Document:

EXHIBIT 10.1

SEPARATION AND RELEASE AGREEMENT

WILLIAM MEISSNER (“Employee”) and JONES SODA CO., a Washington corporation (“Employer”) wish to amicably terminate Employee's employment with Employer, and both parties wish to clearly set forth the terms and conditions of Employee's departure from employment.  Therefore, in consideration of the mutual promises and undertakings in this Agreement, Employee and Employer agree as follows:

1.    Separation Date.  Employee voluntarily resigns from his employment with Employer effective on June 30, 2012 (“Separation Date”).  For a period of three months following the Effective Date, Employee shall make himself reasonably available upon the request of Employer to assist with transition issues. 

2.    Severance/Consideration.

(a)    Employer will pay Employee three months of regular pay at the rate in effect on Employee's Separation Date, less lawful withholdings, as severance and in consideration for entering into this Agreement.  Employer will pay this amount on over the three-month period from the Effective Date on the Employer's regularly scheduled payroll dates, until such amount is paid in full.

(b)    On the next regular payday after Employee's Separation Date, Employer will pay Employee his normal wages for the most recent pay period through the Separation Date, plus his accrued but unused vacation, less lawful withholdings.  Employee acknowledges that these payments, together with the payments he has already received, represent full payment of all compensation of any kind (including wages, salary, vacation, sick leave, commissions, bonuses and incentive compensation) that he earned as a result of his employment by Employer.

(c)    Assuming that Employee makes a timely and accurate election for continued medical insurance coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), Employer will reimburse Employee for the applicable premiums for himself and his eligible dependents for a period of three months following the Effective Date.

(d)    Employee acknowledges that the vesting on his unvested stock options and restricted stock awards, if any, will terminate upon the Separation Date.  The terms and conditions of his stock options will remain in force and effect, including the time period for Employee to exercise any vested stock options following termination.

3.    Covenant Not to Sue.  Employee represents that he has not filed any complaints, charges or lawsuits against Employer, any Employer-sponsored employee benefit plans, and all related organizations and affiliates, and each of their respective past, present and future members, directors, officers, trustees, agents, attorneys and employees and all of their successors and predecessors and agrees that he will not do so at any time hereafter relating to or arising out of any events occurring prior to the date this Agreement is signed.

4.    Non-Solicitation of Employees.  Employee covenants and agrees that for 18 months after the termination of Employee, Employee will not, directly or indirectly, solicit, induce or attempt to recruit, solicit or induce any employee of Employer to terminate their employment relationship with Employer.

5.    Release.  Employee and  his successors, heirs and assigns release and forever discharge Employer, any Employer-sponsored employee benefit plans, and all related organizations and affiliates, and each of their respective past, present and future directors, officers, trustees, employees, agents and attorneys 

and all of their successors and predecessors (collectively “Releasees”), from, and covenant not to sue with respect to, any and all claims, damages, promises or expenses of whatever nature (including attorneys' fees and costs), either known or presently unknown, which Employee may now have, has ever had, or may in the future have, arising from or in any way connected with any and all matters from the beginning of time to the date of execution of this Agreement, including but not limited to any claims under the Washington Law Against Discrimination (RCW 49.60), the Washington Prohibited Employment Practices Law (RCW 49.44), the Washington Minimum Wage Act (RCW 49.46), Washington's Little Norris-LaGuardia Act (RCW 49.32), the Civil Rights Act of 1964 and 1991 (including Title VII of that Act), the Equal Pay Act of 1963, the Older Workers Benefits Protection Act (29 U.S.C. § 626(f)), the Age Discrimination in Employment Act of 1967 (ADEA), the Americans with Disabilities Act of 1990 (ADA), the Fair Labor Standards Act of 1938 (FLSA), the Family and Medical Leave Act of 1993 (FMLA), the Worker Adjustment and Retraining Notification Act (WARN), the Employee Retirement Income Security Act of 1974 (ERISA), the National Labor Relations Act (NLRA), the Uniformed Services Employment and Reemployment Rights Act (USERRA), and all similar federal, state and local laws.  Excluded from this release are claims Employee may have with regard to vested benefits under ERISA, worker's compensation claims or any other claim that may not be lawfully released in this Agreement.

Employee understands that he is releasing potentially unknown claims, and that he has limited knowledge with respect to some of the claims being released. Employee acknowledges that there is a risk that, after signing this agreement, he may learn information that might have affected his decision to enter into this agreement. Employee assumes this risk and all other risks of any mistake in entering into this agreement. Employee agrees that this release is fairly and knowingly made.

6.    Mutual Non-Disparagement.  Employee agrees that he will not make any disparaging comments about his termination or about Employer, generally, or about its Board, management or employees.  Employer agrees that it will not make any disparaging comments about Employee.

7.    Resignation from Board.  Employee hereby resigns as a Director of the Company, effective immediately.  This resignation shall be effective as of the date of this Agreement is signed by Employee, notwithstanding any subsequent revocation of this Agreement.

8.    Return of Property.  Employee represents and warrants that he has returned to Employer all property and equipment furnished to Employee in the course of or incident to his employment by Employer, including, without limitation, all keys and access cards to buildings or property, all Employer-owned equipment, and all books, manuals, records, reports, notes, contracts, lists, and other documents or materials, or copies thereof (including computer files), including all trade secrets and other proprietary information belonging, or relating to the business of Employer.

9.    Voluntary Agreement.  Employee understands the significance and consequences of this Agreement, and acknowledges that it is voluntary and has not been given as a result of any coercion.  Employee also acknowledges that he has been given full opportunity to review and negotiate this Agreement, has been advised to consult counsel before executing the Agreement if he deems it appropriate, and executes it only after full reflection and analysis.

10.    Nonadmission of Liability.  This Agreement shall not be construed as an admission of wrongdoing by either party.

11.    Enforcement.  This Agreement shall be interpreted in accordance with the laws of the State of Washington.  In the event of a lawsuit relating to this Agreement, venue shall be in King County, Washington.  The substantially prevailing party in said suit or proceeding shall be entitled to reimbursement for its 

reasonable costs and attorney's fees incurred.

12.    Entire Agreement.  This Agreement represents and contains the entire understanding between the parties in connection with the subject matter of the agreements.  This Agreement shall not be modified or varied except by a written document signed by the parties.  Employee understands that all prior written or oral agreements, understandings or representations between Employee and Employer are merged into this Agreement.

13.    Opportunity to Review.  Employee acknowledges that he has 21 days during which to review and consider this Agreement and consult with his attorney (although he may choose to voluntarily execute this Agreement earlier and to waive such period of consideration).  By his signature, Employee acknowledges that he has carefully read and fully understands all the provisions of the Agreement, and that he is voluntarily entering into this Agreement.

14.    Revocation Period.  Employee understands and acknowledges that he has seven days after signing this Agreement to revoke it.  Notification of revocation of this Agreement must be provided in writing to Mick Fleming before midnight on the 7th day after the date this Agreement was executed.  The “Effective Date” of this Agreement will be the first day after the revocation period expires.

[Remainder of Page Intentionally Left Blank; Signature Page Follows]
PLEASE READ CAREFULLY.  THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.  THE UNDERSIGNED FULLY UNDERSTAND THE FINAL AND BINDING EFFECT OF THIS AGREEMENT AND ACKNOWLEDGE THAT THEY ARE SIGNING IT VOLUNTARILY.

	
		
	EMPLOYEE:
	JONES SODA CO.

	 
	 

	 
	 

	 
	 

	  /s/ William Meissner
WILLIAM MEISSNER, individually and on behalf of his marital community
	By:  /s/ Mills Brown
Mills Brown
Chairman, Compensation Committee

	Date:  June 27, 2012
	Date:  June 27, 2012fueg_ex415.htm

EXHIBIT 4.15

 

THIS PROMISSORY NOTE (THE “NOTE”) HAS NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE.  THE NOTE IS BEING OFFERED PURSUANT TO A SAFE HARBOR FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  THE NOTE IS “RESTRICTED” AND MAY NOT BE OFFERED OR SOLD UNLESS IT IS REGISTERED UNDER THE ACT, PURSUANT TO REGULATION D OR
PURSUANT TO AVAILABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT, AND THE COMPANY RECEIVES AN OPINION OF COUNSEL OR OTHER SUCH INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH EXEMPTIONS ARE AVAILABLE.

 

PROMISSORY NOTE

 

	$27,000	 	As of May 29, 2012

 

THIS PROMISSORY NOTE (this “Note”) is issued by Face Up Entertainment Group, Inc., a Florida corporation (the “Company”), to DCO Capital Group LLC with an address at 218 Woodside Drive Hewlett, NY 11557 (“Lender”).

 

ARTICLE I

 

Section 1.01   Principal.  For value received, the Company hereby promises to pay no later than on November 29, 2012 (the “Maturity Date”), or earlier (see Section 1.05)  under certain conditions, to the order of the Holder, in lawful money of the United States of America and in immediately available funds, the principal sum of Twenty Seven Thousand Dollars ($27,000) (the
“Principal Amount”).

 

Section 1.01.1   Due Date.  The entire loan and accrued interest is due and payable by the due date, November 29, 2012 or earlier, from the first proceeds the Company receives from the sale of any class of securities through a private offering as more clearly defined in Section 1.05 or through a registration statement that has been declared effective by the SEC.

Section 1.02   Interest. Interest shall accrue on the Principal Amount at the rate of five percent (5%) per annum (computed on the basis of a 365-day year and the actual days elapsed) from the date of this Note until the Principal Amount is repaid in full.

 

Section 1.02.1   Compliance with Usury Laws.  Notwithstanding any provision contained herein to the contrary, the total liability of the Company for payment of interest pursuant hereto, including late charges, shall not exceed the maximum amount of such interest permitted by law to be charged, collected, or received from the Company, and if any payments by the Company include interest in excess of such a maximum amount, the Holder
shall apply such excess to the reduction of the unpaid Principal Amount, or if none is due, such excess shall be refunded.

 

Section 1.04   Right to Prepay. The Company shall have the right to prepay all or any portion of the Principal Amount and all accrued interest thereon (the “Prepaid Amount”) at any time, on or before the Maturity Date, without penalty or premium.

 

  

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Section 1.05   Obligation to Prepay.  The Company agrees to repay this Note in its entirety, principal and accrued interest, within 5 business days following a capital raise from any source, through the sale of equity of any class and or any convertible instrument, totaling one million dollars from the date of this loan.

ARTICLE II.

Section 2.01  Representations and Warranties of the Holder.  The Holder hereby acknowledges, represents and warrants to, and agrees with, the Company and its affiliates as follows:

(a)    The Holder understands that this Note has not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or registered or qualified under any the securities laws of any state or other jurisdiction, and is a “restricted security,” and cannot be resold or otherwise transferred unless it is registered under the Securities Act, and registered or qualified under any other applicable securities laws, or an exemption from such registration and qualification is available.

(b)    The Holder is acquiring this Note for its own account as principal, not as a nominee or agent, for investment purposes only, and not with a view to, or for, resale, distribution or fractionalization thereof in whole or in part, and no other person has a direct or indirect beneficial interest in this Note or any portion thereof.  Further, the Holder does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to this Note for which the Holder is subscribing or any part of thereof.

(c)    The Holder has full power and authority to enter into this Note, the execution and delivery of this Note has been duly authorized, and this Note constitutes a valid and legally binding obligation of the Holder.

(d)    The Holder is not subscribing for this Note as a result of or subsequent to any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, or presented at any seminar or meeting, or any solicitation of a subscription by person previously not known to the Holder in connection with investment.

(e)    The Holder is (i) experienced in making investments of the kind, (ii) able, by reason of the business and financial experience of its officers (if an entity) and professional advisors (who are not affiliated with or compensated in any way by the Company or any of its affiliates or selling agents), to protect its own interests in connection with the transactions described in this Note, and the related documents, and (iii) able to afford the entire loss of its investment in this Note.

(f)    The Holder has the financial ability to bear the economic risk of its investment, has adequate means for providing for his current needs and personal contingencies and has no need for liquidity with respect to its investment in this Note.

 

  

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(g)   The Holder is an “accredited investor” as that term is defined in Rule 501 of the General Rules and Regulations under the Securities Act.

 

ARTICLE III.

Section 3.01  Representations and Warranties of the Company.  The Company hereby acknowledges, represents and warrants to, and agrees with, the Holder as follows:

(a)   Organization.  The Company is a company duly organized, validly existing, and in good standing under the laws of the State of Florida. The Company has all requisite power to own, operate and lease its business and assets and carry on its business as the same is now being conducted.

(b)   Corporate Power and Authority. The Company has all requisite power and authority to enter into and deliver this Note and to consummate the transactions contemplated hereby.  The execution, delivery, and performance of this Note by the Company and the consummation of the transactions contemplated hereby, have been duly authorized by all necessary action and no other action or proceeding on the part of the Company is necessary to authorize the execution, delivery, and performance by the Company of this Note and the
consummation by the Company of the transactions contemplated hereby.

 

ARTICLE IV.

Section 4.01   Events of Default. Upon the occurrence of any of the following events (each, an “Event of Default”) (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) an Event of Default
shall be deemed to have occurred:

(a)           Default in the payment of the Principal Amount on the Maturity Date, which default has not been cured within 10 calendar days after its due date by acceleration or otherwise; or

(b)           Default in the payment, when due or declared due, of any interest payment hereunder, which default has not been cured within 10 days after its due date by acceleration or otherwise; or

(c)   The Company files for relief under the United States Bankruptcy Code (the “Bankruptcy Code”) or under any other state or federal bankruptcy or insolvency law, or files an assignment for the benefit of creditors, or if an involuntary proceeding under the Bankruptcy Code or under any other federal or state bankruptcy or insolvency law is commenced against the Company, and has not been resolved in a period of thirty (30) days after such commencement.

 

  

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(d)   The Company does  not deliver to the Lender the 500,000 shares of its common stock within the time period agreed to in the Letter Agreement of even date.

 

(e)   The Company omits the Holder of this Note from a Registration Statement and has not received expressed written consent of the Holder of this Note to be so excluded.

Section 4.02   Effect of Default.  Upon the occurrence of an Event of Default as set forth in Section 4.01, the Holder shall have the right to declare the Principal Amount and all interest accrued thereon to be immediately due and payable.

 

Section4.03   Conversion Upon Default.  In the event of a Default as set forth in Section 4.01, Lender shall have the right but not the obligation to convert the Principal Amount and all interest accrued and any expenses incurred in attempting to collect this Note, into common shares of the Company at a conversion rate of $0.001 per share.

ARTICLE V.

Section 5.01  Notice.  All notices, requests, claims, demands and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given if delivered in person against written receipt, by facsimile transmission, overnight courier prepaid, or mailed by prepaid first class registered or certified mail, postage prepaid, return receipt requested to the respective parties at the following addresses (or at such other address for a
party as shall be specified in a notice given in accordance with this Section):

(i)  If to the Company:

 

Face Up Entertainment Group, Inc.

20 East Sunrise Highway

Valley Stream New York 11581

 

If to the Holder:

 

DCO Capital Group LLC

218 Woodside Drive

Hewlett, NY 11557

 

All such notices, requests and other communications will (i) if delivered personally to the address as provided in this Section, be deemed given upon delivery, (ii) if delivered by facsimile transmission to the facsimile number as provided in this Section, be deemed given upon receipt, (iii) if delivered by overnight courier to the address as provided in this Section, be deemed given on the earlier of the first business day following the date sent by such overnight courier or upon receipt, or (iv) if delivered by mail in the manner described above to the address provided in this Section, be deemed given on the earlier of the third business day following mailing
or upon receipt.

  

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 Section 5.02Governing Law.  This Note shall be deemed to be made under and shall be construed in accordance with the laws of the State of New York without giving effect to the principals of conflict of laws thereof.

 

Section 5.03  Severability.  The invalidity of any of the provisions of this Note shall not invalidate or otherwise affect any of the other provisions of this Note, which shall remain in full force and effect.

 

Section 5.04  Construction and Joint Preparation. This Note shall be construed to effectuate the mutual intent of the parties. The parties and their counsel have cooperated in the drafting and preparation of this Note, and this Note therefore shall not be construed against any party by virtue of its role as the drafter thereof. No drafts of this Note shall be offered by any party, nor shall any draft be admissible in any proceeding, to explain or construe this Note. The headings
contained in this Note are intended for convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Note.     

 

Section 5.05  Entire Agreement and Amendments.  This Note shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the Company and the Holder. This Note represents the entire agreement between the parties hereto with respect to the subject matter hereof and there are no representations, warranties or commitments, except as set forth herein.  This Note may
be amended only by an instrument in writing executed by the parties hereto.

 

Section 5.06  Counterparts.  This Note may be executed in multiple counterparts, each of which shall be an original, but all of which shall be deemed to constitute on instrument.

IN WITNESS WHEREOF, with the intent to be legally bound hereby, the Company has executed this Note as of the date first written above.

 

 

	 	Face Up Entertainment Group, Inc	 
	 	 	 	 
	 	
By: 

	/s/ Felix Elinson	 
	 	 	Felix Elinson	 
	 	 	CEO	 

 

	 	DCO Capital Group LLC	 
	 	 	 	 
	 	
By: 

	/s/ Lemor Englard	 
	 	 	Lemor Englard	 
	 	 	Managing Member	 

 

 

 

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