SETTLEMENT AGREEMENT AND MUTUAL RELEASESettlement Agreement • August 14th, 2014 • Saleen Automotive, INC. • Motor vehicles & passenger car bodies • California
This Settlement Agreement and Mutual Release (the “Agreement”) is entered into on May ___, 2014, by Thomas Del Franco (“Del Franco”) and Jason B. Cruz (“Cruz” and together with Del Franco, the “Del Franco Parties”), on the one hand, and Steve Saleen (“Mr. Saleen”), Saleen Automotive, Inc., a Nevada corporation (the “Company”), SMS Signature Cars, a California corporation (“SMS Signature Cars”), SMS Limited, Inc. a California corporation (“SMS Limited”), SMS Retail – Corona, a California corporation (“SMS Retail”), Saleen Electric Automotive, Inc., a Florida corporation (“Saleen Electric”), Saleen Automotive Showcars, Inc., a Michigan corporation (“Saleen Automotive Showcars”) Saleen Retail Services, a California corporation (“Saleen Retail”), Saleen Autosport, Inc., a California corporation (“Saleen Autosport”), and Saleen Sales Corporation, a California corporation (“Saleen Sales Corporation” and together with Mr. Saleen, the Company, SMS Signature Cars, SMS Limited, SMS Retail, Salee
