Document:

ex10-13.htm

Exhibit 10.13

 

PURCHASE AGREEMENT

 

This Purchase Agreement (this “Agreement”), dated as of December 15, 2014, is by and between Central Able Investments Limited, a company established under the laws of Hong Kong (the “Purchaser”), and Solar Power, Inc., a California corporation (the “Company”). Each of the Purchaser and the Company is referred to herein each as a “Party”, and collectively as the “Parties”. 

 

W I T N E S S E T H:

 

WHEREAS, the Company and the Purchaser desire to provide for the issuance, sale and purchase of certain number of shares of common stock of the Company, par value US$0.0001 per share (the “Common Shares”), on the terms and conditions set forth in this Agreement; and

 

WHEREAS, the Company and the Purchaser desire to make certain representations, warranties, covenants and agreements in connection with the issuance, sale and purchase of certain Common Shares and related transactions contemplated by this Agreement. 

 

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

 

ARTICLE I

PURCHASE AND SALE

 

Section 1.1     Issuance, Sale and Purchase of Shares. Subject to the terms and conditions of this Agreement, and in reliance upon the representations and warranties set forth herein, the Company agrees to issue, sell and deliver to the Purchaser, free and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment, claim or restriction of any kind or nature other than those imposed by the Articles of Incorporation and Bylaws of the Company, and the Purchaser agrees to purchase from the Company, on the Closing Date (as defined below), 2,500,000 Common Shares (the “Purchase Shares”).

 

Section 1.2     Purchase Price. The Purchaser shall pay an aggregate purchase price of US$5,000,000 (the “Purchase Price”), or US$2.00 per share, for the Purchase Shares. 

 

Section 1.3     Closing.

 

(a)     Upon the terms and subject to the conditions of this Agreement, the closing (the “Closing”) of the purchase and sale of the Purchase Shares of the Purchaser shall take place at a place determined by the Company at 9:00 A.M. New York time on a date that is no later than 10 days after the date hereof or at such other time or on such other date that is agreed upon in writing by the Company and the Purchaser (the “Closing Date”). 

 

(b)     At or before the Closing, the Purchaser shall deliver the Purchase Price by wire transfer in immediately available funds to the Company’s bank account designated by the Company in a written notice to the Purchaser. At the Closing, the Purchaser shall deliver a certificate of a duly authorized officer of the Purchaser certifying as to the matters set forth in Section 1.4(b).

 

 

 

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Section 1.4     Closing Conditions.

 

The obligations of the Company to issue and sell the Purchase Shares as contemplated by this Agreement shall be subject to the satisfaction, on or before the Closing, of each of the following conditions, provided that any of which may be waived in writing by the Company in its sole discretion:

 

(a)     All corporate and other actions required to be taken by the Company in connection with the issuance and sale of the Purchase Shares shall have been completed and all corporate and other actions required to be taken by the Purchaser in connection with the purchase of the Purchase Shares shall have been completed. 

 

(b)     The representations and warranties of the Purchaser contained in Section 2.2 of this Agreement shall have been true and correct on the date of this Agreement and shall be true and correct in all material respects as of the Closing; and the Purchaser shall have performed and complied with in all material respects all, and not be in breach or default in any material respect under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing. 

 

(c)     No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits or otherwise makes illegal the consummation of, or materially and adversely alter, the transactions contemplated by this Agreement or imposes any damages or penalties that are substantial in relation to the Company; and no action, suit, proceeding or investigation shall have been instituted by or before any governmental authority of competent jurisdiction or threatened that seeks to restrain, enjoin, prevent, prohibit or otherwise makes illegal the consummation of, or materially and adversely alter, the transactions contemplated by this Agreement or impose any damages or penalties that are substantial in relation to the Company.

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES

 

Section 2.1     Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser, as of the date hereof and as of the Closing, as follows:

 

(a)     Organization and Authority. Each of the Company and its subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, with the requisite power and authority to own and use its properties and assets and to carry on its business in all material respects as is currently conducted. Neither the Company nor any of its subsidiaries is in material violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents. Each of the Company and its subsidiaries is duly qualified to conduct business and is in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary and no proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification, except to the extent that the failure to be so qualified and in good standing would not adversely affect the ability of the Company to carry out its obligations under, and to consummate the transactions contemplated by, this Agreement or adversely affect the ability of the Company and its subsidiaries to conduct the business as is currently conducted. 

 

 

 

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(b)     Due Issuance of the Purchase Shares. The Purchase Shares of the Purchaser have been duly authorized and, when issued and delivered to the Purchaser and paid for by the Purchaser pursuant to this Agreement, will be validly issued, fully paid and non-assessable.

 

(c)     Noncontravention. Neither the execution and the delivery of this Agreement, nor the consummation of the transactions contemplated hereby, will violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental entity or court to which the Company or any of its subsidiaries is subject. 

 

(d)     Filings, Consents and Approvals. Assuming the accuracy of the representations and warranties of the Purchaser in Section 2.2(f), neither the execution and delivery by the Company of this Agreement, nor the consummation by the Company of any of the transactions contemplated hereby, nor the performance by the Company of this Agreement in accordance with its terms requires the filing, consent, approval, order or authorization of, or registration with, or the giving notice to, any governmental or public body or authority, except such as have been obtained, made, given or will be made promptly hereafter and any required filing or notification with the Securities and Exchange Commission. 

 

Section 2.2     Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company as of the date hereof and as of the Closing Date, as follows: 

 

(a)     Due Formation. It is a company duly incorporated as an exempted company with limited liability, validly existing and in good standing under the laws of the jurisdiction of its incorporation, with full power and authority to own and operate and to carry on its business in the places and in the manner as currently conducted. 

 

(b)     Authority. It has full power and authority to enter into, execute and deliver this Agreement and each agreement, certificate, document and instrument to be executed and delivered by it pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by it of this Agreement and the performance by it of its obligations hereunder have been duly authorized by all requisite actions on its part. 

 

(c)     Valid Agreement. This Agreement has been duly executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

 

 

 

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(d)     Consents. Neither the execution and delivery by it of this Agreement nor the consummation by it of any of the transactions contemplated hereby nor the performance by it of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or registration with, or the giving of notice to, any governmental or public body or authority or any third party, except as have been obtained, made or given. 

 

(e)     No Conflict. Neither the execution and delivery by it of this Agreement, nor the consummation by it of any of the transactions contemplated hereby, nor compliance by it with any of the terms and conditions hereof will contravene any existing agreement, federal, state, county or local law, rule or regulation or any judgment, decree or order applicable to, or binding upon, it. 

 

(f)     Status and Investment Intent. 

 

(i)       Experience. It has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of its investment in the Purchase Shares. It is capable of bearing the economic risks of such investment, including a complete loss of its investment.

 

(ii)      Purchase Entirely for Own Account. It is acquiring the Purchase Shares for its own account for investment purposes only and not with the view to, or with any intention of, resale, distribution or other disposition thereof. It does not have any direct or indirect arrangement, or understanding with any other persons to distribute, or regarding the distribution of the Purchase Shares in violation of the United States Securities Act of 1933, as amended (the “Securities Act”) or other applicable laws. 

 

(iii)     Not U.S. person. It is not a “U.S. person” (as such term is defined in Regulation S of the Securities Act) and is not purchasing the Purchase Shares for the account or benefit of any “U.S. person”.

 

(iv)     Distribution Compliance Period. It acknowledges that all offers and sales of the Purchase Shares before the end of the “distribution compliance period” (as such term is defined in Regulation S of the Securities Act) be made only in accordance with Regulation S of the Securities Act, pursuant to registration of the securities under the Securities Act or pursuant to an exemption therefrom.

 

(v)      Restrictive Legend. It understands that the certificate evidencing the Purchase Shares will bear a legend or other restriction substantially to the following effect:

 

“THE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NO SALE, PLEDGE, HYPOTHECATION, TRANSFER OR OTHER DISPOSITION OF THESE SECURITIES MAY BE MADE UNLESS EITHER (A) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (B) PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, IN EITHER CASE UPON THE RECEIPT OF AN OPINION OF U.S. COUNSEL.”

 

 

 

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(vi)      Information. It has been furnished access to all materials it has requested relating to the Company and its subsidiaries and other due diligence information and documents and has been afforded the opportunity to ask questions of and receive answers from representatives of the Company concerning the foregoing, including the terms and conditions of this Agreement. It has consulted to the extent it deemed appropriate with its own advisers as to the financial, tax, legal and related matters concerning an investment in the Purchase Shares. 

 

(vii)     No Broker. No broker, investment banker or other person is entitled to any broker’s, finder’s or other similar fee or commission in connection with the execution and delivery of this Agreement or the consummation of any of the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Purchaser. 

 

(g)     Financing. It has sufficient funds available to it to purchase all of the Purchase Shares pursuant to this Agreement. 

 

ARTICLE III

MISCELLANEOUS

 

Section 3.1     Lockup. Without the prior written consent of the Company, the Purchaser shall not sell, give, assign, hypothecate, pledge, encumber, grant a security interest in or otherwise dispose of, or suffer to exist (whether by operation of law or otherwise) any encumbrance on, any of the Purchase Shares, or any right, title or interest therein or thereto, prior to the date that is three (3) months after the Closing Date. 

 

Section 3.2     Survival of the Representations and Warranties. All representations and warranties made by any Party shall survive for two years and shall terminate and be without further force or effect on the second anniversary of the Closing Date. Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such time) and in writing by notice from the non-breaching Party prior to the expiration date of the applicable survival period shall not thereafter be barred by the expiration of the relevant representations or warranty and such claims shall survive until finally resolved. 

 

Section 3.3     Termination. This Agreement may be terminated, and the transactions contemplated hereby may be abandoned at any time prior to Closing, (i) by mutual agreement of the Parties, (ii) by the Company in the event that the Closing has not occurred by the date that is 90 days from the date of this Agreement. Nothing in this Section 3.3 shall be deemed to release any Party from any liability for any breach of this Agreement prior to the effective date of such termination. 

 

Section 3.4     Governing Law. This Agreement shall be governed and interpreted in accordance with the laws of the State of New York without giving effect to the conflicts of law principles thereof. 

 

 

 

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Section 3.5     Dispute Resolution. Any dispute, controversy or claim (each, a “Dispute”) arising out of or relating to this Agreement, or the interpretation, performance breach, termination, validity or invalidity thereof, shall be referred to arbitration upon the demand of any Party to the dispute with notice (the “Arbitration Notice”) to the other Party. 

 

(a)     The Dispute shall be settled in Hong Kong in a proceeding conducted in English by one (1) arbitrator from the Hong Kong International Arbitration Centre (the “HKIAC”) in accordance with the Hong Kong International Arbitration Centre Administered Arbitration Rules (the “HKIAC Rules”) in force when the Arbitration Notice is submitted in accordance with the HKIAC Rules.

 

(b)     Each party to the arbitration shall cooperate with each other party to the arbitration in making full disclosure of and providing complete access to all information and documents reasonably requested by such other party in connection with such arbitral proceedings, subject only to any confidentiality obligations binding on such party.

 

(c)     The award of the arbitral tribunal shall be final and binding upon the parties thereto, and the prevailing party may apply to a court of competent jurisdiction for enforcement of such award.

 

(d)     During the course of the arbitral tribunal's adjudication of the Dispute, this Agreement shall continue to be performed except with respect to the part in dispute and under adjudication.

 

Section 3.6     Amendment. This Agreement shall not be amended, changed or modified, except by another agreement in writing executed by the Parties hereto. 

 

Section 3.7     Binding Effect. This Agreement shall inure to the benefit of, and be binding upon, each of the Parties and their respective heirs, successors and permitted assigns. 

 

Section 3.8     Assignment. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by the Company or the Purchaser without the express written consent of the other Party. Any purported assignment in violation of the foregoing sentence shall be null and void. 

 

Section 3.9     Notices. All notices, requests, demands, and other communications under this Agreement shall be in writing and shall be deemed to have been duly given on the date of actual delivery if delivered personally to the Parties to whom notice is to be given, on the date sent if sent by telecopier, tested telex or prepaid telegram, on the next business day following delivery if sent by courier or on the day of attempted delivery by postal service if mailed by registered or certified mail, return receipt requested, postage paid, and properly addressed as follows or any other addresses as notified by one Party to the other Party: 

 

	
If to the Purchaser, at:
	
Central Able Investments Limited

	 	 
	
If to the Company, at:
	
Solar Power, Inc. 

3400 Douglas Boulevard, Suite 285

Roseville, California

USA 

Fax: +1-916-771-3657 

 

Any Party may change its address for purposes of this Section 3.9 by giving the other Party a written notice of the new address in the manner set forth above.

 

 

 

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Section 3.10     Entire Agreement. This Agreement constitutes the entire understanding and agreement between the Parties hereto with respect to the matters covered hereby, and all prior agreements and understandings, oral or in writing, if any, between the Parties with respect to the matters covered hereby are merged and superseded by this Agreement. 

 

Section 3.11     Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the Parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

Section 3.12     Fees and Expenses. Except as otherwise provided in this Agreement, each Party will be responsible for all of its own expenses incurred in connection with the negotiation, preparation and execution of this Agreement. 

 

Section 3.13     Public Announcements. The Purchaser shall not make, or cause to be made, any press release or public announcement in respect of this Agreement or the transactions contemplated by this Agreement or otherwise communicate with any news media without the prior written consent of the Company unless otherwise required by securities laws or other applicable law. 

 

Section 3.14     Specific Performance. The Parties agree that irreparable damage would occur in the event any provision of this Agreement is not performed in accordance with the terms hereof. Accordingly, each Party shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity. 

 

Section 3.15     Headings. The headings of the various articles and sections of this Agreement are inserted merely for the purpose of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated. 

 

Section 3.16     Execution in Counterparts. For the convenience of the Parties and to facilitate execution, this Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year first above written.

 

 

 

	
Solar Power, Inc.

	 
	 
	  
	
By:   /s/ Xiaofeng Peng                   

	
Name: Xiaofeng Peng

	
Title: Authorized Signatory

	  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
Purchaser: 

 

Central Able Investments Limited

	 
	 
	  
	
By:  /s/ Zhang Xi                             

	
 Name: Zhang Xi

	
 Title: Authorized SignatoryDigiPath,
Inc.

 

CONSULTING,
CONFIDENTIALITY AND PROPRIETARY RIGHTS AGREEMENT

 

This
Consulting, Confidentiality and Proprietary Rights Agreement (“Agreement”) is entered into as of the 10th day of December
2014 (the “Effective Date”) by and between DigiPath, Inc. a Nevada corporation (the “Company”), W-Net,
Inc. (“Consultant”).

 

WHEREAS,
the Company desires to engage Consultant to provide certain services as set forth on Schedule A attached hereto.

 

NOW,
THEREFORE, in consideration of the foregoing and the mutual covenants and conditions contained herein, the parties hereto agree
as follows:

 

1.
Engagement. The Company hereby engages Consultant to perform, using David Weiner (the “Principal”), those duties
set forth in the Schedule A attached hereto and such other duties as may be mutually agreed to from time to time by the
Company and Consultant (collectively, the “Services”). Consultant hereby accepts such engagement upon the terms
and subject to conditions set forth in this Agreement.

 

2.
Compensation. For the Services rendered by Consultant under this Agreement, the Company shall pay to Consultant the compensation
specified in Schedule A subject to the terms and conditions set forth in this Agreement. The Consulting Fee (as defined
below) shall be payable by the Company in advance, on a calendar monthly basis, in US Dollars by check or wire transfer to an
account specified by Consultant. All amounts payable by the Company pursuant to this Section 2 shall be due within fifteen
(15) days following the Company’s receipt of an invoice therefor. Any amounts not paid within fifteen (15) days following
the Company’s receipt of an invoice shall accrue interest at a rate of one percent (1%) per month or the maximum lawful
rate, whichever is less.

 

3.
Term and Survivability. The term of this Agreement shall be for a period of one month from the Effective Date and shall
automatically renew for successive monthly periods until terminated in accordance with the terms hereof. This Agreement may be
terminated at any time for any reason by either party with five (5) days’ notice. Upon termination of this Agreement the
following sections of this Agreement shall survive such termination: Sections 3, 5, 6, 7, 8, 12, and 13-23.

 

4.
Costs and Expenses of Consultant’s Performance. The Company shall reimburse Consultant for all costs and expenses
incurred by Consultant in connection with providing the Services upon Consultant providing reasonable substantiating documentation.

 

5.
Taxes. As an independent contractor, Consultant acknowledges and agrees that it is solely responsible for the payment of
any taxes and/or assessments imposed on account of the payment of compensation to, or the performance of Services by Consultant
pursuant this Agreement, including, without limitation, any unemployment insurance tax, federal and state income taxes, federal
Social Security (FICA) payments, and state disability insurance taxes. The Company shall not make any withholdings or payments
of said taxes or assessments with respect to amounts paid to Consultant hereunder; provided, however, that if required by law
or any governmental agency, the Company shall withhold such taxes or assessments from amounts due Consultant, and any such withholding
shall be for Consultant’s account, shall not be reimbursed by the Company to Consultant and shall be paid to the applicable
taxing authority by the Company on Consultant’s behalf.

 

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6.
Confidentiality. Reference is hereby made to that certain Nondisclosure Agreement, dated as of December 9, 2014, by and
between the Company and Consultant (the “NDA”). The NDA is hereby incorporated by reference and the parties hereby
agree to abide by the terms thereof as if set forth herein. The term “Confidential Information” as used herein shall
have the meaning ascribed to it in the NDA. The parties shall treat the terms and conditions and the existence of this Agreement
as Confidential Information.

 

The
Company shall file a Current Report on Form 8-K with the Securities and Exchange Commission (i) disclosing this Agreement and
any ancillary agreements (including that certain Lock-Up Agreement, dated as of the date hereof) entered into by Consultant in
connection with the Services and (ii) containing such other disclosures as are acceptable to Consultant.

 

7.
Return of the Company’s Proprietary Materials. Consultant agrees to deliver promptly to the Company on termination
of this Agreement for whatever reason, or at any time the Company may so request, all documents, records, artwork, designs, data,
drawings, flowcharts, listings, models, sketches, apparatus, notebooks, disks, notes, copies and similar repositories of Confidential
Information and any other documents of a confidential nature belonging to the Company, including all copies, summaries, records,
descriptions, modifications, drawings or adaptations of such materials which Consultant may then possess or have under its control.
Consultant further agrees that upon termination of this Agreement, Consultant’s, employees, consultants, agents or independent
contractors shall not retain any document, data or other material of any description containing any Confidential Information or
proprietary materials of the Company.

 

8.
Assignment of Proprietary Rights. Other than the Proprietary Rights listed on the Schedule B attached hereto, if any, Consultant
hereby assigns and transfers to the Company all right, title and interest that Consultant may have, if any, in and to all Proprietary
Rights (whether or not patentable or copyrightable) made, conceived, developed, written or first reduced to practice by Consultant,
whether solely or jointly with others, during the period of Consultant’s engagement by the Company in connection with the
Services (“Inventions”). “Proprietary Rights” means any and all patent rights, copyright rights,
trademark rights, trade secret rights, mask work rights, sui generis database rights and all other intellectual property, industrial
property and proprietary rights recognized anywhere in the world, now or in the future.

 

Consultant
acknowledges and agrees that the Company shall have all right, title and interest in, among other items, all research information
and all documentation or manuals related thereto that Consultant develops or prepares for the Company during the period of Consultant’s
engagement by the Company and that such work by Consultant shall be work made for hire and that the Company shall be the sole
author thereof for all purposes under applicable copyright and other intellectual property laws. Consultant agrees promptly to
disclose in writing to the Company all Inventions in order to permit the Company to claim rights to which it may be entitled under
this Agreement. With respect to all Proprietary Rights which are assigned to the Company pursuant to this Section 8, Consultant
will assist the Company, at the Company’s expense, in any reasonable manner to obtain for the Company’s benefit patents
and copyrights thereon in any and all jurisdictions as may be designated by the Company, and Consultant will execute, when requested,
patent and copyright applications and assignments thereof to the Company, or other persons designated by the Company, and any
other lawful documents deemed necessary by the Company to carry out the purposes of this Agreement. Consultant will farther assist
the Company in every way to enforce any patents, copyrights and other Proprietary Rights of the Company.

 

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9.
Trade Secrets of Others. Consultant represents to the Company that its performance of all the terms of this Agreement does
not and will not breach any agreement to keep in confidence proprietary information or trade secrets acquired by Consultant in
confidence or in trust prior to its engagement by the Company, and Consultant will not disclose to the Company, or induce the
Company to use, any confidential or proprietary information or material belonging to others. Consultant agrees not to enter into
any agreement, either written or oral, in conflict with this Section 9 of this Agreement.

 

10.
[Reserved.]

 

11.
Independent Contractor. Consultant shall not be deemed to be an employee or agent of the Company for any purpose whatsoever.
Consultant shall have the sole and exclusive control over its employees, consultants or independent contractors who provide Services
to the Company, and over the labor and employee relations policies and policies relating to wages, hours, working conditions or
other conditions of its employees, consultants or independent contractors.

 

12.
Non-Solicit. Consultant will not, during the term this Agreement and for three months thereafter, directly or indirectly
(whether as an owner, partner, shareholder, agent, officer, director, employee, independent contractor, consultant, or otherwise)
with or through any individual or entity: (i) employ, engage or solicit for employment any individual who is an employee of the
Company, or otherwise seek to adversely influence or alter such individual’s relationship with the Company; or (ii) solicit
or encourage any individual or entity that is a customer or vendor of the Company to terminate or otherwise alter his, her or
its relationship with the Company or any of its affiliates.

 

13.
Equitable Remedies. In the event of a breach or threatened breach of the terms of Section 6, 7, 8 or 12 of this Agreement
by Consultant, the parties hereto acknowledge and agree that it would be difficult to measure the damage to the Company from such
breach, that injury to the Company from such breach would be impossible to calculate and that monetary damages would therefore
be an inadequate remedy for any breach. Accordingly, the Company, in addition to any and all other rights which may be available,
shall have the right of specific performance, injunctive relief and other appropriate equitable remedies to restrain any such
breach or threatened breach without showing or proving any actual damage to the Company.

 

14.
Supercedes. This Agreement supersedes any prior written and verbal agreements between Consultant and the Company relating
to the subject matter hereof.

 

15.
Governing Law. This Agreement shall be governed, construed and interpreted in accordance with the internal laws of the
State of California. In the event a judicial proceeding is necessary, the sole forum for resolving disputes arising under or relating
to this Agreement are the state and Federal courts located in Los Angeles, California, and the parties hereby consent to the jurisdiction
of such courts, and that venue shall be in Los Angeles, California.

 

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16.
Entire Agreement: Modifications and Amendments. The terms of this Agreement are intended by the parties as a final expression
of their agreement with respect to such terms as are included in this Agreement and may not be contradicted by evidence of any
prior or contemporaneous agreement. The Schedules A and B referred to in this Agreement is incorporated into this Agreement by
this reference. This Agreement may not be modified, changed or supplemented, nor may any obligations hereunder be waived or extensions
of time for performance granted, except by written instrument signed by the parties or by their agents duly authorized in writing
or as otherwise expressly permitted herein.

 

17.
Attorneys’ Fees. Should any party institute any action or proceeding to enforce this Agreement or any provision hereof,
or for damages by reason of any alleged breach of this Agreement or of any provision hereof, or for a declaration of rights hereunder,
the Consultant shall be entitled to receive from the Company all costs and expenses, including reasonable attorneys’ fees,
incurred in connection with such action or proceeding.

 

18.
Assignment. This Agreement and the rights, duties and obligations hereunder may be assigned or delegated by Consultant.

 

19.
Binding Effect: Successors and Assignment. This Agreement and the provisions hereof shall be binding upon each of the parties,
their successors and permitted assigns.

 

20.
Validity. This Agreement is intended to be valid and enforceable in accordance with its terms to the fullest extent permitted
by law. If any provision of this Agreement is found to be invalid or unenforceable by any court of competent jurisdiction, the
invalidity or unenforceability of such provision shall not affect the validity or enforceability of all the remaining provisions
hereof.

 

21.
Notices. All notices and other communications hereunder shall be in writing and, unless otherwise provided herein, shall
be deemed duly given if delivered personally or by telecopy or mailed by registered or certified mail (return receipt requested)
or by Federal Express or other similar courier service to the parties at the following addresses or (at such other address for
the party as shall be specified by like notice). Additionally, an email shall be sent with a copy of all written notices.

 

(i)
If to the Company:

 

DigiPath,
Inc.

Attn:
President

6450
Cameron Street #113

Las
Vegas, NV 89118

Phone:

Email:
todd@digipath.com

 

(ii)
If to the Consultant:

 

Any
such notice, demand or other communication shall be deemed to have been given on the date personally delivered or as of the date
mailed, as the case may be.

 

22.
Limitation of Liability. Notwithstanding anything to the contrary set forth herein, Consultant shall not be liable to the
Company for any loss of business or profits or replacement costs or for indirect, incidental, punitive, or consequential damages
for any cause of action, whether in contract, tort, or otherwise even if Consultant has been or should have known of the possibility
of such damages. In no event shall the aggregate liability of Consultant arising out of, or relating in any way to, this Agreement
exceed the aggregate amount of the Consulting Fees actually paid to Consultant pursuant to Section 2 hereof during the twelve
(12) month period prior to the action giving rise to any claim.

 

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23.
Indemnification. The Company agrees to indemnify and hold harmless Consultant and its affiliates, and the respective officers,
directors, employees, agents and representatives of Consultant, its affiliates and each other person, if any, controlling Consultant
or any of its affiliates (Consultant and each such other person and entity being an “Indemnified Person”) from and
against any losses, claims, damages or liabilities related to, arising out of or in connection with this Agreement, and will reimburse
each Indemnified Person for all expenses incurred by such Indemnified Party (including reasonable fees and expenses of counsel)
in connection with investigating, preparing, pursuing or defending any action, claim, suit, investigation or proceeding related
to, arising out of or in connection with this Agreement, whether or not pending or threatened and whether or not any Indemnified
Person is a party (collectively, “Damages”). The Company will not, however, be responsible for any Damages that have
resulted from the willful misconduct or gross negligence of any Indemnified Person. Any Damages incurred by an Indemnified Person
shall be paid by the Company in advance of the final disposition of such claim, suit, investigation or proceeding upon receipt
of a written undertaking by or on behalf of such Indemnified Person to repay such amount if it shall ultimately be determined
that such Indemnified Person is not entitled to be indemnified by the Company pursuant to this Section 23.

 

[Signature
Page Follows]

 

    	5

    	 

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Consulting, Confidentiality, and Proprietary Rights Agreement as of the
Effective Date written above.

 

	 	CONSULTANT
	 	 	 
	 	By:	/s/
    David Weiner
	 	Name:	David
    Weiner
	 	Title:	President
	 	 	 
	 	DigiPath,
    Inc.
	 	 	 
	 	By:	/s/
    Todd Denkin
	 	Name:	Todd
    Denkin
	 	Title:	CEO
    & President

 

    	6

    	 

    

 

Schedule
A

 

	1.	TITLE,
                                         DUTIES AND OPERATIONAL RESPONSIBILITIES:

 

	 	a.	Consultant
                                         will have the title of Consultant

 

	 	b.	Consultant
                                         will provide advice and guidance in the following areas;

 

	i.		Business
                                         development

 

	ii.		Finance

 

	2.	SCHEDULE
                                         AND COMMITMENT OF TIME:

 

Consultant
is expected to devote as much time as needed to assist in fulfilling responsibilities in item 1 above.

 

	3.	REPORTING
                                         SCHEDULE:

 

Consultant
shall report regularly, and not less frequent than twice per week, to Board of Directors his actions on behalf of the Company.
The Consultant shall keep a detailed list of all communications as required by the Company.

 

	4.	COMPENSATION
                                         AND PAYMENT TERMS:

 

	 	a.	Upon
                                         signing of this agreement, Company shall pay Consultant a fee of $5,000 per month (the
                                         “Consulting Fee”).

 

    	 

    	 

    

 

SCHEDULE
B

LIST
OF PRIOR INVENTIONS

AND ORIGINAL
WORKS OF AUTHORSHIP

 

	Title	 	Date	 	Identifying
    Number or Brief Description
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

	[X]	No
    inventions or improvements
	[  ]	Additional
    Sheets Attached

 

	Signature of Consultant: 	/s/ David Weiner	 
	Print Name of Consultant: 	David Weiner	 
	Date:	December 10, 2014

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