Document:

ex10-2.htm

Exhibit 10.2

 

 

CONFIDENTIALITY, DEVELOPMENT AND NON-INTERFERENCE AGREEMENT

 

 

THIS AGREEMENT (“Confidentiality Agreement,” and together with the Employment Agreement (the “Employment Agreement”) entered into on the date hereof by and between INX Inc., a Delaware corporation with principal offices at 11757 Katy Freeway, Houston, Texas 77079 (“Company”), and Philip Rydzewski, an individual residing at 1221 St. Emilion Court, Southlake Texas 76092 (“Employee”), together the “Agreements”) is by and between the Company and Employee and is effective December 29, 2010.

 

In consideration of Employee’s continued employment by Company and any additional compensation or benefits that Company may now or from time to time bestow upon Employee, Employee and Company agree as follows:

 

1. Company Shall Provide Confidential Information. To the extent necessary to perform his or her duties hereunder, Company shall provide to, and Employee will have, access to pertinent Confidential Information (defined below) of Company.

 

2. Employees Who Sell Company’s Products and Services. In the event Employee deals, in any way, with Company’s customers, Employee agrees that the empathy, rapport and goodwill (collectively “goodwill”) he develops with Company’s customers are extremely valuable and necessary for the sale(s) of Company’s products and services to such customers and shall be deemed to be protectable and proprietary interests of Company and not of Employee.

 

3. Company’s Confidential Information. Employee agrees that all of Company’s Confidential Information, whatever its nature and/or form and whether obtained by Employee orally, by observation, by exposure to customers or other persons, from written materials or otherwise, shall at all times be the exclusive and confidential property of Company and shall be at all times regarded, treated and protected as such by Employee in accordance with the Agreements. Further, Employee agrees that Company’s Confidential Information shall be deemed to have been provided by Company to Employee, in confidence, irrespective of whether or not Company provided same to Employee or whether prepared, discovered, developed or contributed to, wholly or in part, by Employee or any other individual or entity during Employee’s employment with Company or prior to such employment with Company. Employee agrees that such Confidential Information is not only the proprietary and protectable property of Company, but that it shall be treated and kept as secret by Employee at all times and any unauthorized use and/or disclosure of same, or any part thereof, will constitute a breach(es) of the Agreements and will constitute a breach(es) of Employee’s fiduciary duty to Company regarding the Confidential Information and will constitute a breach(es) of the confidential relationship between Company and Employee regarding the Confidential Information. Employee agrees that all of Company’s Confidential Information, including but not limited to, the specific items listed in this Section 3, below, is not known to Company’s competitors and such competitors do not use such specific information in their business. Employee further agrees that none of the specific items listed in this Section 3, below, are matters of public knowledge or of general knowledge in the industry in which Company conducts its business; Employee agrees that none of such specific items are readily ascertainable by any competitor of Company by reasonable and ordinary means; Employee agrees that Company’s Confidential Information is proprietary to, about or created by Company and gives Company some competitive business advantage or the opportunity of obtaining such advantage. Employee agrees that the unauthorized disclosure or use of Company’s Confidential Information will be detrimental to the interests of Company. Employee agrees that Company’s Confidential Information is not typically disclosed by Company to, or known by third parties who are not employed by Company or are not agents or representatives of Company. Employee agrees that Company’s Confidential Information also includes, but is not limited to, information known by Employee to be considered confidential by Company, or from all the relevant circumstances considered confidential by Company, or from all the relevant circumstances should reasonably be assumed by Employee to be confidential and proprietary to Company. Employee agrees that Company utilizes continuing and effective means of preserving the secrecy of its Confidential Information, such as, but not limited to, having its Employees enter into confidentiality agreements such as this Confidentiality Agreement, provided, however, that failure to mark any document “confidential,” or with word(s) of similar import, shall not affect the confidential nature of such document or the information contained therein. Employee agrees that Company’s Confidential Information, which may be written, oral or otherwise, includes, but is not limited to:

 

  

  

  

 

(a) Work product resulting from or related to work or projects performed or to be performed for Company or for customers or clients of Company, including but not limited to data bases, drafts and other non-public written documents, the interim and final lines of inquiry, hypotheses, research and conclusions related thereto and the methods, processes, procedures, analyses, techniques and audits used in connection therewith;

 

(b) Computer software of any type or form in any stage of actual or anticipated research and development, including but not limited to programs and program modules, routines and subroutines, processes, algorithms, design concepts, design specifications (design notes, annotations, documentation, flowcharts, coding sheets, and the like), source codes, object codes and load modules, programming, program patches and system designs;

 

(c) Information relating to the Company’s proprietary rights prior to any public disclosure thereof, including but not limited to the nature of the proprietary rights, production data, technical and engineering data, test data and test results, the status and details of research and development of products and service, and information regarding acquiring, protecting, enforcing and licensing proprietary rights (including, without limitation, patents, copyrights and trade secrets);

 

(d) Internal Company personnel and financial information, lists or other documents which identify vendor names and other vendor information (including vendor characteristics, services and agreements), information concerning the identification and nature of goods or services provided by vendors, purchasing and internal cost information, internal service and operational manuals, and the manner and methods of conducting Company’s business;

 

(e) Business, marketing and development plans, price and price discounting policies and practices, price and cost data, price and fee amounts, pricing and billing policies, quoting procedures, marketing techniques and methods of obtaining business, forecasts and forecast assumptions and volumes, and future plans and potential strategies of Company which have been or are being discussed;

 

(f) Names, lists or compilations of customers or clients and their representatives, contracts and their contents and parties, customer or client services, and the type, quantity, specifications and contents of products and services purchased, leased, licensed or received by customers or clients of Company;

 

(g) Contracts with, or developed by Company for use with customers, agents, vendors of Company, or any other individual or entity, including without limitation, the terms and conditions thereof;

 

(h) Any and all materials printed by or for Company and utilized by Company in any manner in the conduct of its business;

 

  

  

  

 

(i) All information generated by computer software utilized by Company in the conduct of its business;

 

(j) Company’s computer data bases and any information going into or coming out of Company’s computers;

 

(k) Information concerning Company’s customers, including but not limited to customer identity, customer needs and products and/or services requirements, specific products and quantities of same purchased by customers, specific prices paid for Company’s products and services by customers, specific quantities of Company’s products and services purchased by customers, commissions paid on the sales made to customers, payment history of customers, identification of and all information concerning the buyers (purchasing agents) employed by the customers, histories of customer purchases, all notes or memoranda containing any customer information, and all information concerning customers, customer lists (which shall be deemed to mean any printed material containing, relating to or referring to any customer or customer information), price books, prices, price lists, price calculations, i.e., any information having to do with the prices Company charges its customers for Company’s products; and

 

(l) Any and all information concerning Company’s personnel, whether sales or in-house personnel; any and all information concerning commissions and/or other compensation and/or bonuses paid to Employees; any and all information concerning the effectiveness of, volume of sales made by, and profitability of sales made by each Company Employee responsible for making sales; Company’s sales strategies, sales procedures, promotion of sales and sales proposals and/or bids and/or any information concerning Company’s solicitation for and sales of its products and services; general price lists, special price lists, e.g., for “national accounts” or other favored customer accounts; all other information and/or data relating in any manner to Company and/or its business which is learned of and/or which comes into the possession of Employee and/or any other Company employee while employed by Company; all information utilized by Employee and/or any other Company employee while employed by Company, irrespective of when or through what or whom learned of.

 

Employee agrees that each, every and all of the above listed specific items of Company’s Confidential Information are and shall be deemed trade secrets in accordance with the definitions of trade secrets stated in comment b to the Restatement (First) of Torts § 757 (“Restatement”) and the Uniform Trade Secrets Act (“UTSA”). Employee further agrees that such trade secrets are and shall be deemed to be Company’s Confidential Information. Employee agrees that such Confidential Information shall be protectable by Company as its trade secret(s) and/or confidential information notwithstanding that, technically, any given specific item of Confidential Information, at issue, may not satisfy the definition(s) of trade secrets as stated above or as contained in the Restatement or UTSA. Employee agrees that it is the intent of the Agreements and is the intent of Employee, and in light of the consideration paid by Company to Employee for his entering into the Agreements, that the Agreements shall be fully enforceable and the specific items of Confidential Information as stated herein shall be protectable by injunctive relief, among other remedies, even though such items do not rise to the dignity of trade secret(s) as defined by the Restatement, UTSA or by any other law(s) of the State of Texas. Confidential Information shall not include information publicly known other than as a result of a disclosure by Employee in breach of the Agreements. The phrase “publicly known” shall mean readily accessible to the public, or others engaged in the industry(ies) in which Company engages, in a written publication and shall not include information which is only available by a substantial searching of the published literature or information the substance of which must be pieced together from a number of different publications and sources, or by focused searches of literature guided by Confidential Information. The burden of proving that information is not confidential or secret shall be on the party asserting such exclusion.

 

  

  

  

 

4. Covenants of Employee. As a consequence of Employee’s acquisition or anticipated acquisition of Confidential Information, Employee will occupy a position of trust and confidence with respect to Company’s affairs and business. Employee acknowledges that Company’s Confidential Information is/are valuable, special and unique assets of Company, which Company uses in its business to obtain competitive advantage over its competitors that do not know or use such information. In view of the foregoing and of the consideration being provided to Employee by Company for the execution of the Agreements, Employee agrees that it is reasonable and necessary that Employee make the following covenants. Employee does hereby covenant and agree as follows:

 

(a) That he will at all times keep in strict confidence, and will not, either directly or indirectly (other than in the regular course of Company’s business), copy, transfer, make known, divulge, reveal, furnish, make available for use, disclose, publish, make available to others, misappropriate or use, at any time, any of Company’s Confidential Information; and

 

(b) That he will safeguard all of Company’s Confidential Information at all times so that it is not exposed to, or taken by, unauthorized persons, and Employee shall exercise his best efforts at all times to assure such Confidential Information’s safekeeping, confidentiality and secrecy; and

 

(c) That the prohibitions against Employee regarding Company’s Confidential Information contained in this Section 4, include but are not limited to, disclosing the fact that any similarity exists between the Confidential Information and information independently developed by any third party, and Employee understands that such similarity does not excuse Employee from abiding by his or her covenants or other obligations under the Agreements.

 

(d) That the prohibitions against Employee’s use, copying or transfer of Confidential Information includes, but is not limited to, selling, licensing or otherwise exploiting, directly or indirectly, any products or services (including data bases, written documents and software in any form) which embody or are derived from Confidential Information, or exercising judgment in performing analyses based upon knowledge of Confidential Information.

 

(e) That the Employment Agreement is incorporated herein by reference for all pertinent purposes and such Employment Agreement and all of its terms and provisions shall be ancillary to this Confidentiality Agreement and shall be deemed a part hereof and shall be enforceable hereunder separate and distinct from its enforceability as a separate agreement, e.g., it shall be enforceable as a separate and distinct agreement as well as being enforceable as a part hereof and shall be deemed to be ancillary to this Confidentiality Agreement.

 

5. Return of Confidential Material. Employee shall turn over to Company all originals and copies of materials containing Confidential Information in the Employee’s possession, custody, or control upon request or upon termination of the Employee’s employment with Company. Upon termination of his employment with Company, Employee agrees to attend a termination interview with one of Company’s executive officers to confirm turnover of such materials and to discuss any questions Employee may have about his continuing obligations under the Agreements.

 

  

  

  

 

6. Inventions. Any and all inventions, products, discoveries, improvements, copyrightable works, trademarks, service marks, ideas, processes, formulae, methods, designs, techniques or trade secrets (collectively hereinafter referred to as “Inventions”) made, developed, conceived or resulting from work performed by Employee (alone or in conjunction with others, during regular hours of work or otherwise) while Employee is employed by Company and which may be directly or indirectly useful in, or related to, the business of Company (including ,without limitation, research and development activities of Company), or which are made using any equipment, facilities, Confidential Information, materials, labor, money, time or other resources of Company, shall be promptly disclosed by Employee to the Company’s Chief Executive Officer, Executive Chairman or Board of Directors, and shall be deemed Confidential Information for purposes of the Agreements, and shall be Company’s exclusive property. Employee shall, upon Company’s request, execute any documents and perform all such acts and things which are necessary or advisable in the opinion of Company to cause issuance of patents to, copyrights for, or otherwise obtain recorded protection of rights to intellectual property for, Company with respect to Inventions that are to be Company’s property under this Section, or to transfer to and vest in Company full and exclusive right, title and interest in and to such Inventions; provided, however, that the expense of securing any such protection of right to Inventions shall be borne by Company. In addition, Employee shall, at Company’s expense, assist Company in any proper manner in enforcing any inventions that are to be or become Company’s property hereunder against infringement by others. Employee shall keep confidential and will hold for Company’s sole use and benefit any invention that is to be Company’s exclusive property under this Section for which full recorded protection of right has not been or cannot be obtained.

 

7. Non-Interference With Company’s Employees. During Employee’s employment with Company, and for a period of 18 months immediately following Employee’s termination (voluntary or otherwise), Employee shall not, directly or indirectly: (a) induce, or aid others to induce, any Company employee to terminate his or her employment with Company; (b) induce any Company employee to do, or not do, as the case may be, anything which violates his oral or written employment agreement with Company; (c) hire, attempt to hire, contact or solicit with respect to hiring any employee of Company. Moreover, in recognition of the status of the compensation and effectiveness of Company employees as Confidential Information, Employee shall not solicit or aid others to solicit Company employees for, or offer to them, competitive employment. Additionally, Employee agrees not to interfere with the business of Company in any manner including, without limitation, inducing any consultant or independent contractor to terminate or modify such person’s relationship with Company. For purposes of this Section 7, “Employee” shall be deemed to mean agents, servants, representatives and other individuals having an employer/employee relationship with Company or who had such a relationship with Company within the 12 months preceding the commencement of the restricted activities of Employee as stated above.

 

8. Employee’s Certification. Employee HEREBY CERTIFIES THAT:

 

(A) EMPLOYEE RECEIVED A COPY OF THIS CONFIDENTIALITY AGREEMENT AND THE EMPLOYMENT AGREEMENT FOR REVIEW AND STUDY BEFORE HE WAS ASKED TO EXECUTE THEM;

 

(B) EMPLOYEE HAS READ SUCH AGREEMENTS CAREFULLY;

 

(C) EMPLOYEE HAS HAD SUFFICIENT OPPORTUNITY BEFORE HE EXECUTED SUCH AGREEMENTS TO ASK QUESTIONS ABOUT NOT ONLY COMPANY, BUT ALSO THE PROVISIONS OF SUCH AGREEMENTS AND THAT IF HE ASKED SUCH QUESTIONS HE RECEIVED COMPLETE AND SATISFACTORY ANSWERS TO SAME;

 

(D) EMPLOYEE HAS BEEN AFFORDED THE OPPORTUNITY TO DISCUSS AND REVIEW THIS CONFIDENTIALITY AGREEMENT AND THE EMPLOYMENT AGREEMENT WITH AN ATTORNEY OF HIS CHOICE;

 

(E) EMPLOYEE UNDERSTANDS WHAT HIS RIGHTS ARE UNDER THE AGREEMENTS AS WELL AS HIS OBLIGATIONS, ESPECIALLY THE ANCILLARY COVENANTS; AND

 

(F) EMPLOYEE HAS READ AND UNDERSTANDS EACH AND EVERY PROVISION OF SUCH AGREEMENTS AND DOES HEREBY ACCEPT AND AGREE TO THE SAME.

 

  

  

  

 

IN WITNESS WHEREOF, Employee herewith affixed his hand and Company has caused this Confidentiality Agreement to be executed by a duly authorized officer, all on the day and year below mentioned.

 

 

	 	 
Employee:

	 	 
	
 

Date: December 29, 2010

	 	 	 
	 	 	 	 
	 	Philip Rydzewski, an individual	 	 
	 	 	 	 
	 	 	 	 
	 	 
Company:

	 	 
	
 

Date: December 29, 2010

	 	 	 
	 	 	 	 
	 	 
James H. Long

Executive Chairmanex1001.htm - Generated by SEC Publisher for SEC Filing

 

 

This Termination Agreement and Mutual Release (this “Agreement”), dated as of December 24, 2010 is entered into by and by and among STANDARD GOLD CORP., a Nevada corporation (“Standard Gold”), PHYTOMEDICAL TECHNOLOGIES, INC., a Nevada corporation (the “Company”), the persons listed on Exhibit A annexed hereto, representing the holders of all of the issued and outstanding securities of Standard Gold (the “Standard Gold Stockholders”) and Sierchio & Company, LLP as the escrow agent (the “Escrow Agent”). The Company, Standard Gold and the Standard Gold Stockholders are sometimes herein collectively referred to as the “Parties” and individually as a “Party”).

 

Whereas, the Parties entered into a Share Exchange Agreement dated October 22, 2010 (the “SEA”) pursuant to which the Company, subject to the satisfaction of certain conditions, was to acquire all of the issued and outstanding shares of Standard Gold in exchange for 607,539,940 shares of its common stock (the “SGC Acquisition”); and

            Whereas, the Company and Standard Gold entered into a Bridge Loan Agreement dated August 25, 2010 pursuant to which the Company loaned Standard Gold $30,000 (the “Loan”); and

 

            Whereas, the Loan is evidenced by a promissory note dated August 25, 2010, which was issued and delivered by Standard Gold to the Company (the “Promissory Note”); and

 

Whereas, the Parties now wish to terminate the SEA and the other Transaction Documents (as defined below) and enter into a mutual release of all claims arising out of or otherwise related thereto, on the terms and subject to the conditions of this Agreement;

 

Now, Therefore, in consideration of the foregoing premises, the representations, warranties and covenants set forth below, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.      Certain Definitions.

 

(a)    As used herein, the following terms shall mean:

     

“Affiliate” means with respect to any Person, any other Persons directly or indirectly controlling, controlled by or under common control with, such Person as of the date on which, or at any time during the period for which, the determination of affiliation is being made.

 

“Company Released Parties” means the Company and each of its Affiliates and their present and former directors, officers, managers, control persons, stockholders, beneficiaries, members, employees, representatives and agents (as applicable), and any successors and assigns thereof.

 

“Standard Gold Released Parties” means Standard Gold and each of its Affiliates and their present and former directors, officers, managers, control persons, the Standard Gold Stockholders, beneficiaries, members, employees, representatives and agents (as applicable), and any successors and assigns thereof.

 

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“Person” means an individual, a corporation, a limited liability company, a partnership, an association, trust or any other entity or organization.

 

“Transaction Documents” means the SEA and any agreement, instrument or other document executed and delivered by the Company or any of its Affiliates, on the one hand, and Standard Gold or any of its Affiliates, on the other hand, in connection with, arising out of or otherwise relating to the SEA, other than this Agreement, the Bridge Loan Agreement and the Promissory Note.

 

(b)        All other capitalized terms used herein and not otherwise defined shall have the meaning ascribed thereto in the SEA.

 

            2.         Termination. Effective as of the date hereof, the Parties agree that the SEA and each of the other Transaction Documents are hereby terminated, null and void  ab initio and shall be of no further force and effect whatsoever, except and unless as otherwise set forth herein, and no Party under the SEA or any other Transaction Document shall have any continuing rights, obligations or liability in connection therewith or be entitled to any further benefits thereunder; provided, however, that nothing contained in this Agreement shall constitute a waiver, release or termination of any rights to enforce the terms of this Agreement.

 

            3.         Payment of the Promissory Note. On or prior to its delivery of this Agreement, Standard Gold shall have delivered to the Escrow Agent an amount equal to the outstanding principal balance of the Promissory Note plus accrued and unpaid interest thereon through the date hereof (collectively, the “Escrowed Funds”) to be applied in payment of the Promissory Note in accordance with the provisions of Section 4 hereof. 

 

            4.         The Escrow and Repayment of the Promissory Note.       

 

           (a)         Intention to Create Escrow over Escrowed Funds.  The Company intends that the Escrowed Funds shall be held in escrow by the Escrow Agent pursuant to this Agreement and released in accordance herewith.  

 

           (b)         Escrow Agent to Deliver Escrowed Funds.  The Escrow Agent shall hold and release the Escrowed Funds only in accordance with the terms and conditions of this Agreement.

 

           (c)         No Duty to Enforce Collection.  The Escrow Agent shall have no duty or responsibility to enforce the collection or demand payment of any funds deposited into the escrow account.

 

           (d)           Release of Escrowed Funds.  

 

            (1)        The execution and delivery of this Agreement by Standard Gold and the Company to the Escrow Agent shall constitute the irrevocable instruction to the Escrow Agent by each of Standard Gold and the Company to the Escrow Agent to release and deliver 

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promptly the Escrowed Funds to the Company.  If the Escrow Agent does not receive such executed copy of this Agreement by December 31, 2010 it shall promptly release and deliver the Escrowed Funds to Standard Gold.

 

            (2)        Notwithstanding any provision contained herein, upon receipt by the Escrow Agent of a final and non-appealable judgment, order, decree or award of a court of competent jurisdiction (a “Court Order”), the Escrow Agent shall deliver the Escrowed Funds in accordance with the Court Order.  Any Court Order shall be accompanied by an opinion of counsel for the party presenting the Court Order to the Escrow Agent (which opinion shall be reasonably satisfactory to the Escrow Agent) to the effect that the court issuing the Court Order has competent jurisdiction and that the Court Order is final and non-appealable.

 

            (3)        Standard Gold and the Company acknowledge that the only terms and conditions upon which the Escrowed Funds are to be released are set forth in this Section 4(d).  Any dispute with respect to the release of the Escrowed Funds shall be resolved pursuant to Section 4 (e)(8) or by agreement between the Company and the Escrow Agent.

 

           (e)        Duties and Responsibilities of the Escrow Agent.  The Escrow Agent’s duties and responsibilities shall be subject to the following terms and conditions:

 

          (1)        The Parties acknowledge and agree that the Escrow Agent (i) shall not be responsible for or bound by, and shall not be required to inquire into whether the Company or Standard Gold is entitled to receipt of the Escrowed Funds pursuant to any other agreement or otherwise; (ii) shall be obligated only for the performance of such duties as are specifically assumed by the Escrow Agent pursuant to this Agreement; (iii) may rely on and shall be protected in acting or refraining from acting upon any written notice, instruction, instrument, statement, request or document furnished to it hereunder and believed by the Escrow Agent in good faith to be genuine and to have been signed or presented by the proper person or party, without being required to determine the authenticity or correctness of any fact stated therein or the propriety or validity or the service thereof; (iv) may assume that any person believed by the Escrow Agent in good faith to be authorized to give notice or make any statement or execute any document in connection with the provisions hereof is so authorized; (v) shall not be under any duty to give the property held by the Escrow Agent hereunder any greater degree of care than the Escrow Agent gives its own similar property, but in no event less than a reasonable amount of care; and (vi) may consult counsel reasonably satisfactory to the Escrow Agent, the opinion of such counsel to be full and complete authorization and protection in respect of any action taken, suffered or omitted by the Escrow Agent hereunder in good faith and in accordance with the opinion of such counsel.

 

          (2)        The Parties acknowledge that the Escrow Agent is acting solely as a stakeholder at its request and that the Escrow Agent shall not be liable for any action taken by the Escrow Agent in good faith and believed by the Escrow Agent to be authorized or within the rights or powers conferred upon the Escrow Agent by this Agreement.  The Company and Standard Gold agree to indemnify and hold harmless the Escrow Agent and any of the Escrow Agent’s partners, employees, agents and representatives for any action taken or omitted to be taken by the Escrow Agent or any of them hereunder, including the fees of outside counsel and 

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other costs and expenses of defending itself against any claim or liability under this Agreement, except in the case of gross negligence, willful misconduct or material breach of this Agreement on the Escrow Agent’s part committed in its capacity as the Escrow Agent on behalf of the Company and Standard Gold under this Agreement and to no other person.

 

          (3)        The Escrow Agent may at any time resign as the Escrow Agent hereunder by giving five days prior written notice of resignation to the Company and Standard Gold.  Prior to the effective date of the resignation as specified in such notice, Standard Gold will issue to the Escrow Agent a written instruction, signed by a duly authorized officer of Standard Gold, authorizing delivery of the Escrowed Funds to a substitute escrow agent (“Substitute Escrow Agent”) selected by Standard Gold.  If no successor escrow agent is named by the Standard Gold within five (5) business days of the Escrow Agent’s resignation, the Escrow Agent may apply to a court of competent jurisdiction in the State of New York to appoint a successor escrow agent, and to deposit the Escrowed Funds with the clerk of any such court.

 

          (4)        The Escrow Agent does not have and will not have any interest in the Escrowed Funds, but is serving only as escrow agent, having only possession thereof.

 

          (5)        This Agreement sets forth exclusively the duties of the Escrow Agent with respect to any and all matters pertinent thereto, and no implied duties or obligations shall be read into this Agreement.

 

          (6)        Standard Gold and the Standard Gold acknowledge that the Escrow Agent has acted as legal counsel to the Company in connection with the SEA Transaction Documents and this Agreement            and will continue to provide such continue to provide legal services to the Company from time to time, including, but not limited to, any disputes arising under this Agreement.

 

          (7)        The provisions of this Section 4(e) shall survive the resignation of the Escrow Agent or the termination of this Agreement.

 

                       (8)        Resolution of disputes arising under this Agreement shall be subject to the following terms and conditions:

 

                      (a)           If any litigation shall arise with respect to the delivery, ownership, right of possession or disposition of the Escrowed Funds, or if the Escrow Agent shall in good faith be uncertain as to its duties or rights hereunder, the Escrow Agent shall be authorized, without liability to anyone, to, to (i) refrain from taking any action other than to continue to hold the Escrowed Funds pending receipt of a written instruction from Standard Gold, signed by a duly authorized officer of Standard Gold, or (ii)  deposit the Escrowed Funds with any court of competent jurisdiction in the State of New York, in which event the Escrow Agent shall give written notice thereof to the Company and Standard Gold and shall thereupon be relieved and discharged from all further obligations pursuant to this Agreement.  The Escrow Agent may, but shall be under no duty to, institute or defend any legal proceedings which relate to the Escrowed Funds.  The Escrow Agent shall have the right to retain counsel if it becomes 

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involved in any disagreement, dispute or litigation on account of this Agreement or otherwise determines that it is necessary to consult counsel.

 

                      (b)           The Escrow Agent is hereby expressly authorized to comply with and obey any Court Order.  In case the Escrow Agent obeys or complies with a Court Order, the Escrow Agent shall not be liable to the Company, Standard Gold or to any other person, firm, corporation or entity by reason of such compliance.

 

            4.         Release of Company Released Parties. Standard Gold and each of the Standard Gold Stockholders hereby fully and finally releases and discharges each of the Company Released Parties from any and all actions, causes of action, accounts, agreements, bonds, bills, covenants, contracts, controversies, claims, damages, demands, debts, dues, extents, executions, judgments, liabilities, obligations, promises, predicate acts, reckonings, specialties, suits, sums of money, trespasses and variances whatsoever, whether known or unknown, whether absolute, matured, contingent or otherwise, in law or equity (collectively, “Claims”), that Standard Gold and each of the Standard Gold Stockholders or any of the Standard Gold Released Parties ever had or now has or have against any of the Company Released Parties, for, upon, or by reason of any matter, cause or thing whatsoever, from the beginning of the world to the day of the date of this Agreement in connection with, arising out of, or in any manner related to the SEA or the Transaction Documents except for any Claims arising under this Agreement. Standard Gold and each of the Standard Gold Stockholders further agrees that it will not file or permit to be filed on its behalf any such Claim, including by any of the Casey Released Parties. This release is for any and all relief, no matter how denominated, including, without limitation, injunctive relief, compensatory damages, and punitive damages.

 

            5.         Release of Standard Gold Released Parties. The Company hereby fully and finally releases and discharges each of the Standard Gold Released Parties from any and all Claims that the Company or any of the Company Gold Released Parties ever had or now has or have against any of the Standard Gold Released Parties, for, upon, or by reason of any matter, cause or thing whatsoever, from the beginning of the world to the day of the date of this Agreement in connection with, arising out of, or in any manner related to the SEA or the Transaction Documents except for any Claims arising under this Agreement except for any Claims arising under this Agreement. The Company further agrees that it will not file or permit to be filed on its behalf any such Claim, including by any of the Company Released Parties. This release is for any and all relief, no matter how denominated, including, without limitation, injunctive relief, compensatory damages, and punitive damages.

  

            6.         Ownership of Released Claims; Waiver of Rights. Each Party represents and warrants to the other that no other Person has any interest in any Claims released by this Agreement, and that they have not sold, assigned, transferred, pledged, conveyed or otherwise disposed of any claims released by this Agreement. As to all Claims released herein, each of the Parties hereby expressly waives, to the fullest extent permissible under law, any and all rights they may have or claim to have under any provision of law that in any way limits the terms of a release to Claims which the Parties are aware of at the time of the execution of the release. In connection with such release, the Parties acknowledge that they are aware that they may hereafter discover Claims presently unknown or unsuspected, or facts in addition to or different 

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from those which they now know or believe to be true, with respect to the matters released herein. Nevertheless, it is the intention of the Parties fully, finally and forever to release all matters released herein. In furtherance of such intention, this release shall be and remain in effect as a full and complete release of such matters notwithstanding the discovery or existence of any such additional or different Claims or facts relative thereto. 

 

            7.         Representations and Warranties.  

 

                        (a)        The Company Representations.      The Company represents and warrants to the other Parties that: (a) it has full power and authority to enter into this Agreement and to perform its obligations hereunder in accordance with the provisions of this Agreement, (b) this Agreement has been duly authorized, executed and delivered by such party, and (c) this Agreement constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity.

 

                        (b)       The Standard Gold Representations.          Standard Gold represents and warrants to the Company that: (a) it has full power and authority to enter into this Agreement and to perform its obligations hereunder in accordance with the provisions of this Agreement, (b) this Agreement has been duly authorized, executed and delivered by such party, (c) this Agreement constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity, and (d) the person signing and delivering this Agreement on behalf of the Standard Gold Stockholders has full power and authority to do so.

 

                        (c)        The Standard Gold Stockholders Representations.           Standard Gold represents and warrants to the Company that: (a) he she or it has full power and authority to enter into this Agreement and to perform its obligations hereunder in accordance with the provisions of this Agreement, (b) this Agreement has been duly authorized, executed and delivered by such party, (c) this Agreement constitutes a legal, valid and binding obligation of such party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights and remedies generally and to general principles of equity, whether applied in a court of law or a court of equity and (d) the person signing and delivering this Agreement on behalf of the Standard Gold Stockholders has full power and authority to do so.

 

            8.           Public Announcement.  The Parties acknowledge that the Company will file a Form 8-K with the Securities and Exchange Commission with respect to this Agreement and the termination of the SEA may issue a press release, which it will deliver to Standard Gold for comment prior to issuance.   Notwithstanding the foregoing, the Company will be permitted to make reference to the matters addressed in this Agreement in other press releases or required filings with the Securities and Exchange Commission, provided that such references are consistent in substance with the Release or are required by applicable law or listing requirements.

 

6

 

 

 

  

            9.         Third-Party Beneficiaries; Assignment. The Parties acknowledge and agree that each of the Company Released Parties and each of the Standard Gold Released Parties shall be third-Party beneficiaries of this Agreement for purposes of relying upon and enforcing the release and discharge of the Parties pursuant to Sections 5 and 6 above. All rights and obligations hereunder shall not be assignable without the prior written consent of the other Party.

 

            10.       Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof.  Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible so as to be valid and enforceable.

 

               11.     Unknown Claims.     Each of the parties hereto agrees that (i) the releases contemplated by this Agreement extend to claims that the parties granting the release (the “Releasing Parties”) do not know or suspect to exist at the time of the release, which if known, might have affected the Releasing Parties’ decision to enter into the release, (ii) the Releasing Parties shall be deemed to relinquish, to the extent it is applicable, and to the full extent permitted by law, the provisions, rights, and benefits of § 1542 of the California Civil Code, to the extent applicable to any Releasing Party and (iii) the Releasing Parties shall be deemed to waive any and all provisions, rights, and benefits conferred by any federal, state, local, statutory, or common law or any other law, rule, or regulation, including the law of any jurisdiction outside of the United States, which is similar, comparable, or equivalent to California Civil Code § 1542.

 

            12.       Entire Agreement. This Agreement, the Promissory Note and Bridge Loan, constitutes the entire agreement of the Parties hereto with respect to the subject matter hereof, and, except with respect to the Escrow Agreement, supersedes all prior discussions, agreements and understandings of the Parties hereto with respect to such subject matter, including without limitation the Transaction Documents.

 

            13.       Amendment. This Agreement shall not be amended, supplemented, rescinded or otherwise modified, nor may any provision hereof be waived or terminated, except by a written instrument signed by each of the Parties hereto.

 
             14.       Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.  The exchange of copies of this Agreement or amendments thereto and of signature pages by facsimile transmission or by email transmission in portable digital format, or similar format, shall constitute effective execution and delivery of such instrument(s) as to the parties and may be used in lieu of the original Agreement or amendment for all purposes.  Signatures of the parties transmitted by facsimile or by email transmission in portable digital format, or similar format, shall be deemed to be their original 

 

7

 

 

 

 signatures for all purposes.

 

            15.       Construction.

 

                        (a)        For purposes of this Agreement, whenever the context requires: (i) the singular number shall include the plural, and vice versa; and (ii) the division of this Agreement into articles, sections, subsections and paragraphs and the insertion of headings are for convenience of reference only and shall not affect the construction or interpretation of this Agreement; and (vi) except as otherwise indicated, all references in this Agreement to “Sections,” “Schedules” and “Exhibits” are intended to refer to Sections of this Agreement and Schedules and Exhibits to this Agreement.

 

                        (b)        Each of the parties hereto has been represented by legal counsel except to the extent that such party has declined legal counsel.  Accordingly, the parties hereto agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in the construction or interpretation of this Agreement.

 
             16.       Governing Law. GOVERNING LAW AND VENUE. THIS AGREEMENT SHALL BE DEEMED TO BE MADE IN AND IN ALL RESPECTS SHALL BE INTERPRETED, CONSTRUED AND GOVERNED BY AND IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY IN SUCH STATE. The Parties hereby irrevocably submit to the jurisdiction of the courts of the State of New York and the Federal Courts of the United States of America located in the State of New York solely in respect of the interpretation and enforcement of the provisions of this Agreement and of the documents referred to in this Agreement, and in respect of the transactions contemplated hereby, and hereby waive, and agree not to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof or of any such document, that it is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement or any such document may not be enforced in or by such courts, and the parties hereto irrevocably agree that all claims with respect to such action or proceeding shall be heard and determined in such a New York State or Federal Court. 

 

 

[SIGNATURE PAGE FOLLOWS]

 

 

 

8

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

STANDARD GOLD CORP.

 

 

By:___________________________ 

Name:________________________ 

Title:_________________________ 

 

 

PHYTOMEDICAL TECHNOLOGIES, INC. 

 

 

By:___________________________ 

Name:________________________ 

 

 

Title:_________________________ 

 

 

 

                SIERCHIO & COMPANY, LLP, as Escrow Agent

 

 

 

            By: ________________________________

 

 

            Title: ______________________________

[SIGNATURE PAGE FOR STANDARD GOLD STOCKHOLDERS FOLLOWS ON THE NEXT PAGE]

 

9

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

 

STANDARD GOLD STOCKHOLDERS:

 

 

	
Josie Mann

	
Kian Ehsan

	
Darren Mann

	
Kristian Andresen

	
Ethny Lindsay

	
Theresa Grigg

	
Casa Madrid Holdings, Inc.

	
Boucheron Investments

	
Joyce Lindsay

	
David Sidders

	
Rosalind Lindsay

	
Lindsay Capital

	
Denis Corin

	
Derrick Townsend

	
Oliver Lindsay

	
James Taylor

	
Johnathan Lindsay

	
Cat Brokerage AG

	
Randall Reneau

	
Clifton Pinkard

	
Stefanus International Inc.

	
Charna Fuchs

	
Daniel Bleak

	
Michael & Jennifer Evans

	
Joshua Bleak

	
New Paradigm Capital

	
Floyd Bleak

	
Copper Eagle

	
Taylor Housser

	
Berlin Financial Corp.

	
Glynn Fisher

	
NPX Metals, Inc.

	
Anthony Huston

	
Alan S. Honig C/F Harrison Honig UTMA/FL

	
Sandra Corin

	
Alan S. Honig C/F Cameron Honig UTMA/FL

	
 

	
Alan S. Honig C/F Ryan Honig UTMA/FL

	
 

	
Alan S. Honig C/F Jacob Honig UTMA/FL

	
 

	
Sandor Capital Master Fund, L.P.            

	
 

	
Barry Honig

 

 

 

BY:                 _______________________________________

 

Name:              John Lindsay

 

Title:                Attorney in Fact for each of the above named Standard Gold Corp. Shareholders

 

10

 

 

 

EXHIBIT A

 

STANDARD GOLD STOCKHOLDERS

 

 

	
  Josie Mann

  	
  Kian Ehsan

  
	
  Darren Mann

  	
  Kristian Andresen

  
	
  Ethny Lindsay

  	
  Theresa Grigg

  
	
  Casa Madrid Holdings, Inc.

  	
  Boucheron Investments

  
	
  Joyce Lindsay

  	
  David Sidders

  
	
  Rosalind Lindsay

  	
  Lindsay Capital

  
	
  Denis Corin

  	
  Derrick Townsend

  
	
  Oliver Lindsay

  	
  James Taylor

  
	
  Johnathan Lindsay

  	
  Cat Brokerage AG

  
	
  Randall Reneau

  	
  Clifton Pinkard

  
	
  Stefanus International Inc.

  	
  Charna Fuchs

  
	
  Daniel Bleak

  	
  Michael & Jennifer Evans

  
	
  Joshua Bleak

  	
  New Paradigm Capital

  
	
  Floyd Bleak

  	
  Copper Eagle

  
	
  Taylor Housser

  	
  Berlin Financial Corp.

  
	
  Glynn Fisher

  	
  NPX Metals, Inc.

  
	
  Anthony Huston

  	
  Alan S. Honig C/F Harrison Honig UTMA/FL

  
	
  Sandra Corin

  	
  Alan S. Honig C/F Cameron Honig UTMA/FL

  
	
   

  	
  Alan S. Honig C/F Ryan Honig UTMA/FL

  
	
   

  	
  Alan S. Honig C/F Jacob Honig UTMA/FL

  
	
   

  	
  Sandor Capital Master Fund, L.P.            

  
	
   

  	
  Barry Honig

  

 

 

 

 

 

11

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