Document:

Exhibit 10.7

 

 

 

Sealand Natural Resources Inc

 

EMPLOYMENT AGREEMENT

 

 

THIS AGREEMENT, entered
into as of July 18, 2014, (this "Agreement"), is between Sealand Natural Resources Inc, a NEVADA corporation (hereinafter
called the "Company"), and Steven D. Matteson (hereinafter called the "Chief Financial Officer CFO").

 

WHEREAS, the Company
and the CFO desire to enter into this Agreement pursuant to which the CFO will provide certain services to the Company.

 

NOW THEREFORE, for
the premises and conditions set forth herein and for consideration the receipt and sufficiency of which are hereby acknowledged,
the Company and the CFO hereby agree as follows:

 

1.            
Services.

 

(a)           
Subject to and upon the terms and conditions set forth in this Agreement (including Section 2 hereof), the Company hereby
agrees to emply the CFO, and the CFO hereby agrees to provide to the Company, such services as set forth on Exhibit A attached
hereto, as may be amended by mutual agreement between the CFO and the Company from time to time.

 

(b)           
During the term of this Agreement, the CFO agrees to devote up to 40 hours per week to the performance of services hereunder.

 

(c)           
The CFO shall provide his services hereunder at such times and places as are mutually agreed upon by the CFO and the Company.

 

2.             
Reporting. The CFO shall report on the services performed hereunder periodically during the term of this Agreement.
The CFO represents, warrants and covenants to the Company that each report of his activities will be true, accurate and correct
in all respects.

 

3.             
Compensation.

 

(a)           
So long as the CFO is providing services to the Company under this Agreement during the Term of this Agreement, the Company
agrees to grant CFO unrestricted stock in the amount of 1,500 net shares, with the company to cover applicable taxes (“grossed
up”), at the end of each calendar quarter - 3/31, 6/30, 9/30, 12/31 - (the “Stock”). In consideration for the
7,500 shares of Stock that have been deferred and are currently due to CFO, the CFO will waive his rights to those shares, and
instead be paid a net (grossed up) $8/share by the company at the effective date of this contract.

 

    	Sealand Natural Resources Inc.	CONFIDENTIAL	Page 1 of 8

    	 

    

 

(b)           
So long as the CFO is providing services to the Company under this Agreement during the Term of this Agreement, the Company
agrees to pay the CFO a cumulative salary of $ 6,000 on the first day of each month period (the draw).

 

(c)           
In the event 10% of more of the Company is sold, CFO will be paid a bonus of 50,000 shares of Stock, with immediate vesting
and sale rights to the Company, with CFO’s purchase price being $3 a share and the sale price to the Company equal to the
price paid by the acquiring individual/company.

 

(d)           
The Company will withhold tax and Social Security payments due, if any, from the CFO to any governmental taxing authority,
in accordance with (a) and (b) above. The Company hereby agrees that it will timely pay all taxes and fees upon the income and
other compensation earned from the Company, and will indemnify and hold the Company harmless against the claims of any governmental
taxing authority made in connection with the revenue and other compensation derived by the CFO under this Agreement.

 

(e)           
The CFO will be eligible for a bonus commensurate with industry standards for a CFO. The bonus structure is based on reaching certain sales and other corporate
milestones per Exhibit B (Bonus Schedule).

 

(f)           
Except for the compensation and Stock provided for in this Section 3 [and the expense reimbursement fringe benefit provided pursuant
to Section 4 and the Termination provision in Section 7d below], the Company shall have no obligation to provide any compensation
or other benefits to the CFO with respect to any services rendered by the CFO to the Company hereunder.

 

4.             
Expenses. The Company shall reimburse the CFO for any actual expenses incurred by the CFO while rendering services
under this Agreement so long as such expenses are reasonable, necessary, and appropriately documented.

 

5.             
Representations of CFO. The CFO hereby represents and warrants to the Company that he is free to enter into this
Agreement, and he will not disclose to the Company, or use for the Company's benefit, any trade secrets or confidential information
which is the property of any other person. Without limiting the generality of the foregoing, the CFO shall not disclose to the
Company, and shall not use for the Company's benefit, any information relating to or arising out of his utilizing the funds, personnel,
facilities, materials or other resources of any other person (if any), until such information is publicly disclosed.

 

6.             
Term. This Agreement shall take effect as of the date of this Agreement (the "Effective Date") and shall
continue thereafter in full force and effect until the effective date of termination of the CFO's services hereunder pursuant to
the provisions of Section 7 below. For purposes of this Agreement, the period of time during which this Agreement is in full force
and effect shall be hereinafter referred to as the "Term".

 

    	Sealand Natural Resources Inc.	CONFIDENTIAL	Page 2 of 8

    	 

    

 

7.             
Termination.

 

(a)           
This Agreement and the services provided by the CFO hereunder shall terminate immediately upon the CFO's death.

 

(b)           
This Agreement and the services provided by the CFO hereunder may be terminated at any time by the CFO for any reason or
no reason by giving at least thirty (30) days prior written notice of termination to the Company.

 

(c)           
This Agreement and the services provided by the CFO hereunder may be terminated at any time by the Company by giving written
notice of termination to the CFO.

 

(d)           
Upon termination pursuant to this Section 7, the CFO shall be entitled to that portion of the Fee and Stock which has been
earned but remains unpaid. Except in the event of just cause, the CFO shall also be entitled to severance commensurate with industry
standards for an individual with the title of Chief Financial Officer, including but not limited to 15,000 shares of Sealand Natural
Resources common stock, per year of service accumulated from the CFO’s original hire date of January 1, 2013, on a prorated
basis. The CFO’s purchase price of the shares will be $3 per share.

 

8.             
Confidential Information.

 

(a)           
For purposes of this Agreement, the term "Confidential Information" shall mean (i) confidential
information, knowledge or data of the Company, (ii) trade secrets of the Company and (iii) any other information of the Company
disclosed to the CFO (whether prior to or after the signing of this Agreement) or which the CFO is given after the date of this
Agreement and prior to the termination of his services to the Company. Without limiting the generality of the foregoing, the term
"Confidential Information" shall include (A) all inventions, improvements, developments, ideas, processes,
prototypes, plans, drawings, designs, models, formulations, specifications, methods, techniques, shop-practices, discoveries, innovations,
creations, technologies, formulas, algorithms, data, computer databases, reports, laboratory notebooks, papers, writings, photographs,
source and object codes, software programs, other works of authorship, know-how, patents, trademarks and copyrights (including
all records pertaining to any of the foregoing), whether or not reduced to writing, that are owned by the Company, or that are
required to be assigned to the Company by any person, including, without limitation, any employee or CFO of the Company, or that
are licensed to the Company by any person, (B) information regarding the Company's plans for research and development or for new
products, (C) engineering or manufacturing information pertaining to the Company or any of its operations or products, (D) information
regarding regulatory matters pertaining to the Company, (E) information regarding any acquisition or strategic alliance effected
by the Company or any proposed acquisition or strategic alliance being considered by the Company, (F) information regarding the
status or outcome of any negotiations engaged in by the Company, (G) information regarding the existence or terms of any contract
entered into by the Company, (H) information regarding any aspect of the Company's intellectual property position, (I) information
regarding prices or costs of the Company, (J) information regarding any aspect of the Company's business strategy, including, without
limitation, the Company's marketing, selling and distribution strategies, (K) information regarding customers or suppliers of the
Company, (L) information regarding the skills, compensation and other terms of employment or engagement of the Company's employees
and CFOs, (M) business plans, budgets and unpublished financial statements and unpublished financial data of the Company, (N) information
regarding marketing and sales of any actual or proposed product or services of the Company and (O) any other information that the
Company may designate as confidential.

 

    	Sealand Natural Resources Inc.	CONFIDENTIAL	Page 3 of 8

    	 

    

 

(b)           
The CFO acknowledges that, except to the extent otherwise provided below in this Section 8(b) or in Section 8(d) hereof,
all Confidential Information disclosed to or acquired by the CFO is a valuable, special, and unique asset of the Company and is
to be held in trust by the CFO for the Company's sole benefit. Except as otherwise provided below in this Section 8(b) or in Section
8(d) hereof, the CFO shall not, at any time during or for 180 days after the Term, use for himself or others, or disclose or communicate
to any person for any reason, any Confidential Information without the prior written consent of the Company. Notwithstanding anything
in this Section 8(b) to the contrary, it is understood that, except to the extent otherwise expressly prohibited by the Company,
(A) the CFO may use Confidential Information in connection with providing services to the Company and (B) the CFO may disclose
Confidential Information to any employee, CFO or advisor to or of the Company who has a need to know such Confidential Information
in order to perform or provide any services to the Company in the ordinary course and within the scope of such employee's, CFO's
or advisor's engagement by the Company.

 

(c)           
The CFO acknowledges and agrees that the Company has received, and may receive in the future, confidential or proprietary
information from third parties ("Third Party Confidential Information") subject to a duty
on the Company's part to maintain the confidentiality of such Third Party Confidential Information and to use it only for certain
limited purposes. During the Term and thereafter, the CFO shall hold Third Party Confidential Information in the strictest confidence
and will not use or disclose to anyone any Third Party Confidential Information, unless expressly authorized in writing by the
Company or unless otherwise provided below in this Section 8(c) or in Section 8(d) below. Notwithstanding anything in this Section
8(c) to the contrary, it is understood that, except to the extent otherwise expressly prohibited by the Company, (A) the CFO may
use Third Party Confidential Information in connection with providing services to the Company and (B) the CFO may disclose Third
Party Confidential Information to any employee, CFO or advisor to or of the Company who has a need to know such Third Party Confidential
Information in order to perform or provide any services to the Company in the ordinary course and within the scope of such employee's,
CFO's or advisor's engagement by the Company.

 

(d)           
The CFO's obligations under Section 8(b) and/or Section 8(c) hereof not to use, disclose or communicate Confidential Information
or Third Party Confidential Information to any person without the prior written consent of the Company shall not apply to any Confidential
Information or Third Party Confidential Information which (i) is or becomes publicly known under circumstances involving no breach
by the CFO of this Agreement, (ii) was known by the CFO prior to the date hereof, (iii) is independently developed by the CFO other
than in the course of performing consulting services for the Company pursuant to this Agreement, (iv) was or is disclosed to the
CFO by a third party who is not under any obligation of confidentiality to the Company or the owner of any Third Party Confidential
Information, (v) is disclosed by the CFO pursuant to a request or order of any court or governmental agency, provided that
the CFO shall have promptly notified the Company of any such request or order and provided reasonable cooperation (at the Company's
expense) in the Company's efforts, if any, to contest or limit the scope of such request or order, and/or (vi) was or is approved
for release by written authorization of an authorized representative of the Company.

 

    	Sealand Natural Resources Inc.	CONFIDENTIAL	Page 4 of 8

    	 

    

 

(e)           
The obligations of the CFO under this Section 8 are without prejudice, and are in addition to, any other obligations or
duties of confidentiality, whether express or implied or imposed by applicable law, that are owed to the Company or any other person
to whom the Company owes an obligation of confidentiality.

 

9.             
Return of Documents. All originals, copies and summaries of manuals, memoranda, notes, notebooks, records,
reports, plans, drawings, specifications, devices, formulas, storage media (including software, documents and computer printouts)
and other documents or items of any kind containing, disclosing, concerning or relating to Inventions, Confidential Information
or Third Party Confidential Information shall, to the extent that they are in the actual or constructive possession or control
of the CFO, be delivered to the Company by the CFO immediately upon termination of this Agreement.

 

10.             
Miscellaneous.

 

10.1.          Entire
Agreement. This Agreement represents the entire Agreement of the parties with respect to the arrangements contemplated hereby.
No prior agreement, whether written or oral, shall be construed to change, amend, alter, repeal or invalidate this Agreement. This
Agreement may be amended only by a written instrument executed in one or more counterparts by the parties.

 

10.2.          Waiver.
No consent to or waiver of any breach or default in the performance of any obligations hereunder shall be deemed or construed to
be a consent to or waiver of any other breach or default in the performance of any of the same or any other obligations hereunder.
Failure on the part of either party to complain of any act or failure to act of the other party or to declare the other party in
default, irrespective of the duration of such failure, shall not constitute a waiver of rights hereunder and no waiver hereunder
shall be effective unless it is in writing, executed by the party waiving the breach or default hereunder.

 

10.3.          Assignment.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted
assigns. This Agreement may be assigned by the Company to any affiliate of the Company and to a successor of its business to which
this Agreement relates (whether by purchase or otherwise). "Affiliate of the Company" means any person which, directly
or indirectly, controls or is controlled by or is under common control with the Company and, for the purposes of this definition,
"control" (including the terms "controlled by" and "under common control with") shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management and policies of another whether through
the ownership of voting securities or holding of office in another, by contract or otherwise. The CFO may not assign or transfer
any or all of his rights or obligations under this Agreement.

 

    	Sealand Natural Resources Inc.	CONFIDENTIAL	Page 5 of 8

    	 

    

 

10.4.          Disputes
and Costs. In case of any dispute hereunder, the parties will submit to the exclusive jurisdiction and venue of any
court of competent jurisdiction sitting in Reno, NV and will comply with all requirements necessary to give such court jurisdiction
over the parties and the controversy. EACH PARTY WAIVES ANY RIGHT TO A JURY TRIAL AND TO CLAIM OR RECOVER PUNITIVE DAMAGES.

 

10.5.          Severability.
All headings and subdivisions of this Agreement are for reference only and shall not affect its interpretation. In the event that
any provision of this Agreement should be held unenforceable by a court of competent jurisdiction, such court is hereby authorized
to amend such provision so as to be enforceable to the fullest extent permitted by law, and all remaining provisions shall continue
in full force without being impaired or invalidated in any way.

 

10.6.          Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Nevada.

 

10.7.          Survival.
The provisions of this Section 10.7 and Sections 8, 9, and 10 shall survive the expiration of the Term and the termination of this
Agreement.

 

    	Sealand Natural Resources Inc.	CONFIDENTIAL	Page 6 of 8

    	 

    

 

IN WITNESS WHEREOF,
the parties have signed this Agreement as of the date written above as a sealed instrument.

 

 

	 	Sealand Natural Resources Inc.	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:  	Greg May	 
	 	Title: 	Vice President and Chief Operations Officer	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:	Lars Aaurp Poulsen	 
	 	Title:	President  and  Chief Executive  Officer	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	 	 
	 	Name:	Steven D. Matteson	 
	 	Title:	Chief Financial Officer	 

 

    	Sealand Natural Resources Inc.	CONFIDENTIAL	Page 7 of 8

    	 

    

 

Exhibit A

Description of Services

 

The CFO shall perform the following services
for the Company:

 

		(i)	Serve as an employee of Sealand Natural Resources Inc., and act as Chief
Financial Officer and receive a salary and stock bonus plan as an employee of SLNR for services rendered and milestone targets
are met.

 

Exhibit B

 

CFO will receive a Stock Option Bonus for company
milestones as follows:

 

10,000 share stock option grant upon the company
surpassing sales milestone of $2 million in total gross annual sales. Option grant price to be set as the closing stock price at
the end of the fiscal quarter the milestone is met.

 

then an additional

 

10,000 share stock option grant upon the company
surpassing sales milestone of $3.5 million in total gross annual sales. Option grant price to be set as the closing stock price
at the end of the fiscal quarter the milestone is met.

 

then an additional

 

10,000 share stock option grant upon the company
surpassing sales milestone of $5 million in total gross annual sales. Option grant price to be set as the closing stock price at
the end of the fiscal quarter the milestone is met.

 

    	Sealand Natural Resources Inc.	CONFIDENTIAL	Page 8 of 8ex10-36.htm

Exhibit 10.36

 

AMENDMENT NO. 2 TO SECURITIES PURCHASE AGREEMENT

 

 

This Amendment No. 2 to Securities Purchase Agreement (this “Amendment”), dated as of October 20, 2014, is entered into by and among Medbox, Inc., a Nevada corporation (the “Company”), and the Purchasers named on the signature pages hereto.

 

WITNESSETH:

 

WHEREAS, on July 21, 2014, the Company and the Purchasers entered into a Securities Purchase Agreement, and on  September 19, 2014, the Company and the purchasers entered into an amendment thereto (as amended, the “Securities Purchase Agreement”);

 

WHEREAS, the Company and the Purchasers desire to amend the Securities Purchase Agreement as more particularly set forth below;

 

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

 

1.           Section 2.4(iv) of the Securities Purchase Agreement shall be deleted in its entirety and replaced by the following which shall be inserted in lieu thereof:

 

There is no existing Event of Default (as defined in the Debentures).

 

2.           Section 2.4(vi) of the Securities Purchase Agreement shall be deleted in its entirety and replaced by the following which shall be inserted in lieu thereof:

 

From the date hereof to the applicable Closing Date, trading in the Common Stock shall not have been suspended by the Commission  or the Company’s principal Trading Market and, at any time prior to the applicable Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities.

 

3.           Except as modified herein, the terms of the Securities Purchase Agreement shall remain in full force and effect.

 

4.           This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and shall be binding upon all parties, their successors and assigns, and all of which taken together shall constitute one and the same Amendment.  A signature delivered by facsimile shall constitute an original.

 

[Signature Page Follows]

 

 

 

 

 

 

[SIGNATURE PAGE TO AMENDMENT TO SECURITIES PURCHASE AGREEMENT]

 

 

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

 

MEDBOX, INC.

 

By: /s/  Guy Marsala

Name: Guy Marsala

Title: CEO

PURCHASERS:

 

REDWOOD MANAGEMENT LLC

 

By: /s/ John DeNobile

Name: John DeNobile

Title: Manager

 

REDWOOD FUND II LLC

 

By: /s/ John DeNobile

Name: John DeNobile

Title: Manager

 

REDWOOD FUND III LTD.

 

By: /s/ John DeNobile

Name: John DeNobile

Title: Manager

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