Document:

Exhibit 10.1

 

OPTION
SURRENDER AGREEMENT

 

	TO:	VAPE HOLDINGS,
    INC. (THE “COMPANY”)

 

	RE:	SURRENDER OF
    OPTIONS

 

The
undersigned holder of non-statutory stock options (the “Company Options”) to acquire shares of common
stock of the Company, par value $0.00001, granted pursuant to the 2014 Incentive and Nonstatutory Stock Option Plan (the “Plan”),
agrees to surrender each Company Option set forth on Exhibit A hereto (the “Surrendered Options”). The
undersigned is permitted to surrender, for no consideration, Company Options pursuant to Section 10 of their Nonstatutory Stock
Option Agreement (the “Option Agreement”)

 

The
undersigned has determined to surrender the Surrendered Options, each of which has an exercise price substantially greater than
the current trading price of the Company’s common stock, in order to assist the Company in attracting and retaining talented
executive and employees in the future.

 

Therefore,
without requiring any further action on the part of the undersigned, and notwithstanding any terms of the Option Agreement to
the contrary, the undersigned hereby irrevocably elects to surrender the Surrendered Options immediately upon the execution of
this agreement by the undersigned.

 

In
connection with the surrender of the Surrendered Options, the undersigned represents and warrants to the Company that (a) he
or she is the beneficial and registered owner of the Surrendered Options, which are free and clear of all liens, charges, encumbrances
and any other rights of others; (b) he or she has good and sufficient power, authority and right to enter into and deliver
this agreement and to transfer the legal and beneficial title and ownership of the Surrendered Options to the Company, free and
clear of all liens, charges and encumbrances; (c) he or she has duly executed and delivered this agreement and it constitutes
a valid and legally binding obligation on him or her, enforceable against him or her in accordance with its terms; (d) there
is no contract, option or any other right of another binding upon or which at any time in the future may become binding upon him
or her to sell, transfer, assign, pledge, charge, mortgage or in any other way dispose of or encumber any of the Surrendered Options
other than pursuant to the terms of this agreement; and (e) the undersigned has not been promised, nor has he or she received
nor will he or she receive, any cash or any grants of equity awards relating to shares of Company common stock in exchange or
consideration for the surrender of the Surrendered Options.

 

In
the event of a conflict between the terms of this agreement and the Plan or the applicable Option Agreement, the provisions of
this agreement shall control.

 

The
undersigned acknowledges that he or she has read this agreement, understands it and voluntarily accepts its terms. The undersigned
further acknowledges that this agreement is executed voluntarily and without any duress or undue influence on the part of or on
behalf of the Company.

 

This
agreement shall be governed and construed in accordance with the laws of the State of California, without regard to conflicts
of laws thereof. This agreement may be executed in counterparts, each of which shall be an original, with the same effect as if
the signatures affixed thereto were upon the same instrument.

 

This
agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors, permitted assigns
and legal representatives.

 

[Signatures
on following page]

 

    

     

    

 

DATED as
of the ___ day of September, 2015.

 

			 
	 	 	 

 

Accepted
by the Company on this ___ day of September, 2015.

 

	 	VAPE HOLDINGS, INC.
	 	 	 
	 	By:	/s/ Kyle Tracey
	 	 	
        Kyle Tracey,

        Chief Executive Officer

 

    2

     

    

 

EXHIBIT
A

 

SURRENDERED
OPTIONS

 

 

3Exhibit
10.2

 

STOCK
SURRENDER AGREEMENT

 

This
STOCK SURRENDER AGREEMENT (the “Agreement”) dated as of October 20, 2015, by and between VAPE Holdings, Inc.
(the “Company”) and the undersigned shareholder (the “Shareholder”) of Company common stock.

 

W
I T N E S S E T H:

 

WHEREAS,
on or about March 12, 2015, as applicable, the Shareholder was issued the number of shares of common stock set forth opposite
the Shareholder’s name on Schedule A hereto, par value of $0.00001 per share (the “Common Stock”) pursuant
to a bonus stock grant by the Company;

 

WHEREAS,
the Shareholder desires to surrender his legal right, title and interest in the Common Stock to the Company which will be held
by the Company as treasury stock;

          

NOW,
THEREFORE, in consideration of the promises and mutual covenants, agreements, representations and warranties herein contained,
the parties hereto agree as follows:

 

1. Surrender
of Shares. Subject to the terms and conditions of this Agreement, as of the date first above written, the Shareholder hereby
surrender all legal right, title and interest in the Shares to the Company to be held by the Company as treasury stock. The Shareholder
shall receive no consideration for the surrendered Shares.

 

2. Further
Assurances. The Shareholder represents and warrants to the Company that (a) he is the beneficial and registered owner
of the Shares, which are free and clear of all liens, charges, encumbrances and any other rights of others; (b) he has good
and sufficient power, authority and right to enter into and deliver this agreement and to transfer the legal and beneficial title
and ownership of the Shares to the Company, free and clear of all liens, charges and encumbrances; (c) he has duly executed
and delivered this agreement and it constitutes a valid and legally binding obligation on him, enforceable against him in accordance
with its terms; (d) there is no contract, option or any other right of another binding upon or which at any time in the future
may become binding upon him to sell, transfer, assign, pledge, charge, mortgage or in any other way dispose of or encumber any
of the Shares other than pursuant to the terms of this agreement; and (e) after the date hereof, the Shareholder agrees to
take any and all actions necessary to surrender the Shares to the Company.

 

3. Acknowledgements.
The parties hereto acknowledge and agree that the intent and purpose of the transaction contemplated by this Agreement is not
to hinder or defraud any creditor of Shareholder. The Shareholder acknowledges that he has read this agreement, understands it
and voluntarily accepts its terms. The Shareholder further acknowledges that this agreement is executed voluntarily and without
any duress or undue influence on the part of or on behalf of the Company.

 

4. Entire
Agreement: Amendments. This Agreement contains, and is intended as, a complete statement of all the terms of the arrangements
between the parties with respect to the matters provided for and supersedes any and all prior agreements, arrangements and understandings
between the parties with respect to the matters provided for herein. No alteration, waiver, amendment, change or supplement hereto
shall be binding or effective unless the same is set forth in writing, signed by the parties hereto or a duly authorized representative
thereof.

 

5. Notices.
Any notices required or permitted to be given under this Agreement shall be in writing, signed by the party giving such notice
and shall be deemed duly given when sent by registered or certified mail return receipt requested, to the other parties hereto
at such parties address set forth on the signature page hereto or at such other address as such parties shall designate by similar
notice to the other parties. 

 

6. Governing
Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of California,
without giving effect to principles of conflicts of law or choice of law. Each Shareholders and the Company hereby agree that
the state and federal courts located in Los Angeles, California, shall have exclusive jurisdiction and venue over all actions
relating to this Agreement.

 

    

     

    

 

IN
WITNESS WHEREOF, the parties have hereunto executed this Agreement on the day and year first above written.

 

	 	VAPE
                                         HOLDINGS, INC. 

	 	 	 
	 	By:	/s/
    Kyle Tracey
	 	Name:	Kyle
    Tracey
	 	Title:	CEO
	 	 	 
	 	SHAREHOLDER
	 	 	 
	 	 	

 

    2

     

    

 

Schedule A

 

	Shareholder	 	Number
    of Shares to be Transferred to the Company
	 	 	 	 	 

 

 

3Exhibit 10.1

 

AGREEMENT AND RELEASE

 

THIS AGREEMENT AND RELEASE is made among Ferrell Companies, Inc. (“FCI”), Ferrellgas, Inc. of Liberty, Missouri (“Ferrellgas”), and their affiliates, Ferrellgas Partners, L.P., and/or Ferrellgas, L.P., (all of which will collectively be referred to as “Ferrell”) and Boyd McGathey (“Employee”).

 

Employee was employed by Ferrellgas.  Employee’s employment will end October 31, 2015.  Ferrell and Employee now desire to fully and finally resolve all issues among or between them arising from Employee’s employment by Ferrell and/or the cessation of such employment.  Therefore, intending to be legally bound, Ferrell and Employee agree as follows:

 

1.              Ferrellgas agrees to pay to Employee on January 4, 2016  the gross amount of Four Hundred Fifty Thousand Dollars ($450,000.00), less all applicable deductions.

 

2.              Ferrellgas agrees, on the eighth (8th) day after Employee signs this Agreement and Release, to reimburse Employee for twelve (12) months of COBRA continuation premium, provided Employee enrolls in COBRA in accordance with the prescribed enrollment procedures and due date for the continuance of medical benefits.  Employee must submit the COBRA premium payment to The Taben Group as outlined in the enrollment information.  In addition, Employee must make a copy of the checks submitted for the monthly payment and mail it to Ferrellgas, Attention Manager, Benefits, One Liberty Plaza, Liberty, MO 64068.  Ferrellgas will reimburse Employee for the monthly payment at a grossed up amount equal to the monthly premium, after The Taben Group has received the premium and after Benefits has received a copy of the payment check.  If Employee fails to submit premium in a timely manner, Employee will lose the COBRA coverage.  COBRA information will be sent to Employee by The Taben Group.

 

3.              In exchange for the mutual promises made here, Employee agrees to forever RELEASE and DISCHARGE Ferrell, and Ferrell’s officers, employees, directors and agents from any and all claims arising from his employment and/or cessation of employment and all debts, obligations, claims, demands, or causes of action of any kind whatsoever, known or unknown, in tort, contract, by statute or on any other basis, for equitable relief, compensatory, punitive or other damages, expenses (including attorney’s fees), reimbursements or costs of any kind, including, but not limited to, any and all claims, demands, rights and/or causes of action, including those which might arise out of allegations relating to a claimed breach of an alleged oral or written employment contract, or relating to purported employment discrimination or civil rights violations, such as, but not limited to, those arising under Title VII of the Civil Rights Act of 1964 and all amendments thereto, Executive Order 11246, as amended, the Age Discrimination in Employment Act of 1967, as amended, the Equal Pay Act, the Rehabilitation Act of 1973, the Americans with Disabilities Act and/or any other applicable federal, state, or local employment discrimination statute, ordinance or common law doctrine which Employee might assert against Ferrell.  Employee waives any right to recover in any lawsuit brought on his behalf by any government agency or other person.

 

4.              Employee promises to treat as confidential and to disclose to no person (other than a legal or financial advisor or spouse, if any) the terms or conditions of this Agreement and Release.  Employee further promises not to make any derogatory, disparaging or false statements intended to harm the business or personal reputation of Ferrell, its directors, officers and employees.

 

5.              Employee agrees that he will not, at any time, seek re-employment with Ferrell.

 

6.              Employee agrees that the Ferrellgas Employee Agreement signed by him on March 14, 2011 and Executive Employment Agreement dated September 25, 2013, incorporated herein by reference, and/or any similar agreements, are enforceable agreements by Ferrell (not Employee), that his obligations under these agreements inure to the benefit of Ferrell, and that this Agreement and Release does not release him from any obligations under them or under 

 

 

any other contract which obligates Employee not to reveal the Confidential Information of Ferrellgas.

 

7.              Employee understands and agrees that if he violates any promises, Ferrell may pursue all permissible remedies to redress such violations including seeking repayment of all payments made under this Agreement and Release and recovery of costs and reasonable attorney’s fees.

 

8.              This agreement terminates Employee’s participation in any bonus performance plan maintained by Ferrellgas and no sums shall be due thereunder to Employee.

 

9.              Employee agrees to remain available (upon reasonable prior notice) to consult with Ferrell in connection with any claims or litigation involving Ferrell and any transitional matters involving Employee’s prior duties with Ferrell.  Ferrell shall reimburse Employee for his reasonable out-of-pocket expenses in connection with such consultation.

 

Additional Statement by Employee

 

I was given a copy of this Agreement and Release and was notified that I have the right to consult with an attorney before signing.  Furthermore, I acknowledge being given at least twenty-one (21) days within which to consider this Agreement and Release.  I have carefully read and fully understand this Agreement and Release and have had sufficient time and opportunity to consult with my personal tax, financial, and legal advisors prior to signing.  By signing this Agreement and Release, I voluntarily indicate my intent to be legally bound by its terms.  I understand that I may revoke this Agreement and Release within seven days after signing it but that thereafter it is irrevocable.

 

 

	
 
    	
/s/ Boyd McGathey
    
	
 
    	
Boyd McGathey
    
	
 
    	
 
    
	
 
    	
October 21, 2015
    
	
 
    	
Date
    

 

THIS IS A RELEASE OF CLAIMS

READ CAREFULLY BEFORE SIGNING

 

FERRELLGAS, INC.

 

FERRELLGAS, INC.;

FERRELL COMPANIES, INC.;

FERRELLGAS PARTNERS, L.P.

FERRELLGAS, L.P.

by FERRELLGAS, INC., a Delaware

Corporation, their General Partner

 

 

	
By
    	
/s/ Mary A. Lentz
    	
 
    	
Date 
    	
October 21, 2015
    
	
 
    	
Mary A. Lentz
    	
 
    	
 
    
	
 
    	
Director, Employee   Relations

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