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  EXHIBIT
10.1

 

SETTLEMENT AGREEMENT

 

This
Settlement Agreement (hereinafter referred to as the
“Agreement”) is made and entered into by and between
FRIENDABLE, INC. (“FRIENDABLE”), and JOSEPH C. CANOUSE
(“CANOUSE”, and, together with Friendable, the
“PARTIES”) and shall be effective as of April 7, 2017
(hereinafter referred to as the "Effective Date").

 

RECITALS

 

A.

J. P. Carey
Enterprises, Inc., a Florida company controlled by Canouse
(“JP CAREY”), and Friendable entered into a Consulting
Agreement, dated April 1, 2014 (the “Consulting
Agreement”).

 

B.

JP Carey was due to
be paid $10,000 per month in the form of a convertible
debenture.

 

C.

The Consulting
Agreement had a term of seven months and JP Carey believed
Friendable owed it compensation of $70,000.

 

D.

The Company
believed it had cancelled the Consulting Agreement in April
2014.

 

E.

As of March 29,
2016, the Company disputed it owed any money to JP
Carey.

 

F.

On March 29, 2016,
Canouse commenced litigation against Friendable to collect $70,000
plus interest.

 

G.

Friendable and
Canouse entered into settlement talks regarding this litigation on
July 19, 2016.

 

H.

Friendable
acknowledges that, as of July 19, 2016, it owed $70,000 plus
interest to JP Carey.

 

I.

Canouse
is a judgment creditor of Friendable holding a judgment in the
amount of $82,931.27 plus interest from the case styled
Joseph C. Canouse v.
Friendable, Civil Action No. 16EV001265H, State Court of
Fulton County, Georgia (“Civil Judgment”).

 

J.

In an
effort to collect on the Civil Judgment Canouse undertook several
garnishments and other collection activities.

 

K.

In exchange for the
amount stated below and based upon the conditions below, CANOUSE
shall dismiss any and all garnishments, cease all collection
activities and file the appropriate document to note that the Civil
Judgment was satisfied.

 

WHEREFORE, FRIENDABLE AND CANOUSE HEREBY AGREE AS
FOLLOWS:

 

1.           Satisfaction
of Judgment Amount. Friendable shall satisfy the Civil
Judgment by issuance of the following documents within three (3)
days of execution of this Agreement:

 

 

1

 

 

a)           A
fully executed, valid and binding 8% Convertible Note in favor of
J.P. Carey Enterprises, Inc. in the amount of $82,931.27, dated
March 30, 2017, in substantially the same form and providing the
same substance as Exhibit A attached hereto (the
“Note”);

 

b)           A
fully executed, valid and binding Unanimous Written Consent of the
Board of Directors of Friendable in substantially the same form and
providing the same substance as Exhibit B attached
hereto;

 

c)           A
fully executed, valid and binding Irrevocable Letter of
Authorization to Friendable’s transfer agent in substantially
the same form and providing the same substance as Exhibit C
attached hereto;

 

d)           A
fully executed, valid and binding Guaranty by all subsidiaries and
affiliates in substantially the same form and providing the same
substance as Exhibit D attached hereto; and

 

e)           The
filing of an 8-K with the Securities and Exchange Commission
detailing the issuance of the note in similar form to other 8-K
filings by Friendable.

 

2.           Consent
Motion to Withdraw Judgment, Dismissal of Garnishment, and
Cessation of All Collection Activities. Within three (3)
days of execution of this Agreement:

 

a)           Canouse
shall file a Consent Motion to Withdraw Judgment or similar motion
the case styled Joseph C. Canouse v. Friendable, Civil Action No.
16EV001265H, State Court of Fulton County, Georgia, in
substantially the same form and providing the same substance as
Exhibit E attached hereto.

 

b)           Canouse
shall dismiss any and all garnishments and cease all collection
activities;

 

c)           In
the event, Canouse collects, following execution of this Agreement,
any amount of money from Friendable’s bank accounts as a
result of a garnishment, Canouse will wire all such money back to
Friendable within two (2) business days.

 

3.           Deliverables
and Timing. The Parties agree and acknowledge that actual
receipt of the deliverables is material and indispensable to this
Agreement such that any failure to deliver as described herein
shall render this Agreement null and void. Time is of the
essence.

 

4.           Settlement
of Claims. FOR AND IN CONSIDERATION of this Agreement and
issuance of the aforementioned documents, and upon condition of
complete performance to CANOUSE of the described consideration, the
Parties, for themselves and their heirs, executors, wards,
administrators, officers, directors, shareholders, agents,
successors-in-interest, attorneys and assigns, do hereby RELEASE,
ACQUIT, and forever DISCHARGE and each other and their respective
agents, employees, heirs, executors, administrators,
successors-in-interest, officers, directors, shareholders,
attorneys, insurers, and assigns of and from any and all past,
present and future rights, actions, causes of action, claims,
demands, damages, costs, losses, expenses, and compensation,
including but not limited to, those for medical care, wrongful
death or bad faith or on account of, or in any way arising out of,
any and all known and unknown injuries and damages of any nature
resulting or to result from or by reason of any act and/or omission
on the part of Friendable occurring at any time prior
hereto.

 

 

2

 

 

5.           No
Representations or Warranties.. In making this Agreement and
the release contained herein, it is understood and agreed that the
Parties rely wholly upon their own judgement, belief and knowledge
of the nature, extent, and duration of alleged claims and
contentions and that the Parties have not been influenced to any
extent in making this Agreement by any representations or
statements of the other regarding any matter
whatsoever.

 

6.           Governing
Law and Jurisdiction. This Agreement shall be governed by
and construed in accordance with the laws of the State of Georgia.
Exclusive jurisdiction for any and all disputes arising from or
concerning this Agreement shall be in the DeKalb County State or
Superior Court of Georgia.

 

7.           EXECUTION
AND VAILIDITY OF DOCUMENTS. Each Party represents and
warrants that they shall do all acts and execute and deliver all
documents necessary, convenient or desirable to effect all
provisions of this Agreement. Copies and scans of documents shall
be considered authentic in the absence of originals. Documents may
be executed in counterpart and only the signature of the party
against whom enforcement is sought shall be necessary.

 

8.           FEES
AND COSTS. Each Party agrees to bear their own costs in
connection with the preparation and execution of this Agreement. In
the event that Canouse is forced to hire counsel to collect or
enforce this Agreement, he shall be entitled to all of his
attorneys’ fees and expenses to the maximum amount allowed by
law, but in no event less than 15% of the then due and owing
principal and interest.

 

IN
WITNESS WHEREOF, the Parties have entered into this Agreement as of
the date(s) set forth below:

 

Dated:
April 7, 2017

 

	

Joseph
C. Canouse

 

 

 

 
_/s/ Joseph C.
Canouse________________________________

 

	

Friendable,
Inc.

 

 

 

By:     
_/s/ Robert
Rositano____________________________

Robert
Rositano, Chief Executive Officer

 

 

 

 

 

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EXHIBIT A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

EXHIBIT B

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXHIBIT C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXHIBIT D

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXHIBIT E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8ex-10.49

 

 AMENDMENT NO. 3 TO SALES AND PURCHASE AGREEMENT
 

 

 THIS AMENDMENT NO. 3 TO SALES AND PURCHASE AGREEMENT (this “Agreement”) is made as of November 22, 2016 (the “Effective Date”) between LMS Shipmanagement, Inc., a Louisiana corporation, with an address at RSA Battle House Tower Office Building, 11 North Water Street, Suite 18290, Mobile, AL 36602 (“LMS”), and Triton Emission Solutions Inc. (formerly Poly Shield Technologies Inc.), a Delaware corporation, with an address at 151 San Francisco Street, Suite 201, San Juan, Puerto Rico 00901 (“TES”).
 

 WHEREAS LMS and TES are parties to that Sales and Purchase Agreement made as of July 18, 2013 (the “Sales Agreement”) regarding the sale and purchase of certain DSOX-15 Scrubbers and Exhaust Scrubbers, as those terms are defined in the Sales Agreement; and
 

 WHEREAS LMS and TES wish to amend the terms of the Sales Agreement as set forth herein,
 

 NOW THEREFORE THIS AGREEMENT WITNESSES THAT for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto mutually covenant and agree as follows:
 

 1.
 Unless otherwise specifically defined in this Agreement, capitalized terms used herein and in the recitals hereto shall have the meanings set forth in the Sales Agreement.
 

 2.
 All references to “Poly Shield Technologies Inc.” and “PST” wherever appearing in the Sales Agreement, shall be deemed to have been deleted and replaced with “Triton Emission Solutions Inc.” and “TES”, respectively.
 

 3.
 Section 2.g. of the Sales Agreement shall be deleted in its entirety and replaced with the following:
 

 “g. LMS shall have the option to purchase up to forty (40) additional DSOX-20 Scrubbers for the purchase price, and upon the payment terms, for each DSOX-20 Scrubber as specified in the Confidential Price Summary. Such option shall remain available to LMS until ninety (90) days following the date of Certification of the DSOX-20 Scrubbers for the Vessels, but in no event later than December 31, 2017. This option to purchase shall be exercised in accordance with the Option Terms as provided in Article 5 of this Agreement. LMS shall designate a vessel for each DSOX-20 Scrubber at the time such option is exercised. Each DSOX-20 Scrubber shall be used on each such vessel for such vessel’s fuel requirements and for no other use or application.”
 

 4.
 Section 5.1.a. of the Sales Agreement shall be deleted in its entirety and replaced with the following:
 

 “a. Upon Certification. Prior to ninety (90) days following the date of Certification, but in no event later than December 31, 2017 (the “Option Period”), LMS may enter into a separate purchase agreement, as described herein, for the purchase of additional DSOX-20 Scrubbers. The option shall be deemed to be waived, null, and void upon failure to enter into such purchase agreement for additional DSOX-20 Scrubbers within the Option Period. The Option Period, and any option term, may only be extended by mutual written agreement of the Parties. “
 

 5.
 Section 5.2.a. of the Sales Agreement shall be deleted in its entirety and replaced with the following:
 

 “a. If LMS has the option to purchase one or more Exhaust Scrubbers as provided in Article 2.i. of this Agreement, LMS shall have the right to purchase such Exhaust Scrubber(s) until ninety (90) days following the expiration of the six (6) months from the date installation is completed on the Vessels and Certification is not obtained, but in no event later than December 31, 2017 (“Exhaust Scrubber Option Period”).
 

 

 

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 6.
 Notices addressed to TES shall be addressed to TES at the address set forth below or such other address as TES may designate and provide notice of in writing from time to time in accordance with the Sales Agreement:
 

 Attn: Anders Aasen, CEO
 Triton Emission Solutions Inc.
 151 San Francisco Street, Suite 201
 San Juan, Puerto Rico
 

 7.
 Except as modified by this Agreement, the Sales Agreement shall remain in full force and effect in accordance with its terms, and are hereby ratified and confirmed in all respect by LMS and TES.
 

 8.
 This Agreement may be executed in two or more counterparts, each of which shall constitute an original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterpart have been signed by each party hereto and delivered to the other parties.
 

 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first written above.
 

 	 	 	
	 LMS SHIPMANAGEMENT, INC.
	  
	 TRITON EMISSION SOLUTIONS INC.

	 by its authorized signatory:
	  
	 by its authorized signatory:

	  
	  
	  

	 /s/ Peter M. Johnston
	  
	 /s/ Anders Aasen

	 Name: Peter M. Johnston
	  
	 Name: Anders Aasen

	 Title: Executive President 
	  
	 Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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