Company: LIFD
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001096906-25-000346
Chunk: 142

Company: LFTD PARTNERS INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 142
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 of Flower of Lifted, respectively, and continue to manage the hemp flower products division within Lifted in Durango, Colorado, reporting to NWarrender. Pursuant to Chase Sanchez’s employment agreement, his salary is $150,000 per year. Hagan Sanchez’s salary is $100,000 per year. Both agreements are subject to termination with or without cause, non-solicitation, non-competition and non-disclosure clauses.  

At the time of the Merger, in addition to Chase and Hagan Sanchez, a total of 20 other people who had previously worked at Oculus became full-time employees of Lifted. Lifted agreed to, and did, pay employment bonuses to certain of these new people, in an aggregate amount totaling $50,000, pursuant to written instructions to Lifted from Chase and Hagan Sanchez. 

Lease of Space Located at 16178 US Hwy 550, Aztec, New Mexico, and Lease of Space Located at 789 Tech Center Drive, Unit C, Durango, Colorado 81301

Reference is hereby made to the disclosures above in the following sections, which are hereby incorporated by reference thereto: 

NOTE 10 – CONTINGENT CONTRACTUAL OBLIGATIONS AND COMMERCIAL 

COMMITMENTS

Lease of Space Located at 16178 US Hwy 550, Aztec, New Mexico

Lease of Space Located at 789 Tech Center Drive, Unit C, Durango, Colorado 8130

 19Table of Contents

Extrax NM Agreement

On June 1, 2023, Lifted and Extrax NM, LLC (“ENM”) entered into an Agreement (the “ENM Agreement”). Pursuant to the ENM Agreement, (1) Lifted will sell certain devices/objects to ENM, and Lifted will loan certain amounts to ENM, and (2) ENM will manufacture and exclusively sell Urb-branded marijuana products to licensed marijuana dispensaries located in New Mexico. ENM shall pay over to Lifted one-half of the gross sales proceeds, excluding only governmentally-imposed taxes, received by ENM from product sales, which payments shall be allocated and applied as follows: firstly, to repay Lifted for its loans to ENM; secondly, to pay to Lifted mutually agreed upon amounts for said devices/objects sold by Lifted to ENM; and thirdly, to pay to Lifted a license fee. 

The ENM Agreement is for an Initial Term of 60