WAGE SETTLEMENT AND RELEASE AGREEMENT
EXHIBIT
10.15
This
Wage Settlement and Release Agreement (“Agreement”) is made and executed
to be effective as of February 1, 2018 (“Effective Date”), by and among
WEED, INC., a Nevada corporation (“Company”), and XXXX XXXXX
(“Xx. Xxxxx”).
The Company and Xx. Xxxxx are sometimes referred to herein
individually as a “Party” or collectively as the
“Parties.”
R E C I
T A L S
A. The
Company and Xx. Xxxxx were parties to an Executive Employment
Agreement dated as of October 1, 2016 (“Employment
Agreement”).
B. Xx.
Xxxxx resigned from his position in the Company on January 23rd,
2018 and the Company accepted his resignation on the same date
(“Resignation
Date”) and each of the Company and Xx. Xxxxx accepted
the Resignation Date as the termination date of the Employment
Agreement.
C. Pursuant
to the terms and conditions herein, Xx. Xxxxx wishes to release the
Company of all consideration that Xx. Xxxxx may be entitled to
under the Employment Agreement as of the Resignation Date,
including but not limited to, stock consideration set out in
Section 4 of the Employment Agreement.
A G R E
E M E N T
NOW,
THEREFORE, in consideration of the promises and the mutual
agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties hereby agree as follows:
1. Recitals. The Parties accept
the foregoing recitals as stated above and hereby incorporate them
as representations and terms into this Agreement.
2. Settlement and Resolution of Wage
Claims. In full and final satisfaction of the release of all
claims relating to wages owing by the Company to Xx. Xxxxx pursuant
to the Employment Agreement, the Company shall pay to Xx. Xxxxx the
sum of Five Thousand Dollars ($5000.00 US) (“Settlement Amount”) subject to
required federal, state and local income deductions. The Settlement
Amount shall constitute the full and final settlement of any and
all claims for consideration owed to Xx. Xxxxx under the Employment
Agreement.
3. Enforcement of Agreement. It is
expressly agreed and understood by the Parties hereto that neither
the releases nor any other provisions of this Agreement are
intended to release the Parties from the obligations contained
herein, and each Party to this Agreement hereby expressly reserves
any claims arising solely out of the obligations created by this
Agreement
4. Consultation with Counsel. Xx.
Xxxxx acknowledges that he has had a full and complete opportunity
to consult with counsel and other advisors of his own choosing
concerning the terms and conditions of this Agreement, and that the
Company has not made any representations or warranties to Xx. Xxxxx
concerning the terms and conditions of this Agreement.
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5. Non-Disclosure.
Xx. Xxxxx agrees that he will not disclose the terms of this
Agreement to anyone other than disclosing such information to his
spouse, attorney(s), and/or professional tax and/or financial
advisors, or pursuant to court order or subpoena or as otherwise
required by law. Should Xx. Xxxxx disclose information about this
Agreement to the foregoing individuals and/or entities, he shall
advise such person(s) that they must maintain the strict
confidentiality of such information and must not disclose it unless
otherwise required by law.
6.
Notice. Any notice
made under this Agreement shall be sent as follows:
Notice
to the Company shall be sent to:
Xxx
Xxxxx Xxxxxx Xxx, 00xx Xxxxx
Xxxxxx,
Xxxxxxx 00000
Attn:
Xxxxx X. Xxxxxx, President and CEO
Notice
to Xx. Xxxxx shall be sent to:
Xxxx
Xxxxx
0000 X.
Xxxx Xxxxx
Xxxxxx,
XX 00000
7.
Miscellaneous. This
Agreement shall be binding upon and inure to the benefit of the
Parties hereto and their heirs, executors, administrators,
successors, legal representatives, and permitted assigns. This
Agreement may not be amended, waived, modified, discharged or
terminated except in writing signed by all of the Parties. This
Agreement shall be governed by and construed under the laws of the
State of Arizona, without reference to principles of conflict of
laws or choice of laws. This Agreement, together with the other
agreements specifically referenced herein, constitutes the final,
complete, and exclusive statement of the terms of the agreement
between the Parties pertaining to the subject matter of this
Agreement and supersedes all prior and contemporaneous
understandings or agreements of the Parties. This Agreement may not
be contradicted by evidence of any prior or contemporaneous
statements or agreements. No Party has been induced to enter into
this Agreement by, nor is any Party relying on, any representation,
understanding, agreement, commitment or warranty outside those
expressly set forth in this Agreement. Nothing in this Agreement
modifies the current employment relationship between the Parties
and nothing in this Agreement is an express or implied promise of
continued employment. This Agreement may be executed in one or more
counterparts, each of which shall be considered an original
instrument, but all of which shall be considered one and the same
agreement. The execution of this Agreement and any agreement or
instrument entered into in connection with this Agreement, and any
proper amendment hereto or thereto, may be evidenced by way of a
facsimile or portable document format (.pdf) transmission of such
Party’s signature, or a photocopy of such facsimile or
portable document format (.pdf) transmission, and such facsimile or
portable document format (.pdf) signature shall be deemed to
constitute the original signature of such Party
hereto.
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IN
WITNESS WHEREOF, the Parties have executed this Wage Settlement and
Release Agreement to be effective as of the date first set forth
above.
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COMPANY:
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WEED, INC., a Nevada corporation
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By:
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Name: Xxxxx X. Xxxxxx
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Its: President and CEO
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XX.
XXXXX:
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Xxxx
Xxxxx
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