Document:

Exhibit 10.2

 

JWIZ INC.

 

2016 EQUITY COMPENSATION PLAN

 

     

     

    

 

JWIZ INC.

 

2016 EQUITY COMPENSATION PLAN

  

	 	Section	Page
	 	 	 
	1.	Purpose; Types of Awards; Construction.	1
	 	 	 
	2.	Definitions.	1
	 	 	 
	3.	Administration.	4
	 	 	 
	4.	Eligibility.	5
	 	 	 
	5.	Shares Subject to the Plan.	5
	 	 	 
	6.	Specific Terms of Awards.	6
	 	 	 
	7.	General Provisions.	9

 

     

     

    

  

JWIZ INC.

 

2016 EQUITY COMPENSATION PLAN

 

1.          Purpose;
Types of Awards; Construction.

 

The purposes of the JWiz Inc. 2016 Equity Compensation
Plan (the “Plan”) are to afford an incentive to Non-Employee Directors, selected officers and other employees,
advisors and consultants of JWiz Inc. (the “Company”), or any Subsidiary that now exists or hereafter is organized
or acquired, to continue as Non-Employee Directors, officers or employees, advisors or consultants, as the case may be, to increase
their efforts on behalf of the Company and its Subsidiaries and to promote the success of the Company’s business. The Plan provides
for the grant of Restricted Shares and Options, including “incentive stock options” and “nonqualified stock options”.
The Plan is designed so that Awards granted hereunder intended to comply with the requirements for “performance-based compensation”
under Section 162(m) of the Code may comply with such requirements, and the Plan and Awards shall be interpreted in a manner consistent
with such requirements.

 

2.          Definitions.

 

For purposes of the Plan, the following terms
shall be defined as set forth below:

 

(a)          “Award”
means any Restricted Share or Option granted under the Plan.

 

(b)          “Award
Agreement” means any written agreement, contract, or other instrument or document evidencing an Award.

 

(c)          “Board”
means the Board of Directors of the Company.

 

(d)          “Change
in Control” means a change in control of the Company, which will be deemed to have occurred if:

 

(i)          any
“person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the Company, (B) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company or (C) any corporation owned, directly or indirectly,
by the shareholders of the Company in substantially the same proportions as their ownership of Stock), is or becomes the “beneficial
owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing
one-third (33 1/3%) or more of the combined voting power of the Company’s then outstanding voting securities;

 

     

     

    

  

(ii)         the
following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on
the Effective Date, constitute the Board and any new director (other than a director whose initial assumption of office is in connection
with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of
directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s shareholders was
approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors
on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended;

 

(iii)        there
is consummated a merger or consolidation of the Company or any direct or indirect subsidiary of the Company with any other corporation,
other than a merger or consolidation immediately following which the individuals who comprise the Board immediately prior thereto
constitute at least a majority of the Board, the entity surviving such merger or consolidation or, if the Company or the entity
surviving such merger is then a subsidiary, the ultimate parent thereof; or

 

(iv)        the
shareholders of the Company approve a plan of complete liquidation of the Company or there is consummated an agreement for the
sale or disposition by the Company of all or substantially all of the Company’s assets (or any transaction having a similar effect),
other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, immediately following
which the individuals who comprise the Board immediately prior thereto constitute at least a majority of the board of directors
of the entity to which such assets are sold or disposed of or, if such entity is a subsidiary, the ultimate parent thereof.

 

Notwithstanding the foregoing, a Change in Control
shall not be deemed to have occurred by virtue of (x) a Public Offering or (y) the consummation of any transaction or series of
integrated transactions immediately following which the holders of the Stock immediately prior to such transaction or series of
transactions continue to have substantially the same proportionate ownership in an entity which owns all or substantially
all of the assets of the Company immediately following such transaction or series of transactions.

 

(e)          “Code”
means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder.

 

(f)          “Committee”
means (i) the Compensation Committee of the Board or any other committee established by the Board to administer the Plan, the
composition of which shall at all times satisfy the provisions of Rule 16b-3 promulgated under the Exchange Act as in effect from
time to time and Section 162(m) of the Code; or (ii) if no such committee has been established, the Board.

 

(g)          “Company”
means JWiz Inc., a corporation organized under the laws of the State of New York, or any successor corporation.

 

    	 	2	 

     

    

  

(h)          “Effective
Date” means September 29, 2016, the date that the Plan was adopted by the Board.

 

(i)          “Exchange
Act” means the Securities Exchange Act of 1934, as amended from time to time, and the rules and regulations promulgated
thereunder.

 

(j)          “Fair
Market Value” means, with respect to Stock or other property, the fair market value of such Stock or other property determined
by such methods or procedures as shall be established from time to time by the Committee. Unless otherwise determined by the Committee
in good faith, the per share Fair Market Value of Stock as of a particular date shall mean (i) the closing
price per share of Stock on the national securities exchange or over-the-counter market on which the Stock is principally
traded, for the last preceding date on which there was a sale of such Stock on such exchange or over-the-counter market, or (ii)
if the shares of Stock are not then listed on a national securities exchange or traded in an over-the-counter market, such value
as the Committee, in its sole discretion, shall determine.

 

(k)          “Grantee”
means a person who, as a consultant, non-employee director, officer or other employee of the Company or a Subsidiary of the Company,
has been granted an Award under the Plan.

 

(l)          “ISO”
means any Option intended to be and designated as an incentive stock option within the meaning of Section 422 of the Code.

 

(m)          “Non-Employee
Director” means any director of the Company who is not also employed by the Company or any of its Subsidiaries.

 

(n)          “NQSO”
means any Option that is not designated as an ISO.

 

(o)          “Option”
means a right, granted to a Grantee under Section 6(b), to purchase shares of Stock. An Option may be either an ISO or an NQSO,
provided that ISOs may be granted only to employees of the Company or Subsidiary of the Company.

 

(p)          “Performance
Goals” means performance goals based on one or more of the following criteria, determined in accordance with generally
accepted accounting principles where applicable: (i) earnings before or after interest, taxes, depreciation, amortization, or extraordinary
or special items; (ii) net income, before or after extraordinary or special items; (iii) return on equity (gross or net), before
or after extraordinary or special items; (iv) earnings per share, before or after extraordinary or special items; and (v) stock
price. Where applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criterion
or the attainment of an increase or decrease (expressed as absolute numbers of a percentage) in the particular criterion, and may
be applied to one or more of the Company or a Subsidiary of the Company, or a division or strategic business unit of the Company,
all as determined by the Committee. The Performance Goals may include a threshold level of performance below which no payment will
be made (or no vesting will occur), levels of performance at which specified payments will be paid (or specified vesting will occur),
and a maximum level of performance above which no additional payment will be made (or at which full vesting will occur). Each of
the foregoing Performance Goals shall be evaluated in accordance with generally accepted accounting principles, where applicable,
and shall be subject to certification by the Committee. The Committee shall have the authority to make equitable adjustments to
the Performance Goals in recognition of unusual or non-recurring events affecting the Company or Subsidiary of the Company or the
financial statements of the Company or Subsidiary of the Company, in response to changes in applicable laws or regulations, or
to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or
related to the disposal of a segment of a business or related to a change in accounting principles.

 

    	 	3	 

     

    

  

(q)          “Plan”
means this JWiz Inc. 2016 Equity Compensation Plan, as amended from time to time.

 

(r)          “Plan
Year” means a calendar year.

 

(s)          “Public
Offering” means an offering of securities of the Company that is registered with the U.S. Securities and Exchange Commission.

 

(t)          “Restricted
Stock Award” means the grant or purchase, on the terms, conditions and limitations that the Committee determines, of
Stock that is nontransferable and subject to substantial risk of forfeiture until specific conditions are met.

 

(u)          “Stock”
means common shares, par value $0.001 per share, of the Company.

 

(v)         “Subsidiary”
means a “subsidiary corporation” of the Company, whether now or hereafter existing, as defined in Section 424(f) of the
Code.

 

3.          Administration.

 

The Plan shall be administered the Committee appointed
by the Board for this purpose. If a Committee is appointed to administer the Plan, all references herein to the “Committee”
shall be references to such Committee. If no Committee is appointed by the Board to administer the Plan, all references herein
to the “Committee” shall be references to the Board. The Committee shall have the authority in its discretion, subject
to and not inconsistent with the express provisions of the Plan, to administer the Plan and to exercise all the powers and authorities
either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without
limitation, the authority to grant Awards; to determine the persons to whom and the time or times at which Awards shall be granted;
to determine the type and number of Awards to be granted, the number of shares of Stock to which an Award may relate and the terms,
conditions, restrictions and performance criteria (if any) relating to any Award, including but not limited to the effect of a
Change in Control upon any Award; to determine, at the time of grant or thereafter, whether and to what extent the vesting or payment
of any Award may be accelerated; to determine Performance Goals no later than such time as required to ensure that an underlying
Award which is intended to comply with the requirements of Section 162(m) of the Code so complies; and to determine whether, to
what extent, and under what circumstances an Award may be settled, cancelled, forfeited, exchanged, or surrendered; to make adjustments
in the terms and conditions of, and the Performance Goals (if any) included in, Awards; to construe and interpret the Plan and
any Award; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of
the Award Agreements (which need not be identical for each Grantee); and to make all other determinations deemed necessary or advisable
for the administration of the Plan. Notwithstanding the foregoing, neither the Board, the Committee nor their respective delegates
shall have the authority to reprice (or cancel and regrant) any Award at a lower exercise, base or purchase price without first
obtaining the approval of the Company’s shareholders.

 

    	 	4	 

     

    

  

The Committee may appoint a chairperson and a
secretary and may make such rules and regulations for the conduct of its business as it shall deem advisable, and shall keep minutes
of its meetings. All determinations of the Committee shall be made by a majority of its members either present in person or participating
by conference telephone at a meeting or by written consent. The Committee may delegate to one or more of its members or to one
or more agents such administrative duties as it may deem advisable, and the Committee or any person to whom it has delegated duties
as aforesaid may employ one or more persons to render advice with respect to any responsibility the Committee or such person may
have under the Plan. All decisions, determinations and interpretations of the Committee shall be final and binding on all persons,
including but not limited to the Company, any Subsidiary of the Company or any Grantee (or any person claiming any rights under
the Plan from or through any Grantee) and any shareholder.

 

No member of the Board or Committee shall be liable
for any action taken or determination made in good faith with respect to the Plan or any Award granted hereunder.

 

4.          Eligibility.

 

Awards may be granted to selected Non-Employee
Directors, officers and other employees, advisors or consultants of the Company or any Subsidiary in the discretion of the Committee.
In determining the persons to whom Awards shall be granted and the type of any Award (including the number of shares to be covered
by such Award), the Committee shall take into account such factors as the Committee shall deem relevant in connection with accomplishing
the purposes of the Plan.

 

5.          Stock
Subject to the Plan.

 

The maximum number of shares of Stock reserved
for the grant of Awards under the Plan shall be 1,500,000, subject to adjustment as provided herein. No more than
100,000 shares of Stock may be made subject to Awards to a single individual in a single Plan Year, subject to adjustment as provided
herein. Determinations made in respect of the limitations set forth in the immediately preceding sentence shall be made in a manner
consistent with Section 162(m) of the Code. Such shares may, in whole or in part, be authorized but unissued shares or shares that
shall have been or may be reacquired by the Company in the open market, in private transactions or otherwise. If any shares subject
to an Award are forfeited, cancelled, exchanged or surrendered or if an Award terminates or expires without a distribution of shares
to the Grantee, or if shares of Stock are surrendered or withheld as payment of either the exercise price of an Award and/or withholding
taxes in respect of an Award, the shares of Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation,
exchange, surrender, withholding, termination or expiration, again be available for Awards under the Plan.

 

    	 	5	 

     

    

 

In the event that the Committee shall determine
that any dividend or other distribution (whether in the form of cash, stock, or other property), recapitalization, stock split,
reverse split, reorganization, merger, consolidation, spin-off, combination, repurchase, or share exchange, or other similar corporate
transaction or event, affects the Stock such that an adjustment is appropriate in order to prevent dilution or enlargement of the
rights of Grantees under the Plan, then the Committee shall make such equitable changes or adjustments as it deems necessary or
appropriate to any or all of (i) the number and kind of shares of Stock or other property (including cash) that may thereafter
be issued in connection with Awards, (ii) the number and kind of shares of Stock or other property (including cash) issued or issuable
in respect of outstanding Awards, (iii) the exercise price, grant price, or purchase price relating to any Award; provided, that,
with respect to ISOs, such adjustment shall be made in accordance with Section 424 of the Code; and (iv) the Performance Goals
applicable to outstanding Awards.

 

6.          Specific
Terms of Awards.

 

(a)          General.
The Committee is authorized to grant the Awards described in this Section 6, under such terms and conditions as deemed by the Committee
to be consistent with the purposes of the Plan. Each Award granted under the Plan shall be evidenced by an Award Agreement containing
such terms and conditions applicable to such Award as the Committee shall determine at the date of grant or thereafter. Subject
to the terms of the Plan and any applicable Award Agreement, payments to be made by the Company or a Subsidiary upon the grant,
maturation, or exercise of an Award may be made in such forms as the Committee shall determine at the date of grant or thereafter,
including, without limitation, cash, Stock, or other property, and may be made in a single payment or transfer, in installments,
or on a deferred basis. The Committee may make rules relating to installment or deferred payments with respect to Awards, including
the rate of interest to be credited with respect to such payments. In addition to the foregoing, the Committee may impose on any
Award or the exercise thereof, at the date of grant or thereafter, such additional terms and conditions, not inconsistent with
the provisions of the Plan, as the Committee shall determine.

 

(b)          Options.
The Committee is authorized to grant Options to Grantees on the following terms and conditions:

 

(i)          Type
of Award. The Award Agreement evidencing the grant of an Option under the Plan shall designate the Option as an ISO or a NQSO.

 

    	 	6	 

     

    

  

(ii)           Exercise
Price. In no event shall the exercise price of any Option be less than the Fair Market Value of a share of Stock on the date
of grant of such Option unless, with respect to a NQSO, otherwise determined by the Committee. The exercise price for Stock subject
to an Option may be paid in cash or by an exchange of Stock previously owned by the Grantee for at least six months (if acquired
from the Company), through a “broker cashless exercise” procedure approved by the Committee (to the extent permitted
by law), or a combination of the above, in any case in an amount having a combined value equal to such exercise price. An Award
Agreement may provide that a Grantee may pay all or a portion of the aggregate exercise price by having shares of Stock with a
Fair Market Value on the date of exercise equal to the aggregate exercise price withheld by the Company.

 

(iii)          Term
and Exercisability of Options. Options shall be exercisable over the exercise period (which shall not exceed ten years from
the date of grant), at such times and upon such conditions as the Committee may determine, as reflected in the Award Agreement;
provided, that the Committee shall have the authority to accelerate the exercisability of any outstanding Option at such time and
under such circumstances as it, in its sole discretion, deems appropriate. An Option may be exercised to the extent of any or all
full shares of Stock as to which the Option has become exercisable, by giving written notice of such exercise to the Committee
or its designated agent.

 

(iv)          Other
Provisions. Any Grantee who owns shares possessing more than 10% of the voting rights of the
Company’s outstanding Stock, the exercise price of any ISO must be at least equal to 110% of the Fair Market Value of a share
of Stock on the date of grant of such Option and the term of such option may not be longer than five years. Options may
be subject to such other conditions including, but not limited to, restrictions on transferability of the shares acquired upon
exercise of such Options, as the Committee may prescribe in its discretion or as may be required by applicable law.

 

(v)           Restricted
Stock.

 

(1)          Compliance
with Plan. All Restricted Stock Awards granted under the Plan shall comply with, and the related Award Agreements shall be
subject to, the terms, conditions and limitations set forth in this Article Section 6(c) (to the extent each such term, condition
or limitation applies to the form of Restricted Stock Award)

 

(2)          Number
of Shares. Each Award Agreement governing a Restricted Stock Award shall state the total number of shares of Stock to which
it relates.

 

    	 	7	 

     

    

  

(3)          Other
Provisions. Unless otherwise provided in the relevant Award Agreement, all shares of Stock granted or sold pursuant to Restricted
Stock Awards made under the Plan shall be subject to the following terms, conditions and limitations:

 

(A)         Transferability.
The shares may not be sold, transferred or otherwise alienated or hypothecated until the restrictions are removed or expire.

 

(B)         Legend.
Each certificate representing such shares shall bear a legend making appropriate reference to the restrictions imposed. The text
of any such legend shall be determined by the Committee.

 

(C)         Possession.
The Committee shall (1) require the Company to retain physical custody of certificates representing shares issued or transferred
pursuant to Restricted Stock Awards during the restriction period and require the Holder of the Award to execute stock powers in
blank for those certificates and deliver those stock powers to the Company, (2) require the Holder to enter into an escrow agreement
providing that the certificates representing shares issued or transferred pursuant to Restricted Stock Awards shall remain in the
physical custody of an escrow holder until all restrictions are removed or expire, or (3) take such other steps as the Committee
may determine in order to enforce such restrictions.

 

(D)         Expiration
or Removal of Restrictions. The restrictions imposed pursuant to this Section 6(c) on Restricted Stock Awards shall
expire as determined by the Committee and set forth in the applicable Award Agreement. Expiration of the restrictions may be based
on or conditioned on the passage of time, continuing employment or service as an employee or officer, achievement of Performance
Goals, or other events, occurrences or conditions determined by the Committee. Each Restricted Stock Award may have different restrictions,
including a different restriction period, as determined by the Committee. The Committee may remove any restriction or reduce any
restriction period applicable to a particular Restricted Stock Award. Upon the expiration or removal of all restrictions, the Company
shall deliver to the Holder of the Restricted Stock Award, as soon as practicable following the request of such Holder, a certificate
representing the number of shares for which such restrictions have expired or been removed, free of any restrictive legend relating
to the expired or removed restrictions.

 

    	 	8	 

     

    

  

(E)         Rights
as Shareholder. The Committee may determine what rights, if any, the Holder shall have with respect to the Restricted Stock
Awards granted, including any right to vote the related shares or to receive dividends and other distributions paid or made with
respect thereto.

 

(F)         Other
Conditions. The Committee may impose such other terms, conditions or limitations on any shares granted or sold pursuant to
Restricted Stock Awards made under the Plan as it may deem advisable.

 

(G)         Compliance
with Section 409A. Each Restricted Stock Award shall comply with the requirements of subsection (a) of Section 409A, if applicable,
and be operated in accordance with such requirements

 

7.          General
Provisions

 

(a)          Nontransferability.
Unless otherwise provided in an Award Agreement, Awards shall not be transferable by a Grantee except by will or the laws of descent
and distribution and shall be exercisable during the lifetime of a Grantee only by such Grantee or his guardian or legal representative.

 

(b)          No
Right to Continued Employment, etc. Nothing in the Plan or in any Award, any Award Agreement or other agreement entered into
pursuant hereto shall confer upon any Grantee the right to continue in the employ of or to continue as a director of the Company
or any Parent or Subsidiary of the Company or to be entitled to any remuneration or benefits not set forth in the Plan or such
Award Agreement or other agreement or to interfere with or limit in any way the right of the Company or any such Parent or Subsidiary
to terminate such Grantee’s employment, or director or independent contractor relationship.

 

(c)          Taxes.
The Company or any Subsidiary is authorized to withhold from any Award granted, any payment relating to an Award under the Plan,
including from a distribution of Stock, or any other payment to a Grantee, amounts of withholding and other taxes due in connection
with any transaction involving an Award, and to take such other action as the Committee may deem advisable to enable the Company
and Grantees to satisfy obligations for the payment of withholding taxes and other tax obligations relating to any Award. This
authority shall include authority to withhold or receive Stock or other property and to make cash payments in respect thereof in
satisfaction of a Grantee’s tax obligations. The Committee may provide in the Award Agreement that in the event that a Grantee
is required to pay any amount to be withheld in connection with the issuance of shares of Stock in settlement or exercise of an
Award, the Grantee may satisfy such obligation (in whole or in part) by electing to have a portion of the shares of Stock to be
received upon settlement or exercise of such Award equal to the minimum amount required to be withheld.

 

    	 	9	 

     

    

  

(d)          Shareholder
Approval; Amendment and Termination.

 

(i)          The
Plan shall take effect upon its adoption by the Board but the Plan (and any grants of Awards made prior to the shareholder approval
mentioned herein) shall be subject to the requisite approval of the shareholders of the Company. In the event that the shareholders
of the Company do not ratify the Plan at a meeting of the shareholders at which such issue is considered and voted upon, then upon
such event the Plan and all rights hereunder shall immediately terminate and no Grantee (or any permitted transferee thereof) shall
have any remaining rights under the Plan or any Award Agreement entered into in connection herewith.

 

(ii)         The
Board may at any time and from time to time alter, amend, suspend, or terminate the Plan in whole or in part; provided, however,
that unless otherwise determined by the Board, an amendment that requires shareholder approval in order for the Plan to continue
to comply with Section 162(m) or any other law, regulation or stock exchange requirement shall not be effective unless approved
by the requisite vote of shareholders. Notwithstanding the foregoing, no amendment to or termination of the Plan shall affect adversely
any of the rights of any Grantee, without such Grantee’s consent, under any Award theretofore granted under the Plan.

 

(e)          Expiration
of Plan. Unless earlier terminated by the Board pursuant to the provisions of the Plan, the Plan shall expire on the tenth
anniversary of the Effective Date. No Awards shall be granted under the Plan after such expiration date. The expiration of the
Plan shall not affect adversely any of the rights of any Grantee, without such Grantee’s consent, under any Award theretofore granted.

 

(f)          No
Fractional Shares. No fractional shares of Stock shall be issued or delivered pursuant to the Plan or any Award. The Committee
shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares or whether
such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

(g)          Regulations
and Other Approvals.

 

(i)          The
obligation of the Company to sell or deliver Stock with respect to any Award granted under the Plan shall be subject to all applicable
laws, rules and regulations, including all applicable federal and state securities laws and the applicable laws, rules and regulations
of non-U.S. jurisdictions, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate
by the Committee.

 

    	 	10	 

     

    

  

(ii)         Each
Award is subject to the requirement that, if at any time the Committee determines, in its absolute discretion, that the listing,
registration or qualification of Stock issuable pursuant to the Plan is required by any securities exchange or under any state
or federal law or any applicable law, rule or regulation of a non-U.S. jurisdiction, or the consent or approval of any governmental
regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of Stock,
no such Award shall be granted or payment made or Stock issued, in whole or in part, unless listing, registration, qualification,
consent or approval has been effected or obtained free of any conditions not acceptable to the Committee.

 

(iii)        In
the event that the disposition of Stock acquired pursuant to the Plan is not covered by a then current registration statement under
the Securities Act and is not otherwise exempt from such registration, such Stock shall be restricted against transfer to the extent
required by the Securities Act or regulations thereunder, and the Committee may require a Grantee receiving Stock pursuant to the
Plan, as a condition precedent to receipt of such Stock, to represent to the Company in writing that the Stock acquired by such
Grantee is acquired for investment only and not with a view to distribution.

 

(iv)        The
Committee may require a Grantee receiving Stock pursuant to the Plan, as a condition precedent to receipt of such Stock, to enter
into a shareholder agreement or “lock-up” agreement in such form as the Committee shall determine is necessary or desirable
to further the Company’s interests.

 

(h)          Governing
Law. The Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of New
York without giving effect to the conflict of laws principles thereof.

  

    	 	11Exhibit 10.3

 

AGREEMENT

 

AGREEMENT (the “Agreement”),
dated this __ day of ________, 2017, between JWIZ, INC., a New York corporation (the “Company”), having
its principal place of business at 125-10 Queens Boulevard, Queens, New York 11415, and YORAM EVAN, an individual, with
an address at 21 Hareches Street, Savyon, Israel 56538 (the “Evan”).

WITNESSETH

 

WHEREAS, Evan is
the founder, sole shareholder, sole officer and sole director of the Company; and

 

WHEREAS, the Company
and Jewish Marketing Solutions, LLC (“JMS”) have executed an Agreement and Plan of Merger, dated _____ __, 2016,
pursuant to which JMS will merge with and into the Company with the Company being the surviving entity (the “Merger”);
and

 

WHEREAS, recognizing
the unique skills and abilities of Evan, the principals of JMS and the Company, respectively, have asked Evan to serve as the Company’s
Executive Chairman following the Merger and Evan has agreed to serve in such capacity on the terms and conditions set forth herein.

 

NOW, THEREFORE,
in consideration of the foregoing and the mutual covenants in this Agreement, the Company and Evan agree as follows:

 

1.            Duties.

 

(a)          Immediately
upon consummation of the Merger, Evan shall assume the position of Executive Chairman of the Company. In such capacity, Evan shall
be responsible for supervising and managing the Company’s senior executive officers with respect to their duties of managing
and operating the Company’s Business (as defined in Section 8 of this Agreement) and ensuring that such senior executive
officers perform their respective duties faithfully and competently. Evan shall also be responsible for implementing any strategic
plans or initiatives approved or adopted by the Company’s Board of Directors (the “Board”). Finally, Evan
shall perform such other duties and responsibilities as are consistent with the position of Executive Chairman of a public company
and as are reasonably determined from time to time by the Board; provided, however, in no event, shall Evan be deemed an
employee of the Company or be expected or required to perform any duties typically performed by employees of a company.

 

(b)          Evan
shall report to and be supervised by the Board.

 

(c)          Evan
shall only be required to devote such time and attention to the Company’s Business as he, in his good faith discretion determines
is reasonably necessary to faithfully and efficiently perform his duties and responsibilities as set forth herein. The Company
acknowledges and agrees that Evan has other business interests and that he may devote such time and effort to such other activities
and businesses as he shall determine in his sole and absolute discretion; provided, however, Evan may not engage in any
activities or provide services to any other person, firm, business or endeavor that would (i) result in the violation of any of
the Restrictive Covenants (as defined in Section 8(e) of this Agreement) or (ii) violate any conduct and ethics policy applicable
to employees of the Company.

 

(d)          The
Company acknowledges and understands that Evan resides in Israel and will provide services to the Company primarily from Israel.
However, Evan agrees that he will spend at least one week of each calendar quarter working from the Company’s principal place
of business.

 

2.            Term.
The term of this Agreement shall commence on the date the Merger is consummated (the “Effective Date”), and
shall terminate on the fifth anniversary of the date Effective Date, unless extended or earlier terminated in accordance with the
terms of this Agreement. The date on which this Agreement terminates, would terminate or is terminated by either party is herein
referred to as the “Termination Date.” The period beginning on the Effective Date and ending on the Termination
Date is herein sometimes referred to as the “Term.”

 

    	 	1 of 7	 

     

    

 

3.            Compensation.
Evan shall invoice the Company monthly for the services performed and the expenses incurred in the prior month. The fee for services
will be based on the amount of time devoted to Company matters; the value of the such services (as determined by Evan in his reasonable
and sole discretion) and the performance of the Company. In no event, shall the fee for services for any calendar month exceed
$20,000. The Company shall pay the amount make of the invoice within ten (10) days of its receipt of that invoice. Evan shall be
deemed an independent contractor for income tax purposes and all payments made by the Company to Evan will be made without deduction
whether for federal, provincial, state or local income taxes, social insurance premiums, employment insurance premiums, pension
contributions, health tax, workers compensation or related or similar deductions.

 

4.            Benefits.
Evan shall be eligible to receive awards under any incentive compensation plan adopted by the Company for the benefit of its employees,
directors and/or consultants (such as the Company’s 2016 Stock Compensation Plan), as determined in the sole and absolute
discretion of the administrator of such plan, but shall not be entitled to participate in any other retirement plans (qualified
and non-qualified), pension, insurance, health, disability or other benefit plan or program that has been or is hereafter adopted
by the Company (or in which the Company participates) for the benefit of its employees.

 

5.            Expenses.
Evan shall be promptly reimbursed against presentation of vouchers or receipts for all reasonable and necessary expenses incurred
by him in performing his duties hereunder including, but not limited to the following:

 

		·	cellular/smartphone services; and

		·	work related travel, including air fare to and from Israel and hotel accommodations.

 

6.            Indemnification.

 

(a)          General.
The Company agrees that if Evan is made a party or is threatened to be made a party to any action, suit or proceeding, whether
civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he is or was providing
services to the Company, is or was a director of the Company or was serving at the request of the Company as a director, officer,
member, employee or agent of another corporation or of a partnership, joint venture, trust or other enterprise, whether or not
the basis of such Proceeding is alleged action in an official capacity as a director or agent of the Company or while serving as
a director, officer, member, employee or agent, he shall be indemnified and held harmless by the Company to the fullest extent
authorized by applicable law (in accordance with the certificate of incorporation and/or bylaws of the Company), as the same exists
or may hereafter be amended, against all Expenses (as defined below) incurred or suffered in connection therewith, and such indemnification
shall continue as even if he is no longer a director or agent of the Company and shall inure to the benefit of his heirs, executors
and administrators.

 

(b)          Expenses.
As used in Section 6(a) above, the term “Expenses” shall include, without limitation, damages, losses,
judgments, liabilities, fines, penalties, excise taxes, settlements and costs, reasonable attorneys’ fees, accountants’
fees, and disbursements and costs of attachment or similar bonds, investigations, and any expenses of establishing a right to indemnification
under this Agreement.

 

(c)          Enforcement.
If a claim or request under this Agreement is not paid by the Company, or on their behalf, within thirty (30) days after a written
claim or request therefor has been received by the Company, Evan may at any time thereafter bring a legal action against the Company
to recover the unpaid amount of the claim or request and if successful in whole or in part, Evan shall be entitled to be paid also
the expenses of prosecuting such suit. The burden of proving that Evan is not entitled to indemnification for any reason shall
be upon the Company.

 

(d)          Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all the rights of
recovery of Evan.

 

(e)          Partial
Indemnification. If Evan is entitled under any provision of this Agreement to indemnification by the Company for some or
a portion of any Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Evan for the
portion of such Expenses to which Evan is entitled.

 

    	 	2 of 7	 

     

    

 

(f)          Advances
of Expenses. Expenses incurred by Evan in connection with any Proceeding shall be paid by the Company in advance upon request
of Evan that the Company pay such Expenses; provided, however, if it is determined that Evan was not entitled to indemnification
hereunder he shall promptly reimburse the Company for any expenses advanced to or on his behalf.

 

(g)          Notice
of Claim. Evan shall immediately upon becoming aware of same give to the Company notice of any claim made against him for
which indemnity will or could be sought under this Agreement. In addition, Evan shall give the Company such information and cooperation
as it may reasonably require and as shall be within Evan’s power and at such times and places as are convenient for Evan.

 

(h)          Defense
of Claim. With respect to any Proceeding as to which Evan notifies the Company of the commencement thereof: (i) the Company
will be entitled to participate therein at its own expense; and (ii) except as otherwise provided below, to the extent that it
may wish, the Company jointly with any other indemnifying party similarly notified will be entitled to assume the defense thereof,
with counsel reasonably satisfactory to Evan. The Company shall not be entitled to assume the defense of any action, suit or proceeding
brought by or on behalf of the Company or as to which Evan shall have reasonably concluded that there may be a conflict of interest
between the Company and Evan in the conduct of the defense of such action. The Company shall not be liable to indemnify Evan under
this Agreement for any amounts paid in settlement of any action or claim effected without its written consent. The Company shall
not settle any action or claim in any manner which would impose any penalty or limitation on Evan without Evan’s written
consent. Neither the Company nor Evan shall unreasonably withhold or delay their consent to any proposed settlement.

 

(i)          Non-exclusivity.
The right to indemnification and the payment of expenses incurred in defending a Proceeding in advance of its final disposition
conferred in this Section 6 shall not be exclusive of any other right which Evan may have or hereafter may acquire under
any statute, provision of the certificate of incorporation, by laws, or other governing documents of the Company, agreement, vote
of stockholders, members or disinterested directors or otherwise.

 

(j)          Directors
and Officers Liability Policy. The Company agrees to use commercially reasonable efforts to obtain and maintain directors
and officers liability insurance covering Evan in such amount and subject to such allowances, deductions, exclusions, reserves
and other limitations as the Company, in its sole and absolute discretion, determines.

 

7.              Company
Property. All confidential and proprietary information furnished to Evan by the Company or developed by Evan for or on
behalf of the Company or at the Company’s direction or for the Company’s use or otherwise in connection with Evan’s
obligations to the Company hereunder, are and shall remain the sole and confidential property of the Company; if the Company requests
the return of such materials at any time during or at or after the termination of this Agreement, Evan shall immediately deliver
the same to the Company.

 

8.           Covenant
Not to Compete.

 

(a) Covenants Against
Competition. Evan acknowledges that, as of the execution of this Agreement (i) the Company is engaged in providing
online and digital marketing solutions (the “Business”); (ii) the Company’s Business is primarily
conducted currently in New York City, Nassau, Suffolk and Westchester counties in New York State, northern New Jersey, Miami and
Boca Raton, Florida, Los Angeles, California, Minneapolis Minnesota and Rochester, New York and has definite plans to expand to
other markets throughout the United States, as well as to Europe, Latin America and Asia Pacific; (iii) his relationship
with the Company will give him access to confidential information concerning the Company; and (iv) the agreements and covenants
contained in this Agreement are essential to protect the Business and goodwill of the Company. Accordingly, Evan covenants and
agrees as follows:

 

    	 	3 of 7	 

     

    

 

(i)   Without
the prior written consent of the Board, Evan shall not, except in his capacity as the Executive Chairman of the Company, during
the Restricted Period (as defined below) within the Restricted Area (as defined below) (A) engage or participate in and
venture, whether or not for profit, that conducts activities similar to the Business; (B) enter the employ of, or render
any services (whether or not for a fee or other compensation) to, any person engaged in activities similar to the Business; or
(C) acquire an equity interest in any such person; provided, that the foregoing restrictions shall not apply if this Agreement
is terminated by the Company prior to the Termination Date; provided, however, that during the Restricted Period Evan may
own, directly or indirectly, solely as a passive investment, up to five percent (5%) of the issued and outstanding securities of
any company traded on any national securities exchange or on the National Association of Securities Dealers Automated Quotation
System.

 

(ii)  As
used herein: (A) “Restricted Period” shall mean the period commencing on the Effective Date and ending
on the second anniversary of the Termination Date; and (B) “Restricted Area” shall mean any place within
a 75-mile radius of any office maintained by the Company or any other location in which the Company is then actively considering
conducting Business, at the time.

 

(b)          Confidential
Information; Personal Relationships. Evan acknowledges that the Company has a legitimate and continuing proprietary interest
in the protection of its confidential information and has invested substantial sums and will continue to invest substantial sums
to develop, maintain and protect confidential information. Evan agrees that, during and after the Restricted Period, without the
prior written consent of the Board, he shall keep secret and retain in strictest confidence, and shall not knowingly use for the
benefit of himself or others all confidential matters relating to the Company’s Business including, without limitation, operational
methods, marketing or development plans or strategies, business acquisition plans, joint venture proposals or plans, and new personnel
acquisition plans, learned by him heretofore or hereafter (such information shall be referred to herein collectively as “Confidential
Information”); provided, that nothing in this Agreement shall prohibit Evan from disclosing or using any Confidential
Information (i) in the performance of his duties hereunder, (ii) as required by applicable law, (iii) in connection
with the enforcement of his rights under this Agreement or any other agreement with the Company, or (iv) in connection with
the defense or settlement of any claim, suit or action brought or threatened against Evan by or in the right of the Company. Notwithstanding
any provision contained herein to the contrary, the term Confidential Information shall not be deemed to include any general knowledge,
skills or experience acquired by Evan or any knowledge or information known or available to the public in general. Moreover, Evan
shall be permitted to retain copies of, or have access to, all such Confidential Information relating to any disagreement, dispute
or litigation (pending or threatened) involving Evan.

 

(c)          Employees
of the Company and its Affiliates. During the Restricted Period, without the prior written consent of the Board, Evan shall
not, directly or indirectly, hire or solicit, or cause others to hire or solicit, for employment by any person other than the Company
or any affiliate or successor thereof, any employee of, or person employed within the two years preceding his hiring or solicitation
of such person by, the Company and its affiliates or successors or encourage any such employee to leave his employment. For this
purpose, any person whose employment has been terminated involuntarily by the Company shall be excluded from those persons protected
by this Section for the benefit of the Company.

 

(d)          Business
Relationships. During the Restricted Period, Evan shall not, directly or indirectly, request or advise a person that has
a business relationship with the Company to curtail, alter or cancel such person’s business relationship with the Company.

 

(e)          Rights
and Remedies Upon Breach. If Evan breaches, threatens to commit a breach of, any of the provisions contained in this Section
8 (the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which
rights and remedies shall be independent of the others and severally enforceable, and each of which is in addition to, and not
in lieu of, any other rights and remedies available to the Company under law or in equity:

 

(i)   Specific
Performance. The right and remedy to have the Restrictive Covenants specifically enforced by any court of competent jurisdiction,
it being agreed that any breach or threatened breach of the Restrictive Covenants would cause irreparable injury to the Company
and that money damages would not provide an adequate remedy to the Company.

 

(i)   Accounting.
The right and remedy to require Evan to account for and pay over to the Company all compensation, profits, monies, accruals, increments
or other benefits derived or received by him as the result of any action constituting a breach of Restrictive Covenants.

 

    	 	4 of 7	 

     

    

 

(f)          Severability
of Covenants. Evan acknowledges and agrees that the Restrictive Covenants are reasonable and valid in duration and geographical
scope and in all other respects. If any court determines that any of the Restrictive Covenants, or any part thereof, is invalid
or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect without
regard to the invalid portions. The provisions set forth in this Section 8 above shall be in addition to any other provisions
of the business conduct and ethics policy applicable to employees of the Company and its subsidiaries during the Term.

 

(g)          Saving
Clause. If the period or the area specified in Section 8(a) above should be adjudged unreasonable in any proceeding,
then the period shall be reduced by such number of months or the area shall be reduced by the elimination of such portion thereof
or both so that such restrictions may be enforced in such area and for such time as is adjudged to be reasonable. If Evan violates
any of the restrictions contained in the Section 8(a) above, the restrictive period shall not run in favor of Evan from
the time of the commencement of any such violation until such time as such violation shall be cured by Evan to the satisfaction
of Company.

 

9.          Evan’s
Representation and Warranties. Evan represents and warrants that he has the full right and authority to enter into this
Agreement and fully perform his obligations hereunder, including, but not limited to, the Restrictive Covenants, that he is not
subject to any non-competition agreement other than with the Company, and that his past, present and anticipated future activities
have not and will not infringe on the proprietary rights of others. Evan further represents and warrants that he is not obligated
under any contract (including, but not limited to, licenses, covenants or commitments of any nature) or other agreement or subject
to any judgment, decree or order of any court or administrative agency which would conflict with his obligation to use his best
efforts to perform his duties hereunder or which would conflict with the Company’s Business and operations as presently conducted
or proposed to be conducted. Neither the execution nor delivery of this Agreement, nor the carrying on of the Company’s Business
as officer and employee by Evan will conflict with or result in a breach of the terms, conditions or provisions of or constitute
a default under any contract, covenant or instrument to which he is currently a party.

 

10.          Miscellaneous.

 

(a)          Integration;
Amendment. This Agreement constitutes the entire agreement between the parties hereto with respect to the matters set forth
herein and supersedes and renders of no force and effect all prior understandings and agreements between the parties with respect
to the matters set forth herein. No amendments or additions to this Agreement shall be binding unless in writing and signed by
both parties.

 

(b)          Severability.
If any part of this Agreement is contrary to, prohibited by, or deemed invalid under applicable law or regulations, such provision
shall be inapplicable and deemed omitted to the extent so contrary, prohibited, or invalid, but the remainder of this Agreement
shall not be invalid and shall be given full force and effect so far as possible.

 

(c)          Waivers.
The failure or delay of any party at any time to require performance by the other party of any provision of this Agreement, even
if known, shall not affect the right of such party to require performance of that provision or to exercise any right, power, or
remedy hereunder, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver
of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right, power, or
remedy under this Agreement. No notice to or demand on any party in any case shall, of itself, entitle such party to other or further
notice or demand in similar or other circumstances.

 

(d)          Power
and Authority.  The Company represents and warrants to Evan that it has the requisite corporate power to enter into this
Agreement and perform the terms hereof; that the execution, delivery and performance of this Agreement by it has been duly authorized
by all appropriate corporate action; and that this Agreement represents the valid and legally binding obligation of the Company
and is enforceable against it in accordance with its terms.

 

(e)          Burden
and Benefit; Survival. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective
heirs, executors, personal and legal representatives, successors and assigns.

 

    	 	5 of 7	 

     

    

 

(f)          Governing
Law; Headings. This Agreement and its construction, performance, and enforceability shall be governed by, and construed
in accordance with, the laws of the State of New York. Headings and titles herein are included solely for convenience and shall
not affect, or be used in connection with, the interpretation of this Agreement.

 

(g)          Arbitration;
Remedies. Any dispute or controversy arising under this Agreement (other than disputes arising under Section
8) shall be arbitrated and settled pursuant to the National Rules for the Resolution of Employment Disputes of the American
Arbitration Association which are then in effect in a proceeding held in New York, New York. This provision shall also apply to
any and all claims that may be brought under any federal or state anti-discrimination or employment statute, rule or regulation,
including, but not limited to, claims under: the National Labor Relations Act; Title VII of the Civil Rights Act; Sections 1981
through 1988 of Title 42 of the United States Code; the Employee Retirement Income Security Act; the Immigration Reform and Control
Act; the Americans With Disabilities Act; the Age Discrimination in Employment Act; the Fair Labor Standards Act; the Occupational
Safety and Health Act; the Family and Medical Leave Act; and the Equal Pay Act. The decision of the arbitrator and award, if any,
is final and binding on the parties and the judgment may be entered in any court having jurisdiction thereof. The parties will
agree upon an arbitrator from the list of labor arbitrators supplied by the American Arbitration Association. The parties understand
and agree, however, that disputes arising under Section 8 of this Agreement may only be brought in a court of law or equity
without submission to arbitration.

 

(h)          Jurisdiction.
Except as otherwise provided for herein, each of the parties (a) submits to the exclusive jurisdiction of any state court sitting
in New York, New York or federal court sitting in New York County in any action or proceeding arising out of or relating to this
Agreement, (b) agrees that all claims in respect of the action or proceeding may be heard and determined in any such court, (c)
agrees not to bring any action or proceeding arising out of or relating to this Agreement in any other court and (d) waives any
right such party may have to a trial by jury with respect to any action or proceeding arising out of or relating to this Agreement.
Each of the parties waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives
any bond, surety or other security that might be required of any other party with respect thereto. Any party may make service on
another party by sending or delivering a copy of the process to the party to be served at the address and in the manner provided
for giving of notices in Section 10(i). Nothing in this Section 10(h), however, shall affect the right of any party
to serve legal process in any other manner permitted by law.

 

(i)          Notices.
All notices called for under this Agreement shall be in writing and shall be deemed given upon receipt if delivered personally
or by confirmed facsimile transmission and followed promptly by mail, or mailed by registered or certified mail (return receipt
requested), postage prepaid, to the parties at their respective addresses (or at such other address for a party as shall be specified
by like notice; provided that notices of a change of address shall be effective only upon receipt thereof) as set forth in the
preamble to this Agreement or to any other address or addressee as any party entitled to receive notice under this Agreement shall
designate, from time to time, to others in the manner provided in this Section 1o(i) for the service of notices. Any notice
delivered to the party hereto to whom it is addressed shall be deemed to have been given and received on the day it was received;
provided, however, that if such day is not a business day then the notice shall be deemed to have been given and received on
the business day next following such day. Any notice sent by facsimile transmission shall be deemed to have been given and received
on the business day next following the day of transmission.

 

(j)          Number
of Days.  In computing the number of days for purposes of this Agreement, all days shall be counted, including Saturdays,
Sundays and holidays; provided, however, that if the final day of any period falls on a Saturday, Sunday or holiday on which
federal banks are or may elect to be closed, then the final day shall be deemed to be the next day which is not a Saturday, Sunday
or such holiday.

 

    	 	6 of 7	 

     

    

 

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

 

	 	JWIZ, INC.,
	 	 
	 	By:	 
	 	 	AVI SHEFI,
	 	 	President
	 	 
	 	 
	 	YORAM EVAN

  

    	 	7 of 7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00264-of-00352.parquet"}]]