Document:

Exhibit 10.5

 

Loan Agreement

Banjo & Matilda Pty Ltd

Raymond
Key

4 November 2013

 

 

ANZARUT & HOLM
LAWYERS

Level 3

117 York Street

Sydney New South Wales 2000

Tel: (02) 9261 2702

Fax: (02) 9261 2558

Ref: JN

    	 

    	 

    

 

ANZARUT & HOLM
LAWYERS

 

Table of contents

 

	Parties	1
	1	Loan	Error! Bookmark not defined.
	 	Loan	Error! Bookmark not defined.
	 	Use of funds	1
	 	Right to borrow, grant loan security and issue further securities	1
	2	Calculation of interest	2
	 	Interest	2
	 	Time and manner of payment	2
	3	Repayment	2
	 	Obligations on Repayment Date	2
	 	Obligations cease	2
	4	Guarantee	2
	 	Guarantee	2
	 	Payment on demand under guarantee	2
	 	Continuing obligation	3
	 	Primary obligations	3
	5	Events of Default	3
	 	Events of Default	3
	 	Effect of event of Default	3
	6	Assignment	3
	 	Assignment by Investor	3
	 	Company and Guarantors	4
	7	Disclaimers	4
	 	Responsibility of Investor	4
	 	Decision taking	4
	8	Confidentiality	4
	 	Disclosure	4
	 	Survives termination	5
	9	Notices	5
	 	General	5
	 	How to give a communication	5
	 	Particulars for delivery of notices	5
	 	Communications by post	6
	 	Communications by fax	6
	 	After hours communications	6
	 	Process service	6
	10	General	6
	 	Amendment	6
	 	Waiver and exercise of rights	6
	 	Rights cumulative	7
	 	Consents	7
	 	Governing law and jurisdiction	7
	 	Liability	7
	 	Counterparts	7
	 	Time of the essence	7
	 	Business Days	7
	11	Definitions and Interpretation	8
	 	Definitions	8
	 	Construction	9
	 	Subsisting Events of Default	10
	 	Headings	10
	 	Company's liability	10
	Execution and date	11

 

    	 

    	 

    

 

 

	Loan Agreement	ANZARUT & HOLM LAWYERS

 

Parties

 

Banjo & Matilda Pty Ltd ABN 29 627 134
474 (Company)

 

Raymond Key (Investor)

 

Ben Macpherson of 263 Military Road Dover Heights
2030 (Guarantor)

 

Background

 

A    The Company operates the Banjo & Matilda
business.

B    The Company wishes to raise funds by taking
a Loan.

C    The Investor has agreed to provide
funds to the Company by issuing a Loan on the terms set out in this document.

D    The Guarantor has, at the
request of the Investor, agreed to enter into this document to guarantee the Company's obligations on the terms set out in
this document.

 

Agreed terms

 

Loan

 

1.1    The Investor
agrees to provide a $100,000 Loan on the Loan Date by:

 

(a)    paying the Loan Amount to the Company.

 

Use of funds

 

1.2    The Company
must only use the Loan Amount for the Approved Purpose.

 

Right to borrow

 

1.3    The Company
may without notice to or approval of the Investor from time to time exercise any borrowing power provided that:

 

1.3.1    The
Company may not grant any loan that must be repaid earlier than the Repayment Date or that must be repaid in priority to the
Loan Amount.

 

1.3.2    The
Investor has the right of last refusal to match any loan finance offered by a third party to the Company to fund the
Company's future working capital requirements. If the Investor wishes to provide the loan finance, it must notify the Company
in writing within 7 days of first being notified of the third party offer to provide loan finance.

 

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	Loan Agreement	ANZARUT & HOLM LAWYERS

 

2    Calculation of interest

 

Interest

 

2.1    Interest must be paid by the Company
from the date of the Loan until (and including) the date on which it is repaid in full.

 

Subject to clause 2.2, the amount of interest
payable on a Loan in any period under this document will accrue daily and will be calculated at the Interest Rate on the Loan
Amount of the Loan for the number of days in that period.

 

2.2    If the Company opens a Bank
Trade Finance Facility, the amount of interest payable on a Loan for the period from the date the Bank Trade Finance Facility
is open, will accrue daily and will be calculated at the Adjusted Interest Rate on the Loan Amount of the Loan for the number
of days in that period.

 

Time and manner of payment

 

2.3    Interest must be paid on or by the Repayment Date.

 

2.4    All accrued
interest must be paid upon the repayment of the Loan.

 

3    Repayment

 

Obligations on Repayment Date

 

3.1    On the Repayment
Date the Company must pay to the Investor the Loan Amount and all accrued interest then held by it

 

Obligations cease

 

3.2    Upon the payment
of all amounts owing to the Investor the obligations of the Company in respect of the Loan shall be extinguished.

 

4    Guarantee

 

Guarantee

 

4.1    The
Guarantor unconditionally and irrevocably guarantees to the Investor the punctual payment to it by the Company of the
Guaranteed Money on the terms set out in this clause.

 

Payment on demand under guarantee

 

4.2    If the Company defaults in
the punctual payment of any of the Guaranteed Money, the Guarantor must pay the whole amount of the Guaranteed Money to the
Investor immediately on demand.

 

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	Loan Agreement	ANZARUT & HOLM LAWYERS

 

Continuing obligation

 

4.3    The guarantee contained in
clause 5.1 is a continuing guarantee for the whole of the Guaranteed Money and is not limited to any transaction or other
thing.

 

Primary obligations

 

4.4    The Guarantor's
obligation to pay the Guaranteed Money is a primary obligation and the Investor is not obliged to proceed against or enforce
any other right against any person or property or demand payment from any other person before making a demand for payment by
the Guarantor of the Guaranteed Money.

 

5    Events of Default

 

Events of Default

 

5.1    Each of the following is an Event
of Default (whether or not caused by anything outside the control of any party):

		(a)	non-payment: the Company or the Guarantor does not pay on the due
date any money due for payment by it under this document;

		(b)	Insolvency Event: an Insolvency Event occurs in relation to the Company or the Guarantor;

		(c)	default under document: a default or event occurs which is, is deemed
to be or is defined to be, a default or an event of default by or in relation to the Company or the Guarantor under this document;

		(d)	cessation of business: the Company or the Guarantor ceases or threatens
to cease to carry on its business or a substantial part of its business.

 

Effect of event of Default

 

5.2    Without
limiting any other rights set out in this document, on the occurrence of an Event of Default the Investor may at any time by
notice to the Company require that the Company redeem all of the Loan then on issue and pay to the Investor the Loan Amount
and all accrued interest on each Note then held by it.

 

Recognition of registered Investor

 

5.3 The payment to the registered
holder of the interest payable on the Loan and of any other moneys payable upon the Loan shall be a good discharge for the
Company notwithstanding any notice it may have whether express or otherwise of the right title or interest of any other
person to or in the Loan or such moneys.

 

6    Assignment

 

Assignment by Investor

 

6.1    The
Investor may assign any of its rights or novate, sub- participate, sell-down or transfer by whatever form or otherwise deal
with any or all of its rights and obligations under this document without the consent of, or notice to, the Company or the
Guarantor.

 

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	Loan Agreement	ANZARUT & HOLM LAWYERS

 

Company and Guarantor

 

6.2    Neither the Company nor the Guarantor
may assign its rights or novate its obligations under this document without the Investor's prior written consent.

 

7    Disclaimers

 

Responsibility of Investor

 

7.1    This issue of the Loan has
been made to an independently advised Investor which issuing for the Loan thereby acknowledges that it has formed its own
view as to the businesses, affairs and prospects of the Company based on such information and documents as it considers
appropriate and is responsible for its decision to subscribe for the Loan.

 

Decision taking

 

7.2    The Investor must
independently and without reliance on any other party and based on such information and documents as it considers appropriate
continue to make its own analysis and decisions in taking or not taking any action under this document.

 

7.3    The Investor warrants to the
Company that it is either a sophisticated investor as referred to in section 708(8) of the Corporations Act 2001 or, if not,
that the offer to it to subscribe in the Loan is a personal offer to which section 708(1) and (2) of the Corporations Act
2001 apply. The Investor acknowledges and agrees that no prospectus or other disclosure document as referred to in the
Corporations Act 2001 is being issued to it or is required as a part of its investment in the Loan.

 

8    Confidentiality

 

Provide information

 

8.1    The Company must give the
Investor sufficient management and financial information and reports to allow the Investor to monitor the efficient conduct
of the Company's business.

 

Disclosure

 

8.2    The Investor may disclose to any
person any information or document relating to the Company or a Guarantor:

 

		(a)	where permitted in this document;

		(a)	to another party to this document;

		(b)	to a potential transferee, assignee, participant or sub-participant of the Investor's interests
under this document or to any other person who is considering entering into contractual relations with it in connection with this
document;

		(c)	to the
Investor's related bodies corporate and shareholders, or to any employee, banker, lawyer, auditor or other consultant of the
Investor, its related bodies corporate or its shareholders;

		(d)	if required by law or by any governmental
agency or stock exchange;

 

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	Loan Agreement	ANZARUT & HOLM LAWYERS

		(e)	in connection with any legal proceedings relating to this document or a document delivered under
or in relation to this document;

		(f)	if the information or document is in the public domain; or

		(g)	with the consent of the Company (which must not be unreasonably withheld or delayed).

 

Survives termination

 

8.3    This clause 8 survives the termination of this document.

 

9    Notices

 

General

 

9.1    A notice, demand,
certification, process or other communication relating to this document must be in writing in English and may be given by an
agent of the sender.

 

How to give a communication

 

9.2    In addition to any other lawful
means, a communication may be given by being:

		(a)	personally delivered;

		(b)	left at the party's current address for notices;

		(c)	sent to the party's current address for notices by pre-paid ordinary mail or, if the address is
outside Australia, by pre-paid airmail; or

		(d)	sent by fax to the party's current fax number for notices.

 

Particulars for delivery of notices

 

9.3    The particulars for delivery of notices are initially:

 

Company:

Address:    76 William St Paddington NSW 2021

Fax:    +61 (0) 2 80111213

Attention:    Ben Macpherson

 

Investor:

Address:    396 Ladies Mile, Lake Hayes, Queenstown,
New Zealand

Email:    raymondjkey@yahoo.co.uk

Attention:    Raymond Key

 

Ben Macpherson:

Address:    PO
BOX 3438 TAMARAMA NSW 2026

Email:    ben@banjoandmatilda.com

Attention:    Ben
Macpherson

 

Each party may change its particulars for delivery
of notices by notice to each other party.

 

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	Loan Agreement	ANZARUT & HOLM LAWYERS

 

Communications by post

 

9.4    Subject to clause 9.6, a communication
is given if posted:

		(a)	within Australia to an Australian address, three Business Days after posting; or

		(b)	in any other case, ten Business Days after posting.

 

Communications by fax

 

9.5    Subject to clause 10.7, a
communication is given if sent by fax, when the sender's fax machine produces a report that the fax was sent in full to the
addressee. That report is conclusive evidence that the addressee received the fax in full at the time indicated on that
report. After hours communications

 

9.6    If a communication is given:

		(a)	after 5.00 pm in the place of receipt; or

		(b)	on a day which is a Saturday, Sunday or bank or public holiday in the place of receipt,

 

it is taken as having been
given at 9.00 am on the next day which is not a Saturday, Sunday or bank or public holiday in that place.

 

Process service

 

9.7    Any
process or other document relating to litigation, administrative or arbitral proceedings relating to this document may be
served by any method contemplated by this clause 9.7 or in accordance with any applicable law.

 

10    General

 

Amendment

 

10.1    This document may only be varied
or replaced by a document executed by the parties.

 

Waiver and exercise of rights

 

10.2    A right
in favour of the Investor under this document, a breach of an obligation of the Company under this document or an Event of
Default can only be waived by an instrument signed by the Investor. No other act, omission or delay of the Investor
constitutes a waiver binding, or estoppel against, the Investor.

 

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	Loan Agreement	ANZARUT & HOLM LAWYERS

 

10.3    A single or partial
exercise or waiver by a party of a right relating to this document does not prevent any other exercise of that right or the
exercise of any other right.

 

10.4    A party is not liable for
any loss, cost or expense of any other party caused or contributed to by the waiver, exercise, attempted exercise, failure to
exercise or delay in the exercise of a right.

 

Rights cumulative

 

10.5    Except as expressly stated
otherwise in this document, the rights of a party under this document are cumulative and are in addition to any other rights
of that party.

 

Consents

 

10.6    Except as expressly stated
otherwise in this document, the Investor may conditionally or unconditionally give or withhold any consent to be given under
this document and is not obliged to give its reasons for doing so.

 

Governing law and jurisdiction

 

10.7    This document is governed by
and is to be construed in accordance with the laws applicable in New South Wales.

 

10.8    Each party irrevocably and
unconditionally submits to the non-exclusive jurisdiction of the courts exercising jurisdiction in New South Wales and any
courts which have jurisdiction to hear appeals from any of those courts and waives any right to object to any proceedings
being brought in those courts.

 

Liability

 

10.9    An obligation
of two or more persons binds them separately and together.

 

Counterparts

10.10    This document
may consist of a number of counterparts and, if so, the counterparts taken together constitute one document.

 

Time of the essence

 

10.11    Time is of the essence as regards
any obligations of the Company or any date or period determined under this document.

 

10.12    If any date
or period is altered by agreement between the parties, time is of the essence as regards such altered date or period.

 

Business Days

 

10.13    If the
day on or by which anything, other than making a payment, must be done by the Company or any Guarantor under this document is
not a Business Day, that thing must be done on or by the preceding Business Day.

 

10.14    If a payment
would otherwise be due on a day which is not a Business Day it will be due on the immediately following Business Day.

 

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	Loan Agreement	ANZARUT & HOLM LAWYERS

 

10.15    If anything,
including making a payment, is to be done by the Company or the Guarantor on or by a particular day and it is done:

		(a)	after the time by which this document states it must be done or, if this document does not state
a time, after 4.00 pm in the place where it is to be done; or

		(b)	on a day which is not a Business Day,

 

it will be deemed to have been done at 9.00 am on
the next Business Day.

 

11    Definitions and Interpretation

 

Definitions

 

11.1    In this document:

 

Adjusted Interest Rate means .0329% per day.

 

Approved Purpose means funding the expansion
of the Business including working capital to fund the cost of meeting wholesale sales orders and related product production costs
and such other purpose as may be approved by the board of directors of the Company from time to time.

 

Bank Trade Finance Facility means a
bank trade finance facility greater than $400,000 with an annual interest rate below 10%.

 

Business means the business conducted by the
Company

 

Business Day means a day which is not
a Saturday, Sunday or bank or public holiday in Sydney.

 

Loan means a Loan issued by the Company
on the terms set out in this document. Event of Default means any event or circumstance described in clause 6.

 

Guaranteed Money means all money which
now or in the future is owing (actually or contingently) by the Company to the Investor under or in relation to this document;

 

Insolvency means:

		(a)	in relation to a corporation, its winding up or dissolution or its administration, provisional
liquidation or any administration having a similar effect;

		(b)	in relation to an individual, his or her bankruptcy; and

		(c)	in relation to a person, any arrangement (including a scheme of arrangement or deed of company
arrangement), composition or compromise with, or assignment for the benefit of, all or any class of that person's creditors or
members or a moratorium involving any of them.

 

Insolvency Event means any of the following:

		(a)	a person is or states that the person is unable to pay from the person's own money all the person's
debts as and when they become due and payable;

		(b)	a person is taken or must be presumed to be insolvent or unable to pay the person's debts under
any applicable legislation;

 

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	Loan Agreement	ANZARUT & HOLM LAWYERS

		(c)	an application or order is made for the winding up or dissolution or a resolution is passed or
any steps are taken to pass a resolution for the winding up or dissolution of a corporation;

		(d)	an administrator, provisional liquidator, liquidator or person having a similar or analogous function
under the laws of any relevant jurisdiction is appointed in respect of a corporation or any action is taken to appoint any such
person and the action is not stayed, withdrawn or dismissed within seven days;

		(e)	a controller is appointed in respect of any property of a corporation;

 

a corporation is deregistered under the Corporations
Act 2001 or notice of its proposed deregistration is given to the corporation;

 

		(g)	a distress, attachment or execution is levied or becomes enforceable against any property of
a person;

		(h)	a person enters into or takes any action to enter into an arrangement (including a scheme of arrangement
or deed of company arrangement), composition or compromise with, or assignment for the benefit of, all or any class of the person's
creditors or members or a moratorium involving any of them;

		(i)	a petition for the making of a sequestration order against the estate of a person is presented
and the petition is not stayed, withdrawn or dismissed within seven days or a person presents a petition against himself or herself;

 

a person presents a declaration of intention under
section 54A of the Bankruptcy Act 1966; or

		(k)	anything analogous to or of a
similar effect to anything described above under the law of any relevant jurisdiction occurs in respect of a person.

 

Interest Rate means 15% per annum or 0.041%
per day

 

Receiver means a receiver or receiver
and manager appointed by the Investor under this document and any person who derives a right directly or indirectly from such a
receiver or receiver and manager.

 

Repayment Date means the date which is
30 days after the Loan Date or earlier at the discretion of the Company

 

Loan Amount means the amount that the
Investor agrees is to be advanced by the Investor under the Loan subscribed for under clause 1.1 and 1.2.

 

Loan Date means the date that the Investor
subscribes for the Loan, which must not be more than two Business Days after the date of this document.

 

Construction

 

11.2    Unless expressed to the contrary, in this document:

		(a)	words in the singular include the plural and vice versa;

		(b)	any gender includes the other genders;

		(c)	if a word or phrase is defined its other grammatical forms have corresponding meanings;

		(d)	"includes" means includes without limitation;

 

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	Loan Agreement	ANZARUT & HOLM LAWYERS

 

		(e)	no rule of construction will
apply to a clause to the disadvantage of a party merely because that party drafted, put forward or would benefit from any
term;

		(f)	a reference to:

		(i)	a person includes a partnership, joint venture, unincorporated association,
corporation and a governmental agency;

		(ii)	a person includes the person's legal personal representatives, successors,
assigns and persons substituted by novation;

		(iii)	any legislation includes subordinate legislation under it and includes that legislation and
                                                                  subordinate legislation as modified or replaced;

		(iv)	an obligation includes a warranty or representation and a reference to a failure to comply with
an obligation includes a breach of warranty or representation;

		(v)	a right includes a benefit, remedy, discretion or power;

		(vi)	time is to local time in Sydney;

		(vii)	"$" or "dollars" is a reference to Australian currency;

		(viii)	this or any other document includes the document as novated, varied or replaced and despite any
change in the identity of the parties;

		(ix)	writing includes any mode of representing or reproducing words in tangible and permanently visible
form, and includes fax transmissions;

		(x)	this document includes all schedules and annexures to it; and

		(xi)	a clause, schedule or annexure is a reference to a clause, schedule or annexure, as the case
may be, of this document;

		(g)	if the date on or by which any
act must be done under this document is not a Business Day, the act must be done on or by the next Business Day; and

		(h)	where time is to be calculated
by reference to a day or event, that day or the day of that event is excluded.

 

Subsisting Events of Default

 

11.3    An Event of Default subsists
if it has occurred and has not been waived by the Investor in accordance with this document.

 

Headings

 

11.4    Headings do not affect the interpretation
of this document.

 

Company's liability

 

11.5    Company's liability

 

(i)    A reference in this document to:

 

(i)    the Company's property
or business includes property owned and the business carried on by the Company and any property owned and any business carried
on by the Company in the Company's own right.

 

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	Loan Agreement	ANZARUT & HOLM LAWYERS

 

 

 

 

 

    	11Exhibit 10.6

 

Banjo & Matilda, Inc.

 

EMPLOYMENT CONTRACT: BRENDAN PATRICK
GOW MACPHERSON

 

THIS EMPLOYMENT CONTRACT ("Agreement")
is dated as of the _th day of October 2013, by and between Banjo & Matilda, Inc., Nevada corporation (the "Company') and
Brendan Patrick Gow Macpherson, an individual ("Executive", "Employee" or “Mr. Macpherson").

 

WHEREAS, the Board of Directors of the Company (the "Board")
and Executive each desires that Executive furnish services to the Company on the terms and conditions hereinafter set forth. The
parties enter into this agreement setting forth the terms and conditions of the employment of the Executive with the Company.

 

NOW, THEREFORE, in consideration of the foregoing
and of the mutual promises and undertakings contained in this Employment Contract, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as
follows:

 

1.          Employment. The Company hereby agrees to employ the Executive, and the Executive hereby accepts such employment, on
the terms and conditions hereinafter set forth.

 

2.          Term. The term of Executive's
employment under this Agreement shall be for a period of three (3) years, commencing on November 15, 2013 and ending on November
15, 2016, unless further extended or sooner terminated as hereinafter provided.

On November 15, 2016 and on the last day of November
each third year thereafter, this Agreement shall be automatically extended for three (3) years, he last day of the Term, as from
time to time extended, is hereinafter referred to as the "Expiration Date." The Company or Executive may elect to terminate
the automatic extension of the Term set forth in this section by giving written notice of such election on or before August 30th
of any Expiration Date year Upon the giving of such notice, Executive's employment under this Agreement shall terminate on the
Expiration Date (as last extended).

 

3.          Position and Duties. During the Term of this Agreement, Executive shall be employed as the Secretary, the Chief Executive
Officer of the Company and shall be a member of the Company’s Board of Directors. In this capacity Executive shall have
overall authority for the management of the business of the Company and the subsidiaries and affiliates of the Company of which
he serves as Chief Executive Officer, Executive hereby accepts such employment and agrees to perform the customary duties of a
Chief Executive Officer and accepts such other duties as may be set forth herein.

 

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Executive shall be responsible for driving shareholder
value through:

		·	Developing appropriate business strategy(s) in cooperation with the
Board

		·	Developing a corresponding business plans

		·	Implementing such plans through effective management of the business

		·	Ensuring the company is properly capitalized

		·	Ensuring the Board is fully informed of the businesses operations,
and financial affairs

		·	Liaising with shareholders where required

		·	Minimizing risk through appropriate management
of the business, financial, and complying with all statutory and legal requirements.

 

4.          Compensation and Related Matters.

 

a.          Base Salary. As compensation for the performance by the Executive of his duties hereunder, the Company shall pay the
Executive an annual base salary of $125,000 for the period commencing October 01, 2013 through and including January 1, 2014
which base pay shall be increased each January 1st for the subsequent twelve (12) month periods by a minimum of
six percent (6%). In addition, the Board shall meet at this time to discuss and review any additional potential pay increases
based upon performance.

 

b.          Annual Bonus/Incentive Compensation. In addition to the compensation described in subparagraph a. above, Executive may receive
such additional compensation, if any, in the form of an annual incentive bonus, as may be approved by the Company's Board of Directors
during the annual review.

 

c.          Stock and Warrants. Executive will receive a signing bonus in the form of preferred stock and common stock as a
performance incentive. Executive will receive: 1) an issuance of Common Stock as set forth below; and 2) an issuance of a new
class of Control Series Preferred Stock as follows;

 

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a)   Amend Preferred
Shares. The Company shall amend its 100,000,000 shares of preferred shares of its stock as set forth below.

 

b)   Reservation of
Preferred Shares. The Company shall specifically reserve issuance of these shares for the Executive and they shall not be issued
to any other party without the written consent of the Executive.

 

c)   Issuance
of Preferred Shares. The Company shall issue 1,000,000 preferred shares to the Executive upon execution of this Agreement.

 

d)   Voting Rights
of Preferred Shares. The preferred shares shall be entitled to 100 votes to every one share of common stock.

 

e)   The Preferred
Shares shall only valid during the term of this Agreement. At the end of the Agreement the shares shall be cancelled and returned
to Treasury and the Executive shall have no preferential voting rights. If this Agreement is renewed the preferred shares remain
the Executives.

 

f)   Restriction of further Issuances. The Company shall not issue or authorize any additional classes of stock with voting rights without
the written consent of the Executive.

 

g)   Issuance of Common
Stock. Executive shall receive one million shares of the COMPANY’s Common Stock upon execution of this Agreement.

 

d.          Life and Disability Insurance Premium. COMPANY shall pay Executive's premium on his personal life insurance policy for the
period [he or she] performs the duties of EXECUTIVE in an amount which is reasonable and commercially customary. EXECUTIVE shall
receive disability insurance in an amount which is reasonable and commercially customary.

 

e.          Vacation and sick leave. Paid vacation of four (4) weeks per year, which vacation shall be taken at such times as are mutually
convenient to Executive and the Company. Paid sick leave for up to 21 days per year.

 

f.          Medical and Dental Insurance. COMPANY shall either provide to EXECUTIVE and pay the full premium for a comprehensive family
health medical and dental insurance policy or if EXECUTIVE elects to provide [his or her] own health insurance, pay to EXECUTIVE
an amount equal to the cost of providing said comprehensive family health insurance policy.

 

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g.          Accrual of Base Salary. If COMPANY and EXECUTIVE
deem it in the parties best interest to not pay the EXECUTIVE his base salary as set forth above, said salary shall accrue with
a 12% annual interest rate, the accrued salary may be converted at the EXECUTIVE’s sole discretion into the COMPANY’S
Common Stock. The interest shall be paid in cash. The conversion price shall be 50% of the Company’s average closing bid
price during the thirty day period prior to the COMPANY’s receiving conversion notice from the EXECUTIVE. Accrued Salary=
A, Average Thirty Day Bid Price=B, Conversion Share Price=C, Shares issued in Lieu of Compensation=S. (B*

 

.50 = C, and = S)

 

For example if the EXECUTIVE accrues $10,000
in salary and the COMPANY’s average Bid Price during the 30 day period is $1.00, the conversion share price would be $0.50.
Therefore when you divide the 10,000 in accrued salary by the .50 Conversion Share Price you have 20,000 shares of restricted common
stock which would be issued in lieu of compensation.

 

5.          Representations and Warranties of the
Executive. The Executive, in relation to the issuance of preferred and common shares (“Securities”) of the Company
herein, hereby represents and warrants as of the Closing Date to the Company as follows:

 

(a)   Authority.
Executive has the power and authority to enter into and to consummate the transactions contemplated by the Employment Agreement
and otherwise to carry out its obligations hereunder and thereunder.

 

(b)   Own Account.
Executive understands that the Securities are “restricted securities” and have not been registered under the Securities
Act or any applicable state securities law and is acquiring the Securities as principal for his own account and not with a view
to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state
securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable
state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding
the distribution of such Securities in violation of the Securities Act or any applicable state securities law.

 

(c)   Executive
Status . At the time such Executive was offered the Securities, he was, and at the date hereof he is, an “accredited
investor” as defined in Rule 501(a) under the Securities Act. Such Executive is not required to be registered as a broker
dealer under Section 15 of the Exchange Act.

 

(d)   Experience
of Such Executive . Executive, either alone or together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective
investment in the Securities, and has so evaluated the merits and risks of such investment. Such Executive is able to bear
the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such
investment.

 

    	4

    	 

    

 

(e)   General Solicitation  . Executive is not purchasing the Securities as a result of any advertisement, article, notice
or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television
or radio or presented at any seminar or any other general solicitation or general advertisement.

 

(f)   Short Sales. Other than consummating the transactions contemplated hereunder, Executive has not directly or indirectly,
nor has any Person acting on behalf of or pursuant to any understanding with such Executive, executed any purchases or sales, including
Short Sales, of the securities of the Company during the period commencing from the time that such Executive began discussing this
Agreement with the Company (“ Discussion Time  ”) .

 

6.          Representations and Warranties of the
Company. The Company hereby represents and warrants as of the Closing Date to the Executive as follows:

 

(a)   Organization and Qualification  . The Company and each Subsidiary is an entity duly formed, validly existing and
in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Each of the Company
and the 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, except
where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result
in (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse
effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries,
taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely
basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “ Material
Adverse Effect  ”) and no action or 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.

 

(b)   Authorization;
Enforcement. The Company and the Subsidiaries have the requisite corporate power and authority to enter into and
to consummate the transactions contemplated by each of the Employment Agreement and otherwise to carry out their obligations
hereunder and thereunder. The execution of the Employment Agreement by the Company and the Subsidiaries and the consummation
by them of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of
the Company and the Subsidiaries and no further action is required by the Company, the Subsidiaries, the Board of Directors,
the board of directors of each Subsidiary or their stockholders in connection therewith other than in connection with the
Required Approvals. The Employment Agreement has been (or upon delivery will have been) duly executed by the Company and the
Subsidiaries, as applicable, and, when delivered in accordance with the terms hereof and thereof, will constitute the valid
and binding obligation of the Company and the Subsidiaries enforceable against the Company and the Subsidiaries in accordance
with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited
by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar
as indemnification and contribution provisions may be limited by applicable law.

 

    	5

    	 

    

 

(c)   No Conflicts. The execution,
delivery and performance of the Employment Agreement by the Company and the Subsidiaries and the consummation by the Company and
the Subsidiaries of the other transactions contemplated hereby and thereby do not and will not: (i) conflict with or violate any
provision of the Company’s or any Subsidiary’s certificate of incorporation, bylaws or other organizational or charter
documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become
a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or
give to others any rights of termination, amendment, acceleration or cancellation (with or without notice, lapse of time or both)
of, any agreement, loan or credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or
other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any
Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law,
rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the
Company or a Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or
asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could
not have or reasonably be expected to result in a Material Adverse Effect.

 

(d)   Filings,
Consents and Approvals  . Neither the Company nor any Subsidiary is required to obtain any consent, waiver,
authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state,
local or other governmental authority or other Person in connection with the execution, delivery and performance by the
Company and the Subsidiaries of the Employment Agreement, other than those obtained and/or made prior to or as of the Closing
Date, and the filing of Form D with the Commission and such filings as are required to be made under applicable state
securities laws (collectively, the “ Required Approvals  ”).

 

(e)   Issuance of the Securities 
.. The Securities are duly authorized and, when issued and paid for in accordance with the applicable Employment Agreement, will
be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions
on transfer provided for in the Employment Agreement. The Preferred and Common Shares, when issued in accordance with the terms
of the Employment Agreement, will be validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the
Company other than restrictions on transfer provided for in the Employment Agreement. The Company has reserved from its duly authorized
capital stock a number of shares of Preferred and Common Stock for issuance.

 

    	6

    	 

    

 

(f)   SEC Reports; Financial Statements.
To the Company’s knowledge, the Company has filed all reports, schedules, forms, statements and other documents required
to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof,
for the 12 months preceding the date hereof (the foregoing materials, including the exhibits thereto and documents incorporated
by reference therein, being collectively referred to herein as the “ SEC Reports  ”). To the Company’s
knowledge, as of their respective dates, the SEC Reports complied as to form in all material respects with the disclosure requirements
of the Securities Act and the Exchange Act, as applicable, and, to the Company’s knowledge none of the SEC Reports, when
filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated therein or
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
To the Company’s knowledge the financial statements of the Company included in the SEC Reports comply in all material respects
with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the
time of filing. Such financial statements have been prepared in accordance with United States generally accepted accounting principles
applied on a consistent basis during the periods involved (“ GAAP  ”), except as may be otherwise specified
in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes
required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries
as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case
of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(g)   Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial
advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions
contemplated by the Employment Agreement. The Executive shall have no obligation with respect to any fees or with respect to
any claims made by or on behalf of other Persons for fees of a type contemplated in this section that may be due in
connection with the transactions contemplated by the Employment Agreement.

 

7.          Reimbursement of Expenses. The Executive may incur reasonable expenses for furthering the Company's business, including
expenses for entertainment, travel, meals, and similar items. The Company shall reimburse Executive for all business expenses after
the Executive presents an itemized account of expenditures, pursuant to Company policy.

 

8.          Devotion to Company. The Executive will devote substantially his full time, attention, and energies to the business
of the Company, its affiliates and subsidiaries during this employment. The Company understands that Executive is engaged in other
non-competing businesses, and Executive is not prohibited from an active involvement in the operation of said business, however
the parties do anticipate that Executive will devote substantially his full time not less than 70% of his work time) to Company.

 

9.          Termination by Executive. Executive may terminate his employment hereunder by giving thirty days written notice to the
Company, in which event such termination shall become effective at the end of the notice period, or earlier as may be specified
by the Company after receipt of Executive's Notice of Termination.

 

    	7

    	 

    

 

10.          Termination
by Company. With or without cause, the Company may terminate Executive's employment at any time prior to the expiration
of the three-year term upon 180 days' written notice to the Executive. If terminated the Executive will be paid his/her
regular salary up to the date of termination. In addition, the Company will pay the Executive on the date of the
termination a severance allowance of fifty percent (50%) of the total salary compensation Executive would have been entitled
to for the remainder of his Term of employment. The Company will pay any required withholding tax on said severance allowance
without deducting the same from the amount to be paid to Executive.

 

11.          Notice
of Termination. Any purported termination of the Executive's employment shall be communicated by written Notice of Termination
to the other party hereto. If such notice is served by the Company on the Executive, to be effective, it must include the signatures
of the majority of the board of directors approving such termination and thanking Executive for his service to date.

 

12.          Termination Benefits, Upon the expiration or termination of this Agreement or Executives employment, by either party
for any reason, Company shall continue to provide Executive with life and disability insurance and family health insurance described
above for a period of thirty six (36) months from said termination/expiration. Company will make all reasonable efforts to allow
Executive to continue such coverage thereafter at Executives own expense. This provision shall survive the expiration or termination
of this agreement for any reason.

 

13.          Death Benefit. Should Executive die during the term of employment, the Company shall pay to Executive's designee, the
greater of two hundred twenty five thousand dollars ($225,000) or fifty percent (50%) of the total salary compensation Executive
would have been entitled to for the remainder of his Term of employment, whichever is greater, Company will also continue to pay
the medical and health benefits for Executive's family for a period of three (3) years, in addition to the benefits to Executives
spouse, provided in section 12 above.

 

14.          Covenant Not to Compete. If the Executive receives Termination Benefits of at least $150,000 under paragraph 10 herein,
the following Covenant Not to Compete shall be triggered.

 

a.   
Term. The Executive shall not compete for a period of six months.

 

b.   
Scope. The Executive shall not perform services whether as an Employee, Independent Contractor or Consultant for any third
party involved in the design, manufacture, sale or distribution of premium contemporary knitwear.

 

c.   
Geographical Restrictions. This Covenant not to Compete shall be limited to a seventy five mile radius around areas which
the Company designs, manufactures or sells premium contemporary knit wear.

 

d.   
Non-Solicitation. The Executive shall not solicit the Company’s Employees, manufacturers, distributors or customers
during the term of this Non Compete.

 

    	8

    	 

    

 

15.          Choice of Law. It is the intention of the
parties to this Agreement that this Agreement and the performance under this Agreement, and all suits and special proceedings
under this Agreement, be construed in accordance with and under the Laws the State of Nevada.

 

16.          DISPUTED COMPENSATION.
In the event that the Company should at anytime dispute any payment or vesting of compensation as provided herein to executive,
Company agrees that it will provide Executive with a timely and immediate written notice of such dispute detailing the specific
compensation that it disputes and detailing all of the legal reasons and the detailed factual basis for its objection thereto.
Such written notice will be provided to Executive in advance of the payment or vesting of any such disputed payment to Executive.
Providing such a notice does not eliminate or obviate the Company's responsibility to make such a payment of compensation, its
dispute or objection notwithstanding.

 

In the event that the reasons for the dispute or
objection arise after the disbursement or vesting of such compensation to Executive, then Company agrees that it will provide notice
to Executive at the earlier of twenty one (21) days from the date of any such disbursement or vesting if Company knew or reasonably
should have known of the basis for such an objection within seven (7) days of such disbursement or vesting, or if Company did not
know or reasonably could not be expected to known of the basis for such an objection, within one hundred and thirty one (131) days
of the disbursement, payment or vesting of such benefit. Any request or demand by the Company for reimbursement of compensation
paid to Executive pursuant to this agreement is waved if not made within the limitation period described in this paragraph. No
action will be brought or maintained by the Company against Executive, either in a court of law or in arbitration, or otherwise,
to recover compensation paid to executive if the Company has not complied with this section 15.

 

Under no circumstances will any action will be brought
or maintained by the company against executive, either in a court of law or in arbitration, or otherwise, to recover compensation
already vested or paid to executive, even if prior notice of the dispute or objection as described above has been served, if more
than three hundred and sixty five (365) days have passed since the payment or vesting which the company would otherwise seek to
recover or overturn.

 

This section 16 shall not apply to any compensation
that Executive should receive that is over and above the compensation specifically described in this Agreement.

 

17.          NO WAIVER.
The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement,
or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as thereafter waiving
any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver
had occurred.

 

    	9

    	 

    

 

18.          PARAGRAPH HEADINGS. The titles to the paragraphs of this Agreement are solely for the convenience of the parties and
shall not be used to explain, modify, simplify, or aid in the interpretation of the provisions of this Agreement.

 

19.          COMPLETE AGREEMENT,
This Agreement contains the complete agreement concerning the employment arrangement between the parties. The parties stipulate
that neither of them has made any representation with respect to the subject matter of this Agreement or any representation including
the execution and delivery of this Agreement except such representations as are specifically set forth in this Agreement and each
of the parties acknowledges that [he or she] or it has relied on its own judgment in entering into this Agreement. The parties
further acknowledge that any representations that may have been made by either of them to the other prior to the date of executing
this Agreement are of no effect and that neither of them has relied thereon in connection with [his or her] dealings with the
other.

 

20.          INDEMNIFICATION.
Company shall indemnify Executive to the maximum extent allowable under the applicable jurisdictions laws including but not
limited to against any and all expenses, including amounts paid upon judgments, counsel fees, environmental penalties and fines,
and amounts paid in settlement (before or after suit is commenced),incurred by the Executive in connection with [his or
her] defense or settlement of any claim, action, suit or proceeding in which [he or she] is made a party or which may be asserted
against [him or her} by reason of [his or her] employment or the performance of duties in this Agreement or as an officer or director
of the Company or otherwise in connection to the Company. Such indemnification shall be in addition to any or rights to which
Executive may be entitled under any law, the articles of incorporation, the bylaws, any agreement, or otherwise. This provision
shall survive the expiration or termination of this agreement for any reason.

 

21.          Assumption of Agreement by Company's Successors and Assignees. The Company's rights and obligations under this agreement
will inure to the benefit and be binding upon the Company's successors and assignees.

 

22.          Legal
Fees. In the event of any dispute or proceeding arising under this Agreement where the Executive is ultimately the
substantially prevailing party, the Company shall promptly reimburse Executive for all costs, including without limitation,
the reasonable attorneys' fees of any attorney of the Executive's choosing, incurred by the Executive in any such dispute or
proceeding arising under this Agreement.

 

    	10

    	 

    

 

23.          Assignment. This
Agreement shall not be assignable by either party without the prior written consent or the other party, However:

 

(1)         
It maybe assigned by the Company to any person or entity acquiring all or substantially all of the assets thereof, however
Company will remain as a guarantor of obligations hereunder: and

 

(2)         
It may be assigned by Executive as to his right to payment, but not as to any of his obligations hereunder; and

 

24.          Severability of Provisions. If any of
the provisions of this Agreement or the application of any such provision shall for any reason be held invalid by a court of competent
jurisdiction, such invalidity shall not affect or impair any other provision, it being the intention of the parties that such other
provisions shall be and remain in full force and effect.

 

25.          Notices. Ali notices, requests, demands
and other communications provided for by this Agreement shall be in writing and shall deemed to have been given at the time when
mailed at any office of the United States Postal Service enclosed in a certified postage-paid envelope addressed to the respective
party at the addresses set forth below (together with an electronic copy to the designated e-mail addresses listed below if notice
is being served on Executive) or to such changed address as such party may have fixed by notice to the other party, provided, however,
that any notice or change of address shall be affected only upon receipt and further provided that any notice may be personally
delivered to the respective party by the party giving notice in lieu of being mailed.

 

If to Company:

 

Banjo & Matilda, Inc.

76 William St Paddington

NSW Australia 2021

Fax
+61 (0) 2 811 1213

Phone +61 (0) 2 8096 2665

 

If
to Executive:

 

Brendan Patrick Gow

Macpherson

PO BOX 3438 Tamarama

NSW 2026

+61 (0) 413 83 66 33

Ben@banjoandmatilda.com

 

Either party may waive this notice provision by
providing a written acknowledgement to the other party that the first party has received effective notice.

 

    	11

    	 

    

 

26.          Binding Effect. This Agreement shall inure to the benefit of and shall be binding upon the Company, its successors
and assigns, and any corporation which may acquire all or substantially all of the Company's assets or into which the Company may
be consolidated or merged, and shall inure to the benefit of Executive's personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. Upon the Executive's death, all amounts, warrants, and other compensation,
to which he is entitled hereunder, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement
to the Executive's designee, or, if there be no such designee, to the Executive's estate.

 

27.          Vesting of
compensation and benefits. Executive's (and where applicable Executive’s Spouse's and Designee's) right(s) to the compensation
and benefits described in this Agreement are fully vested as of the date of this Agreement.

 

28.          Bankruptcy,
Security and Liens. It is the intention of the parties that to the greatest extent allowable under the law, the rights and
obligations of this employment agreement shall not be waved or subordinated by any bankruptcy.

 

29.          Execution
in Counterparts. This Agreement maybe executed by the parties hereto signing the same instrument, or by each party
hereto signing a separate counterpart or counterparts, each of which shall be deemed to be an original, but all of which
together shall constitute one and the same instrument The parties agree that documents executed by facsimile or electronic
transmission shall be acceptable in this transaction, and the signatures thereof shall have the same force and effect as
original signatures.

 

30.          Waiver. The failure of any party to
insist in any one or more Instances upon performance of any terms or conditions of this Agreement shall not be construed as a waiver
of future performance of any such term, covenant or conditions, but the obligations of either party with respect thereto shall
continue in full force and effect.

 

IN WITNESS WHEREOF, the parties hereto
have executed this Agreement under seal the day and year above first written.

	 	Company

		
	
	BRENDAN PATRICK GOW MACPHERSON 	BELINDA STORELLI MACPHERSON

 

 

    	12

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