Document:

Exhibit 10.7

 

PENNY
AUCTION SOLUTIONS, INC.

EMPLOYMENT AGREEMENT

 

January
1, 2015

 

Micheal
C. Holt

PO Box 781166

Los Angeles, California

 

Dear
Mr. Holt

 

Penny
Auction Solutions, Inc. (PAS) is pleased to offer you the position of CEO at PAS reporting to the Board of Directors effective
as of January 1, 2015. You shall provide to PAS the following services:

 

1 To
implement the strategic goals and objectives of the organization.

2 With
the cooperation of the Chair, enable the Board of Directors to fulfill its governance function.

3 To
give direction and leadership toward the achievement of the organization’s philosophy, mission, strategy, and its annual
goals and objectives.

4 Board
Administration and Support -- Supports operations and administration of Board by advising and informing Board members, interfacing
between Board and staff, and supporting Board’s evaluation of chief executive employees.

5 Program,
Product and Service Delivery -- Oversees design, marketing, promotion, delivery and quality of programs, products and services.

6 Financial,
Tax, Risk and Facilities Management -- Recommends yearly budget for Board approval and prudently manage the organization’s
resources within those budget guidelines according to current laws and regulations.

7 Human
Resource Management -- Effectively manages the human resources of the organization according to authorized personnel policies
and procedures that fully conform to current laws and regulation.

8 Community
and Public Relations -- Assures the organization and its mission, programs, products and services are consistently presented in
strong, positive image to relevant stakeholders and shareholders.

9 Fundraising
-- Oversees fundraising planning and implementation, including identifying resource requirements, researching funding sources,
establishing strategies to approach funders, submitting proposals and administrating fundraising records and documentation.

10 Responsible
for managing the activities and personnel associated with keeping PAS in good standing as a private corporation and as a publically
traded corporation when or if PAS is public and to maximize the valuation and share price of the company.

 

You
accept and agree to such employment, and agree to be subject to the general supervision, advice and direction of PAS and PAS’s
supervisory personnel. You shall also perform (i) such other duties as are customarily performed by an employee in a similar position,
and (ii) such other and unrelated services and duties as may be assigned to you from time to time by PAS.

 

    	 

    	 

    

 

2. COMPENSATION
OF EMPLOYEE. As compensation for the services provided by you, PAS will pay you an annual salary of $78,500.00 payable in
monthly installments and subject to applicable federal, state, and local withholding. Any unpaid compensation will be accrued
as a liability on PAS financial statements and be due and payable to you at a future date to be determined by the Board and yourself,
as resources become available. Upon termination of this agreement, payments under this paragraph shall cease; provided, however,
that you shall be entitled to payments for periods or partial periods that occurred prior to the date of termination and for which
you have not yet been paid, and for any commission earned in accordance with PAS’s customary procedures, if applicable.
This section of the Contract is included only for accounting and payroll purposes and should not be construed as establishing
a minimum or definite term of employment.

 

3. EXPENSE
REIMBURSEMENT. PAS will reimburse you for “out-of-pocket” expenses incurred by yourself in accordance with PAS’s
policies in effect from time to time.

 

4. CONFIDENTIALITY.
You recognize that PAS has and will have information regarding the following:

	 	- inventions
	 	- products
	 	- product design
	 	- processes
	 	- technical matters
	 	- trade secrets
	 	- copyrights
	 	- customer lists
	 	- prices
	 	- costs
	 	- discounts
	 	- business affairs
	 	- future plans

 

and
other vital information items (collectively, “Information”) which are valuable, special and unique assets of PAS.
You agree that you will not at any time or in any manner, either directly or indirectly, divulge, disclose, or communicate any
Information to any third party without the prior written consent of PAS. You will protect the Information and treat it as strictly
confidential. A violation by you of this paragraph shall be a material violation of this agreement and will justify legal and/or
equitable relief.

 

5. TERM/TERMINATION.
Your employment with PAS is at will and therefore not for a specific term and may be terminated by either you or PAS
at any time without notice. The at will nature of employment at PAS constitutes the entire agreement between you and PAS and any
changes to these terms must be in writing and signed by you and the Company’s Board.

 

To indicate
your acceptance of PAS’s offer, please sign and date this letter in the space provided below and return a copy to both Board members.

 

6. COMPLIANCE
WITH EMPLOYER’S RULES. You agree to comply with all of the rules and regulations of PAS.

 

7. RETURN
OF PROPERTY. Upon termination of this agreement, you shall deliver to PAS all property which is PAS’s property or related
to PAS’s business (including keys, records, notes, data, memoranda, models, and equipment) that is in your possession or
under your control. Such obligation shall be governed by any separate confidentiality or proprietary rights agreement signed by
you.

 

    	 

    	 

    

 

8. NOTICES.
All notices required or permitted under this Contract shall be in writing and shall be deemed delivered when delivered in
person or on the third day after being deposited in the United States mail, postage paid, addressed as follows:

	 	 
	 	Employer:
	 	 
	 	Penny Auction Solutions, Inc.
	 	Attn: Board of Directors
	 	300 A St. Ste. 156, San Diego, CA 92101
	 	 
	 	Employee:
	 	 
	 	Micheal C. Holt, CEO
	 	PO Box 781166
	 	Los Angeles, California 90016

 

Such
addresses may be changed from time to time by either party by providing written notice in the manner set forth above.

 

9. SEVERABILITY.
If any provisions of this agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions
shall continue to be valid and enforceable. If a court funds that any provision of this Agreement is invalid or unenforceable,
but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed,
and enforced as so limited.

 

10.
APPLICABLE LAW. This agreement shall be governed by the laws of the State of California.

 

11. SIGNATORIES.
This agreement shall be signed by Micheal C. Holt in an individual capacity. This Contract is effective as of the date first above written.

 

	 	 	 	Date:	1/1/15
	 	Micheal C. Holt, CEO	 	 	 
	 	 	 	 	 
	In withness thereof:	 	 	 
	 	 	 	Date:	1/1/15
	 	Daivd Wiggins, PAS Board Member	 	 	 

 

    	 

    	 

    

 

Offer
letter for Micheal C. Holt as CEO of Penny Auction Solutions, Inc. Page 1

 

Attached:
ADDENDUM A

 

EMPLOYMENT
AGREEMENT ADDENDUM - A

 

EFFECTIVE
DATE AS CEO. It shall be noted that Michael C. Holt has been a serving as the CEO of Penny Auction Solutions, Inc. since September
1st, 2011. However, Mr. Holt was working without an employment contract and without any form of monetary compensation.
The purpose of this agreement is to officially note his CEO role and responsibilities and to establish a basic compensation plan
and agreement. Both PAS and Micheal C. Holt reserve the right to revisit this agreement at any point in the future in order to
modify otherwise replace this agreement with another employment contract or agreement.

 

I have
read this offer letter in its entirety and agree to the terms and conditions of employment. I understand and agree that my employment
with PAS is at will

	 	 	 
	1-1-15		 
	Date	Micheal C. Holt, CEO	 

 

END
OF AGREEMENT

 

Offer
letter for Micheal C. Holt as CEO of Penny Auction Solutions, Inc. Page 1Exhibit 10.8

 

CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT
(the “Agreement”) is made and entered into this twentieth day of February, 2015 (the “Effective Date”)
by and between Penny Auction Solutions INC, a corporation duly organized under Nevada law and having an usual place of business
at 330 A St., Suite 156, San Diego, CA 92101 (hereinafter referred to as the “Company”) and Bob van Leyen, an individual
(hereinafter referred to as the “Consultant”).

 

WHEREAS, the Company
wishes to engage the Consultant to provide the services described herein and Consultant agrees to provide the services for the
compensation and otherwise in accordance with the terms and conditions contained in this Agreement,

 

NOW THEREFORE, in consideration
of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
accepted and agreed to, the Company and the Consultant, intending to be legally bound, agree to the terms set forth below.

 

1.            TERM.
Commencing as of the Effective Date, and continuing for a period of 2 (two) years (the “Term”), unless earlier terminated
pursuant to Article 6 hereof, the Consultant agrees that he will serve as a consultant to the Company. This Agreement may be renewed
or extended for any period as may be agreed by the parties.

 

		2.	DUTIES AND SERVICES.

 

(a)          Consultant
will assist the CEO of the Company with respect to financial reporting and controls, investment relations, fundraising, establishing
an optimal Capital Structure, a possible Initial Public Offering (IPO), contract management, strategic advice, risk management,
Business Development and any other duties the Company may assign to Consultant (collectively, the “Duties” or
“Services”).

 

(b)
        The Consultant represents and warrants to the Company that he is under
no contractual or other restrictions or obligations which are inconsistent with the execution of this Agreement, or which will
interfere with the performance of his Duties. Consultant represents and warrants that the execution and performance of this Agreement
will not violate any policies or procedures of any other person or entity for which he performs Services concurrently with those
performed herein.

 

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		3.	CONSULTING FEE TERMS

 

(A) Cash/stock fee: Subject to
the provisions hereof, the Company shall pay compensation to Consultant under the following terms:

	 	 	 
	 	la.	Cash / Stock Payment Terms: Company and Consultant have mutually agreed to pay total compensation to the Consultant
    based on a dollar amount of funding that has been secured by the Company and as such funds have been deposited and cleared
    the Company’s bank account. The Consultant has also agreed to a compensation plan of a combination of Cash (the
    “Consulting Cash Fee”) and Stock (the “Consulting Stock Fee”) per paragraph (4) below.
	 	 	 
	 	lb.	Stock Compensation Rate: For purposes of this agreement, the Company may elect to pay the consultant in shares of common stock in lieu of cash to be determined using a conversion rate of $0.10 per share. The Company, at its sole discretion, may change the conversion rate from time to time; however this cannot be done retroactively. 
	 	 	 
	 	lc.	Effective Funding Date: The starting and effective date of this agreement as it pertains to measurement and
    tracking of funds raised for PAS commences February 20, 2015.

 

		4.	CONSULTING FEE PAYMENTS

 

(A) Payment to Consultant when Company
has not met minimum cash funding of $150,000. 

	 	 
	 	Consultant Rate: $300 (three hundred dollars) per hour worked
	 	Billing approval: Based on invoices submitted by Consultant on a timely basis to Company and after being approved by Company. 
	 	Billing Period: Monthly, first invoice starting on February 28th, 2015
	 	Payment terms: The entire hourly dollar rate or $300.00 per hour may be paid as Stock in lieu of cash until the Company raises a minimum of $150,000. 
	 	Consultant Payment Cap: There is no cap on the amount of stock paid as compensation to the Consultant under these terms. 

 

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(B) Payment to Consultant when Company
has met or exceeded cash funding of $150,000.  

	 	 
	 	Consultant Rate: $250 (two hundred and fifty dollars) per hour worked 
	 	Billing approval: Based on invoices submitted by Consultant on a timely basis to Company and after being approved by Company. 
	 	Billing Period: Monthly 
	 	Payment terms: Half of the hourly dollar rate of $250.00 ($125.00) will be paid in Cash or check/transfer within 10 days after the end of each month. The other half of the hourly dollar rate or $125.00 per hour may be paid in Stock in lieu of cash based on an initial exchange rate of $0.10 per share. The Company, at its sole discretion, may change the conversion rate from time to time; however this cannot be done retroactively. 
	 	Consultant Payment Cap: The Company will pay a maximum of $5,000.00 per month in cash (per total billed time) to Consultant based on hours worked. If the number of hours worked in a month result in a billing of over $5,000 (total cash portion) the difference between the total amount billed and the maximum of $5,000.00 (i.e. the portion to be paid in cash) will be paid in stock using the same conversion rate as used for the “Consulting Stock Fee”. 

 

		5.	PAYMENT TERMS BEYOND THIS AGREEMENT

	 	 	 
	 	(a)	     Both the Company and Consultant agree to review this compensation arrangement at some point in the future when either party believes that this agreement is no longer serving the purpose for which it is intended. 
	 	(b)	     Specifically, both parties will have the right to discuss another compensation arrangement when it can be agreed upon that the company has sufficient operations and a positive cash flow to warrant other or additional payment terms to the Consultant. 

 

		6.	EARLY TERMINATION OF THE TERM.

 

(a)
        This Agreement may be terminated without cause by either party upon
not less than thirty (30) days prior written notice by either party to the other.

 

(b)
       Upon termination under Sections 6(a) neither party shall have any further
obligations under this Agreement, except for the obligations which by their terms survive this termination as noted in Section
18 hereof. Upon termination and, in any case, upon the Company’s request, the Consultant shall return immediately
to the Company all Confidential Information, as hereinafter defined, and copies thereof.

 

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		7.	RESTRICTED ACTIVITIES. During the Term and for
a period of one (1) year thereafter, Consultant will not, directly or indirectly:

	 	 
	 	(i)         solicit or request any employee of or consultant to the Company to leave the employ of or cease
    consulting for the Company;
	 	 
	 	(ii)        solicit or request any employee of or consultant to the Company to join the employ of, or begin consulting for, any
    individual or entity that researches, develops, markets or sells services that compete with those of the Company;

 

		8.	PROPRIETARY RIGHTS.

 

(a)         Definitions.
For the purposes of this Article 9, the terms set forth below shall have the following meanings:

	 	 
	 	             (i)          Concept and Ideas. Those concepts and ideas disclosed by the Company to Consultant or which are first developed by Consultant during the course of the performance of Services hereunder and which relate to the Company’ present, past or prospective business activities, services, and products, all of which shall remain the sole and exclusive property of the Company. The Consultant shall have no publication rights and all of the same shall belong exclusively to the Company.
	 	 
	 	             (ii)         Confidential Information. For the purposes of this Agreement, Confidential Information shall mean and collectively include: all information relating to the business, plans and/or technology of the Company including, but not limited to technical information including inventions, methods, plans, processes, specifications, characteristics, assays, raw data, scientific preclinical or clinical data, records, databases, formulations, clinical protocols, equipment design, know-how, experience, and trade secrets; developmental, marketing, sales, customer, supplier, consulting relationship information, operating, performance, and cost information; computer programming techniques whether in tangible or intangible form, and all record bearing media containing or disclosing the foregoing information and techniques including, written business plans, patents and patent applications, grant applications, notes, and memoranda, whether in writing or presented, stored or maintained in or by electronic, magnetic, or other means.
	 	 
	 	             Notwithstanding the foregoing, the term “Confidential Information” shall not include any information which: (a) can be demonstrated to have been in the public domain or was publicly known or available prior to the date of the disclosure to Consultant; (b) can be demonstrated in writing to have been rightfully in the possession of Consultant prior to the disclosure of such information to Consultant by the Company; (c) becomes part of the public domain or publicly known or available by publication or otherwise, not due to any unauthorized act or omission on the part of Consultant; or (d) is supplied to Consultant by a third party without binder of secrecy, so long as that such third party has no obligation to the Company or any of its affiliated companies to maintain such information in confidence.

 

    	E–4

    	 

    

 

(b)          Non-Disclosure
to Third Parties. Except as required by Consultant’s Duties, Consultant shall not, at any time now or in the future,
directly or indirectly, use, publish, disseminate or otherwise disclose any Confidential Information, Concepts, or Ideas to any
third party without the prior written consent of the Company which consent may be denied in each instance and all of the same,
together with publication rights, shall belong exclusively to the Company.

 

(c)
          Documents, etc. All documents, diskettes, tapes, procedural
manuals, guides, specifications, plans, drawings, designs and similar materials, lists of present, past or prospective customers,
customer proposals, invitations to submit proposals, price lists and data relating to the pricing of the Company’ products
and services, records, notebooks and all other materials containing Confidential Information or information about Concepts or Ideas
(including all copies and reproductions thereof), that come into Consultant’s possession or control by reason of Consultant’s
performance of the relationship, whether prepared by Consultant or others: (a) are the property of the Company, (b) will not be
used by Consultant in any way other than in connection with the performance of his/her Duties, (c) will not be provided or shown
to any third party by Consultant, (d) will not be removed from the Company’s or Consultant’s premises (except as Consultant’s
Duties require), and (e) at the termination (for whatever reason), of Consultant’s relationship with the Company, will be
left with, or forthwith returned by Consultant to the Company.

 

(d)
          Patents, etc. The Consultant agrees that the Company is and
shall remain the exclusive owner of the Confidential Information and Concepts and Ideas. Any interest in patents, patent applications,
inventions, technological innovations, trade names, trademarks, service marks, copyrights, copyrightable works, developments, discoveries,
designs, processes, formulas, know-how, data and analysis, whether registrable or not (“Developments”), which Consultant,
as a result of rendering Services to the Company under this Agreement, may conceive or develop, shall: (i) forthwith be brought
to the attention of the Company by Consultant and (ii) belong exclusively to the Company. No license or conveyance of any such
rights to the Consultant is granted or implied under this Agreement.

 

9.              EQUITABLE
RELIEF. Consultant agrees that any breach of Articles 5 and 6 above by him/her would cause irreparable damage to the Company
and that, in the event of such breach, the Company shall have, in addition to any and all remedies of law, the right to an injunction,
specific performance or other equitable relief to prevent the violation or threatened violation of Consultant’s obligations
hereunder.

 

10.           WAIVER.
Any waiver by the Company of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent
breach of the same or any other provision hereof. All waivers by the Company shall be in writing.

 

    	E–5

    	 

    

 

11.           SEVERABILITY;
REFORMATION. In case any one or more of the provisions or parts of a provision contained in this Agreement shall, for any reason,
be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect
any other provision or part of a provision of this Agreement; and this Agreement shall, to the fullest extent lawful, be reformed
and construed as if such invalid or illegal or unenforceable provision, or part of a provision, had never been contained herein,
and such provision or part reformed so that it would be valid, legal and enforceable to the maximum extent possible. Without limiting
the foregoing, if any provision (or part of provision) contained in this Agreement shall for any reason be held to be excessively
broad as to duration, activity or subject, it shall be construed by limiting and reducing it, so as to be enforceable to the fullest
extent compatible with then existing applicable law.

 

12.          ASSIGNMENT.
The Company shall have the right to assign its rights and obligations under this Agreement to a party which assumes the Company’
obligations hereunder. Consultant shall not have the right to assign his/her rights or obligations under this Agreement without
the prior written consent of the Company. This Agreement shall be binding upon and inure to the benefit of the Consultant’s
heirs and legal representatives in the event of his/her death or disability.

 

13.           HEADINGS.
Headings and subheadings are for convenience only and shall not be deemed to be a part of this Agreement.

 

14.           AMENDMENTS.
This Agreement may be amended or modified, in whole or in part, only by an instrument in writing signed by all parties hereto.
Any amendment, consent, decision, waiver or other action to be made, taken or given by the Company with respect to the Agreement
shall be made, taken or given on behalf of the Company only by authority of the Company’s Board of Directors.

 

15.           NOTICES.
Any notices or other communications required hereunder shall be in writing and shall be deemed given when delivered in person or
when mailed, by certified or registered first class mail, postage prepaid, return receipt requested, addressed to the parties at
their addresses specified in the preamble to this Agreement or to such other addresses of which a party shall have notified the
others in accordance with the provisions of this Section 13.

 

16.           COUNTERPARTS.
This Agreement may be executed in two or more counterparts, each of which shall constitute an original and all of which shall be
deemed a single agreement.

 

17.           GOVERNING
LAW. This Agreement shall be construed in accordance with and governed for all purposes by the laws of California applicable
to contracts executed and wholly performed within such jurisdiction. Any dispute arising hereunder shall be referred to and heard
in only a court located in California.

 

18.           SURVIVAL.
The provisions of Sections 5 to 8 and 14 to 15 of this Agreement shall survive the expiration of the Term or the termination of
this Agreement. This Agreement supersedes all prior agreements, written or oral, between the Company and the Consultant relating
to the subject matter of this Agreement.

 

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          EXECUTED,
under seal, effective as of the Effective Date.

	 	 	 	 	 
	Penny Auction Solutions, Inc.	 	CONSULTANT	 
	 	 	 	 
	By: 	 	 	 	 
	 	 	 	 
	Micheal Holt, CEO	 	Bob van Leyen	 
	 	 	 	 
	Hereunto Duly Authorized	 	 	 

 

    	E–7

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