StateofFlorida
CONSULTINGAGREEMENT
ThisCompanyCounselAgreement(this"Agreement")ismadeasofthis1stdayofNovember, 2017(the“EffectiveDate”),byandbetweenOBITXInc.,aDelawarecorporation(the“Company”)andAlexMardikian(“Consultant”),aFloridaresident.CompanyandConsultant mayeachbereferredtointhisAgreementasa“Party”andcollectivelyasthe“Parties.”
1. Services.ConsultantshallprovidetoCompanytheservicestypicalofchiefexecutiveofficer (CEO),incoherencewiththeOperatingAgreementoftheCompany.
2. Compensation.InconsiderationforConsultant’sperformanceoftheServices,Company shallpayConsultant$7,000USDpermonth,whichmaybeconvertedintocommonstockofthe companyata20%discounttothelowestpriceoftheprecedingfivedaysoftradingupon electionbyConsultanttoconvert.
TheCompanyshallpayaninitialstockallocation:
a) Consultantshallreceiveawarranttoacquire50,000sharesoftheCompany’sstockatpar value($0.0001pershare).Consultantislimitedtothepurchaseof50,000sharesper month.
b) Consultantshallreceiveawarranttoacquire250,000sharesoftheCompany’sstockata discountedpriceofthelesserofthefollowing:
a. $1(onedollar)pershare;or b. Theopeningpriceonafederallyregulatedexchangeservice
3. Expenses.ExceptasotherwisespecifiedinthisAgreement,Companyshallreimburse Consultantforallpre-approved,reasonableandnecessarycostsandexpensesincurredin connectionwiththeperformanceoftheServices.
4. Term andTermination.Consultant’s engagementwithCompany underthisAgreement shall commenceonNovember1,2017.Consultantacknowledgesandagreesthattheengagementwith Companyisatwill,subjecttobeingterminatedatthediscretionofCompanyatanytime,upon thirty(30)dayspriorwrittennoticetoConsultant.Inaddition,thisAgreementmaybe terminatedbyConsultantuponthirty(30)dayspriorwrittennoticetoCompany.Atthetimeof termination,ConsultantagreestoreturnallCompanypropertyusedinperformanceofthe Services,includingbutnotlimitedtocomputers,cellphones,keys,reportsandotherequipment anddocuments.ConsultantshallreimburseCompanyforanyCompanypropertylostordamaged inanamountequaltothemarketpriceofsuchproperty.
5. IndependentContractor.ThePartiesagreeandacknowledgethatConsultantisanindependentcontractorandisnot,foranypurpose,anemployeeofCompany.Consultantdoes nothaveanyauthoritytoenterintoagreementsorcontractsonbehalfofCompany,andshallnot
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representthatitpossessesanysuchauthority.Consultantshallnotbeentitledtoanyof Company’sbenefits,including,butnotlimitedto,coverageundermedical,dental,retirementor otherplans.Companyshallnotbeobligatedtopayworker'scompensationinsurance, unemploymentcompensation,socialsecuritytax,withholdingtaxorothertaxesorwithholdings fororonbehalfoftheConsultantinconnectionwiththeperformanceoftheServicesunderthis Agreement.NothingcontainedinthisAgreementshallbedeemedorconstruedbythePartiesto createtherelationshipofapartnership,ajointventureoranyotherfiduciaryrelationship.
6. Confidentiality.
a. ConfidentialandProprietaryInformation.InthecourseofperformingtheServices, ConsultantwillbeexposedtoconfidentialandproprietaryinformationofCompany. “ConfidentialInformation”shallmeananydataorinformationthatiscompetitivelysensitive materialandnotgenerallyknowntothepublic,including,butnotlimitedto,informationrelating todevelopmentandplans,marketingstrategies,finance,operations,systems,proprietary concepts,documentation,reports,data,specifications,computersoftware,sourcecode,object code,flowcharts,data,databases,inventions,know-how,tradesecrets,customerlists,customer relationships,customerprofiles,supplierlists,supplierrelationships,supplierprofiles,pricing, salesestimates,businessplansandinternalperformanceresultsrelatingtothepast,presentor futurebusinessactivities,technicalinformation,designs,processes,procedures,formulasor improvements,whichCompanyconsidersconfidentialandproprietary.Consultantacknowledges andagreesthattheConfidentialInformationisvaluablepropertyofCompany,developedovera longperiodoftimeatsubstantialexpenseandthatitisworthyofprotection.
b. Confidentiality Obligations.Except as otherwise expresslypermitted in this Agreement,Consultantshallnotdiscloseoruseinanymanner,directlyorindirectly,any ConfidentialInformationeitherduringthetermofthisAgreementoratanytimethereafter, exceptasrequiredtoperformtheServicesorwithCompany’spriorwrittenconsent.
c. RightsinConfidentialInformation.AllConfidentialInformationdisclosedto ConsultantbyCompany(i)isandshallremainthesoleandexclusivepropertyofCompany,and (ii) is disclosed or permitted to be acquired byConsultantsolely in reliance onConsultant’sagreement tomaintain theConfidential Information inconfidence and notto use ordisclosetheConfidentialInformationtoanyotherperson.Exceptasexpresslyprovided herein,thisAgreementdoesnotconferanyright,license,ownershiporotherinterestinortitleto theConfidentialInformationtoConsultant.
d. IrreparableHarm.ConsultantacknowledgesthatuseordisclosureofanyConfidential InformationinamannerinconsistentwiththisAgreementwillgiverisetoirreparableinjuryfor whichdamageswouldnotbeanadequateremedy.Accordingly,inadditiontoanyotherlegal remedieswhichmaybeavailableatlaworinequity,Companyshallbeentitledtoequitableor injunctive relief against the unauthorized use or disclosure of Confidential Information.Companyshallbeentitledtopursueanyotherlegallypermissibleremedyavailable asaresultofsuchbreach,includingbutnotlimitedto,damages,bothdirectandconsequential. InanyactionbroughtbyCompanyunderthisSection,Companyshallbeentitledtorecoverits attorney’sfeesandcostsfromConsultant.
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7. OwnershipofWorkProduct.ThePartiesagreethatallworkproduct,informationorother materials created anddeveloped byConsultant inconnection withthe performanceof the ServicesunderthisAgreementandanyresultingintellectualpropertyrights(collectively,the “WorkProduct”)arethesoleandexclusivepropertyofCompany.ThePartiesacknowledgethat theWorkProductshall,totheextentpermittedbylaw,beconsidereda“workmadeforhire” withinthedefinitionofSection101oftheCopyrightActof1976,asamended,(the“Copyright Act”)andthatCompanyisdeemedtobetheauthorandistheownerofallcopyrightandall otherrightstherein.Iftheworkproductisnotdeemedtobea“workmadeforhire”underthe CopyrightAct,thenConsultantherebyassignstoCompanyallofConsultant’srights,titleand interestinandtotheWorkProduct,includingbutnotlimitedtoallcopyrights,publishingrights andrightstouse,reproduceandotherwiseexploittheWorkProductinanyandallformats, media,orallchannels,whethernowknownorhereaftercreated.
8. MutualRepresentationsandWarranties.BothCompanyandConsultantrepresentand warrantthateachPartyhasfullpower,authorityandrighttoexecuteanddeliverthisAgreement, hasfullpowerandauthoritytoperformitsobligationsunderthisAgreement,andhastakenall necessaryactiontoauthorizetheexecutionanddeliveryofthisAgreement.Nootherconsents arenecessarytoenterintoorperformthisAgreement.
9. ConsultantRepresentationandWarranties.Consultantrepresentsandwarrantsthatithas allthenecessarylicenses,permitsandregistrations,ifany,requiredtoperformtheServices underthisAgreementinaccordancewithapplicablefederal,stateandlocallaws,rulesand regulationsandthatitwillperformtheServicesaccordingtoCompany’sguidelinesand specificationsandwiththestandardofcareprevailingintheindustry.
10. Indemnification.TheConsultantshallindemnifyandholdharmlessCompanyfromany damages,claims,liabilities,lossandexpenses,includingreasonableattorney’sfees,arisingout ofanyact oromission ofConsultantin performingthe Servicesorthe breachof anyprovision of thisAgreementbyConsultant.
11. GoverningLaw.ThetermsofthisAgreementandtherightsofthePartiesheretoshallbe governedexclusivelybythelawsoftheStateofFlorida,withoutregardingitsconflictsoflaw provisions.
12. VenueandJurisdiction.AlldisputesarisingoutthisAgreementshallberesolvedinDuval County.TheMiddleDistrictof Floridahasexclusivejurisdictionfor litigationarisingin connectionwiththisAgreement.IftheMiddleDistrictofFloridalacksjurisdictionoverthe matter,themattershallberesolvedinastatecourtinDuvalCounty.
13. Disputes.AnydisputearisingfromthisAgreementshallberesolvedthroughmediation.If thedisputecannotberesolvedthroughmediation,thenthedisputewillberesolvedthrough bindingarbitrationconductedinaccordancewiththerulesoftheAmericanArbitration Association.
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14. BindingEffect.ThisAgreementshallbebindinguponandinuretothebenefitoftheParties andtheirrespectivesuccessorsandpermittedassigns.
15. Assignment.TheinterestsofConsultantarepersonaltoConsultantandcannotbeassigned, transferredorsoldwithoutthepriorwrittenconsentofCompany.
16. EntireAgreement.ThisAgreementconstitutestheentireagreementbetweentheParties heretowithrespectthesubjectmatterhereof,andsupersedesallpriornegotiations, understandingsandagreementsoftheParties.
17. Amendments.Nosupplement,modificationoramendmentofthisAgreementwillbe bindingunlessexecutedinwritingbybothoftheParties.
18. Notices.AnynoticeorothercommunicationgivenormadetoeitherPartyunderthis Agreementshallbeinwritinganddeliveredbyhand,sentbyovernightcourierserviceorsentby certifiedorregisteredmail,returnreceiptrequested,totheaddressstatedaboveortoanother addressasthatPartymaysubsequentlydesignatebynotice,andshallbedeemedgivenonthe dateofdelivery.
19. Waiver.NeitherPartyshallbedeemedtohavewaivedanyprovisionofthisAgreementor theexerciseofanyrightsheldunderthisAgreementunlesssuchwaiverismadeexpresslyandin writing.WaiverbyeitherPartyofabreachorviolationofanyprovisionofthisAgreementshall notconstituteawaiverofanysubsequentorotherbreachorviolation.
20. FurtherAssurances.AttherequestofoneParty,theotherPartyshallexecuteanddeliver suchotherdocumentsandtakesuchotheractionsasmaybereasonablynecessarytoeffectthe termsofthisAgreement.
21. Severability.IfanyprovisionofthisAgreementisheldtobeinvalid,illegalor unenforceableinwholeorinpart,theremainingprovisionsshallnotbeaffectedandshall continuetobevalid,legalandenforceableasthoughtheinvalid,illegalorunenforceableparts hadnotbeenincludedinthisAgreement.
22. MutualNon-Disparagement.ConsultantandCompany(definedasdirectors,officersand seniorstaffmembers)andtheiragentsandrepresentativeshavenotandmaynotmakeor communicate,directlyorindirectly,anynegativeordisparagingcommentsorinformationabout eachotheroranyofthecurrentorformerofficers,directors,managers,supervisors,employees, orrepresentativesofCompanyoranyofitssubsidiariesandaffiliatesconcerningthereputation orstatusoftheotherparty’sprofessionalabilities,business,orfinancialcondition.Intheevent ConsultantisaskedbyapersonoutsideCompanyoranyofitsaffiliatesaboutherserviceswith theCompany,and/orthedifferencesbetweenConsultantandCompanyoranyofitsaffiliates, theConsultantwillnotdisparagetheCompany.IntheeventamemberofCompany’ssenior staffisaskedbyapersonoutsideofCompanyoranyofitsaffiliatesaboutConsultant’sservices forCompanyand/orthedifferencesbetweenConsultantandCompanyandanyofitsaffiliates, theymaynotdisparageConsultant.Thisnon-disparagementprovision,however,maynot prohibitCompanyfromprovidingemploymentreferencespertainingtoConsultant’sformer
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serviceswithCompanywhichConsultant expresslyconsentsand permitstheCompanytoprovidewithoutanyrecoursebyConsultantassociatedwithprovidingthereference(s).
23. Non-Circumvention.TheCompanyorConsultantmaynotatanytimepriortotheexpirationofthree(3)yearsfromthedateofthisAgreement,withoutthepriorwrittenconsentoftheotherParty,whichconsentmaybewithheldintheconsentingParty’ssolediscretion,(a)attemptinanymannertodealdirectlyorindirectlyinanymannerwithanyoftheContactPersonsorotherindividualsorcompaniesrelatedtotheBusinessOpportunityincludingbyhavinganypartoforderivinganybenefitfromtheBusinessOpportunityoranyaspectthereof,or(b)by-pass,compete,avoid,circumvent,orattempttocircumventtheotherPartyrelativetoBusinessOpportunityincludingbyutilizinganyoftheConfidentialInformationorbyotherwiseexploitingorderivinganybenefitfromtheConfidentialInformation.
24. Assignment.TheConsultantmaynotassign,delegate,ortransferthisAgreement,anyrightshereunder,nor anypayment dueorto becomedue hereunder.Anysuchassignment(s)orattemptatanysuchassignmentisvoidandnotbindinguponCompany.TheConsultantacknowledgesthatthisAgreementisoneforpersonalservicesforthebenefitofCompanyandisnotdelegableinwholeorinpart.
25. Subcontracting.CompanyretainstheexclusiverighttoapproveallsubcontractorsoftheConsultant,andtheConsultantagreesthatitwillnotsubcontractanyworkandservicesunderthisAgreementwithoutthepriorwrittenapprovalofCompany.
INWITNESSWHEREOF,thisAgreementhasbeenexecutedanddeliveredasofthedatefirstwrittenabove.
_________________________________ CompanySignature PaulRosenberg,Director
_____________________________________ _____________________________
ConsultantSignature AlexMardikian
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