Document:

North Jersey Community Bank 2009 Equity Compensation Plan

 Exhibit 10.9 
 NORTH JERSEY COMMUNITY BANCORP, INC. 
 2009 EQUITY COMPENSATION PLAN

 Section 1. Purpose 
 The North Jersey Community Bancorp 2009 Equity Compensation Plan (the “Plan”) is hereby established to foster and promote the long-term success of North Jersey Community Bancorp, Inc. (the
“Company”) and its shareholders by providing members of management, including employees and management officials, with an equity interest in the Company. The Plan will assist the Company in attracting and retaining the highest quality of
experienced persons to serve as management officials and in aligning the interests of such persons more closely with the interests of the Company’s shareholders by encouraging such parties to maintain an equity interest in the Company.

 Section 2. Definitions 
 Capitalized terms not specifically defined elsewhere herein shall have the following meaning: 
 “Act” means the Securities Exchange Act of 1934, as amended from time to time, and any rules and regulations promulgated thereunder. 

“Award” means the grant of Options or a Restricted Stock Award hereunder. 

“Board” means the Board of Directors of the Company. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder. 

“Common Stock” or “Stock” means the common stock, no par value, of the Company. 

“Company” means North Jersey Community Bancorp, Inc. and any present or future subsidiary or parent corporations of the Company
(as defined in Section 424 of the Code) or any successor to such corporations. 
 “Disability” shall mean the
Participant’s inability for a period of three (3) consecutive months, or for six (6) months during any twelve (12) month period, to perform the requirements of the Participant’s position with the Company due to physical or
mental impairment. For purposes of Restricted Stock Awards under Section 8, “Disability” shall be as defined in Section 8.3(a)(1). The determination of whether a Disability exists will be made by the Board. 

“Fair Market Value” means, with respect to shares of Common Stock, the fair market value as determined by the Board in good
faith and in a manner established by the Board 

 
from time to time, taking into account such factors as the Board shall deem relevant, including the book value of the Common Stock and, to the extent there is an established trading market for
the Common Stock, the market value of the Common Stock. 
 “Management Official” means an employee of the Company, a
non-employee member of the Board, a member of any advisory Board or any other service provider to the Company. 

“Non-Qualified Stock Option” means an option to purchase shares of Common Stock granted to a Participant under the Plan which
is not intended to satisfy the requirements of Section 422 of the Code. 
 “Option” means a Non-Qualified Stock
Option granted hereunder. 
 “Participant” means a Management Official selected by the Board to receive an Option or
Restricted Stock Award under the Plan. 
 “Plan” means the North Jersey Community Bancorp 2009 Equity Compensation
Plan. 
 “Restricted Stock Award” means a grant of shares of Common Stock pursuant to Section 8 hereof.

 “Termination for Cause” means termination because of Participant’s intentional failure to perform stated
duties, personal dishonesty, willful violation of any law, rule regulation (other than traffic violations or similar offenses) or final cease and desist order issued by any regulatory agency having jurisdiction over the Participant or the Company.

 Section 3. Administration 
 (a) The Plan shall be administered by the Board. Among other things, the Board shall have authority, subject to the terms of the Plan, to grant Awards, to determine the type of Award granted, to determine
the individuals to whom and the time or times at which Awards may be granted, to determine the terms and conditions of any Award granted hereunder, including whether to impose any vesting period, and if the Award is an Option, the exercise price
thereof, subject to the requirements of this Plan. 
 (b) Subject to the other provisions of the Plan, the Board shall have
authority to adopt, amend, alter and repeal such administrative rules, guidelines and practices governing the operation of the Plan as it shall from time to time consider advisable, to interpret the provisions of the Plan and any Award and to decide
all disputes arising in connection with the Plan. The Board may correct any defect or supply any omission or reconcile any inconsistency in the Plan or in any grant agreement in the manner and to the extent it shall deem appropriate to carry the
Plan into effect, in its sole and absolute discretion. The Board’s decision and 

  
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interpretations shall be final and binding. Any action of the Board with respect to the administration of the Plan shall be taken pursuant to a majority vote or by the unanimous written consent
of its members. 
 (c) The Board may employ such legal counsel, consultants and agents as it may deem desirable for the
administration of the Plan and may rely upon any opinion received from any such counsel or consultant and any computation received from any such consultant or agent. 
 Section 4. Eligibility and Participation 
 Management Officials of the
Company shall be eligible to participate in the Plan. The Participants under the Plan shall be selected from time to time by the Board, in its sole discretion, from among those eligible, and the Board shall determine in its sole discretion the
numbers of shares to be covered by the Award or Awards granted to each Participant. 
 Section 5. Shares of Stock Available for Options

 (a) The maximum number of shares of Common Stock which may be issued under the Plan is 111,133 subject to the adjustments
as provided in this Section 5 and Section 10, to the extent applicable. If an Award granted under this Plan expires or terminates before exercise or is forfeited for any reason, without a payment in the form of Common Stock being granted
to the Participant, the shares of Common Stock subject to such Award, to the extent of such expiration, termination or forfeiture, shall again be available for subsequent Award grant under the Plan. 

(b) In the event that any stock dividend, stock split, reverse stock split or combination, extraordinary cash dividend, creation of a
class of equity securities, recapitalization, reclassification, reorganization, merger, consolidation, split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase Common Stock at a price substantially below Fair
Market Value, or other similar transaction affects the Common Stock such that an adjustment is required in order to preserve the benefits or potential benefits intended to be granted or made available under the Plan to Participants, the Board shall
proportionately and appropriately adjust equitably any or all of (i) the maximum number and kind of shares of Common Stock in respect of which Awards may be granted under the Plan to Participants, (ii) the number and kind of shares of
Common Stock subject to outstanding Options held by Participants, and (iii) the exercise price with respect to any Options held by Participants, without changing the aggregate purchase price as to which such Options remain exercisable, and if
considered appropriate, the Board may make provision for a cash payment with respect to any outstanding Options held by a Participant, provided that no adjustment shall be made pursuant to this Section if such adjustment would cause the Plan to fail
to comply with Section 422 of the Code with regard to any Incentive Stock Options granted hereunder or fail to comply with the requirements of Rule 16b-3 under the Act or any successor or replacement regulation. No fractional Shares shall be
issued on account of any such adjustment. 
 (c) Any adjustments under this Section will be made by the Board, whose
determination as to what adjustments, will be made and the extent thereof will be final, binding and conclusive. 

  
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 Section 6. Non-Qualified Stock Options 

6.1 Grant of Non-Qualified Stock Options. 
 Subject to the provisions hereof, the Board may, from time to time, grant Non-Qualified Stock Options to Participants upon such terms and conditions as the Board may determine, and may grant Non-Qualified
Stock Options in exchange for and upon surrender of previously granted Options under this Plan. Non-Qualified Stock Options granted under this Plan are subject to the following terms and conditions: 

(a) Price. The purchase price per share of Common Stock deliverable upon the exercise of each Non-Qualified Stock Option shall be
determined by the Board on the date the option is granted. The purchase price shall not be less than one hundred percent (100%) of the Fair Market Value of the Common Stock on the date of grant or the par value of the Common Stock, whichever is
greater. Shares may be purchased only upon full payment of the purchase price. 
 (b) Terms of Options. The term during
which each Non-Qualified Stock Option may be exercised shall be determined by the Board, but in no event shall a Non-Qualified Stock Option be exercisable in whole or in part more than ten (10) years from the date of grant. 

(c) Termination of Service. Except as provided herein, unless otherwise determined by the Board, upon the termination of the
service of a Participant who is not an employee for any reason other than Disability, death or Termination for Cause, the Participant’s Non-Qualified Stock Options shall be exercisable only as to those shares which were immediately exercisable
by the participant at the date of termination and only for one (1) year from the date of such termination. In the event of death or termination of service of a Participant who is not an employee as a result of Disability of the Participant, all
Non-Qualified Stock Options held by the Participant, whether or not exercisable at such time, shall be exercisable by the Participant or his legal representatives, or beneficiaries of the Participant for one (1) year from the date of such
termination. Upon the termination of the service of a Participant who is a common law employee of the Company for any reason other than Disability, death or Termination for Cause, the Participant’s Non-Qualified Stock Options shall be exercised
only as to those shares which were immediately exercisable by the Participant at the date of termination and only for a period of three (3) months following termination. In the event of death or termination of service of a Participant who is a
common law employee of the Company as a result of Disability of any such Participant, all Non-Qualified Stock Options held by such Participant, whether or not exercisable at such time, shall be exercisable by the Participant or his legal
representatives or beneficiaries of the Participant for one (1) year or such longer period as 

  
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is determined by the Board following the date of the Participant’s death or termination of service due to Disability, provided that in no event shall the period extend beyond the expiration
of the Non-Qualified Stock Option term. Notwithstanding any other provisions set forth herein to the contrary nor any provision contained in any agreement relating to the award of an option, in the event of a Termination for Cause, all of the
Participant’s Non-Qualified Stock Options shall immediately expire upon such Termination for Cause and shall not be exercisable, regardless of whether such Non-Qualified Stock Options were vested. 

(d) Transferability. Except as provided for hereunder, no Option granted under the Plan shall be assignable or transferable by a
Participant, and any attempted disposition thereof shall be null and void and of no effect. A Participant may transfer or assign an Option granted hereunder to an immediate family member or trust or benefit plan or similar investment vehicle
established for the Participant or an immediate family member. For purposes of this provision, the term “immediate family member” means a Participant’s spouse, parents and offspring. Nothing contained herein shall be deemed to prevent
transfers by will or by the applicable laws of descent and distribution. 
 Section 7. [Intentionally Deleted] 

Section 8. Restricted Stock 
 8.1 Grant of Restricted Stock Awards 
 (a) Grants. The Board may
grant Restricted Stock Awards entitling recipients to acquire shares of Common Stock, subject to the right of the Company to require forfeiture of such shares from the Participant in the event that conditions specified by the Board in the applicable
Restricted Stock Award are not satisfied prior to the end of the applicable restriction period or periods established by the Board for such Restricted Award. During the restricted period, shares constituting a Restricted Stock Award may not be
transferred, although a Participant shall be entitled to exercise other indicia of ownership, including the right to vote such shares and receive any dividends declared on such shares. 

(b) Terms and Conditions. Subject to Section 8.2, the Board shall determine the terms and conditions of any such Restricted
Stock Award, including the conditions for forfeiture. 
 (c) Stock Certificates. The Company may cause shares issued as
part of a Restricted Stock Award to be issued in either book entry form or certificated form. Shares issued in book entry form will be maintained in an account at the Company’s transfer agent, and only released to a Participant upon
satisfaction of any required restrictions. Any stock certificates issued in respect of a Restricted Stock Award shall be registered in the name of the Participant and, unless otherwise determined by the Board, deposited by the Participant, together
with a stock power endorsed in blank, with the Company (or its designee). At the expiration of the applicable restriction periods, the Company (or such designee) shall deliver the certificates no

  
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longer subject to such restrictions to the Participant or if the Participant has died, to the beneficiary designated, in a manner determined by the Board, by a Participant to receive amounts due
or exercise rights of the Participant in the event of the Participant’s death (the “Designated Beneficiary”). In the absence of an effective designation by a Participant, Designated Beneficiary shall mean the Participant’s
estate. 
 8.2 Distribution of Restricted Stock Awards 

(a) Restricted Stock Awards shall not be distributed and the restrictions pertaining to such award shall not expire
earlier than - 
 (1) upon the completion or satisfaction of the conditions specified by the Board in the Award;

 (2) a Participant’s separation from service; 

(3) the date a Participant becomes disabled (as defined in Section 8.3(b)); 

(4) upon the death of a Participant; 

(5) a change in the ownership or effective control of the Company, or in the ownership of a substantial portion of the
assets of the Company, as described in Section 10(c) or, if in conflict therewith, to the extent necessary, by the Secretary of Treasury under regulations issued under Code section 409A; or 

(6) upon the occurrence of an unforeseeable emergency. 

(b) A payment of a Participant’s vested interest in a Restricted Stock Award may, in the discretion of the Board, be
made in the event of a Participant’s Disability, upon the occurrence of a Change-in-Control (as defined in the Grant Agreement evidencing any Award) or Unforeseeable Emergency. Payments in settlement of a Participant’s vested interest in a
Restricted Stock Award shall be made as soon as practicable after such occurrence or after the Participant otherwise vests in such award. For the purposes of section 409A of the Code, the entitlement to a series of installment payments will be
treated as the entitlement to a single payment. 
 (c) Other provisions of the Plan notwithstanding, if, upon the written
application of a Participant, the Board determines that the Participant has an unforeseeable emergency (as defined in Section 8.3(b)), the Board may, in its sole discretion, direct the payment to the Participant of all or a portion of the
balance of his or her vested interest in a Restricted Stock Award in a lump sum payment, provided that any such withdrawal shall be 

  
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limited by the Board to the amount reasonably necessary to meet the emergency, including amounts needed to pay any income taxes or penalties reasonably anticipated to result from the payment. No
payment may be made to the extent that such emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets or to the extent the liquidation of such assets would not
cause severe financial hardship. 
 (d) The Board may not otherwise permit the acceleration of the time or schedule of any
vesting of a Restricted Stock award scheduled to be paid pursuant to the Plan, unless such acceleration of the time or schedule is (i) necessary to fulfill a domestic relations order (as defined in section 414(p)(1)(B) of the Code) or to comply
with a certificate of divestiture (as defined in section 1043(b)(2) of the Code), (ii) de minimis in nature (as defined in regulations promulgated under section 409A of the Code), (iii) to be used for the payment of FICA taxes on amounts
deferred under the Plan, or (iv) equal to amounts included in the federal personal taxable income of the Participant under section 409A of the Code. 
 8.3 Definitions for Restricted Stock Awards 
 (a) For purposes of this
Section 8, the following definitions shall apply - 
 (1) “Disability” shall mean (i) the inability of a
Participant to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months, or (ii) if the Participant is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve
(12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Company. 

(2) “Unforeseeable emergency” shall mean a severe financial hardship to the Participant resulting from an illness or accident
of the Participant, the Participant’s spouse, or a dependent (as defined in Code section 152(a)) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising
as a result of events beyond the control of the Participant. 
 Section 9. Extension 

The Board may, in its sole discretion, extend the dates during which all or any particular Option or Options granted under the Plan may be
exercised; provided, however, that no such extension shall be permitted if it would cause Non-Qualified Stock Options issued under the Plan to fail to comply with Section 409A or 422 of the Code. An election to defer the lapse of restrictions
on a Restricted Stock Award shall not take effect until at least twelve (12) months 

  
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after the date on which the election is made and in the event that an election to defer the lapse of restrictions is made other than in the event of death, disability or the occurrence of an
unforeseeable emergency, payment of such award must be deferred for a period of not less than five (5) years from the date that restrictions would have otherwise lapsed. 
 Section 10. General Provisions Applicable to Options 
 (a) Each Award
under the Plan shall be evidenced by a writing delivered to the Participant specifying the terms and conditions thereof and containing such other terms and conditions not inconsistent with the provisions of the Plan as the Board considers necessary
or advisable to achieve the purposes of the Plan or comply with applicable tax and regulatory laws and accounting principles. 

(b) Each Award may be granted alone, in addition to or in relation to any other Award. The terms of each Award need not be identical, and
the Board need not treat Participants uniformly. Except as otherwise provided by the Plan or a particular Award, any determination with respect to an Award may be made by the Board at the time of grant or at any time thereafter. 

(c) In the event of a consolidation, reorganization, merger or sale of all or substantially all of the assets of the Company, in each
case in which outstanding shares of Common Stock are exchanged for securities, cash or other property of any other corporation or business entity or in the event of a liquidation of the Company, the Board will provide for any one or more of the
following actions, as to outstanding Awards: (i) provide that such Awards shall be assumed, or equivalent Awards shall be substituted, by the acquiring or succeeding corporation (or an affiliate thereof), (ii) upon written notice to the
Participants, provide that all unexercised Options will terminate immediately prior to the consummation of such transaction unless exercised (to the extent then exercisable) by the Participant within a specified period following the date of such
notice, (iii) in the event of a merger under the terms of which holders of the Common Stock of the Company will receive upon consummation thereof a cash payment for each share surrendered in the merger (the “Merger Price”), make or
provide for a cash payment to the Participants equal to the difference between (A) the Merger Price times the number of shares of Common Stock subject to outstanding Options (to the extent then exercisable at prices not in excess of the Merger
Price) and (B) the aggregate exercise price of all such outstanding Options in exchange for the termination of such Options, or (iv) provide that all or any outstanding Awards shall become exercisable in full, or that the restrictions on
such Awards shall lapse, immediately prior to such event. 
 (d) For purposes of the Plan, the following events shall not be
deemed a termination of service of a Participant: 
 (i) a transfer to the employment of the Company from a
subsidiary or from the Company to a subsidiary, or from one subsidiary to another, or 
 (ii) an approved leave
of absence for military service or sickness, or for any other purpose approved by the Company, if the Participant’s right to reemployment is guaranteed either by a statute or by contract or under the policy pursuant to which the leave of
absence was granted or if the Board otherwise so provides in writing. 

  
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 (e) The Board may at any time, and from time to time, amend, modify or terminate the Plan or
any outstanding Award held by a Participant, including substituting therefore another Award of the same or a different type or changing the date of exercise or realization, provided that the Participant’s consent to each action shall be
required unless the Board determines that the action, taking into account any related action, would not materially and adversely affect the Participant, and further provided that no amendment increasing the number of shares subject to the Plan or
decreasing the exercise price for any Option provided for under the Plan may be effectuated without the approval of the shareholders of the Company; provided, however, that no such amendment or modification will be effective if such amendment or
modification would cause the Plan to fail to comply with the requirements of Rule 16b-3 under the Act or any successor or replacement regulation. 
 (f) The Board may, in its sole discretion, terminate the Plan (in whole or in part) with respect to one or more Participants and distribute to such affected Participants their vested interest in any
Restricted Stock award in a lump sum as soon as reasonably practicable following such termination, but if, and only if, (i) all nonqualified defined contribution deferred compensation plans maintained by the Company and its Affiliates are
terminated, (ii) no payments other than payments that would be payable under the terms of the Plan if the termination had not occurred are made within twelve (12) months of the termination of the Plan, (iii) all payments of the vested
interest in Restricted Stock awards are made within twenty-four (24) months of the termination of the Plan, and (iv) the Company acknowledges to the Participants that it will not adopt any new nonqualified defined contribution deferred
compensation plans at any time within five (5) years following the date of the termination of the Plan. 
 Section 11.
Miscellaneous 
 (a) No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be
construed as giving a Participant the right to continued employment or service on the Company’s Board. The Company expressly reserves the right at any time to dismiss a Participant free from any liability or claim under the Plan, except as
expressly provided in the applicable Award. 
 (b) Nothing contained in the Plan shall prevent the Company from adopting other
or additional compensation arrangements. 

  
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 (c) Subject to the provisions of the applicable Award, no Participant shall have any rights
as a shareholder (including, without limitation, any rights to receive dividends, or non-cash distributions with respect to such shares) with respect to any shares of Common Stock to be distributed under the Plan until he or she becomes the holder
thereof. 
 (d) Notwithstanding anything to the contrary expressed in this Plan, any provisions hereof that vary from or
conflict with any applicable Federal or State securities laws (including any regulations promulgated thereunder) shall be deemed to be modified to conform to and comply with such laws. 

(e) No member of the Board shall be liable for any action or determination taken or granted in good faith with respect to this Plan nor
shall any member of the Board be liable for any agreement issued pursuant to this Plan or any grants under it. Each member of the Board shall be indemnified by the Company against any losses incurred in such administration of the Plan, unless his
action constitutes serious and willful misconduct. 
 (f) This Plan shall become effective upon its approval by the Board.

 (g) Awards may not be granted under the Plan more than ten (10) years after the effective date of this Plan, but then
outstanding Awards may extend beyond such date. 
 (h) To the extent that State laws shall not have been preempted by any laws
of the United States, the Plan shall be construed, regulated, interpreted and administered according to the other laws of the State of New Jersey. 
 (i) A Participant in the Plan shall have no right to receive payment (in any form) with respect to his or her restricted Stock award until legal and contractual obligations of the Company relating to
establishment of the Plan and the making of such payments shall have been complied with in full. In addition, the Company shall impose such restrictions on stock delivered to a Participant hereunder and any other interest constituting a security as
it may deem advisable in order to comply with the Securities Act of 1933, as amended, the requirements of any stock exchange or automated quotation system upon which the stock is then listed or quoted, any applicable state securities laws, any
provision of the Company’s certificate of incorporation or bylaws, or any other law, regulation, or binding contract to which the Company is a party. 

  
 -10-Conformed Copy of Settlement and Mutual Release Agreement

 Exhibit 10.15 
 SETTLEMENT AND MUTUAL RELEASE AGREEMENT 
 This Settlement and Mutual
Release Agreement (this “Agreement”) is made and entered by and amongst LARRY GRIFFIN (“GRIFFIN”) and DAVID EASTMAN (“EASTMAN” and with GRIFFIN, collectively, “FOUNDERS”), on the one hand, and HEATWURX,
INC. (“HEATWURX”), on the other hand. (FOUNDERS and HEATWURX will sometimes be referred to as the “Parties”.) 

1. RECITALS 
 1.1. FOUNDERS
organized HEATWURX on March 29, 2011 by causing the Certificate of Incorporation to be filed with the Secretary of State of Delaware. 

1.2. Subsequent to the incorporation of HEATWURX, investors invested capital into HEATWURX. 
 1.3. FOUNDERS now want to separate themselves from all positions as directors and/or officers of HEATWURX. 
 1.4. It is the desire and intention of the Parties to this Agreement, FOUNDERS and HEATWURX, to settle and resolve all disputes between them, whether known or unknown, without admitting or conceding
liability, any defense or any claim. 
 2. AGREEMENT 
 2.1. NOW, THEREFORE, in exchange for mutual releases and for a full and adequate consideration, receipt of which is hereby acknowledged, and the terms, conditions, and covenants contained herein, the
Parties hereto agree as follows: 
 2.2. GRIFFIN hereby resigns from his position as a director of HEATWURX. 

2.3. EASTMAN hereby resigns from his position as the secretary of HEATWURX. 
 3. MUTUAL RELEASES 
 3.1. FOUNDERS, on the other hand, and HEATWURX, on the other
hand, hereby absolutely, fully, and forever, release and discharge each other from any and all actions, causes of action, arbitrations, requests for proceedings, debts, guarantees, warranties, express or implied, balances, liabilities, demands,
obligations, costs, expenses, damages and liens of every kind whatsoever (hereinafter referred to as “Claims”) whether known or unknown, suspected or unsuspected, fixed or contingent, which each now has, or potentially may have,
against the other, by reason of any matter, cause or thing whatsoever. 

  
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 SETTLEMENT AND MUTUAL RELEASE AGREEMENT 

 
 3.2. The release provided above shall extend to the Parties’ agents,
partners, representatives, lawyers, successors, assigns, stockholders, partners, investors, officers and directors. 
 3.3. The Parties hereto
acknowledge that they are aware of the fact that it is the intention of each of them that the execution of this Agreement shall be effective as a full and final settlement of, and as a bar to, each and every claim which either of them has against
the other, by reason of any matter, cause or thing released above. The Parties hereto acknowledge that they are aware that if they hereafter discover facts different from, or in addition to, the facts which they now know or believe to be true with
respect to the subject matter of this Agreement, it is nevertheless their intention hereby to settle finally, any and all claims which do now exist between them. In furtherance of such intention, the releases herein shall be and will remain in
effect as releases, notwithstanding the discovery of any such different or additional facts. It is expressly understood and agreed that the Parties hereto realize that there may exist at this time claims herein released, the nature of which have not
yet been discovered. 
 3.4. The Parties hereto acknowledge that they have been informed by their attorneys, and that they are familiar with and
waive the provisions of section 1542 of the Civil Code of the State of California which provides as follows: 
 “A
general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.” 

3.5. It is expressly understood and agreed that the possibility that such Claims exist has been explicitly taken into account in determining the
consideration to be given for this Agreement and that a portion of that consideration, having been bargained for in full knowledge of the possibility of such unknown Claims, was given in exchange for the releases and discharge of Claims covered by
these releases. 
 3.6. The Parties hereto, and the persons signing on behalf of each party, represent, and warrant, that they have all
necessary and requisite authorizations to, and are fully, and completely empowered to, enter into this Agreement and each and every one of its terms and conditions. Each Party, and the person signing on behalf of each party, agrees to indemnify and
hold harmless all of the other Parties to this Agreement for any costs, expenses or damages incurred as a result of any breach of said warranty. It is the intention of the Parties that this indemnity does not require payment as a condition precedent
to recovery hereunder by any indemnified person. 

  
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 SETTLEMENT AND MUTUAL RELEASE AGREEMENT 

 
 3.7. No Prior Assignments. The Parties hereto represent and warrant
that they have not assigned or transferred any interest in any claim which they may have against the persons which are released under the terms of this Agreement, or any of them, and agree to indemnify and hold such persons, and each of them,
harmless from any liabilities, claims, demands, damages, costs, expenses, and attorney’s fees incurred by such persons, or any of them, as a result of any person asserting any such assignment or transfer or any rights or claims under any such
assignment or transfer. It is the intention of the Parties that this indemnity does not require payment as a condition precedent to recovery hereunder by any indemnified person. 
 4. OTHER PROVISIONS  
 4.1. All notices, requests or demands and other communications
shall be in writing and sent by email and fax as follows 
 To FOUNDERS: 

Larry Griffin 

PO Box 982522 

Park City, UT 84098 
 M: 801.558.3255 
 lgriffin@huntercapital.com 

David Eastman 

PO Box 4135 

Park City, UT 84060 
 M: 801.557.3333 
 deastman@huntercapital.com 

To HEATWURX: 

Howard J. Kern, Esq. 
 Howard J. Kern, PC 
 579 Erskine Drive 

Pacific Palisades, CA 90272 
 O: 310.857.6342; F: 310.882.6545 
 kernh@verizon.net 

  
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 SETTLEMENT AND MUTUAL RELEASE AGREEMENT 

 
 4.2. Any party may change its address for the purpose of notice to any other
address by giving notice in accordance with the foregoing provisions. 
 4.3. This Agreement as entered into by the Parties hereto is solely for
the purpose of compromising and settling the matters in dispute. It does not constitute, nor shall it be construed as, an admission by any of the Parties hereto of the truth or validity of any of the Claims asserted. 

4.4. All costs and expenses, including attorneys’ fees, incurred by the Parties in completing this Agreement, to the extent not already provided for
herein, shall be borne, each Party by themselves. 
 4.5. Time is of the Essence. Time is specifically declared to be of the essence in
completing the terms, conditions, and covenants of this Agreement to be performed by the respective Parties. 
 4.6. Entire Agreement.
This Agreement constitutes the entire Agreement between the parties hereto pertaining to the subject matter hereof and supersedes all prior or contemporaneous Agreements, understandings, negotiations and discussions, whether oral or written, of the
Parties in connection with the subject matter hereof, except as specifically set forth herein. No supplements, modifications, waivers or terminations of this Agreement shall be binding unless executed in writing by the Parties to be bound thereby.
No waiver of any provisions of this Agreement shall be deemed or shall constitute a waiver of any other provision herein (whether or not similar), nor shall such waiver constitute a continuing waiver unless otherwise expressly provided. 

4.7. Binding on Successors. All of the terms and provisions of this Agreement shall be binding upon or shall inure to the benefit of the Parties
hereto, their assigns, heirs, administrators, executors or successors. 
 4.8. Headings. The headings contained in this Agreement have
been inserted for convenience only and in no way define or limit the scope or interpretation of this Agreement. 
 4.9. Waiver. Either
Party hereto may specifically waive any breach of this Agreement by the other Party, but no such waiver shall constitute a continuing waiver of similar or other breaches. A waiving Party may at any time, upon notice given in writing to the breaching
Party, direct future compliance with the waived term or terms of this Agreement, in which event the breaching Party shall comply as directed from such time forward. All remedies, rights, undertakings, obligations and agreements contained in this
Agreement shall be cumulative and not mutually exclusive. 

  
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 SETTLEMENT AND MUTUAL RELEASE AGREEMENT 

 
 4.10. Counterparts. This Agreement may be executed in any number of
counterparts each of which shall be deemed an original but all of which taken together shall constitute an Agreement. Facsimile/PDF signatures are acceptable and may be deemed to be originals on any counterpart to this agreement. 

4.11. Attorney’s Fees. In the event any Party hereto shall commence legal proceedings against another to enforce the terms hereof, or to
declare rights hereunder, as the result of the breach of any covenant, condition, or warranty in this Agreement, the prevailing Party in any such proceeding shall be entitled to recover from the losing Party its costs of suit including reasonable
attorney’s fees, as may be fixed by the Court. 
 4.12. Negotiated Agreement. The drafting and negotiating of this Agreement has
been participated in by each of the parties hereto. This Agreement shall be deemed to have been drafted jointly by all of the parties. 
 4.13.
Independent Counsel. The Parties do hereby acknowledge and agree that they had the right to be represented by independent counsel of their own choice throughout all negotiations which preceded the execution of this Agreement 

4.14. Invalid Provision. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the other provisions
hereof, and in such instance, this Agreement shall be construed in all respects as if such invalid or unenforceable provision were omitted. 

4.15. Other Documents. The Parties shall execute such other documents and take such further actions as may be required for the consummation of the
transactions contemplated in this Agreement. 
 4.16. No Other Claims or Potential Claims. The Parties each represent and warrant
that they have no knowledge of, are not aware of, and do not otherwise have constructive notice of any present, potential or threatened claims, or any facts, information or reason to suspect any other present, potential or future claim regarding or
relating to the subject matter of this Agreement.  
 5. EXECUTION 
 5.1. In witness whereof the Parties have caused this Agreement to be entered into and signed their respective names hereon, all as of the date first written above. 

  
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 SETTLEMENT AND MUTUAL RELEASE AGREEMENT 

 
 THE UNDERSIGNED HAVE READ THIS SETTLEMENT AND MUTUAL RELEASE AGREEMENT AND
AGREED TO ITS TERMS. THE UNDERSIGNED UNDERSTAND AND ACKNOWLEDGE THAT THIS SETTLEMENT AND MUTUAL RELEASE AGREEMENT CONTAINS A RELEASE OF UNKNOWN CLAIMS. 
  

							
	DATED: January 26, 2012	 		 	/s/ LARRY GRIFFIN	 	
		 		 	LARRY GRIFFIN	 	
				
	DATED: January 26, 2012	 		 	/s/ DAVID EASTMAN	 	
		 		 	DAVID EASTMAN	 	
				
	DATED: January 26, 2012	 		 	HEATWURX, INC.	 	
		 		 		 	
				
		 		 	/s/ HUGH WOLFF	 	
		 		 	HUGH WOLFF, CHAIRMAN	 	

  
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