Document:

TERMINATION OF EMPLOYMENT AGREEMENT AND WAIVER OF RIGHTS

EHXIBIT 10.1

 

TERMINATION OF EMPLOYMENT AGREEMENT

AND WAIVER OF RIGHTS

This Agreement (“Agreement”) is entered into by and between Geospatial Corporation, a Nevada corporation (the “Company”), Mark Smith (“Smith”), and David Truitt (“Truitt”) and is effective as of June 6, 2019.  The Company, Smith and Truitt shall collectively be referred to as the “Parties.”

RECITALS

A.  During the time when Smith served as CEO of the Company, Smith and the Company entered into an Employment Agreement dated October 18, 2013 (the “Employment Agreement”).

B.  Due to the financial stress of the Company and the desired separation of the Parties, which includes the resignation of Smith as CEO of the Company as of June 6, 2019, and the subsequent appointment of Truitt as the new CEO of the Company by the Company Board of Directors, the Company and Smith desire to terminate the Employment Agreement as of June 6, 2019.  As part of the termination of the Employment Agreement, Smith agrees to waive any and all rights to any salary, compensation, bonuses, insurance, employee benefits and any other rights enumerated in the Employment Agreement, including all claims that he resigned for “Good Reason” as defined in the Employment Agreement and/or that he is entitled to retirement benefits or any other post-employment benefits, insurance, compensation, bonuses or any other type of payment from the Company.

 

C.  In addition, due to the financial stress of the Company, the Company had not paid Smith for certain salary and other compensation prior to June 6, 2019.  In exchange for the covenant of the Company’s lender and shareholder, David Truitt, not to file a lawsuit against Smith for fraud, Smith agreed to waive any and all rights that he had or may have had to be paid with respect to any salary and other compensation with respect to his employment with the Company prior to June 6, 2019.

 

NOW, THEREFORE, the Parties agree as follows:

AGREEMENT

1.  Termination of Employment Agreement and Waiver of Rights to Compensation and Benefits.  The Company and Smith agree to terminate the Employment Agreement entered into between the Company and Smith on October 18, 2013.  The termination of the Employment Agreement shall be effective as of June 6, 2019.  In addition, Smith agrees to waive any rights to any salary, compensation, bonuses, insurance, employee benefits and any other rights enumerated in the Employment Agreement, including all claims that he resigned for “Good Reason” as defined in the Employment Agreement and/or that he is entitled to retirement benefits, or any other post-

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employment benefits, insurance, compensation, bonuses, or any other type of payment from the Company.

2.  Unpaid Salary.  At various times prior to June 6, 2019, the Company did not have sufficient cash resources to make payroll.  As a result, the Company did not pay certain salary and other compensation which the Company owed to Smith, which was carried as accrued unpaid salary on the books and records of the Company.  In exchange for the covenant of the Company’s lender and shareholder, David Truitt, not to file a lawsuit against Smith for fraud, Smith previously agreed via email to waive any and all rights that he had or may have had to receive any compensation with respect to his employment with the Company prior to June 6, 2019.  Smith and Truitt desire to formally memorialize their verbal/email agreement, and to expressly acknowledge that this verbal/email agreement includes, but is not limited to, the Employment Agreement and any unpaid salary, bonuses, or other compensation, whether or not it is enumerated in the terminated Employment Agreement, recorded on the books of the Company as accrued unpaid salary, or otherwise.

3.  Smith Shareholder Rights.  The Parties expressly acknowledge that this Agreement, including any Smith waiver, does not affect any rights that Smith has as a shareholder of the Company.

IN WITNESS WHEREOF, the Parties desire a clean break and hereby enter into this Agreement to accomplish the desired objective.

MARK SMITHDAVID TRUITT 

_/s/ Mark Smith_______________________/s/ David Truitt_______________ 

Mark SmithDavid Truitt 

GEOSPATIAL CORPORATION:

By:   /s/ Thomas Oxenreiter____________

       Thomas Oxenreiter, CFO and Director

By:   /s/ Troy Taggart________________

       Troy Taggart, President and Director

2TERMINATION OF EMPLOYMENT AGREEMENT

EXHIBIT 10.2

TERMINATION OF EMPLOYMENT AGREEMENT

This Termination of Employment Agreement (“Agreement”) is entered into as of July 18, 2019 by and between Geospatial Corporation, a Nevada corporation (the “Company”), and Thomas Oxenreiter (“Oxenreiter”), an employee of the Company who is currently serving as the CFO of the Company.  The Company and Oxenreiter shall collectively be referred to as the “Parties.”

RECITALS

A.  The Parties entered into an Employment Agreement dated October 18, 2013 (the “Employment Agreement”).

B.  Due to the financial stress of the Company and the recent change in the Board of Directors and Executive Management of the Company, the Company no longer deems this Employment Agreement to be in the best interest of the Company or its shareholders.

 

NOW, THEREFORE, the Parties agree as follows:

AGREEMENT

1.  Termination of Employment Agreement.  The Company and Oxenreiter agree to terminate the Employment Agreement.  From and after July 18, 2019, Oxenreiter shall serve as the CFO of the Company as an “at will” employee at his current salary with standard Company benefits just like all of the other employees of the Company.

2.  Board of Directors.  The Parties acknowledge that Oxenreiter is currently serving as a member of the Board of Directors and he shall continue to serve as a member of the Board of Directors of the Company.

3.  Shareholder Rights.  The Parties expressly acknowledge that this Agreement does not affect any rights that Oxenreiter has as a shareholder of the Company.

IN WITNESS WHEREOF, the Parties hereby enter into this Agreement.

THOMAS OXENREITERGEOSPATIAL CORPORATION 

  /s/ Thomas Oxenreiter____________By:   /s/ David Truitt__________________ 

Thomas Oxenreiter, Employee/CFO       David Truitt, CEO and Director 

By:   /s/ Troy Taggart_________________

       Troy Taggart, President and Director  

1EX-4.3

 Exhibit 4.3 

THE HARTFORD FINANCIAL SERVICES GROUP, INC. 

As Issuer 
 And 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

formerly known as The Bank of New York Trust Company, N.A. 

As Trustee 
 SECOND SUPPLEMENTAL
INDENTURE 
 dated as of August 19, 2019 

to 
 THE INDENTURE 

dated as of April 11, 2007 

  
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© 2019 by The Hartford. Classification: Company Confidential. No part of this document may be reproduced, published or used without the
permission of The Hartford. 

 SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated as of August 19,
2019, between THE HARTFORD FINANCIAL SERVICES GROUP, INC., a corporation duly organized and existing under the laws of the State of Delaware (herein called the “Company”) having its principal office at One Hartford Plaza, Hartford,
Connecticut 06155, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. (formerly known as The Bank of New York Trust Company, N.A.), a national banking association, as Trustee (herein called the “Trustee”). 

WITNESSETH 
 WHEREAS, the Company and the Trustee
have executed and delivered an Indenture, dated as of April 11, 2007 (the “Original Indenture,” and, together with the First Supplemental Indenture (as defined below) and this Second Supplemental Indenture, the “Indenture”),
providing for the issuance from time to time of the Company’s unsecured senior debt securities in one or more series. 
 WHEREAS, Section 901(11)
of the Original Indenture provides that the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may, without consent of Holders, enter into one or more indentures supplemental thereto, in form
satisfactory to the Trustee to make any change that does not adversely affect the rights of any Holder in any material respect. 
 WHEREAS, this Second
Supplemental Indenture will not adversely affect the rights of any Holder in any material respect because the amendments contained in this Second Supplemental Indenture will apply only to Securities of a series created pursuant to the Indenture on
or after the date hereof. 
 WHEREAS, the Company desires, and has requested, the Trustee to join with it in entering into this Second Supplemental
Indenture for the purpose of amending the Original Indenture in certain respects as permitted by Section 901(11) of the Original Indenture. 
 WHEREAS,
the entry into this Second Supplemental Indenture, as required by Section 901 of the Original Indenture, has been authorized by a Board Resolution. 

WHEREAS, all actions required by the Company to be taken in order to make this Second Supplemental Indenture a valid, binding and enforceable instrument in
accordance with its terms, have been taken and performed, and the execution and delivery of this Second Supplemental Indenture has been duly authorized in all respects. 

NOW, THEREFORE, the Company and the Trustee mutually covenant and agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 101. Relation to Original Indenture  
 (a)
This Second Supplemental Indenture shall constitute an integral part of the Original Indenture for all purposes in respect of any series of Securities created on or subsequent to the date hereof; provided, that this Second Supplemental
Indenture shall not amend or modify the terms of any Securities issued under the Original Indenture prior to the date hereof. 
 Section 102.
Definitions. For all purposes of this Second Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires: 

(a) Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Original Indenture; 

(b) Terms defined both herein and in the Original Indenture, as supplemented by the First Supplemental Indenture, shall have the meanings assigned to them
herein. 

  
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© 2019 by The Hartford. Classification: Company Confidential. No part of this document may be reproduced, published or used without the
permission of The Hartford. 

 ARTICLE 2 

AMENDMENTS TO THE INDENTURE 
 For all Securities
of a series created pursuant to the Original Indenture on or after the date hereof, the Original Indenture is hereby amended as follows: 

Section 201. Amendment to Section 1103. Section 1103 of the Original Indenture shall be deleted, and amended and restated
in its entirety to read as follows: 
 “The election of the Company to redeem any Securities shall be evidenced by or pursuant to a
Board Resolution. In case of any redemption at the election of the Company of the Securities of a series, the Company shall, at least 5 days but not more than 15 days prior to the date upon which notice of such redemption is to be given to Holders
pursuant to Section 1105 (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of Securities to be redeemed and, if applicable, of the tenor of the Securities to be
redeemed. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or (b) pursuant to an election of the Company which is subject to a condition
specified in the terms of such Securities, the Company shall furnish the Trustee with an Officers’ Certificate and an Opinion of Counsel evidencing compliance with such restriction or condition.” 

Section 202. Amendment to Section 1105. The first paragraph of Section 1105 of the Original Indenture shall be deleted,
and amended and restated in its entirety to read as follows: 
 “Unless otherwise specified as contemplated by Section 301 with
respect to the Securities of a particular series, notice of redemption shall be given by first-class mail, postage prepaid, mailed (or, in the case of Global Securities, otherwise delivered in a manner consistent with the applicable procedures of
the Depositary) not less than 10 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at its address appearing in the Security Register. Unless the Company defaults in payment of the Redemption Price, on
and after the Redemption Date, interest shall cease to accrue on the Securities.” 
 ARTICLE 3 

MISCELLANEOUS 
 Section 301. Effect of
Second Supplemental Indenture. Upon the execution and delivery of this Second Supplemental Indenture by each of the Company and the Trustee, the Original Indenture shall be supplemented in accordance herewith, and this Second Supplemental
Indenture shall form a part of the Indenture for all purposes in respect of any series of Securities created on or subsequent to the date hereof. This Second Supplemental Indenture shall not amend or modify the terms of any Securities issued under
the Original Indenture prior to the date hereof. 
 Section 302. Confirmation of Indenture. The Original Indenture, as supplemented and amended
by the First Supplemental Indenture thereto, dated as of August 9, 2013 (the “First Supplemental Indenture”) and this Second Supplemental Indenture, is in all respects ratified and confirmed, and the Original Indenture, the First
Supplemental Indenture and this Second Supplemental Indenture shall be read, taken and construed as one and the same instrument. This Second Supplemental Indenture constitutes an integral part of the Indenture. In the event of a conflict between the
terms and conditions of the Original Indenture and the terms and conditions of this Second Supplemental Indenture, the terms and conditions of this Second Supplemental Indenture shall prevail. 

Section 303. Governing Law. This Second Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New
York. 
 Section 304. Separability. In case any provision contained in this Second Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
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© 2019 by The Hartford. Classification: Company Confidential. No part of this document may be reproduced, published or used without the
permission of The Hartford. 

 Section 305. Effect of Headings. The titles and headings of the articles and sections of this
Second Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 306. Counterparts. This Second Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original,
but such counterparts shall together constitute but one and the same instrument. 
 Section 307. Trustee. The Trustee makes no representations
as to the validity or sufficiency of this Second Supplemental Indenture. The statements and recitals herein are deemed to be those of the Company and not of the Trustee. 

[Signature page follows] 

  
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© 2019 by The Hartford. Classification: Company Confidential. No part of this document may be reproduced, published or used without the
permission of The Hartford. 

 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed as
of the day and year first above written. 
  

			
	 THE HARTFORD FINANCIAL SERVICES GROUP, INC.

as Issuer

		
	By:	 	 /s/ Sabra R. Purtill

	Name:	 	Sabra R. Purtill
	Title:	 	Senior Vice President and Treasurer

  

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

as Trustee

		
	By:	 	 /s/ Lawrence M. Kusch

	Name:	 	Lawrence M. Kusch
	Title:	 	Vice President

  
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