Exhibit 10.22


 


SETTLEMENT AGREEMENT


 


THIS SETTLEMENT
AGREEMENT (the “Agreement”) is made and entered into as of January 26, 2018, by and between Montreat College (“Montreat”)
and FirstForm, Inc. f/k/a Sportsfield Engineering, LLC (“FirstForm”).


 


WHEREAS, Montreat
entered into a contract with FirstForm as contractor for the general construction of an athletic complex, including a multipurpose
field, a Beynon Full Pour Embedded Track System, softball field, stadium lights, and ADA public restroom at Montreat College, Black
Mountain Campus, Black Mountain, North Carolina (the “Project”);


 


WHEREAS, FirstForm
entered into a subcontract with Beynon Sports Surfaces, Inc. (“Beynon”) for the installation of a Beynon Full Pour
Embedded Track System (the “Track”).


 


WHEREAS, a dispute
arose between Montreat, FirstForm, and Beynon regarding the condition of the Track;


 


WHEREAS, Montreat
and FirstForm have agreed to a remediation as set forth in Exhibit A – Resurface Specification, attached and incorporated
herein by this reference (the “Track Remediation”);


 


WHEREAS, certain
disputes remain between FirstForm and Beynon related to the Track which are not affected by this Agreement;


 


WHEREAS, in
the interests of avoiding further litigation expense, Montreat and FirstForm (collectively the “Parties” or individually,
a “Party”), without any Party acknowledging fault or liability, wish to settle all claims or potential claims regarding
the Track between Montreat and FirstForm as hereinafter set forth.


 


NOW, THEREFORE,
for and in consideration of good and sufficient consideration, the receipt of which is acknowledged, the Parties hereto agree as
follows:


 


1. Commencement
of Remediation. FirstForm shall immediately authorize the commencement of the Track Remediation upon the full execution
of this Agreement, Montreat’s deposit of the escrow funds set forth in paragraph 2, and Rockhill Insurance Group’s
deposit of the escrow funds set forth in paragraph 5. The schedule for the Track Remediation shall be coordinated with Montreat
to ensure a minimal impact on campus activities.


 






     


     


    

 


2. Payment
of Retainage. The Parties agree that Montreat shall be responsible for paying the amount of $110,000 to satisfy the remaining
retainage on the Project. Immediately upon execution of this Agreement, and prior to commencement of the Track Remediation, Montreat
deposit $110,000 with Fidelity National Title Company as escrow agent, with disbursement as set forth in the contemporaneously
executed Escrow Agreement, in accordance with the following schedule:


 


		a.	$55,000 shall be disbursed directly to Tennoca upon mobilization of the approved subcontractor
for the Track Remediation.



 


		b.	$30,000 shall be disbursed directly to Tennoca upon completion of the track surface by the approved
subcontractor for the Track Remediation.



 


		c.	$25,000 shall be disbursed directly to Tennoca upon final walk-through, acceptance of the track,
and delivery of a Final Lien Waiver from FirstForm and all subcontractors for the Track Remediation.



 


The Parties explicitly intend and agree
that Tennoca is a third-party beneficiary of this Settlement Agreement with full power to enforce this paragraph.


 


3. Track
Remediation. The Track Remediation shall be completed as specified in Exhibit A. FirstForm is responsible for providing
to Montreat all deliverables and for obtaining from Montreat the approvals noted in Exhibit A. These shall include the opportunity
for Montreat to review and approve the submittals referenced in Exhibit A, section 1.6(A)(3) (“stage materials”) and
the as-built diagram referenced in Exhibit A, Part 4, 4.1(B) (“locations of lane lines and event markings”).


 


4. Payment
for the Track Remediation.


 


		a.	The Parties agree that, excepting any change order arising from an act or omission of Montreat
or its agents or employees, FirstForm shall be solely and completely responsible for all payments to all subcontractors who perform
work for the Track Remediation. Immediately upon execution of this Agreement, and prior to commencement of the Track Remediation,
FirstForm shall ensure that the full cost of the Track Remediation, $370,000.00, shall be deposited with Fidelity National Title
Company as escrow agent, with disbursement as set forth in the contemporaneously executed Escrow Agreement. The Parties will sign
and submit Joint Instructions to disburse funds to Weinbel in accordance with the Escrow Agreement within three business days after
the completion of, and receipt of the invoice for, each portion of the Work in accordance with the following schedule:



 


		i.	Prepayment to mobilize technical team and equipment to Project - $20,000.00



 


		ii.	Recaflex S ® raw materials delivered to Project - $254,000.00



 


		iii.	Corrections of existing synthetic track surface - $62,000.00



 


		iv.	Recaflex S ® synthetic track surface installation - $24,000.00



 


		v.	Layout paint and certify lane lines and event markings - $10,000.00



 






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		b.	The parties agree that Montreat shall have no payment obligations outside of the Payment of Retainage
as described in Section 2. In addition to the provisions for fund release as provided in the Escrow Agreement, Montreat will be
provided copies of all progress payment applications, which shall include a Waiver and Release of Lien Upon Progress Payment, as
set forth in the attached Exhibit B.



 


5. Track
Remediation Warranty. The Parties agree that upon the final walk through and acceptance of the Track Remediation, the Track
Remediation work shall be warrantied by Weinbel Sports Corporation for a period of five (5) years as set forth in Exhibit A,
section 1.5(B) (“Warranty”).


 


6. Cooperation
Agreement. In consideration for execution of this Agreement, Montreat agrees to fully cooperate with FirstForm and counsel
for FirstForm in connection with any future legal action instituted by FirstForm against Beynon, unless Beynon asserts a claim
against Montreat, after which Montreat’s cooperation with FirstForm will be limited to the extent such cooperation would
impair the ability for Montreat to adequately defend itself against any Beynon claims. Montreat’s cooperation shall include,
but not be limited to: identifying and interpreting pertinent documents; working with counsel and experts retained by FirstForm
to evaluate claims; assisting in preparation and attendance at settlement discussions, mediations, depositions and trial without
requiring a subpoena.


 


7. Mutual
Limited Release. Each Party does irrevocably and unconditionally release, acquit,
and forever discharge the other Party from any and all charges, claims, liabilities, obligations, agreements, controversies,
damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys’ fees
and costs), whether legal, equitable, known or unknown, relating to the Track Surface at the Project. For the avoidance of doubt,
specifically reserved and excepted by the Parties from this release are all claims against Beynon. This limited release applies
only to the original Track Surface work performed at the Project. It does not apply to claims arising from or relating to any other
work performed by FirstForm at the Project, including the Track Remediation, or to any other property owned or operated by Montreat.
Enforcement of the Warranty is Montreat’s exclusive remedy for any claim arising out any portion of the Track Remediation
performed by Weinbel Sports Corporation.


 


8. Reservation
of Rights. FirstForm reserves the right to pursue any and all claims and causes of action it may have against Beynon or
any of its subcontractors with respect to losses suffered on the Project, including but not limited to the matters herein. Montreat
reserves the right to pursue any and all claims and causes of action it may have against Beynon with respect to losses suffered
on the Project, including but not limited to the matters herein.


 


9. Additional
Documentation. The Parties, for themselves and their counsel, agree to cooperate in the preparation and execution of any
additional documentation reasonably necessary to consummate the terms of this Agreement.


 






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10. Governing
Law, Jurisdiction, and Venue. This Agreement shall be governed by and construed, interpreted and enforced in accordance
with the internal laws of the state of North Carolina without reference to any choice or conflict of law provisions which would
operate to make the internal laws of any other jurisdiction applicable. The Parties consent and agree to the exclusive jurisdiction
and venue of the state and federal courts in Buncombe County, North Carolina for any action relating to this Agreement.


 


11. Modification.
Neither this Agreement, nor any provision hereof, may be waived, modified, amended, discharged, or terminated, except by written
instruments signed by the Party against whom the enforcement of such waiver, modification, amendment, discharge, or termination
is sought, and then only to the extent set forth in such instrument.


 


12. Entire
Agreement. This Agreement is the only Agreement between the Parties with respect to the subject matter hereof. This Agreement
contains all of the terms agreed upon, and there are no other agreements, oral or written, between the Parties with respect to
the subject matter hereof; nor have any promises or representations been made by or to any Party except as expressly set forth
herein.


 


13. Benefit
of Counsel. All Parties have had the full benefit of counsel and of representation in the negotiation, preparation, drafting,
and execution of this Agreement; all Parties have read and fully understood the provisions of this Agreement prior to its execution
and delivery; and each party adopts this Agreement and enters into, executes, and delivers this Agreement as its own and voluntary
act with full authority.


 


14. Attorneys’
Fees and Expenses. It is understood that each party to this Agreement shall have the burden and responsibility of paying
for and satisfying any claims for its own attorneys’ fees, disbursements, costs and other expenses incurred by each party
with respect to their legal representation and this controversy.


 


15. Breach.
In the event that breach of this Agreement results in legal action, the non-prevailing party must pay all costs and expenses, including
reasonable attorney’s fees, associated with the enforcement of this Agreement.


 


16. Severability.
If any provision of this Agreement is held to be illegal, invalid, or unenforceable under any present or future laws, such provision
shall be fully severable and the remainder of this Agreement shall continue in full force. In lieu of any severed provision, there
shall be added a provision with terms, and effect as similar as possible to such illegal, invalid, or unenforceable provision as
may be possible, and legal, valid, and enforceable.


 


17. Counterparts.
This Agreement may be executed in separate counterparts, original or PDF, each of which shall constitute an original, but all of
which, when taken together, shall constitute but one Agreement.


 






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IN WITNESS WHEREOF,
the Parties, through their duly authorized representatives, and intending to be legally bound by a sealed instrument, have executed
this Agreement, under seal.


 





	 	MONTREAT COLLEGE	 
	 	 	 	 
	 	By:	 /s/ Paul J. Maurer	(SEAL)
	 	Its:	 President	 
	 	 	 	 
	 	FIRSTFORM INC.	 
	 	 	 	 
	 	By:	 /s/ Jeromy Olson	(SEAL)
	 	Its:	Chief Executive Officer 	 







 






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EXHIBIT A


 


Track Remediation Specifications





 






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EXHIBIT B


 


Waiver and Release of Lien Upon Progress
Payment





 






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WAIVER AND RELEASE OF LIEN UPON PROGRESS
PAYMENT


 


OWNER: Montreat College


GENERAL CONTRACTOR: FirstForm Inc.


SUBCONTRACTOR: 


PROJECT NAME: Montreat Track Remediation



 


County of Buncombe 


State of North Carolina


 


The undersigned, in consideration of the
sum of $____________, hereby waives and releases its lien and right to claim a lien for labor, services, or materials furnished
through _____ __, 2017 to ______________ on the job of Montreat College (Owner) to the following property: Montreat
College Track Remediation, Black Mountain, North Carolina. This waiver and release does not cover any retention or labor,
services or materials furnished after the date specified.


 


Any and all contractors, subcontractors,
laborers and suppliers that have provided labor, materials or services to the undersigned for use or incorporation into the construction
of the improvements or alterations to the Project have been paid and satisfied in full, and there are no outstanding claims of
any nature arising out of, or related to, the undersigned’s activities on, or improvements to, the Project.


 


This Waiver and Release of Lien constitutes
a representation by the undersigned signatory, for and on behalf of the firm or company listed below, that the payment referenced
above, once received, constitutes full and complete payment for all work performed, and all costs or expenses incurred (including,
but not limited to, costs for supervision, field office overhead, home office overhead, interest on capital, profit, and general
conditions costs) relative to the work or improvements in the Project as of the date of this Waiver and Release of Lien, except
for the payment of retainage. The undersigned hereby specifically waives, quitclaims and releases any claim for damages due to
delay, hindrance, interference, acceleration, inefficiencies or extra work, or any other claim of any kind it may have against
the Owner, the Owner’s lender, any tenant of Owner, the General Contractor (if this Waiver and Release of Lien is signed by a subcontractor
or supplier), or any other person or entity with a legal or equitable interest in the Project, as of the date of this Waiver and
Release of Lien.


 


This Waiver and Release of Lien is specifically
made for the benefit of the Owner and any other person or entity with a legal or equitable interest in the Project. The amount
of money set forth as due and owing in the immediately preceding Waiver and Release of Lien dated ____________, 2017, has been
received, and is deemed paid in full.


 


In Witness Whereof, the undersigned signatory,
acting for and on behalf of the firm or company listed below and all of its laborers, subcontractors, and suppliers, has placed
his hand and seal this _____ day of __________, 2017.


 


	 Witness	 	Contractor/Supplier/Sub-Contractor
	 	 	 
	 	 	By:    	                                                         
	 	 	 	 
	 	 	Title:	 
	 	 	 	 
	Signed and sworn to before me this _____ day of  _____________________, 20_____. 
	 	 	 	 
	 	 	My Commission Expires:
                                
	Notary Public	 	 	 




 


 


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