Document:

Exhibit 10.3

 

Professional Services Agreement

 

This Professional Services Agreement (this
“Agreement”), effective as of as of May 1, 2018 (the “Effective Date”), is by and between
IP Advisors, Inc., a California corporation, with offices located at 20101 SW Birch Street, Suite 150-O, Newport Beach, CA 92660
(the “Service Provider”) and Kenloc, Inc., a California corporation, with offices located at 510 Shannon Way
2306, Redwood City, California 94065 (the “Kenloc”).

 

WHEREAS, Kenloc desires to retain Service Provider
to provide certain ongoing real estate transaction and real estate financing services to Kenloc and the Authorized Service Recipients
(as defined below) within the states in which Service Provider is licensed to provide such services, upon the terms and conditions
hereinafter set forth, and Service Provider is willing to provide such services.

 

In consideration of the mutual covenants and
agreements hereinafter set forth, the parties agree as follows:

 

1.               Definitions.

 

“Active Prospect List” has
the meaning set forth in Section 8.1 d).

 

“Action” has the meaning
set forth in Section 12.1.

 

“Authorized Service Recipients”
means Kenloc’s clients, identified as such in a Statement of Work.

 

“Agreement” has the meaning
set forth in the preamble.

 

“Change Order” has the meaning
set forth in Section 6.

 

“Confidential Information”
means any information that is treated as confidential by a party, including, without limitation, trade secrets, technology, information
pertaining to business operations and strategies, and information pertaining to customers, pricing, and marketing. Confidential
Information shall not include information that: (a) is already known to the Receiving Party without restriction on use or disclosure
prior to receipt of such information from the Disclosing Party; (b) is or becomes generally known by the public other than by breach
of this Agreement by, or other wrongful act of, the Receiving Party; (c) is developed by the Receiving Party independently of,
and without reference to, any Confidential Information of the Disclosing Party; or (d) is received by the Receiving Party from
a third party who is not under any obligation to the Disclosing Party to maintain the confidentiality of such information.

 

“Disclosing Party” means
a party that discloses Confidential Information under this Agreement.

 

“Force Majeure Event” has
the meaning set forth in Section 17.1.

 

“Kenloc Indemnitee” has
the meaning set forth in Section 12.1.

 

“Kenloc Materials” any documents,
data and other materials provided to Service Provider by Kenloc.

 

“Law” means any statute,
law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of
law of any federal, state, local or foreign government or political subdivision thereof, or any arbitrator, court or tribunal of
competent jurisdiction.

 

“List Date” has the meaning
set forth in Section 8.1 d).

 

“Losses” mean all losses,
damages, liabilities, deficiencies, actions, judgments, interest, awards, penalties, fines, costs or expenses of whatever kind,
including reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder and the cost of pursuing
any insurance providers.

 

 

 

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“Person” means an individual,
corporation, partnership, joint venture, limited liability company, governmental authority, unincorporated organization, trust,
association or other entity.

 

“Property” has the meaning
set forth in Section 2.

 

“Receiving Party” means
a party that receives or acquires Confidential Information directly or indirectly under this Agreement.

 

“Sales Price” shall mean
the price specified in a binding agreement executed and delivered by Kenloc or the Authorized Service Recipient and a purchaser
and shall be reduced by any adjustment to such price made in accordance with such agreement, including but not limited to price
adjustments for any capital expenditures incurred by Kenloc or the Authorized Service Recipient as a condition of closing or escrows
of funds by Kenloc or the Authorized Service Recipient for the benefit of purchaser, but such price adjustment(s) shall exclude
any prorations and closing costs or charges to be made or paid by the parties.

 

“Service Provider” has the
meaning set forth in the preamble.

 

“Service Provider Personnel”
means all agents and employees engaged by Service Provider to perform the Services. 

 

“Services” mean any professional
real estate or mortgage brokerage services or other consulting services to be provided by Service Provider under this agreement,
as described in more detail in a Statement of Work referred to the financing, purchase of sale of any Property, and Service Provider’s
obligations under this Agreement.

 

“Statement of Work” means
each Statement of Work entered into by the parties and attached to this Agreement, substantially in the form of Exhibit B.

 

“Term” has the meaning set
forth in Section 7.

 

2.               Appointment. Subject to the terms and conditions set forth in this Agreement, Kenloc hereby appoints Services Provider
to act as real estate transaction and real estate financing broker with the right to solicit and procure financing for, and the
purchase and sale of one or a series of properties to be purchased or owned by Kenloc or the Authorized Service Recipients (the
“Properties” or a “Property”), all on the terms and conditions set forth the applicable Statement
of Work.

 

	3.	Services.

 

3.1.        Service Provider shall provide the Services to Kenloc and the Authorized Service Recipients as described in more detail
in each Statement of Work in accordance with the terms and conditions of this Agreement.

 

3.2.        Where Service Provider is not licensed to provide real estate transaction and financing brokerage services, Service Provider
shall provide general consulting Services in its area of expertise.

 

3.3.        Each Statement of Work shall include the following information, if applicable:

 

		a)	a detailed description of the Services to be performed pursuant to the Statement of Work;

		b)	the date upon which the Services will commence and the term of such Statement of Work;

		c)	the names of the Service Provider Personnel that will be in charge of providing the Services;

		d)	the commission to be paid to Service Provider under the Statement of Work; and

		e)	any other terms and conditions agreed upon by the parties in connection with the Services to be
performed pursuant to such Statement of Work.

 

 

 

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	4.	Service Provider’s Obligations.

 

4.1.        The Service Provider shall:

 

		a)	use its best efforts, consistent with the highest professional standards and Kenloc’s and
the Authorized Service Participant’s rights hereunder, to secure the financing for and/or effect the sale or purchase of
a Property. In connection therewith, Service Provider shall list the Properties for sale, make contact with and qualify prospective
sellers or buyers, investigate and pursue offers and inquiries referred to the Properties, canvass, solicit and otherwise market
the Properties for sale (which marketing materials utilized by Service Provider shall be subject to the prior written approval
of Kenloc), find a suitable Property or a suitable buyer for any Property, and negotiate a suitable price and terms for the financing,
purchase or sale thereof, which terms and conditions are subject to the prior written approval of Kenloc or the Authorized Service
Recipients. Service Provider acknowledges and agrees that only Kenloc or the Authorized Service Recipients have the right to draft
and negotiate the purchase or sale contract or any contract related to the financing of real estate for any Property.

		b)	be available at reasonable times to meet with Kenloc’s representatives to discuss and review
Service Provider’s efforts and negotiations, either in person or by telephone.

		c)	before the date on which the Services are to start, obtain, and at all times during the Term of
this Agreement maintain, any and all necessary licenses and consents and comply with all relevant Laws applicable to the provision
of the Services;

		d)	prior to any Service Provider Personnel performing any Services hereunder: (i) ensure that such
Service Provider Personnel have the legal right to work in the United States; and (ii) at its sole cost and expense, conduct background
checks on such Service Provider Personnel, which background checks shall comprise, at a minimum, a review of credit history, references
and criminal record, in accordance with state, federal and local law;

		e)	comply with, and ensure that all Service Provider Personnel comply with, all rules, regulations
and policies of Kenloc that are communicated to Service Provider in writing, including security procedures concerning systems and
data and remote access thereto;

		f)	maintain complete and accurate records relating to the provision of the Services under this Agreement.
During the Term and for a period of two years thereafter, upon Kenloc’s written request, Service Provider shall allow Kenloc
or Kenloc’s representative to inspect and make copies of such records; provided that any such inspection shall take
place during regular business hours no more than once per year and Kenloc provides Service Provider with reasonable advance written
notice;

 

4.2.        Service Provider is responsible for all Service Provider Personnel and for the payment of their compensation, including,
if applicable, withholding of income taxes, and the payment and withholding of social security and other payroll taxes, unemployment
insurance, workers’ compensation insurance payments and disability benefits. 

 

5.               
Kenloc’s Obligations.

 

5.1.        Kenloc shall:

 

		a)	cooperate with Service Provider in all matters relating to the Services;

		b)	respond promptly to any Service Provider request to provide direction, information, approvals,
authorizations or decisions that are reasonably necessary for Service Provider to perform Services in accordance with the requirements
of this Agreement; and

		c)	provide such information as Service Provider may reasonably request, in order to carry out the
Services, in a timely manner, and ensure that it is complete and accurate in all material respects.

 

5.2.        If Service Provider’s performance of its obligations under this Agreement is prevented or delayed by any act or omission
of Kenloc, any Authorized Service Recipient, Service Provider shall not be deemed in breach of its obligations under this Agreement
or otherwise liable for any costs, charges or losses sustained or incurred by Kenloc, in each case, to the extent arising directly
or indirectly from such prevention or delay.

 

 

 

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6.               
Change Orders. If either party wishes to change the scope of the Services, it shall submit details of the requested
change to the other in writing. Service Provider shall, within a reasonable time after such request (and, if such request is initiated
by Kenloc, not more than 5 business days after receipt of Kenloc’s written request), provide a written estimate to Kenloc
of: (i) the estimated time required to implement the change; (ii) any necessary variations to the fees and other charges for the
Services arising from the change; (ii) any other impact the change might have on the performance of this Agreement. Promptly after
receipt of the written estimate, the parties shall negotiate and agree in writing on the terms of such change (a “Change
Order”). Neither party shall be bound by any Change Order unless mutually agreed upon in writing in accordance with Section
18.08.

 

7.               
Term. This Agreement shall commence as of the Effective Date and shall continue thereafter until the completion of
the Services under all Statements of Work, unless sooner terminated pursuant to Section 14 (the “Term”).

 

8.               
Commission; Payment Terms.

 

8.1.        Real Estate Transaction Commission:

 

		a)	Except as specified in Section 8.1 c) below, if the sale of a Property is consummated during the
Term, then Kenloc shall pay Service Provider at the closing of such sale a commission in an amount up to 3.5% of the Sales Price
of the Property, paid by the Seller in all cases that are commercially reasonable and not by Kenloc. Notwithstanding the foregoing,
in the event this Agreement is terminated for cause, either before or after the sale of a Property no commission shall be due and
payable to Service Provider hereunder. In the event Service Provider has already been paid its commission prior to the termination
of this Agreement for cause, Service Provider shall immediately refund the amount of the commission previously paid to Service
Provider. This provision shall survive the expiration or termination of this Agreement.

 

		b)	Except as specifically provided in this Section 8, Service Provider shall not be entitled to any
compensation, commission or reimbursement of expenses or charges in connection with any sale of the Properties or any services
or action under this Agreement, including, without limitation, a sale of the Properties where Service Provider acts in the capacity
of a selling or cooperating broker on the purchaser’s behalf (to the extent permitted under Section 9 below).

 

		c)	No compensation shall be earned by, or shall be due and payable to, Service Provider for the services
rendered hereunder or in connection with the Properties unless and until title to any Property shall have closed and a deed delivered
and accepted and all of the consideration paid to Kenloc or the Authorized Service Recipient in the manner required in a written
contract of sale containing such terms, conditions and provisions as Kenloc or the Authorized Service Recipient may deem desirable
and otherwise in form and substance satisfactory to Kenloc or the Authorized Service Recipient in their absolute discretion regardless
of whether the failure to close the sale is attributable to the act or fault of Kenloc or the Authorized Service Recipient, the
purchaser, a failure of title, a condemnation, Kenloc or the Authorized Service Recipient’s failure to pursue its remedies
against the purchaser, or any other reason whatsoever.

 

		d)	Service Provider shall deliver to Kenloc, within ten (10) business days after the termination or
expiration of this Agreement (such date, the “List Date”), a written list of persons and entities that have
inspected any Property and with whom Service Provider has had active, substantive negotiations during the Term (the “Active
Prospect List”). If the Active Prospect List is delivered to Kenloc on or before the List Date and a contract is entered
into within thirty (30) days after the List Date that eventually leads to a sale to one of the parties on the Active Prospect List
pursuant to the terms of said contract, then Service Provider shall, nevertheless, be entitled to a commission in the amounts set
forth in Section 8.1 a) above if (i) the purchaser is a party who was specifically identified by Service Provider to Kenloc on
the Active Prospect List and (ii) such party has conducted active, substantive negotiations with Service Provider prior to the
termination of this Agreement. Service Provider agrees and acknowledges that the amount of its commission shall depend upon whether
or not this Agreement has been terminated for cause. If the Active Prospect List is not delivered on or before the List Date, time
being of the essence, Broker shall have no right to any commission based on the provisions of this Section 8.1 d) and no right
to bring any action or claim for any such commission based on the provisions of this Section 8.

 

 

 

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8.2.        Mortgage Brokerage Commission. If the finance of a Property is consummated during the Term, then Kenloc shall pay Service
Provider at the closing of such financing a commission in an amount of up to 2% (as mutually agreed upon by the Parties) of any
loan granted in connection with the financing of a Property. Notwithstanding the foregoing, in the event this Agreement is terminated
for cause, either before or after the financing of a Property no commission shall be due and payable to Service Provider hereunder.
In the event Service Provider has already been paid its commission prior to the termination of this Agreement for cause, Service
Provider shall immediately refund the amount of the commission previously paid to Service Provider. This provision shall survive
the expiration or termination of this Agreement.

 

8.3.        Without prejudice to any other right or remedy it may have, Kenloc reserves the right to set off at any time any amount
owing to it by Service Provider against any amount payable by Kenloc to Service Provider under this Agreement.

 

	9.	Co-Brokers.

 

9.1.        Service Provider may, at Service Provider’s sole cost and expense, employ such co-broker or co-brokers, as Service
Provider may consider desirable to procure a sale. Regardless of whether or not Service Provider employs any co-broker or co-brokers,
Service Provider shall not be entitled to any additional compensation hereunder and the commission payable hereunder shall be paid
only to Service Provider. If any demand or claim shall be made against Kenloc or the Authorized Service Recipient by any co-broker
or co-brokers employed by Service Provider, Service Provider shall take such steps as Kenloc or the Authorized Service Recipient
may request to protect their interests.

 

9.2.        If Service Provider has cooperated with an independent co-broker unaffiliated with Service Provider who is entitled to a
commission in connection with a purchase of any Property, the purchaser whom such co-broker is working with shall be fully and
solely responsible to and for such co-broker and Kenloc or the Authorized Service Recipient shall have no responsibility therefor.
Service Provider may discontinue negotiations with any co-broker refusing to accept the arrangement described in the immediately
preceding sentence. However, notwithstanding the previous sentence, Service Provider must provide Kenloc with the name of such
co-broker and its purchaser prior to discontinuing negotiations with it. If any demand or claim shall be made against Kenloc or
the Authorized Service Recipient by any co-broker or co-brokers employed by Service Provider, Service Provider shall take such
steps as Kenloc may request to protect Kenloc or the Authorized Service Recipient’s interests. It is the intent of Kenloc
and Service Provider to have all unaffiliated co-brokers compensated by their buyer(s).

 

9.3.        Service Provider agrees to indemnify and hold Kenloc and the Authorized Service Recipient harmless with respect to any action,
proceeding, claim, liability, loss, cost or expense (including reasonable attorneys’ fees and court costs) arising in connection
with any claim for brokerage or finder’s fees or any other like payment by any co-broker alleging dealings with Service Provider.
This indemnification shall survive the expiration or termination of this Agreement.

 

	10.	Confidential Information.

 

10.1.      The Receiving Party agrees:

 

		a)	not to disclose or otherwise make available Confidential Information of the Disclosing Party to
any third party without the prior written consent of the Disclosing Party; provided, however, that the Receiving Party may
disclose the Confidential Information of the Disclosing Party to its officers, employees, consultants and legal advisors who have
a “need to know”, who have been apprised of this restriction and who are themselves bound by nondisclosure obligations
at least as restrictive as those set forth in this Section 10;

		b)	to use the Confidential Information of the Disclosing Party only for the purposes of performing
its obligations under the Agreement or, in the case of Kenloc, to make use of the Services and for its benefit of that of the Authorized
participants; and

		c)	to immediately notify the Disclosing Party in the event it becomes aware of any loss or disclosure
of any of the Confidential Information of Disclosing Party.

 

 

 

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10.2.      If the Receiving Party becomes legally compelled to disclose any Confidential Information, the Receiving Party shall provide:

 

		a)	prompt written notice of such requirement so that the Disclosing Party may seek, at its sole cost
and expense, a protective order or other remedy; and

		b)	reasonable assistance, at the Disclosing Party’s sole cost and expense, in opposing such
disclosure or seeking a protective order or other limitations on disclosure.

 

If, after providing such notice and assistance
as required herein, the Receiving Party remains required by Law to disclose any Confidential Information, the Receiving Party shall
disclose no more than that portion of the Confidential Information which, on the advice of the Receiving Party’s legal counsel,
the Receiving Party is legally required to disclose and, upon the Disclosing Party’s request, shall use commercially reasonable
efforts to obtain assurances from the applicable court or agency that such Confidential Information will be afforded confidential
treatment.

 

10.3.      Nothing in this Agreement shall prevent either party from using any general methodologies or know-how contained in the unaided
memory of such party’s personnel developed or disclosed under this Agreement, provided that in doing so it is not in breach
of its obligations of confidentiality under this Section. 

 

11.            
Representations and Warranties.

 

11.1.      Each party represents and warrants to the other party that:

 

		a)	it is duly organized, validly existing and in good standing as a corporation or other entity as
represented herein under the laws and regulations of its jurisdiction of incorporation, organization or chartering;

		b)	it has the full right, power and authority to enter into this Agreement, to grant the rights and
licenses granted hereunder and to perform its obligations hereunder;

		c)	the execution of this Agreement by its representative whose signature is set forth at the end hereof
has been duly authorized by all necessary corporate action of the party; and

		d)	when executed and delivered by such party, this Agreement will constitute the legal, valid and
binding obligation of such party, enforceable against such party in accordance with its terms.

 

11.2.      Service Provider represents and warrants to Kenloc that:

 

		a)	it shall perform the Services using licensed personnel of required skill, experience and qualifications
and in a professional and workmanlike manner in accordance with best industry standards for similar services and shall devote adequate
resources to meet its obligations under this Agreement;

		b)	it is in compliance with, and shall perform the Services in compliance with, all applicable Laws;

		c)	Service Provider and the Service Provider Personnel are duly licensed as real estate and mortgage
brokers in the state where the Properties are located and that the Service Provider Personnel do not have and shall not enter into
any conflicting relationship that would affect their ability to act in the best interests of Kenloc and the Authorized Service
Recipients and in accordance with all applicable agency and fiduciary obligations imposed upon Service Provider by law. During
the Term, and subject to the provisions of this Agreement, Service Provider is granted the authority to market the Properties and
procure one or more prospective purchasers therefor. Kenloc and the Authorized Service Recipients reserve the right to negotiate
directly with any prospective purchaser. Notwithstanding the foregoing, Service Provider shall, to the extent requested by Kenloc
and the Authorized Service Recipients, participate in any negotiations with any such prospective purchaser. Kenloc and the Authorized
Service Recipients shall at all times have the sole right and privilege of determining the terms and conditions of any proposed
sale, and Service Provider is not authorized to sign any agreements, documents or writings on Kenloc and the Authorized Service
Recipient’s behalf or otherwise to bind or obligate them in any other way.

 

 

 

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11.3.      EXCEPT FOR THE EXPRESS WARRANTIES IN THIS AGREEMENT, (A) EACH PARTY HEREBY DISCLAIMS ALL WARRANTIES, EITHER EXPRESS, IMPLIED,
STATUTORY, OR OTHERWISE UNDER THIS AGREEMENT, AND (B) SERVICE PROVIDER SPECIFICALLY DISCLAIMS ALL IMPLIED WARRANTIES OF MERCHANTABILITY,
AND FITNESS FOR A PARTICULAR PURPOSE.

 

12.            
Indemnification.

 

 12.1.      Service Provider shall defend, indemnify and hold harmless Kenloc and Kenloc’s Authorized Service Recipients and their officers, directors, employees, agents, successors and permitted assigns (each, a “Kenloc Indemnitee”) from and against all Losses arising out of or resulting from any third-party claim, suit, action or proceeding (each, an “Action”) arising out of or resulting from:

 

		a)	bodily injury, death of any person or damage to real or tangible, personal property resulting from
the willful, fraudulent or negligent acts or omissions of Service Provider or Service Provider Personnel; and

		b)	Service Provider’s breach of any representation, warranty or obligation of Service Provider
set forth in this Agreement.

 

12.2.      Kenloc shall defend, indemnify and hold harmless Service Provider and its officers, directors, employees, agents, successors
and permitted assigns from and against all Losses awarded against Service Provider in a final judgment arising out of or resulting
from:

 

		a)	bodily injury, death of any person or damage to real or tangible, personal property resulting from
the negligent or willful acts or omissions of Kenloc; and

		b)	Kenloc’s breach of any representation, warranty or obligation of Kenloc in this Agreement.

 

12.3.      The party seeking indemnification hereunder shall promptly notify the indemnifying party in writing of any Action and cooperate
with the indemnifying party at the indemnifying party’s sole cost and expense. The indemnifying party shall immediately take
control of the defense and investigation of such Action and shall employ counsel of its choice to handle and defend the same, at
the indemnifying party’s sole cost and expense. The indemnifying party shall not settle any Action in a manner that adversely
affects the rights of the indemnified party without the indemnified party’s prior written consent, which shall not be unreasonably
withheld or delayed. The indemnified party’s failure to perform any obligations under this Section 12.3 shall not relieve
the indemnifying party of its obligations under this Section 12 except to the extent that the indemnifying party can demonstrate
that it has been materially prejudiced as a result of such failure. The indemnified party may participate in and observe the proceedings
at its own cost and expense.

 

13.            
LIMITATION OF LIABILITY.

 

13.1.      EXCEPT AS OTHERWISE PROVIDED IN SECTION 13.3, IN NO EVENT WILL EITHER PARTY BE LIABLE TO THE OTHER OR TO ANY THIRD PARTY
FOR ANY LOSS OF USE, REVENUE OR PROFIT OR LOSS OF DATA OR FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL OR PUNITIVE
DAMAGES WHETHER ARISING OUT OF BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, REGARDLESS OF WHETHER SUCH DAMAGE
WAS FORESEEABLE AND WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

 

13.2.      EXCEPT AS OTHERWISE PROVIDED IN SECTION 13.3, IN NO EVENT WILL EITHER PARTY’S LIABILITY ARISING OUT OF OR RELATED
TO THIS AGREEMENT, WHETHER ARISING OUT OF OR RELATED TO BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, EXCEED TWO
(2) TIMES THE AGGREGATE AMOUNTS PAID OR PAYABLE TO SERVICE PROVIDER IN THE 12 MONTHS PERIOD PRECEDING THE EVENT GIVING RISE TO
THE CLAIM.

 

 

 

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13.3.      The exclusions and limitations in Section 13.1 and Section 13.2 shall not apply to:

 

		a)	damages or other liabilities arising out of or relating to a party’s failure to comply with
its obligations under Section 10 (Confidentiality);

		b)	a party’s indemnification obligations under Section 12 (Indemnification);

		c)	damages or other liabilities arising out of or relating to a party’s gross negligence, willful
misconduct or intentional acts;

		d)	death or bodily injury or damage to real or tangible personal property resulting from a party’s
negligent acts or omissions; and

		e)	damages or liabilities to the extent covered by a party’s insurance.

 

14.           
Termination; Effect of Termination.

 

14.1.      Either party, in its sole discretion, may terminate this Agreement or any Statement of Work, in whole or in part, at any
time without cause, by providing at least thirty (30) days’ prior written notice to the other party.

 

14.2.      Either party may terminate this Agreement, effective upon written notice to the other party (the “Defaulting Party”),
if the Defaulting Party:

 

		a)	materially breaches this Agreement, and such breach is incapable of cure, or with respect to a
material breach capable of cure, the Defaulting Party does not cure such breach within fifteen (15) days after receipt of written
notice of such breach.

		b)	(i) becomes insolvent or admits its inability to pay its debts generally as they become due; (ii)
becomes subject, voluntarily or involuntarily, to any proceeding under any domestic or foreign bankruptcy or insolvency law, which
is not fully stayed within seven business days or is not dismissed or vacated within 45 days after filing; (iii) is dissolved or
liquidated or takes any corporate action for such purpose; (iv) makes a general assignment for the benefit of creditors; or (v)
has a receiver, trustee, custodian or similar agent appointed by order of any court of competent jurisdiction to take charge of
or sell any material portion of its property or business.

 

14.3.      Upon expiration or termination of this Agreement for any reason:

 

		a)	Service Provider shall (i) promptly deliver to Kenloc all deliverables (whether complete or incomplete)
for which Kenloc has paid and all Kenloc Materials, (ii) provide reasonable cooperation and assistance to Kenloc upon Kenloc’s
written request and at Kenloc’s expense in transitioning the Services to an alternate service provider, and (iii) on a pro
rata basis, repay all fees and expenses paid in advance for any Services which have not been provided.

		b)	Each party shall (i) return to the other party all documents and tangible materials (and any copies)
containing, reflecting, incorporating or based on the other party’s Confidential Information, (ii) permanently erase all
of the other party’s Confidential Information from its computer systems and (iii) certify in writing to the other party that
it has complied with the requirements of this clause.

		c)	In no event shall Kenloc be liable for any Service Provider Personnel termination costs arising
from the expiration or termination of this Agreement.

 

14.4.      The rights and obligations of the parties set forth in this Section 14.4 and Section 1, Section 10, Section 11, Section
12, Section 13, Section 14, and Section 18, and any right or obligation of the parties in this Agreement which, by its nature,
should survive termination or expiration of this Agreement, will survive any such termination or expiration of this Agreement.

 

15.            
INSURANCE.

 

During the Term, Service Provider shall maintain
in full force and effect adequate workers’ compensation, commercial general liability, professional liability, errors and
omissions, and other forms of insurance, in each case with insurers reasonably acceptable to Kenloc, with policy limits sufficient
to protect and indemnify the Kenloc Indemnitees from any losses resulting from Service Provider’s conduct, acts, or omissions
or the conduct, acts, or omissions of its agents, contractors or employees. Kenloc shall be listed as additional insured under
such policies, and Service Provider shall forward a certificate of insurance verifying such insurance upon Kenloc’s written
request, which certificate will indicate that such insurance policies may not be canceled before the expiration of a 30-day notification
period and that Kenloc will be immediately notified in writing of any such notice of termination.

 

 

 

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16.            
NON-EXCLUSIVITY; NON-COMPETE.

 

The Service Provider retains the right to perform
the same or similar type of services for third parties during the Term of this Agreement.

 

17.            
Force Majeure.

 

17.1.      No party shall be liable or responsible to the other party, nor be deemed to have defaulted under or breached this Agreement,
for any failure or delay in fulfilling or performing any term of this Agreement (except for any obligations to make payments to
the other party hereunder), when and to the extent such failure or delay is caused by or results from acts beyond the affected
party’s reasonable control, including, without limitation:

 

		a)	acts of God;

		b)	flood, fire or explosion;

		c)	war, invasion, riot or other civil unrest;

		d)	actions, embargoes or blockades in effect on or after the date of this Agreement; or

		e)	national or regional emergency.

 

(each of the foregoing, a “Force Majeure
Event”). A party whose performance is affected by a Force Majeure Event shall give notice to the other party, stating
the period of time the occurrence is expected to continue and shall use diligent efforts to end the failure or delay and minimize
the effects of such Force Majeure Event.

 

17.2.      During the Force Majeure Event, the non-affected party may similarly suspend its performance obligations until such time
as the affected party resumes performance.

 

17.3.      The non-affected party may terminate this Agreement if such failure or delay continues for a period of 60 days or more and,
if the non-affected party is Kenloc, receive a refund of any amounts paid to the Service Provider in advance for the affected Services.
Unless this Agreement is terminated in accordance with this Section 17.3, the Term of this Agreement shall be automatically extended
by a period equal to the period of suspension.

 

18.            
Miscellaneous.

 

18.1.      Each party shall, upon the reasonable request, and at the sole cost and expense, of the other party, promptly execute such
documents and perform such acts as may be necessary to give full effect to the terms of this Agreement.

 

18.2.      The relationship between the parties is that of independent contractors. Nothing contained in this Agreement shall be construed
as creating any agency, partnership, joint venture or other form of joint enterprise, employment or fiduciary relationship between
the parties, and neither party shall have authority to contract for or bind the other party in any manner whatsoever.

 

18.3.      Neither party shall issue or release any announcement, statement, press release or other publicity or marketing materials
relating to this Agreement, or otherwise use the other party’s trademarks, service marks, trade names, logos, symbols or
brand names, in each case, without the prior written consent of the other party, which shall not be unreasonably withheld or delayed.

 

18.4.      All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall
be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee
if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by email (with confirmation of transmission)
if sent during normal business hours of the recipient, and on the next business day if sent after normal business hours of the
recipient or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.
Such communications must be sent to the respective parties at the addresses indicated below (or at such other address for a party
as shall be specified in a notice given in accordance with this Section 18.4.

 

 

 

    	 	9	 

     

    

 

	
        If to Service Provider:

         
	
        20101 SW Birch Street, Suite 150-O,

        Newport
        Beach, CA 92660

         

        Email: john@ipfundingadvisors.com

         

        Attention: John Heywood, President

	 	 
	
        If to Kenloc:

         
	
        510 Shannon Way #2306, Redwood City, California
        94065

         

        Email: Lancecrisler@gmail.com

         

        Attention: Lance Crisler, Treasurer
        and Director

 

18.5.      This Agreement, together with all Schedules, Exhibits and Statements of Work and any other documents incorporated herein
by reference, constitutes the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained
herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such
subject matter. In the event of any conflict between the terms and provisions of this Agreement and those of any Schedule, Exhibit
or Statement of Work, the following order of precedence shall govern: (a) first, this Agreement, exclusive of its Exhibits and
Schedules; (b) second, the applicable Statement of Work; and (c) third, any Exhibits and Schedules to this Agreement; and (d) fourth,
the Service Provider Proposal.

 

18.6.      Neither party may assign, transfer or delegate any or all of its rights or obligations under this Agreement, without the
prior written consent of the other party, which consent shall not be unreasonably withheld or delayed. No assignment shall relieve
the assigning party of any of its obligations hereunder. Any attempted assignment, transfer or other conveyance in violation of
the foregoing shall be null and void. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their respective successors and permitted assigns.

 

18.7.      This Agreement is for the sole benefit of the parties hereto, the Authorized Service Recipients, and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or
equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

 

18.8.      This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No
waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the
party so waiving. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any rights,
remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single
or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege.

 

18.9.      If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally
contemplated to the greatest extent possible.

 

18.10.    This Agreement shall be governed by and construed in accordance with the internal laws of the State of California without
giving effect to any choice or conflict of law provision or rule (whether of the State of California or any other jurisdiction)
that would cause the application of Laws of any jurisdiction other than those of the State of California. Any legal suit, action
or proceeding arising out of or related to this Agreement or the Services provided hereunder shall be instituted exclusively in
the federal courts of the United States or the courts of the State of California in each case located in the city of Irvine and
County of Orange, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.
Service of process, summons, notice or other document by mail to such party’s address set forth herein shall be effective
service of process for any suit, action or other proceeding brought in any such court.

 

 

 

    	 	10	 

     

    

 

18.11.    Each party irrevocably and unconditionally waives any right it may have to a trial by jury in respect of any legal action
arising out of or relating to this Agreement or the transactions contemplated hereby.

 

18.12.    Each party acknowledges that a breach by a party of Section 10 (Confidentiality) may cause the non-breaching party irreparable
damages, for which an award of damages would not be adequate compensation and agrees that, in the event of such breach or threatened
breach, the non-breaching party will be entitled to seek equitable relief, including a restraining order, injunctive relief, specific
performance and any other relief that may be available from any court, in addition to any other remedy to which the non-breaching
party may be entitled at law or in equity. Such remedies shall not be deemed to be exclusive but shall be in addition to all other
remedies available at law or in equity, subject to any express exclusions or limitations in this Agreement to the contrary.

 

18.13.    
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall
be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic
transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

 

 

 

 

 

 

    	 	11	 

     

    

 

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

 

	
         

         
	IP Advisors, Inc.
	
         

         
	
         

         

        By /s/ John Heywood

        Name: John Heywood

        Title: President

         

 

	
         

         
	
        Kenloc, Inc.

         

	
         

         
	
         

        By /s/ Lance Crisler

        Name: Lance Crisler

        Title: Treasurer and Director

         

 

 

 

 

 

 

    	 	12	 

     

    

 

EXHIBITS

 

Statement of Work

 

	1.	Scope of Work: Financing/Real Estate Transaction

 

	2.	Commencement Date/ Term of Engagement:

 

	3.	Appointed Service Provider Personnel:

 

	4.	Specific Conditions:

 

	5.	Description of Property and Commission:

 

	
        PROPERTY NAME 

AND ADDRESS

         
	
        BASE 

COMMISSION1

         
	
        COMMISSION

 NOT TO EXCEED2

         
	
        TENTATIVE 

REQUIRED 

PROCEEDS FOR 

SALES

         

	
        [property name and address]

         
	
        [base commission amount]%

         
	
        [maximum commission allowed]%

         
	
        To be determined by Kenloc

         

 

 

 

 

 

 

 

 

 

    	 	13Exhibit 10.4

 

Confidentiality,
Inventions and Proprietary Rights Assignment Agreement

 

This
Executive Confidentiality, Inventions and Proprietary Rights Assignment Agreement (the “Agreement”) is entered
into as of February 12, 2018 (the “Effective Date”) by and between Kenloc INC., a Nevada corporation,
with its principal place of business located at 321 W. Winnie Ln., Ste. 104, Carson City, NV 89703 (the “Company”)
and Yu Wu, (the “Executive”), residing at 4023A, Blk. A, Kingsley Timemark, Futian Shenzhen, China 518000
(the Company and the Executive are collectively referred to herein as the “Parties”).

 

In consideration of the
Executive’s engagement with the Company as President, which the Executive acknowledges to be good and valuable consideration
for his/her obligations hereunder, the Company and the Executive hereby agree as follows:

 

		1.	Confidentiality and Security.

 

		a.	Confidential Information. The Executive understands
and acknowledges that during the course of engagement with the Company, he/she will have access to and learn about confidential,
secret and proprietary documents, materials, data and other information, in tangible and intangible form, of and relating to the
Company and its businesses and existing and prospective customers, suppliers, investors and other associated third parties (the
“Confidential Information”). The Executive further understands and acknowledges that this Confidential Information
and the Company’s ability to reserve it for the exclusive knowledge and use of the Company is of great competitive importance
and commercial value to the Company, and that improper use or disclosure of the Confidential Information by the Executive will
cause irreparable harm to the Company, for which remedies at law will not be adequate and may also cause the Company to incur
financial costs, loss of business advantage, liability under confidentiality agreements with third parties, civil damages and
criminal penalties.

 

For purposes of this Agreement,
Confidential Information includes, but is not limited to, all information not generally known to the public, in spoken, printed,
electronic or any other form or medium, relating directly or indirectly to: business processes, practices, methods, policies,
plans, publications, documents, research, operations, services, strategies, techniques, agreements, contracts, terms of agreements,
transactions, potential transactions, negotiations, pending negotiations, know-how, trade secrets, computer programs, computer
software, applications, operating systems, software design, web design, work-in-process, databases, manuals, records, articles,
systems, material, sources of material, supplier information, vendor information, financial information, results, accounting information,
accounting records, legal information, marketing information, advertising information, pricing information, credit information,
design information, payroll information, staffing information, personnel information, Executive lists, supplier lists, vendor
lists, developments, reports, internal controls, security procedures, graphics, drawings, sketches, market studies, sales information,
revenue, costs, formulae, notes, communications, algorithms, product plans, designs, styles, models, ideas, audiovisual programs,
inventions, unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results,
specifications, customer information, customer lists, client information, client lists, manufacturing information, factory lists,
distributor lists, buyer lists of the Company or its businesses or any existing or prospective customer, supplier, investor or
other associated third party, or of any other person or entity that has entrusted information to the Company in confidence.

 

The Executive understands
that the above list is not exhaustive, and that Confidential Information also includes other information that is marked or otherwise
identified as confidential or proprietary, or that would otherwise appear to a reasonable person to be confidential or proprietary
in the context and circumstances in which the information is known or used.

 

The Executive understands and agrees that Confidential
Information developed by him or her in the course of his or her engagement with the Company shall be subject to the terms and
conditions of this Agreement as if the Company furnished the same Confidential Information to the Executive in the first instance.
Confidential Information shall not include information that is generally available to and known by the public, provided that such
disclosure to the public is through no direct or indirect fault of the Executive or person(s) acting on the Executive’s
behalf.

 

 

 

 

    	 	1	 

     

    

 

		b.	Disclosure and Use Restrictions. The Executive agrees
and covenants: (i) to treat all Confidential Information as strictly confidential; (ii) not to directly or indirectly disclose,
publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated or made
available, in whole or part, to any entity or person whatsoever (including other employees of the Company not having a need to
know and authority to know and use the Confidential Information in connection with the business of the Company except as required
in the performance of the Executive’s authorized duties to the Company and only after execution of a confidentiality agreement
by the third party with whom Confidential Information will be shared or with the prior consent of an authorized officer acting
on behalf of the Company in each instance (and then, such disclosure shall be made only within the limits and to the extent of
such duties or consent); and (iii) not to access or use any Confidential Information, and not to copy any documents, records,
files, media or other resources containing any Confidential Information, or remove any such documents, records, files, media or
other resources from the premises or control of the Company, except as required in the performance of the Executive’s authorized
duties to the Company or with the prior consent of an authorized officer acting on behalf of the Company in each instance (and
then, such disclosure shall be made only within the limits and to the extent of such duties or consent). Nothing herein shall
be construed to prevent disclosure of Confidential Information as may be required by applicable law or regulation, or pursuant
to the valid order of a court of competent jurisdiction or an authorized government agency, provided that the disclosure doesn
ot exceed the extent of disclosure required by such law, regulation or order. The Executive shall provide written notice of any
such order to an authorized officer of the Company within forty-eight (48) hours of receiving such order, but in any event sufficiently
in advance of making any disclosure to permit the Company to contest the order or seek confidentiality protections, as determined
in the Company’s sole discretion.

 

		c.	Duration of Confidentiality Obligations. The Executive
understands and acknowledges that his or her obligations under this Agreement with regard to any particular Confidential Information
shall commence immediately upon the Executive first having access to such Confidential Information (whether before or after he
or she begins his or her engagement with the Company) and shall continue during and after his or her engagement with the Company
until such time as such Confidential Information has become public knowledge other than as a result of the Executive’s breach
of this Agreement or breach by those acting in concert with the Executive or on the Executive’s behalf.

 

		2.	Inventions.

 

		a.	Disclosure of Inventions. The Executive acknowledges
and agrees that, among his or her other duties for the Company, the Executive will be employed by the Company in a position which
could provide the opportunity for conceiving and/or reducing to practice inventions, improvements, developments, ideas or discoveries
whether patentable or un-patentable (collectively hereinafter referred to as “Inventions”). Accordingly, the
Executive agrees to promptly disclose to the Company in confidence and in writing all Inventions conceived or reduced to practice
by the Executive while in the Company’s employ, either solely or jointly with others, and whether or not during regular
working hours. The Executive further agrees to maintain adequate and current written records of such Inventions.

 

For purposes of this Agreement,
Inventions include, but are not limited to, Company information, including plans, publications, research, strategies, techniques,
agreements, documents, contracts, terms of agreements, negotiations, know-how, computer programs, computer applications, software
design, web design, work in process, databases, manuals, results, developments, reports, graphics, drawings, sketches, market studies,
formulae, notes, communications, algorithms, product plans, product designs, styles, models, audiovisual programs, inventions,
unpublished patent applications, original works of authorship, discoveries, experimental processes, experimental results, specifications,
manufacturing information and techniques, marketing information and strategies, advertising information and campaigns, and sales
information.

 

 

 

 

    	 	2	 

     

    

 

		b.	Company Inventions. The assignment provisions in
Section 2(c) shall apply only to “Company Inventions” as defined herein. Company Inventions shall mean any
Invention that meets any one of the following criteria:

 

		i.	Relates, at the time of conception or reduction to practice
of the Invention to: (A) the Company’s business, project or products, or to the manufacture or utilization thereof; or (B)
the actual or demonstrably anticipated research or development of the Company.

 

		ii.	Results from any work performed directly or indirectly
by the Executive for the Company.

 

		iii.	Results, at least in part, from the Executive’s use
of the Company’s time, equipment, supplies, facilities or trade secret information.

 

Provided, however, that
a Company Invention shall not include any Invention which qualifies fully under the provisions of California Labor Code Section
2870, including any idea or invention which is developed entirely on the Executive’s own time without using the Company’s
equipment, supplies, facilities or trade secret information, and which is not related to the Company’s business (either actual
or demonstrably anticipated), and which does not result from work performed for the Company.

 

		c.	Assignment of Company Inventions. The Executive
hereby assigns, and agrees to assign, to the Company, all his or her rights, title and interest in and to all Company Inventions.
Also, the Executive hereby assigns, and agrees to assign, to the Company all Inventions conceived or reduced to practice by the
Executive within one year following his or her termination of engagement with the Company (whether voluntary or otherwise), if
the Invention is a result of Company information obtained by the Executive during his or her engagement with the Company.

 

		d.	Execution of Necessary Documents. The Executive
agrees that, upon request and without compensation therefor, but at no expense to the Executive, whether during the term of his
or her engagement with the Company and thereafter, the Executive will all do lawful acts, including the execution of papers and
lawful oaths and the giving of testimony, that in the opinion of the Company, its successors and assigns, may be necessary or
desirable in obtaining, sustaining, reissuing, extending or enforcing United States and foreign Letters Patent, including Design
Patents, on all of such Company Inventions, and for perfecting, affirming, maintaining or recording the Company’s complete
ownership and title thereto, and to otherwise cooperate in all proceedings and matters relating thereto.

 

The Executive hereby irrevocably
grants the Company power of attorney to execute and deliver any such documents on the Executive’s behalf in his or her name
and to do all other lawfully permitted acts to transfer the Inventions to the Company and further the transfer, issuance, prosecution
and maintenance of all rights therein, to the full extent permitted by law, if the Executive does not promptly cooperate with the
Company’s request (without limiting the rights the Company shall have in such circumstances by operation of law). The power
of attorney is coupled with an interest and shall not be effected by the Executive’s subsequent incapacity.

 

		e.	Exceptions.

 

The Executive has listed
on the attached Exhibit A all unpatented, but potentially patentable, ideas and inventions conceived before this engagement with
the Company (and which have not been assigned to a former employer) and which are, therefore, excluded from the scope of this Agreement.

 

 

 

 

 

    	 	3	 

     

    

 

		3.	Proprietary Rights.

 

		a.	Work Product. The Executive acknowledges and agrees
that all writings, works of authorship, technology, discoveries, ideas and other work product of any nature whatsoever, that are
prepared, produced, authored, edited, amended, conceived by the Executive individually or jointly with others during the period
of his or her engagement with the Company and relating in any way to the business or contemplated business, research or development
of the Company (regardless of when or where the Work Product is prepared or whose equipment or other resources is used in preparing
the same) and all printed, physical and electronic copies, all improvements, rights and claims related to the foregoing, and other
tangible embodiments thereof (collectively, “Work Product”), as well as any and all rights in and to copyrights,
trade secrets, trademarks (and related goodwill), mask works and other intellectual property rights therein arising in any jurisdiction
throughout the world and all related rights of priority under international conventions with respect thereto, including all pending
and future applications and registrations therefor, and continuations, divisions, continuations-in-part, reissues, extensions
and renewals thereof (collectively, “Intellectual Property Rights”), shall be the sole and exclusive property
of the Company.

 

		b.	Work Made for Hire; Assignment. The Executive acknowledges
that, by reason of being employed by the Company at the relevant times, to the extent permitted by law, all of the Work Product
consisting of copyrightable subject matter is “work made for hire” as defined in the Copyright Act of 1976 (17 U.S.C.
§ 101), and such copyrights are therefore owned by the Company. To the extent that the foregoing does not apply, the Executive
hereby irrevocably assigns to the Company, for no additional consideration, the Executive’s entire right, title and interest
in and to all Work Product and Intellectual Property Rights therein, including the right to sue, counterclaim and recover for
all past, present and future infringement, misappropriation or dilution thereof, and all rights corresponding thereto throughout
the world. Nothing contained in this Agreement shall be construed to reduce or limit the Company’s rights, title or interest
in any Work Product or Intellectual Property Rights so as to be less in any respect than that the Company would have had in the
absence of this Agreement.

 

		c.	Further Assurances; Power of Attorney. During and
after his or her engagement with the Company, the Executive agrees to reasonably cooperate with the Company at the Company’s
expense to (i) apply for, obtain, perfect and transfer to the Company the Work Product and Intellectual Property Rights in the
Work Product in any jurisdiction in the world; and (ii) maintain, protect and enforce the same, including, without limitation,
executing and delivering to the Company any and all applications, oaths, declarations, affidavits, waivers, assignments and other
documents and instruments as shall be requested by the Company. The Executive hereby irrevocably grants the Company power of attorney
to execute and deliver any such documents on the Executive’s behalf in his or her name and to do all other lawfully permitted
acts to transfer the Work Product to the Company and further the transfer, issuance, prosecution and maintenance of all Intellectual
Property Rights therein, to the full extent permitted by law, if the Executive does not promptly cooperate with the Company’s
request (without limiting the rights the Company shall have in such circumstances by operation of law). The power of attorney
is coupled with an interest and shall not be effected by the Executive’s subsequent incapacity.

 

		d.	Moral Rights. To the extent any copyrights are assigned
under this Agreement, the Executive hereby irrevocably waives, to the extent permitted by applicable law, any and all claims the
Executive may now or hereafter have in any jurisdiction to all rights of paternity, integrity, disclosure and withdrawal and any
other rights that may be known as “moral rights” with respect to all Work Product and all Intellectual Property Rights
therein.

 

		e.	No License. The Executive understands that this
Agreement does not, and shall not be construed to, grant the Executive any license or right of any nature with respect to any
Work Product or Intellectual Property Rights or any Confidential Information, materials, software or other tools made available
to him or her by the Company.

 

 

 

 

    	 	4	 

     

    

 

		4.	Publicity.

 

Executive hereby consents
to any and all uses and displays, by the Company and its agents, of the Executive’s name, voice, likeness, image, appearance
and biographical information in, on or in connection with any pictures, photographs, audio and video recordings, digital images,
websites, television programs and advertising, other advertising, sales and marketing brochures, books, magazines, other publications,
CDs, DVDs, tapes and all other printed and electronic forms and media throughout the world, at any time during or after the period
of his or her engagement with the Company, for all legitimate business purposes of the Company (“Permitted Uses”).
Executive hereby forever releases the Company and its directors, officers, employees and agents from any and all claims, actions,
damages, losses, costs, expenses and liability of any kind, arising under any legal or equitable theory whatsoever at any time
during or after the period of his or her engagement with the Company, in connection with any Permitted Use.

 

5. Non-disparagement.

 

The
Executive agrees and covenants that he or she will not at any time make, publish or communicate to any person or entity or
in any public forum any defamatory or disparaging remarks, comments or statements concerning the Company or its businesses,
products and services, or any of its employees, officers, and existing and prospective customers, suppliers, investors and
other associated third parties.

 

		6.	Acknowledgment.

 

The Executive acknowledges
and agrees that the services to be rendered by him or her to the Company are of a special and unique character; that the Executive
will obtain knowledge and skill relevant to the Company’s industry, methods of doing business and marketing strategies by
virtue of the Executive’s engagement with the Company; and that the terms and conditions of this Agreement are reasonable
under these circumstances. The Executive further acknowledges that the amount of his or her compensation reflects, in part, his
or her obligations and the Company’s rights under this Agreement; that he or she has no expectation of any additional compensation,
royalties or other payment of any kind not otherwise referenced herein in connection herewith; that he or she will not be subject
to undue hardship by reason of his or her full compliance with the terms and conditions of this Agreement or the Company’s
enforcement thereof; and that this Agreement is not a contract of employment and shall not be construed as a commitment by either
of the Parties to continue an employment relationship for any certain period of time.

 

		7.	Remedies.

 

The Executive acknowledges
that the Company’s Confidential Information and the Company’s ability to reserve it for the exclusive knowledge and
use of the Company is of great competitive importance and commercial value to the Company, and that improper use or disclosure
of the Confidential Information by the Executive will cause irreparable harm to the Company, for which remedies at law will not
be adequate. In the event of a breach or threatened breach by the Executive of any of the provisions of this Agreement, the Executive
hereby consents and agrees that the Company shall be entitled to seek, in addition to other available remedies, a temporary or
permanent injunction or other equitable relief against such breach or threatened breach from any court of competent jurisdiction,
without the necessity of showing any actual damages or that monetary damages would not afford an adequate remedy, and without the
necessity of posting any bond or other security. The aforementioned equitable relief shall be in addition to, not in lieu of, legal
remedies, monetary damages or other available forms of relief.

 

		8.	Successors and Assigns.

 

		a.	Assignment by the Company. The Company may assign
this Agreement to any subsidiary or corporate affiliate in the Company or otherwise, or to any successor or assign (whether direct
or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the Company.
This Agreement shall inure to the benefit of the Company and permitted successors and assigns.

 

		b.	No Assignment by the Executive. The Executive may
not assign this Agreement or any part hereof. Any purported assignment by the Executive shall be null and void from the initial
date of purported assignment.

 

 

 

 

 

    	 	5	 

     

    

 

		9.	Arbitration.

 

Any dispute, claim or controversy
arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation or validity thereof, including
the determination of the scope or applicability of this agreement to arbitrate, shall be determined by arbitration in California
before one arbitrator. The arbitration shall be administered by JAMS pursuant to its Comprehensive Arbitration Rules and Procedures
and in accordance with the Expedited Procedures in those Rules. Judgment on the Award may be entered in any court having jurisdiction.
This clause shall not preclude Parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction.

 

		10.	Governing Law; Jurisdiction and Venue.

 

This Agreement, for all purposes,
shall be construed in accordance with the laws of California without regard to conflicts-of-law principles. Any action or proceeding
by either Party to enforce this Agreement shall be brought only in any state or federal court located in the state of California,
county of San Mateo, or if the appropriate court does not exist therein, then in the one closest in proximity. The Parties hereby
irrevocably submit to the non-exclusive jurisdiction of such courts and waive the defense of inconvenient forum to the maintenance
of any such action or proceeding in such venue.

 

		11.	Entire Agreement.

 

Unless specifically provided
herein, this Agreement contains all the understandings and representations between the Executive and the Company pertaining to
the subject matter hereof and supersedes all prior and contemporaneous understandings, agreements, representations and warranties,
both written and oral, with respect to such subject matter.

 

		12.	Modification and Waiver.

 

No provision of this Agreement
may be amended or modified unless such amendment or modification is agreed to in writing and signed by the Executive and by a duly
authorized officer of the Company. No waiver by either of the Parties of any breach by the other party hereto of any condition
or provision of this Agreement to be performed by the other party hereto shall be deemed a waiver of any similar or dissimilar
provision or condition at the same or any prior or subsequent time, nor shall the failure of or delay by either of the Parties
in exercising any right, power or privilege hereunder operate as a waiver thereof to preclude any other or further exercise thereof
or the exercise of any other such right, power or privilege.

 

		13.	Severability.

 

Should
any provision of this Agreement be held by a court of competent jurisdiction to be enforceable only if modified, or if any
portion of this Agreement shall be held as unenforceable and thus stricken, such holding shall not affect the validity of the
remainder of this Agreement, the balance of which shall continue to be binding upon the Parties with any such modification to
become a part hereof and treated as though originally set forth in this Agreement. The Parties further agree that any such
court is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such
unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or
all of the offending provision, adding additional language to this Agreement or by making such other modifications as it
deems warranted to carry out the intent and agreement of the Parties as embodied herein to the maximum extent permitted by
law. The Parties expressly agree that this Agreement as so modified by the court shall be binding upon and enforceable
against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or
unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof,
and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid,
illegal or unenforceable provisions had not been set forth herein.

 

		14.	Captions.

 

Captions and headings of the
sections and paragraphs of this Agreement are intended solely for convenience and no provision of this Agreement is to be construed
by reference to the caption or heading of any section or paragraph.

 

		15.	Counterparts.

 

This Agreement may be executed in counterparts,
each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument.

 

[SIGNATURE
PAGE FOLLOWS]

 

 

 

    	 	6	 

     

    

 

 

IN WITNESS WHEREOF, the Parties have executed
this Agreement as of the Effective Date above.

 

 

	 	Kenloc, Inc.
	 	 
	 	 
	 	Name: Yu Wu
	 	 
	 	Title: President
	 	 

 

 

Signature:
/s/ Yu Wu                                   

 

 

 

 

 

 

    	 	7

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