Document:

Exhibit 10.8

 

STANDARD EXCLUSIVE LICENSE AGREEMENT

WITH SUBLICENSING TERMS

 

Agreement # Number LIC18056.

 

This Agreement is made effective January
8, 2018, (the “Effective Date”) by and between the University of South Florida Research Foundation, Inc. (hereinafter
called “Licensor”), a nonstock, nonprofit Florida corporation, under Chapter 617 Florida Statutes, and a direct support
organization of the University of South Florida (“University”) pursuant to section 1004.28 Florida Statutes and Gratitude
Health, Inc. (hereinafter called “Licensee”), a small entity corporation organized and existing under the laws of Florida;

 

WHEREAS, Licensor is the exclusive licensee
of certain inventions that are described in the “Licensed Patents” defined below (Licensor Reference #00A025), and
Licensor is willing to grant a license to Licensee under any one or all of the Licensed Patents and Licensee desires a license
under all of them;

 

NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth below, the parties covenant and agree as follows:

 

Section 1 Definitions

 

		1.1	“Affiliate” means: (a) any person or entity which controls at least fifty percent (50%) of the equity or voting
stock of the Licensee or (b) any person or entity fifty percent (50%) of whose equity or voting stock is owned or controlled by
the Licensee or (c) any person or entity of which at least fifty percent (50%) of the equity or voting stock is owned or controlled
by the same person or entity owning or controlling at least fifty percent (50%) of Licensee or (d) any entity in which any officer
or employee is also an officer or employee of Licensee or any person who is an officer or employee of Licensee or (e) any other
relationship as in fact, constitutes actual control.

 

		1.2	“Development Plan” means the written report summarizing the development activities that are to be undertaken by
the Licensee to bring Licensed Products and/or Licensed Processes to the market. The Development Plan is attached as Appendix A.

 

		1.3	“Development Report” means a written account of Licensee’s progress under the Development Plan having at
least the information specified on Appendix B to this Agreement, and shall be sent to the address specified on Appendix B .

 

		1.4	“Investigator” means Q. Ping Dou, while employed by Licensor.

 

		1.5	“Licensed Information” means without limitation unpatented technology, information, materials, compounds, cell
lines, sequences, concepts, patent applications, processes, data, drawings, indications, results of tests or studies, plans, and
expertise, know-how, and the like whether patentable or not, discovered by the Investigator(s) or at the direction or under the
supervision of the Investigator(s) and in the Field, to the extent owned and controlled by the Licensor and useful for the discovery,
development, manufacture, delivery, use or sale of Licensed Products, or for practice of the Licensed Processes, whether or not
claimed in a patent or patent application. Licensed Information shall also include all pre-clinical and clinical data, regulatory
information, drug material, and regulatory filings and approvals related to the Licensed Patents and existing on the date hereof,
except that, Licensed Information shall not include the Licensed Patents.

 

    1

     

    

 

		1.6	“Licensed Field” shall be limited to all fields except specifically excluding all FDA approved pharmaceuticals
and medical foods.

 

		1.7	“Licensed Patents” means all of the following Licensor intellectual property:

 

		1.7.1	the patent(s)/patent application(s) identified on Schedule 1 hereto;

 

		1.7.2	any and all United States and foreign patent applications claiming priority to any of the patent(s) and patent application(s)
identified on Schedule 1 hereto (except that in the case of continuation-in-part application(s), only to the extent that the subject
matter claimed in such continuation-in-part application(s)is supported under 35 U.S.0 112 in the patent(s)/patent application(s)
identified on Schedule 1 hereto); and

 

		1.7.3	any and all patents issuing from the patent applications identified in section 1.6.1 and 1.6.2, including, but not limited
to, letters patents, patents of addition, reissues, re-examinations, extensions, restorations, and supplementary protection certificates;

 

all to the extent owned or controlled by Licensor.

 

		1.8	“Licensed Product”, “Licensed Process”, and “Licensed Information” means:

 

		1.8.1	In the case of a Licensed Product, any product or part thereof, on a country-by-country basis, that:

		(a)	is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents, in any country
in which such product is made, used, imported or sold; or

		(b)	is manufactured by using a process that is covered in whole or in part by an issued, unexpired claim or a pending claim contained
in the Licensed Patents, in any country in which any such process is used or in which any such product is used, imported or sold.

		(c)	incorporates, utilizes, or was developed utilizing, Licensed Information or that is manufactured using Licensed Information
or using a process developed using Licensed Information.

 

		1.8.2	In the case of a Licensed Process, any process, on a country-by-country basis, that:

		(a)	is covered in whole or in part by an issued, unexpired claim or a pending claim contained in the Licensed Patents in any country
in which such process is practiced.

		(b)	incorporates, utilizes, or was developed utilizing, Licensed Information.

 

		1.9	“Licensed Territory” shall be limited to the world.

 

		1.10	“Net Sales” means the total dollar amount invoiced on sales of Licensed Product and/or Licensed Processes by Licensee,
Sublicensee or Affiliates. Total amount invoiced may include only promotional discounts allowed in amounts customary in the trade,
not to exceed 50%.

 

		1.11	“Patent Challenge” means a challenge to the validity, patentability, enforceability and/or non-infringement of
any of the Licensed Patents or otherwise opposing any of the Licensed Patents.

 

    2

     

    

 

		1.12	“Sublicense” means, directly or indirectly, to sublicense, grant any other right with respect to, or agree not
to assert, any right licensed to Licensee under this Agreement.

 

		1.13	“Sublicensee” means any third party to whom Licensee grants a Sublicense.

 

Section 2 Grant

 

		2.1	License.

 

		2.1.1	License Under Licensed Patents Subject to the terms of this Agreement, Licensor hereby grants to Licensee (a) a royalty-bearing,
exclusive license, limited to the Licensed Field and the Licensed Territory, under the Licensed Patents to make, have made, develop,
use, lease, import, export, offer to sell, sell and have sold Licensed Products and/or Licensed Processes and (b) a royalty bearing,
non-exclusive license, limited to the Licensed Field and the Licensed Territory, under the Licensed Information to make, have made,
develop, use, lease, import, export, offer to sell, sell and have sold Licensed Products and/or Licensed Processes. Licensor reserves
to itself and to all nonprofit entities with which it collaborates the right under the Licensed Patents to make, have made, develop,
import and use Licensed Products and Licensed Processes solely for their internal research, clinical and educational purposes.
In addition, Licensor reserves to itself, as well as to all non-profit research institutions with which it collaborates, the right
to use materials that might be covered under Licensed Patents solely for their internal research, educational, and clinical purposes
and to meet all applicable governmental and peer review journal requirements governing the transfer of materials.

 

		2.1.2	The license granted hereunder shall not be construed to confer any rights upon Licensee by implication, estoppel, or otherwise
as to any technology not part of the Licensed Patents in the specified Licensed Field and specified Licensed Territory.

 

		2.2	Sublicense.

 

		2.2.1	Licensee may grant written Sublicenses under the Licensed Patents to third parties upon Licensor’s approval, which approval
shall not be unreasonably withheld. Any agreement granting a Sublicense shall state that the Sublicense is subject to the terms
and conditions of this Agreement and to the termination of this Agreement. Licensee shall have the same responsibility for the
activities of any Sublicensee or Affiliate as if the activities were directly those of Licensee.

 

		2.2.2	Licensee shall provide Licensor with an unredacted copy of each Sublicense agreement and any agreement which transfers intellectual
property rights granted hereunder, at least thirty (30) days prior to the execution of the Sublicense agreement.

 

		2.2.3	If Licensee has not pursued a market or territory respecting the Licensed Patents within one year of the date of execution
of this Agreement and Licensor has received notice that a third party wishes to negotiate a license for such market or territory,
Licensor may terminate the license granted in 2.1.1 with respect to such market or territory upon sixty (60) days written notice
to Licensee. During the notice period, Licensee may provide Licensor with a revised Development Plan with respect to the market
or territory.

 

    3

     

    

Licensor may consider the revised Development Plan
and determine, in Licensor’s sole discretion, whether the revised Development Plan will be accepted or whether the license
will terminate with respect to such market or territory upon expiration of the notice period.

 

Section 3 Due Diligence

 

		3.1	Development.

 

		3.1.1	Licensee agrees to and warrants that:

		(a)	it has, or will obtain, the expertise necessary to independently evaluate the inventions of the Licensed Patents and Licensed
Information;

		(b)	it will actively and diligently pursue the Development Plan (see Appendix A) to the end that the inventions of the Licensed
Patents will be utilized to provide Licensed Products and/or Licensed Processes for sale in the retail market within the Licensed
Field;

		(c)	it will diligently develop markets for Licensed Products and Licensed Processes;

		(d)	and, until the date of first commercial sale of Licensed Products or Licensed Processes, it will supply Licensor with a written
Development Report annually fifteen (15) days after the end of the calendar year (see Appendix B).

 

		3.1.2	Licensee agrees that the first commercial sale of products to the retail customer shall occur on or before July 1, 2018 or
Licensor shall have the right to terminate this Agreement pursuant to Section 9.3 hereto. In addition, Licensee will meet the milestones
shown in Appendix D or Licensor shall have the right to terminate this Agreement pursuant to Section 9.3. Licensee will notify
Licensor in writing as each milestone is met.

 

		3.1.3	Upon written request by Licensee to negotiate extensions of any milestones or due dates set forth in Appendix D, such request
to be received by Licensor no less than ninety (90) days prior to any of the due dates subject of such request, set forth in this
Section 3.1.3, such request fully describing Licensee’s diligent efforts to achieve the milestone required to be met by such
due date, Licensor shall consider in good faith such requests. Upon granting such request, Licensor and Licensee shall negotiate
such extensions in good faith.

 

		3.1.4	Licensor’s policies may require approval of clinical trials involving technology invented by Licensor. Accordingly, Licensee
will notify Licensor prior to commencing any clinical trials at the Licensor’s facility or any affiliated medical facilities.

 

		3.1.5	Every year Licensor is required to report on statistics that are relevant to growth of businesses in Florida. On January 31
and July 31 of each year, Licensee shall provide a report that includes: the current # of employees in Florida, the total # of
employees, information about whether the company has gone public or been acquired, detail of the amount and sources of funding,
any new products that have been introduced to the market, the number of employees who are USF graduates, and the number of USF
interns for the period since the last report was received. This information will be held in confidence and provided in the aggregate.
No confidential information will be identified with the specific company absent your agreement.

 

    4

     

    

 

Section 4 Payments 

 

		4.1	License Issue Fee.

 

Licensee agrees to pay Licensor a License Issue Fee
of five thousand dollars ($5,000) within thirty (30) days of the Effective Date.

 

		4.2	Intentionally Left Blank.

 

		4.3	Royalty.

 

Royalty on Licensed Patents. In addition to the
Section 4.1 License Issue Fee, Licensee agrees to pay to Licensor as earned royalties a royalty calculated as a percentage of Net
Sales. The royalty is deemed earned as of the earlier of the date the Licensed Product and/or Licensed Process is actually sold
and paid for, the date an invoice is sent by Licensee, its Affiliate, or its Sublicensee, or the date a Licensed Product and/or
Licensed Process is transferred to a third party for any promotional reasons. Licensee shall pay to Licensor royalties as follows:

 

		(i)	three percent (3%) for Net Sales of Licensed Products, and Licensed Processes, for each product or process, on a country-by-country
basis, as defined by Sections 1.8.1(a), 1.8.1(b), 1.8.1(c), 1.8.2(a) and 1.8.2(b) for cumulative Net Sales up to one million dollars
($1,000,000); and

 

		(ii)	four percent (4%) for Net Sales of Licensed Products and Licensed Processes, for each product or process, on a country-by-country
basis, as defined by Sections 1.8.1(a), 1.8.1(b), 1.8.1(c), 1.8.2(a) and 1.8.2(b) for cumulative Net Sales from one million dollars
($1,000,000) to five million dollars ($5,000,000); and

 

		(iii)	five percent (5%) for Net Sales of Licensed Products and Licensed Processes, for each product or process, on a country-by-country
basis, as defined by Sections 1.8.1(a), 1.8.1(b), 1.8.1(c), 1.8.2(a) and 1.8.2(b) for cumulative Net Sales over five million dollars
($5,000,000).

 

		4.4	Other Payments.

 

		4.4.1	Licensee agrees to pay Licensor minimum royalty payments, as follows:

 

	Payment	 	 	Year
	$	20,000	 	 	2018
	$	50,000	 	 	2019
	$	100,000	 	 	2020 and every year thereafter on the same date, for the life of this Agreement.

 

The minimum royalty shall be paid in advance on a
quarterly basis for each year in which this Agreement is in effect. The first minimum royalty payment shall be due on March 31st,
2018 and shall be in the amount of $5,000. The minimum royalty for a given year shall be due in advance and shall be paid in quarterly
installments on March 31, June 30, September 30, and December 31 for the following quarter. Any minimum royalty paid in a calendar
year will be credited against the earned royalties for that calendar year. It is understood that the minimum royalties will be
applied to earned royalties on a calendar year basis, and that sales of Licensed Products and/or Licensed Processes requiring the
payment of earned royalties made during a prior or subsequent calendar year shall have no effect on the annual minimum royalty
due Licensor for other than the same calendar year in which the royalties were earned.

 

    5

     

    

 

		4.4.2	Intentionally left blank.

 

		4.5	Sublicenses. In respect to Sublicenses granted by Licensee under 2.2.1 above, Licensee shall pay to Licensor an amount equal
to what Licensee would have been required to pay to Licensor had Licensee sold the amount of Licensed Product or Licensed Process
sold by such Sublicensee. In addition, if Licensee receives any fees, minimum royalties, milestone payments, or other payments
arising from the Sublicense, and such payments are not earned royalties as defined in Section 4.3 above, then Licensee shall pay
Licensor fifty percent (50%) of such payments within thirty (30) days of receipt thereof. Such payments shall not be allocated,
off-set or otherwise reduced as a result of including rights other than those licensed hereunder in such permitted written Sublicense.
Licensee shall not receive from Sublicensees anything of value in lieu of cash payments in consideration arising from any Sublicense
under this Agreement without the express prior written permission of Licensor.

 

		4.6	Accounting for Payments.

 

		4.6.1	Amounts owing to Licensor under Section 4.3 shall be paid on a quarterly basis after the amount of minimum royalties paid is
exceeded, with such amounts due and received by Licensor on or before the thirtieth day following the end of the calendar quarter
ending on March 31, June 30, September 30 or December 31 in which such amounts were earned. All royalties owing with respect to
Net Sales stated in currencies other than U.S. dollars shall be converted at the rate shown in the Federal Reserve Noon Valuation
- Value of Foreign Currencies on the day preceding the payment due date.

 

		4.6.2	Any amounts which remain unpaid after the date they are due to Licensor shall accrue interest from the due date at the rate
of 1.5% per month. However, in no event shall this interest provision be construed as a grant of permission for any payment delays.
Licensee shall also be responsible for repayment to Licensor of any attorney, collection agency, or other out-of-pocket Licensor
expenses required to collect overdue payments due under this Section 4 or any other applicable Section of this Agreement.

 

		4.6.3	Except as otherwise directed, all amounts owing to Licensor under this Agreement shall be paid in U.S. dollars to Licensor
at the following address:

 

USF Research Foundation

Attn: Business Manager

3802 Spectrum Blvd, Suite 100

Tampa, Florida 33612.

 

		4.6.4	A certified full accounting statement showing how any amounts payable to Licensor under Section 4 have been calculated shall
be submitted to Licensor on the date of each such payment. In addition to being certified, such accounting statements shall contain
a written representation signed by an executive officer of Licensee that states that the statements are true, accurate, and fairly
represent all amounts payable to Licensor pursuant to this Agreement. For earned royalties, such accounting shall be on a per-country
and product line, model or trade name basis and shall be summarized on the form shown in Appendix C - Licensor Royalty Report of
this Agreement. For earned royalties, in the event no payment is owed to Licensor because the amount of minimum royalties paid
has not been exceeded or otherwise, an accounting demonstrating that fact shall be supplied to Licensor.

 

    6

     

    

 

		4.6.5	Licensor is exempt from paying income taxes under U.S.
law. Therefore, all payments due under this Agreement shall be made without deduction for taxes, assessments, or other charges
of any kind which may be imposed on Licensor by any government outside of the United States or any political subdivision of such
government with respect to any amounts payable to Licensor pursuant to this Agreement. All such taxes, assessments, or other charges
shall be assumed by Licensee.

 

Section 5 Certain Warranties and Disclaimers of Licensor

 

		5.1	Licensor warrants that, except as otherwise provided under Section 17.1 of this Agreement with respect to U.S. Government interests,
it is the owner or exclusive licensee of the Licensed Patents or otherwise has the right to grant the licenses granted to Licensee
in this Agreement. However, nothing in this Agreement shall be construed as:

		(a)	a warranty or representation by Licensor as to the validity or scope of any right included in the Licensed Patents;

		(b)	a warranty or representation that anything made, used, sold or otherwise disposed of under the license granted in this Agreement
will or will not infringe patents of third parties;

		(c)	an obligation to bring or prosecute actions or suits against third parties for infringement of Licensed Patents;

		(d)	an obligation to furnish any services other than those specified in this Agreement; or

		(e)	a warranty or representation by Licensor that it will not grant licenses to others to make, use or sell products not covered
by the claims of the Licensed Patents which may be similar and/or compete with products made or sold by Licensee.

 

		5.2	EXCEPT AS OTHERWISE EXPRESSLY SET FORTH IN THIS AGREEMENT, LICENSOR MAKES NO REPRESENTATIONS AND EXTENDS NO WARRANTIES OF ANY
KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
AND VALIDITY OF PATENT RIGHTS CLAIMS, ISSUED OR PENDING. LICENSOR ASSUMES NO RESPONSIBILITIES WHATSOEVER WITH RESPECT TO USE, SALE,
OR OTHER DISPOSITION BY LICENSEE, ITS SUBLICENSEE(S), OR THEIR VENDEES OR OTHER TRANSFEREES OF PRODUCT INCORPORATING OR MADE BY
USE OF INVENTIONS LICENSED UNDER THIS AGREEMENT.

 

Section 6 Record Keeping

 

		6.1	Licensee and its Sublicensee(s) shall keep books and records sufficient to verify the accuracy and completeness of Licensee’s
and its Sublicensee(s)’s accounting referred to above, including without limitation, inventory, purchase and invoice records,
manufacturing records, sales analysis, general ledgers, financial statements, and tax returns relating to the Licensed Products
and/or Licensed Processes. Such books and records shall be preserved for a period not less than six years after they are created
or as required by federal law, both during and after the term of this Agreement.

 

    7

     

    

 

		6.2	Licensee and its Sublicensee(s) shall take all steps necessary so that Licensor may, within thirty (30) days of its written
request, audit, review and/or copy all of the books and records at a single U.S. location to verify the accuracy of Licensee’s
and its Sublicensee(s)’s accounting. Such review may be performed by any authorized employees of Licensor as well as by any
attorneys and/or accountants designated by Licensor, upon reasonable notice and during regular business hours. If a deficiency
with regard to any payment hereunder is determined, Licensee and its Sublicensee(s) shall pay the deficiency within thirty (30)
days of receiving notice thereof along with applicable interest as described in Section 4.6.2. If a royalty payment deficiency
for a calendar year exceeds three percent (3%) of the royalties paid for that year, then Licensee and its Sublicensee(s) shall
be responsible for paying Licensor’s out-of-pocket expenses incurred with respect to such review.

 

		6.3	At any time during the term of this Agreement, Licensor may request in writing that Licensee verify the calculation of any
past payments owed to Licensor through the means of a self-audit. Within ninety (90) days of the request, Licensee shall complete
a self-audit of its books and records to verify the accuracy and completeness of the payments owed. Within thirty (30) days of
the completion of the self-audit, Licensee shall submit to Licensor a report detailing the findings of the self-audit and the manner
in which it was conducted in order to verify the accuracy and completeness of the payments owed. If Licensee has determined through
its self-audit that there is any payment deficiency, Licensee shall pay Licensor the deficiency along with applicable interest
under Section 4.6.12 with the submission of the self-audit report to Licensor.

 

Section 7 Patent Prosecution

 

		7.1	Licensor shall prosecute and maintain the Licensed Patents using counsel of its choice. Licensor shall provide Licensee with
copies of all documents sent to and received from the United States Patent and Trademark Office and foreign patent offices relating
to Licensed Patents. Licensee agrees to keep such information confidential.

 

		7.2	Licensee shall pay to Licensor the sum of $18,896.50, according to the following schedule:

 

six thousand dollars ($6,000) shall be paid on or before
March 31, 2018;

six thousand dollars ($6,000) shall be paid on or before
March 31, 2019;

and six thousand eight hundred ninety-six dollars and
fifty cents ($6,896.50) shall be paid on or before March 31, 2020;

 

to reimburse any and all expenses associated with preparation,
filing, prosecution, issuance, maintenance, defense, and reporting of the Licensed Patents incurred prior to the Effective Date.

 

		7.3	Licensee shall be responsible for and pay all costs and expenses incurred by Licensor related to the preparation, filing, prosecution
(including interferences), issuance, maintenance, defense (including oppositions) and reporting of the Licensed Patents subsequent
to and separate of those expenses cited in Section 7.2 within thirty (30) days of receipt of an invoice from Licensor . It shall
be the responsibility of Licensee to keep Licensor fully apprised of the “small entity” status of Licensee and all
Sublicensees with respect to the U.S. patent laws and with respect to the patent laws of any other countries, if applicable, and
to inform Licensor of any changes in writing of such status, within thirty (30) days of any such change. In the event that additional
licenses are granted to licensees for alternate fields-of-use, patent expenses associated with Licensed Patents will be divided
proportionally between the number of existing licensees. In the case of foreign patent protection, if Licensee gives sixty (60)
days notice that it intends to decline to reimburse Licensor for patent expenses for any Licensed Patent in any particular country,
then the license granted hereunder respecting such Licensed Patent shall terminate after such sixty (60) days and Licensee relinquishes
the right to commercialize Licensed Products in the specified country.

 

    8

     

    

 

Section 8 Infringement and Invalidity

 

		8.1	Licensee shall inform Licensor promptly in writing of any alleged infringement of the Licensed Patents by a third party and
of any available evidence thereof.

 

		8.2	During the term of this Agreement, Licensor shall have the right, but shall not be obligated, to prosecute at its own expense
any such infringements of the Licensed Patents. If Licensor prosecutes any such infringement, Licensee agrees that Licensor may
include Licensee as a co-plaintiff in any such suit, without expense to Licensee.

 

		8.3	If within six (6) months after having been notified of any alleged infringement, Licensor shall have been unsuccessful in persuading
the alleged infringer to desist and shall not have brought an infringement action against the alleged infringer, or if Licensor
shall notify Licensee at any time prior thereto of its intention not to bring suit against the alleged infringer, then, and in
those events only, Licensee shall have the right, but shall not be obligated, to prosecute at its own expense any infringement
of the Licensed Patents, and Licensee may, for such purposes, use the name of Licensor as party plaintiff. No settlement, consent
judgment or other voluntary final disposition of the suit may be entered into without the consent of Licensor , which consent shall
not be unreasonably withheld. Licensee shall indemnify Licensor against any order for costs that may be made against Licensor in
such proceedings.

 

		8.4	In the event that a declaratory judgment action is brought against Licensor or Licensee by a third party alleging invalidity,
unpatentability, unenforceability, or non-infringement of the Licensed Patents, Licensor, at its option, shall have the right within
twenty (20) days after commencement of such action to take over the sole defense of the action at its own expense. If Licensor
does not exercise this right, Licensee shall be responsible for the sole defense of the action at Licensee’s sole expense,
subject to Sections 8.5 and 8.6.

 

		8.5	In the event that Licensee shall undertake the enforcement by litigation and/or defense of the Licensed Patents by litigation,
Licensor shall have the right, but not the obligation, to voluntarily join such litigation, represented by its own counsel at its
own expense. In the event that Licensor or Licensee shall undertake the enforcement by litigation and/or defense of the Licensed
Patents by litigation, any recovery of damages by Licensor or Licensee for any such suit shall be applied first in satisfaction
of any unreimbursed expenses and legal fees of Licensor relating to the suit, and next toward reimbursement of any unreimbursed
expenses and legal fees of Licensee relating to the suit. The balance remaining from any such recovery shall be divided equally
between Licensee and Licensor.

 

		8.6	In any suit in which either party is involved to enforce or defend the Licensed Patents pursuant to this Agreement, the other
party hereto shall, at the request and expense of the party initiating such suit, cooperate in all respects and, to the extent
possible, have its employees testify when requested and make available relevant records, papers, information, samples, specimens,
and the like.

 

		8.7	In the event Licensee contests the validity of any Licensed Patents, unless and until Licensor terminates this Agreement pursuant
to 9.3.10, Licensee shall continue to pay royalties and make other payments pursuant to this Agreement with respect to the contested
Licensed Patent(s) as if such contest were not underway until the contested Licensed Patent(s) is adjudicated invalid or unenforceable
by a court of last resort.

 

    9

     

    

 

Section 9 Term and Termination

 

		9.1	The term of this license shall begin on the Effective
Date of this Agreement and continue until the later of the date that no Licensed Patent remains a pending application or an enforceable
patent, or the date on which Licensee’s obligation to pay royalties expires pursuant to Section 4.3 above.

 

		9.2	Licensee may terminate this Agreement at any time by giving at least sixty (60) days written notice of such termination to
Licensor. Such a notice shall be accompanied by a statement of the reasons for termination.

 

		9.3	Licensor may terminate this Agreement if (a) Licensee (i) is delinquent on any report or payment; (ii) is not diligently developing
and commercializing Licensed Products and Licensed Processes; (iii) misses a milestone described in Appendix D; (iv) is in breach
of any provision; (v) provides any false report; (vi) goes into bankruptcy, liquidation or proposes having a receiver control any
assets; (vii) violates any laws or regulations of applicable government entities; or (viii) shall cease to carry on its business
pertaining to Licensed Patents; or (b) if payments of earned royalties under Section 4.3, once begun, cease for more than two (2)
calendar quarters. Termination under this Section 9.3 will take effect 30 days after written notice by Licensor, unless Licensee
remedies the problem in that 30-day period, except that termination under Section 9.3 (vi) will occur immediately and automatically
upon the occurrence of the event and require no action by Licensor.

 

		9.4	If Licensee or any of its Affiliates brings a Patent Challenge against Licensor, or assists another party in bringing a Patent
Challenge against Licensor (except as required under a court order or subpoena), then Licensor may immediately terminate this Agreement
and/or the license granted hereunder. If a Sublicensee brings a Patent Challenge against Licensor, or assists another party in
bringing a Patent Challenge against Licensor (except as required under a court order or subpoena), then Licensor may send a written
demand to Licensee to terminate such Sublicense. If Licensee fails to so terminate such Sublicense within forty-five (45) days
after Licensor’s demand, Licensor may immediately terminate this Agreement and/or the license granted hereunder

 

		9.5	If Licensee, any of its Affiliates or a Sublicensee (i) brings a Patent Challenge against Licensor or (ii) assists another
party in bringing a Patent Challenge against Licensor (except as required under a court order or subpoena), and if Licensor does
not choose to exercise its rights to terminate this Agreement pursuant to Section 9.4 then, in the event that such the Patent Challenge
is successful, Licensee will have no right to recoup any consideration, including royalties, paid during the period of challenge.
In the event that the Patent Challenge is unsuccessful, Licensee shall reimburse Licensor for all reasonable legal fees and expenses
incurred in its defense against the Patent Challenge.

 

		9.6	Licensor may immediately terminate this Agreement without any cure period available to Licensee upon the occurrence of the
second separate default by Licensee within any consecutive three-year period for failure to comply with local, state and federal
regulations in accordance with Section 14.8, or to pay royalties, patent or any other expenses when due.

 

    10

     

    

 

		9.7	Upon the termination of this Agreement for any reason, nothing herein shall be construed to release either party from any obligation
that matured prior to the effective date of such termination. Licensee shall remain obligated to provide an accounting for and
to pay royalties earned to the date of termination, and any minimum royalties shall be prorated as of the date of termination by
the number of days elapsed in the applicable calendar year. Licensee may, however, after the effective date of such termination,
sell all Licensed Products, and complete Licensed Products in the process of manufacture at the time of such termination and sell
the same, provided that Licensee shall remain obligated to provide an accounting for and to pay running royalties thereon.

 

		9.8	Licensee shall be obligated to deliver to Licensor, within ninety days of the date of termination of this agreement, complete
and unredacted copies of all documentation prepared for or submitted for all regulatory approvals of Licensed Products or Licensed
Processes.

 

Section 10 Assignability

 

This Agreement may not be transferred or assigned
by Licensee except with the prior written consent of Licensor, in which case assignee assumes all responsibilities under this license.

 

Section 11 Dispute Resolution Procedures

 

		11.1	Mandatory Procedures.

 

In the event either party intends to file a lawsuit
against the other with respect to any matter in connection with this Agreement, compliance with the procedures set forth in this
Section shall be a condition precedent to the filing of such lawsuit, other than for injunctive relief. Either party may terminate
this Agreement as provided in this Agreement without following the procedures set forth in this section.

 

		11.1.1	When a party intends to invoke the procedures set forth in this section, written notice shall be provided to the other party.
Within thirty (30) days of the date of such notice, the parties agree that representatives designated by the parties shall meet
at mutually agreeable times and engage in good faith negotiations at a mutually convenient location to resolve such dispute.

 

		11.1.2	If the parties fail to meet within the time period set forth in section 11.1.1 above or if either party subsequently determines
that negotiations between the representatives of the parties are at an impasse, the party declaring that the negotiations are at
an impasse shall give notice to the other party stating with particularity the issues that remain in dispute.

 

		11.1.3	Not more than 15 days after the giving of such notice of issues, each party shall deliver to the other party a list of the
names and addresses of at least three individuals, any one of whom would be acceptable as a neutral advisor in the dispute (the
“Neutral Advisor”) to the party delivering the list. Any individual proposed as a Neutral Advisor shall have experience
in determining, mediating, evaluating, or trying intellectual property litigation and shall not be affiliated with the party that
is proposing such individual.

 

		11.1.4	Within 10 days after delivery of such lists, the parties shall agree on a Neutral Advisor. If they are unable to so agree within
that time, within 5 days, they shall each select one individual from the lists. Within 5 days, the individuals so selected shall
meet and appoint a third individual from the lists to serve as the Neutral Advisor. Within 30 days after the selection of a Neutral
Advisor:

 

		(a)	The parties shall each provide a written statement of the issues in dispute to the Neutral Advisor.

 

    11

     

    

 

		(b)	The parties shall meet with the Neutral Advisor in Tampa, Florida on a date and time established by the Neutral
                                                               Advisor. The meeting must be attended by persons authorized to make final decisions on behalf of each party with respect to
                                                               the dispute. At the meeting, each party shall make a presentation with respect to its position concerning the dispute. The
                                                               Neutral Advisor will then discuss the issues separately with each party and attempt to resolve all issues in the dispute. At
                                                               the meeting, the parties will enter into a written settlement agreement with respect to all issues that are resolved. Such
                                                               settlement agreement shall be final and binding with respect to such resolved issues and may not be the subject of any
                                                               lawsuit between the parties, other than a suit for enforcement of the settlement agreement.

 

		11.1.5	The expenses of the neutral advisor shall be shared by the parties equally. All other out-of-pocket costs and expenses for
the alternative dispute resolution procedure required under this Section shall be paid by the party incurring the same.

 

		11.1.6	Positions taken and statements made during this alternative dispute resolution procedure shall be deemed settlement negotiations
and shall not be admissible for any purpose in any subsequent proceeding.

 

		11.2	Failure to Resolve Dispute.

 

If any issue is not resolved at the meeting with the
Neutral Advisor, either party may file appropriate administrative or judicial proceedings with respect to the issue that remains
in dispute. No new issues may be included in the lawsuit without the mandatory procedures set forth in this section having first
been followed.

 

Section 12 Product Liability; Conduct of
Business

 

		12.1	Licensee and its Sublicensee(s) shall, at all times during the term of this Agreement and thereafter, indemnify, defend and
hold Licensor, its board, University and its Affiliates and Trustees, the Florida Board of Governors, and each of their directors,
officers, employees, and agents, and the inventors of the Licensed Patents, regardless of whether such inventors are employed by
Licensor at the time of the claim, harmless against all claims and expenses, including legal expenses and reasonable attorneys
fees, whether arising from a third party claim or resulting from Licensor’s enforcing this indemnification clause against
Licensee, arising out of the death of or injury to any person or persons or out of any damage to property and against any other
claim, proceeding, demand, expense and liability of any kind whatsoever (other than patent infringement claims) resulting from
the development, production, manufacture, sale, use, lease, consumption, marketing, or advertisement of Licensed Products or Licensed
Process(es) or arising from any right or obligation of Licensee hereunder. Notwithstanding the above, Licensor at all times reserves
the right to retain counsel of its own to defend Licensor’s, its board, University and its Affiliates’ and Trustees,
the Florida Board of Governors’, and the inventor’s interests.

 

		12.2	Licensee warrants that it now maintains and will continue to maintain liability insurance coverage appropriate to the risk
involved in development, producing, manufacturing, clinical trials, selling, marketing, using, leasing, consuming, or advertising
the products subject to this Agreement and that such insurance coverage lists Licensor, its Affiliates, its Trustees, the Florida
Board of Governors, and the inventors of the Licensed Patents as additional insureds. Within ninety (90) days after the execution
of this Agreement and thereafter annually between January 1 and January 31 of each year, Licensee will present evidence to Licensor
that the coverage is being maintained with Licensor, University and its Affiliates and Trustees, the Florida Board of Governors,
and its inventors listed as additional insureds. In addition, Licensee shall provide Licensor with at least thirty (30) days prior
written notice of any change in or cancellation of the insurance coverage.

 

    12

     

    

 

Section 13 Use of Names

 

Licensee and its Sublicensee(s) shall not use the
names of Licensor, nor of any of either institution’s employees, agents, or affiliates, nor the name of any inventor of Licensed
Patents, nor any adaptation of such names, in any promotional, advertising or marketing materials or any other similar form of
publicity, or to suggest any endorsement by the such entities or individuals, without the prior written approval of Licensor in
each case.

 

Section 14 Miscellaneous

 

		14.1	This Agreement shall be construed in accordance with the internal laws of the State of Florida

 

		14.2	The parties hereto are independent contractors and not joint venturers or partners.

 

		14.3	Licensee shall ensure that it applies patent markings that meet all requirements of U.S. law, 35 U.S.C. §287, with respect
to all Licensed Products subject to this Agreement.

 

		14.4	This Agreement constitutes the full understanding between the parties with reference to the subject matter hereof, and no statements
or agreements by or between the parties, whether orally or in writing, shall vary or modify the written terms of this Agreement.
Neither party shall claim any amendment, modification, or release from any provisions of this Agreement by mutual agreement, acknowledgment,
or otherwise, unless such mutual agreement is in writing, signed by the other party, and specifically states that it is an amendment
to this Agreement.

 

		14.5	Licensee shall not encumber or otherwise grant a security interest in any of the rights granted hereunder to any third party.

 

		14.6	Licensee acknowledges that it is subject to and agrees to abide by the United States laws and regulations (including the Export
Administration Act of 1979 and Arms Export Contract Act) controlling the export of technical data, computer software, laboratory
prototypes, biological material, and other commodities. The transfer of such items may require a license from the cognizant agency
of the U.S. Government or written assurances by Licensee that it shall not export such items to certain foreign countries without
prior approval of such agency. Licensor neither represents that a license is or is not required or that, if required, it shall
be issued.

 

		14.7	Licensee is responsible for any and all wire/bank fees associated with all payments due to Licensor pursuant to this agreement.

 

		14.8	Label and Product Claims. With respect to any label claim(s) or any other claim(s) regarding or in reference to the
Licensed Patents, Licensed Product, License Process or Licensed Information, Licensee acknowledges that it is subject to and agrees
to abide by all local, state, and federal laws, rules and regulations, including, but not limited to, those imposed by the FDA,
FTC and the Dietary Supplement Health and Education Act of 1994. Licensee shall provide documentation of its compliance with this
section upon request of Licensor within 30 days of such a request.

 

    13

     

    

 

		14.9	Survival.

 

The provisions of this Section shall survive termination
of this Agreement. Upon termination of the Agreement for any reason, the following sections of the License Agreement will remain
in force as non-cancelable obligations:

 

	 	●	Section 6	Record Keeping
	 	●	Section 9	Requirement to pay royalties on sale of Licensed Products made, and in process, at time of License Agreement termination
	 	●	Section 12	Product Liability; Conduct of Business
	 	●	Section 13	Use of Names
	 	●	Section 14.8 	Label and Product Claims
	 	●	Section 18	Confidentiality

 

Section 15 Notices

 

Any notice required to be given pursuant to the provisions
of this Agreement shall be in writing and shall be deemed to have been given (a) when delivered personally; or (b) if sent by facsimile
transmission, when receipt thereof is acknowledged at the facsimile number of the recipient as set forth below; or (c) the second
day following the day on which the notice has been delivered prepaid to a national air courier service; or five (5) business days
following deposit in the U.S. mail if sent certified mail, (return receipt acknowledgement is not required to certify delivery).

 

Development reports; updates; equity agreements, proxy
statements and shareholder information; and all other notices and communications to:

 

USF Technology Transfer Office

Attn: Associate Vice President

3802 Spectrum Blvd, Suite 100

Tampa, Florida 33612

 

All payments and royalty reports to:

 

USF Research Foundation

Attn: Business Manager

3802 Spectrum Blvd, Suite 100

Tampa, Florida 33612

 

If to Licensee:

 

Gratitude Health, Inc.

11231 US Highway 1

#201

North Palm Beach, FL 33408

 

Section 16 Contract Formation and Authority

 

The submission of this Agreement does not constitute
an offer, and this document shall become effective and binding only upon the execution by duly authorized representatives of both
Licensee and Licensor. Copies of this Agreement that have not been executed and delivered by both Licensor and Licensee shall not
serve as a memorandum or other writing evidencing an agreement between the parties. This Agreement shall automatically terminate
and be of no further force and effect, without the requirement of any notice from Licensor to Licensee, if Licensor does not receive
the License Issue Fee or certificates representing shares issued to Licensor pursuant to this Agreement, as applicable, within
thirty (30) days of the Effective Date.

 

    14

     

    

 

		16.1	Licensor and Licensee hereby warrant and represent that the persons signing this Agreement have authority to execute this Agreement
on behalf of the party for whom they have signed.

 

		16.2	Force Majeure.

 

No default, delay, or failure to perform on the part
of Licensee or Licensor shall be considered a default, delay or failure to perform otherwise chargeable hereunder, if such default,
delay or failure to perform is due to causes beyond either party’s reasonable control including, but not limited to: strikes,
lockouts, or inactions of governmental authorities, epidemics, war, embargoes, fire, earthquake, hurricane, flood, acts of God,
or default of common carrier. In the event of such default, delay or failure to perform, any date or times by which either party
is otherwise scheduled to perform shall be extended automatically for a period of time equal in duration to the time lost by reason
of the excused default, delay or failure to perform.

 

Section 17 United States Government Interests

 

		17.1	It is understood that if the United States Government (through any of its agencies or otherwise) has funded research during
the course of or under which any of the inventions of the Licensed Patents were conceived or made, the United States Government
is entitled, as a right, under the provisions of 35 U.S.C. §202-212 and applicable regulations of Title 37 of the Code of
Federal Regulations, to a non-exclusive, nontransferable, irrevocable, paid-up license to practice or have practiced the inventions
of such Licensed Patents for governmental purposes. Any license granted to Licensee in this Agreement shall be subject to such
right.

 

		17.2	Licensee agrees that for Licensed Products covered by the Licensed Patents that are subject to the non-exclusive royalty-free
license to the United States Government, said Licensed Products will be manufactured substantially in the United States. Licensee
further agrees that it shall abide by all the requirements and limitations of U.S. Code, Title 35, Chapter 18, and implementing
regulations thereof, for all patent applications and patents invented in whole or in part with federal money.

 

Section 18 Confidentiality

 

		18.1	Each Party shall maintain all information of the other Party which is treated by such other Party as proprietary or confidential
(referred to herein as “Confidential Information”) in confidence, and shall not disclose, divulge or otherwise communicate
such confidential information to others, or use it for any purpose, except pursuant to, and in order to carry out, the terms and
objectives of this Agreement, and each party hereby agrees to exercise every reasonable precaution to prevent and restrain the
unauthorized disclosure of such confidential information by any of its Affiliates, directors, officers, employees, consultants,
subcontractors, Sublicensees or agents. The parties agree to keep the terms of this Agreement confidential, provided that each
party may disclose this Agreement to their authorized agents and investors who are bound by similar confidentiality provisions.
Notwithstanding the foregoing, Confidential Information of a party shall not include information which: (a) was lawfully known
by the receiving party prior to disclosure of such information by the disclosing party to the receiving party; (b) was or becomes
generally available in the public domain, without the fault of the receiving party; (c) is subsequently disclosed to the receiving
party by a third party having a lawful right to make such disclosure; (d) is required by law, rule, regulation or legal process
to be disclosed, provided that the receiving party making such disclosure shall take all reasonable steps to restrict and maintain
to the extent possible confidentiality of such disclosure and shall provide reasonable notice to the other party to allow such
party the opportunity to oppose the required disclosure; or (e) has been independently developed by employees or others on behalf
of the receiving party without access to or use of disclosing party’s information as demonstrated by written record. Each
party’s obligations under this Section 18 shall extend for a period of five (5) years from termination or expiration of this
Agreement.

 

    15

     

    

 

Section 19 University Rules and Regulations

 

		19.1	Licensee understands and agrees that Licensor’s personnel who are engaged by Licensee, whether as consultants, employees
or otherwise, or who possess a material financial interest in Licensee, are subject to Florida’s rule regarding outside activities
and financial interests set forth in Florida Administrative Code Rule 6C1-1.011, the Licensor’s Intellectual Property Policy,
and a monitoring plan which addresses conflicts of interests associated therewith. Any term or condition of an agreement between
Licensee and such personnel which seeks to vary or override such personnel’s obligations to Licensor may not be enforced
against such personnel or the Licensor, without the express written consent of an individual authorized to vary or waive such obligations
on behalf of the Licensor. Furthermore, should an interest of Licensee conflict with the interest of the Licensor, Licensor’s
personnel are obligated to resolve such conflicts according to the guidelines and policies set forth by the Licensor.

 

IN WITNESS WHEREOF, the parties hereto have duly executed this
Agreement on the dates indicated below.

 

LICENSOR

	/s/ Valerie Landrio McDevitt	 Date
    2/9, 2018	 
	Valerie Landrio McDevitt, Associate Vice President Technology Transfer

LICENSEE

 

	By:	/s/ Roy Warren	 Date 2/8, 2018	 

	Name and Office: 	Roy Warren CEO	 

 

ACKNOWLEDGED AND AGREED:

 

	UNIVERSITY OF SOUTH FLORIDA BOARD OF INVENTOR TRUSTEES A PUBLIC BODY CORPORATE	 	INVENTOR
	/s/ Keith Anderson	 	
	Keith Anderson, M.S., CRA

Director, Sponsored Research	 	INVENTOR
	 	 	 

 

    16

     

    

 

Schedule 1

 

		●	U.S. Patent Serial No. 6,713,506 entitled “Tea Polyphenols Esters and Analogs Thereof for Cancer Prevention and Treatment”

 

    17

     

    

 

Appendix A - Development Plan

 

A Development Plan of the scope outlined
below shall be submitted to Licensor by Licensee prior to the execution of this Agreement. In general, the plan should provide
Licensor with a summary overview of the activities that Licensee believes are necessary to bring products to the marketplace.

 

		I.	Development Program

 

		A.	Development activities to be undertaken

 

(Please break activities into subunits
with the date of completion of major milestones)

 

1.       

 

2.       

 

3.       

 

4.       

 

		B.	Estimated total development time

 

		II.	Governmental Approval

 

		A.	Types of submissions required

		B.	Government agency, e.g., FDA, EPA, etc.

 

		III.	Proposed Market Approach

 

		IV.	Competitive Information

 

		A.	Potential competitors

		B.	Potential competitive devices/compositions

		C.	Known competitor’s plans, developments, technical achievements

		D.	Anticipated date of product launch

 

Total Length: approximately 2-3 pages

 

     

     

    

 

Appendix B - Development Report

 

When appropriate, indicate estimated start date and finish date
for activities.

 

		I.	Date Development Plan Initiated and Time Period Covered by this Report.

 

		II.	Development Report (4-8 paragraphs).

 

		A.	Activities completed since last report including the object and parameters of the development, when initiated, when completed
and the results.

 

		B.	Activities currently under investigation, i.e., ongoing activities including object and parameters of such activities, when
initiated, and projected date of completion.

 

		III.	Future Development Activities (4-8 paragraphs).

 

		A.	Activities to be undertaken before next report including, but not limited to, the type and object of any studies conducted
and their projected starting and completion dates.

		B.	Estimated total development time remaining before a product will be commercialized.

 

		1V.	Changes to Initial Development Plan (2-4 paragraphs).

 

		A.	Reasons for change.

		B.	Variables that may cause additional changes.

 

		V.	Items to be Provided if Applicable:

 

		A.	Information relating to Licensed Products or Licensed Processes that has become publicly

available, e.g., published articles, competing products, patents, etc.

		B.	Development work being performed by third parties, other than Licensee, to include name of

third party, reasons for use of third party, planned future uses of third parties including reasons why and type of work.

		C.	Update of competitive information trends in industry, government compliance (if applicable) and market plan.

		D.	Information and copies of relevant materials evidencing the status of any patent applications or other protection relating
to Licensed Products, or Licensed Processes or the Licensed Patents.

 

PLEASE SEND DEVELOPMENT REPORTS TO:

 

USF Division of Patents & Licensing

Attn: Associate Vice President

3802 Spectrum Blvd, Suite 100

Tampa, Florida 33612

 

     

     

    

 

Appendix C - Licensor Royalty Report

 

Licensee: _________________________________________________________________________________

Agreement No.: ____________________________________________________________________________

Inventor: _________________________________________________________________________________

Technology#: ________________________________________________________________________________

	Period Covered:	From:     /    /2	Through:     /    /2

Prepared By: ________________________________________________________________________________

Date: _______________________________________________________________________________________

Approved By: ________________________________________________________________________________

Date: _______________________________________________________________________________________

 

If license covers several major product lines, please prepare
a separate report for each line. Then combine all product lines into a summary report.

 

Report Type: ̈
Single Product Line Report: ______________________________________________________

 ̈
Multiproduct Summary Report. Page 1 of _______Pages

 ̈
Product Line Detail. Line: ____________ Tradename: ____________ Page: __________

Report Currency:  ̈
U. S. Dollars  ̈ Other____________________________________________________

 

	 	Unit	Gross	* Less:	Net	Royalty	Period Royalty Amount
	Country	Sales	$$ Sales	Allowances	$$ Sales	Rate	This Year	Last Year
	U.S.A.	 	 	 	 	 	 	 
	Canada	 	 	 	 	 	 	 
	Europe:	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	Japan	 	 	 	 	 	 	 
	Other:	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	TOTAL:	 	 	 	 	 	 	 

 

Total Royalty: ____________ Conversion Rate: __________ Royalty
in U.S. Dollars: $____________

The following royalty forecast is non-binding
and for Licensor’s internal planning purposes only:

Royalty Forecast Under This Agreement:

 

Next Quarter: __________ Q2: __________ Q3: __________ Q4: __________

 

     

     

    

 

Total Royalty: ____________ Conversion Rate: __________ Royalty
in U.S. Dollars: $____________

 

The following royalty forecast is non-binding and
for Licensor’s internal planning purposes only:

 

Royalty Forecast Under This Agreement:
Next Quarter: __________ Q2: __________ Q3: __________ Q4: __________

 

	
        * On a separate page, please indicate the
        reasons for returns or other adjustments if significant.

        Also note any unusual occurrences that affected
        royalty amounts during this period.

        To assist Licensor’s forecasting,
        please comment on any significant expected trends in sales volume.

         

 

PLEASE SEND ROYALTY REPORTS TO:

 

USF
Research Foundation

Attn: Business Manager

3802 Spectrum Blvd, Suite 100

Tampa, Florida 33612Exhibit 10.9

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Executive Employment
Agreement (hereinafter referred to as the "Agreement") is made and effective February 20, 2018 by and between Home Bistro,
Inc., a corporation duly organized and existing under the laws of the state of Delaware (hereinafter referred to as the "Company")
and Zalman Scher Duchman, an individual and resident of the state of Florida (hereinafter referred to as the " Executive").

RECITALS

 

WHEREAS,
the Company desires to employ the Executive as the Chief Executive Officer of the Company, and the Executive is willing to be retained
in such employment; and

WHEREAS,
the Executive has extensive experience in the on-line, e-commerce meal delivery business and was previously the founder and chief
executive officer of such a business; and

WHEREAS,
the Company has been unable to capitalize on its potential opportunities for the past several years, due to its inability to raise
the necessary capital required to execute its business plan; and

WHEREAS,
one of the Company’s primary suppliers, Culinaire Inc. (“Culinaire”), has ceased shipping and fulfilling products
for the Company, resulting in a significant decrease of the Company’s revenue; and

WHEREAS,
Culinaire provided notice to the Company of its intent to foreclose on all of the Company’s assets for trade accounts payable
(“Accounts Payable”) due to Culinaire from the Company, and pursuant to a promissory note (“Note”) and
security agreement issued to Culinaire by the Company (“Foreclosure”); and

WHEREAS,
due to the significant experience of the Executive, and Executive’s contemplated leading management role with the Company,
Culinaire has withdrawn its intent of Foreclosure and agreed to immediately commence shipping and fulfillment of products for the
Company, provided the Company immediately pay the Accounts Payable due and make scheduled payments applicable to the Note; and

WHEREAS,
as a condition precedent to and as an incentive to the Company to employ of the Executive as the Chief Executive Officer of the
Company, the Company and the Executive desire to formalize the arrangements for such employment, in the manner provided for herein
and upon the terms and conditions set forth herein.

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

 

    1

     

    

 

1.                 
Employment. Company hereby agrees to employ Executive as its Chief Executive Officer and Executive hereby accepts such
employment in accordance with the terms of this Agreement.

2.                 
Duties of Executive. The Executive shall serve as the Chief Executive Officer of the Company and shall have powers and
authority superior to any other officer or employee of the Company or of any subsidiary of the Company, including, without limitation,
the duties and responsibilities customarily associated with a chief executive (e.g., control of day-to-day operations, signing
checks, hiring and firing, etc.). The Executive shall be required to report solely to, and shall be subject solely to the supervision
and direction of the Board of Directors and no other person or group shall be given authority to supervise or direct Executive
in the performance of his duties. The Executive shall render such services to the best of his ability, and use his reasonable best
efforts to promote the interests of the Company. Executive shall perform such duties principally from offices he maintains in Miami
Beach, Florida, subject to such reasonable travel as may be required, and shall not be required to relocate his residence.

With the exception
of those listed on Exhibit A, during the term of this Agreement, Executive’s direct or indirect engagement in any
other businesses or concerns in any capacity, either with or without compensation, will require prior written consent of Company.

Procurement of Assets.
The Executive is currently seeking, directly or indirectly, to procure the brand, domain name and intellectual property including
but not limited to customer lists, of The Fresh Diet (“Fresh Diet Assets”). If the Executive, or at Executive’s
direction Executive’s agent, representative or affiliate (“Executive Rep”), is successful in procuring The Fresh
Diet Assets, Executive or Executive’s Rep shall offer to sell The Fresh Diet Assets to the Company, for a sum equal to the
acquisition cost of the Fresh Diet Assets plus one dollar ($1.00). The Company shall have the right of first refusal regarding
purchase of The Fresh Diet Assets.

3.                 
Compensation. Executive will be paid compensation during this Agreement as follows:

(a)              
Base Salary. The Executive’s Base Salary during the first year of this Agreement shall be one dollar ($1.00)
and shall be increased in year two and year three of this Agreement to an amount mutually approved by the Executive and Company
Board of Directors.

(b) Sign-On
Shares. Upon the execution of this Agreement, Executive shall be entitled to purchase an amount shares of the Company’s
common stock (“Stock”) resulting in Executive owning fifty percent (50%) of the Stock on a fully diluted basis, representing
approximately sixteen thousand one hundred and seventy-three (16,173) shares of Stock (the “Sign-On Shares”).

 

    2

     

    

 

Benefits.

(a)              
Vacation. Executive shall not be paid for any vacation days taken during the first year of this Agreement. In year
two and year three of this Agreement, vacation pay may be instated in an amount mutually agreed upon by the Executive and Company
Board of Directors.

(b)              
Sick Leave. Executive shall be entitled to sick leave and emergency leave according to the regular policies and procedures
of Company. Additional sick leave or emergency leave over and above paid leave provided by the Company, if any, shall be unpaid
and shall be granted at the discretion of the board of directors.

(c)              
Medical and Group Life Insurance. In the event the Company offers such a plan, Company agrees to include Executive,
at the Executive’s option, in a group medical and hospital insurance plan the Company may offer during this Agreement. Executive
shall be responsible for payment of any federal or state income tax imposed upon these benefits. The offering of a group medical
and hospital insurance plan is at the discretion of the Company and NOT a condition of employment by the Executive.

(d)              
Expense Reimbursement. Executive shall be entitled to reimbursement for all reasonable expenses, including travel
and entertainment, incurred by Executive in the performance of Executive’s duties. Executive will maintain records and written
receipts as required by the Company policy and reasonably requested by the board of directors to substantiate such expenses.

(e)              
Directors and Officers Insurance. Company shall procure and pay for a Directors and Officers liability insurance policy
in an amount of no less than $1,000,000.00 for Executive. Company shall also procure and pay for a tail liability insurance policy
for Executive for a term of no less than twelve (12) months after Executive’s employment with Company terminates, whether
such termination is with or without cause, or otherwise.

5.                 
Initial Term. The Initial Term of this Agreement shall commence on February _, 2018 and it shall continue in
effect for a period of three (3) years. Thereafter, the Agreement shall be renewed upon the mutual agreement of Executive and Company.

6.                 
Defense and Indemnification. Company agrees to defend, indemnify and hold Executive harmless from any and all claims,
causes of action and losses arising out of his employment with Company, unless any such claims, cause of action or losses arose
due to Executive’s fraud, willful misconduct, gross negligence or misrepresentation, as finally determined by a court of
law.

 

    3

     

    

 

7.                 
Termination

(a)              
Termination for Cause. Notwithstanding anything contained to the contrary in this Agreement, this Agreement may be
terminated by the Company for Cause. As used in this Agreement, “Cause” shall only mean:

(i)             
An act of fraud, embezzlement or theft;

(ii)             
A material violation of this Agreement by Executive, which is not cured within 30 days after written notice thereof;

(iii)           
The gross negligence or willful misconduct of the Executive in carrying out his duties and responsibilities under this Agreement;

(iv)            
An act or acts of personal dishonesty taken by the Executive and intended to result in substantial personal enrichment of
the Executive at the expense of the Company;

(vi)             The
conviction of the Executive for any criminal act which is a felony and which shall result in a custodial sentence of 5 years or
more.

The Company may
terminate the Executive for Cause by giving the Executive written notice approved by the Board of such termination, such notice
(A) to state in detail the particular act or acts or failure or failures to act that constitute the grounds on which the proposed
termination for Cause is based and (B) to be given within six months of the Board learning of such act or acts or failure or failures
to act. The Executive shall be entitled to a hearing before the Board. Such hearing shall be held within 15 calendar days of receipt
of such notice to the Executive, provided he requests such hearing within ten calendar days of receipt of such notice. If, within
five calendar days following such hearing, the Executive is furnished written notice by the Board confirming that, in its judgment,
grounds for Cause on the basis of the original notice exist, he shall thereupon be terminated for Cause.

In the event the Company terminates the
Executive’s employment for Cause:

(i)       Executive
shall be entitled to Base Salary through the date of the termination, payable as promptly as practicable following termination;

(ii)       all
outstanding options, if any, which are not exercisable shall be forfeited;

(iii)       all
restricted stock purchased by the Executive and Executive’s nominee(s), pursuant to the Restricted Stock Agreement (“Stock”),
shall be repurchased by the Company, at its option, for the value paid for the Stock by the Executive and Executive’s nominee(s)
(“Stock Repurchase”).

If the Executive
is terminated for cause anytime during the first year of the Term, all of the Stock shall be eligible for Stock Repurchase.

If the Executive
is terminated for cause anytime during the second year of the Term, two-thirds (2/3) all of the Stock shall be eligible for Stock
Repurchase.

If the Executive
is terminated for cause anytime during the third year of the Term, one-third (1/3) of the Stock shall be eligible for Stock Repurchase.

 

    4

     

    

 

(b)              
Disability. Notwithstanding anything contained in this Agreement to the contrary, the Company, by written notice
to the Executive, shall at all times have the right to terminate this Agreement, and the Executive’s employment hereunder,
if the Executive shall, as the result of mental or physical incapacity, illness or disability, fail to perform his duties and responsibilities
provided for herein for a period of more than one hundred twenty (120) consecutive days in any 12-month period. Upon any termination
pursuant to this section, the Executive shall be entitled to be paid his Base Salary through the date of Disability. In the event
that the Agreement has less than six months remaining at such time, Executive shall be entitled to a payment equal to six months
of his Base Salary. In addition, Executive shall be entitled to reimbursement for all business expenses incurred prior to his disability.

(c)              
Death. In the event of the death of the Executive during the Term of his employment hereunder, the Executive’s
estate shall be entitled to be paid the Executive’s Base Salary through the date of Death. In the event that the Agreement
has less than six months remaining at such time, Executive shall be entitled to a payment equal to six months of his Base Salary.
In addition, Executive shall be entitled to reimbursement for all business expenses incurred prior to his death.

(d)              
This Agreement and Executive's employment may be terminated at Company's Board of Directors discretion during the Initial
Term, provided that if Executive is terminated without cause, the Company shall pay to Executive an amount calculated by multiplying
the Executive’s monthly salary, at the time of such termination, times the number of months remaining in the Initial Term
(as an example, if Executive were terminated at the end of the 20th month of employment, Executive would be entitled to receive
a one-lump payment in cash equal to the remaining 16 months base compensation of the Initial Term at the time of termination. To
further illustrate, if the Executive’s monthly salary at the time of termination without cause was $11,000, the Executive
would receive $11,000 times 16 or $176,000). In addition, if Executive is terminated without cause, Executive’s sign-on bonus
shares shall immediately vest. In the event of such termination, Executive shall be entitled to incentive compensation payment
and other compensation then in effect, on a prorated basis.

(e)              
This Agreement may be terminated by Executive at Executive's discretion by providing at least ninety (90) days prior written
notice to Company. In the event of termination by Executive pursuant to this subsection, the Company may immediately relieve Executive
of all duties and immediately terminate this Agreement, provided that Company shall pay Executive at the then applicable base salary
rate to the termination date included in Executive's original termination notice.

If the Executive terminates
this Agreement anytime during the first year of the Term, all of the Stock shall be eligible for Stock Repurchase.

If the Executive terminates
this Agreement anytime during the second year of the Term, two-thirds (2/3) all of the Stock shall be eligible for Stock Repurchase.

If the Executive terminates
this Agreement anytime during the third year of the Term, one-third (1/3) of the Stock shall be eligible for Stock Repurchase.

 

    5

     

    

 

(f)               
In the event Company is acquired, or is the non-surviving party in a merger, or sells all or substantially all of its assets,
this Agreement shall not be terminated and Company agrees to use its best efforts to ensure that the transferee or surviving company
is bound by the provisions of this Agreement and all shares grants will vest immediately.

8.                 
Notices. Any notice required by this Agreement or given in connection with it, shall be in writing and shall be given
to the appropriate party by personal delivery or by certified mail, postage prepaid, or recognized overnight delivery services;

If to Company:

Home Bistro, Inc.

ATTN: Fred Cary, CEO

2643 Hidden Valley Rd.

La Jolla, CA 92037

With copy to:

Thompson Hine LLP

ATTN: Peter J. Gennuso, Esq.

335 Madison Ave, 12th Floor

New York, NY 10017

If to Executive:

Zalmi Duchman

9455 Collins Ave, Apt 605

Surfside, FL 33154

With a copy to:

Daniel Y. Gielchinsky, Esq.

1132 Kane Concourse, Suite 204

Bay Harbor Islands, FL 33154

9.                 
Final Agreement. This Agreement terminates and supersedes all prior understandings or agreements on the subject matter
hereof. This Agreement may be modified only by a further writing that is duly executed by both parties.

10.             
Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the state of New York.

11.             
Headings. Headings used in this Agreement are provided for convenience only and shall not be used to construe meaning
or intent.

 

    6

     

    

 

12.             
No Assignment. Neither this Agreement nor any or interest in this Agreement may be assigned by Executive without the
prior express written approval of Company, which may be withheld by Company at Company's absolute discretion.

13.             
Severability. If any term of this Agreement is held by a court of competent jurisdiction to be invalid or unenforceable,
then this Agreement, including all of the remaining terms, will remain in full force and effect as if such invalid or unenforceable
term had never been included.

13.       Arbitration.
The parties agree that they will use their best efforts to amicably resolve any dispute arising out of or relating to this Agreement.
Any controversy, claim or dispute that cannot be so resolved shall be settled by final binding arbitration in accordance with the
rules of the American Arbitration Association and judgment upon the award rendered by the arbitrator or arbitrators may be entered
in any court having jurisdiction thereof. Any such arbitration shall be conducted in the State of New York, or such other place
as may be mutually agreed upon by the parties. Within fifteen (15) days after the commencement of the arbitration, each party shall
select one person to act as arbitrator, and the two arbitrators so selected shall select a third arbitrator within ten (10) days
of their appointment. Each party shall bear its own costs and expenses and an equal share of the arbitrator's expenses and administrative
fees of arbitration.

IN WITNESS WHEREOF,
the parties hereto have executed this Agreement as of the date first written above.

COMPANY:

HOME BISTRO, INC.

By: /s/ Fred Cary

Fred Cary, CEO

EXECUTIVE:

By: /s/ Zalmi Duchman

Zalmi Duchman

 

    7

     

    

 

EXHIBIT A

OTHER BUSINESS ACTIVITIES

Homemade Meals LLC

 

    

     

    

 

EXHIBIT B

[RESTRICTED STOCK AGREEMENT]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00309-of-00352.parquet"}]]