Document:

spxa_ex102.htm

EXHIBIT 10.2

 

ASSIGNMENT OF PROPERTY AGREEMENT

THIS ASSIGNMENT OF PROPERTY AGREEMENT (the “Agreement”) is entered into and effective as of April 16, 2012 (the “Effective Date”) by and between SpectrumDNA, Inc., a Delaware corporation (“SpectrumDNA”), and SpectrumDNA Studios, Inc., a Delaware corporation and a wholly-owned subsidiary of SpectrumDNA (“SpectrumDNA Studios”) (SpectrumDNA and SpectrumDNA Studios collectively referred to herein as the “Company”), on the one hand, and James Banister, an individual (“Banister”), on the other hand.

Recitals

WHEREAS, the parties desire to enter into a transaction whereby the Company will transfer and assign to Banister certain intellectual property owned by the Company in consideration for the redemption by SpectrumDNA of shares of common stock of SpectrumDNA and warrants to acquire shares of common stock of SpectrumDNA owned by Banister pursuant to the terms of a certain Redemption Agreement between SpectrumDNA and Banister, and in accordance with the terms and conditions set forth in this Agreement.

Agreement

NOW, THEREFORE, in consideration of the following covenants and conditions, and for valuable consideration, receipt of which is hereby acknowledged, the parties agree as follows:

1.  Assignment and Transfer of Property.  The Company hereby assigns, grants, conveys and transfers to Banister all of the Company’s right, title and interest in and to the Enginet web properties of the Company described in Schedule A hereto, including, without limitation, all source codes, documentation, related URLs, intellectual property rights and other rights related thereto (the “Property”), subject to the terms hereof.

 

2.  Mutual Representations and Warranties. Each party represents and warrants to the other party that the representing and warranting party, to its best knowledge is free to enter this Agreement and in so doing it will not violate any other agreement to which it is party or subject.

3.  No Other Warranties.  EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE PROPERTY IS PROVIDED “AS IS” WITHOUT WARRANTY OF ANY KIND, AND THE PARTIES DISCLAIM ALL OTHER WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NONINFRINGEMENT OF INTELLECTUAL PROPERTY.

 

4.  Entire Agreement.  This Agreement does not constitute an offer by the Company and it shall not be effective until signed by all of the parties hereto.  This Agreement constitutes the entire agreement between the parties with respect to its subject matter and merges all prior and contemporaneous communications.

 

  

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5.  Miscellaneous.

5.1 Neither this Agreement nor any provisions hereof shall be modified, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, change, discharge or termination is sought.

5.2  Any notice or communication under this Agreement must be in writing and sent (i) by mail, postage prepaid and registered or certified with return receipt requested, (ii) by overnight courier, (iii) by facsimile or email, or (iv) by delivering the same in person.  Notices shall be sent to the last known addresses of the parties or to such other address or addresses as any party may designate by notice as provided above.

5.3  Each party to this Agreement shall perform any and all acts and execute and deliver any and all documents as may be necessary and proper under the circumstances in order to accomplish the intents and purposes of this Agreement and to carry out its provisions.

5.4  This Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and permitted assigns.

5.5  This Agreement shall be governed and construed under the laws of the State of Delaware.

5.6  If any provision or any portion of any provision of this Agreement shall be held to be void or unenforceable, the remaining provisions of this Agreement or the remainder of the provision held void or unenforceable in part shall continue in full force and effect.

5.7  No waiver by any party, whether express or implied, of any provision of this Agreement, or of any breach or default, shall constitute a waiver or a breach of a similar or dissimilar provision or condition at the same time or any prior or subsequent time.

5.8  Each of the parties hereto represents, warrants and covenants that it has had ample opportunity to consider entering into this Agreement and has had an opportunity to consult with counsel regarding this Agreement prior to executing the same.  Banister understands and agrees that Kaye Cooper Fiore Kay & Rosenberg, LLP, the draftsperson of this Agreement, has prepared this Agreement on behalf of the Company and is not representing Banister in an individual capacity in the negotiation and consummation of the transactions hereunder. The parties further agree that any rule that provides that an ambiguity within a document will be interpreted against the party drafting such document shall not apply.

5.9  This Agreement may be executed in counterparts, each of which shall be considered an original instrument, but all of which together shall be considered one and the same agreement.  The counterparts may be delivered by facsimile transmission or by electronic mail in portable document format (.pdf).

 

  

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

 

	 	SPECTRUMDNA, INC.	 
	 	 	 	 
	
 

	
By: 

	/s/ Rebecca Hershinger	 
	 	 	Rebecca Hershinger	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	SPECTRUMDNA STUDIOS, INC.	 
	 	 	 
	 	By:	/s/ Rebecca Hershinger	 
	 	 	Rebecca Hershinger	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	 	/s/ James Banister	 
	 	 	JAMES BANISTER	 

 

  

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SCHEDULE A

Addictionary and Associated Items

 

All assets associated with the Addictionary property including:

 

	
1.  

	
IP / Code Base

	
2.  

	
Brand-extensions

	
3.  

	
Trademark

	
4.  

	
Associated Domain Names

	
i.  

	
adaddictionary.com

	
ii.  

	
addiccionario.com

	
iii.  

	
addiccionario.net

	
iv.  

	
addictionaries.com

	
v.  

	
addictionary.com

	
vi.  

	
addictionary.org

	
vii.  

	
additionary.com

	
viii.  

	
addverbs.com

	
ix.  

	
adiccionario.com

	
x.  

	
adiccionario.net

	
xi.  

	
cataddictionary.com

	
xii.  

	
celebrityaddictionary.com

	
xiii.  

	
dogaddictionary.com

	
xiv.  

	
ellenaddictionary.com

	
xv.  

	
horroraddictionary.com

	
xvi.  

	
oddictionary.com

	
xvii.  

	
petaddictionary.com

	
xviii.  

	
politicaladdictionary.com

	
xix.  

	
redneckaddictionary.com

	
xx.  

	
thereoughtabeaword.com

 

Acknowledgement of Rights To Ideas

 

	1.	
Syncrave

	2.	
Webheads

	3.	PsychicXchange
	4.	Maprocosm
	5.	Runnerstrax
	6.	
Arbetrator

	7.	MyPosse
	8.	Macrocosm
	9.	Agregator

 

  

 

  

 

Domain Names

 

	
1.  

	
coffeedback.com

	
2.  

	
explorehatch.net

	
3.  

	
gamifiedloyalty.com

	
4.  

	
jimbanister.com

	
5.  

	
keepitpc.com

	
6.  

	
maybehood.com

	
7.  

	
micropayplugs.com

	
8.  

	
mobject.com

	
9.  

	
mobjectives.com

	
10.  

	
myposse.com

	
11.  

	
networkedmedia.com

	
12.  

	
payplugs.com

	
13.  

	
pennyplugs.com

	
14.  

	
powerpayport.com

	
15.  

	
runnerstracks.com

	
16.  

	
runnerstrax.com

	
17.  

	
runnertracks.com

	
18.  

	
runnertrax.com

	
19.  

	
spectrummedia.com

	
20.  

	
storydweller.com

	
21.  

	
storydwelling.com

	
22.  

	
storyformer.com

	
23.  

	
storyforming.com

	
24.  

	
superorganisms.com

	
25.  

	
trainerstracks.com

	
26.  

	
trainerstrax.com

	
27.  

	
trainertracks.com

	
28.  

	
trainertrax.com

	
29.  

	
wordofmousebook.com

Sproutlets

 

All assets associated with Sproutlets and Sproutlets, Inc.spxa_ex103.htm

EXHIBIT 10.3

 

AGREEMENT FOR SEPARATION AND RELEASE

THIS AGREEMENT is entered into as of this 5th day of April, 2012 (the “Effective Date”) by and between James Banister (“Banister”), on the one hand, and SpectrumDNA, Inc., a Delaware corporation (“SpectrumDNA”), and SpectrumDNA Studios, Inc., a Delaware corporation (“SpectrumDNA Studios”) (SpectrumDNA and SpectrumDNA Studios collectively referred to herein as the “Company”).

RECITALS

WHEREAS, Banister was previously employed by the Company as President and Chief Executive Officer, currently serves as a member of the Board of Directors and is prepared to resign as director of the Company, and shall claim no further right to employment or compensation by the Company;

WHEREAS, Banister is prepared to enter into a transaction whereby SpectrumDNA will redeem certain equity securities of SpectrumDNA owned of record and beneficially by Banister in exchange for which the Company shall transfer to Banister certain intellectual property owned by SpectrumDNA and SpectrumDNA Studios, and pay Banister the sum of Seven Thousand Five Hundred Dollars ($7,500) (the “Transaction”); and

WHEREAS, the parties to this Agreement wish to clearly set forth the terms and conditions of the termination of Banister’s relationship with the Company.

AGREEMENT

NOW, THEREFORE, for and in consideration of the mutual promises and covenants contained herein, and for good and valuable consideration, the receipt and adequacy of which is acknowledged by each of the parties hereto, that parties agree as follows:

1.  Employment.  The parties agree that Banister’s employment with the Company was previously terminated and neither party shall have any further responsibility or liability thereunder including but not limited to Banister’s right to receive any further compensation from the Company whether accrued or nonaccrued as of the date hereof.

2.  Adequate Consideration.  Banister acknowledges and represents that the benefits and payments provided for in the Transaction constitute adequate consideration for the covenants, waiver and release in this Agreement.

 

  

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3.  Waiver and Release of Claims by Banister.

(a)  Banister on behalf of himself and his marital community, heirs, family members, executors and assigns, hereby waives and fully and forever releases the Company and their affiliates, divisions, subsidiaries, and all of their respective directors, members, officers, agents, administrators, attorneys, representatives and employees, past and present, and each of their respective predecessors, successors and assigns (collectively, the “Released Parties”) from, and agrees not to sue, or otherwise institute, or cause to be instituted, any legal proceedings against the Released Parties concerning, any and all claims, duties, obligations, or causes of action, relating to any matters of any kind, whether known or unknown, suspected or unsuspected, contingent or non-contingent, contractual or otherwise, that he or she may have that arises from any omissions, acts or facts up until and including the Effective Date of this Agreement including, without limitation,

 

(i)  any and all claims relating to or arising from Banister’s employment relationship with the Companies and the termination of that relationship;

(ii)  any and all claims for wrongful discharge of employment, termination in violation of public policy, discrimination, breach of contract (both express and implied), breach of a covenant of good faith and fair dealing (both express and implied), promissory estoppel, 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, personal injury, assault, battery, invasion of privacy, false imprisonment, and conversion;

(iii)  any and all claims for violation of the federal, or any state constitution, or other federal, state, or municipal statute or ordinance, including, but not limited to, Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Americans With Disabilities Act, the Family and Medical Leave Act of 1993, the Equal Pay Act of 1963, Executive Order 11246, the Rehabilitation Act of 1973, the Uniformed Services Employment and Reemployment Rights Act of 1994, the Age Discrimination in Employment Act, the Older Workers Benefit Protection Act, the Fair Labor Standards Act, and all amendments to and regulations issued under each such Act, and all other claims arising under any other statutes, administrative regulations or legal doctrines governing employment or the termination thereof;

(iv)  any and all claims, pursuant to statute or otherwise, for attorneys’ fees and costs related to the released claims.

(b)  This release does not extend to (i)  Banister’s indemnification rights under the Company’s By-laws or Certificate of Incorporation or otherwise; or (ii) claims that, in accordance with applicable law, may not be released under this Agreement.

(c)  Banister represents that he has not filed any complaints or charges against any of the Released Parties with any governmental agency and has no lawsuit, claim, or action pending in his name, or on behalf of any person or entity, against the Company or any other of the Released Parties.

4.  Free and Voluntary Act of Banister.  Banister has a period of up to twenty-one (21) days to review and consider this Agreement.  If Banister elects to sign this Agreement before the expiration of twenty-one (21) days, Banister agrees that he will have done so voluntarily and knowingly.  Banister represents and warrants that, except as expressly stated in this Agreement, Banister did not rely upon any representation or statement by any Company representative or by any other of the Released Parties.  Banister has entered into this Agreement voluntarily and without duress or undue influence, with the full intent of releasing any and all claims as set forth in this Agreement.  Banister further acknowledges as follows:

(a)  Banister has read this Agreement.

 

  

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(b)  Banister was advised in writing that (i) he should consult with an attorney before signing this Agreement; (ii) he has at least twenty-one (21) days to consider this Agreement and seven (7) days following the execution of this Agreement to revoke his signature; and (iii) this Agreement shall not be effective until the revocation period has expired.

(c)  Banister was represented in the preparation, negotiation, and execution of this Agreement by legal counsel of his own choice or voluntarily declined to seek such counsel.

(d)  Banister understands the terms and consequences of this Agreement and of the release it contains.

(e)  Banister is fully aware of the legal and binding effect of this Agreement.

5.  Revocation.  This Agreement may be revoked by Banister by providing written notice of revocation to the Company within seven (7) days of Banister’s execution of this Agreement.  Any revocation should be done in writing and sent via certified mail or via facsimile to David M. Kaye, Esq., Kaye Cooper Fiore Kay & Rosenberg, LLP, 30A Vreeland Road, Suite 230, Florham Park, New Jersey 07932, facsimile no. (973) 443-0609.  Such revocation must be received by Mr. Kaye prior to the expiration of the seven (7) day rescission period.

6.  No Admission of Liability.  This Separation and Release Agreement shall not be construed as an admission by the Company or Banister of any liability, breach of any agreement between the Company or Banister, or violation by the Company or Banister of any statute, law, or regulation.

7.  Governing Law.  This Agreement shall be governed by the laws of the State of Delaware.

8.  Entire Agreement and Severability.  The foregoing constitutes the entire agreement and understanding between the parties concerning Banister’s separation from the Company, and they supersede and replace any and all prior agreements and understandings concerning Banister’s relationship with the Company and his or her compensation by the Company.  This Agreement may not be changed orally, but only in writing signed by both parties.  If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without provision.

9.  Counterparts.  This Agreement may be executed in counterparts, each of which shall be considered an original instrument, but all of which together shall be considered one and the same agreement.  The counterparts may be delivered by facsimile transmission or by electronic mail in portable document format (.pdf).

10.  Termination.   In the event the terms of the Transaction are not met on or before April 16, 2012, this Agreement and the rights and obligations hereunder shall terminate and be of no further force and effect.  In the event of termination, neither party shall be liable to the other for damages of any sort resulting solely from the termination of this Agreement in accordance with its terms.

 

  

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

 

	
 

	
By: 

	/s/ James Banister	 
	 	 	JAMES BANISTER	 
	 	 	 	 
	 	SPECTRUMDNA, INC.	 
	 	 	 	 
	 	
By: 

	/s/ Rebecca Hershinger	 
	 	 	Rebecca Hershinger	 
	 	 	Chief Financial Officer	 
	 	 	 	 
	 	SPECTRUMDNA STUDIOS, INC.	 
	 	 	 	 
	 	
By: 

	/s/ Rebecca Hershinger	 
	 	 	Rebecca Hershinger	 
	 	 	Chief Financial Officer	 

 

 

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