MOJO ORGANICS, INC.Settlement and Release • December 9th, 2015 • Mojo Organics, Inc. • Canned, frozen & preservd fruit, veg & food specialties
Reference is hereby made to that certain Employment Agreement and that certain Second Amended and Restated Restricted Stock Agreement between Richard Seet ("Seet"), and MOJO Organics, Inc., a Delaware Corporation (the "Company") dated December 4, 2013 (collectively, the “Agreements”). Pursuant to the Agreements, among other items, Seet could earn an aggregate amount of 1,165,251 shares of common stock of the Company in three tranches of 388,417 shares represented by certificate numbers 497, 498 and 499 upon the Company achieving revenue targets of $7,500,000, $15,000,000 and $22,500,000 as well as certain business objectives outlined in the Agreements (the “Seet Shares”). All share amounts reflect the 10:1 reverse stock split implemented by the Company on April 1, 2013.
