Document:

Exhibit 10.23

 

 

SETTLEMENT AGREEMENT

 

This Settlement Agreement
(this “Settlement Agreement”) is made and entered into this 16th day of January 2020 (the “Effective
Date”), by and between MEF I, LP (“MEF”) a Delaware Limited Partnership and ShiftPixy, Inc., (“ShiftPixy”,
and with MEF, the “Parties”), a Wyoming Corporation.

 

WHEREAS, MEF is the
holder of certain convertible promissory note issued by ShiftPixy dated June 4, 2018 and December 20, 2018 (the “Notes”).

 

WHEREAS, pursuant to
the terms of the Notes, MEF may, at any time and at multiple times, convert all or any portion of the amounts due under the Note
into freely trading common shares of ShiftPixy’s stock based on a formula tied to the stock’s then current trading
price by presenting to ShiftPixy a notice of conversion listing the amount of the Notes to be converted into Conversion Share (a
 “Conversion Notice”).

 

WHEREAS, MEF alleges
that ShiftPixy has breached the terms of the Notes for failing to make certain payments and failing to honor Conversion Notices.

 

WHEREAS, on August
21, 2019, MEF commenced litigation against ShiftPixy alleging breaches of the terms of the Notes.

 

NOW THEREFORE, to avoid
the time, costs and uncertainties of litigation, the Parties, for good and valuable consideration, the sufficiency and receipt
of which is acknowledged, agree as follows:

 

1. Agreement as
to the Amount Owed Under the Notes. The Parties agree that the total amount due under the Notes is $969,000.00

 

 

 

MEF I, LP – ShiftPixy Settlement Agreement

Page 1 of 4

January 16, 2020

     

     

    

 

2. Honoring of
Conversion Notice.

 

a. MEF shall submit,
and ShiftPixy shall “Timely Honor (as defined below) the Conversion Notice as set forth on Schedule “A” annexed
hereto (the “Conversion Notice”) for the issuance to MEF of 20,000 shares of ShiftPixy’s common stock.

 

b. Contemporaneous
with execution of this Settlement Agreement, ShiftPixy shall provide an instruction letter to its transfer agent, VStock Transfer,
LLC, 18 Lafayette Place, Woodmere, NY 11598, Attn: Shaindy Diamond, (212) 828-8436, instructing it to honor the Conversion Notice.

 

c. The Conversion Notice
shall be deemed “Timely Honored” if and only if the full number of shares stated in the Conversion Notices are delivered
in the account of MEF or its designee on or before January 21, 2020.

 

3. Payment of the
Balance Due Under the Note.

 

a. ShiftPixy shall
pay to MEF by wire transfer of good funds the sum of $725,000.00 (the “Balance Payment”) constituting the balance
due under the Note.

 

b. The Balance Payment
shall be deemed a “Timely Payment” if and only if its full amount is received in the account of MEF or its designee
on or before January 21, 2020.

 

4. Release by the
Parties.

 

a. Upon the Timely
Honoring of the Conversion Notice and the Timely Payment of the Balance Payment:

 

i. Each Party, for its
and its agents, officers, directors, shareholders, managers, members, employees, affiliates, successors and assigns, waives release
and discharge the other Party and each of its agents, officers, directors, shareholders, managers, members, successors and assigns,
from any and all claims or obligations whatsoever that may exist or have arisen on or before the Effective Date.

 

 

 

MEF I, LP – ShiftPixy Settlement Agreement

Page 2 of 4

January 16, 2020

     

     

    

 

ii. The Balance due under
the Notes shall be zero and no further obligations will exist thereunder.

 

b. If either the Conversion
Notice is not Timely Honored or there is no Timely Payment of the Balance Payment, this agreement shall be null and void and have
no effect on either Party.

 

5. Miscellaneous
Provisions.

 

a. Each party shall
be responsible for its own attorney’s fees and costs.

 

b. This Settlement
Agreement may be executed in counterparts, all of which taken together shall constitute one and the same instrument. Any of the
Parties may execute the instrument by signing any of the counterparts.

 

c. Nothing contained
in this Settlement Agreement shall preclude either Party from bringing claims against the other for enforcement of its terms. In
any litigation to interpret or enforce the terms of this Settlement Agreement, the prevailing party shall be entitled to recover
from the other party all reasonable fees and costs including related attorney’s fees and costs.

 

d. This Settlement
Agreement shall be governed by and interpreted in accordance with the laws of the State of New York without giving effect to any
choice of laws provisions.

 

e. THE PARTIES IRREVOCABLY
SUBMIT TO THE EXCLUSIVE JURISDICTION AND VENUE OF THE STATE AND FEDERAL COURTS LOCATED IN

 

NEW YORK STATE FOR ANY DISPUTE ARISING UNDER OR RELATING TO
THIS SETTLEMENT AGREEMENT.

 

f. This Settlement
Agreement, including the Schedules annexed hereto constitute the entire agreement between the Parties with respect to its subject
matter and replaces all negotiations, writings and oral and written agreements and term that may have existed or exist as of the
Effective Date.

 

 

 

MEF I, LP – ShiftPixy Settlement Agreement

Page 3 of 4

January 16, 2020 

     

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Settlement Agreement to be executed as of the Effective Date with the full intent to be bound by its terms.

 

 

 

MEF I, LP

 

By:  ____________________

       Ari Morris

       Authorized Signor

 

 

ShiftPixy, Inc.

 

By:  ____________________

        Name:

        Title:

 

 

 

MEF I, LP – ShiftPixy Settlement Agreement

Page 4 of 4

January 16, 2020March 23 2016

 

RE: Offer of Employment for Scott Absher

 

Dear Scott,

 

ShiftPixy, Inc., a Wyoming Domestic Profit Corporation is pleased
to offer you the position of Chief Financial Officer and Controller. The following outlines the terms of our employment offer to
you should you accept.

 

Your first day of hire will be April 1, 2016.

 

Your home base will be in our corporate office in Irvine, California.
Your beginning salary will be $31,250.00 per month, paid on a semi-monthly basis ($15,625.00 per pay period.) This is a full-time,
exempt position and you will not be entitled to overtime.

 

This pay plan may be changed at any time, without notice, at
the sole discretion of ShiftPixy, Inc. However, no changes to the pay plan will be effective unless in writing and signed by the
President of ShiftPixy, Inc. No oral representation contrary to this pay plan is contractually binding.

 

Pay Periods at ShiftPixy, Inc. are (1) the 1st to
the 15th of each month; and (2) the 16th to the last day of each month. Paychecks are provided on the 5th
and 20th of each month. If a scheduled payday falls on a weekend or holiday, you will be paid on the last day worked
before the weekend or holiday.

 

After the first 60 days of employment, you will be eligible
for paid holidays and paid time off. During your first year of employment you will accrue 2 weeks of vacation. The first week can
be taken after 6 months of continuous employment.

 

In addition, you will become eligible for additional employee
benefits (unless you waive such benefits) as specified in your employee handbook on the first day of the month following 60 days
of employment. You will be eligible for the standard ShiftPixy, Inc. employee benefits which include: medical, dental, vision,
prescription package, long-term disability insurance, group life insurance, 401K. ShiftPixy, Inc. pays 100% of all medical, dental
and vision insurance and 100% of any Buy Up Plans and dependent coverage.

 

Subject to approval of the ShiftPixy, Inc. Board of Directors
or its Compensation Committee, and following the adoption by the Company of an employee equity incentive plan, you will be granted
an option to purchase shares of the Company's common stock. The Option will be subject to the terms and conditions applicable to
options granted under the Company's Employee Stock Option Plan.

 

ShiftPixy, Inc.

18100 Von Karman Avenue, Suite 850, Irvine,
CA 92612

 

     

     

    

 

As a ShiftPixy, Inc. employee, you will be required to sign
an acknowledgement that you have read and understand the company rules as described in the company handbook and intend to abide
by these rules and regulations. You will also be required to sign a confidentiality agreement. You will also be required to submit
satisfactory documentation regarding your identification and right to work in the United States no later than three (3) days after
your newly assigned position begins.

 

This offer is contingent on the completion of reference checks,
verification of employment information, background checks including drug, criminal and credit investigations. In this regard, we
require that the reference checks, verification of employment information, background checks including drug, criminal and credit
investigations are generally positive in substance.

 

This is a conditional offer based on the assumption that no
false information has been disclosed and approval of all background checks including drug, criminal and credit investigations are
positive. This offer can be revoked at any time upon receiving information detrimental to the success of this position.

 

While we want to start out on a positive note, it is important
to understand that our company is an "at will" employer. We believe it is also important to be aware that either of us
may terminate our employment arrangement at any time. This mutual termination of employment arrangement will supersede all previous
written and oral communication with you and can only be modified by written agreement signed by all parties.

 

If you wish to accept employment at ShiftPixy, Inc. under the
terms set out above, please sign and date this letter and return to me via e-mail by close of business day on March 25, 2016.

 

I look forward to your favorable reply and to a productive and
exciting long-term working relationship.

 

Sincerely,

 

	/s/ Amanda Murphy	 

Amanda Murphy

Director of Operations

Phone: (949) 299-7733

Email: amanda.murphy@shiftpixy.com

 

Approved and Accepted:

 

	/s/ Scott Absher	 	/4/1/2016	 
	Scott Absher	 	Date	 

 

ShiftPixy, Inc.

18100 Von Karman Avenue, Suite 850, Irvine,
CA 92612

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