StateofFlorida
CONSULTINGAGREEMENT
ThisCompanyCounselAgreement(this"Agreement")ismadeasofthis1stdayofNovember,2017(the“EffectiveDate”),byandbetweenOBITXInc.,aDelawarecorporation(the“Company”)andPaulRosenberg(“Consultant”),aVirginiaresident.CompanyandConsultantmayeachbereferredtointhisAgreementasa“Party”andcollectivelyasthe“Parties.”
1. Services.ConsultantshallprovideasaDirectoroftheCompany.
2. Compensation. In consideration for Consultant’s performance of the Services, Companyshall pay Consultant $3,500 USD per month, which may be converted into common stock by mutual consent of the Company and consultant at the average price of the preceding five days of trading.
TheCompanyshallpayaninitialstockallocation:
a. Consultantshallreceivea warrant to acquire50,000 shares of theCompany’s stock atpar value($0.0001 per share).
b. Consultantshallreceivea five-yearwarrantto acquire250,000 shares of the Company’s stock atthepriceof $1.00 per share.
3. Expenses.ExceptasotherwisespecifiedinthisAgreement,CompanyshallreimburseConsultantforallpre-approved,reasonableandnecessarycostsandexpensesincurredin connectionwiththeperformanceoftheServices.
4. TermandTermination.Consultant’sengagement withCompanyunderthisAgreement shallcommenceonNovember1,2017.ConsultantacknowledgesandagreesthattheengagementwithCompanyisatwill,subjecttobeingterminatedatthediscretionofCompanyatanytime,uponthirty(30)dayspriorwrittennoticetoConsultant.Inaddition,thisAgreementmaybeterminatedbyConsultantuponthirty(30)dayspriorwrittennoticetoCompany.Atthetimeoftermination,ConsultantagreestoreturnallCompanypropertyusedinperformanceoftheServices,includingbutnotlimitedtocomputers,cellphones,keys,reportsandotherequipmentanddocuments.ConsultantshallreimburseCompanyforanyCompanypropertylostordamagedinanamountequaltothemarketpriceofsuchproperty.
5. IndependentContractor.ThePartiesagreeandacknowledgethatConsultantisanindependentcontractorandisnot,foranypurpose,anemployeeofCompany.Consultantdoes not haveany authorityto enterintoagreements orcontracts onbehalfofCompany,andshallnotrepresent that it possesses any such authority. Consultant shall not be entitled to any of
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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’sagreementto maintainthe Confidential Informationin confidenceand 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.
12. Disputes.AnydisputearisingfromthisAgreementshallberesolvedthroughmediation.If thedisputecannotberesolvedthroughmediation,thenthedisputewillberesolvedthrough bindingarbitrationconductedinaccordancewiththerulesoftheAmericanArbitration Association.
13. BindingEffect.ThisAgreementshallbebindinguponandinuretothebenefitoftheParties andtheirrespectivesuccessorsandpermittedassigns.
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14. Assignment.TheinterestsofConsultantarepersonaltoConsultantandcannotbeassigned, transferredorsoldwithoutthepriorwrittenconsentofCompany.
15. EntireAgreement.ThisAgreementconstitutestheentireagreementbetweentheParties heretowithrespectthesubjectmatterhereof,andsupersedesallpriornegotiations, understandingsandagreementsoftheParties.
16. Amendments.Nosupplement,modificationoramendmentofthisAgreementwillbe bindingunlessexecutedinwritingbybothoftheParties.
17. Notices.AnynoticeorothercommunicationgivenormadetoeitherPartyunderthis Agreementshallbeinwritinganddeliveredbyhand,sentbyovernightcourierserviceorsentby certifiedorregisteredmail,returnreceiptrequested,totheaddressstatedaboveortoanother addressasthatPartymaysubsequentlydesignatebynotice,andshallbedeemedgivenonthe dateofdelivery.
18. Waiver.NeitherPartyshallbedeemedtohavewaivedanyprovisionofthisAgreementor theexerciseofanyrightsheldunderthisAgreementunlesssuchwaiverismadeexpresslyandin writing.WaiverbyeitherPartyofabreachorviolationofanyprovisionofthisAgreementshall notconstituteawaiverofanysubsequentorotherbreachorviolation.
19. FurtherAssurances.AttherequestofoneParty,theotherPartyshallexecuteanddeliver suchotherdocumentsandtakesuchotheractionsasmaybereasonablynecessarytoeffectthe termsofthisAgreement.
20. Severability.IfanyprovisionofthisAgreementisheldtobeinvalid,illegalor unenforceableinwholeorinpart,theremainingprovisionsshallnotbeaffectedandshall continuetobevalid,legalandenforceableasthoughtheinvalid,illegalorunenforceableparts hadnotbeenincludedinthisAgreement.
21. 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 serviceswithCompanywhichConsultantexpresslyconsentsandpermitstheCompanyto providewithoutanyrecoursebyConsultantassociatedwithprovidingthereference(s).
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22. Non-Circumvention.TheCompanyorConsultantmaynotatanytimepriortotheexpirationofthree(3)yearsfromthedateofthisAgreement,withoutthepriorwrittenconsentoftheotherParty,whichconsentmaybewithheldintheconsentingParty’ssolediscretion,(a)attemptinanymannertodealdirectlyorindirectlyinanymannerwithanyoftheContactPersonsorotherindividualsorcompaniesrelatedtotheBusinessOpportunityincludingbyhavinganypartoforderivinganybenefitfromtheBusinessOpportunityoranyaspectthereof,or(b)by-pass,compete,avoid,circumvent,orattempttocircumventtheotherPartyrelativetoBusinessOpportunityincludingbyutilizinganyoftheConfidentialInformationorbyotherwiseexploitingorderivinganybenefitfromtheConfidentialInformation.
23. Assignment.TheConsultantmaynotassign,delegate,ortransferthisAgreement,anyrightshereunder,nor anypayment dueorto becomedue hereunder.Anysuchassignment(s)orattemptatanysuchassignmentisvoidandnotbindinguponCompany.TheConsultantacknowledgesthatthisAgreementisoneforpersonalservicesforthebenefitofCompanyandisnotdelegableinwholeorinpart.
24. Subcontracting.CompanyretainstheexclusiverighttoapproveallsubcontractorsoftheConsultant,andtheConsultantagreesthatitwillnotsubcontractanyworkandservicesunderthisAgreementwithoutthepriorwrittenapprovalofCompany.
INWITNESSWHEREOF,thisAgreementhasbeenexecutedanddeliveredasofthedatefirstwrittenabove.
_________________________________________ CompanySignature Alex Mardikian, CEO,Company
Paul Rosenberg ________________________________ ________________________________ ConsultantSignature ConsultantFullName |
