits to the
    exclusive jurisdiction of the Selected Courts for the adjudication of any dispute hereunder or in connection herewith or with any
    transaction contemplated hereby or discussed herein (including with respect to the enforcement of the rights of a Party under this
    Agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally
    subject to the jurisdiction of such Selected Courts, or such Selected Courts are improper or inconvenient venue for such proceeding.
    Each Party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action or
    proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such Party
    at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient
    service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in
    any other manner permitted by applicable law. 
	 	 	 
	 	(c)	TO
    THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
    OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (A) CERTIFIES
    THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
    NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE
    BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 16(c).
	 	 	 
	 	(d)	Subject
    to the provisions of Section 17, if any Party shall commence an action or proceeding to enforce any provisions of this Agreement,
    then the prevailing Party in such action or proceeding shall be reimbursed by the other Party for its attorney’s fees and other
    costs and expenses incurred in the investigation, preparation and prosecution of such action or proceeding.

 

    	16

     

    

 

	 	17.	General
    Remedies. Each Party acknowledges that a breach by it of its obligations hereunder will cause irreparable harm to the other Party,
    and thus each Party acknowledges that the remedy at law for a breach of its obligations under this Agreement will be inadequate and
    agrees, in the event of a breach or threatened breach by such Party of the provisions of this Agreement, that the other Party shall
    be entitled, in addition to all other available remedies at law or in equity, and in addition to the penalties assessable herein,
    to an injunction or injunctions restraining, preventing or curing any breach of this Agreement and to enforce specifically the terms
    and provisions hereof, without the necessity of showing economic loss and without any bond or other security being required.
	 	 	 
	 	18.	Indemnification.
    During the Term, the Executive shall be entitled to indemnification and insurance coverage for officers’ liability, fiduciary
    liability and other liabilities arising out of the Executive’s position with the Company in any capacity, in an amount not
    less than the highest amount available to any other executive, and such coverage and protections, with respect to the various liabilities
    as to which the Executive has been customarily indemnified prior to termination of employment, shall continue for at least six years
    following the end of the Term. Any indemnification agreement entered into between the Company and the Executive shall continue in
    full force and effect in accordance with its terms following the termination of this Agreement.
	 	 	 
	 	19.	Expenses.
    Other than as specifically set forth herein, each of the Parties will bear their own respective expenses, including legal, accounting
    and professional fees, incurred in connection with this Agreement and the transactions contemplated herein.
	 	 	 
	 	20.	Notices.
    All notices and other communications hereunder shall be in writing and shall be given by hand delivery to the other Party, or by
    registered or certified mail, return receipt requested, postage prepaid, or by email with return receipt requested and received or
    nationally recognized overnight courier service, addressed as set forth below or to such other address as either Party shall have
    furnished to the other in writing in accordance herewith. All notices, requests, demands and other communications shall be deemed
    to have been duly given (i) when delivered by hand, if personally delivered, (ii) when delivered by courier or overnight mail, if
    delivered by commercial courier service or overnight mail, and (iii) on receipt of confirmed delivery, if sent by email.

 

	 	If to the Company:
	 	 	 
	 	Novo
    Integrated Sciences, Inc.
	 	 	 
	 	 	Attn:
    Robert Mattacchione
	 	 	11120
    NE 2nd Street, Suite 100
	 	 	Bellevue,
    WA 98004 
	 	 	Email:
    robert.mattacchione@novointegrated.com
	 	 	 
	 	With
    a copy, which shall not constitute notice, to: 
	 	 	 
	 	 	Anthony
    L.G., PLLC
	 	 	Attn:
    John Cacomanolis
	 	 	625
    N. Flagler Drive, Suite 600
	 	 	West
    Palm Beach, FL 33401
	 	 	Email:
    JCacomanolis@anthonypllc.com
	 	 	 
	 	If
    to Executive, to:
	 	 	 
	 	 	Dr.
    Joseph Mathew Chalil
	 	 	xxxx
    xxxxxx Ct.
	 	 	xxxx
    xxxxxxxx, FL xxxx3
	 	 	Email:
    xxxxxxxxxxxxx@gmail.com 

 

    	17

     

    

 

	 	21.	Headings.
    The section headings contained in this Agreement are inserted for convenience only and shall not affect in any way the meaning or
    interpretation of this Agreement.
	 	 	 
	 	22.	Counsel.
    The Parties acknowledge and agree that Anthony L.G., PLLC (“Counsel”) has acted as legal counsel to the Company, and
    that Counsel has prepared this Agreement at the request of the Company, and that Counsel is not legal counsel to Executive individually.
    Each of the Parties acknowledges and agrees that they are aware of, and have consented to, the Counsel acting as legal counsel to
    the Company and preparing this Agreement, and that Counsel has advised each of the Parties to retain separate counsel to review the
    terms and conditions of this Agreement and the other documents to be delivered in connection herewith, and each Party has either
    waived such right freely or has otherwise sought such additional counsel as it has deemed necessary. Each of the Parties acknowledges
    and agrees that Counsel does not owe any duties to Executive in Executive’s individual capacity in connection with this Agreement
    and the transactions contemplated herein. Each of the Parties hereby waives any conflict of interest which may apply with respect
    to Counsel’s actions as set forth herein, and the Parties confirm that the Parties have previously negotiated the material
    terms of the agreements as set forth herein.
	 	 	 
	 	23.	Rule
    of Construction. The general rule of construction for interpreting a contract, which provides that the provisions of a contract
    should be construed against the Party preparing the contract, is waived by the Parties hereto. Each Party acknowledges that such
    Party was represented by separate legal counsel in this matter who participated in the preparation of this Agreement or such Party
    had the opportunity to retain counsel to participate in the preparation of this Agreement but elected not to do so.
	 	 	 
	 	24.	Execution
    in Counterparts, Electronic Transmission. This Agreement may be executed in multiple counterparts, each of which shall be deemed
    an original and all of which taken together shall be but a single instrument. Counterparts may be delivered via facsimile, electronic
    mail (including pdf or any electronic signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com) or other
    transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and effective
    for all purposes.

 

[Signatures
appear on following page]

 

    	18

     

    

 

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

 

	 	Novo
    Integrated Sciences, Inc.
	 	 	 
	 	By:	/s/
    Robert Mattacchione
	 	Name:	Robert
    Mattacchione 
	 	Title:	Chief
    Executive Officer
	 	 	 
	 	Executive:
    Dr. Joseph Mathew Chalil
	 	 	 
	 	By:	/s/
    Dr. Joseph Mathew Chalil
	 	Name:	Dr.
    Joseph Mathew Chalil

 

[End
of Signatures]

 

    	19

     

    

 

EXHIBIT
A

 

Market
Cap Milestone Bonus

 

Market
Cap Milestone Bonus (“MCMB”). The Executive shall receive bonuses based on increases in the Company’s Market Cap
Valuation (“MCV”) from the date of this Executive Agreement. The following MCMB milestone bonus parameters apply:

 

	 	a)	For
    each and every Fifty Million ($50,000,000) Company MCV increase sustained for a period of not less than 30 days (the “50M Bonus
    Event”), the Executive will receive Two Hundred Fifty Thousand ($250,000), or one half of one (1/2) percent of $50,000,000,
    in Company Common Stock. For the sake of clarity, the Executive will only be issued compensation based on $50,000,000 MCV increments,
    there will be no compensation issued for anything above $50,000,000 until the subsequent $50,000,000 MCV milestone is achieved. This
    bonus will be capped at a Company MCV of One Billion Dollars USD. This 50M Bonus Event Stock will be issued as (i) 50% restricted
    shares within 30 days of the respective 50M Bonus Event or at a later date as requested by the Executive, and held as an allocation
    to the Executive, until the requisition date as provided in writing, by the Executive, to the Company, and (ii) 50% registered shares
    from the Company’s current active Incentive Plan within 30 days of the respective 50M Bonus Event.
	 	 	 
	 	b)	Upon
    the Company MCV sustaining a MCV of Two Billion USD for no less than 30 days (the “2B Bonus Event”), the Executive will
    receive $20,000,000, or one (1) percent of Two Billion USD, in restricted shares of Company Common Stock. The Executive may choose
    to have the 2B Bonus Event stock issued within 30 days of the 2B Bonus Event or at a later date, as requested in writing by the Executive,
    and held as an allocation to the Executive until the Executive provides the Company with written instructions requesting the specific
    stock issuance date.
	 	 	 
	 	c)	For
    each additional One (1) Billion USD MCV, beyond the 2B Bonus Event and commencing when the Company MCV reaches 3B Billion USD sustained
    for no less than 30 days, the Executive will receive $10,000,000, or one (1) percent of 1 billion USD, in restricted shares of the
    Company’s Common Stock. The Executive may choose to have this Bonus Event stock issued within 30 days of each of additional
    One (1) Billion USD MCV Bonus Event or at a later date, as requested in writing by the Executive, and held as an allocation to the
    Executive until the Executive provides the Company with written instructions requesting the specific stock issuance date. 
	 	 	 
	 	d)	All
    Company stock issued shall be calculated based on the stock price at the close of trading on the date of the respective Bonus Event.

 

[End
of Exhibit A]

 

    	20

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