Document:

Arkanova Energy Corporation: Exhibit 10-2 - Filed by newsfilecorp.com

EXECUTIVE EMPLOYMENT
AGREEMENT

THIS EMPLOYMENT AGREEMENT (the "Agreement") is
effective July 17, 2012 (the “Effective Date”), by and between
ARKANOVA ENERGY CORPORATION, a Nevada corporation (the “Company”),
and REGINALD DENNY, an individual and resident of 16709 French Harbour
Court, Austin, Texas 78734 (the "Executive"). 

WHEREAS, the Company is in the business of locating,
acquiring and exploring oil and gas properties;

WHEREAS, the Executive has experience in the control and
senior management functions of companies in the oil & gas industry in
particular;

WHEREAS, the Executive is currently employed by the
Company pursuant to the terms of an Executive Employment Agreement dated July
17, 2010 which expires on July 17, 2012 (the “Former Agreement”); and

WHEREAS, the Executive and the Company seek to enter
into this Agreement, to be effective immediately upon the termination of the
Former Agreement; 

NOW, THEREFORE, in consideration of the mutual covenants
contained herein, the parties agree as follows:

1. Employment. On the Effective Date, the Executive is
hereby employed and engaged to serve the Company as the Chief Financial Officer
of the Company, and such additional titles as the board of directors of the
Company (the “Board”) may specify from time to time, and the Executive
does hereby accept and agree to such engagement and employment.

2. Employment Term. This Agreement has a term of one (1)
year, beginning on the Effective Date (the “Employment Term”). Upon expiration
of the initial Employment Term, this Agreement will automatically renew for
another one (1) year unless terminated in writing by either party no less than
sixty (60) days prior to the expiration or by either party pursuant to Section
16 of this Agreement.

3. Directorship. Provided the Executive is not in breach
of any terms of this Agreement, and during the Employment Term, the Company
agrees to nominate the Executive for election as a director of the Company at
all meetings of stockholders held for the purpose of electing directors.

4. Duties. The Executive’s duties will be such duties
and responsibilities as the Board may specify, assign and reassign, in its sole
and absolute discretion from time to time, and will entail those duties
customarily performed by the Chief Financial Officer of a company with the
revenue and number of employees commensurate with those of the Company. Without
limiting the generality of the foregoing, the Executive’s duties will include
the following:

	 	(a) 	
      management of the complete accounting function to include
      payables, receivables, payroll, general ledger, asset control, purchasing,
      inventory, depletion and depreciation, etc.;

	 	 	 
	 	(b) 	
      production of financial statements in accordance with
      United States GAAP, and management reports, on a monthly basis and on an
      as needed basis;

	 	(c) 	
      preparation of budgets and forecasts with expenditure
      analysis and variance reporting to include capital, operational and
      financial;

	 	 	 
	 	(d) 	
      management of cash balances for timely commitment of
      funds and float control;

	 	 	 
	 	(e) 	
      responsible for all tax matters as to production and
      timely filing;

	 	 	 
	 	(f) 	
      prepare and file necessary disclosure documents with the
      SEC, including quarterly reports on Form 10-Q, annual reports on Form
      10-K, and current reports on Form 8-K, and applicable documents with the
      FERC, and any and all documents necessary to be filed with the State of
      Arkansas and other governmental agencies;

	 	 	 
	 	(g) 	
      ensure compliance with contracts and agreements, their
      recording and classification, enforceability and legality (with legal
      counsel);

	 	 	 
	 	(h) 	
      maintain the corporate records, minutes and bylaws for
      compliance with management, shareholders and the IRS and government
      agencies;

	 	 	 
	 	(i) 	
      maintain adequate insurance for all coverages and conduct
      periodic reviews for rates, coverages and any changes to operating
      conditions;

	 	 	 
	 	(j) 	
      implement a software package to facilitate the recording
      of operations, update as necessary and maintain the security of the
      system; and

	 	 	 
	 	(k) 	
      liaison with audit firms for the annual audit and SEC
      filings.

(collectively the “Duties”).

5. Reporting. The Executive will report to the President
and Chief Executive Officer of the Company (the “CEO”).

6. Best Efforts of the Executive. During his employment
hereunder, the Executive must

	 	(a) 	
      devote his business time, best efforts, business
      judgment, skill, and knowledge to the advancement of the Company's
      interests and to the discharge of his duties and responsibilities
      hereunder;

	 	 	 
	 	(b) 	
      diligently and faithfully execute and perform the Duties
      and responsibilities, subject to the general supervision and control of
      the CEO; and

	 	 	 
	 	(c) 	
      conduct and maintain a professional relationship with all
      parties interacting with the Company with the utmost regard for honesty
      and integrity.

7. Business Opportunities. During the Employment Term,
the Executive agrees to bring to the attention of the Board all written business
proposals that come to the Executive’s attention and all business or investment
opportunities of an oil and gas nature that are created or devised by the
Executive and that relate to areas in which the Company conducts business and
might reasonably be expected to be of benefit or interest to the Company or any
of its subsidiaries. The Executive may not participate in or compete within a 25
mile radius of existing projects.

2

8. Other Business, etc. The Company recognizes that the
Executive is actively engaged in other business, investments, and personal
pursuits. Nothing in this Agreement precludes the Executive from devoting
reasonable periods required for:

	 	(a) 	
      serving as a director or member of a committee of any
      organization or corporation involving no conflict of interest with the
      interests of the Company;

	 	 	 
	 	(b) 	
      serving as a consultant in his area of expertise (in
      areas other than in connection with the business of the Company), to
      government, industrial, and academic panels where it does not conflict
      with the interests of the Company; and

	 	 	 
	 	(c) 	
      managing his personal investments or engaging in any
      other business; provided that such activities do not interfere with the
      regular performance of his duties and responsibilities under this
      Agreement as determined by the Company.

9. Compensation of the Executive.

	 	(a) 	
      As compensation for the services provided by the
      Executive under this Agreement, the Company will pay the Executive an
      annual salary of $190,000.00, to be paid in accordance with the Company's
      usual payroll procedures (the “Salary”).

	 	 	 
	 	(b) 	
      In addition to the Salary, the Executive may be eligible
      to receive an annual bonus determined by the Board based on the
      performance of the Company.

10. Stock Option Grant. The Company may, in its
discretion, grant to the Executive incentive stock options to acquire shares of
the Company’s common stock on such terms as to be determined by the Board and in
accordance with applicable securities laws.

11. Benefits. The Executive will also be entitled to
participate in any and all Company benefit plans, from time to time, in effect
for employees of the Company. Such participation will be subject to the terms of
the applicable plan documents and generally applicable Company policies.

12. Vacation, Sick Leave and Holidays. During the
Employment Term, the Executive is entitled to four (4) weeks of paid vacation in
accordance with Company policies established and in effect from time to time,
with such vacation to be scheduled and taken in accordance with the Company's
standard vacation policies. In addition, the Executive is entitled to such sick
leave and holidays at full pay in accordance with the Company's policies
established and in effect from time to time.

13. Business Expenses and Indemnity.

	 	(a) 	
      The Company must promptly reimburse the Executive for all
      reasonable out-of- pocket business expenses incurred in performing the
      Executive’s duties and responsibilities hereunder in accordance with the
      Company's policies, provided the Executive promptly furnishes to the
      Company adequate records of such expenses.

3

	 	(b) 	
      The Company agrees to indemnify and hold the Executive
      harmless from any liability, damage, or claim, including reasonable
      attorneys’ fees incurred by the Executive related to the Company or its
      activities, provided that the Company will not be liable for any action
      for the Executive’s gross negligence or willful
neglect.

14. Location of the Executive's Activities. The
Executive’s principal place of business in the performance of his duties and
obligations under this Agreement will be in either the Houston or Austin
metropolitan areas, as determined by
the Company in its discretion. Notwithstanding the preceding sentence, the
Executive will engage in such travel and spend such time in other places as may
be necessary or appropriate in furtherance of his duties hereunder.

15. Confidentiality. The Executive recognizes that the
Company has and will have business affairs, products, future plans, trade
secrets, customer lists, and other vital information (collectively "Confidential
Information") that are valuable assets of the Company. The Executive agrees that
he will not at any time or in any manner, either directly or indirectly,
divulge, disclose, or communicate in any manner any Confidential Information to
any third party without the prior written consent of the Board. The Executive
must protect the Confidential Information and treat it as strictly
confidential.

16. Termination. Except as provided in Section 2 of this
Agreement, the Executive’s employment hereunder will terminate under the
following circumstances:

	 	(a) 	
      Voluntary Termination by the Executive. The
      Executive has the right to voluntarily terminate this Agreement and his
      employment hereunder at any time during the Employment Term upon three
      months’ prior written notice.

	 	 	 	 
	 	(b) 	
      Voluntary Termination by the Company. The Company
      has the right to voluntarily terminate this Agreement and the Executive’s
      employment hereunder at any time during the Employment Term upon three
      months’ prior written notice.

	 	 	 	 
	 	(c) 	
      Termination for Cause. The Company has the right
      to terminate this Agreement and the Executive’s employment hereunder at
      any time for cause. As used in this Agreement, "cause" means any of
      the following:

	 	 	 	 
	 		(i) 	
      Refusal by the Executive to implement or adhere to lawful
      policies or directives of the Board or the CEO;

	 	 	 	 
	 		(ii) 	
      Breach of this Agreement by the Executive;

	 	 	 	 
	 		(iii) 	
      The Executive’s conviction of a felony;

	 	 	 	 
	 		(iv) 	
      The Executive’s conviction of a misdemeanor involving
      fraud, theft, deceit, misrepresentation, conspiracy, breach of trust or
      breach of fiduciary duty;

	 	 	 	 
	 		(v) 	
      The Executive receiving a reprimand, suspension, fine or
      other administrative penalty from the United States Securities and
      Exchange Commission or state regulator in a matter that involves fraud,
      theft, deceit, misrepresentation, conspiracy, breach of trust, breach of
      fiduciary duty or insider trading made after the signed date of this
      contract; or

4

	 	(vi) 	
      Breach of fiduciary duty or the misappropriation by the
      Executive of funds from or resources of the
Company.

“Cause” will not be deemed to
exist unless the Company has first given the Executive a written notice thereof
specifying in reasonable detail the facts and circumstances alleged to
constitute "cause" and, thirty (30) days after such notice has been given, such
conduct has, or such circumstances have, as the case may be, not entirely ceased
and not been entirely remedied.

	 	(d) 	
      Termination Upon Death or for Disability. This
      Agreement and the Executive’s employment hereunder, will automatically
      terminate upon:

	 	 	 	 	 
	 		(i) 	
      the Executive’s death; or

	 	 	 	 	 
	 		(ii) 	
      upon written notice to the Executive and certification of
      the Executive’s disability by a qualified physician or a panel of
      qualified physicians if the Executive becomes disabled beyond a period of
      twelve (12) months and is unable to perform the duties contain in this
      Agreement.

	 	 	 	 	 
	 	(e) 	
      Termination on “Change of Control”.

	 	 	 	 	 
	 		(i) 	
      “Change of Control Event” means the occurrence of
      any one of the events set out in Subsections A. to C. below:

	 	 	 	 	 
	 			A. 	
      The acquisition, other than from the Company, by any
      individual, entity or group (within the meaning of Section 13(d)(3) or
      14(d)(2) of the Securities Exchange Act of 1934, as amended) of
      beneficial ownership of 50% or more of either the then outstanding shares
      of common stock of the Company or the combined voting power of the then
      outstanding voting securities of the Company entitled to vote generally in
      the election of directors,

	 	 	 	 	 
	 			B. 	
      The approval by the stockholders of the Company of a
      reorganization, merger or consolidation of the Company in which the
      individuals and entities who were the respective beneficial owners of the
      common stock and voting securities of the Company immediately prior to
      such reorganization, merger or consolidation do not, following such
      reorganization, merger or consolidation, beneficially own, directly or
      indirectly, more than 50% of, respectively, the then outstanding shares of
      common stock and the combined voting power of the then outstanding voting
      securities entitled to vote generally in the election of directors, as the
      case may be, of the corporation resulting from such reorganization, merger
      or consolidation; or

	 	 	 	 	 
	 			C. 	
      A liquidation or dissolution of the Company or the sale
      or disposition of all or substantially all of the assets of the Company,
      which, for greater certainty, is deemed to occur in the event the Company
      sells or disposes of all or substantially all of the assets of a
      subsidiary of the Company.

5

In the case of the occurrence of any
of the events set forth in this Section 16(e), a Change of Control Event will be
deemed to occur immediately prior to the occurrence of any such events. The
following will not constitute a Change of Control Event:

	 	 		D. 	
      If the sole purpose of the event is to change the
      jurisdiction of the Company’s organization or to create a holding Company,
      partnership or trust that will be owned in substantially the same
      proportions by the persons who held the Company’s securities immediately
      before such event; or

	 	 	 	 	 
	 	 		E. 	
      If the Executive is part of a purchasing group that
      consummates the Change of Control Event.

	 	 	 	 	 
	 	 	(ii) 	
      If a Change of Control Event occurs with respect to the
      Company, the Executive’s Employment will automatically terminate and the
      Company will pay the Executive an amount equal to the total of:

	 	 	 	 	 
	 	 		A. 	
      the Salary for a period of 18 months; and

	 	 	 	 	 
	 	 		B. 	
      the Executive’s cost for a period of 18 months to obtain
      family and/or spousal health insurance that is similar in coverage to that
      provided to the Executive as of the date of the Change of
  Control,

which amount is payable within 30 days
of the Change of Control Event.

	 	(f) 	
      Effect of Termination.

	 	 	 	 
	 		(i) 	
      In the event that this Agreement and the Executive’s
      employment is terminated for cause pursuant to Section 16(c), all
      obligations of the Company and all duties, responsibilities and
      obligations of the Executive under this Agreement will cease upon the
      effective date of such termination. Upon such termination, the Executive
      will be entitled to receive only the compensation, benefits, and
      reimbursement earned by or accrued to the Executive under the terms of
      this Agreement prior to the date of termination, but will not be entitled
      to any further compensation, benefits, or reimbursement after such
      date.

	 	 	 	 
	 		(ii) 	
      In the event the Executive or the Company voluntarily
      terminates this Agreement pursuant to Sections 16(a) or 16(b), or in the
      event of the termination of this Agreement upon death or disability of the
      Executive pursuant to Section 16(d), the Executive will be entitled to all
      compensation pursuant to Section 9 of this Agreement for the period
      through the effective termination date, provided that, in the case of
      death or disability, payment may be made to the Executive’s appointed
      trustee.

	 	 	 	 
	 		(iii) 	
      Other than as set forth above, the Executive will not be
      entitled to any further compensation, benefits, or reimbursement after the
      date of his termination.

6

	 	(g) 	
      Resignation as Director. In the event that the
      Executive’s employment is terminated by the Company for cause, the
      Executive agrees to immediately resign as a director of the Company and
      any related entities. For the purposes of this Section 16, the term “the
      Company” will be deemed to include subsidiaries, parents, and affiliates
      of the Company.

17. Governing Law, Jurisdiction and Venue. This
Agreement will be governed by and construed in accordance with the laws of the
State of Texas without giving effect to any applicable conflicts of law
provisions.

18. The Executive’s Representations and Warranties. The
Executive hereby represents and warrants that he is not under any contractual
obligation to any other company, entity or individual that would prohibit or
impede the Executive from performing his duties and responsibilities under this
Agreement and that he is free to enter into and perform the duties and
responsibilities required by this Agreement. The Executive hereby agrees to
indemnify and hold the Company and its officers, directors, employees,
shareholders and agents harmless in connection with the representations and
warranties made by the Executive in this Section 18.

19. Notices. All demands, notices, and other
communications to be given hereunder, if any, must be in writing and will be
sufficient for all purposes if personally delivered, sent by facsimile or sent
by United States mail to the address below or such other address or addresses as
such party may hereafter designate in writing to the other party as herein
provided.

	The Company: 	The Executive: 
	Arkanova Energy Corporation 	Reginald Denny 
	2441 High Timbers Drive, Suite 120 	16709 French Harbour Court 
	The Woodlands, Texas 77380 	Austin, Texas 78734 

20. Entire Agreement. This Agreement contains the entire
agreement of the parties and there are no other promises or conditions in any
other agreement, whether oral or written. This Agreement supersedes any prior
written or oral agreements between the parties. This Agreement may be modified
or amended, if the amendment is made in writing and is signed by both
parties.

21. No Assignment of Agreement. This Agreement is for
the unique personal services of the Executive and is not assignable or
delegable, in whole or in part, by the Executive or the Company.

22. Currency. All dollar amounts referred to in this
Agreement are in lawful money of the United States.

23. Headings. The headings contained in this Agreement
are for reference only and do not in any way affect the meaning or
interpretation of this Agreement.

24. Severability. If any provision of this Agreement is
held to be invalid or unenforceable for any reason, the remaining provisions
will continue to be valid and enforceable.

25. No Waiver. The failure of either party to enforce
any provision of this Agreement is not be construed as a waiver or limitation of
that party's right to subsequently enforce and compel strict compliance with
every provision of this Agreement.

7

26. Independent Legal Advice. The Executive acknowledges
that he has read and understands this Agreement, and acknowledges that:

	 	(a) 	
      he has read and understands this Agreement;

	 	 	 
	 	(b) 	
      Clark Wilson LLP acts solely for the Company with respect
      to the preparation of this Agreement and cannot provide the Executive with
      any advice regarding same; and

	 	 	 
	 	(c) 	
      he has had the opportunity to obtain independent legal
      advice to respect to this Agreement.

27. Execution in Counterparts. This Agreement may be
executed in two or more counterparts, each of which will be deemed an original,
but all of which together will constitute one and the same instrument and, in
pleading or proving any provision of this Agreement, it will not be necessary to
produce more than one of such counterparts.

IN WITNESS WHEREOF, the parties have executed this
Agreement as of the day and year first above written.

ARKANOVA ENERGY CORPORATION

	By:	“Erich
      Hofer” 	“Reginald Denny” 
	 	Erich Hofer, Independent
      Director 	REGINALD DENNY 

8Exhibit 10.1 Settlement Agreement and Release

Exhibit 10.1

SETTLEMENT AGREEMENT AND RELEASE

THIS SETTLEMENT AGREEMENT AND RELEASE (the “Agreement”) is entered into and effective as of July 3, 2012 (the “Effective Date”) by and between: (i) Tactical Air Defense Services, Inc., a Nevada corporation (the “Company”); and (ii) Mark Daniels, an individual (“Daniels”).  The Company and Daniels may be individually referred to herein as a “Party” and collectively as the “Parties.”

RECITALS

WHEREAS, Daniels was previously employed by the Company as its Chief Executive Officer pursuant to an Employment Agreement (the “Employment Agreement”) executed in 2009.

WHEREAS, on or about April 15, 2009, the Company issued a Promissory Note (the “Daniels Note”) to Daniels in the principal amount of $159,878.63 in consideration for unpaid salary and expenses accrued.  The Daniels Note carried a term of ninety days and an annual interest rate 12%.

WHEREAS, on March 4, 2010, the Company sued Daniels and various entities affiliated with or controlled by Daniels in the Circuit Court of the 15th Judicial Circuit in and for Palm Beach County, Florida (the “Court”) in an action entitled Tactical Air Defense Services, Inc., et. al v. Mark Daniels, et. al, Palm Beach County Circuit Court, Case No.: 502010CA005988XXXXAN (the “Litigation”) for temporary and permanent injunctive relief, damages, and other relief, and for the cancellation of the Daniels Note (collectively the “Company Claims”). 

WHEREAS, as of the Effective Date, Daniels maintains ownership of and/or control over the Daniels Note. The Daniels Note represent all monies owed to Daniels by the Company as of the Effective Date and may be referred to hereinafter as the “Daniels Claims” and may be referred to hereinafter collectively with the Company Claims as the ‘Claims”. 

 

WHEREAS, the Parties wish to enter into this Agreement and fully settle and forever resolve the Litigation against Daniels and Claims as outlined above.

NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for good and valuable consideration, the receipt of which is hereby acknowledged, it is hereby agreed as follows:

AGREEMENT

1.

Cash Settlement.  For and in consideration of the termination of the Litigation against Daniels, Daniels shall deliver to the Company a cash settlement payment in the amount of Two Hundred and Fifty Thousand Dollars ($250,000.00 and the “Cash Payment”). The Cash Payment shall be delivered to the Company within one hundred and twenty (120) days of the Effective Date (the “Cash Payment Date”); provided, however, in the event the Cash Payment is not delivered to the Company by the Cash Payment Date, the Company may extend the Cash Payment date at its complete and sole discretion. 

2.

Termination of Daniels Note.  For and in consideration of the termination of the Litigation against Daniels, Daniels agrees to the rescission, cancellation, waiver and termination in full of all Company obligations whatsoever, including, but not limited to the Daniels Note, including, but not limited to, all accrued and unpaid interest, penalties, liquidated or damages and rights to the Company’s common stock, par value $0.001 (the “Common Stock”) arising therefrom, and waives and releases all claims arising from or in connection with the Daniels Note.

3.

Termination of Agreements and Release of Claims.  

a.

Termination of Financial Obligations. The Daniels Note is deemed and hereby terminated, cancelled, discharged and of no further force and effect. Daniels hereby waives any and all penalties, defaults or default penalty interest or payments owed to date under the Daniels Note.

b.

Termination of Contractual Obligations.  Daniels hereby confirms the Employment Agreement between the Company and Daniels had been previously terminated and is no longer in effect, and all other agreements between the Company and Daniels or its affiliates, other than this Agreement, are hereby deemed, and hereby are, terminated, satisfied, discharged and of no further force and effect and each Party’s obligations thereunder deemed satisfactorily discharged.  Daniels hereby waives any and all penalties, defaults or other penalties or liquidated or other damages as relates to Employment Agreement and Daniels Note. Daniels agrees and acknowledges that he does not have any other agreements with the Company or its subsidiaries other than as disclosed herein and that nothing further is owed (or accruing that will in the future be owed) to Daniels or any of Daniels affiliates by the Company other than as specifically set forth herein.. 

c.

Daniels Release of Claims. Subject to the terms and conditions herein, Daniels hereby agree to release, acquit and forever discharge the Company and each, every and all of its current and past officers, directors, shareholders, affiliated corporations, subsidiaries, agents, employees, representatives, attorneys, predecessors, successors and assigned, of and from any and all claims, damages, causes of action, suits and costs, of whatever nature, character or description, whether known or unknown, anticipated or unanticipated, which Daniels may now have or may hereafter have or claim to have against the Company with respect to the Daniels Claims. 

d.

Company Release of Claims. Subject to the terms and conditions herein, the Company hereby agree to release, acquit and forever discharge Daniels of and from any and all claims, damages, causes of action, suits and costs, of whatever nature, character or description, whether known or unknown, anticipated or unanticipated, which the Company may now have or claim to have against Daniels with respect to the Company Claims. 

e.

Continuing Jurisdiction.   The Company shall maintain the Litigation against Daniels until the Company receives the full and final Cash Payment, wherein the Company will file with the Court a dismissal of the Litigation against Daniels. In order to enable the Court to grant specific enforcement and other equitable relief in connection with this Agreement: (i) the Parties consent to the jurisdiction of the Court for purposes of enforcing this Agreement; and (ii) each Party to this Agreement expressly waives any contention that there is an adequate remedy at law or any like doctrine that might otherwise preclude injunctive relief to enforce this Agreement. 

f.

Acknowledgment of Contingency.  The Parties specifically acknowledge and agree that this Agreement in it’s entirely is contingent upon the delivery of the Cash Payment. The Parties agree that in the event the foregoing event does not occur, this Agreement shall be null and void and have no legal or binding effect upon either Party.

4.

No Admission.    This Agreement shall not be considered as an admission of liability by either Party and by entering into this Agreement, neither Party has admitted the validity of any Claims herein released.

5.

Information on the Company.   Daniels has been furnished with or has had access at the EDGAR website of the United States Securities and Exchange Commission (the “SEC”) to the Company's periodic and annual reports filed with the SEC.  In addition, Daniels has received from the Company such other information concerning its operations, financial condition and other matters as Daniels has requested and considered all factors Daniels deems material in deciding on the advisability of entering into this Agreement. 

6.  

Confidentiality Agreement and Additional Covenants.   Other than where required by law, at all times after the execution of this Agreement, the Parties hereto agree to not disclose to any other person any of the terms of said Agreement. 

7.

Miscellaneous. 

a.

Necessary Acts.  Each Party to this Agreement agrees to perform any further acts and execute and deliver any further documents that may be reasonably necessary to carry out the provisions of this Agreement.

b.

Entire Agreement; Modifications; Waiver.  This Agreement constitutes the entire agreement between the Parties pertaining to the subject matter contained in it. This Agreement supersedes all prior and contemporaneous agreements, representations, and understandings of the Parties.  No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by all the Parties.  No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provisions, whether or not similar, nor shall any waiver constitute a continuing waiver.  No waiver shall be binding unless executed in writing by the Party making the waiver.

c.

Notices.  All notices and other communications required or permitted hereunder shall be in writing and shall be effective when delivered personally, or sent by telex or telecopier or email, provided that a copy is mailed by registered mail, return receipt requested, or when received by the addressee, if sent by Express Mail, Federal Express or other express delivery service (receipt requested) in each case to the appropriate address set forth below:

		
	If to the Company:

Tactical Air Defense Services, Inc.

123 West Nye Lane, Suite 517

Carson City, Nevada 89706

Attention: Alexis Korybut, CEO

E-mail: 

	If to Daniels:

Mark Daniels

E-mail: 

d.

Dispute Resolution.   The subject matter of this Agreement shall be governed by and construed in accordance with the laws of the State of Florida (without reference to its choice of law principles), and to the exclusion of the law of any other forum, without regard to the jurisdiction in which any action or special proceeding may be instituted.  EACH PARTY HERETO AGREES TO SUBMIT TO THE PERSONAL JURISDICTION AND VENUE OF THE STATE AND/OR FEDERAL COURTS LOCATED IN PALM BEACH COUNTY, FLORIDA FOR RESOLUTION OF ALL DISPUTES ARISING OUT OF, IN CONNECTION WITH, OR BY REASON OF THE INTERPRETATION, CONSTRUCTION, AND ENFORCEMENT OF THIS AGREEMENT, AND HEREBY WAIVES THE CLAIM OR DEFENSE THEREIN THAT SUCH COURTS CONSTITUTE AN INCONVENIENT FORUM.  AS A MATERIAL INDUCEMENT FOR THIS AGREEMENT, EACH PARTY SPECIFICALLY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY ISSUES SO TRIABLE. 

e.

Attorney’s Fees.   Should any Party hereto employ an attorney for the purpose of enforcing or constituting this Agreement, or any judgment based on this Agreement, in any legal proceeding whatsoever, including insolvency, bankruptcy, arbitration, declaratory relief or other litigation, the prevailing party shall be entitled to receive from the other Party or Parties thereto reimbursement for all reasonable attorneys’ fees and all reasonable costs, including but not limited to service of process, filing fees, court and court reporter costs, investigative costs, expert witness fees, and the cost of any bonds, whether taxable or not, and that such reimbursement shall be included in any judgment or final order issued in that proceeding.  The “prevailing party” means the party determined by the court to most nearly prevail and not necessarily the one in whose favor a judgment is rendered.

f.

No Oral Change; Waiver.  This Agreement may only be changed, modified, or amended in writing by the mutual consent of the Parties hereto.  The provisions of this Agreement may only be waived in or by writing signed by the Party against whom enforcement of any waiver is sought.

g.

Severability.  If any provision of this Agreement is invalid, illegal, or unenforceable, the balance of this Agreement shall remain in effect.  If any provision is inapplicable to any person or circumstance, it shall nevertheless remain applicable to all other persons and circumstances.  

h.

Time of Essence.  Time is of the essence in the performance of all obligations under this Agreement.

i.

Execution of the Agreement.  The Company, the party executing this Agreement on behalf of the Company, and Daniels, have the requisite corporate power and authority to enter into and carry out the terms and conditions of this Agreement, as well as all transactions contemplated hereunder. All corporate proceedings have been taken and all corporate authorizations and approvals have been secured which are necessary to authorize the execution, delivery and performance by the Company and Daniels of this Agreement.  This Agreement has been duly and validly executed and delivered by the Company and Daniels and constitutes a valid and binding obligation, enforceable in accordance with the respective terms herein.  Upon delivery of this Agreement, this Agreement, and the other agreements and exhibits referred to herein, will constitute the valid and binding obligations of Company, and will be enforceable in accordance with their respective terms.  

j.

Joint Drafting and Exclusive Agreement.  This Agreement is the only agreement executed by and between the Parties related to the Claims described herein. There are no additional oral agreements or other understandings related to the Claims described herein. This Agreement shall be deemed to have been drafted jointly by the Parties hereto, and no inference or interpretation against any one Party shall be made solely by virtue of such Party allegedly having been the draftsperson of this Agreement. The Parties have each conducted sufficient and appropriate due diligence with respect to the facts and circumstances surrounding and related to this Agreement. The Parties expressly disclaim all reliance upon, and prospectively waive any fraud, misrepresentation, negligence or other claim based on information supplied by the other Party, in any way relating to the subject matter of this Agreement. 

k.

Acknowledgments and Assent.  The Parties acknowledge that they have been given at least ten (10) days to consider this Agreement and that they were advised to consult with an independent attorney prior to signing this Agreement and that they have in fact consulted with counsel of their own choosing prior to executing this Agreement.  The Parties may revoke this Agreement for a period of three (3) calendar days after signing this Agreement, and the Agreement shall not be effective or enforceable until the expiration of this three (3) day revocation period.  The Parties agree that they have read this Agreement and understand the content herein, and freely and voluntarily assent to all of the terms herein.  

IN WITNESS WHEREOF the Parties have executed this Settlement Agreement and Release effective as of the day and year first above written. 

		
	COMPANY

Tactical Air Defense Services, Inc.

	DANIELS

Mark Daniels

	

/s/ Alexis C. Korybut

	

/s/ Mark Daniels

	By: Alexis C. Korybut

	By: Mark Daniels

	Its: Chief Executive Officer

	An individual

	 
	 

A FACSIMILE COPY OF THIS AGREEMENT SHALL HAVE THE SAME LEGAL EFFECT AS AN ORIGINAL OF THE SAME.

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