Document:

wodi_ex10103.htm

EXHIBIT 10.103
  
 SETTLEMENT AGREEMENT AND GENERAL RELEASE
  
 THIS SETTLEMENT AGREEMENT AND GENERAL RELEASE (the “Agreement”) is entered into as of March 27, 2020 (the “Effective Date”) by and between WOD RETAIL SOLUTIONS INC., a Florida corporation (the “Debtor”) and BRAVO 20 PARTNERS LLC, a Colorado limited liability company (the “Holder”). Holder and Debtor are each a (“Party”) and collectively referred to as the (“Parties”) herein. 
  
 RECITALS 
  
 WHEREAS, on January 9, 2018, Debtor and Holder entered into a Replacement Convertible Redeemable Promissory Note for Two Million Two Hundred Thousand U.S. Dollars (USD $2,200,000.00) (the “Replacement Note”); and, 
  
 WHEREAS, pursuant to Section 6 of the Replacement Note, Debtor waived demand and presentment for payment, notice of non-payment, protest, notice of protest, notice of dishonor, notice of acceleration or intent to accelerate, and diligence in taking any action to collect amounts called for hereunder and shall be directly and primarily liable for the payment of all sums owing and to be owing by Debtor under the Replacement Note; and 
  
 WHEREAS, Debtor acknowledges and confirms to Assignee that Debtor is in default on the terms of the Replacement Note, and therefore wishes to cancel and terminate the One Million Nine Hundred Thousand U.S. Dollars of the Replacement Note as the Debtor has no ability to make the payment, and;
  
 WHEREAS, as a result of negotiations between Debtor and Assignee, the Parties have proposed a resolution that they deem to be fair and equitable, and by this Agreement, Debtor and Assignee wish to compromise, resolve, waive and release any and all claims, known or unknown, by and between them as fully set forth herein which exist or may exist today; and, 
  
 WHEREAS, each Party, without admitting any liability whatsoever, enters into this Agreement to settle all disputes, claims and actions between the Parties, as well as to settle any and all events or relationships between the Parties; and, 
  
 WHEREAS, the Parties wish to memorialize the foregoing in accordance with the terms and conditions set forth in this Agreement. 
  
 AGREEMENT 
  
 NOW, THEREFORE, in consideration of the mutual covenants set forth in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which is acknowledged, the Parties covenant and agree as follows: 
  
  	 
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 1. TERMS OF SETTLEMENT. As full consideration for this Agreement hereunder, and as full and final satisfaction for settling a portion of the Replacement Note, Holder hereby cancels and forgives One Million Nine Hundred Thousand U.S Dollars (USD $1,900,000) of the debt owed by Debtor to Holder, including but not limited to, debt under the Replacement Note, together with any accrued and unpaid interest, the cancellation of which is hereby acknowledged by the Debtor as of December 31, 2019 (the “Cancellation Date”). 
  
 2. MUTUAL RELEASE. Holder, on the one hand, and Debtor, on the other hand, for themselves and their respective predecessors, successors, affiliates, officers, directors, principals, partners, employees, executors, beneficiaries, representatives, agents, assigns, attorneys, and all others claiming by or through them hereby release and forever discharge each other and their respective predecessors, successors, affiliated entities, subsidiaries, parent companies, affiliates, officers, directors, principals, partners, employees, executors, beneficiaries, representatives, agents, assigns, and attorneys from any and all actions, causes of action, suits, proceedings, debts, contracts, controversies, agreements, promises, damages, claims and demands of any kind, nature or description, known or unknown, of any kind whatsoever, whether based upon a tort, contract or other theory of recovery, and whether for compensatory damages, punitive damages or other relief in law, equity or otherwise, that any of the Parties has ever had, now has, or hereafter can, shall or may have for, upon, or by reason of any matter, cause or thing whatsoever from the beginning of the world to the day of the date of this Agreement, including without limitation all claims arising out of or relating to the Assigned Amount of the Debt set forth under the Replacement Note. 
  
 3. NON-DISPARAGEMENT. So long as such Party has not breached this Agreement, each Party shall not in any written or oral communications with any third party, including but not limited to any credit reporting agency, investor or vendor, through any medium, whether tangible, electronic, or otherwise, criticize, ridicule or make any statement which, directly or indirectly, disparages, causes any harm to, or negatively affects the other Party or their affiliates or subsidiaries or any of their respective directors or senior officers or the any of their businesses. Each Party shall not express any negative opinions of the other Party, the other Party’s business, or any affiliates of the other Party. The provision shall be construed broadly and shall govern any statement, express or implied, made concerning any of the Parties, the Parties’ business, or affiliates, subsidiaries or nominees of the Parties, unless required by law. 
  
 4. REMEDIES CUMULATIVE; SPECIFIC PERFORMANCE. The rights and remedies of the Parties hereto shall be cumulative (and not alternative). The Parties to this Agreement agree that, in the event of any breach or threatened breach by any party to this Agreement of any covenant, obligation or other provision set forth in this Agreement for the benefit of any other party to this Agreement, such other party shall be entitled (in addition to any other remedy that may be available to it) to (a) a decree or order of specific performance or mandamus to enforce the observance and performance of such covenant, obligation or other provision, and (b) an injunction restraining such breach or threatened breach. 
  
 5. ENTIRE AGREEMENT; NO ORAL MODIFICATION. This Agreement constitutes the complete and entire written agreement of compromise, settlement and release between the Parties and constitutes the complete expression of the terms of the settlement. All prior and contemporaneous agreements, representations, and negotiations are superseded and merged herein. The terms of this Agreement can only be amended or modified by a writing, signed by duly authorized representatives of all Parties hereto, expressly stating that such modification or amendment is intended. 
  
 6. AUTHORITY TO EXECUTE. Each Party executing this Agreement represents that it is authorized to execute this Agreement. Each person executing this Agreement on behalf of an entity, other than an individual executing this Agreement on his or her own behalf, represents that he, she or it is authorized to execute this Agreement on behalf of said entity. 
  
 7. WAIVER. No failure on the part of any party to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of any party in exercising any power, right, privilege or remedy under this Agreement, shall operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy shall preclude any other or further exercise thereof or of any other power, right, privilege or remedy. 
  
  	 
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 8. COSTS, FEES AND EXPENSES. In any action taken by the non-breaching Party to enforce its rights under this Agreement, the non-breaching Party shall be entitled to recover its costs, including reasonable attorney's fees, court fees, reliance damages and any and all costs, fees and expenses incurred by the nonbreaching Party in connection with this Agreement. 
  
 9. COUNTERPARTS. This Agreement may be executed in counterparts and, if so executed, each counterpart shall have the full force and effect of an original. Further, a telecopied signature page by any signatory shall constitute an original for all purposes. 
  
 10. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. In the event that any one or more of the provisions of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remainder of the Agreement shall not in any way be affected or impaired thereby. 
  
 11. CONFIDENTIALITY. The existence and terms of this Agreement shall be strictly confidential and shall not be disclosed by either Party, or their representatives, to anyone or any entity under any circumstances, except to your attorneys, governmental agencies that require this information. All the terms of this Agreement, including but not limited to this provision, are material terms of this Agreement. 
  
 12. FURTHER ASSURANCES. The Parties hereby agree that they will execute each further document and perform such further acts, including any and all filings or notices required to be filed with the U.S. Securities & Exchange Commission (“SEC”) or any state and federal securities regulators as may be necessary to properly consummate the settlement contemplated hereunder. 
  
 13. MISCELLANEOUS. Each of the undersigned states that they have read the foregoing Agreement and understands and agrees to it and has had the opportunity to consult with his/her/its professional advisors prior to executing same.  
  
 IN WITNESS WHEREOF, the Parties have entered into this Agreement made and effective as of the date first hereinabove written. 
  
  	 WOD Retail Solutions Inc.
	 	Bravo 20 Partners LLC	 
	  
	  
	  
	  
	  
	  

	 By:
	/s/ Brenton Mix	 	By:	/s/ Terry Stenlund	 
	  
	Brenton Mix, Chief Executive Officer 	 	 	Terry Stenlund, Manager	 

  
  	 
	3Document

EXECUTIVE CHANGE IN LEADERSHIP AGREEMENT

This Executive Change in Leadership Agreement (this “Agreement”) is entered into as of [insert date] (the “Effective Date”) by and between Citizens, Inc., a Colorado corporation (the “Company”), and [executive name] (the “Executive”) (each, a “Party” and together, the “Parties”).

WHEREAS, the Executive has been and remains employed by the Company in a position of trust and confidence that provides great value to the Company;

WHEREAS, the Company recognizes that it is possible that a Change in Leadership (as defined herein) could occur at some time in the future;

WHEREAS, the Company recognizes the uncertainty of such a possibility could result in the distraction of the Executive from his or her assigned duties and responsibilities;

WHEREAS, the Company desires to assure the continued attention by the Executive to such duties and responsibilities without the potential distractions caused by a Change in Leadership; and

NOW THEREFORE, without altering, modifying, or otherwise impacting any written agreements between them as of the Effective Date, the Parties agree as follows:

A.Definitions

As used in this Agreement, the following definitions shall apply:

a.“Change in Leadership” shall mean the departure of Geoff Kolander as President and Chief Executive Officer of the Company prior to the end of the first term of his Employment Contract, entered into with the Company on January 1, 2019 and which ends January 1, 2022.

b.“Cause” shall mean:

a.Executive’s continued failure to satisfactorily perform the material responsibilities and duties as the Company’s employee;

b.Executive’s gross negligence, willful misconduct, or severe neglect in the performance of the duties and services as the Company’s employee;

c.Executive’s final conviction of a felony, or an admission or civil judgment that Executive engaged in fraud, embezzlement, or dishonesty;

d.Executive’s material breach of any applicable employment agreement with the Company;

e.Executive’s knowing and unauthorized disclosure of trade secrets or confidential information to any person outside the Company; or

f.Executive’s material violation of any rule, policy, or practice of the Company.

3.  “Good Reason” shall mean:

a.a material adverse change in Executive’s status as an executive or other key employee of the Company as in effect immediately prior to the Change in Leadership, including, without 

limitation, any material adverse change in Executive’s position, authority, or aggregate duties or responsibilities;

b. an adverse change in the Executive’s then-base monthly compensation or participation in other management incentive plans in which Executive participated at the time of a Change in Leadership; or

c. the taking of any action by the Company that would diminish other than in a de minimis amount the aggregate value of the benefits provided to Executive under the Company’s medical, health, dental, accident, disability, life insurance, or retirement plans in which Executive participated at the time of a Change in Leadership.

4.  “Termination Payment” shall mean:

1.reimbursement of six (6) months of COBRA continuation payments under the Company’s group health plan at cost of normal employee rate provided that Executive elects COBRA continuation coverage;

2.six (6) months of Executive’s then-base monthly compensation; and

3.the immediate vesting of any outstanding stock grants from the Company to the Executive.

B.    Effect of a Change in Leadership

If there is a Change in Leadership and the Executive is terminated without Cause or Executive terminates employment with the Company for Good Reason within one year of the Change in Leadership, Executive shall be entitled to a Termination Payment. The Termination Payment shall be made in a lump sum within 30 days of termination of employment provided Executive signs a release of claims in a form acceptable to the Company on the last day of Executive’s employment with the Company.

C. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of Texas, without reference to its principles of conflicts of law.

D. At-Will Employment

Nothing in this Agreement shall be construed to create a contract of employment for a fixed period of time or to otherwise alter the at-will nature of the relationship between the Parties, nor will it be construed to replace, limit or reduce any legal duty Executive would otherwise owe to the Company absent this Agreement.

[SIGNATURES TO FOLLOW]

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

			
	EXECUTIVE
	Name:
	

CITIZENS, INC.

	

By:

	Name:
	Title:

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