Document:

ex10_1.htm

  
    EXHIBIT 10.1

     

    AGREEMENT AND
RELEASE

    This
Agreement and Release (this "Agreement") is made and entered into by and among
Leslie Flegel, residing at 4951 Gulf Shore Boulevard, PH 201, Naples, FL 34103
(the "Executive"), and National Patent Development Corporation, a Delaware
corporation with principal executive offices at 10 East 40th Street, Suite 3110,
New York, New York 10016 ("NPDC") and Five Star Products, Inc., a Delaware
corporation with principal executive offices at 10 East 40th Street, Suite 3110,
New York, New York 10016 ("Five Star").

    WHEREAS,
the Executive, NPDC and Five Star have agreed to terminate Executive's
employment and/or consulting agreement with Five Star, to terminate the
Executive's positions as an officer and member of the boards of directors of
NPDC and Five Star and to permit NPDC to purchase shares of Five Star Common
Stock (as defined) and NPDC Common Stock (as defined) owned by the Executive and
his family;

    WHEREAS,
the Executive owns 200,000 shares of NPDC Common Stock which are exchangeable,
under certain circumstances, into 1,200,000 shares of Five Star Common Stock
owned by NPDC;

    NOW
THEREFORE, in consideration of the mutual promises and covenants contained
herein, it is agreed as follows:

    1.            
Sale of Stock and
Closing.

    (a)           On
March 3, 2008 or such later date as the parties shall agree (the "Closing
Date"), the Executive shall sell to NPDC and NPDC shall purchase subject to the
conditions set forth herein (i) 200,000 shares of common stock, par value $0.01
of NPDC (the "NPDC Common Stock") owned by the Executive at the price of $3.60
per share (the 1,200,000 shares of Five Star Common Stock into which the NPDC
Common Stock is exchangeable, multiplied by $0.60 per share, the result then
divided by the 200,000 shares of NPDC Common Stock) and (ii) 1,698,336, shares
of Five Star common stock, par value $0.01 per share (the "Five Star Common
Stock") owned by the Executive at a price of $0.60 per share.  The
Five Star Common Stock and NPDC Common Stock referred to herein as the
"Shares."

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)           Effective
the date of this Agreement, the Agreement dated as of March 2, 2007 between Five
Star and the Executive regarding the Executive's services to be rendered to Five
Star is terminated without any further liability of Five Star (the "Services
Agreement").

    (c)           Effective
the date of this Agreement, the Registration Right Agreement, dated as of March
2, 2007 between Five Star and the Executive is terminated without any further
liability of Five Star.

    (d)           Sections
2 and 6 of the Purchase Agreement dated as of March 2, 2007 between NPDC and the
Executive (the "Purchase Agreement") is terminated effective the date of this
Agreement and the balance of the Purchase Agreement is terminated effective the
Closing Date.

    (e)           Effective
the date of this Agreement, the Registration Rights Agreement dated as of March
2, 2007 between NPDC and the Executive is terminated.

    (f)           The
Executive resigns as an officer and director of Five Star and as a director of
NPDC effective the date of this Agreement.

    (g)           The
Executive shall cause the sale to NPDC of 301,664 shares of Five Star Common
Stock owned by his family at the price of $0.60 per share on the Closing Date
pursuant to the terms of the Sale Agreement attached hereto as Exhibit A and
NPDC agrees to buy such shares in accordance with the Sale
Agreement.  However, if a seller of shares of Five Star Common Stock
cannot or will not sell its shares to NPDC under the Sale Agreement, NPDC may at
its sole discretion waive that condition to purchase shares from the Executive
and the Executive shall be required to proceed with such sale to
NPDC

    
      
         

      

      
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    2.         
   Representation and
Warranties of The Executive.

    (a)           The
NPDC Common Stock to be transferred to NPDC by the Executive pursuant to Section
1(a)(i) of this Agreement are on the date of this Agreement, and will on the
Closing Date be, owned by the Executive free and clear of any and all pledges,
liens, encumbrances or security interests of every kind or nature except as may
be created by agreements with NPDC or Five Star which are being terminated by
this Agreement (collectively, the "Encumbrances"), other than Encumbrances
resulting from acts or failure to act of NPDC, and the Executive shall have full
right and authority to so transfer such shares to NPDC.

    (b)           The
Five Star Common Stock to be transferred to NPDC by the Executive pursuant to
Section 1(a)(ii) of this Agreement are on the date of this Agreement, and will
on the Closing Date be, owned by the Executive free and clear of any and all
Encumbrances, other than Encumbrances resulting from acts or failure to act of
NPDC and the Executive shall have full right and authority to so transfer such
shares to NPDC.

    (c)           The
Executive acknowledges that NPDC may now or at the Closing Date be in possession
of material inside information regarding NPDC or Five Star that the Executive is
not aware of.  Nonetheless, the Executive willingly has agreed to sell
the shares of NPDC Common Stock and Five Star Common Stock owned by him to NPDC
pursuant to the terms of this Agreement.  The Executive represents
that he is an "accredited investor" (as defined in Rule 501(a) of Regulation
under the Securities Act of 1933, as amended) and is a sophisticated investor
with experience in transactions in securities of the kind reflected in this
Agreement and has sought and received the advice of legal counsel familiar with
transactions of this kind and he is not relying on any disclosure or
non-disclosure made or not made, or the completeness thereof, in connection with
or arising out of his sale of the Shares and has no claims against NPDC or Five
Star or their respective officers and directors with respect thereto and if any
such claim exists, the Executive, recognizing his disclaimer of reliance and
NPDC's and Five Star's reliance on such disclaimer as a condition for entering
into the purchase of the Shares, covenants and agrees not to assert it against
NPDC, Five Star or any other Releasee (as defined).

    
      
         

      

      
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    (d)           No
authorization, consent or approval of, or exemption by, any governmental or
public body or authority is required to authorize, or is required in connection
with, the execution, delivery and performance of this Agreement, or the taking
of any action contemplated hereby, by the Executive, except those that have been
obtained or are available.

    (e)           Except
with respect to agreements with NPDC and Five Star being terminated by this
Agreement, neither the execution and delivery of this Agreement, nor compliance
with any of the terms and provisions hereof, nor the consummation of any of the
transactions herein contemplated will: (i) violate any law, regulation, order,
writ, injunction or decree of any court or governmental department, commission,
board, bureau, agency or instrumentality applicable to the Executive, or (ii)
conflict or be inconsistent with, or result in any breach of, any of the terms,
covenants, conditions or provisions of, or constitute a default under the terms
of any indenture, mortgage, deed of trust, agreement or other instrument, to
which the Executive is a party or by which he may be bound or to which he may be
subject.

     

    
      
         

      

      
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      3.              Releases.

    

    (a)           By the
Executive.  For and in consideration of the purchase by NPDC of
shares of NPDC Common Stock and Five Star Common Stock owned by the Executive
pursuant to Section 1,  the Executive, for him, his heirs and family
members, hereby releases NPDC and Five Star and their respective predecessors,
successors, parents, affiliated or subsidiary companies and its or their
respective present or former officers, directors, agents, employees, managers,
members, shareholders or partners and any and all of their respective benefit
plans, committees, trustees, fiduciaries, and trusts (hereinafter collectively
referred to as the "Releasees") from any and all claims or causes of action he
may have or claim to have against the Releasees, including any claims arising
out of or relating in any way to his employment and/or consulting relationship
with NPDC or Five Star and/or his separation from that employment and/or
consulting relationship.  The claims released include, but are not
limited to:

    (i)            
all claims which were or could have been asserted by the Executive against any
of the Releasees;

     

    (ii)           
all federal, state and local statutory claims, including claims arising under
the New York Human Rights Law, New York Labor Law, the New York City Human
Rights Law, the Conscientious Employee Protection Act, Title VII of the Civil
Rights Act of 1964, the Fair Labor Standards Act, the Americans with
Disabilities Act, the Rehabilitation Act, the Employee Retirement Income
Security Act, the Uniformed Services Employment and Reemployment Rights Act of
1994, the Sarbanes-Oxley Act of 2002, and the Family and Medical Leave
Act;

     

    (iii)           all
claims arising under the United States, New York  or other state
Constitutions;

     

    (iv)           all
claims arising under any Executive Order or derived from or based upon any
federal, state or local regulation;

     

    (v)           
all common law claims including claims for wrongful discharge, constructive
discharge, violation of public policy, breach of an express or implied contract,
breach of an implied covenant of good faith and fair dealing, tortious
interference with contract or prospective economic advantage, promissory
estoppel, intentional infliction of emotional distress, defamation, conspiracy,
equitable estoppel, fraud, misrepresentation, detrimental reliance, retaliation,
and negligence;

    
      
         

      

      
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    (vi)           all
claims for any compensation including back wages, front pay, bonuses or awards,
commissions, fringe benefits, disability benefits, medical benefits, severance
benefits, reinstatement, retroactive seniority, pension benefits, stock options,
contributions to 401(k) plans, or any other form of economic loss, as well as
interest, liquidated damages, and punitive damages;

     

    (vii)          all
claims for personal injury, including physical injury, mental anguish, emotional
distress, pain and suffering, embarrassment, humiliation, damage to name or
reputation and loss of consortium; and

     

    (viii)         all
claims for costs and attorneys' fees.

     

    (b)           By Five Star and
NPDC.  For and in consideration of the sale by Executive of
shares of NPDC Common Stock and Five Star Common Stock owned by the Executive
pursuant to Section 1, Five Star and NPDC, and on behalf of their respective
predecessors, successors, parents, affiliated or subsidiary companies, hereby
release the Executive from any and all claims or causes of action either of them
may have or claim to have against the Executive, including any claims arising
out of or relating in any way to his employment and/or consulting relationship
with NPDC or Five Star, his service as an officer or director of either of NPDC
or Five Star, or related to his performance of services required in accordance
with the terms of the Services Agreement.

    (c)           Limitation on
Releases.  Nothing in this Section 3 is intended, nor shall be
deemed, to (i) release any future claim by any party arising after the date of
the execution of this Agreement by the Executive or (ii) release NPDC or Five
Star from any obligation to indemnify Executive for serving in the capacity as
an officer or director of NPDC or Five Star to the full extent permitted by
law.

    
      
         

      

      
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    (d)           Executive's Release
Regarding Age Discrimination.  For and in consideration of
NPDC’s transfer of ownership to the Executive of the office furniture located in
the Executive’s office at NPDC’s principal offices and of the NPDC-owned
automobile used by the
Executive, the Executive, for himself, his heirs and family members, hereby
releases the Releasees from any and all claims under the federal Age
Discrimination in Employment Act of 1967, as amended.  With respect to
this Subsection 3(d), the Executive has been advised to consult legal counsel,
and acknowledges that he has up to twenty-one (21) days to consider the release
agreement in this Subsection 3(d).  Further, after signing in the
space provided below, the Executive shall have up to seven (7) days to revoke
his signature with respect to Subsection 3(d) only by sending notice of
revocation to John Belknap within the seven-day period.  If not
revoked within such seven-day period, the provisions of this Subsection 3(d)
shall become effective, and the transfer of ownership of the office furniture
and automobile shall be made promptly thereafter, provided, however, that no
transfer of ownership of office furniture and automobile shall take effect
unless and until the Executive has satisfied the requirements set forth in
Section 1 of this Agreement to sell the Shares owned by him and his family to
NPDC.

    4.        
    Non-Disparagement;
Confidentiality.

    (a)           The
Executive represents that (i) he has not made and will not make disparaging
comments or statements (including statements to the press) or (ii) he has not
taken, and will not take, unless in accordance with this Agreement, any other
action(s) that were or may be injurious to a Releasee's reputation or interest
or that pertain to or that may adversely affect (A) a Releasee; (B) any
customers, competitors, or suppliers of NPDC or Five Star; or (C) any joint
venture or similar business relationship in which NPDC or Five Star is a party
or a participant.

    (b)           The
Executive has not and will not divulge or communicate to any person or entity,
or in any way make use of, any confidential, proprietary or privileged
information acquired in the performance of his duties for NPDC or Five
Star.  For purposes of this Agreement, "confidential or proprietary
information" shall mean all information regarding NPDC or Five Star's affairs,
finances, properties, methods of operation, data, systems, employees or business
plans or strategy which is not publicly available except that information made
publicly available by the Executive's breach of this Agreement shall remain
confidential or proprietary information.

    
      
         

      

      
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    5.           
 Specific
Performance.  The Executive understands and agrees that the
representations and promises of the Executive contained in this Agreement are
material terms of this Agreement, and that NPDC and Five Star were induced to
enter into this Agreement based upon such representations and
promises.  The Executive acknowledges that a breach of such
representations and/or promises would result in damages to NPDC and Five Star
which would be difficult to calculate and determine.  Accordingly, the
Executive agrees that in the event of any breach of this Agreement by him, NPDC
and Five Star may seek specific performance of this Agreement by the Executive
without the necessity of posting any bond or other security and the Executive
consents to the ordering of specific performance.

    6.         
   Return of
Items.  The Executive warrants and represents that as of the
date of his signing this Agreement, except as provided in Section 3(d) above, he
has returned to NPDC all property of NPDC or Five Star (whether or not produced
by him) within his possession, custody or control, including but not limited to
all documents (and copies of documents), all electronic forms of information
(and copies of the same), any keys or access security cards to the offices of
NPDC or Five Star, any identification cards, credit cards, computers, laptops,
cell phones and any ancillary equipment. Notwithstanding the
provisions of this Section, it is agreed that the Executive may retain any
documents relating solely to benefits available to him as an officer or director
of NPDC or Five Star.

    
      
         

      

      
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    7.             Filing of
Complaints.  The Executive represents that he has not filed any
charge, complaint, or lawsuit against NPDC or Five Star or any other Releasee or
with any governmental agency or court.  With respect to any lawsuits,
complaints, or charges that have been or may be filed by any other person or
entity concerning events or actions relating to the Executive's employment or
consultation services with NPDC or Five Star or separation from such employment
or consultation services, the Executive additionally waives and releases any
right he may have to recover in any lawsuit or administrative proceeding brought
by any such person or entity.  If the Executive is made a member of a
class in any proceeding involving NPDC or Five Star, he shall opt out promptly
after learning of his inclusion.  In this regard, the Executive agrees
to sign, without objection or delay, an "opt out" form presented to him either
by the court in which such proceeding is pending or by counsel for NPDC or Five
Star or any other Releasee who is made a defendant in such
proceeding.

    8.          
  Illegality.  If
any provision of this Agreement is held to be illegal, void, or unenforceable,
that holding shall have no effect upon, and shall not impair the legality or
enforceability of, any other provision of this Agreement; provided, however,
that, upon any finding that any provision is illegal, void or unenforceable, the
Executive agrees, at NPDC's request, to promptly execute an amendment to this
Agreement with a provision of comparable scope that has been revised only to the
extent needed to render it legal and enforceable.

    9.         
   Arbitration.  Except
as set forth in Section 5 of this Agreement, it is agreed that any claim or
dispute arising out of or relating to this Agreement will be settled by private
and binding arbitration to be conducted before a single arbitrator in the State
of New York.  Unless otherwise mutually agreed by the parties, the
arbitration proceeding shall be conducted pursuant to the American Arbitration
Association Rules for the Resolution of Employment
Disputes.  Arbitration may be invoked by written notice to the
American Arbitration Association, served upon the opposing party by registered
mail, stating with particularity the issue(s) posed for arbitration; provided,
however, that no request for arbitration may be made until thirty (30) days
after written notice of the claim or dispute has first been forwarded by
certified mail to the other party.  The arbitration proceedings shall
be private and confidential and all information disclosed in the course of the
arbitration, as well as the arbitration award, shall be subject to the same
confidentiality provisions as set forth in this Agreement.

    
      
         

      

      
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    10.           Review of
Agreement.  The Executive represents that he has carefully read
and fully understands all of the provisions of this Agreement.  NPDC
and Five Star hereby advise the Executive that he should consult with an
attorney prior to signing this Agreement and he represents that he has had an
opportunity to review and discuss this Agreement with his attorneys, and that he
is voluntarily agreeing to and signing this Agreement.  The Executive
acknowledges that the only consideration he has received for executing this
Agreement is that set forth herein.  No other promise, inducement,
threat, agreement or understanding of any kind or description has been made with
him or to him to cause him to enter into this Agreement.  This
Agreement supersedes any prior agreement, oral or written, between the
parties.

    11.           Closing.  The
closing (the "Closing") provided for in Section 1 shall take place at 10:00
A.M., local time, at the principal executive offices of NPDC, on the Closing
Date.  Certificates representing the NPDC Common Stock and Five Star
Common Stock to be purchased shall be delivered by the Executive at the Closing
against payment.  Each such certificate shall be endorsed in blank or
have attached a duly executed stock power, in each case in proper form for
transfer, with signatures guaranteed by a commercial bank, and with all
applicable stock transfer tax stamps affixed thereto.  By delivering
the certificates at the Closing, the Executive shall be deemed to represent to
NPDC that he owns beneficially and of record all of the Shares, free and clear
of any and all Encumbrances and all such Shares are freely transferable by him,
and are not subject to any voting trusts, proxies or other agreements relating
to the voting or transfer thereof except those with NPDC and Five Star being
terminated by this Agreement.  Subject to the conditions set forth
herein, NPDC shall pay to the Executive the purchase price provided in Section 1
by certified check or wire transfer of immediately available funds to an account
designated in writing by the Executive.

    
      
         

      

      
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    12.           Non-Competition,
Non-Solicitation; Standstill.  The Executive agrees that he
will not, commencing on the date he signs this Agreement and ending one year
after the Closing Date (the "Covered Period"), directly or indirectly, (a)
solicit the employment of, or encourage to leave the employment of NPDC or Five
Star or any direct or indirect subsidiary of either thereof (a "Covered
Company"), any person who is now employed by a Covered Company, (b) hire any
employee or former employee of a Covered Company or (c) compete with or be
engaged in the same business as a Covered Company, or be employed by, or act as
consultant or lender to, or be a director, officer, employee, owner, or partner
of, any business or organization doing business in the Covered Territory (as
defined) which, during the Covered Period indirectly competes with or is engaged
in the same business as a Covered Company, except that in each case the
provisions of this Section 12 will not be deemed breached merely because the
Executive owns not more than 1% of the outstanding common stock of a
corporation, if, at the time of its acquisition by the Executive, such stock is
listed on a national securities exchange or is regularly traded in the
over-the-counter market by a member of a national securities
exchange.  The Covered Territory includes
the states located in New England, and the States of New York, New Jersey,
Pennsylvania, Maryland, Virginia, West Virginia, North Carolina, South Carolina
and Kentucky and the District of Columbia.

      Except
for the Shares owned prior to the Closing, and unless approved in advance by the
Board of Directors of NPDC, the Executive will not during the Covered Period,
directly or indirectly become a beneficial owner (as such term is defined in
Rule 13d-3 under the Securities Exchange Act of 1934, as amended) of any
securities issued by NPDC or Five Star or any rights or options to acquire any
such securities or conduct, participate or support any tender offer, proxy
solicitation, solicitation of written consents of shareholders or shareholder
proposal or transaction involving any merger, consolidation, reorganization
involving a Covered Company or sale of substantially all the assets of a Covered
Company.

    

    
      
         

      

      
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    13.           (a)           Further
Assurances.  At any time and from time to time, each party
agrees, at its or his expense, to take such actions and to execute and deliver
such documents as may be reasonably necessary to effectuate the purposes of this
Agreement.

    (b)           Survival.  The
covenants, agreements, representations, and warranties contained in or made
pursuant to this Agreement shall survive the sale of the NPDC Common Stock and
Five Star Common Stock and any delivery of the purchase price by NPDC,
irrespective of any investigation made by or on behalf of any
party.

    (c)           Modification.  This
Agreement and the Exhibit set forth the entire understanding of the parties with
respect to the subject matter hereof, supersede all existing agreements among
them concerning such subject matter, and may be modified only by a written
instrument duly executed by each party.

    
      
         

      

      
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    (d)           Notices.  Any
notice or other communication required or permitted to be given hereunder shall
be in writing and shall be given by Federal Express, Express Mail, or similar
overnight delivery or courier service or delivered (in person or by telecopy,
telex, or similar telecommunications equipment) against receipt to the party to
whom it is to be given at the address of such party set forth below (or to such
other address as the party shall have furnished in writing in accordance with
the provisions of this Section.  Any notice or other communication
shall be deemed given at the time of receipt thereof.

    
      	 	If to the
      Executive: 	Leslie
    Flegel	 
	 	 	

              4951
      Gulf Shore Boulevard

              PH
      201

              Naples,
      Fl 34103

              Fax:
      (239) 591-6718

            	 
	 	 	 	 
	 	If to NPDC or Five
      Star: 	National Patent
      Development Corporation	 
	 	 	

              10
      East 40th Street

              Suite
      3110

              New
      York, NY 10016

              Fax:
      (646) 742-1601

              Att:
      President

            	 
	 	 	 	 

    

    (e)           Waiver.  Any
waiver by any party of a breach of any term of this Agreement shall not operate
as or be construed to be a waiver of any other breach of that term or of any
breach of any other term of this Agreement.  The failure of a party to
insist upon strict adherence to any term of this Agreement on one or more
occasions will not be considered a waiver or deprive that party of the right
thereafter to insist upon strict adherence to that term of any other term of
this Agreement.  Any waiver must be in writing signed by the party
granting the waiver.

    (f)       
    Binding on Successors and
Assigns.  The provisions of this Agreement shall be binding
upon and inure to the benefit of NPDC and Five Star and their respective
successors and assigns and the Executive and his assigns, heirs, and personal
representatives.

    (g)           Third Party
Beneficiaries.  This Agreement does not create, and shall not
be construed as creating, any rights enforceable by any person not a party to
this Agreement.

    
      
        
        

      

      
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    (h)           Headings.  The
headings in this Agreement are solely for convenience of reference and shall be
given no effect in the construction or interpretation of this
Agreement.

    (i)          
 Miscellaneous.  This
Agreement may be executed in counterparts, each of which shall be deemed an
original, but both of which together shall constitute one and the same
instrument.  It shall be governed by and construed in accordance with
the laws of the State of New York, without giving effect to conflict of
laws.  Except as provided in Section 9, any action, suit, or
proceeding arising out of, based on, or in connection with this Agreement or the
transactions contemplated hereby may be brought only in the United States
District Court for the Southern District of New York or any court of the State
of New York located in the Borough of Manhattan of the City of New York, and
each party covenants and agrees not to assert, by way of motion, as a defense,
or otherwise, in any such action, suit, or proceeding, any claim that it or he
is not subject personally to the jurisdiction of such court, that its or his
property is exempt or immune from attachment or execution, that the action, suit
or proceeding is brought in an inconvenient forum, that the venue of the action,
suit, or proceeding is improper, or that this Agreement or the subject matter
hereof may not be enforced in or by such court.

    

    
      	
              LESLIE
      FLEGEL

            	 	NATIONAL
      PATENT DEVELOPMENT CORPORATION	 
	 	 	 	 	 
	 	 	 	 	 
	
              /s/ Leslie Flegel 

            	 	By: 	
              /s/ John C. Belknap 

            	 
	 	 	Name: 	
              John C. Belknap 

            	 
	
              DATED:
      March 25, 2008.

            	 	Title:  	
              Vice President 

            	 
	 	 	 	 	 
	 	 	DATED:
      March 25, 2008.	 
	 	 	 	 	 
	 	 	 	 	 
	
              /s/ Leslie Flegel 

            	 	 	 	 
	
              LESLIE
      FLEGEL (as to subparagraph 3(d)

            	 	FIVE
      STAR PRODUCTS, INC.	 
	 	 	 	 	 
	
              DATED:
      March 25, 2008.

            	 	 	 	 
	 	 	By: 	
              /s/ John C. Belknap 

            	 
	 	 	Name:  	
              John C. Belknap 

            	 
	 	 	 	
              President

            	 
	 	 	DATED:
      March 25, 2008.	 

    

    

    
      
         

      

      
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    EXHIBIT
A

     

    Sale
Agreement

     

    This Sale
Agreement (this "Sale Agreement") is made and entered into by and among the
undersigned at the address set forth under their respective names (each a
"Seller" and collectively the "Sellers") and National Patent Development
Corporation, a Delaware corporation with principal executive offices at 10 East
40th Street, Suite 3110, New York, NY  10016 ("NPDC") and Five Star
Products, Inc., a Delaware with principal offices at 10 East 40th Street, Suite
3110, New York, NY  10016 ("Five Star").

    NOW THEREFORE, in
consideration of the mutual promises and covenants contained herein, it is
agreed as follows:

    1.          
  Sale of
Shares.

    (a)           On
such date and time (the "Closing Date") and place as NPDC shall purchase shares
of NPDC common stock, par value $0.01, (the "NPDC Common Stock") and shares of
common stock, $0.01 par value, of Five Star Products, Inc. (the "Five Star
Common Stock") from Leslie Flegel pursuant to the terms of the Agreement and
Release made and entered into among Leslie Flegel, NPDC and Five Star (the
"Flegel Agreement"), each Seller will sell the number of shares of the Five Star
Common Stock set forth next to its name to NPDC for $0.60 per share at the
closing (the "Closing") and NPDC shall purchase such shares conditioned on the
consummation of the closing provided for in the Flegel
Agreement.  NPDC may elect not to proceed with the purchase of any
Seller's shares of Five Star Common Stock if any other Seller does not sell its
shares of Five Star Common Stock to NPDC hereunder.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      (b)           At
the Closing, each Seller shall deliver to NPDC certificates representing the
Five Star Common Stock to be purchased by NPDC endorsed in blank or having
attached a duly executed stock power, in each case in proper form for transfer,
with signatures guaranteed by a commercial bank, and with all applicable
stock transfer tax stamps affixed thereto.  By delivering the
certificates at the Closing, each Seller represents with respect to the shares
of Five Star Common Stock being sold by it, that it owns beneficially and of
record all of such shares, free and clear of any and all pledges, liens,
encumbrances or security interests of any kind or nature other than these
resulting from acts or failure to act of NPDC and except for the Lock-up
Agreement between each Seller and Five Star (the "Lock-up
Agreement").  The Sellers represent that except for the Lock-up
Agreement they have full right and authority to so transfer such shares to NPDC,
and all such transferred shares shall not be subject to any voting trust,
proxies or other agreements relating to the voting or transfer
thereof.

    

    2.           
 Representations
of the Sellers.

    (a)           Each
Seller acknowledges that NPDC may now or at the Closing Date be in possession of
material inside information regarding NPDC or Five Star that such Seller is not
aware of.  Nonetheless, each Seller willing has agreed to sell the
shares of Five Star Common Stock owned by it to NPDC pursuant to the terms of
this Agreement.  Each Seller represents that it has retained the
services of Leslie Flegel to advise it with respect the sale provided herein and
he is a "purchaser representative" as defined in Regulation D under Securities
Act of 1933, as amended and he is a sophisticated investor with experience in
transactions in securities of the kind reflected in this Agreement and each
Seller has also sought and received the advice of legal counsel familiar with
transactions of this kind and it is not relying on any disclosure or
non-disclosure made or not made, or the completeness thereof, in connection with
or arising out of its sale of such shares and has no claims against NPDC with
respect thereto and if any such claim exists, each Seller, recognizing its
disclaimer of reliance and NPDC's reliance on such disclaimer as a condition for
entering into the purchase of such shares, covenants and agrees not to assert it
against NPDC or any affiliate of NPDC including Five Star.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (b)           Except
for the Lock-up Agreement, no authorization, consent or approval of, or
exemption by, any governmental or public body or authority is required to
authorize, or is required in connection with, the execution, delivery and
performance of this Agreement, or the taking of any action contemplated hereby,
by each Seller, except those that have been obtained or are
available.

    (c)           Neither
the execution and delivery of this Agreement, nor compliance with any of the
terms and provisions hereof, nor the consummation of any of the transactions
herein contemplated will: (i) violate any law, regulation, order, writ,
injunction or decree of any court or governmental department, commission, board,
bureau, agency or instrumentality applicable to any Seller, or (ii) conflict or
be inconsistent with, or result in any breach of, any of the terms, covenants,
conditions or provisions of, or constitute a default under the terms of any
indenture, mortgage, deed of trust, agreement or other instrument, to which any
Seller is a party or by which it may be bound or to which it may be subject
except the Lock-up Agreement.

    3.           Specific
Performance.  Each Seller understands and agrees that the
representations and promises of it contained in this Agreement are material
terms of this Agreement, and that NPDC was induced to enter into this Agreement
based upon such representations and promises.  Each Seller
acknowledges that a breach of such representations and/or promises would result
in damages to NPDC which would be difficult to calculate and
determine.  Accordingly, each Seller agrees that in the event of any
breach of this Agreement by it, NPDC may seek specific performance of this
Agreement by each Seller without the necessity of posting any bond or other
security and each Seller consents to the ordering of specific
performance.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    4.        
    Illegality.  If
any provision of this Agreement is held to be illegal, void, or unenforceable,
that holding shall have no effect upon, and shall not impair the legality or
enforceability of, any other provision of this Agreement; provided, however,
that, upon any finding that any provision is illegal, void or unenforceable,
each Seller agrees, at NPDC's request, to promptly execute an amendment to this
Agreement with a provision of comparable scope that has been revised only to the
extent needed to render it legal and enforceable.

    5.       
     Arbitration.  Except
as set forth in Section 3 of this Agreement, it is agreed that any claim or
dispute arising out of or relating to this Agreement will be settled by private
and binding arbitration to be conducted before a single arbitrator in the State
of New York.  Unless otherwise mutually agreed by the parties, the
arbitration proceeding shall be conducted pursuant to the American Arbitration
Association Rules for the Resolution of Employment
Disputes.  Arbitration may be invoked by written notice to the
American Arbitration Association, served upon the opposing party by registered
mail, stating with particularity the issue(s) posed for arbitration; provided,
however, that no request for arbitration may be made until thirty (30) days
after written notice of the claim or dispute has first been forwarded by
certified mail to the other party.  The arbitration proceedings shall
be private and confidential.

    6.         
   (a)           Further
Assurances.  At any time and from time to time, each party
agrees, at its or his expense, to take such actions and to execute and deliver
such documents as may be reasonably necessary to effectuate the purposes of this
Agreement.

    (b)           Survival.  The
covenants, agreements, representations, and warranties contained in or made
pursuant to this Agreement shall survive the sale of the Five Star Common Stock
and any delivery of the purchase price by NPDC, irrespective of any
investigation made by or on behalf of any party.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (c)           Modification.  This
Agreement sets forth the entire understanding of the parties with respect to the
subject matter hereof, supersede all existing agreements among them concerning
such subject matter, and may be modified only by a written instrument duly
executed by each party.

    (d)           Notices.  Any
notice or other communication required or permitted to be given hereunder shall
be in writing and shall be given by Federal Express, Express Mail, or similar
overnight delivery or courier service or delivered (in person or by telecopy,
telex, or similar telecommunications equipment) against receipt to the party to
whom it is to be given at the address of such party set forth below (or to such
other address as the party shall have furnished in writing in accordance with
the provisions of this Section.  Any notice or other communication
shall be deemed given at the time of receipt thereof.

    
    

     

    
      	 If to the
      Seller:  	At the address set
      forth after its name
	 	Fax:  (239)
      591-6718
	 	 
	 	 
	 If to NPDC or
      Five Star:    	National Patent
      Development Corporation
	
               

            	
              10
      East 40th Street

              Suite
      3110

              New
      York, NY 10016

              Fax:
      (646) 742-1601

              Att:
      President

            

    

    (e)           Waiver.  Any
waiver by any party of a breach of any term of this Agreement shall not operate
as or be construed to be a waiver of any other breach of that term or of any
breach of any other term of this Agreement.  The failure of a party to
insist upon strict adherence to any term of this Agreement on one or more
occasions will not be considered a waiver or deprive that party of the right
thereafter to insist upon strict adherence to that term of any other term of
this Agreement.  Any waiver must be in writing signed by the party
granting the waiver.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    (f)         
  Binding on
Successors and Assigns.  The provisions of this Agreement shall
be binding upon and inure to the benefit of NPDC and Five Star and their
respective successors and assigns and each Seller and its assigns, heirs, and
personal representatives.

    (g)           Third Party
Beneficiaries.  This Agreement does not create, and shall not
be construed as creating, any rights enforceable by any person not a party to
this Agreement.

    (h)           Headings.  The
headings in this Agreement are solely for convenience of reference and shall be
given no effect in the construction or interpretation of this
Agreement.

    (i)           Miscellaneous.  This
Agreement may be executed in counterparts, each of which shall be deemed an
original, but both of which together shall constitute one and the same
instrument.  It shall be governed by and construed in accordance with
the laws of the State of New York, without giving effect to conflict of
laws.  Except as provided in Section 5, any action, suit, or
proceeding arising out of, based on, or in connection with this Agreement or the
transactions contemplated hereby may be brought only in the United States
District Court for the Southern District of New York or any court of the State
of New York located in the Borough of Manhattan of the City of New York, and
each party covenants and agrees not to assert, by way of motion, as a defense,
or otherwise, in any such action, suit, or proceeding, any claim that it or he
is not subject personally to the jurisdiction of such court, that its or his
property is exempt or immune from attachment or execution, that the action, suit
or proceeding is brought in an inconvenient forum, that the venue of the action,
suit, or proceeding is improper, or that this Agreement or the subject matter
hereof may not be enforced in or by such court.

    7.           Termination of
Agreement.  Effective upon the Closing, the Lock-up Agreements
shall be terminated with respect to each Seller who transfers all its shares of
Five Star Common Stock to NPDC.

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    

    
      	 
      	NATIONAL
      PATENT DEVELOPMENT CORPORATION	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	 
      	By:   	
                      

            	 
	 
      	Name:  	
                                  

            	 
	 
      	Title:     	
                               

            	 
	 
      	 	 
      	 
	 
      	DATED:  February
      ___, 2008.	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	 
      	FIVE
      STAR PRODUCTS, INC.	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	 
      	By:  	
                       

            	 
	 
      	Name: 	
                                   

            	 
	 
      	Title:  	
                                  

            	 
	 
      	 	 
      	 
	 
      	DATED:  February
      ___, 2008.	 
	
              Number
      of Shares

              of Five Star Common
      Stock

            	 	 
      	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	
              33,333

            	 By:	
                         

            	 
	 
      	 	
              Darryl
      Sagel

            	 
	 
      	 	
              14
      East 33rd Street

            	 
	 
      	 	
              Apt.
      #9 South

            	 
	 
      	 	
              New
      York, NY  10016

            	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	
              33,333

            	By: 	
                        

            	 
	 
      	 	
              Lauren
      Sagel

            	 
	 
      	 	
              14
      East 33rd Street

            	 
	 
      	 	
              Apt.
      #9 South

            	 
	 
      	 	
              New
      York, NY  10016

            	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	
              33,333

            	Graham
      Spencer Sagel UTMA-NY	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	 
      	By:  	
                       

            	 
	 
      	 	
              Lauren
      Sagel, Custodian

            	 
	 
      	 	
              14
      East 33rd Street

            	 
	 
      	 	
              Apt.
      #9 South

            	 
	 
      	 	
              New
      York, NY  10016

            	 

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	 
      	 	 
      	 
	
              35,000

            	Alexa
      Danielle Sagel UTMANY	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	 
      	By:	
                         

            	 
	 
      	 	
              Lauren
      Sagel, Custodian

            	 
	 
      	 	
              250
      Fifth Avenue, Apt. 7NS

            	 
	 
      	 	
              New
      York, NY  10001

            	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	
              33,333

            	By: 	
                        

            	 
	 
      	 	
              Carole
      Flegel

            	 
	 
      	 	
              509
      Turtlehatch Lane

            	 
	 
      	 	
              Naples,
      FL  34103

            	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	
              33,333

            	By:  	
                       

            	 
	 
      	 	
              Jason
      Flegel

            	 
	 
      	 	
              509
      Turtlehatch Lane

            	 
	 
      	 	
              Naples,
      FL  34103

            	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	
              33,333

            	Dylan
      Zachary Flegel UTMA-FL	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	 
      	By: 	
                        

            	 
	 
      	 	
              Jason
      Flegel, Custodian

            	 
	 
      	 	
              509
      Turtlehatch Lane

            	 
	 
      	 	
              Naples,
      FL  34103

            	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	
              33,333

            	Brooke
      Flegel UTMA-FL	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	 
      	By:	
                         

            	 
	 
      	 	
              Jason
      Flegel, Custodian

            	 
	 
      	 	
              509
      Turtlehatch Lane

            	 
	 
      	 	
              Naples,
      FL  34103

            	 
	 
      	 	 
      	 
	 
      	 	 
      	 
	
              33,333

            	By:   	
                      

            	 
	 
      	 	
              Mark
      Flegel

            	 
	 
      	 	
              195
      Forrestwood Drive

            	 
	 
      	 	
              Naples,
      FL  34110

            	 

    

    
 

    8ex10_2.htm

  
    EXHIBIT 10.2

    
      Sale
Agreement

       

      This Sale
Agreement (this "Sale Agreement") is made and entered into by and among the
undersigned at the address set forth under their respective names (each a
"Seller" and collectively the "Sellers") and National Patent Development
Corporation, a Delaware corporation with principal executive offices at 10 East
40th Street, Suite 3110, New York, NY  10016 ("NPDC") and Five Star
Products, Inc., a Delaware with principal offices at 10 East 40th Street, Suite
3110, New York, NY  10016 ("Five Star").

      NOW THEREFORE, in
consideration of the mutual promises and covenants contained herein, it is
agreed as follows:

      1.            
Sale of
Shares.

      (a)           On
such date and time (the "Closing Date") and place as NPDC shall purchase shares
of NPDC common stock, par value $0.01, (the "NPDC Common Stock") and shares of
common stock, $0.01 par value, of Five Star Products, Inc. (the "Five Star
Common Stock") from Leslie Flegel pursuant to the terms of the Agreement and
Release made and entered into among Leslie Flegel, NPDC and Five Star (the
"Flegel Agreement"), each Seller will sell the number of shares of the Five Star
Common Stock set forth next to its name to NPDC for $0.60 per share at the
closing (the "Closing") and NPDC shall purchase such shares conditioned on the
consummation of the closing provided for in the Flegel
Agreement.  NPDC may elect not to proceed with the purchase of any
Seller's shares of Five Star Common Stock if any other Seller does not sell its
shares of Five Star Common Stock to NPDC hereunder.

      (b)           At
the Closing, each Seller shall deliver to NPDC certificates representing the
Five Star Common Stock to be purchased by NPDC endorsed in blank or having
attached a duly executed stock power, in each case in proper form for transfer,
with signatures guaranteed by a commercial bank, and with all applicable stock
transfer tax stamps affixed thereto.  By delivering
the certificates at the Closing, each Seller represents with respect to the
shares of Five Star Common Stock being sold by it, that it owns beneficially and
of record all of such shares, free and clear of any and all pledges, liens,
encumbrances or security interests of any kind or nature other than these
resulting from acts or failure to act of NPDC and except for the Lock-up
Agreement between each Seller and Five Star (the "Lock-up
Agreement").  The Sellers represent that except for the Lock-up
Agreement they have full right and authority to so transfer such shares to NPDC,
and all such transferred shares shall not be subject to any voting trust,
proxies or other agreements relating to the voting or transfer
thereof.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      2.            
Representations
of the Sellers.

      (a)           Each
Seller acknowledges that NPDC may now or at the Closing Date be in possession of
material inside information regarding NPDC or Five Star that such Seller is not
aware of.  Nonetheless, each Seller willing has agreed to sell the
shares of Five Star Common Stock owned by it to NPDC pursuant to the terms of
this Agreement.  Each Seller represents that it has retained the
services of Leslie Flegel to advise it with respect the sale provided herein and
he is a "purchaser representative" as defined in Regulation D under Securities
Act of 1933, as amended and he is a sophisticated investor with experience in
transactions in securities of the kind reflected in this Agreement and each
Seller has also sought and received the advice of legal counsel familiar with
transactions of this kind and it is not relying on any disclosure or
non-disclosure made or not made, or the completeness thereof, in connection with
or arising out of its sale of such shares and has no claims against NPDC with
respect thereto and if any such claim exists, each Seller, recognizing its
disclaimer of reliance and NPDC's reliance on such disclaimer as a condition for
entering into the purchase of such shares, covenants and agrees not to assert it
against NPDC or any affiliate of NPDC including Five Star.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

      (b)           Except
for the Lock-up Agreement, no authorization, consent or approval of, or
exemption by, any governmental or public body or authority is required to
authorize, or is required in connection with, the execution, delivery and
performance of this Agreement, or the taking of any action contemplated hereby,
by each Seller, except those that have been obtained or are
available.

      (c)           Neither
the execution and delivery of this Agreement, nor compliance with any of the
terms and provisions hereof, nor the consummation of any of the transactions
herein contemplated will: (i) violate any law, regulation, order, writ,
injunction or decree of any court or governmental department, commission, board,
bureau, agency or instrumentality applicable to any Seller, or (ii) conflict or
be inconsistent with, or result in any breach of, any of the terms, covenants,
conditions or provisions of, or constitute a default under the terms of any
indenture, mortgage, deed of trust, agreement or other instrument, to which any
Seller is a party or by which it may be bound or to which it may be subject
except the Lock-up Agreement.

      3.            
Specific
Performance.  Each Seller understands and agrees that the
representations and promises of it contained in this Agreement are material
terms of this Agreement, and that NPDC was induced to enter into this Agreement
based upon such representations and promises.  Each Seller
acknowledges that a breach of such representations and/or promises would result
in damages to NPDC which would be difficult to calculate and
determine.  Accordingly, each Seller agrees that in the event of any
breach of this Agreement by it, NPDC may seek specific performance of this
Agreement by each Seller without the necessity of posting any bond or other
security and each Seller consents to the ordering of specific
performance.

      4.            
Illegality.  If
any provision of this Agreement is held to be illegal, void, or unenforceable,
that holding shall have no effect upon, and shall not impair the legality or
enforceability
of, any other provision of this Agreement; provided, however, that, upon any
finding that any provision is illegal, void or unenforceable, each Seller
agrees, at NPDC's request, to promptly execute an amendment to this Agreement
with a provision of comparable scope that has been revised only to the extent
needed to render it legal and enforceable.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      5.           
Arbitration.  Except
as set forth in Section 3 of this Agreement, it is agreed that any claim or
dispute arising out of or relating to this Agreement will be settled by private
and binding arbitration to be conducted before a single arbitrator in the State
of New York.  Unless otherwise mutually agreed by the parties, the
arbitration proceeding shall be conducted pursuant to the American Arbitration
Association Rules for the Resolution of Employment
Disputes.  Arbitration may be invoked by written notice to the
American Arbitration Association, served upon the opposing party by registered
mail, stating with particularity the issue(s) posed for arbitration; provided,
however, that no request for arbitration may be made until thirty (30) days
after written notice of the claim or dispute has first been forwarded by
certified mail to the other party.  The arbitration proceedings shall
be private and confidential.

      6.           (a)           Further
Assurances.  At any time and from time to time, each party
agrees, at its or his expense, to take such actions and to execute and deliver
such documents as may be reasonably necessary to effectuate the purposes of this
Agreement.

      (b)           Survival.  The
covenants, agreements, representations, and warranties contained in or made
pursuant to this Agreement shall survive the sale of the Five Star Common Stock
and any delivery of the purchase price by NPDC, irrespective of any
investigation made by or on behalf of any party.

      (c)           Modification.  This
Agreement sets forth the entire understanding of the parties with respect to the
subject matter hereof, supersede all existing agreements among them concerning
such subject matter, and may be modified only by a written instrument duly
executed by each party.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      (d)           Notices.  Any
notice or other communication required or permitted to be given hereunder shall
be in writing and shall be given by Federal Express, Express Mail, or similar
overnight delivery or courier service or delivered (in person or by telecopy,
telex, or similar telecommunications equipment) against receipt to the party to
whom it is to be given at the address of such party set forth below (or to such
other address as the party shall have furnished in writing in accordance with
the provisions of this Section.  Any notice or other communication
shall be deemed given at the time of receipt thereof.

      
        	If to the
      Seller: 	At the address set
      forth after its name	 
	 	Fax:  (239)
      591-6718	 
	 	 	 
	 	 	 
	If to NPDC or Five
      Star:  	National Patent
      Development Corporation	 
	 	10 East 40th Street
      

                Suite
      3110

                New
      York, NY 10016

                Fax:
      (646) 742-1601

                Att:
      President

              	 

      

       

      (e)           Waiver.  Any
waiver by any party of a breach of any term of this Agreement shall not operate
as or be construed to be a waiver of any other breach of that term or of any
breach of any other term of this Agreement.  The failure of a party to
insist upon strict adherence to any term of this Agreement on one or more
occasions will not be considered a waiver or deprive that party of the right
thereafter to insist upon strict adherence to that term of any other term of
this Agreement.  Any waiver must be in writing signed by the party
granting the waiver.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

      (f)           Binding on Successors and
Assigns.  The provisions of this Agreement shall be binding
upon and inure to the benefit of NPDC and Five Star and their respective
successors and assigns and each Seller and its assigns, heirs, and personal
representatives.

      (g)           Third Party
Beneficiaries.  This Agreement does not create, and shall not
be construed as creating, any rights enforceable by any person not a party to
this Agreement.

      (h)           Headings.  The
headings in this Agreement are solely for convenience of reference and shall be
given no effect in the construction or interpretation of this
Agreement.

      (i)           Miscellaneous.  This
Agreement may be executed in counterparts, each of which shall be deemed an
original, but both of which together shall constitute one and the same
instrument.  It shall be governed by and construed in accordance with
the laws of the State of New York, without giving effect to conflict of
laws.  Except as provided in Section 5, any action, suit, or
proceeding arising out of, based on, or in connection with this Agreement or the
transactions contemplated hereby may be brought only in the United States
District Court for the Southern District of New York or any court of the State
of New York located in the Borough of Manhattan of the City of New York, and
each party covenants and agrees not to assert, by way of motion, as a defense,
or otherwise, in any such action, suit, or proceeding, any claim that it or he
is not subject personally to the jurisdiction of such court, that its or his
property is exempt or immune from attachment or execution, that the action, suit
or proceeding is brought in an inconvenient forum, that the venue of the action,
suit, or proceeding is improper, or that this Agreement or the subject matter
hereof may not be enforced in or by such court.

      7.           Termination of
Agreement.  Effective upon the Closing, the Lock-up Agreements
shall be terminated with respect to each Seller who transfers all its shares of
Five Star Common Stock to NPDC.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      
        	 	NATIONAL
      PATENT DEVELOPMENT CORPORATION	 
	 	 	 	 
	 	 	 	 
	 	By: 	
                /s/ John C. Belknap 

              	 
	 	Name:
      	
                Vice President 

              	 
	 	Title: 	
                John C. Belknap 

              	 
	 	 	 	 
	 	
                DATED:
      March 25, 2008.

              	 
	 	 	 	 
	 	 	 	 
	 	FIVE
      STAR PRODUCTS, INC.	 
	 	 	 	 
	 	 	 	 
	 	By: 	
                /s/ John C. Belknap 

              	 
	 	Name: 	
                John C. Belknap 

              	 
	 	Title: 	
                President 

              	 
	 	 	 	 
	 	DATED:
      March 25, 2008.	 
	
                Number
      of Shares

                of Five Star Common
      Stock

              	 	 	 
	 	 	 	 
	 	 	 	 
	
                33,333

              	By: 	
                /s/ Darryl Sagel 

              	 
	 	 	
                Darryl
      Sagel

              	 
	 	 	
                260
      Fifth Ave, #7

              	 
	 	 	
                New
      York, NY 10001

              	 
	 	 	
              	 
	 	 	 	 
	 	 	 	 
	
                33,333

              	By: 	
                /s/ Lauren Sagel 

              	 
	 	 	
                Lauren
      Sagel

              	 
	 	 	
                260
      Fifth Ave, #7

              	 
	 	 	
                New
      York, NY 10001

              	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	
                33,333

              	Graham
      Spencer Sagel UTMA-NY	 
	 	 	 	 
	 	 	 	 
	 	By:
      	
                /s/ Lauren Sagel 

              	 
	 	 	
                Lauren
      Sagel, Custodian

              	 
	 	 	
                260
      Fifth Ave, #7

              	 
	 	 	
                New
      York, NY 10001

              	 
	 	 	 	 

      

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      
        	 	 	 	 
	
                35,000

              	Alexa
      Danielle Sagel UTMANY	 
	 	 	 	 
	 	 	 	 
	 	By:
      	
                /s/ Lauren Sagel 

              	 
	 	 	
                Lauren
      Sagel, Custodian

              	 
	 	 	
                250
      Fifth Avenue, Apt. 7NS

              	 
	 	 	
                New
      York, NY 10001

              	 
	 	 	 	 
	 	 	 	 
	
                33,333

              	By: 	
                /s/ Carole Flegel 

              	 
	 	 	
                Carole
      Flegel

              	 
	 	 	
                509
      Turtlehatch Lane

              	 
	 	 	
                Naples,
      FL 34103

              	 
	 	 	 	 
	 	 	 	 
	
                33,333

              	By:
      	
                /s/ Jason Flegel 

              	 
	 	 	
                Jason
      Flegel

              	 
	 	 	
                509
      Turtlehatch Lane

              	 
	 	 	
                Naples,
      FL 34103

              	 
	 	 	 	 
	 	 	 	 
	
                33,333

              	Dylan
      Zachary Flegel UTMA-FL	 
	 	 	 	 
	 	 	 	 
	 	By:
      	
                /s/ Jason Flegel 

              	 
	 	 	
                Jason
      Flegel, Custodian

              	 
	 	 	
                509
      Turtlehatch Lane

              	 
	 	 	
                Naples,
      FL 34103

              	 
	 	 	 	 
	 	 	 	 
	
                33,333

              	Brooke
      Flegel UTMA-FL	 
	 	 	 	 
	 	 	 	 
	 	By:
      	
                /s/ Jason Flegel 

              	 
	 	 	
                Jason
      Flegel, Custodian

              	 
	 	 	
                509
      Turtlehatch Lane

              	 
	 	 	
                Naples,
      FL 34103

              	 
	 	 	 	 
	 	 	 	 
	
                33,333

              	By:
      	
                /s/ Mark Flegel 

              	 
	 	 	
                Mark
      Flegel

              	 
	 	 	
                195
      Forrestwood Drive

              	 
	 	 	
                Naples,
      FL 34110

              	 

      

       

      8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00139-of-00352.parquet"}]]