Document:

EXHIBIT
10.13

 

 

Vacant Land Contract

		1.	Sale and Purchase (“Contract”): CBL,
LLC

(“Seller”) and TWIN VEE CO. / TWIN VEE
POWERCATS CO.

(“Buyer”)(“the
parties”) agree to sell and buy on the terms and conditions specified below the property (“Property”) described as:

Address: 6105 St. Lucie Blvd., Fort
Pierce, FL 34946

Legal Description: 36 34 39 N 15 AC
OF NE 1/4 OF NE1/4-LESS RD AND CANAL RS/W- AND E 202.18 FT OF S 467.62 FT OF N 509.34 FT OF NW 1

Parcel ID # 1336-111-0003-000-7

__________________________________________________________________________________________

________________________________________________________________________________________

SEC 06 / TWP / 34 / RNG 39 of St. Lucie
County, County Florida. Real Property ID No: 1336-111-0003-000-7

including all improvements existing
on the Property and the following additional property: ___________

_________________________________________________________________________________

		2.	Purchase Price: (U.S. currency) $ 750,000.00

All deposits will be made payable to “Escrow Agent”
named below and held in escrow by:

Escrow Agent’s Name: Curtis Shenkman, PA Escrow &
Title

Escrow Agent’s Contact Person: Curtis Shenkman, PA

Escrow Agent’s Address: 4400 PGA Blvd., Suite 300,
Palm Beach Gardens, FL 33410

Escrow Agent’s Phone: (561) 822-3939

Escrow Agent’s Email: Curtis@palmbeachlawyer.law

		(a)	Initial deposit ($0 if left black) (Check if applicable)

☐
accompanies offer

☐
will be delivered to Escrow Agent within ______ days (3 days if left blank)

after Effective Date $ 0.00

		(b)	Additional deposit will be delivered to Escrow Agent (Check
if applicable)

☐
within _____ days (10 days if left blank) after Effective Date

☒
within 3 days (3 days if left blank) after expiration of Due Diligence Period
$ 50,000.00

		(c)	Total Financing (see Paragraph 6) (express as a dollar amount
or percentage) $ 0.00

		(d)	Other: $ 0.00

		(e)	Balance to close (not including Buyer’s closing costs,
prepaid items, and prorations)

to be paid
at closing by wire transfer or other Collected funds $ 700,000.00

		(f)	☐ (Complete
only if purchase price will be determined based on a per unit cost instead of a fixed price.) The

unit
used to determine the purchase price is ☐ lot
☐ acre
☐ square
foot ☐ other
(specify): ____________

prorating areas of less than a full unit. The purchase
price will be $________________ per unit based on a

calculation of total area of the Property as certified
to Seller and Buyer by a Florida licensed surveyor in

accordance with Paragraph 8(c). The following rights of
way and other areas will be excluded from the

calculation:____________________________________________________________________________

		3.	Time for Acceptance; Effective Date: Unless this
offer is signed by Seller and Buyer and an executed copy

delivered to all parties on or before 10/08/2021, this offer
will be withdrawn and Buyer’s deposit, if

any, will be returned. The time for acceptance of any counter-offer
will be 3 days after the date the counter-offer is delivered. The “Effective Date” of this Contract is the date on which
the last one of the Seller and Buyer

has signed or initialed and delivered this offer or the
final counter-offer.

		4.	Closing Date: This transaction will close on or before
220 days (“Closing Date”), unless specifically

extended by other provisions of this Contract. The Closing
Date will prevail over all other time periods including,

but not limited to, Financing and Due Diligence periods.
However, if the Closing Date occurs on a Saturday,

Sunday, or national legal holiday, it will extend to 5:00
p.m. (where the Property is located) of the next business

day. In the event insurance underwriting is suspended on
Closing Date and Buyer is unable to obtain property

insurance, Buyer may postpone closing for up to 5 days after
the insurance underwriting suspension is lifted. If

this transaction does not close for any reason, Buyer will
immediately return all Seller provided documents and

other items.

		5.	Extension of Closing Date: If Paragraph 6(b) is checked
and Closing Funds from Buyer’s lender(s) are not available on Closing Date due to Consumer Financial Protection Bureau Closing Disclosure
delivery requirements

(“CFPB Requirements), if applicable, then Closing
Date shall be extended for such period 53 necessary to satisfy

CFPB Requirements, provided such period shall not exceed
10 days

    Buyer: JCV and Seller DC and DL acknowledge receipt of a copy of this page, which is 1 of 8 pages.

     

    

		6.	Financing: (Check as applicable)

		(a)	☒ Buyer
will pay cash for the Property with no financing contingency.

		(b)	☒ This
Contract is contingent on Buyer qualifying for and obtaining the commitment(s) or approval(s)

specified below (“Financing”) within ______
days after Effective Date (Closing Date or 30 days after Effective

Date, whichever occurs first, if left blank) (“Financing
Period”). Buyer will apply for Financing within ______

days after Effective Date (5 days if left blank) and will
timely provide any and all credit, employment, financial,

and other information required by the lender. If Buyer,
after using diligence and good faith, cannot obtain the

Financing within the Financing Period, either party may
terminate this Contract and Buyer’s deposit(s) will be

returned.

		(1)	☐ New
Financing: Buyer will secure a commitment for new third party financing for $ ______________

or
______% of the purchase price at (Check one) ☐
a fixed rate not exceeding ______% ☐
an

adjustable interest rate not exceeding ______% at origination
(a fixed rate at the prevailing interest rate

based on Buyer’s creditworthiness if neither
choice is selected). Buyer will keep Seller and Broker fully

informed of the loan application status and progress and authorizes
the lender or mortgage broker to

disclose all such information to Seller and Broker.

		(2)	☐ Seller
Financing: Buyer will execute a ☐
first ☐
second purchase money note and mortgage to

Seller in the amount of $________________, bearing annual
interest at ______% and payable as follows:

___________________________________________________________________________________

The mortgage, note, and any security agreement will be in
a form acceptable to Seller and will follow

forms generally accepted in the county where the Property
is located; will provide for a late payment fee

and acceleration at the mortgagee’s option if Buyer
defaults; will give Buyer the right to prepay without

penalty all or part of the principal at any time(s) with interest
only to date of payment; will be due on

conveyance or sale; will provide for release of contiguous
parcels, if applicable; and will require Buyer to

keep liability insurance on the Property, with Seller
as additional named insured. Buyer authorizes Seller

to obtain credit, employment, and other necessary information
to determine creditworthiness for the

financing. Seller will, within 10 days after Effective Date,
give Buyer written notice of whether or not Seller will make the loan.

		(3)	☐ Mortgage
Assumption: Buyer will take title subject to and assume and pay existing first mortgage to

___________________________________________________________________________________

LN#____________________ in the approximate amount of $________________
currently payable at

$_______________
per month, including principal, interest, ☐ taxes
and insurance, and having a

☐
fixed ☐
other (describe) _____________________________________________________________

interest
rate of ______% which ☐ will
☐ will
not escalate upon assumption. Any variance in the mortgage

will be adjusted in the balance due at closing with no adjustment
to purchase price. Buyer will purchase

Seller’s escrow account dollar for dollar. If
the interest rate upon transfer exceeds ______% or the

assumption/transfer fee exceeds $________________, either
party may elect to pay the excess, failing

which this Contract will terminate; and Buyer’s
deposit(s) will be returned. If the lender disapproves

Buyer, this Contract will terminate; and Buyer’s
deposit(s) will be returned.

		7.	Assignability: (Check one) Buyer ☐
may assign and thereby be released from any further liability
under this

Contract,
☒ may
assign but not be released from liability under this Contract, or ☐
may not assign this Contract.

		8.	Title: Seller has the legal capacity to and will
convey marketable title to the Property by ☐
statutory warranty

deed
☒ special
warranty deed ☐ other
(specify) ______________________________, free of liens, easements,

and encumbrances of record or known to Seller, but
subject to property taxes for the year of closing; covenants,

restrictions, and public utility easements of record; existing
zoning and governmental regulations; and (list any

other matters to which title will be subject) ________________________________________________________,

provided there exists at closing no violation of the foregoing.

		(a)	Title Evidence: The party who pays for the owner’s
title insurance policy will select the closing agent and pay

for the title search, including tax and lien search (including
municipal lien search) if performed, and all other

fees charged by closing agent. Seller will deliver to Buyer,
at

(Check
one) ☐ Seller’s
☒ Buyer’s
expense and

(Check
one) ☐ within
60 days after Effective Date ☐ at
least ______ days before Closing Date,

(Check one)

		(1)	☒ a
title insurance commitment by a Florida licensed title insurer setting forth those matters to be

discharged by Seller at or before closing and, upon Buyer
recording the deed, an owner’s policy in the

amount of the purchase price for fee simple title subject
only to the exceptions stated above. If Buyer is

paying for the owner’s title insurance policy and Seller
has an owner’s policy, Seller will deliver a copy to

Buyer within 15 days after Effective Date.

    Buyer: JCV and Seller DC and DL acknowledge receipt of a copy of this page, which is 2 of 8 pages.

     

    

		(2)	☐ an
abstract of title, prepared or brought current by an existing abstract firm or certified as correct by an

existing firm. However, if such an abstract is not available
to Seller, then a prior owner’s title policy

acceptable to the proposed insurer as a base for reissuance
of coverage may be used. The prior policy will

include copies of all policy exceptions and an update in a
format acceptable to Buyer from the policy

effective date and certified to Buyer or Buyer’s
closing agent together with copies of all documents

recited in the prior policy and in the update. If such an
abstract or prior policy is not available to Seller,

then (1) above will be the title evidence.

		(b)	Title Examination: After receipt of the title evidence,
Buyer will, within 10 days (10 days if left blank) but

no later than Closing Date, deliver written notice to Seller
of title defects. Title will be deemed acceptable to

Buyer if (i) Buyer fails to deliver proper
notice of defects or (ii) Buyer delivers proper written notice and Seller

cures the defects within 30 days (30 days if left blank)
(“Cure Period”) after receipt of the notice. If the

defects are cured within the Cure Period, closing will
occur within 10 days after receipt by Buyer of notice of

such cure. Seller may elect not to cure defects
if Seller reasonably believes any defect cannot be cured within

the Cure Period. If the defects are not cured within the
Cure Period, Buyer will have 10 days after receipt of

notice of Seller’s inability to cure the defects
to elect whether to terminate this Contract or accept title subject

to existing defects and close the transaction without reduction
in purchase price.

		(c)	Survey: Buyer may, at Buyer’s expense,
have the Property surveyed and must deliver written notice to

Seller, within 5 days after receiving survey but
not later than 5 days before Closing Date, of any

encroachments on the Property, encroachments by the Property’s
improvements on other lands, or deed

restriction or zoning violations. Any such encroachment
or violation will be treated in the same manner as a

title defect and Seller’s and Buyer’s
obligations will be determined in accordance with Paragraph 8(b).

		(d)	Ingress and Egress: Seller warrants that the
Property presently has ingress and egress.

		9.	Property Condition: Seller will deliver the Property
to Buyer at closing in its present “as is” condition, with

conditions resulting from Buyer’s Inspections
and casualty damage, if any, excepted. Seller will not engage in or

permit any activity that would materially alter the Property’s
condition without the Buyer’s prior written consent.

		(a)	Inspections: (Check (1) or (2))

		(1)	☒ Due
Diligence Period: Buyer will, at Buyer’s
expense and within 60 days (30 days if left blank)

(“Due Diligence Period”) after Effective Date
and in Buyer’s sole and absolute discretion, determine

whether the Property is suitable for Buyer’s
intended use. During the Due Diligence Period, Buyer may

conduct a Phase 1 environmental assessment and any other tests,
analyses, surveys, and investigations

(“Inspections”) that Buyer deems necessary
to determine to Buyer’s satisfaction the Property’s

engineering, architectural, and environmental properties;
zoning and zoning restrictions; subdivision

statutes; soil and grade; availability of access to public
roads, water, and other utilities; consistency with

local, state, and regional growth management plans; availability
of permits, government approvals, and

licenses; and other inspections that Buyer deems appropriate.
If the Property must be rezoned, Buyer will

obtain the rezoning from the appropriate government agencies.
Seller will sign all documents Buyer is

required to file in connection with development or rezoning
approvals. Seller gives Buyer, its agents,

contractors, and assigns, the right to enter the Property
at any time during the Due Diligence Period for the

purpose of conducting Inspections, provided, however, that
Buyer, its agents, contractors, and assigns

enter the Property and conduct Inspections at their own risk.
Buyer will indemnify and hold Seller

harmless from losses, damages, costs, claims, and expenses
of any nature, including attorneys’ fees,

expenses, and liability incurred in application for rezoning
or related proceedings, and from liability to any

person, arising from the conduct of any and all Inspections
or any work authorized by Buyer. Buyer will

not engage in any activity that could result in a construction
lien being filed against the Property without

Seller’s prior written consent. If this transaction
does not close, Buyer will, at Buyer’s expense, (i) repair

all damages to the Property resulting from the Inspections
and return the Property to the condition it was in

before conducting the Inspections and (ii) release to Seller
all reports and other work generated as a

result of the Inspections.

Before expiration of the Due Diligence Period, Buyer
must deliver written notice to Seller of Buyer’s determination of whether or not the Property is acceptable. Buyer’s
failure to comply with this notice requirement will constitute acceptance of the Property as suitable for Buyer’s intended
use in its “as is” condition. If the Property is unacceptable to Buyer and written notice of this fact is timely delivered
to Seller, this Contract will be deemed terminated, and Buyer’s deposit(s) will be returned.

		(2)	☒No
Due Diligence Period: Buyer is satisfied that the
Property is suitable for Buyer’s purposes,

including being satisfied that either public sewerage and
water are available to the Property or the

Property will be approved for the installation of a well and/or
private sewerage disposal system and that

existing zoning and other pertinent regulations and restrictions,
such as subdivision or deed restrictions,

    Buyer: JCV and Seller DC and DL acknowledge receipt of a copy of this page, which is 3 of 8 pages.

     

    

concurrency, growth management, and environmental conditions,
are acceptable to Buyer. This Contract

is not contingent on Buyer conducting any further investigations.

		(b)	Government Regulations: Changes in government regulations
and levels of service which affect Buyer’s

intended use of the Property will not be grounds for terminating
this Contract if the Due Diligence Period has expired or if Paragraph 9(a)(2) is selected.

		(c)	Flood Zone: Buyer is advised to verify by survey,
with the lender, and with appropriate government agencies

which flood zone the Property is in, whether flood insurance
is required, and what restrictions apply to

improving the Property and rebuilding in the event of casualty.

		(d)	Coastal Construction Control Line (“CCCL”):
If any part of the Property lies seaward of the CCCL as

defined in Section 161.053, Florida Statutes, Seller
will provide Buyer with an affidavit or survey as required

by law delineating the line’s location on the Property,
unless Buyer waives this requirement in writing. The

Property being purchased may be subject to coastal erosion
and to federal, state, or local regulations that

govern coastal property, including delineation of the CCCL,
rigid coastal protection structures, beach

nourishment, and the protection of marine turtles. Additional
information can be obtained from the Florida

Department of Environmental Protection, including whether
there are significant erosion conditions associated

with the shore line of the Property being purchased.

☒
Buyer waives the right to receive a CCCL affidavit or survey.

		10.	Closing Procedure; Costs: Closing will take place
in the county where the Property is located and may be

conducted by mail or electronic means. If title insurance
insures Buyer for title defects arising between the title

binder effective date and recording of Buyer’s
deed, closing agent will disburse at closing the net sale proceeds to

Seller (in local cashier’s check if Seller
requests in writing at least 5 days before closing) and brokerage fees to

Broker as per Paragraph 21. In addition to other expenses
provided in this Contract, Seller and Buyer will pay the

costs indicated below.

		(a)	Seller Costs: 

Taxes on deed

Recording fees for documents needed to cure title

Title evidence (if applicable under Paragraph 8)

Estoppel Fee(s)

Other: ________________________________________________________________________________

		(b)	Buyer Costs:

Taxes and recording fees on notes and mortgages

Recording fees on the deed and financing statements

Loan expenses

Title evidence (if applicable under Paragraph 8)

Lender’s title policy at the simultaneous issue rate

Inspections

Survey

Insurance

Other: ________________________________________________________________________________

		(c)	Prorations: The following items will be made current
and prorated as of the day before Closing Date: real

estate taxes (including special benefit tax liens imposed
by a CDD), interest, bonds, assessments, leases, and

other Property expenses and revenues. If taxes and assessments
for the current year cannot be determined,

the previous year’s rates will be used with adjustment
for any exemptions.

		(d)	Special Assessment by Public Body: Regarding special
assessments imposed by a public body, Seller will

pay (i) the full amount of liens that are certified, confirmed,
and ratified before closing and (ii) the amount of the

last estimate of the assessment if an improvement is substantially
completed as of Effective Date but has not

resulted in a lien before closing; and Buyer will pay all
other amounts. If special assessments may be paid in

installments,
☐ Seller
☒ Buyer
(Buyer if left blank) will pay installments due after closing. If Seller is

checked, Seller will pay the assessment in full
before or at the time of closing. Public body does not include a

Homeowners’ or Condominium Association.

		(e)	PROPERTY TAX DISCLOSURE SUMMARY: BUYER SHOULD NOT
RELY ON THE SELLER’S CURRENT

PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT BUYER
MAY BE OBLIGATED TO

PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP
OR PROPERTY

IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE PROPERTY THAT
COULD RESULT IN HIGHER

PROPERTY TAXES. IF YOU HAVE ANY QUESTIONS CONCERNING VALUATION,
CONTACT THE

COUNTY PROPERTY APPRAISER’S OFFICE FOR FURTHER INFORMATION.

		(f)	Foreign Investment in Real Property Tax Act (“FIRPTA”):
If Seller is a “foreign person” as defined by

FIRPTA, Seller and Buyer will comply with
FIRPTA, which may require Seller to provide additional cash at

closing.

    Buyer: JCV and Seller DC and DL acknowledge receipt of a copy of this page, which is 4 of 8 pages.

     

    

		(g)	1031 Exchange: If either Seller or Buyer
wish to enter into a like-kind exchange (either simultaneously with

closing or after) under Section 1031 of the Internal Revenue
Code (“Exchange”), the other party will cooperate

in all reasonable respects to effectuate the Exchange including
executing documents, provided, however, that

the cooperating party will incur no liability or cost related
to the Exchange and that the closing will not be

contingent upon, extended, or delayed by the Exchange.

		11.	Computation of Time: Calendar days will be used when
computing time periods, except time periods of 5 days

or less. Time periods of 5 days or less will be computed
without including Saturday, Sunday, or national legal

holidays specified in 5 U.S.C. 6103(a). Other than time
for acceptance and Effective Date as set forth in Paragraph

3, any time periods provided for or dates specified in this
Contract, whether preprinted, handwritten, typewritten or

inserted herein, which shall end or occur on a Saturday,
Sunday, or national legal holiday (see 5 U.S.C. 6103)

shall extend until 5:00 p.m. (where the Property is located)
of the next business day. Time is of the essence in

this Contract.

		12.	Risk of Loss; Eminent Domain: If any portion of the
Property is materially damaged by casualty before closing

or Seller negotiates with a governmental authority
to transfer all or part of the Property in lieu of eminent domain

proceedings or an eminent domain proceeding is initiated,
Seller will promptly inform Buyer. Either party may

terminate this Contract by written notice to the other within
10 days after Buyer’s receipt of Seller’s notification,

and Buyer’s deposit(s) will be returned, failing
which Buyer will close in accordance with this Contract and receive

all payments made by the governmental authority or insurance
company, if any.

		13.	Force Majeure: Seller or Buyer will not be
required to perform any obligation under this Contract or be liable to

each other for damages so long as the performance or non-performance
of the obligation is delayed, caused, or

prevented by an act of God or force majeure. An “act
of God or “force majeure” is defined as hurricanes,

earthquakes, floods, fire, unusual transportation delays,
wars, insurrections, and any other cause not reasonably

within the control of Seller or Buyer and
which by the exercise of due diligence the non-performing party is unable

in whole or in part to prevent or overcome. All time periods,
including Closing Date, will be extended for the period

that the act of God or force majeure is in place. However,
in the event that such act of God or force majeure event

continues beyond 30 days, either party may terminate this
Contract by delivering written notice to the other; and

Buyer’s deposit(s) will be returned.

		14.	Notices: All notices will be in writing and delivered
to the parties and Broker by mail, personal delivery, or

electronic means. Buyer’s failure to timely deliver
written notice to Seller, when such notice is required by

this Contract, regarding any contingency will render
that contingency null and void, and this Contract will

be construed as if the contingency did not exist. Any
notice, document, or item delivered to or received by

an attorney or licensee (including a transactions broker)
representing a party will be as effective as if

delivered to or received by that party.

		15.	Complete Agreement; Persons Bound: This Contract
is the entire agreement between Seller and Buyer.

Except for brokerage agreements, no prior or present agreements
will bind Seller, Buyer, or Broker unless

incorporated into this Contract. Modifications of this Contract
will not be binding unless in writing, signed or

initialed, and delivered by the party to be bound. Electronic
signatures will be acceptable and binding. This

Contract, signatures, initials, documents referenced in
this Contract, counterparts, and written modifications

communicated electronically or on paper will be acceptable
for all purposes, including delivery, and will be binding.

Handwritten or typewritten terms inserted in or attached
to this Contract prevail over preprinted terms. If any

provision of this Contract is or becomes invalid or unenforceable,
all remaining provisions will continue to be fully

effective. Seller and Buyer will use diligence
and good faith in performing all obligations under this Contract. This

Contract will not be recorded in any public record. The
terms “Seller,” “Buyer,” and “Broker” may be singular or

plural. This Contract is binding on the heirs, administrators,
executors, personal representatives, and assigns, if

permitted, of Seller, Buyer, and Broker.

		16.	Default and Dispute Resolution: This Contract will
be construed under Florida law. This Paragraph will survive

closing or termination of this Contract.

		(a)	Seller Default: If Seller fails, neglects,
or refuses to perform Seller’s obligations under this Contract, Buyer

may elect to receive a return of Buyer’s deposit(s)
without thereby waiving any action for damages resulting

from Seller’s breach and may seek to recover
such damages or seek specific performance. Seller will also be

liable for the full amount of the brokerage fee.

		(b)	Buyer Default: If Buyer fails, neglects, or
refuses to perform Buyer’s obligations under this Contract,

including payment of deposit(s), within the time(s) specified,
Seller may elect to recover and retain the

deposit(s), paid and agreed to be paid, for the account
of Seller as agreed upon liquidated damages,

consideration for execution of this Contract, and in full
settlement of any claims, whereupon Seller and Buyer

will be relieved from all further obligations under this
Contract; or Seller, at Seller’s option, may proceed in

equity to enforce Seller’s rights under this
Contract.

		17.	Attorney’s Fees; Costs: In any litigation permitted
by this Contract, the prevailing party shall be entitled to

recover from the non-prevailing party costs and fees, including
reasonable attorney’s fees, incurred in conducting

    Buyer: JCV and Seller DC and DL acknowledge receipt of a copy of this page, which is 5 of 8 pages.

     

    

the litigation. This Paragraph 17 shall survive Closing
or termination of this Contract.

		18.	Escrow Agent; Closing Agent: Seller and Buyer
authorize Escrow Agent and closing agent (collectively

“Agent”) to receive, deposit, and hold funds
and other items in escrow and, subject to Collection, disburse them

upon proper authorization and in accordance with Florida
law and the terms of this Contract, including disbursing

brokerage fees. “Collection” or “Collected”
means any checks tendered or received have become actually and

finally collected and deposited in the account of Agent.
The parties agree that Agent will not be liable to any person

for misdelivery of escrowed items to Seller or Buyer,
unless the misdelivery is due to Agent’s willful breach of this

Contract or gross negligence. If Agent interpleads the subject
matter of the escrow, Agent will pay the filing fees

and costs from the deposit and will recover reasonable attorneys’
fees and costs to be paid from the escrowed

funds or equivalent and charged and awarded as court costs
in favor of the prevailing party.

		19.	Professional Advice; Broker Liability: Broker advises
Seller and Buyer to verify all facts and representations

that are important to them and to consult an appropriate
professional for legal advice (for example, interpreting this

Contract, determining the effect of laws on the Property
and this transaction, status of title, foreign investor

reporting requirements, the effect of property lying partially
or totally seaward of the CCCL, etc.) and for tax,

property condition, environmental, and other specialized
advice. Buyer acknowledges that all representations

(oral, written, or otherwise) by Broker are based on Seller
representations or public records. Buyer agrees to rely

solely on Seller, professional inspectors, and government
agencies for verification of the Property

condition and facts that materially affect Property value.
Seller and Buyer respectively will pay all costs and

expenses, including reasonable attorneys’ fees at
all levels, incurred by Broker and Broker’s officers, directors,

agents, and employees in connection with or arising from
Seller’s or Buyer’s misstatement or failure to perform

contractual obligations. Seller and Buyer
hold harmless and release Broker and Broker’s officers, directors,

agents, and employees from all liability for loss or damage
based on (i) Seller’s or Buyer’s misstatement or failure

to perform contractual obligations; (ii) the use or display
of listing data by third parties, including, but not limited to,

photographs, images, graphics, video recordings, virtual
tours, drawings, written descriptions, and remarks related

to the Property; (iii) Broker’s performance, at Seller’s
or Buyer’s request, of any task beyond the scope of

services regulated by Chapter 475, Florida Statutes, as
amended, including Broker’s referral, recommendation, or

retention of any vendor; (iv) products or services provided
by any vendor; and (v) expenses incurred by any

vendor. Seller and Buyer each assume full
responsibility for selecting and compensating their respective vendors.

This Paragraph will not relieve Broker of statutory obligations.
For purposes of this Paragraph, Broker will be

treated as a party to this Contract. This Paragraph will
survive closing.

		20.	Commercial Real Estate Sales Commission Lien Act: If
the Property is commercial real estate as defined by

Section 475.701, Florida Statutes, the following disclosure
will apply: The Florida Commercial Real Estate Sales

Commission Lien Act provides that when a broker has earned
a commission by performing licensed services

under a brokerage agreement with you, the broker may claim
a lien against your net sales proceeds for the

broker’s commission. The broker’s lien rights
under the act cannot be waived before the commission is earned.

		21.	Brokers: The licensee(s) and brokerage(s) named below
are collectively referred to as “Broker.” Instruction to

closing agent: Seller and Buyer direct Closing
Agent to disburse at Closing the full amount of the brokerage

fees as specified in separate brokerage agreements with
the parties and cooperative agreements between the

Brokers, except to the extent Broker has retained such fees
from the escrowed funds. This Paragraph will not be

used to modify any MLS or other offer of compensation
made by Seller or listing broker to cooperating brokers.

	Edward
    A Brzuskiewicz 689833	Edward
    A Brzuskiewicz 689833
	Seller’s
    Sales Associate/License No.	Buyer’s
    Sales Associate/License No. 
	 	 
	Ed.Brzuskiewicz@FloridaMoves.com	Ed.Brzuskiewicz@FloridaMoves.com
	Seller’s Sales Associate Email Address 	Buyer’s Sales Associate Email Address
	 	 
	772-579-9150	772-579-9150
	Seller’s Sales Associate Phone Number 	Buyer’s Sales Associate Phone Number
	 	 
	Coldwell Banker Realty	Coldwell Banker Realty
	Listing Brokerage 	Buyer’s Brokerage
	 	 
	1973 SW Savage Blvd. Port St. Lucie, FL 34953	1973 SW Savage Blvd. Port St. Lucie, FL 34953
	Listing Brokerage Address 	Buyer’s Brokerage Address

		22.	Addenda: The following additional terms are included
in the attached addenda and incorporated into this Contract

(Check if applicable):

☐
A. Back-up Contract

    Buyer: JCV and Seller DC and DL acknowledge receipt of a copy of this page, which is 6 of 8 pages.

     

    

☐
B. Kick Out Clause

☐
C. Other: ___________________________________________________________________________________

		23.	Additional Terms: Paragraph 17 shall not apply to
Coldwell Banker Realty or its agents.

Unless notified otherwise in writing, if Coldwell Banker Realty
is identified as the cooperating broker, the company and its sales associates are

representing the Buyer in a Transaction Brokerage capacity
in accordance with §475.278(2), Fla. Stat.

WIRE FRAUD NOTICE. Criminals/hackers are targeting
email accounts of various parties involved in real estate transactions (e.g., lawyers, title

agents, mortgage brokers, Realtors®) which has led to
fraudulent wiring instructions being used to divert funds to the criminal’s bank account. These

emails are convincing and may look legitimate. Before wiring
any funds to any party (including lawyers, title agents, mortgage brokers, or real estate

agents) the wiring party should personally call the intended
recipient to confirm it is legitimate (i.e., confirm the ABA routing number or SWIFT code

and credit account number) at a number that the wiring party
independently obtains (e.g., the sales contract, their official website) and not use the

number in the email to be sure that the legitimate party is
being contacted. If Buyer or Seller has any reason to believe they may be a victim,

immediately contact the sending bank, local law enforcement,
and file a complaint with the FBI’s Internet Crime Complaint Center @ www.ic3.gov.

A.) See the attached - Site Plan Contingency Addendum

B.) Seller will grant Buyer 30 Day Time Extensions to the
Site Plan Contingency & Closing Date for a fee of $5,000 per month to be in addition to

Purchase Price.  

C.) In the event the sale is not closed, the Buyer is to provide
the Seller with all documents obtained related to the property including surveys,

inspections, Phase 1 or 2, Environmental reports, etc. 

D.) The Buyer will provide Seller with monthly status updates
on Site Plan Approval progress, filings, applications, and hearings.

E.) The Seller will be able to continue marketing the property
and accept back offers until written Site Plan Approval is received.

COUNTER-OFFER/REJECTION

☐
Seller counters Buyer’s offer (to accept the counter-offer, Buyer must sign
or initial the counter-offered terms and deliver a copy of the acceptance to Seller).

☐ Seller
rejects Buyer’s offer. 

This is intended to be a legally binding Contract. If not
fully understood, seek the advice of an attorney before

signing.

Buyer:/s/ Joseph C. Visconti – President
(dotloop verified 10/07/21 1:44 PM EDT)Date: ____________________________

Print Name: TWIN VEE CO. / TWIN VEE POWERCATS CO. Joseph C.
Visconti – President

Buyer: _________________________________________Date:
____________________________

Print Name: _________________________________________________________

Buyer’s address for purpose of notice:

Address: 3101 S. US-1 HIGHWAY FT. PIERCE, FL 34982, FT. PIERCE,
FL 34982

Phone: 772-429-2525Fax: _______________________Email:
joseph@twinvee.com

Seller: /s/ David Cates – (dotloop verified 10/07/21
8:31 PM EDT)Date: ____________________________

Print Name: CBL, LLC

Seller: /s/ David Logan – (dotloop verified 10.07.21
9:24 PM EDT)Date: ____________________________

Print Name: _________________________________________________________

    Buyer: JCV and Seller DC and DL acknowledge receipt of a copy of this page, which is 7 of 8 pages.

     

    

Seller’s address for purpose of notice:

Address: ______________________________________________________________________________________________

Phone:
________________Fax: _______________________Email: ___________________________

Effective Date: ____________________ (The date on which the
last party signed or initialed and delivered the final offer or counter-offer.)

Florida REALTORS® makes no representation as to the legal validity or adequacy of any provision of this form in any specific transaction.
This standardized form should

not be used in complex transactions or with extensive riders or additions. This form is available for use by the entire real estate industry
and is not intended to identify the

user as REALTOR®. REALTOR® is a registered collective membership mark which may be used only be real estate licensees who are
members of the NATIONAL

ASSOCIATION OF REALTORS® and who subscribe to its Code of Ethics. The copyright laws of United States (17 U.S. Code) forbid the unauthorized
reproduction of this

form by any means including facsimile or computerized forms.

    Buyer: JCV and Seller DC and DL acknowledge receipt of a copy of this page, which is 8 of 8 pages.

     

    

 

Addendum to Contract re Site Plan Contingency

Seller: CBL, LLC

Buyer: Twin Vee

Property: 14.54 +/- Acres on 6105 St. Lucie Blvd, Ft. Pierce, FL

Dated: October 7, 2021

 

The Commercial Contract for Sale between Seller and Buyer is
amended to include this provision:

“Site Plan Contingency”. Buyer shall diligently
pursue Zoning change and Site Plan Approval with St.

Lucie County (the “County”) for Twin Vee boat manufacturing and distribution within two hundred ten

(210) days of the Effective Date of the Contract (the “Site Plan Contingency”). Buyer shall be responsible

for all costs of pursuing the Site Plan Contingency. Seller shall fully cooperate with Buyer’s efforts to

satisfy the Site Plan Contingency, at no cost or expense to the Seller, including Seller signing the

necessary documents required by the “County”. In the event Buyer cannot obtain the Site Plan

Contingency, Buyer shall be responsible for the costs to withdraw the application(s), such that the

Property will be considered the same as it was on the Effective Date. In the event Buyer does not obtain

the Site Plan Contingency by the 210-day deadline, within three (3) business days after the expiration of

the deadline, Buyer shall either i) elect to terminate the Contract or ii) waive the Site Plan Contingency

and proceed to the Closing. The Closing Date shall be ten (10) days after a) the satisfaction of the Site

Plan Contingency, or b) Buyer’s waiver of the Site Plan Contingency.

This Addendum supersedes, governs, and controls in the event
of a conflict with the Contract.

 

	Seller:	Buyer: Twin Vee
	By: /s/ David Cates – (dotloop verified 10/07/21 8:31 PM EDT)	/s/ Joseph C. Visconti – President (dotloop verified 10/07/21 1:44 PM EDT)
	Print Name: David Cates	Joseph Visconti, President
	Oct. 7, 2021	Oct. 7, 2021
	 	 
	By: /s/ David Logan – (dotloop verified 10.07.21 9:24 PM EDT)	 
	Print Name: David Logan	 
	Oct. 7, 2021	 

 

     

     

    

 

Commercial Vacant Land Disclosure Statement

		1.	SELLER(S) NAME(S): CBL, LLC

Property Address: 6105 St. Lucie Blvd., Fort Pierce, FL 349946
(14.54 Acres)

Is
each individual named above a U.S. Citizen or resident alien? Yes ☐
No ☐

Approximate Age of Property: ____________________ Date Purchased:
04/23/2004

 

		2.	NOTICE TO SELLER/LESSOR:

This disclosure statement is designed to assist the seller
in complying with any disclosure requirements and to assist the buyer in evaluating the property being considered. The listing real estate
broker, the selling real estate broker and their respective representatives (collectively, “Brokers”) will also rely upon
this information when they evaluate, market and present the property to prospective buyers.

 

		3.	NOTICE TO BUYER/LESSEE: 

THIS IS A DISCLOSURE OF SELLER’S KNOWLEDGE OF THE CONDITION
OF THE PROPERTY AS OF THE DATE SIGNED BY SELLER AND IS NOT A SUBSTITUTE FOR ANY INSPECTIONS OR WARRANTIES THAT BUYER MAY WISH TO OBTAIN.
IT IS NOT A WARRANTY OR REPRESENTATION OF ANY KIND BY THE BROKERS (NONE OF WHOM HAVE MADE ANY INDEPENDENT VERIFICATION OF THE INFORMATION
CONTAINED HEREIN), AND BUYER AGREES NOT TO RELY ON THE INFORMATION CONTAINED HEREIN AS SUCH. BUYER AGREES TO INDEMNIFY AND HOLD BROKERS
HARMLESS FROM ANY NON-DISCLOSURE, OMISSION, OR MISREPRESENTATION OF SELLER. SELLER SHALL NOT BE OBLIGATED TO REPAIR OR CORRECT ANY ITEM
LISTED BELOW UNLESS STATED IN THE SALES CONTRACT.

 

		4.	OCCUPANCY

Is
the property currently being leased or occupied? Yes ☐
No ☒
If yes, when does the lease expire? ____________

 

		5.	ZONING AND USE RESTRICTIONS

		a)	The Property is currently zoned CN – Commercial Neighborhood

		b)	Are there any covenants, conditions, or restriction that affect
the use or development of the property? Yes ☐

No ☐ Unknown
☒

		c)	If any of the above questions are answered “Yes”,
do you have written copies of these covenants, conditions or restrictions? Yes ☐
No ☐
List which documents you have: N/A

		d)	Have you ever received notice from any person or authority
as to any breach of any of these covenants, conditions, or restrictions? Yes ☐
No ☐
If “Yes” describe: N/A

		e)	Do you know of any Indian (Native American) artifacts or other
items of historical or archeological significance on the property? Yes ☐
No ☒
Unknown ☐
If “Yes”, describe: N/A

		f)	Do you know of any reason why the Property may not be improved
or developed? Yes ☐ No
☒ Unknown
☐ If
“Yes”, give details: _______________________. 

		g)	Have anyone ever been refused a building permit for the Property?
Yes ☐ No
☒ Unknown
☐

If “Yes”, give details: ______________________.

		h)	If this platted land? Yes ☐
No ☐
Unknown ☒

If
Yes, has the plat been approved by the county or municipality and recorded? Yes ☐
No ☐
Unknown ☐

		i)	Are there any easements other than utility or drainage easements?
Yes ☐ No
☐ Unknown
☒

		j)	Are there any unrecorded road maintenance agreements affecting
the property? Yes ☐ No
☒ Unknown
☐

		k)	Are there any access restrictions to the property (ingress
or egress)? Yes ☐ No
☒ Unknown
☐

If “Yes”, give details: ______________________.

 

		6.	LAND (SOILS, DRAINAGE, BOUNDARIES AND OTHER CONDITIONS)

		a)	Is there any fill or expansive or uncompacted soil on the
property? Yes ☐ No
☒ Unknown
☐

		b)	Is the property partially or totally seaward of the Coastal
Construction Line? Yes ☒ No
☐ Unknown
☐

		c)	Do you know of any sliding, settling, earth movement, upheaval,
or earth stability problems that have occurred on the property or in the immediate neighborhood Yes ☐
No ☒

Have
any soil tests been performed on the Property? Yes ☐ No
☐ Unknown
☒

When? _____________ By Whom? ______________ Results? _____________________

		d)	Has any insurance company paid any amount on a claim? Yes
☐ No
☒ If
“Yes”, were the full amount of the proceeds utilized to repair the sinkhole damage? Yes ☐
No ☐
(required pursuant to sec. 627.7073, Fla. Stat.)

		e)	Is the property located in a flood zone or wetlands area?
Yes ☐ No
☐ Unknown
☐

		f)	Do you know of any past or present drainage or flood problems
affecting the property or adjacent properties?

Yes ☐ No
☒

     

     

    

		g)	Do you know of any encroachments, boundary line disputes,
or easements affecting the property?

Yes ☐ No
☒ 

Has the land been surveyed? Yes ☒ No
☐ Year
Surveyed: 3/2/04 By: Dennis J. Leavy & Associates, Inc. 

		h)	Are there any abandoned wells, or buried storage tanks, debris,
or waste on the property?

Yes ☐ No
☒ Unknown
☐

		i)	Do you know of any past or present hazardous or toxic substance
(including radon) in or on this property or any adjacent or neighboring properties? Yes ☐
No ☒
Unknown ☐

If you answered “Yes” to any of the above, give details: Item H, Artesian Well, Farm Trash Buried in SW Corner in a Small
Area.

		7.	UTILITIES

Do any of the following presently exist within the property
boundaries?

		a)	Connection to public water	Yes ☐
No ☒
Unknown ☐

		b)	Connection to public sewer	Yes ☐
No ☒
Unknown ☐

		c)	Connection to private water system off property	Yes ☐
No ☒
Unknown ☐

		d)	A water well (Artesian)	Yes ☒
No ☐
Unknown ☐

		e)	Septic Tank	Yes ☐
No ☒
Unknown ☐

		f)	Connection to electric utility	Yes ☐
No ☒
Unknown ☐

		g)	Connection to natural gas service	Yes ☐
No ☒
Unknown ☐

Do any of the following presently exist at the boundary
of the property?

		a)	Public water system access 	Yes ☒
No ☐
Unknown ☐

		b)	Private water system access 	Yes ☐
No ☒
Unknown ☐

		c)	Electric service access 	Yes ☒
No ☐
Unknown ☐

		d)	Natural gas access 	Yes ☐
No ☐
Unknown ☒

		e)	Telephone system access 	Yes ☒
No ☐
Unknown ☐

	 	f)	Have any utility access charges been paid or are any owed?	Yes ☐
No ☒
Unknown ☐

	 	 	If “Yes”, which charges have been paid and what charges are owed? __________________________

 

		8.	DOCKS, PIERS AND SEAWALLS (N/A)

		a)	Are you aware of any conditions that may affect the desirability
use or function of any dock, pier, or seawall?

Yes
☐ No
☐ If
“Yes”, explain : _______________________________________________________

		b)	Was (is) a federal state or local governmental permit required
for the construction or maintenance of the dock pier or seawall? Yes ☐
No ☐
Unknown ☐

If “Yes” were all appropriate permits and approvals issued for the construction and maintenance of such structures?

Yes ☐ No
☐ Unknown
☐ If
“No”, explain : _______________________________________________________

		9.	NEIGHBORHOOD

Are
you aware of any existing condition or proposed change in your neighborhood that could adversely affect the value or desirability of the
property, such as noise or other nuisance, protected wildlife, electric and magnetic field levels, threat of condemnation, or street changes?
Yes ☐ No
☒ If
“Yes”, explain in detail: _______________________

___________________________________________________________________________________________

 

		10.	OTHER MATTERS

		a)	Is there any existing or threatened legal action affecting
the property or title to the property?

Yes ☐ No
☐ Unknown
☐ If
“Yes”, explain : _______________________________________________________

		b)	Do you know of any violations of local state or federal laws
or regulations relating to this property? Yes ☐
No ☐

		c)	Is there anything else that you feel you should disclose to
a prospective buyer because it may materially affect the value or desirability of the property (e.g., zoning or code violations, zoning
changes, impending assessments, access or road changes, or construction, etc.) Yes ☐
No ☐

If any of your answers are “Yes”, explain in
detail: _________________________________________________

     

     

    

ACKNOWLEDGMENT OF SELLER/LESSOR

By signing below Seller acknowledges and represents that the information
in this Disclosure Statement is accurate and complete and Seller agrees to notify the listing broker in writing immediately if any information
becomes inaccurate in any way through the passage of time seller represents that seller and not the brokers have filled out this Disclosure
Statement and that Seller is not relying on the brokers for any of the information contained herein. Seller authorizes the brokers to
provide this information to prospective buyers.

	/s/
    David Logan	11/6/18	 	/s/
    David Cates	11/3/18
	Seller	Date:	 	Seller	Date:

 

ACKNOWLEDGMENT OF BUYER/LESSEE

By signing below the Buyer acknowledges and represents that the
Buyer has received this real property disclosure statement, has been advised to the to have the property examined by professional inspectors
to evaluate its conditions and to investigate every aspect of the property, which could be important to Buyer. Buyer acknowledges that
the brokers are not qualified to conduct such professional inspections or to inspect or detect physical defects in the property, and the
brokers have not undertaken any independent investigation to verify the accuracy of the information contained in this Disclosure Statement.
If there are any blank responses above that are important to Buyer, Buyer agrees to obtain written responses or a corrected disclosure
statement from the Lessor/Seller prior to signing below. Acceptance of this disclosure statement with partial or incomplete answers shall
constitute a waiver of any claims against brokers in any way related to such information.

	/s/
    Joseph C. Visconti – President (dotloop verified
    10/07/21 1:44 PM EDT)	 	_________________________________________________________________
	Buyer’s
    Or Seller’s Signature  Date	 	Buyer’s
    Or Seller’s Signature  Date

 

 

 

THIS IS A LEGAL BINDING DOCUMENT. IF NOT
UNDERSTOOD, CONSULT AN ATTORNEY

Copyright 2007 Coldwell Banker Residential
Real Estate LLC

An Equal Opportunity Company. An Equal
Housing Opportunity. Owned and Operated by NRT LLC (Rev. 07/07)

     

     

    

 

To:TWIN VEE CO. / TWIN VEE POWERCATS CO.DATE: ______________________

From: Coldwell Banker Realty

Property: If this form is being provided to you as a
seller, then this form refers to the property being sold. If it is being provided to you as a buyer or prospective buyer, then it refers
to any property that you may consider purchasing with the assistance of Coldwell Banker Realty (“Broker”).

This is to give you notice that Broker, a
subsidiary of Realogy Holdings Corp., is part of the Realogy Brokerage Group LLC family of real estate brokerage companies and has a business
relationship with the companies listed below in this Statement. Realogy Holdings Corp. owns 100% of Realogy Brokerage Group LLC, which
owns 100% of Broker. Realogy Holdings Corp. also owns 100% of each company listed below, except for (i) the mortgage lender, in which
TRG Venture Partner LLC has a 49.9% ownership interest, (ii) the title insurance provider REALtech Title LLC in which Realogy Title Group
LLC, a subsidiary of Realogy Holdings Corp. has a 51% ownership interest, (iii) Ojo Labs, Inc. in which Realogy Services Group LLC, a
subsidiary of Realogy Holdings Corp., has a 10.2% ownership interest, and (iv) Home Partners Resources LLC, in which Realogy Brokerage
Group LLC has a 49% ownership interest, indirectly owns 100% of Home Partners Resources Realty LLC. Realogy Holdings Corp also owns the
franchisors of the BETTER HOMES & GARDENS® REAL ESTATE, COLDWELL BANKER®, COLDWELL BANKER COMMERCIAL®, CENTURY 21®,
THE CORCORAN GROUP®, ERA®, AND SOTHEBY’S INTERNATIONAL REALTY® franchise systems. Because of these relationships, Broker’s
referral of business to any of the companies listed below may provide Broker, Realogy Holdings Corp., Realogy Brokerage Group LLC, the
franchisors owned by Realogy Holdings Corp., and/or their employees, affiliates, or any other related parties noted herein a financial
or other benefit. Set forth below is the estimated charge or range of charges for the settlement services listed. You are NOT required
to use the listed providers as a condition of the purchase or sale of your property. THERE ARE FREQUENTLY OTHER SETTLEMENT SERVICE PROVIDERS
AVAILABLE WITH SIMILAR SERVICES. YOU ARE FREE TO SHOP AROUND TO DETERMINE THAT YOU ARE RECEIVING THE BEST SERVICES AND THE BEST RATE FOR
THESE SERVICES.

	COMPANIES	SETTLEMENT SERVICES	ESTIMATE / RANGE OF CHARGES
	
    Guaranteed Rate Affinity, LLC

    Provides a full range of residential mortgage loan products and services.
	
    Loan origination charge

    Loan discount fee/points

    Application fee
	
    $1,290

    0% - 5% of loan amount

    $150

	
    SunbeltTitleAgency;ClearTitle
    Group; REALtech Title LLC

    Provides the policy that insures against loss due to certain title defects.
	
    Owner's Title Policy: (premium based on property value; rates do not include
    discounts, if any, for reissue, simultaneous issue, new home purchase, or other requested items, endorsements, and services).

     

    Lender's title policy (if issued simultaneously with Owner's policy).

     

    Settlement/closing fee
	
    $5.75 per thousand up to $100K, thereafter

    $5.00 per thousand over $100K up to $1M,

    $2.50 per thousand over $1M up to $5M,

    $2.25 per thousand over $5M up to $10M,

    $2.00 per thousand over $10M

     

    $25 - $700

     

     

    $0 - $975

	 	Title Search	$90.00 - $500.00
	
    Realogy Insurance Agency, Inc.

    Provides insurance agency services for homeowner's insurance.
	Homeowner's insurance premium	$2.00 - $6.00 per thousand dollars of replacement cost of dwelling
	Realogy Lead Management Services, Inc. Provides broker network management and operate real estate referral programs.	Cooperative real estate brokerage commission	The Realogy Lead Management Services (RMLS) referral commission varies, but is generally paid to RMLS (a licensed real estate broker) by a real estate broker as a percentage (typically, 37.5%-42.5%) of the real estate commission.

     

     

    

 

	
    Cartus Corporation

    Provides relocation, assignment management and cooperative real estate brokerage
    services to its corporate and government clients and its network of real estate brokerage companies.
	
     

    Cooperative real estate brokerage commission
	The Cartus referral commission varies, but is generally paid to Cartus (a licensed real estate broker) by a real estate broker as a percentage (typically, 37.5% -42.5) of the real estate broker's commission on a transaction side, plus $100 and may be shared by Cartus with other brokers.
	
    Other Realogy Brokerage Group LLC Real Estate Brokerage Companies and
    Other Franchisees

    In certain markets other Realogy Brokerage Group LLC subsidiaries provide
    real estate brokerage services under Coldwell Banker, The Corcoran Group, Sotheby's International Realty, and Climb Real Estate trade
    names. Also note that in other markets, franchisees of Realogy Holdings Corp. subsidiaries provide real estate brokerage services as franchisees
    of Better Homes & Gardens, Coldwell Banker, Coldwell Banker Commercial, Century 21, The Corcoran Group, ERA and Sotheby's International
    Realty.
	
     

    Real estate brokerage commission

     

    Cooperative real estate brokerage commission
	3 - 10% of sales price of the property depending on multiple factors including type of property, services, transaction side, region and transaction structure. However, commissions vary per agreement with each customer and may be negotiated, in whole or in part, as fixed amounts, such as a fixed amount in lieu of all or part of a percentage, or an amount such as $100 - $1000 in addition to a percentage. In addition, referral commissions vary, but are generally paid by a real estate broker as a percentage (approximately 25% - 50%) of the real estate broker's commission on a transaction side.
	
    Ojo Labs, Inc.

    Provides artificial intelligence technology to validate and incubate real
    estate leads, i.e., digital real estate assistant, and cooperative real estate brokerage services.
	Cooperative real estate brokerage commission	The Ojo referral commission will be paid to Ojo (a licensed real estate broker) by a real estate broker as a percentage (approximately 17.5% -35%) of the real estate broker's commission on a transaction side.
	
    Home Partners Resources Properties LLC; Home Partners Resources Realty,
    LLC

     

    Provides technology-enabled products and services intended to simplify and
    streamline the home sale and purchase process through the making or utilization of instant cash offers to home sellers and cash offer
    backstops to consumer purchase offers.
	
    Cooperative real estate brokerage commission

     

     

     

     

     

    Program Fees
	
    The Home Partners Resources Realty (HPRR) referral commission will be paid
    to HPRR (a licensed real estate broker) by a real estate broker as a percentage (approximately 35% - 50%) of the real estate broker's
    commission on a transaction side.

     

    $0-$1,000 paid to Home Partners Resources Properties LLC

 

In addition to the affiliated business relationships described
above, Broker has a business arrangement with American Home Shield Corporation (“AHS”) and Home Partners of America (“HPA”).
While Broker, Realogy Holdings Corp., and Realogy Brokerage Group LLC, including their subsidiaries and affiliates, do not have any ownership
interests in AHS or HPA, they may receive fees from AHS or HPA in return for their performance of services.

ACKNOWLEDGMENT

I/we have read this disclosure form and understand that Broker
is referring me/us to purchase the above-described settlement service(s) and that Broker, Realogy Holdings Corp., Realogy Brokerage Group
LLC, their employees and/or subsidiaries and affiliates may receive a financial or other benefit as the result of this referral.

	/s/
    Joseph C. Visconti – President (dotloop verified
    10/07/21 1:44 PM EDT)	 	_________________________________________________________________
	Buyer’s
    Or Seller’s Signature  Date	 	Buyer’s
    Or Seller’s Signature  Dateex_361243.htm

 

Exhibit 10.1

 

SEPARATION AND RELEASE AGREEMENT

 

This Separation and Release Agreement (the “Agreement”) is between Mind Technology, Inc. f/k/a Mitcham Industries, Inc. (the “Company”) and Dennis P. Morris (the “Individual”).

 

RECITALS

 

WHEREAS, the Individual has been employed by the Company as its Chief Operating Officer pursuant to an Employment Agreement between the parties dated March 31, 2020 (the “Employment Agreement”).

 

WHEREAS, by written notice dated January 26, 2022, the Company notified the Individual that, pursuant to Section 3 of the Employment Agreement, it had elected not to renew the effectiveness of the Employment Agreement upon the expiration of the Initial Term (as defined in the Employment Agreement) on March 31, 2022.

 

WHEREAS, the Company has further decided to terminate the Individual’s employment relationship with the Company effective as of April 15, 2022 (the “Separation Date”).

 

WHEREAS, the parties desire to enter into this Agreement to reflect their mutual undertakings, promises, and agreements concerning the ending of the Individual’s employment with the Company and payments and benefits to the Individual upon or by reason of such ending.

 

NOW THEREFORE, in exchange for the valuable consideration paid or given under this Agreement, the receipt, adequacy, and sufficiency of which is acknowledged, the parties knowingly and voluntarily agree to the following terms:

 

TERMS

 

	 	
			1.

				
			Separation Date; Effect of Separation. The Individual’s employment with the Company shall terminate effective as of the Separation Date and the Individual shall therefore be relieved of all of his duties, responsibilities, and authorities for the Company effective as of the Separation Date. Effective as of the Separation Date, the Individual shall voluntarily resign, and does hereby voluntarily resign, from all other positions, if any, he held with the Company and its affiliates. As of the Separation Date, the Individual shall also experience a separation from service from the Company and its affiliates within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”).

			

 

	 	
			2.

				
			Termination of Employment Agreement; Continuing Obligations. The Individual acknowledges and agrees that Employment Agreement terminated without further action of the parties effective as of March 31, 2022 and that, therefore, as of that date, the Company and its affiliates had no further liabilities, obligations, or duties to the Individual, and the Individual forfeited all remaining rights and benefits, under the Employment Agreement, except as provided in this Agreement. Notwithstanding the previous sentence, the Individual further acknowledges and agrees that all of the post-termination rights and obligations of the parties which continue by their terms under the Employment Agreement, including without limitation under Sections 7 (Confidentiality), 8 (Non-Competition; Non-Solicitation), 9 (Ownership of Intellectual Property), 10 (Arbitration), 11 (Defense of Claims), 12 (Withholdings; Deductions), 13 (Title and Headings; Construction), 14 (Applicable Law; Submission to Jurisdiction), 15 (Entire Agreement and Amendment), 16 (Waiver of Breach), 17 (Assignment), 18 (Notices), 20 (Deemed Resignation), 21 (Certain Excise Taxes), 22 (Section 409A), 23 (Clawback), 24 (Effect of Termination), 25 (Third-Party Beneficiaries), and 26 (Severability) of the Employment Agreement (together, the “Continuing Obligations”), shall continue in full force and effect according to their terms notwithstanding the termination of the Individual’s employment with the Company, the termination of the Employment Agreement, or the execution of this Agreement. The Individual acknowledges and agrees that he has fully complied with such Continuing Obligations at all times before he signs this Agreement and that he intends to, and shall, fully comply with such Continuing Obligations after he signs this Agreement.

			

 

-1-

 

 

	 	
			3.

				
			Final Pay and Benefits. The Individual shall receive the following payments and benefits in accordance with the existing policies of the Company, or at the sole discretion of the Company, pursuant to his employment with the Company and his participation in its employee benefit plans:

			

 

	 	
			a.

				
			Final Pay. The Individual shall be entitled to receive payment of his regular base salary plus pay for his accrued unused vacation as of the Separation Date, minus applicable taxes and withholdings, through the Separation Date. The final payment of such base salary and pay for accrued unused vacation shall be provided to the Individual on or before six days following the Separation Date. Other than as expressly provided in the previous sentence and below, the Individual shall not receive any commissions, bonuses, pay for accrued unused paid time off, or other forms or remuneration or compensation in connection with his employment with the Company or its affiliates or any other arrangement with the Company or its affiliates after the Separation Date.

			
	 	 	 
	 	b.	Right to Continue Certain Insurance Benefits. The Individual shall have the right to continue after the last day of the month containing the Separation Date his group health, dental, and vision insurance benefits, if any, for himself and his dependents, at his own expense (except as provided in this Agreement below) in accordance with the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). The Individual should complete an insurance continuation election form, which will be furnished to him under separate cover, and timely return it if he wishes to apply to continue his insurance coverage under COBRA.
	 	 	 
	 	c. 	Reimbursement of Business Expenses. The Individual shall be entitled to receive reimbursement of reasonable business expenses properly incurred by him in accordance with Company policy before the Separation Date. Any such reimbursement must be based on substantiating documentation provided by the Individual to the Company within 30 days after the Separation Date.

 

-2-

 

 

	 	
			4.

				
			Separation Benefits. Contingent upon the Individual’s timely acceptance and non-revocation of this Agreement, the Company shall provide the Individual with the following separation benefits (the “Separation Benefits”):

			

 

	 	
			a.

				
			Separation Payments. The Company shall pay the Individual $142,500.00, minus applicable taxes and withholdings, as separation pay in equal or nearly equal installments on the Company’s regularly scheduled paydays following the Separation Date and continuing thereafter for six months until paid in full. In addition, the Company shall also pay the Individual $71,250.00, minus applicable taxes and withholdings, as separation pay in a lump sum within 45 days after the Effective Date (as defined below) of this Agreement.

			

 

	 	
			b.

				
			Payment of COBRA Premiums for Limited Period. If the Individual timely elects under COBRA to continue his group health, dental, and/or vision insurance benefits, if any, for himself and his dependents following the Separation Date, the Company shall pay on his behalf the monthly premium costs applicable under COBRA for continued health, dental, and/or insurance coverage, provided that he notifies the Company in writing within five days after he become eligible for group health, dental, and/or vision insurance coverage, if any, through subsequent employment or otherwise. The Company shall pay the monthly amounts just described until October 31 2022 or until he becomes eligible for group health, dental, and/or vision insurance coverage, as applicable, due to subsequent employment or otherwise, whichever is sooner.

			

 

	 	
			c.

				
			Accelerated Vesting of Equity Awards and Extension of Period to Exercise Retained Options. Subject to the vesting, forfeiture, and other terms and conditions of the Company’s Stock Awards Plan (the “Plan”), the Nonqualified Stock Option Agreements between the parties dated March 31, 2020 and August 9, 2021 (the “Option Award Agreements”), and the Restricted Stock Agreement between the parties dated March 31, 2020 (the “Stock Award Agreement” and, together with the Option Award Agreements, the “Award Agreements”), the Individual was granted (i) an option to purchase 250,000 share of the Company’s common stock plus an option to purchase 60,00 shares of the Company’s common stock and (2) 15,000 shares of the Company’s restricted stock (the “Equity Awards”). By signing below, the Individual also acknowledges and agrees that he has no rights in any employment-related equity or equity-related interests in the Company or its affiliates other than the Equity Awards described above. Notwithstanding the vesting, forfeiture, or other provisions of the Plan or the Award Agreements, the Company shall, as of the Effective Date (as defined below), immediately vest the Individual in all of the Equity Awards. In addition, and notwithstanding any other provision of the Plan or the Option Award Agreements, the Company shall and hereby does permit the Retained Options to be exercised at any time during the 36-month period following the Separation Date (but not thereafter) by the Individual or his guardian or legal representative (or by his estate or the person who acquires the Retained Options by will or the laws of descent and distribution or otherwise by reason of the Individual’s death if he dies during such period).

			

 

-3-

 

 

	 	
			5.

				
			Return of Property and Information. On or before two days after the Separation Date or sooner if requested by the Company, the Individual shall return to the Company or the other Released Parties (as defined below) any and all items of its or their property, including without limitation all copies of Confidential Information (as defined in the Employment Agreement), business and other records, intellectual property, keys, badge/access cards, computers, software, cellular telephones, iPhones, iPads, androids, blackberries, other personal digital assistants, equipment, credit cards, forms, files, manuals, correspondence, business records, personnel data, lists of employees, salary and benefits information, customer files, lists of suppliers and vendors, price lists, contracts, contract information, marketing plans, brochures, catalogs, training materials, computer tapes and diskettes or other portable media, computer-readable files and data stored on any hard drive or other installed device, and data processing reports, and any and all other documents or property which he has had possession of or control over during his employment with the Company, and any and all other documents or property which he has had possession of or control over during his employment with the Company or its affiliates. The Individual also consents to permitting the Company or its representative to remove (either directly or via remote wiping) all of Confidential Information, business records, intellectual property, trade secrets, and other data owned by the Company or its affiliates from any mobile telephone, computer, or other computing device owned by him or otherwise in his possession or under his control. The Individual’s obligations under this paragraph supplement, rather than supplant, the Continuing Obligations and his obligations under the common law. The Individual’s obligations under this paragraph shall not apply to, and the Individual may retain copies of, personnel, benefit, or payroll documents concerning only her.

			

 

	 	
			6.

				
			General Release.

			

 

	 	
			a.

				
			Full and Final Release by Releasing Parties. The Individual, on behalf of himself and his spouse (if any), other family members, heirs, successors, and assigns (collectively, the “Releasing Parties”), hereby voluntarily, completely, and unconditionally to the maximum extent permitted by applicable law releases, acquits, waives, and forever discharges any and all claims, demands, liabilities, and causes of action of whatever kind or character, whether known, unknown, vicarious, derivative, direct, or indirect (individually a “Claim” and collectively the “Claims”), that he or they, individually, collectively, or otherwise, may have or assert against the Released Parties (as defined below).

			

 

	 	
			b.

				
			Claims Included. This release includes without limitation any Claim arising out of or relating in any way to (i) the Individual’s employment or the termination of his employment with the Company or with the employment practices of any of the Released Parties; (ii) any federal, state, or local statutory or common law or constitutional provision that applies, or is asserted to apply, directly or indirectly, to the formation, continuation, or termination of the Individual’s employment relationship with the Company, including but not limited to the Age Discrimination in Employment Act (“ADEA”); (iii) any contract, agreement, or arrangement between, concerning, or relating to the Individual and any of the Released Parties, including without limitation the Plan and the Award Agreements; and (iv) any other alleged act, breach, conduct, negligence, gross negligence, or omission of any of the Released Parties.

			

 

-4-

 

 

	 	c.	Claims Excluded. Notwithstanding any other provision of this Agreement, this release does not (i) waive or release any Claim for breach or enforcement of this Agreement; (ii) waive or release any right or Claim that may not be waived or released by applicable law; (iii) waive or release any right or Claim under the ADEA or otherwise that may arise after the date this Agreement is signed by the Individual; (iv) prevent the Individual from pursuing any administrative Claim for unemployment compensation or workers’ compensation benefits; (v) waive or release any Claim related to the accelerated vesting of the Equity Awards as provided for in this Agreement; or (vi) waive or release any right or Claim the Individual may have for indemnification under state or other law or the bylaws or articles of incorporation of the Company or under any insurance policy providing directors’ and officers’ coverage for any lawsuit or Claim relating to the period when the Individual was a director, officer, or employee of the Company (if any); provided, however, that (A) the Individual’s execution of this Agreement is not a concession or guaranty that the Individual has any such right or Claim to indemnification, (B) this Agreement does not create any additional rights to indemnification, and (C) the Company and its affiliates retain any and all defenses they may have to such indemnification or coverage.
	 	 	 
	 	d.	Definition of Released Parties. The “Released Parties” include (i) the Company; (ii) any parent, subsidiary, or affiliate of the Company; (iii) any past or present officer, director, or employee of the entities just described in (i)-(ii), in their individual and official capacities; and (iv) any past or present predecessors, parents, subsidiaries, affiliates, owners, shareholders, members, managers, benefit plans, operating units, divisions, agents, representatives, officers, directors, partners, employees, fiduciaries, insurers, attorneys, successors, or assigns of the entities just described in (i)-(iii)
	 	 	 
	 	e. 	Permitted Activities. Notwithstanding any other provision of this Agreement but subject to the Individual’s waiver in subparagraph 8(a) below, nothing in this Agreement is intended to, or does, preclude the Individual from (i) contacting, reporting to, responding to an inquiry from, filing a charge or complaint with, communicating with, or otherwise participating in an investigation conducted by, the Securities and Exchange Commission (“SEC”) or any other federal, state, or local governmental agency, commission, or regulatory body; (ii) giving truthful testimony or making statements under oath in response to a subpoena or other valid legal process or in any legal proceeding; (iii) otherwise making truthful statements as required by law or valid legal process; or (iv) engaging in any concerted or other legally protected activities.  In accordance with applicable law, and notwithstanding any other provision of this Agreement, nothing in this Agreement or any of the Company’s policies or agreements applicable to the Individual (i) impedes his right to communicate with the SEC or any other governmental agency about possible violations of federal securities or other laws or regulations or (ii) requires him to provide any prior notice to the Company or obtain the Company’s prior approval before engaging in any such communications.

 

-5-

 

 

	 	
			7.

				
			Confidentiality; Non-Prosecution; and Non-Disparagement.

			

 

	 	
			a.

				
			Confidentiality. Except as requested by the Company or the other Released Parties, as permitted above or by law that may supersede the terms of this Agreement, or as compelled by valid legal process, the Individual shall treat as Confidential Information (as defined in the Employment Agreement) the fact and terms of this Agreement and shall not disclose such information to any party other than his spouse, attorney, and accountant or tax advisor, if such persons have agreed to keep such information confidential.

			

 

	 	
			b.

				
			Non-Prosecution. Except as requested by any of the Released Parties, as permitted above or by applicable law that may supersede the terms of this Agreement, or as compelled by valid legal process, the Individual shall not (i) assist, cooperate with, or supply information of any kind to any individual or private-party litigant or their agents or attorneys concerning (A) the employment, terms and conditions, or ending of the Individual’s or any other employee’s employment with the Company or any of the other Released Parties or the employment practices of any of the Released Parties; or (B) the business or operations of any of the Released Parties; or (ii) initiate or assist any other person in connection with any investigation, inquiry, or any other action of any kind with respect to any of the Released Parties’ employment practices, businesses, or operations.

			

 

	 	
			c.

				
			Non-Disparagement. The Individual shall not make to any other parties any statement, oral or written, which directly or indirectly impugns the quality or integrity of the Company’s or any of the other Released Parties’ business or employment practices, or any other disparaging or derogatory remarks about the Company or any of the other Released Parties, their officers, directors, equity holders, managerial personnel, or other employees. In executing this Agreement, the Individual acknowledges and agrees that he has knowingly, voluntarily, and intelligently waived any free speech, free association, free press, or First Amendment to the United States Constitution (including, without limitation, any counterpart or similar provision or right under any State Constitution) rights to disclose, communicate, or publish any statements prohibited by this subparagraph.

			

 

	 	
			8.

				
			Waiver of Certain Rights.

			

 

	 	a.	Right to Relief Not Provided in this Agreement. The Individual waives any right to monetary recovery from the Company or the other Released Parties, whether sought directly by him or in the event any administrative agency or other public authority, individual, or group of individuals should pursue any Claim on his behalf; and he shall not request or accept from the Company or the other Released Parties, as compensation or damages related to his employment or the termination of his employment with any of the Released Parties, anything of monetary value that is not provided for in this Agreement. Notwithstanding the previous sentence, this Agreement does not limit the Individual’s right to receive an award for information provided to any government agency.

         

-6-

 

 

	 	b. 	Right to Class- or Collective-Action Initiation or Participation. The Individual waives the right to initiate or participate in any class or collective action with respect to any Claim against the Company or the Released Parties, including without limitation any Claim arising from the formation, continuation, or termination of his employment relationship with any of the Released Parties.

        

 

	 	
			9.

				
			No Violations. The Individual represents and warrants that he has no knowledge that the Company or any of the Released Parties has committed or is suspected of committing any act which is or may be in violation of any federal or state law or regulation or has acted in a manner which requires corrective action of any kind. The Individual further represents and warrants that he has not informed the Company or any of the other Released Parties of, and that he is unaware of, any alleged violations of the Company’s standards of business conduct or personnel policies, of the Company’s integrity or ethics policies, or other misconduct by the Company or any of the other Released Parties, that have not been resolved satisfactorily by the Company or the other Released Parties.

			

 

	 	
			10.

				
			Remedies; After-Acquired Evidence.

			

 

	 	
			a.

				
			Remedies. Notwithstanding any other provision in this Agreement, the Company’s obligation to provide the Separation Benefits to the Individual is subject to the condition that he complies with his obligations under this Agreement and the Continuing Obligations. The Company shall have the right to suspend or cease providing any part of the Separation Benefits if the Individual breaches any such obligations as determined by the Company in its sole discretion but all other provisions of this Agreement shall remain in full force and effect.

			

 

	 	
			b.

				
			After-Acquired Evidence. Notwithstanding any provision of this Agreement, if the Company provides the Separation Benefits to the Individual but subsequently acquires evidence and determines in its sole discretion that (i) he has materially breached any of his obligations under this Agreement or the Continuing Obligations, or (ii) a condition existed prior to the provision of the Separation Benefits that, had the Company been fully aware of such condition, would have given the Company the right to terminate his employment for Cause (as defined in the Employment Agreement) before such provision, then the Individual shall promptly return to the Company the entire Separation Benefits received by him prior to the date that the Company exercises its rights under this subparagraph but all other provisions of this Agreement shall remain in full force and effect.

			

 

	 	
			c.

				
			Non-Exclusive Rights and Remedies. The Company’s rights and remedies under this paragraph shall be in addition to any other available rights and remedies should the Individual breach any applicable obligations, as well as rights and remedies available under the Company’s clawback policies or procedures which may provide for forfeiture and/or recoupment of amounts paid or payable under this Agreement.

			

 

-7-

 

 

	 	
			11.

				
			Trading Obligations. The Individual understands and acknowledges that he is subject to the Company’s insider trading policies and procedures (the “Insider Trading Procedures”) and, as such, may not trade in the Company’s securities in accordance therewith until any material, nonpublic information he possesses has become public or is no longer material.  For avoidance of doubt, the Individual understands and acknowledges that he shall be deemed for purposes of this paragraph to continue to possess material, non-public information until at least the third business day after the Company’s public announcement in its SEC Form 10-Q of its results for the quarter ended April 30, 2022 and he shall thereafter remain subject to the Insider Trading Procedures and any other applicable insider-trading requirements under Company policies.  Notwithstanding the foregoing, the Individual shall comply with all federal and state securities laws applicable to the trading of the Company’s securities with knowledge of material non-public information regarding the Company.

			

 

	 	
			12.

				
			Nonadmission of Liability or Wrongdoing. The Individual acknowledges that (a) this Agreement shall not in any manner constitute an admission of liability or wrongdoing on the part of the Company or any of the other Released Parties; (b) the Company and the other Released Parties expressly deny any such liability or wrongdoing; and, (c) except to the extent necessary to enforce this Agreement, neither this Agreement nor any part of it may be construed, used, or admitted into evidence in any judicial, administrative, or arbitral proceedings as an admission of any kind by the Company or any of the other Released Parties.

			

 

	 	
			13.

				
			Jury Trial Waiver; Arbitration. THE INDIVIDUAL HEREBY WAIVES THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY CLAIM AGAINST THE COMPANY OR ANY OF THE OTHER RELEASED PARTIES ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING WITHOUT LIMITATION FOR BREACH OR ENFORCEMENT OF THIS AGREEMENT. In addition, Section 10 of the Employment Agreement (Arbitration) is incorporated here by reference such that any Claim between the Individual and the Company arising out of or relating to this Agreement or the Employee’s employment with the Company shall be settled by arbitration as required by Section 10 of the Employment Agreement.

			

 

	 	
			14.

				
			Authority to Execute. The Individual represents and warrants that he has the authority to execute this Agreement on behalf of all the Releasing Parties.

			

 

	 	
			15.

				
			Governing Law; Venue; Severability; Interpretation. This Agreement and the rights and duties of the parties under it shall be governed by the laws of the State of Texas, without regard to any conflict-of-laws principles. Exclusive venue for any Claim between the parties or their affiliates permitted to be filed in court is in any state or federal court of competent jurisdiction that regularly conducts proceedings in Harris County, Texas. Nothing in this Agreement, however, precludes either party from seeking to remove a civil action from any state court to federal court. The provisions of this Agreement shall be severable. If any one or more provisions of this Agreement may be determined by an arbitrator or court of competent jurisdiction to be illegal or otherwise unenforceable, in whole or in part, such provision shall be considered separate, distinct, and severable from the other remaining provisions of this Agreement, such a determination shall not affect the validity or enforceability of such other remaining provisions, and in all other respects the remaining provisions of this Agreement shall be binding and enforceable and remain in full force and effect. If any provision of this Agreement is held to be unenforceable as written by an arbitrator or court of competent jurisdiction but may be made to be enforceable by limitation, then such provision shall be enforceable to the maximum limit permitted by applicable law. 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 of the parties.

			

 

-8-

 

 

	 	
			16.

				
			Assignment. The Individual’s obligations, rights, and benefits under this Agreement are personal to him and shall not be assigned to any person or entity without written permission from the Company. This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, legal representatives, successors, and permitted assigns.

			

 

	 	
			17.

				
			Expiration Date. The Company’s offer of this Agreement shall expire after a period of 21 days after the date the Individual first received this Agreement for consideration (the “Expiration Date”). Changes to this Agreement, whether material or immaterial, do not restart the running of the consideration period. The Individual may accept the offer at any time before the Expiration Date by signing this Agreement in the space provided below and returning it to the attention of the Company’s President and Chief Executive Officer so that the signed Agreement is received no later than the close of business on the Expiration Date.

			

 

	 	
			18.

				
			Limited Revocation Right; Effect of Revocation. After signing this Agreement, the Individual shall have a period of seven days to reconsider and revoke his acceptance of this Agreement if he wishes (the “Revocation Period”). If the Individual chooses to revoke his acceptance of this Agreement, he must do so by providing written notice to the Company’s President and Chief Executive Officer before the eighth day after signing this Agreement, in which case this Agreement shall not become effective or enforceable and the Individual shall not receive the Separation Benefits.

			

 

	 	
			19.

				
			Effective Date. This Agreement shall become effective and enforceable upon the expiration of seven days after the Individual signs it (the “Effective Date”), provided that he signs the Agreement on or before the Expiration Date and does not revoke his acceptance of the Agreement during the Revocation Period.

			

 

	 	
			20.

				
			Knowing and Voluntary Agreement. The Individual acknowledges that (a) he has been advised by this paragraph of his right to consult with an attorney of his choice before signing this Agreement; (b) he has had a reasonable period in which to consider whether to sign this Agreement; (c) he fully understands the meaning and effect of signing this Agreement; and (d) his signing of this Agreement is knowing and voluntary.

			

 

	 	
			21.

				
			Independent Consideration; Common-Law Duties. Whether expressly stated in this Agreement or not, all obligations the Individual assumes and undertakings he makes by signing this Agreement are understood to be in consideration of the mutual promises and undertakings in this Agreement and the Separation Benefits. In addition, the Individual acknowledges and agrees that neither the Company nor any of the other Released Parties has any legal obligation to provide the Separation Benefits to his outside of this Agreement.

			

 

-9-

 

 

	 	
			22.

				
			Entire Agreement. This Agreement contains and represents the entire agreement of the parties with respect to its subject matters, and supersedes all prior agreements and understandings, written and oral, between the parties with respect to its subject matters. Notwithstanding the preceding sentence, nothing in this Agreement shall be interpreted or construed as superseding or relieving the Individual of complying with the Continuing Obligations. The Individual agrees that neither the Company nor any of the other Released Parties has made any promise or representation to him concerning this Agreement not expressed in this Agreement, and that, in signing this Agreement, he is not relying on any prior oral or written statement or representation by the Company or any of the other Released Parties outside of this Agreement but is instead relying solely on his own judgment and his attorney (if any).

			

 

	 	
			23.

				
			Modification; Waiver. No provision of this Agreement shall be amended, modified, or waived unless such amendment, modification, or waiver is agreed to in writing and signed by the Individual and a duly authorized representative of the Company.

			

 

	 	
			24.

				
			Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall be considered one and the same agreement. The delivery of this Agreement in the form of a clearly legible facsimile or electronically scanned version by e-mail shall have the same force and effect as delivery of the originally executed document.

			

 

	 	
			25.

				
			Internal Revenue Code Section 409A; Right to Consult a Tax Advisor. The payments and benefits provided under this Agreement are intended to be exempt from Section 409A and this Agreement shall be interpreted and administered in a manner consistent with that intent. Notwithstanding any contrary provision in this Agreement, the Individual shall be solely responsible for any risk that the tax treatment of the benefits under by this Agreement may be affected by Section 409A, which may impose significant adverse tax consequences on them, including accelerated taxation, a 20% additional tax, and interest. Because of the potential tax consequences, the Individual has the right, and is encouraged by this paragraph, to consult with a tax advisor of his choice before signing this Agreement.

			

 

[Signature Page Follows]

 

-10-

 

 

AGREED as of the dates signed below:

 

	
			MIND TECHNOLOGY, INC.

			 

			 

			By:                                                               

			       Robert P. Capps

			       President and Chief Executive Officer

			 

			Date Signed:                                                

				
			DENNIS P. MORRIS

			 

			 

			By:                                                      

			       Dennis P. Morris

			 

			 

			   Date Signed:                                     

			

 

-11-

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