Document:

opbk-ex102_9.htm

Exhibit 10.2

 

GENERAL RELEASE

 

 

This Separation Agreement/General Release (“Agreement”) is made by and between OP Bancorp/Open Bank, (including each of the Releasees referenced below unless otherwise noted) (the “Company”) and Steve Park (“Employee”) in complete, final, and binding settlement of all claims and potential claims, if any, with respect to their employment relationship. The Company and Employee may collectively be referred to herein as the “Parties.”

 

ONE: Agreement

 

This Agreement is based upon the following:

 

A.        Employee and Company have agreed to terminate their employment relationship. Although the Company has no obligation to provide the Employee with any kind of separation pay, it is prepared to assist the Employee with his employment transition.

 

B.        Employee’s last day of employment with the Company is October 15, 2020 (the “Termination Date”).  The Parties agree that Employee has no authority to act on behalf of the Company after the Termination Date. On the Termination Date, the Company will pay all accrued salary, and all accrued and unused PTO earned through the Termination Date, subject to all required payroll deductions and withholding. The Employee is entitled to these payments regardless of whether or not he signs this Agreement.

 

TWO: Consideration

 

A.        Separation Pay.   Employee shall  be paid a  Separation Pay of $285,000, the equivalent of 1 year of Employee’s current base salary, less standard payroll deductions and withholding, pursuant to the Agreement’s terms, after the date of the expiration of any and all applicable revocation periods specified in Paragraph FIVE below (provided that Employee has not exercised any applicable revocation right specified in Paragraph FIVE). The Separation Pay is in the nature of severance pay and not for any work performed for the Company, and therefore shall not result in the accrual or payment of holiday pay, vacation pay, accrual of any kind of similar benefit, or any other additional benefits.

 

B.        COBRA. The Employee’s group health insurance will cease on October 31, 2020. The Company will pay Employee’s health insurance premium for the plans equaling his current tier/coverage to continue through April 30, 2021, in accordance with the federal Consolidated Omnibus Budget Reconciliation Act.

 

C.        No Further Compensation.  The separation payment provided under this Section TWO shall be referred to as “Severance Payment.”  Employee acknowledges and agrees that, except for the Severance Payment, Employee is not entitled to earn or receive any further compensation, payments or benefits from the Company (including, without limitation, vacation pay, sick pay, floating holiday pay, or any other Company benefits), whether it be for the period of Employee’s employment prior to the Termination Date or otherwise.   Employee further

 

 

acknowledges and agrees that but for this Agreement, Employee would not be entitled to the

Severance Payment.

 

THREE: Complete Release

 

A.        General Release.   As a material inducement to the Company to enter into this Agreement and to provide the Severance Payment, Employee hereby irrevocably and unconditionally releases, waives and discharges the Company and each and all of the Company’s owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, former employees, representatives, attorneys, accountants, benefit plans, insurers, parent companies, divisions, subsidiaries, affiliates (and owners, stockholders, predecessors, successors, assigns, agents, directors, officers, employees, representatives, attorneys, accountants, benefit plans and insurers of such parent companies, divisions, subsidiaries and affiliates) and all persons acting by, through, or under or in concert with any of them (collectively “Releasees”) from any and all individual, class, and/or representative claims, causes of action, demands, complaints and liabilities (including but not limited to attorney’s fees) of any kind whatsoever, whether now known or unknown, suspected or claimed, which Employee has or may claim to have against any Releasee relating to or arising out of any matter or thing which occurred on or prior to the date of execution of this Agreement, including, without limitation, any and all individual, class, and/or representative claims arising out of or relating to Employee’s employment with the Company and/or Employee’s employment separation.  The released, waived, and discharged claims also include, but are not limited to individual, class and/or representative claims of any kind for unfair competition, wrongful discharge, constructive discharge, defamation, invasion of privacy, infliction of emotional distress, misrepresentation or fraudulent inducement, breach of any express or implied contract, claims arising under any Company handbook, manual, policy, or practice, any other claims for severance pay, attorney’s fees and costs, expenses, bonuses, back pay, future wage loss, and front pay, claims for wages, overtime, compensation, commissions, bonuses, or pay of any kind purportedly due to Employee for work performed during any and all periods of time prior to the date of this Agreement, as well as all associated liquidated damages, premiums, penalties, and interest, whether such claims are known or unknown, under any theory of law, including state law and federal law, claims for benefits under any employee benefit plan or program, claims for a breach of an implied covenant of good faith and fair dealing, claims for interference with contract, negligence, or claims under any other federal, state, municipal, or local insurance, human rights, civil rights, wage-hour, pension, or labor laws, rules or regulations, public policy, contract or tort laws, or any claim of retaliation under such laws, or any claim arising under common law, or under the constitution or any amendments thereto, or any other claim which could be asserted against the Releasee(s) or which arise out of the Employee’s employment relationship with the Company or the termination of that employment relationship.

 

B.        Release of Federal & State Statutes.  The released, waived, and discharged claims also include, but are not limited to, all individual, class and/or representative claims of any kind arising under Title VII of the Civil Rights Act of 1964, as amended; the Civil Rights Act of 1991; the Americans with Disabilities Act; the Equal Pay Act; the Employee Retirement Income Security Act (ERISA), as amended; the Age Discrimination in Employment Act of 1974, as amended; the Family and Medical Leave Act; the Fair Labor Standards Act; the Worker Adjustment and Retraining Notification Act (WARN Act); the Reconstruction Era Civil Rights Act, as amended; the Sarbanes-Oxley Act; the Occupational Safety and Health Act; the Health Insurance Portability

 

 

and Accountability Act; the California Fair Employment and Housing Act; the California Family Rights  Act;  the  California  Labor  Code  (including,  without  limitation,  Section 132a  and Sections 1400-1408); the California Business & Professions Code Section 17200 et seq.; or any other federal, state, municipal and/or local statutes, regulations, or ordinances of any kind.

 

C.        Release of Monetary Recovery for Claims Brought on Employee’s Behalf.  This release covers not only any and all individual, class and/or representative claims Employee ever had or now has against any Releasee, but it also covers any such claim for a monetary recovery asserted on Employee’s behalf by any other person or entity, including, without limitation, any government agency, and Employee waives the right to any such monetary recovery.

 

D.        To the extent Employee releases persons or entities not signatory to this Agreement, Employee acknowledges and agrees that Employee’s general release is made for each of their benefit and use.

 

E.        The Company and Employee acknowledge and agree that Employee’s general release does not cover any claims that cannot lawfully be waived or released by Employee.

 

FOUR: Waiver of Known and Unknown Claim, Including A Specific Waiver of

California Civil Code Section 1542

 

Employee expressly waives all rights afforded by any statute (such as Section 1542 of the Civil Code of the State of California or any other comparable state statute) which limits the effect of a release with respect to unknown claims.   Employee understands the significance of Employee’s release of unknown claims and Employee’s waiver of statutory protection against a release of unknown claims (such as under Section 1542 of the California Civil Code or under any other comparable state statute).  For instance, Employee expressly waives any and all rights and benefits under Section 1542 of The Civil Code of the State of California, which states as follows:

 

A  GENERAL   RELEASE   DOES   NOT   EXTEND   TO   CLAIMS WHICH  THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME  OF EXECUTING THE  RELEASE,  WHICH  IF  KNOWN  BY HIM  OR  HER  MUST HAVE MATERIALLY AFFECTED  HIS OR HER SETTLEMENT WITH THE DEBTOR.

 

Employee hereby specifically acknowledges and agrees that Employee’s waiver of known and unknown claims and of Section 1542 of the Civil Code of the State of California is knowing and voluntary.

 

FIVE: Acknowledgment   of   Rights   and   Waiver   of   Claims   Under   the   Age

Discrimination In Employment Act (“ADEA”)

 

Employee acknowledges and agrees that Employee is knowingly and voluntarily waiving and releasing any rights Employee may have under the Age Discrimination in Employment Act of

1967 (“ADEA”) and pursuant to the Older Workers Benefit Protection Act.  Employee also acknowledges that the consideration given for the waiver and release in this Agreement is in addition to anything of value to which Employee already is entitled, and that, but for this

 

 

Agreement, Employee would not be entitled to the consideration set forth in Section TWO of this Agreement. Employee further acknowledges that Employee has been advised by this writing that: (a) Employee’s waiver and release does not apply to any claims that arise after Employee’s execution of this Agreement; (b) Employee should consult with an attorney prior to executing this Agreement; (c) Employee has twenty-one (21) calendar days from Employee’s receipt of the Agreement to consider this Agreement (although Employee may by Employee’s own choice execute this Agreement earlier, but may not execute this agreement before Employee’s last day of work for the Company); (d) changes to the terms of the Agreement, whether material or immaterial, will not restart this twenty-one (21) day period; (e) Employee has seven (7) calendar days following Employee’s execution of this Agreement to revoke it in writing; and (f) this Agreement shall not be effective and enforceable unless and until the seven (7) day revocation period has expired without revocation of the Agreement by Employee (“Effective Date”). Employee may revoke this Release within seven (7) calendar days only by giving the Company formal, written notice of Employee’s revocation of this Release (by Certified Mail) to Attention: Min J. Kim 1000 Wilshire Blvd. Ste. 500, Los Angeles, CA 90017. Such notice must be received by the Company before the expiration of the seven (7) day revocation period referenced above.

 

SIX: Non Admission of Liability

 

Neither the transfer of any consideration, the doing of any of the acts referred to in this Agreement, nor anything else contained herein shall be taken or construed to be an admission on the part of the Parties, or any of them, of any wrongdoing, claims, liabilities, obligations, damages, losses or expenses that could have been asserted in any claim, demand, debt, account, cause of action and/or obligation of any kind whatsoever.

 

SEVEN: Non-Disparagement; Survival

 

A.        Employee shall not engage in any disparagement or vilification of the Releasees, and shall refrain from making any false, negative, critical or disparaging statements, implied or expressed, concerning the Releasees, including regarding management style, methods of doing business, the quality of products and services, role in the community, or treatment of employees. Employee shall do nothing that would damage the Company’s business reputation or goodwill.

 

B.        Employee acknowledges and agrees that Article VIII and Article IX of the Plan survive termination of Employee’s employment and remain in full force and effect.

 

EIGHT: Covenant Not to Sue

 

A.        A “covenant not to sue” is a legal term that means Employee promises not to file a lawsuit in court. It is different from the release of claims and waiver of rights contained above. Besides waiving and releasing the claims covered above, Employee shall never sue the Releasees in any forum for any reason covered by the Release. Notwithstanding this covenant not to sue, Employee may bring a claim against the Company to enforce this Agreement, to challenge the validity of this Agreement under the ADEA or for any claim that arises after execution of this Agreement. If Employee sues any of the Releasees in violation of this Agreement, Employee shall be liable to them for their reasonable attorneys’ fees and costs (including the costs of experts,

 

 

evidence, and counsel) and other litigation costs incurred in defending against Employee’s suit. In addition, if Employee sues any of the Releasees in violation of this Agreement, the Company can require Employee to return all but a sum of $100 of the Severance Pay, which sum is, by itself, adequate consideration for the promises and covenants in this Agreement. In that event, the Company shall have no obligation to make any further Severance Payments.

 

B.        Notwithstanding the foregoing, Employee is not waiving the right to report possible securities law violations to the Securities and Exchange Commission and other governmental agencies or the right to receive any resulting whistleblower awards.

 

C.        If  Employee  has  previously  filed  any  lawsuit  against  any  of  the  Releasees, Employee shall immediately take all necessary steps and execute all necessary documents to withdraw or dismiss such lawsuit to the extent Employee’s agreement to withdraw, dismiss, or not file a lawsuit would not be a violation of any applicable law or regulation.

 

NINE: Entire Agreement

 

The Plan and this Agreement supersedes any and all prior agreements or understandings between the Employee and the Company. This Agreement may only be amended or modified by a written document signed by the Employee and the Company.  Employee acknowledges and agrees that the Company has made no representations or promises to Employee other than those expressly set forth in this Agreement.

 

TEN: Right to Consult an Attorney

 

Employee acknowledges and agrees that Employee (i) has been advised and is hereby advised to consult with an attorney prior to signing this Agreement; and (ii) is signing this Agreement knowingly and voluntarily after having had the opportunity to consult with Employee’s independent legal counsel, with the intent to be legally bound by its terms.

 

ELEVEN:  Future Cooperation

 

In connection with any and all claims, disputes, negotiations, governmental, internal or other investigations, lawsuits, or administrative proceedings (the “Legal Matters”) involving the Company or any affiliate, or any of their current or former officers, employees or board members (collectively, the “Disputing Parties” and, individually, each a “Disputing Party”), Employee shall make himself/herself reasonably available, upon reasonable notice from the Company and without the necessity of subpoena, to provide information and documents, provide declarations and statement regarding a Disputing Party, meet with attorneys and other representatives of a Disputing Party, prepare for and give depositions and testimony, and otherwise cooperate in the investigation, defense, and prosecution of any and all such Legal Matters, as may, in the good faith and judgment of the Company, be reasonably requested.  The Company shall consult with Employee and make reasonable efforts to schedule such assistance so as not to materially disrupt Employee’s business and personal affairs. The Company shall reimburse all reasonable expenses incurred by Employee in connection with such assistance, including travel, meals, rental car, and hotel expenses, if any; provided such expenses are approved in advance by the Company and are documented in a manner consistent with expense reporting policies of the Company as may be in effect from time to time.

 

 

TWELVE: Enforcement

 

Employee stipulates that breach by Employee of restrictions and requirements under this Agreement will cause irreparable damage to the Releasees in the case of Employee’s breach and that the Company would not have entered into this Agreement without binding Employee to these restrictions and requirements.  In the event of Employee’s breach of this Agreement, in addition to any other remedies the Company may have, and without bond and without prejudice to any other rights and remedies that the Company may have for Employee’s breach of this Agreement, the Company shall be relieved of any obligation to provide Severance Payment and shall be entitled to an injunction to prevent or restrain any such violation by Employee and all persons directly or indirectly action for or with Employee. Employee stipulates that the restrictive period for with the Company is entitled to an injunction shall be extended in for a period that equals the time period during which Employee is or has been in violation of the restrictions contained herein.

 

THIRTEEN: Miscellaneous

 

A.        In the event that either Party commences mediation, arbitration, or litigation to enforce or protect such Party’s rights under this Agreement, the prevailing Party in any such action shall be entitled to recover reasonable attorneys’ fees and costs (including the costs of experts, evidence, and counsel) and other costs relating to such action, in addition to all other entitled relief, including damages and injunctive relief.

 

B.        Should any portion of this Agreement be declared or determined by any court or arbitrator to be illegal, invalid or unenforceable, the illegal, invalid, or unenforceable portion of this Agreement shall be interpreted as narrowly as possible and shall be deemed stricken and severed from this Agreement, and all other parts, terms, provisions and portions of this Agreement shall remain unaffected and shall be given full force and effect.

 

C.        This Agreement may be executed and delivered in two or more counterparts, each of which when so executed and delivered shall be deemed original, but such counterparts together shall constitute one and the same instrument.

 

D.        The language of all parts of this Agreement shall in all cases be construed as a whole, according to its fair meaning, and not strictly for or against any Party, and shall be construed without any consideration as to which Party drafted it.

 

E.        The titles of various sections in this Agreement are intended solely for convenience of reference, and are not intended and shall not be deemed for any purpose whatsoever to modify, explain or place construction upon any of the provisions of this Agreement and shall not affect the meaning or interpretation of this Agreement.

 

 

EMPLOYEE ACKNOWLEDGES AND AGREES THAT EMPLOYEE HAS HAD A REASONABLE  AMOUNT  OF  TIME  TO  REFLECT ON AND CONSIDER  SIGNING THIS  AGREEMENT,  THAT  EMPLOYEE  HAS  CAREFULLY   READ  AND CONSIDERED  THIS AGREEMENT, THAT EMPLOYEE FULLY UNDERSTANDS ITS FINAL  AND BINDING  EFFECT,  THAT  THE  ONLY  PROMISES  MADE  TO EMPLOYEE TO SIGN THIS AGREEMENT ARE THOSE STATED AND CONTAINED IN THIS AGREEMENT, AND THAT EMPLOYEE IS SIGNING THIS AGREEMENT KNOWINGLY   AND VOLUNTARILY,  AFTER  HAVING  HAD  THE  OPPORTUNITY FOR  CONSULTATION WITH  INDEPENDENT  LEGAL  COUNSEL,  WITH  THE INTENT TO BE LEGALLY BOUND BY ITS TERMS.

 

 

 

	
Employee
	
 
	
OP Bancorp/Open Bank

	
 

 

 

 
	
 
	
 

	
 
	
 
	
By:
	
 

	
Steve Park
	
 
	
Name: Min J. Kim

	
 
	
 
	
Title:   President & Chief Executive Officer

	
Date signed:
	
 
	
 
	
Date signed:Exhibit
10.1

 

PURCHASE
AND SALE AGREEMENT

 

THIS
PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into as of Wednesday, September 30, 2020
(the “Effective Date”), by and between Edison Nation, Inc., a Nevada corporation, (“Purchaser”)
and Graphene Holdings, LLC, Mercury FundingCo, LLC, Ventus Capital, LLC and Jetco Holdings, LLC (together the “Sellers”).
Each of Purchaser and Sellers may be referred to individually herein as a “Party” and collectively as the “Parties”.

 

BACKGROUND

 

A.
Immediately prior to the Effective Date, TBD Safety, LLC (“TBD”), is a duly formed Delaware limited liability company;
and

 

B.
Immediately prior to the Effective Date, all outstanding TBD Membership Units (“Units”) are owned by the Sellers;
and

 

C.
Immediately prior to the Effective Date, TBD owned the assets set forth on Exhibit A attached hereto (the “Assets”);
and

 

D.
Subject to the satisfactory completion of due diligence and final documentation in the sole discretion of Purchaser, the Sellers
desire to sell, transfer, convey and assign to Purchaser, and Purchaser desires to purchase, accept and receive from the Sellers
all outstanding Units issued by TBD on the closing date which shall occur on or before October16, 2020 (“Closing Date”).

 

TERMS

 

NOW,
THEREFORE, in consideration of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, intending to be legally bound hereby, the Parties agree as follows:

 

1.
Purchase and Sale of the Units. At the Closing hereinafter provided for, subject to the terms and conditions herein, the
Sellers shall sell, assign, transfer, deliver and convey to Purchaser, and Purchaser shall purchase, acquire and accept from the
Sellers, all of the Sellers’ rights, title, and interest in, under and to the Units, free and clear of all liens and encumbrances,
for an aggregate purchase consideration payable to Sellers consisting of the issuance of 2,210,382 shares of Edison Nation common
stock (the “Common Stock”) and the issuance of 764,618 shares of Edison Nation preferred stock (the “Preferred
Stock”). The Common Stock and Preferred Stock shall be distributed among the Sellers pursuant to written agreement among
the Sellers. At the Closing hereinafter provided for, if any of the Common Stock or the Preferred Stock are not already registered
for public sale, Purchaser shall execute and deliver a registration rights agreement in favor of each of the Sellers obligating
Purchaser to register such Common Stock and Preferred Stock for public sale within 120 days after the Closing hereinafter provided
for (the “Registration Rights Agreement”). The transactions provided for in this Section 1 are referred to herein
collectively as the “Transaction.” The Preferred Stock shall have the rights and preferences described in Exhibit
B attached hereto.

 

    	 

     

    

 

2.
Earn Out Consideration - At such time as the Purchased Assets achieve cumulative revenue of $10,000,000 Seller shall
earn One Hundred Twenty-Five Thousand Shares (125,000) of Common Stock. 

 

3.
Closing. The execution and delivery by the Parties of this Agreement and the closing of the sale transaction provided for
herein (the “Closing”) will be effective at 11:00 AM Eastern Time on the Closing Date (the “Closing Time”),
and the Closing shall take place on or before October 16, 2020 unless extended by mutual written agreement. The Parties may consummate
the Closing remotely via conference call or other means of electronic communication and delivery and/or exchange of documents
and other deliverables via DocuSign, e-mail, and/or overnight courier in a mutually acceptable manner. At the Closing the Purchaser
shall execute or have executed and deliver certificates for the Common Stock and the Preferred Stock, and the Registration Rights
Agreement. At the Closing the Sellers shall execute or have executed and delivered an assignment or assignments of the Units substantially
in the form set forth in Exhibit C hereto (the “Unit Assignments”) and the resignations of Sellers as Officers and/or
Managers of TBD in the form set forth on Exhibit D hereto (the “Resignations”). The Purchaser’s obligation
to purchase the Units under this Agreement and to take the other actions required to be taken at the Closing are subject to the
satisfaction, at or prior to the Closing, of each of the following conditions (any of which may be waived in writing by the Purchaser,
in whole or in part):

 

(a)
Accuracy of Representations. All of Sellers’ representations and warranties in this Agreement, individually and in the aggregate,
must be accurate in all material respects as of the date of this Agreement and must be accurate in all material respects as of
the Closing Date as if made on the Closing Date.

 

(b)
All of the covenants and obligations that Sellers are required to perform or to comply with pursuant to this Agreement at or prior
to the Closing, individually and in the aggregate, must have been duly and fully performed and complied with in all material respects.

 

(c)
Each document, agreement, instrument or certificate required to be executed and/or delivered by Sellers shall have been duly executed
and/or delivered, as applicable.

 

(d)
All governmental authorizations for the consummation of the Transaction and the Purchaser’s acquisition of the Units and
TBD’s continued use of the Assets and operation of TBD’s business following the Closing, shall have been obtained.

 

(e)
Neither the consummation nor the performance of the Transaction will, directly or indirectly (with or without notice or lapse
of time), contravene, or conflict with, or result in violation of, or cause Sellers or Purchaser to suffer any adverse consequence
under, (a) any applicable legal requirement or order or (b) any legal requirement or order that has been published, introduced,
or otherwise proposed by or before any Governmental Authority.

 

4.
Representations and Warranties of Purchaser. Purchaser hereby represents and warrants to Sellers as follows:

 

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(a)
Organization and Good Standing. Purchaser is duly organized, validly existing and in good standing under the laws of the
State of Nevada.

 

(b)
Authorization of Agreement. Purchaser has full power and authority to execute and deliver this Agreement and to consummate
the transaction contemplated hereby. This Agreement has been duly and validly executed and delivered by Purchaser and, assuming
the due authorization, execution and delivery by Sellers, this Agreement constitutes the legal, valid and binding obligation of
Purchaser, enforceable against it in accordance with its terms.

 

(c)
No Conflict. The execution, delivery and performance of this Agreement will not (i) conflict with or result in any breach
of any provision of Purchaser’s organizational documents, or (ii) violate any federal or state statute, rule or regulation
or order of any court or administrative agency

 

5.
Representations and Warranties of the Sellers. The Sellers hereby represent and warrant to Purchaser as follows:

 

(a)
Authorization of Agreement. The Sellers have full power and authority to execute and deliver this Agreement and to consummate
the transaction contemplated hereby. This Agreement has been duly and validly executed and delivered by Sellers and, assuming
the due authorization, execution and delivery by Purchaser, this Agreement constitutes the legal, valid and binding obligation
of the Sellers, enforceable against them in accordance with its terms.

 

(b)
Units. Graphene Holdings, LLC, Jetco Holdings, LLC, Mercury FundingCo, LLC and Ventus Capital, LLC are the sole holders
of the Units issued by TBD.

 

(c)
No Conflict. The execution, delivery and performance of this Agreement will not (i) conflict with or result in any breach
of any provision of any Seller’s organizational documents, or (ii) violate any federal or state statute, rule or regulation
or order of any court or administrative agency.

 

(d)
Ownership of the Assets. Sellers hereby represent and warrant the following to Purchaser:

 

(i)
TBD is the record and beneficial owner of the Assets.

 

(ii)
TBD has not sold, assigned, promised, transferred, licensed, and/or conveyed the Assets, in whole or in part, to any party. There
are no restrictions on the transfer of the Units or the Assets and there are no understandings or agreements respecting TBD’s
ownership of the Assets that would in any way limit use by Purchaser of the Assets.

 

(iii)
Neither Sellers, TBD nor the Assets are subject to any active litigation that would affect the Units or the Assets, or the consummation
of the transaction contemplated hereunder.

 

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(iv)
Sellers represent that there are no known or reasonably foreseeable liabilities of any kind incurred before the date hereof to
which the Assets are or will be subject.

 

6.
Indemnification:

 

Indemnification
by Sellers. Sellers shall defend, indemnify and hold harmless Purchaser, and its affiliates and their respective stockholders,
directors, officers and employees from and against all claims, liabilities, damages, costs and expenses (“Losses”)
arising from or relating to:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Sellers contained in this Agreement or any document
to be delivered hereunder;

 

(b)
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Sellers pursuant to this Agreement or
any document to be delivered hereunder; or

 

(c)
Sellers’ aggregate liability under this section 5 is expressly limited to the aggregate value of the Assets specified in
Exhibit E (“Total Value”) and each individual Seller’s liability under this section 5 is expressly limited to
their pro rata share of the Total Value received under this Agreement.

 

Indemnification
by Purchaser. Purchaser shall defend, indemnify and hold harmless Sellers, their affiliates and their respective stockholders,
directors, officers and employees from and against all Losses arising from or relating to:

 

(a)
any inaccuracy in or breach of any of the representations or warranties of Purchaser contained in this Agreement or any document
to be delivered hereunder;

 

(b)
any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Purchaser pursuant to this Agreement
or any document to be delivered hereunder; or

 

(c)
any and all liabilities of TBD

 

6.
Further Assurances. From time to time following the Effective Date, the Parties shall execute and deliver such other instruments
of assignment, transfer and delivery and shall take such other actions as any Party reasonably may request in order to consummate,
complete and carry out the Transaction contemplated by this Agreement.

 

7.
Taxation

 

(a)
Sellers shall be responsible to file all tax returns for periods ending on or prior to the Closing Date.

 

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(b)
“Tax Return” means any report, return, document, declaration or other information or filing required to be supplied
to any Taxing Authority with respect to Taxes, including any amendment made with respect thereto.

 

(c)
Purchaser shall reasonably cooperate, and shall cause their respective affiliates, officers, employees, agents, auditors and representatives
reasonably to cooperate, in preparing and filing all Tax Returns.

 

(d)
Purchaser and Sellers agree upon an allocation, pursuant to Section 1060 of the Code, of the Purchase Price (plus the Assumed
Liabilities, to the extent properly taken into account under Section 1060 of the Code) in accordance with the methodology set
forth on Exhibit E

 

8.
Miscellaneous.

 

(a)
Governing Law. This Agreement shall be governed and construed in accordance with the laws of the State of Nevada notwithstanding
conflict or choice of laws principles of the State of Nevada or any other jurisdiction.

 

(b)
Headings. The headings in this Agreement are for convenience of reference only and shall not be deemed to constitute a
part of, or affect the interpretation of, this Agreement.

 

(c)
Severability. If any term or provision of this Agreement is held illegal, invalid, or unenforceable, then such illegality,
invalidity, or unenforceability will not affect any other provision of this Agreement. This Agreement shall, in such circumstances,
be deemed modified to the extent necessary to render enforceable the provisions of this Agreement.

 

(d)
No Third-Party Beneficiaries. There are no Third-Party beneficiaries of this Agreement and nothing in this Agreement, express
or implied, is intended to confer on any person other than the Parties and their respective successors and assigns, any rights,
remedies, obligations or liabilities.

 

(e)
No Modification, Assignment, Waiver, Amendments, Etc. This Agreement may not be assigned, amended, waived or otherwise
modified in any way whatsoever, without the express prior written consent of all of the Parties. Furthermore, no failure to enforce
a breach of any provision of this Agreement shall constitute a waiver of any other breach of this Agreement.

 

(f)
Invalid Provisions. If any provision of this Agreement shall, for any reason, be held by a court of competent jurisdiction
to be invalid, illegal or unenforceable, the Parties agree that the court shall adjust such provision as required to make it enforceable,
and further that such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, in any
way whatsoever.

 

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(g)
Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective
successors and permitted assigns. No assignment of this Agreement or of any rights or obligations hereunder may be made by either
Party, directly or indirectly (by operation of law or otherwise), without the prior written consent of the other Parties.

 

(h)
Rules of Construction. The words “hereby,” “herein,” “hereof,” “hereunder”
and words of similar import refer to this Agreement as a whole (including any Exhibits hereto) and not merely to the specific
section, paragraph or clause in which such word appears. All references herein to Sections and Exhibits shall be deemed references
to Sections of, and Exhibits to, this Agreement unless the context shall otherwise require. The words “include,” “includes”
and “including” shall be deemed to be followed by the phrase “without limitation.” The definitions given
for terms in this Agreement shall apply equally to both the singular and plural forms of the terms defined. Whenever the context
may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The use of “or” is
not intended to be exclusive unless expressly indicated otherwise.

 

(i)
Counterpart Execution. This Agreement and any amendments thereto may be executed and delivered in two counterparts, with
the same effect as if the Parties had signed the same document. For purposes of this Agreement, a photographic, photostatic, facsimile,
electronic or similar reproduction and transmission by (or on behalf of) a Person of the signature of that Person on a signature
page of this Agreement, amendment to this Agreement, written consent, or other document or writing, as applicable, will have the
same effect as that Person signing and delivering that signature page in person to the applicable (or other appropriate) recipient
thereof.

 

(j)
Entire Agreement. This Agreement, together with the documents and instruments required to be delivered at the Closing,
constitute the entire understanding among the Parties with respect to the subject matter of this Agreement and the Transaction
contemplated hereby and supersede any prior understandings and agreements among them respecting such subject matter.

 

(k)
Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing
and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by
the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail
of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business
day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by certified or registered
mail, return receipt requested, postage prepaid. Such communications must be sent 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 7(k) ).

 

    	- 6
                                                                                                                                                                                                                               -

     

    

 

If
to the Purchaser:

 

Edison
Nation, Inc.

1
West Broad Street

Suite
1004

Bethlehem,
PA 18018

 

If
to the Sellers:

 

Graphene
Holdings LLC

1910
Thomas Ave

Cheyenne,
WY 82001

 

Jetco
Holdings, LLC

11718
SE Federal Highway

Suite
372

Hobe
Sound, FL 33455

 

Mercury
FundingCo, LLC

1
Sycamore Drive

Port
Washington, NY 11050

Attn:
David Tanzer

 

Ventus
Capital, LLC

15100
Palmwood Road

Palm
Beach Gardens, FL 33410

Attn:
James L. Robo;

 

(signatures
on next page)

 

    	- 7
                                                                                                                                                                                                                               -

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Purchase and Sale Agreement on the date first above written.

 

	 	SELLERS:
	 	Graphene
    Holdings LLC
	 	 
	 	By:	 
	 	Name:	Brian
    McFadden
	 	Title:	Managing
    Member
	 	 	 
	 	Jetco
    Holdings, LLC
	 	 
	 	By:	 
	 	Name:	Timothy
    Cabrera
	 	Title:	Managing
    Member
	 	 	 
	 	Mercury
    FundingCo, LLC
	 	 
	 	By:	 
	 	Name:	David
    Tanzer
	 	Title:	Managing
    Member
	 	 	 
	 	Ventus
    Capital, LLC
	 	 
	 	By:	 
	 	Name:	James
    L. Robo
	 	Title:	Managing
    Member
	 	 	 
	 	PURCHASER:
	 	EDISON
    NATION, INC.
	 	 
	 	By:	 
	 	Name:	Christopher
    B. Ferguson
	 	Title:	President

 

    	- 8
                                                                                                                                                                                                                               -

     

    

 

EXHIBIT
A

 

List
of Assets

 

	 	-	US
    Patents:

 

	U.S.
                                         Patent 10,180,489 (from PA 15/801,602)

        Issue
        date: 10-08-2019

	U.S.
                                         Patent 10,440,548 (from PA 15/801,907)

        Issue
        date: 10-08-2019

	U.S.
                                         Patent 9,402,173 (from PA 14/563,366)

        Issue
        date: 07-26-2016

	U.S.
                                         Patent 9,699,636 (from PA 15/148,779)

        Issue
        date: 07-04-2017

 

	 	-	All
    Pending US Patent Applications

 

	U.S.
                                         Patent Application 16/596,221 (CIP of 16/269,388)

        Filing
        date: 10-08-2019

	U.S.
                                         Patent Application 16/269,388 (CIP of PA 16/034,081)

        Filing
        date: 02-06-2019

 

	 	-	911
    Help Now Trademark

 

	 	U.S.
    Trademark 	 	911
    Help Now 	 	Registered
    
	 	Registration
    No 5,006,952	 	TBD
    SAFETY, LLC	 	July
    26, 2016

 

	 	-	All
    Accounts Receivables
	 	 	 
	 	-	All
    domain names
	 	 	 
	 	-	Inventory
    includes as follows:

 

 

    	- 9
                                                                                                                                                                                                                               -

     

    

 

EXHIBIT
B

 

Series
B Preferred Stock of Edison Nation, Inc. Newly Designated

 

The
Holders of the Series B Preferred Stock (the “Preferred”) of Edison Nation, Inc. (the “Issuer”) hereby
acknowledge that they understand that the conversion feature of the Preferred only allows for a conversion into shares of common
stock of the Issuer on or after the one-year anniversary of the issuance date of the Preferred. The Holder may not exchange the
Preferred for common stock for any reason prior to the one-year anniversary of the issuance date.

 

	Series
    B Preferred Stock Holder Graphene Holdings LLC	 
	 	 	 
	 	 	 
	Name:	Brian
    McFadden	 
	Title:	Managing
    Member	 
	Date:	 	 

 

	Series
    B Preferred Stock Holder Jetco Holdings, LLC	 
	 	 
	 		 
	Name:	Timothy
    Cabrera 	 
	Title:	Member
    Managing	 
	Date:	 	 

 

    	- 10
                                                                                                                                                                                                                               -

     

    

 

EXHIBIT
C

 

Unit
Assignments

 

	Member	 	Units	 	Percentage
    Interest	 
	 	 	 	 	 	 
	Graphene Holdings LLC 
1910
    Thomas Ave 
Cheyenne, WY 82001	 	19 Class A Units	 	 	31.667	%
	 	 	 	 	 	 	 
	Mercury FundingCo, LLC 
1 Sycamore
    Drive 
Port Washington, NY 11050	 	19 Class B Units	 	 	31.667	%
	 	 	 	 	 	 	 
	Jetco Holdings, LLC 
11718 SE Federal
    Hwy 
Suite 372 
Hobe Sound, FL 33455	 	19 Class A Units	 	 	31.667	%
	 	 	 	 	 	 	 
	Ventus Capital, LLC 
15100 Palmwood
    Road 
Palm Beach Gardens, FL 33410	 	3 Class B Units	 	 	5.000	%

 

    	- 11
                                                                                                                                                                                                                               -

     

    

 

EXHIBIT
D

 

Resignations

 

I,
David Tanzer hereby resign as the Chief Executive Officer and Manager of TBD Safety, LLC a Limited Liability Company organized
under the laws of the State of Delaware and affirm that this will take effect contemporaneously upon the completion and execution
of all deliverables of this Agreement.

 

I,
Brian McFadden hereby resign as the Chief Marketing Officer and Manager of TBD Safety, LLC a Limited Liability Company organized
under the laws of the State of Delaware and affirm that this will take effect contemporaneously upon the completion and execution
of all deliverables of this Agreement.

 

I,
Timothy Cabrera hereby resign as the Chief Operating Officer & President and Manager of TBD Safety, LLC a Limited Liability
Company organized under the laws of the State of Delaware and affirm that this will take effect contemporaneously upon the completion
and execution of all deliverables of this Agreement.

 

    	- 12
                                                                                                                                                                                                                               -

     

    

 

EXHIBIT
E

 

	Class
    I – V	Tax
    basis of assets
	 	 
	Class
    VI – VII	Residual
    purchase price

 

    	- 13-

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