Document:

EX-10.12

  Exhibit 10.12

   

   

  545 Promenade du Centropolis, Suite 100	Tel. : +1 450 687 2262

  Laval, Québec, Canada H7T 0A3	Fax. : +1 450 687 2272

  neptunecorp.com	Toll-free : 1 888 664 9166

   

   

  WITHOUT PREJUDICE DELIVERED VIA EMAIL STRICTLY CONFIDENTIAL

   

  November 15, 2021

   

  Dr. Toni Rinow

   

   

  Subject:	Letter Agreement - End of Employment

   

  Dear Toni,

   

  For the reasons mentioned to you today, your employment as Chief Operating Officer for Neptune Holding USA, Inc. and its affiliates (hereafter, the “Company”) is terminated as of today November 15, 2021 (hereafter, the “last day of work”).

   

  In order to offer you an adequate transition towards other opportunities, we are prepared to provide you with a severance payment, subject to certain conditions specified below, notwithstanding the terms of your employment agreement signed on or about July 4, 2020 (the “Employment Agreement”).

   

  Severance Payment The Company agrees to pay you a total of twenty-six (26) weeks of indemnity in lieu of termination notice ($223,500.03). This indemnity will be paid as salary continuation following the date of signature of all parties on this letter agreement.

   

  You understand and agree that your receipt of the indemnity payment is contingent upon your execution of this letter agreement in accordance with its terms. This indemnity payment will be subject to all withholding taxes and any other usual deductions.

   

  Benefits	Your benefits coverage will end on the date of your separation. Neptune will reimburse the cost of private benefits coverage up to the earlier of twenty-six (26) weeks or upon your acceptance of employment with another firm.

   

  Accrued Salary and Vacation The Company has directed its payroll provider to pay your accrued salary and vacation days earned and not taken up to the last day of work, after withholding taxes and any other usual deductions today.

   

  Return of property You will have to return to us any effects including equipment and documents that belong to the Company and/or its affiliates (including Neptune Wellness Solutions Inc. and its subsidiaries) and that are in your possession.

   

   

  

   

  As a condition to the receipt of the indemnity payment specified above, you hereby confirm that you have not kept at your home and/or on your personal computer at home or at any other place, documents and/or copies of documents relating to files of the Company and/or its affiliates.

   

  Non disparagement. As a condition to the receipt of the indemnity payment specified above, you hereby undertake to refrain from making publicly or disseminating in any way (including orally, in writing or via the Internet or social networks) any disparaging or negative comment with regard to the Company or any of its officers, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations whether the comment is true or not.

   

  You acknowledge that the indemnity proposed above include any notice of termination of employment to which you may be entitled under any applicable legislation and/or under your Employment Agreement and will be paid to you complete and final settlement of any matter relating to your employment with the Company or the end of such employment.

   

  Release of Claims

   

  You and the Company each agree that the foregoing consideration represents settlement in full of all outstanding obligations owed to you by the Company. You and the Company, on behalf of themselves, and their respective heirs, family members, executors, officers, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns, hereby fully and forever release each other and their respective heirs, family members, executors, officers, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assigns, from, and agree not to sue concerning, any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that any of them may possess arising from any omissions, acts or facts that have occurred up until and including the last day of work, including, without limitation:

   

  (a)any and all claims relating to or arising from the Employment Agreement or your employment relationship with the Company and the termination of that relationship including namely any claims related to notice, severance pay, transition pay, contractual or extra-contractual damages, incentive pay, commissions, bonuses, salary, vacation, leave (public holidays or otherwise), fringe benefits, overtime and any other claim or amount, under any law, contract, regulation, order, policy or practice

   

  (b)any and all claims relating to, or arising from, Employee’s right to purchase, or actual purchase of shares of stock of the Company (or its affiliates), including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable law, including any securities fraud under any applicable law;

   

  (c)	any and all claims for wrongful dismissal; termination in violation of any applicable law; discrimination; breach of contract, both express and implied; negligent or intentional infliction of emotional distress; negligent or intentional misrepresentation; negligent or intentional interference with contract or prospective economic advantage; unfair business practices; defamation; libel; slander; negligence; harassment; personal injury; assault; battery; invasion of privacy; false imprisonment; and conversion;

   

   

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  (d)any and all claims for violation of any applicable law, including the Civil Code of Quebec, the Charter of Human Rights and Freedoms, the Act respecting Labour Standards and the Act regarding Occupational Health and Safety;

   

  (e)any and all claims for attorneys’ fees and costs.

   

  The Company and Employee agree that the release set forth in this section shall be and remain in effect in all respects as a complete general release as to the matters released. Notwithstanding the provisions of this letter agreement, this release does not extend to any obligations incurred under this letter agreement. You acknowledge that the consideration given for this waiver and release is in addition to anything of value to which you were already entitled.

   

  We remind you that you are still bound by the Confidentiality Agreement that you signed with the Company, as well as the non-disparagement provisions of your Employment Agreement. As a condition of this offer, you shall also agree to abide by any other terms and provisions of your Employment Agreement, including any restrictive covenant (non-compete and/or non-solicitation). If you need a copy of your Employment Agreement to ensure you understand your commitments therein, please contact Human Resources to request a copy. We also remind you that you may not discuss the business and affairs of the Company and its affiliates, nor as the contents of this letter and its terms, with employees or former employees of the Company and its affiliates.

   

   

  In signing below, you acknowledge that this document constitutes a transaction under section 2631 of the Civil Code of Quebec. You also acknowledge that this document has been drafted in English because this is your language of preference. Should you require a French version of this document, please let us know. Vous reconnaissez que le présent document a été rédigé en anglais puisque ceci est votre langue de préférence. Si vous souhaitez recevoir une version française du présent document, veuillez nous l’indiquer.

   

  Should you need additional information, do not hesitate to contact the undersigned or the Vice President, Human Resources at your convenience.

   

   

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  On behalf of the Company and its affiliates, we thank you for your cooperation and wish you the best of luck in your future endeavors.

   

   

  	/s/ Emily CS Fletty						November 15, 2021

  			
	Emily CS Fletty, VP, Human Resources
	 
	 

   

   

   

   

   

  This agreement may be signed in multiple copies, and / or by fax or e-mail the transmission of Adobe Acrobat files (a "PDF File"), each of which must constitute an original and which, taken together, constitute one and the same instrument.

   

   

   

  Acknowledgement and Acceptance

   

  I acknowledge and declare that I have read and understood the contents of this letter agreement dated November 15, 2021. I understand that I am giving up important rights and I have had the opportunity to consult with a legal counsel of my choice with respect to this letter agreement. I sign this agreement freely and voluntarily, without duress or coercion.

   

  IN WITNESS WHEREOF, I have signed this letter in the city of Laval on the date set forth below.

   

   

  	/s/ Dr. Toni Rinow						November 22, 2021

   

  			
	Dr. Toni Rinow
	 
	November 22, 2021

   

   

  Page 4 of  NUMPAGES 4Exhibit
10.1

 

THIRD
ADDENDUM TO PURCHASE AND SALE AGREEMENT

 

This
Third Addendum (“Third Addendum”) to that certain Purchase and Sale Agreement dated effective as of April 25,
2022, as amended by that First Addendum to Purchase and Sale Agreement dated May 31, 2022, and the Second Addendum to Purchase and Sale
Agreement dated June 15, 2022 (together, the “Agreement”), entered into by and between SANDPIPER RESORT PROPERTIES,
INC., a Florida corporation (“Seller”), joined by HOLIDAY VILLAGE OF SANDPIPER, INC., a Florida corporation
(“Operator”), and ALTITUDE INTERNATIONAL HOLDINGS, INC., a New York corporation (“Purchaser”),
shall read as follows:

 

1.
The capitalized terms used in this Third Addendum shall have the same meaning as given in the Agreement unless otherwise changed or
altered herein.

 

2.
The Purchaser and Seller have agreed that the Closing Date shall be August 31, 2022.

 

3.
Section 2.2.1 of the Agreement is modified to add a Third Deposit of $250,000.00. Purchaser shall wire transfer the Third Deposit to
the Escrow Agent on or before July 29, 2022. Purchaser’s total Deposit shall then be $1,250,000.00.

 

4.
Sections 12.12.2 and 12.12.3 are hereby modified in their entirety to read as follows:

 

12.12.2
Material Loss. If the Casualty Renovation Cost as determined pursuant to Section 12.12.1 exceeds, in the aggregate, $250,000.00,
then unless either party elects to pay the excess by Notice delivered to the other party within ten (10) Business Days after the date
that the Casualty Renovation Cost is determined, Purchaser or Seller may, at its option, elect to terminate this Agreement by Notice
delivered to other party no later than five (5) Business Days after the expiration of the ten (10) Business Day period, in which case
the Deposit shall be delivered to Purchaser, and neither party shall have any further rights or obligations hereunder, except for those
obligations which expressly survive termination of this Agreement. If Seller elects to pay the excess, then Purchaser will receive a
credit against the Purchase price in the amount of the Casualty Renovation Cost in excess of $250,000.00. If Purchaser elects to pay
the excess or if Purchaser or Seller fails to timely send the Notice of its election to terminate this Agreement, then Closing shall
take place as provided herein without reduction of the Purchase Price, at Closing Seller shall assign the insurance proceeds to Purchaser
and credit Purchaser with the deductible under Seller’s casualty insurance policy, if applicable. If the process described in this
Section 12.12.2 concludes after the date established as the Closing Date (as may be extended by Section 12.12.1), the Closing Date will
be adjourned to ten (10) Business Days following the delivery of the Notice by either party electing to pay the excess or following the
expiration of the time allowed for the parties to terminate this Agreement under this Section 12.12.2, without either party so terminating
this Agreement, whichever is applicable.

 

12.12.3
Nonmaterial Loss. If the Casualty Renovation Cost is in the aggregate $250,000.00 or less, then, in any such event, neither party
hereto shall have any right to terminate this Agreement and the Closing shall take place as provided herein without reduction of the
Purchase Price and without a credit against the Purchase Price for the amount of the Casualty Renovation Cost. At Closing Seller shall
assign the insurance proceeds to Purchaser and credit Purchaser with the deductible under Seller’s casualty insurance policy, if
applicable.

 

5.
In all other respects where not in conflict herewith the terms and provisions of the Agreement shall remain in full force and
effect.

 

6.
This Third Addendum may be executed in one or more separate counterparts, each of which, when so executed, shall be deemed to be an
original. Such counterparts shall, together, constitute and be one and the same instrument; and, facsimile or electronically
submitted signatures of the authorized representatives of the parties hereto shall be considered original signatures for all intents
and purposes.

 

[Signatures
appear on the next page]

 

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IN
WITNESS WHEREOF, the parties have executed this Third Addendum as of the day and year stated below.

 

	SELLER:	 	PURCHASER:
	SANDPIPER RESORT PROPERTIES, INC.,	 	ALTITUDE INTERNATIONAL HOLDINGS, INC.,
	a Florida corporation	 	a New York corporation
	 	 	 
	By:	/s/Eileen M. Kent	 	By:	/s/ Gregory C. Breunich
	Print Name:	Eileen M. Kent, Esq.	 	Print Name:	Gregory C. Breunich
	Print Title:	Vice President	 	Print Title:	Chairman/CEO
	 	 	 
	Date: July 28, 2022	 	Date: July 28, 2022
	 	 	 
	OPERATOR:	 	 
	 	 	 
	HOLIDAY VILLAGE OF SANDPIPER, INC.,	 	 
	a Florida corporation	 	 
	 	 	 
	By:	/s/Eileen M. Kent	 	 
	Print Name:	Eileen M. Kent, Esq.	 	 
	Print Title:	Vice President	 	 
	 	 	 
	Date: July 28, 2022	 	 

 

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