Document:

Exhibit 10.10

 

PURCHASE AND SALE AGREEMENT

 

THIS AGREEMENT
is made by and between Catalyst Finance, L.P. (Catalyst) whose address is 1136 N. Kirkwood Rd., Houston, Texas 77043 and JAKE
OILFIELD SOLUTIONS LLC whose address is 710 N. Post Oak Rd., Suite 315, HOUSTON, TEXAS 77024.

 

RECITALS

 

WHEREAS, Catalyst
is engaged in the business of purchasing accounts receivable, claims and other rights to payment from persons or firms selling
goods or rendering services to others, and Seller desires from time to time to sell accounts receivable and other rights to Catalyst
pursuant to the terms of this Agreement;

 

DEFINITIONS

 

"Account Debtor "shall mean the party or
parties obligated to pay a Receivable.

 

"Agreement" shall
mean this Purchase and Sale Agreement, together with the Schedules and other ancillary documents attached hereto.

 

"Collateral" shall mean the items set
forth in Section 8(a)-8(g) of this Agreement.

 

"Dispute"
shall mean any controversy, refusal to pay, deduction, contest, claim, offset, defense or counterclaim of any kind asserted by
an Account Debtor and pertaining to a Receivable, Other Accounts or the goods or services giving rise thereto. Additionally, an
account that is 90 days past-due from invoice date is deemed to be in Dispute.

 

"Legal Holiday" shall
mean any day on which national banks doing business in the State of Texas are closed for regular business.

 

"Obligations" shall
mean all debts or amounts owed by Seller to Catalyst, whether arising under a provision of this Agreement or otherwise.

 

"Other Accounts"
shall mean the accounts receivable, claims and other forms of rights to payment that have not been purchased by Catalyst.

 

"Purchase Price" shall have the meaning
as defined in Section 6 of this Agreement.

 

"Receivables"
shall mean the accounts receivable, claims and other forms of rights to payment described on Schedule A attached hereto or as set
forth on a supplemental Schedule A to be attached in the future and signed by Seller.

 

"Repurchase Agreement"
shall mean the agreement between Catalyst and Seller providing for Seller's repurchase of certain Receivables after 90 days.

 

"Reserve Account" shall have the meaning
as defined in Section 7 of this Agreement.

 

"Reserve Payment Worksheet"
shall have the meaning as defined forth in Section 12 of this Agreement.

 

"Reserve Percentage Rate"
shall mean 10%.

 

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"Seller"
shall mean the entity or individual executing this Agreement as the "Seller" on the signature page hereof and its affiliates,
assigns, subsidiaries, predecessors, successors, designated entities, and related companies.

 

"Catalyst" shall mean
Catalyst Finance, LP., a Texas Limited Partnership

 

"UCC" shall mean the Texas Uniform Commercial Code

 

AGREEMENT

 

For and
consideration of the mutual promises herein contained, and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, Catalyst and Seller hereby agree as follows:

 

1.          Purchase
and Sale of Accounts Receivable. Claims and other Rights. Seller hereby sells, assigns, transfers, conveys and delivers to
Catalyst, as an outright conveyance and not as a security interest, and Catalyst hereby purchases and accepts delivery from Seller,
all rights, title and interests of Seller in the Receivables and other forms of rights to payment described on Schedule A attached
hereto and made a part hereof. Seller represents and warrants that true and correct copies of the invoices and/or claims for the
Receivables are attached to Schedule A. Future purchases and sales of accounts receivable and other rights will be based on the
completion and execution of additional schedules in form similar to Schedule A. Upon execution by both Catalyst and Seller of such
a schedule, the accounts receivable described therein shall become Receivables subject in all respects to the terms of this Agreement.

 

2.          Returned
Receivables. Seller has herein represented and warranted to Catalyst that all Receivables are free and clear of any Disputes.
Seller hereby acknowledges that Catalyst would not purchase any Receivable if Catalyst had knowledge that the same was subject
to a Dispute. Seller agrees that should Seller or Catalyst discover that any Receivables are subject to a Dispute, Catalyst shall
have the right to return such Receivables to Seller in accordance with this Section 2 and other applicable Sections of the Agreement.
Seller must immediately notify Catalyst of any Disputed Accounts upon receipt of its knowledge thereof. Upon Catalyst's election
to return and charge-back a Receivable subject to a Dispute, Seller shall pay to Catalyst the face amount of the invoice less any
payments previously received on such invoice by Catalyst or, upon return, Catalyst may, at its option, take any one or more of
the following actions: (a) charge the Reserve Account for such amount, (bl subtract such amount from the Purchase Price for the
next Receivable(s) sold by Seller to Catalyst, or (cl otherwise invoice Seller for such amount, with such invoice being payable
upon receipt. Upon payment to Catalyst of such amount, Catalyst shall assign, transfer, convey and deliver such Receivable to Seller
without recourse. Returned Receivables that are not subject to the terms of the Repurchase Agreement shall be charged a discount
fee in accordance to the rates defined in Section 6 of the Purchase and Sale Agreement.

 

3.          Transfer
of Related Interests. In addition to the Receivables, Seller hereby sells, assigns, transfers, conveys and delivers to Catalyst
and all other rights, title and interests (but not obligations) now or hereafter existing in connection with the Receivables, including,
but not limited to, liens, security interests and guarantees securing payment of the Receivables, Seller's interest in returned
goods arising with respect to the Receivables, and all other rights and remedies of Seller related to the Receivables such as rights
of stoppage in transit, replevin, reclamation and lawsuits to collect the Receivables. If any Receivable is ever represented by
a promissory note or other written evidence of obligation, Seller shall endorse and deliver the same to Catalyst and take any other
action requested by Catalyst to effectuate such transfer.

 

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4.          Further
Assurances. Seller agrees to execute and deliver to Catalyst such notices of assignment and other documents as Catalyst may
reasonably request from time to time to further document the sale and assignment of Receivables hereunder.

 

5.          Terms
- Seller's Customers. Except as may otherwise be agreed to from time to time, the terms of all Receivables shall be as follows:
Net 30 Days. Seller shall not vary the terms of sale, terms of payment, or location of payment set forth in the invoice
and/or claim relating to any Receivable without Catalyst's prior written consent, it being understood that any Receivable is the
property of Catalyst.

 

6.          Purchase
Price; Discounts. The Purchase Price (herein so called) for the Receivables shall be the gross amount of the invoice or claim,
including any miscellaneous charges such as sales taxes, delivery charges, and installation charges, less any early payment or
special discounts offered to Seller's customers as previously disclosed to Catalyst. Catalyst shall deduct from the Purchase Price
a discount equal to the RESERVE PERCENTAGE RATE from invoices from which prompt payment is expected. When invoice payments
are received, Catalyst will remit a rebate as follows. If Catalyst receives payment of an invoice within 12 days of the purchase
thereof, a rebate of 9.80% less a Variable Discount Fee ("Variable Discount Fee", defined below) will be remitted
to Seller; If Catalyst receives payment of an invoice within 30 days of the purchase thereof, a rebate of 9.60% less
a Variable Discount Fee ("Variable Discount Fee", defined below) will be remitted to Seller; If Catalyst receives
payment of an invoice within 45 days of the purchase thereof, a rebate of 9.40% less a Variable Discount Fee ("Variable
Discount Fee", defined below) will be remitted to Seller; If Catalyst receives payment of an invoice within 60 days
of the purchase date thereof, a rebate of 9.20% less a Variable Discount Fee will be remitted to Seller; If Catalyst receives
payment of an invoice within 75 days of the purchase thereof, a rebate of 9.00% less a Variable Discount Fee ("Variable
Discount Fee", defined below) will be remitted to Seller; if Catalyst receives payment of an invoice within 90 days
of the purchase date thereof, a rebate of 8.80% less a Variable Discount Fee will be remitted to Seller; and if Catalyst
receives payment of an invoice after .aQ days of the purchase date
thereof, a rebate of 8.40% less a Variable Discount Fee will be remitted to Seller only after execution by Seller and Catalyst
of a Schedule covering such Receivable. The Variable Discount Fee shall be equal to Prime Rate + 2.25% of the purchase price of
the receivable, with a minimum rate of 7.75% per annum, each day for each Receivable purchased. Prime Rate shall be determined
as published and updated from time to time in the Wall Street Journal (currently 5.50%). Not withstanding the term above, a minimum
discount fee of $15.00 will be retained by Catalyst from the rebate on each invoice.

 

7.          Payments
on Accounts Purchased; Reserve Account. Pursuant to the discount set forth in Section 6 hereof, Catalyst shall always deduct
from the Purchase Price of each Receivable an amount equal to the RESERVE PERCENTAGE RATE of the gross amount of the Receivable.
Balances will accumulate in the Reserve Account after payments are received and closed out by Catalyst as determined in Section
6 hereof. The Reserve Account is under the exclusive control of Catalyst. Upon preparation of the Reserve Payment Worksheet (as
such term is defined in Section 12 hereof), Catalyst shall release to Seller amounts, if any, (provided there are no Account Debtor
outstanding balances at 75 days or older or any disputed Receivables) in the Reserve Account in excess of the balance required
pursuant to this Section 7. The Reserve Account shall accrue no interest.

 

8.          Offset;
Security Interest. Catalyst is authorized to offset and charge against the Reserve Account any amount for which Seller may
become obligated to Catalyst at any time under this Agreement or otherwise. In addition to such right of offset and for the purpose
of securing Catalyst in the payment of any and all sums of money that may become due and owing to Catalyst from Seller,
Seller hereby grants a first priority lien and security interest to Catalyst in all of the following, now owned or hereafter acquired
by Seller:

 

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		(a)	All accounts receivable, claims, contract rights, notes,
drafts, acceptances and general intangibles as they relate to such accounts owned by Seller, whether liquidated or unliquidated
and whether or not purchased by Catalyst.

 

		(b)	The balance of any deposit accounts, reserve accounts,
credit balances or other reserves of any kind maintained by Seller with or by Catalyst for the benefit of Seller.

 

		(c)	All present and future accounts receivable, general intangibles,
chattel paper, documents, instruments, cash and non-cash proceeds, monies, deposit accounts, income, benefits, judgments, claims,
rights to payment, lawsuits and other disposition of, or collections with respect to, or insurance proceeds payable with respect
to, or claims against any other person or entity with respect to, all or any part of the Collateral.

 

		(d)	The Reserve Account.

 

		(e)	All present and future security for the payment to Seller
of any of the Collateral and goods, which gave or will give rise to any such Collateral or are evidenced, identified, or represented
therein or thereby.

 

		(f)	Proceeds and products of any of the foregoing, in any
form for secured party.

 

		(g)	All inventory now owned and hereafter acquired.

 

Terms
used in clauses (a) through (g) above have the meanings as defined in the UCC. Catalyst shall have all the rights and remedies
provided under the UCC. In the event a Receivable is charged-back as provided in Section 2 hereof, such account shall then constitute
Collateral and be then subject to a new security interest in favor of Catalyst. Seller agrees to execute financing statements from
to time to time to perfect Catalyst's security interest in the Collateral, and will not further encumber the Collateral or obtain
additional financing without Catalyst's consent. Seller acknowledges Catalyst reserves all remedies against anyone who violates
Catalyst's rights. Seller is prohibited from granting junior liens to any other party.

 

9.          Verification
and Collection of Receivables and Other Accounts. Seller hereby authorizes Catalyst to contact any Account Debtors at any time
for purposes of verification or collection of Receivables and Other Accounts. Seller shall cooperate with Catalyst to the maximum
extent possible to provide information necessary for Catalyst to accomplish verification or collection of any Receivable and Other
Accounts. Seller shall provide the original invoice with supporting documentation and any necessary copies required by and to the
Account Debtor and one copy with supporting documentation to Catalyst. All invoices shall direct that payment be remitted to Catalyst
through wiring instructions provided by Catalyst or to a post office lockbox owned and controlled by Catalyst. If requested by
Catalyst, Seller agrees to furnish evidence of shipment of the related merchandise, performance of services rendered and a written
assignment and bill of sale of such Receivable and other additional documentation, all in a form satisfactory to Catalyst, including
the original purchase order from the Account Debtor. If requested by Catalyst, all invoices for Receivables shall plainly state
on their faces in language acceptable to Catalyst that the amounts payable thereunder have been sold to and are payable directly
to Catalyst. Catalyst is hereby authorized, irrevocably as long as any Receivable remains uncollected, to open, cash, endorse
and otherwise collect all checks and other forms of payment tendered in payment for each Receivable, in the name of and as attorney-in-fact
for Seller in the event that such payment is not made payable to Catalyst. This power of attorney is irrevocable and coupled with
an interest. Seller agrees to furnish Catalyst, upon request, any and all papers, documents or records of whatever nature related
directly or indirectly, to any Receivables or Other Accounts.

 

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If
payment is made to Seller under any circumstances, such payment shall be held in /JJl$1
by Seller for Catalyst and shall not be negotiated or commingled in any way with any of Seller's funds. Seller agrees to
deliver, within 24 hours after receipt, any such payments to Catalyst in their original form as received by Seller. In
the event the form of such payment is made payable to Seller, Seller shall endorse such instrument to the order of Catalyst and
deliver to Catalyst. Seller agrees that, should Seller fail to deliver to Catalyst any such payments on factored invoices in their
original form, a discount fee of RESERVE PERCENTAGE RATE of the invoice amount shall be paid to Catalyst by Seller.

 

10.         Collection
by Catalyst. Catalyst is authorized, but not obligated, to collect, sue for and give releases for all moneys or other items
of value due on all Receivables and Other Accounts. Catalyst is hereby specifically authorized to endorse all checks, drafts or
other forms for trade acceptances tendered in payment of Receivables and Other Accounts and made payable to Seller. Seller hereby
waives notice on nonpayment of any Receivables and Other Accounts as well as all other notices, demands or presentations for payment
hereunder, and Seller expressly agrees that Catalyst may extend or renew from time to time the payment of any Receivable without
notice to or consent by Seller. In the event it becomes necessary for Catalyst to employ an attorney and incur other expenses to
collect any Receivable or Other Accounts or to enforce any of the terms of this Agreement, Seller agrees to pay to Catalyst an
amount equal to all attorneys' fees, expenses and costs incurred by Catalyst. In the event any merchandise represented by a Receivable
shall be returned to or repossessed by the Seller, such merchandise shall be held by the Seller in trust for Catalyst, separate
and apart from the Seller's own property, and subject to Catalyst's directions and control. With respect to any returned or repossessed
merchandise, Seller shall, at its sole cost and expense, (a) provide proper storage therefore, (b) maintain adequate insurance
coverage thereon, (c) prepare the same for sale, (d) defend title thereto, (e) take any other action necessary for the protection
thereof, (f) pay freight and related shipping costs, and (g) be responsible for any other costs or expenses incurred in connection
with the foregoing, including, without limitation, attorneys' fees. Catalyst has the same right to collect Other Accounts as the
"Receivables". If and to the extent that Catalyst undertakes to collect Receivables or Other Accounts of Seller, Catalyst
is entitled to make decisions and take actions in its sole discretion, including without limitation the decision to sue on Receivables
and Other Accounts, to decide strategy in any such lawsuit, and to settle or compromise, including the full release of one or more
Receivable and Other Accounts. Catalyst shall in no event be liable for any loss or damage resulting from the failure to collect
any Receivable or Other Accounts. Prior to collection action, Catalyst, may, at its option, provide Seller the option of substituting
a new invoice(s) for any invoice(s) in which a collection action is being considered. Catalyst shall allow Seller three (3) working
days to substitute a new invoice(s) for the invoice(s) in question. This allowance may be expressed verbally or may be evidenced
in writing with reference given to the invoice(s) considered for collection.

 

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11.         Representations
and Warranties of Seller. Seller hereby represents, warrants and guarantees to Catalyst that the information contained in the
application previously submitted by Seller, Seller's financial statements and any other materials previously submitted in connection
herewith is true, correct and complete in all respects; that all federal, state and local tax returns and payments of any
kind due or owing have been filed or paid, and no part of the purchase price for any Receivable shall be used to pay any wage or
salary unless appropriate withholdings have been deposited; that assignment of each Receivable will thereby vest in Catalyst's
absolute ownership of each Receivable free from any liens, claims or equities of third parties; that Seller is the sole owner of
and has good, free and unencumbered title to each Receivable; that execution and performance of this Agreement has been fully authorized
by all necessary actions; that no assignment, pledge, security interest or encumbrance exists with respect to any Receivable; that
each Receivable is based upon a bona fide sale of goods or services, or represents a completed delivery or completed furnishing
of property or services in fulfillment of all the terms and provisions of a fully executed and unexpired contract with the Account
Debtor and is a valid and enforceable obligation of the Account Debtor; that each Account Debtor has accepted goods or services
covered by the applicable Receivable; that each applicable Receivable has not been paid in whole or in part, is outstanding in
the amounts reflected in Schedule A and is not and will not be subject to any dispute or claim as to price, quality, quantity,
physical condition, workmanship, delay in shipment, set off, counterclaim or other defense and that no product or service was provided
on a guaranteed-sale basis or buy-back agreement, and the Account Debtor has not and will not claim any defense of any kind or
character or object for any reason whatsoever against payment of such Receivable; that Seller's office and the location where all
books and records pertaining to each Receivable are kept are at the address shown below for notice to Seller; and no Receivable
is subject to a Dispute. Seller further represents and warrants that Seller is solvent, properly licensed and authorized to operate
the business under the trade name represented within the meaning of any and all applicable federal, state of local laws; that no
petition in bankruptcy has been filed by or against Seller nor has Seller filed any petition seeking an arrangement of its debts
or for any other relief under the Bankruptcy Code of the United Sates; that no application for appointment of a receiver or trustee
for all or a substantial part of Seller's property is pending; and that Seller has made no assignment for the benefit of creditors.
Seller further warrants that Seller does not own, control or exercise dominion over, in any way whatsoever, the business of any
Account Debtor and that the Account Debtor(s) is/are solvent to the best knowledge and information of Seller. Seller will not sell,
pledge or factor accounts except to Catalyst for the period of this Agreement. All warranties made by Seller in this paragraph
or elsewhere in this Agreement shall be deemed reaffirmed by Seller upon execution of each supplemental Schedule A hereto. Seller
acknowledges that any known or reckless error or omission made by Seller in the representations and warranties made herein may
subject Seller to civil and criminal penalties, in addition to civil liability.

 

12.         Reserve
Payment Worksheet. Catalyst shall prepare and provide to Seller weekly Reserve Payment Worksheets (herein so called) showing
aggregate outstanding Receivables as of the end of the applicable period, total collections during the period, debits and credits
to the Reserve Account, present balance of the Reserve Account and Discounts charged.

 

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13.         Disputes:
No Assumption of Liability by Catalyst: Indemnification. Seller shall immediately notify Catalyst of the assertion by any
Account Debtor of any Dispute. Seller has heretofore represented to Catalyst that no Receivable or Other Account is subject to
a Dispute. Therefore, Seller shall settle, at its own expense, all Disputes, subject to Catalyst's approval, but Catalyst shall
have the right, in its sole discretion, to settle any Dispute directly with the Account Debtor involved upon such terms, as Catalyst
may deem advisable and at Seller's expense. Seller specifically acknowledges and agrees that Catalyst is not assuming any liability
or obligation of any kind to any Account Debtor or in any way relating to the Receivables or Other Accounts. Seller hereby represents
and warrants to Catalyst that no Receivable, or any invoice, credit application, bill, billing memorandum, correspondence, or any
other documents relating to a Receivable contract for or charge anything of value that constitutes interest in excess of the maximum
non-usurious rate allowed to be charged such Account Debtor pursuant to applicable law. Seller acknowledges that Catalyst, as the
owner of a Receivable, may be subject to a claim of usury by an Account Debtor in the event an invoice, credit application, bill,
billing memorandum, correspondence or other document provides for the payment of interest or any other charge or fee which may
deemed to be interest, which is in excess of the maximum non-usurious rate allowed by applicable law. In the event an Account Debtor
raises a claim of usury in connection with a Receivable, such Receivable shall be deemed to be subject to a Dispute and subject
to the charge-back provisions of this Agreement. SELLER SHALL INDEMNIFY AND HOLD HARMLESS CATALYST FROM AND AGAINST ANY AND
ALL CLAIMS, CAUSES OF ACTION, COUNTERCLAIMS, ANY LOSS ARISING OUT OF ANY AVOIDANCE CLAIM (UNDER THE BANKRUPTCY CODE OR OTHER APPLICABLE
TEXAS LAW) OR OTHER LIABILITIES AND COSTS OF ANY KIND (INCLUDING ATTORNEY'S FEES INCURRED BY CATALYST IN CONNECTION THEREWITH)
THAT MAY BE ASSERTED AGAINST CATALYST BY ANY ACCOUNT DEBTOR OR OTHERWISE ARISING IN CONNECTION WITH THE RECEIVABLES, EXCEPT AS
TO LOSSES RESULTING FROM THE SOLE GROSS NEGLIGENCE OF CATALYST.

 

14.         Books
and Records. Seller agrees to permit Catalyst access to all books and records of Seller during normal business hours that relate
to the Collateral.

 

15.         Taxes.
All taxes and governmental charges imposed with respect to the sales of the related merchandise shall be charged to Seller, and
Seller shall be liable for and responsible for all sales taxes and other taxes due in connection with any sale or rendering of
services resulting in a Receivable.

 

16.         Termination.
This Agreement shall become effective upon full execution hereof and shall continue in full force and in effect unless terminated
by Seller as to Receivables not yet purchased by delivering written notice of termination to Catalyst at least thirty (30) days
after any Obligation owing by the Seller to Catalyst shall have been paid in full, whether or not such Obligation is due or is
to become due in the future. Catalyst may immediately terminate this Agreement as to future transactions, without notice and without
cause within its sole discretion, and nothing contained in this Agreement shall constitute an agreement or commitment to purchase
any accounts until such accounts have been approved by Catalyst and a supplemental Schedule "A" describing such Receivables
has been executed by Catalyst and Seller. In the event Seller shall have breached any provision of this Agreement or any other
agreement with Catalyst, or if this Agreement shall have been terminated, the Reserve Account and any other moneys, balances or
credits otherwise due by Catalyst to the Seller may be retained and applied by Catalyst from time to time to reduce such Obligations.
The balance in the Reserve Account shall not be released to Seller unless all of Seller's Obligations hereunder have been paid
in full. Seller acknowledges that it has the obligation hereunder to sell to Catalyst only Receivables that are free and clear
of any Dispute. As provided in Section 2(a) hereof, Catalyst has the right to charge the Reserve Account for any Receivables that
are returned and charged-back to Seller as a result of a Dispute. Accordingly, in the event any Receivable remains uncollected
by Catalyst at the date of termination hereof, the Reserve Account shall not be released to Seller until such time as Catalyst
has determined, in its sole discretion, that there are no uncollected Receivables subject to a Dispute. Likewise, the security
interest granted to Catalyst by Seller pursuant to Section 8 hereof shall be released by Catalyst upon determination by Catalyst,
in its sole discretion, that no uncollected Receivable is subject to a Dispute. Termination of this Agreement shall not affect
the rights and obligations of the parties accruing with respect to prior transactions.

 

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17.         Waiver.
Any failure by Catalyst to exercise any of its rights hereunder shall not be deemed to be a waiver by Catalyst of such or any other
rights, nor in any manner impair the subsequent exercise of the same or any other right, and any waiver by Catalyst of any
default shall not constitute a waiver of any subsequent default.

 

18.         Choice
of Law. This Agreement shall be construed according to the laws of the State of Texas.

 

19.         Entire
Agreement. This Agreement represents the entire Agreement between the parties, and may not be amended or modified except by
written instrument executed by Catalyst and Seller. This Agreement supersedes and replaces any prior agreement among the parties,
oral or written.

 

20.         Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective administrators,
legal representatives, successors and assigns.

 

21.         Severability.
If any provision of this Agreement shall, for any reason, be held to violate any applicable law, then the remaining portion of
this Agreement shall remain in full force and effect.

 

22.         Headings,
Construction. The headings contained in this Agreement are for reference purposes only and shall not modify or affect the
terms of this Agreement in any manner.

 

23.         Saturday,
Sunday, or Legal Holiday. If any day provided in this Agreement for the performance of any obligation should fall on
a Saturday, Sunday or Legal Holiday, the compliance with such obligation or delivery shall be deemed acceptable on the next business
day following such day.

 

24.         Notices.
Any notice, demand or request permitted, required or desired to be given under this Agreement shall be in writing and shall be
deemed effectively given when actually hand delivered or when sent by United States certified or registered mail, return receipt
requested, postage prepaid, of sent by private, receipt carrier guaranteeing same-day or next-day delivery, addressed as follows:

 

	If to Catalyst:	Catalyst Finance, LP. 
	 	1136 N. Kirkwood Rd. 
	 	Houston, Texas 77043
	 	 
	If to Seller:	JAKE OILFIELD SOLUTIONS LLC
	 	710 N. Post Oak Rd., Suite 315 
	 	HOUSTON, TEXAS 77024

 

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25.         Determination
of Purchase Price. The Purchase Price of the Receivables has been determined by the Seller and represents the fair market value
thereof, after due consideration has been given to the nature of the Receivable, the probability of prompt collection thereof,
the credit worthiness of the Account Debtor, the payment history of the Account Debtor and other economical factors relative to
the Receivables. Further, in arriving at the Purchase Price, consideration has been given to services rendered and services that
will be rendered in the future by Catalyst in connection with the credit investigations of Account Debtors, supervising the ledgering
of accounts purchased, supervising the collection of accounts purchased, and the assumption of certain credit risks. The parties
hereto acknowledge that the purchase of the Receivables by Catalyst constitutes an outright conveyance by Seller to Catalyst. Nothing
contained herein, nor any course of dealing in the future, shall be construed to be anything other than an outright purchase
and sale of such Receivables. All rights, title and interest of the Seller have been conveyed to Catalyst and such transaction
is not subject to a security interest in the Receivables and the Purchase Price paid to Seller by Catalyst constitutes consideration
for the acquisition of the Receivables and under no circumstances shall be construed as a loan and no consideration herein set
forth is for the use, forbearance or detention of money. Nothing contained herein shall be construed as to require the payment
of interest; however, should a court of competent jurisdiction rule that any consideration paid hereunder is in fact or in law
to be treated as interest, in no event shall Seller be obligated to pay that interest at a rate in excess of the maximum amount
permitted by law, and all agreements, conditions, or stipulations contained herein, if any, which may in any event or contingency
whatsoever operate to bind, obligate, or compel Seller to pay a rate of interest exceeding the maximum rate of interest permitted
by law shall be without binding force or effect at law or in equity to the extent only of the excess of interest over such maximum
rate of interest permitted by law. Also, in such event, Catalyst may "spread" all charges characterized as interest over
the entire term of all transactions with Seller and will refund to Seller the excess of any payments made over the highest lawful
rate. It is the intention of the parties hereto that in the construction and interpretation of this Agreement, the foregoing sentence
shall be given precedence over any other agreement, condition, or stipulation herein contained which is in conflict with same.

 

26.         Joint
and Several Obligations. If more than one party is executing this Agreement as Seller, each party agrees that its obligations
hereunder are joint and several, and that its obligations shall be not released, diminished, impaired or affected by the occurrence
of any one or more of the following events, all of which may occur without notice to or consent of any other Seller:

 

		(a)	Any release, partial release, subordination of loss of
any security, guaranty or collateral and any time existing in connection with the obligations contained herein;

 

		(b)	The death, insolvency, bankruptcy, disability or incapacity
of any Seller, guarantor, or any other party now or hereafter obligated herein;

 

		(c)	Any renewal, extension, and/or rearrangement of all of
any portion of the obligations contained herein;

 

		(d)	Any neglect, delay, omission, failure or refusal of Catalyst
to take or prosecute any action for the collection of the obligations provided herein;

 

		(e)	The unenforceability for any reason of all or any part
of the obligations contained herein against any Seller, guarantor or other party;

 

		(f)	The finding of any payment by any Seller to constitute
a preference under bankruptcy or similar debtor relief law;

 

		(g)	Any release or partial release of liability of any Seller,
guarantor or other party; and

 

		(h)	Any other action that might impair rights in the nature
of contribution or subrogation that any Seller might otherwise have.

 

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27.         Texas
Law to Apply - Venue. This Agreement has been executed and delivered in and shall be construed in accordance with and governed
by the laws of the State of Texas. The parties agree that exclusive jurisdiction and venue for any lawsuit arising out or
in connection with this Agreement shall be in Harris County, Texas. Final judgment in any suit shall be conclusive and may be enforced
in any jurisdiction within or outside the United States of America, by suit on the judgment, a certified or exemplified copy of
which shall be conclusive evidence of such liability.

 

28.         No
Obligation to Purchase Further Receivables. Seller specifically acknowledges and agrees that, anything herein to the
contrary notwithstanding, Catalyst has the right to approve or reject any or all future accounts receivable proposed for sale under
this Agreement IN ITS SOLE DISCRETION, and no course of conduct or prior course of dealing shall establish any commitment, obligation
or agreement to purchase future accounts receivable.

 

29.         Waiver
of Trial by Jury. Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable law, any right
it may have to a trial by jury, in any legal proceeding, of any and all claims, demands or causes of action (whether based on contract,
tort or any other legal theory), whether now existing or hereafter arising, (A) directly or indirectly arising out of or relating
to this Agreement or any other loan document or the transactions contemplated hereby or thereby or (B) directly or indirectly related
to or incidental to the relationship between or among the parties hereto. Each party further waives any right to consolidated any
such action in which a jury trial has been waived with any other action in which a jury trial cannot be or has not been waived.
The parties acknowledge that a right to a jury is a constitutional right, that they have had an opportunity to consult with independent
counsel and that this jury waiver has been entered into knowingly and voluntarily by all parties to this Agreement. Each party
hereto acknowledges that it and the other parties hereto have been induced to enter into this Agreement and the other loan documents
in reliance upon, among other things, the mutual waivers and certifications in this section. In the event of litigation, this Agreement
may be filed as written evidence of the consent of the parties hereto to the waiver of their right to trial by jury and consent
to a trial by the court.

 

30.         CATALYST,
ITS RESPECTIVE OFFICERS, EMPLOYEES OR AGENTS, SHALL NEVER BE LIABLE FOR ANY SPECIAL, CONSEQUENTIAL OR INCIDENTAL DAMAGES, INCLUDING
WITHOUT LIMITATION DAMAGES FOR LOSS OF PROFITS, INJURY TO GOODWILL OR LOSS OF USE.

 

31.         Seller
Covenants. To ensure a continuing and satisfying relationship, Seller agrees to provide Catalyst with quarterly financial statements
on a timely basis and monthly financial reporting, as requested by Catalyst. Seller represents and warrants that the financial
reporting provided will fairly represent in accordance with generally accepted accounting principles the financial condition of
the Seller. Seller shall pay all taxes and payroll tax liabilities and will provide proof of filings and payment support as requested
by Catalyst.

 

	EXECUTED on the June 19, 2019	 	 
	 	 	 
	SELLER:	 	BUYER:
	JAKE OILFIELD SOLUTIONS LLC	 	Catalyst Finance, LP.
	 	 	 
	By: 	/s/ Matthew Flemming	 	By: 	/s/ Keary Barnes
	Name: 	Matthew Flemming	 	Name: 	Keary Barnes
	Title:	President of SMG Industries. Inc.,

                                               
	 	Title:	Senior Vice President
	Its parent company and sole shareholder	 	 	 

 

    	 	10ex_149384.htm

Exhibit 10.26

 

SETTLEMENT AGREEMENT AND RELEASE

 

This Confidential Settlement Agreement and Release (this “Agreement”) is entered into as of July 1, 2019 by and between JORDAN HOFFNER (“CLAIMANT”) and SALON MEDIA GROUP, INC. (“COMPANY”). Collectively, Claimant and Company shall be referred to as the “Parties”.

 

BACKGROUND

 

WHEREAS Claimant was employed by Company pursuant to an Employment Agreement dated June 9, 2016, which is incorporated herein by reference; and

 

WHEREAS Claimant is a former employee of Company; and

 

WHEREAS The Parties wish to resolve any claim by Claimant against Company and all other existing differences completely and amicably, without litigation. Claimant acknowledges that the payment to him under this Agreement is being made for the sole purpose of avoiding the uncertainties, vexations and expense of litigation pursuant to a mutual understanding;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, Claimant and Company hereby agree as follows:

 

AGREED TERMS

 

1. Payment by Company. Company will pay Claimant the total sum of Thirty Thousand dollars ($30,000.00) (the “Settlement Payment”) as provided herein, which Settlement Payment shall be made to Claimant on the earlier of (i) 2 business days after the Closing of that certain Asset Purchase Agreement dated March 6, 2019 between the Company and Salon.com, LLC and (ii) December 31, 2019 (the “Payment Date”) via check made out to “Jordan Hoffner”.

 

The Parties acknowledge and agree they are solely responsible for paying any attorneys’ fees and costs they incurred and that neither Party nor its attorney(s) will seek any award of attorneys’ fees or costs from the other Party.

 

Claimant acknowledges that, upon receipt of the Settlement Payment, Claimant will have been paid all wages, severance, all unreimbursed business expenses, and all accrued but unused vacation pay due and owing to Claimant as of the date of this Agreement, and Claimant waives any additional claims for unpaid salary or wage amounts, unreimbursed business expenses, and accrued but unused vacation pay.

 

2. Taxes. Claimant shall be solely responsible for, and is legally bound to make payment of, any taxes determined to be due and owing (including penalties and interest related thereto) by him to any federal, state, local, or regional taxing authority as a result of the Settlement Payment. Claimant understands that Company has not made, and Claimant acknowledges and agrees and that he is not relying upon, any representations regarding the tax treatment of the sums paid pursuant to this Agreement. Moreover, Claimant agrees to indemnify and hold Company harmless in the event that any governmental taxing authority asserts against Company any claim for unpaid taxes, failure to withhold taxes, penalties, or interest based upon the payment of the Settlement Payment.

 

 

Employment Settlement and Release

Jordan Hoffner

Page 1

 

 

 

 

3. Mutual Release. The Parties, on behalf of themselves, their predecessors, successors, direct and indirect parent companies, direct and indirect subsidiary companies, companies under common control with any of the foregoing, affiliates and assigns, and its and their past, present, and future officers, directors, shareholders, interest holders, members, partners, attorneys, agents, employees, managers, representatives, assigns, and successors in interest, and all persons acting by, through, under, or in concert with them, and each of them, hereby release and discharge the other Party, together with their predecessors, successors, direct and indirect parent companies, direct and indirect subsidiary companies, companies under common control with any of the foregoing, affiliates and assigns and its and their past, present, and future officers, directors, shareholders, interest holders, members, partners, attorneys, agents, employees, managers, representatives, assigns and successors in interest, and all persons acting by, through, under or in concert with them, and each of them, from all known and unknown charges, complaints, claims, grievances, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts, penalties, fees, wages, medical costs, pain and suffering, mental anguish, emotional distress, expenses (including attorneys’ fees and costs actually incurred except as expressly provided herein), and punitive damages, of any nature whatsoever, known or unknown (collectively, “Claims”), which either Party has, or may have had, against the other Party, whether or not apparent or yet to be discovered, or which may hereafter develop, for any acts or omissions related to or arising from:

 

(a)     the dispute;

(b)     an agreement between the Parties;

(c)     the Claimant’s employment by the Company or the termination of such employment relationship;

(c)     any other matter between the Parties; and/or

(d)     any claims under federal, state, or local law, rule or regulation.

 

This Agreement resolves any claim for relief that could have been alleged, no matter how characterized, including, without limitation, compensatory damages, damages for breach of contract, bad faith damages, reliance damages, liquidated damages, damages for humiliation and embarrassment, punitive damages, costs and attorney's fees related to or arising from the Employment Agreement and term of employment.

 

Notwithstanding the foregoing, this release shall not affect the rights of either Party under this Agreement, or any other agreement into which the Parties may enter on or after the date of this Agreement, which shall expressly survive and shall in no way be released or impaired by the provisions of this Agreement. In addition, this Agreement shall not release affect the Claimant’s right to receive any distributions from the Claimant’s vested account under the Salon Media Group, Inc. 401K Plan or his right to elect continuation of group health, dental and/or vision insurance coverage at the Claimant’s sole cost, pursuant to the Consolidated Omnibus Budget Reconciliation Act or 1986 (as codified in Section 4980B of the Internal Revenue Code of 1986, as amended, and Sections 602 through 606 of the Employee Retirement Income Security Act of 1974, as amended) or any similar state statute.

 

 

Employment Settlement and Release

Jordan Hoffner

Page 2

 

 

 

 

4. Employment Releases. Without limiting the generality of the foregoing, Claimant specifically and expressly releases any Claims against Company and the other releasees occurring prior to the Effective Date of this Agreement arising out of or related to violations of any federal or state employment discrimination law, including the California, Fair Employment and Housing Act, the California Family Rights Act, the California Government Code, the California Labor Code, section 17200 et seq. of the California Business and Professionals Code, Title 8,section 11000 of the California Code of Regulations, any Industrial Welfare Commission Order, Executive Order 11141, the Age Discrimination In Employment Act, Title VII of the Civil Rights Act of 1964, 29 U.S.C. §1981 et. seq., the Americans With Disabilities Act, the National Labor Relations Act, the Fair Labor Standards Act, the Equal Pay Act, the Rehabilitation Act of 1974, the Employee Retirement Income Security Act of 1974, as well as Claims arising out of or related to breach of contract, express or implied, any covenant of good faith and fair dealing, express or implied, fraud, misrepresentation, common counts, unfair competition, unfair business practices, negligence, defamation, infliction of emotional distress, invasion of privacy, assault, battery, false imprisonment, wrongful termination, and any other state, local or federal law, rule, or regulation.

 

The Claimant acknowledges that he is familiar with the provisions of California Civil Code section 1542, which provides as follows:

 

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

 

The Claimant, being aware of said Civil Code section, hereby agrees that by executing this Settlement Agreement and Release he expressly waives any rights he may have under California Civil Code section 1542, as well as under any statutes or common law principles of similar effect of any other jurisdiction.

 

5. Work Related Claims. Claimant agrees, covenants, and represents that he has not suffered any work-related injuries while employed by Company, that Claimant has no intention to file any claim for workers’ compensation benefits of any type against Company, and that Claimant will not file or attempt to file any claims for workers’ compensation benefits of any type against Company.

 

6. Older Worker’s Benefit Protection Act.

 

	 	
			A.

				
			This Agreement is subject to the terms of the Older Workers Benefit Protection Act of 1990 (the “OWBPA”). The OWBPA provides that an individual cannot waive a right or claim under the Age Discrimination in Employment Act (“ADEA”) unless the waiver is knowing and voluntary. Pursuant to the terms of the OWBPA, Claimant acknowledges and agrees that he has been advised by by the Company to consult with an attorney before executing this Agreement and that he has executed this Agreement voluntarily, and with full knowledge of its consequences.

			

 

 

Employment Settlement and Release

Jordan Hoffner

Page 3

 

 

 

 

	 	
			B.

				
			In addition, Claimant hereby acknowledges and agrees that: (a) this Agreement has been written in a manner which Claimant fully understands; (b) the release provisions of this Agreement apply to any rights Claimant may have under the ADEA, including the right to file a lawsuit against Company for age discrimination; (c) the release provisions of this Agreement do not apply to any rights or claims that Claimant may have under the ADEA that arise after the date that you execute this Agreement; (d) Company does not have a preexisting duty to pay the severance and other payments identified in this Agreement; (e) Claimant has the right to consult with an attorney prior to executing this Agreement; (f) Claimant will have a period of 21 days in which to consider the terms of this Agreement prior to its execution; and (g) Claimant will have a period of seven days after execution of this Agreement in which to revoke this Agreement. Claimant further understands that this Agreement shall not become effective until expiration of this seven-day period (the “Effective Date”).

			

 

7. No Outstanding or Known Future Claims/Causes of Action. Each Party affirms that it has not filed with any governmental agency or court any type of action or report against the other Party, and currently knows of no existing act or omission by the other Party that may constitute a claim or liability excluded from the release in paragraph 3 above.

 

8. Acknowledgment of Settlement. The Parties, as broadly described in paragraph 3 above, acknowledge that (i) the consideration set forth in this Agreement, which includes, but is not limited to, the Settlement Payment, is in full settlement of all claims or losses of whatsoever kind or character that they have, or may ever have had, against the other Party, as broadly described in paragraph 3 above, including the Employment Agreement; and (ii) by signing this Agreement, and accepting the consideration provided herein and the benefits of it, they are giving up forever any right to seek further monetary or other relief from the other Party, as broadly described in paragraph 3 above, for any acts or omissions up to and including the Effective Date of this Agreement. Notwithstanding the foregoing, nothing herein or this Settlement Agreement and Release shall limit or impede the Claimant’s right to participate in any investigation or proceedings by any local, state or federal agency or to engage in any activities protected under whistleblower statutes but the Claimant agrees that, if he or anyone acting on his behalf brings any claim, charge, action or liability concerning or relating to any claim, charge, action or liability released, the Claimant hereby waives any right to, and will not be entitled to, any payments, monies, or damages from the Company or any other releasee referenced in paragraph 3, above, in connection therewith.

 

9. No Admission of Liability. The Parties acknowledge that the Settlement Payment was agreed upon as a compromise and final settlement of disputed claims and that payment of the Settlement Payment is not, and may not be construed as, an admission of liability by Company and is not to be construed as an admission that Company engaged in any wrongful, tortious or unlawful activity. Company specifically disclaims and denies (a) any liability to Claimant and (b) engaging in any wrongful, tortious or unlawful activity.

 

10. Cooperation. Claimant further agrees to execute any and all documents as may be reasonably necessary from time to time in order to allow Company to transact business. Claimant also agrees and covenants to turn over possession, custody, and control of all property, including, but not limited to, books, records, accounts, real property, whether owned or leased, personal property, accounts, inventory, work-in-process, equipment, furniture, fixtures, and intellectual property, of Company to the CFO of Company.

 

 

Employment Settlement and Release

Jordan Hoffner

Page 4

 

 

 

 

11. Non-Disparagement. The Parties agree that, unless required to do so by legal process, neither Party will not make any disparaging statements or representations, either directly or indirectly, whether orally or in writing, by word or gesture, to any person whatsoever, about the other Party or his/her/its spouse, attorneys, representatives or affiliates, or any of its directors, officers, employees, attorneys, agents, or representatives.

 

For purposes of this paragraph, a disparaging statement or representation is any communication which, if publicized to another, would cause or tend to cause the recipient of the communication to question the business condition, integrity, competence, good character, or product quality of the person or entity to whom the communication relates.

 

12. Consulting Services. Company may wish to engage the services of Claimant as a consultant. In such instance, Company and Claimant would enter into a consulting agreement, which shall be separate and apart from this Agreement, to determine the terms and conditions of the consulting arrangement.

 

13. Agreement is Legally Binding. The Parties intend this Agreement to be legally binding upon and shall inure to the benefit of each of them and their respective successors, assigns, executors, administrators, heirs and estates. Moreover, the persons and entities referred to in paragraph 3 above, but not a Party, are third-party beneficiaries of this Agreement.

 

14. Entire Agreement. The recitals set forth at the beginning of this Agreement are incorporated by reference and made a part of this Agreement. This Agreement constitutes the entire agreement and understanding of the Parties and supersedes all prior negotiations and/or agreements, proposed or otherwise, written or oral, concerning the subject matter hereof. Furthermore, no modification of this Agreement shall be binding unless in writing and signed by each of the Parties hereto.

 

15. New or Different Facts: No Effect. Except as provided herein, this Agreement shall be, and remain, in effect despite any alleged breach of this Agreement or the discovery or existence of any new or additional fact, or any fact different from that which either Party now knows or believes to be true. Notwithstanding the foregoing, nothing in this Agreement shall be construed as, or constitute, a release of any Party’s rights to enforce the terms of this Agreement.

 

16. Interpretation. Should any provision of this Agreement be declared or be determined by any court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term or provision shall be deemed not to be a part of this Agreement.

 

The headings within this Agreement are purely for convenience and are not to be used as an aid in interpretation. Moreover, this Agreement shall not be construed against either Party as the author or drafter of the Agreement.

 

 

Employment Settlement and Release

Jordan Hoffner

Page 5

 

 

 

 

17. Confidentiality of Agreement. Subject to the Permissible Disclosures set forth in paragraph 8 of this Agreement or as otherwise may be required by law or court order (provided the disclosing Party uses reasonable efforts to give the other Party notice of such disclosure), the Parties expressly understand and agree that this Agreement and its contents (including, but not limited to, the fact of payment and the amounts to be paid hereunder) shall remain CONFIDENTIAL and shall not be disclosed to any third party whatsoever, except the Parties’ counsel, accountants, financial advisors, tax professionals retained by them, any federal, state, or local governmental taxing or regulatory authority, and the Parties’ management, officers and Board of Directors, and except as required by law or order of court. Any person identified in the preceding sentence to whom information concerning this Agreement is disclosed is bound by this confidentiality provision and the disclosing party shall be liable for any breaches of confidentiality by persons to whom he/she/it has disclosed information about this Agreement in accordance with this paragraph. Nothing contained in this paragraph shall prevent any Party from stating that the Parties have “amicably resolved all differences,” provided, however, that in so doing, the Parties shall not disclose the fact or amount of any payments made or to be made hereunder and shall not disclose any other terms of this Agreement or the settlement described herein. If any subpoena, order or discovery request (the “Document Request”) is received by any of the Parties hereto calling for the production of the Agreement, such Party shall promptly notify the other Party hereto prior to any disclosure of same. In such case, the subpoenaed Party shall: (a) make available as soon as practicable (and in any event prior to disclosure), for inspection and copying, a copy of the Agreement it intends to produce pursuant to the Document Request unless such disclosure is otherwise prohibited by law; and (b) and, to the extent possible, shall not produce anything in response to the Document Request for at least ten (10) business days following such notice. If necessary, the subpoenaed Party shall take appropriate actions to resist production, as permitted by law, so as to allow the Parties to try to reach agreement on what shall be produced. This paragraph is a material part of this Agreement.

 

18. Governing Law and Choice of Forum. This Agreement is made and entered into within and shall be governed by, construed, interpreted and enforced in accordance with the laws of the State of California, without regard to the principles of conflicts of laws.

 

Should a dispute arise concerning this Agreement or its performance, such dispute shall first be resolved by binding arbitration administered by the American Arbitration Association under its commercial dispute resolution rules. If arbitration is initiated, the arbitration shall be held in San Francisco, California.

 

If court action is thereafter necessitated to enforce this Agreement, it shall be brought in the San Francisco County (California) Circuit Court.

 

19. Reliance on Own Counsel. In entering into this Agreement, the Parties acknowledge that they have relied upon the legal advice of their respective attorneys, who are the attorneys of their own choosing, that such terms are fully understood and voluntarily accepted by them, and that, other than the consideration set forth herein, no promises or representations of any kind have been made to them by the other Party. The Parties represent and acknowledge that in executing this Agreement they did not rely, and have not relied, upon any representation or statement, whether oral or written, made by the other Party or by that other Party’s agents, representatives or attorneys with regard to the subject matter, basis or effect of this Agreement or otherwise.

 

 

Employment Settlement and Release

Jordan Hoffner

Page 6

 

 

 

 

20. Counterparts. This Agreement may be executed by the Parties in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

21. Authority to Execute Agreement. By signing below, each Party warrants and represents that the person signing this Agreement on its behalf has authority to bind that Party and that the Party’s execution of this Agreement is not in violation of any By-law, covenants and/or other restrictions placed upon them by their respective entities.

 

22. Effective Date. The terms of the Agreement will be effective as described in paragraph 6(B) above (the “Effective Date”).

 

(INTENTIONALLY LEFT BLANK)

 

 

Employment Settlement and Release

Jordan Hoffner

Page 7

 

 

 

 

READ THE FOREGOING DOCUMENT CAREFULLY. IT INCLUDES A RELEASE OF KNOWN AND UNKNOWN CLAIMS.

 

IN WITNESS WHEREOF, and intending to be legally bound, each of the Parties hereto has caused this Agreement to be executed as of the date(s) set forth below.

 

 

 

 

 

 

 

___________________________________

Jordan Hoffner

Dated:

 

 

 

 

 

___________________________________

for SALON MEDIA GROUP, INC.

Title: Chairman and acting Chief Executive Officer

Dated:     July 1, 2019     

 

 

 

 

 

ACKNOWLEDGMENT AND AGREEMENT

 

I HAVE READ THE FOREGOING AGREEMENT AND ACCEPT AND AGREE TO ALL OF THE PROVISIONS CONTAINED THEREIN, AND HEREBY EXECUTE IT VOLUNTARILY, WITH FULL UNDERSTANDING OF ITS CONSEQUENCES. I FURTHER ACKNOWLEDGE AND UNDERSTAND THAT THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.

 

IF THIS LETTER AGREEMENT IS SIGNED BEFORE THE 21-DAY REVIEW PERIOD EXPIRES, I ACKNOWLEDGE AND AGREE THAT I HAVE VOLUNTARILY WAIVED THE REVIEW PERIOD.

 

 

	                                                                     	                                             
	Jordan Hoffner 	
			Date

			
	 	 
	 	 
	 	 

                                                                

 

Employment Settlement and Release

Jordan Hoffner

Page 8

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