Document:

Exhibit 10.2

 

EXECUTION

 

FIRST AMENDMENT TO SECURITY AGREEMENT

 

This FIRST AMENDMENT TO SECURITY AGREEMENT (this “Amendment”) is dated as of August 3, 2017 and is among Marathon Patent Group, a Delaware corporation, (the “Company”), the undersigned grantors (collectively, the “Grantor”) and DBD Credit Funding, LLC, as collateral agent for the Secured Parties (as defined in the Amended and Restated Revenue Sharing and Securities Purchase Agreement referred to below) (in such capacity, the “Collateral Agent”) and amends that certain Security Agreement dated as of January 29, 2015 (as supplemented on January 10, 2017 and as such agreement, as amended hereby and as may be further amended, supplemented or otherwise modified and in effect from time to time, the “Security Agreement”) between the Grantor and the Collateral Agent. Except as otherwise defined in this Amendment, capitalized terms defined in the Amendment and used herein shall have the meanings given to them in the Revenue Sharing and Securities Purchase Agreement referred to below or the Security Agreement, as applicable.

 

RECITALS:

 

WHEREAS, on January 10, 2017 the Grantor and the Collateral Agent entered into a Amended and Restated Revenue Sharing and Securities Purchase Agreement (as it may be amended, restated, supplemented or otherwise modified from time to time, the “Revenue Sharing and Securities Purchase Agreement”);

 

WHEREAS, the Grantor agreed to secure the Grantor’s Obligations under the Documents as set forth in the Security Agreement; and

 

WHEREAS, the parties wish to amend the Security Agreement as herein provided.

 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

Section 1.  Amendments to Security Agreement.

 

Section 3.1 shall be amended and restated as follows:

 

“3.1. Security for Obligations. This Agreement secures, and the Collateral is collateral security for, the prompt and complete payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand or otherwise (including the payment of amounts that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. § 362(a) (and any successor provision thereof)), of all Obligations, including without limitation, obligations with respect to the payment of the Revenue Stream and the Notes with respect to Grantor, whether now existing or hereafter incurred (collectively, the “Secured Obligations”).”

 

Section 2.  Effectiveness.  The effectiveness of this Amendment is subject to the satisfaction of the following conditions precedent (the date of such satisfaction, the “Amendment Effective Date”):

 

(a)                                 the receipt by the Collateral Agent of executed counterparts of this Amendment which, when taken together, bear the signatures of the Grantor;

 

(b)                                 updated Schedules to the Security Agreement (updated as of the Amendment Effective Date);

 

(c)                                  the representations and warranties set forth herein shall be true and correct as of the Amendment Effective Date;

 

(d)                                 at the time of and immediately after the Amendment Effective Date, no Default or Event of Default shall have occurred and be continuing; and

 

(e)                                  the Grantor’s payment of all fees and expenses (including attorney’s fees) to the extent invoiced on or before the date hereof incurred by the Collateral Agent in connection with the preparation,

 

 

negotiation, execution and delivery of this Amendment or otherwise owning under the Revenue Sharing and Securities Purchase Agreement.

 

Section 3.  Affirmation of Collateral Grant; Commercial Tort Claims.  Each Grantor hereby reaffirms and confirms its grant to the Collateral Agent (for the benefit of the Secured Parties) of a security interest and continuing lien on the Collateral as set forth in the Security Agreement (as amended hereby) and hereby grants to the Collateral Agent (for the benefit of the Secured Parties) a security interest and continuing lien on all of such Grantor’s right, title and interest in and to the Collateral (as defined in the Security Agreement (as amended hereby)).

 

Section 4.  Representations and Warranties.  Each Grantor hereby represents and warrants to the Collateral Agent that:

 

(a)                                 The execution, delivery and performance of this Amendment by each Grantor has been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene the terms of any of such Person’s Organization Documents, (ii) conflict with or result in any breach or contravention of, or the creation of any Lien under, or require any payment to be made under (x) any Contractual Obligation to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (y) any material order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject or (iii) violate any Legal Requirement.

 

(b)                                 This Amendment has been duly executed and delivered by each Grantor.  This Amendment constitutes a legal, valid and binding obligation of each Grantor, enforceable against such Grantor in accordance with its terms, except as the enforcement may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of rights of creditors generally or by equitable principles relating to enforceability.

 

(c)                                  After giving effect to the transactions contemplated by this Amendment, no Default or Event of Default exists or would result from the consummation of the transactions contemplated by this Amendment.

 

Section 5. Reference to and Effect on the Security Agreement.

 

(a)                                 The Security Agreement (as amended by this Amendment), and all other Documents, are and shall continue to be in full force and effect and is hereby in all respects ratified and confirmed.  This Amendment shall be a “Document” for purposes of the definition thereof in the Revenue Sharing and Securities Purchase Agreement.

 

(b)                                 The execution, delivery and effectiveness of this Amendment shall not be construed to discharge or otherwise affect the Obligations or any other obligations of the Grantors accrued or otherwise owing under the Revenue Sharing and Securities Purchase Agreement, the Security Agreement or any other Document, shall not operate as a waiver of any right, power or remedy of any party under any of the Documents, nor constitute an amendment or waiver of any other provision of any of the Documents, except as expressly provided herein.

 

Section 6.  Further Assurances.  Each of the parties will, promptly upon the request of the Collateral Agent from time to time, execute, acknowledge, deliver, file and record all such instruments and notices, and take all such other action, as the Collateral Agent deems necessary or advisable to carry out the intent and purposes of this Amendment and the Security Agreement (as amended hereby).

 

Section 7.  Governing Law.  This Amendment and the rights and obligations of the parties hereunder shall be governed by, and shall be construed and enforced in accordance with, the laws of the State of New York, except to the extent that the validity or perfection of the security interest or the remedies hereunder in respect of any Collateral are governed by the law of a jurisdiction other than the State of New York.

 

Section 8.  Incorporation by Reference.  The waiver of jury trial and the submission to jurisdiction set forth in Section 12 of the Security Agreement shall be incorporated herein by reference mutatis mutandis.

 

2

 

Section 9.  Miscellaneous.  This Amendment may be executed in counterparts, each of which when so executed will be deemed to be an original and all of which when taken together will constitute one and the same agreement.  Delivery of an executed signature page to this Amendment by facsimile transmission shall be as effective as delivery of a manually signed counterpart of this Amendment. Section and subsection headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or to be taken into consideration interpreting, this Amendment. If any provision of this Amendment shall be declared invalid or unenforceable, the parties hereto agree that the remaining provisions of this Amendment shall continue in full force and effect.

 

[Signature Pages Follow]

 

3

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their respective proper and duly authorized officers as of the day and year first above written.

 

Grantor:

 

 

	
MARATHON   PATENT GROUP, INC.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall, Authorized   Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
MOTHEYE TECHNOLOGIES, LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SAMPO IP, LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
RELAY IP, INC.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
CYBERFONE SYSTEMS, LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
VANTAGE POINT TECHNOLOGY, INC.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
CRFD RESEARCH, INC.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
E2E PROCESSING, INC.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    

 

[Signature Page to First Amendment to Security Agreement]

 

 

	
LOOPBACK   TECHNOLOGIES, INC.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
LOOPBACK TECHNOLOGIES   II, INC.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SIGNAL IP, INC.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
HYBRID SEQUENCE IP, INC.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SYNCHRONICITY IP LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SOEMS ACQUISITION CORP.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
IP LIQUIDITY VENTURES   ACQUISITION LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
IP LIQUIDITY VENTURES, LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SARIF BIOMEDICAL ACQUISITION   LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    

 

[Signature Page to First Amendment to Security Agreement]

 

 

	
SARIF BIOMEDICAL LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SELENE COMMUNICATION   TECHNOLOGIES ACQUISITION LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SELENE COMMUNICATION   TECHNOLOGIES, LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
DA ACQUISITION LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
DYNAMIC ADVANCES, LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
CLOUDING CORP.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TRAVERSE TECHNOLOGIES CORP.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TLI ACQUISITION CORP.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TLI COMMUNICATIONS LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    

 

[Signature Page to First Amendment to Security Agreement]

 

 

	
MEDTECH GROUP ACQUISITION CORP.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
ORTHOPHOENIX, LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TLIF, LLC
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
3D NANOCOLOR CORP.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
BISMARCK IP INC.
    	
 
    	
 
    
	
/s/ Doug Croxall
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Doug Croxall,   Authorized Signatory
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
MAGNUS IP GMBH
    	
 
    	
 
    
	
/s/ Francis Knuettel II
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Francis Knuettel II,   Director
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
MUNITECH IP S.À.R.L.
    	
 
    	
 
    
	
/s/ Marc Molitor
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Marc Molitor, Sole   Manager
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
VERMILION PARTICIPATIONS (TO BE RENAMED MARATHON   ADVISORS SA)
    	
 
    	
 
    
	
/s/ Marc Molitor
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Marc Molitor, Sole   Manager
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
MARATHON VENTURES S.À.R.L.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Marc Molitor
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Marc Molitor, Sole   Manager
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    

 

[Signature Page to First Amendment to Security Agreement]

 

 

	
NYANZA PROPERTIES (TO BE RENAMED PG   TECHNOLOGIES S.A.R.L.)
    	
 
    	
 
    
	
/s/ Marc Molitor
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Marc Molitor, Sole   Manager
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
MARATHON IP GMBH
    	
 
    	
 
    
	
/s/ Francis Knuettel II
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Francis Knuettel II,   Director
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
MEDTECH DEVELOPMENT DEUTSCHLAND   GMBH
    	
 
    	
 
    
	
/s/ Francis Knuettel II
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Francis Knuettel II,   Director
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
SYNCHRONICITY IP GMBH
    	
 
    	
 
    
	
/s/   Francis Knuettel II
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Francis Knuettel II,   Director
    	
 
    	
 
    
	
Print Name and Title
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
TLI COMMUNICATIONS GMBH
    	
 
    	
 
    
	
/s/ Francis Knuettel II
    	
 
    	
 
    
	
Authorized Signature
    	
 
    	
 
    
	
Francis Knuettel II,   Director
    	
 
    	
 
    
	
Print   Name and Title
    	
 
    	
 
    

 

[Signature Page to First Amendment to Security Agreement]

 

 

	
 
    	
Collateral Agent:
    
	
 
    	
 
    
	
 
    	
DBD Credit Funding, LLC
    
	
 
    	
 
    
	
 
    	
/s/ Marc K. Furstein
    
	
 
    	
By:
    	
Marc K. Furstein
    
	
 
    	
Title:
    	
Chief Operating Officer
    

 

[Signature Page to First Amendment to Security Agreement]Exhibit 10.3

 

Termination of Employment and Release Agreement

 

This Termination of Employment and Release Agreement (this “Agreement”) is made and entered into as of August 1, 2017 (the “Effective Date”), by and between Marathon Patent Group, Inc., a Nevada corporation, with an address at 11100 Santa Monica Boulevard, Suite 380, Los Angeles, California 90025 (the “Company”) and Erich L. Spangenberg, with an address at 19 Avenue Raymond Poincare, Paris, France 75016 (the “Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Executive has served as an employee of the Company from May 11, 2016 until the Effective Date; and

 

WHEREAS, the Company and the Executive desire and agree to re-position the Executive as a consultant of the Company and not an employee.

 

NOW, THEREFORE, in consideration of the foregoing recitals and the respective covenants and agreements contained in this document, the Company and the Executive (collectively, the “Parties” and each, a “Party”) hereby agree as follows:

 

1.                  As of the Effective Date, the employment relations between the Company and the Executive will be deemed terminated and, as of such date, the Executive Employment Agreement between the Company and the Executive, dated May 11, 2016 (the “Employment Agreement”) will be deemed terminated and of no further force or effect.

 

2.                  On the Effective Date, the Company and the Executive will enter into that certain Consulting Agreement, dated on or about the Effective Date (the “Consulting Agreement”).

 

3.                  Given that the Company and the Executive are entering into the Consulting Agreement in parallel with the termination of the Executive’s employment, the Company hereby confirms that the termination of the Executive’s employment will not be considered ‘termination of employment with the Company’ under the 2014 Equity Incentive Plan (the “Plan”) or the Incentive Stock Option Agreement dated May 10, 2017 between the Executive and the Company (the “Option Agreement”) for the purpose of the Executive maintaining any and all of his rights with respect to any and all Company options granted to the Executive by the Company or to which he is entitled (the “Options”), and the Options will remain valid and in effect, and will continue to vest in accordance with the Option Agreement, as if no termination of employment has occurred.

 

4.                  Notwithstanding anything to the contrary in the Employment Agreement, the Executive is hereby released from any non-competition and non-solicitation obligations and, all other covenants in the Employment Agreement, provided that the Executive shall remain bound by the confidentiality obligations contained in the Employment Agreement for a period of three (3) years.

 

5.                  It is hereby agreed between the Parties that any business or other opportunity relating in whole or in part to the patent or intellectual property monetization space (the “Patent Business Opportunities”) whether previously presented by the Executive to the Company, which the Executive became aware during the course of his employment with the Company or which the Executive discovers following the termination of his employment with the

 

 

Company shall be available to the Executive to freely pursue without any undertaking or obligation to the Company.  As additional consideration, the Company hereby transfers to the Executive a non-exclusive right to all of the Company’s historical information, data, information and rights relating to the Patent Business Opportunities for the Executive and his assigns to pursue or abandon for the exclusive benefit of the Executive and his assigns.

 

6.                  Each Party, for itself, its respective affiliates, employees, officers, directors, representatives, predecessors in interest, successors and assigns (collectively, the “Releasing Parties”) knowingly, voluntarily, and irrevocably releases, forever discharges and covenants not to sue the other Party, its respective affiliates, employees, officers, directors, representatives, predecessors in interest, successors and assigns (collectively, the “Released Parties”) from and against any and all rights, claims, losses, lawsuits or causes of action (at law or in equity), liabilities, duties, actions, demands, expenses, breaches of duty, damages, obligations, proceedings, debts, sums of money, accounts, reckonings, bonds, bills, covenants, contracts, agreements, promises, judgments, and executions of whatever nature, type, kind, description or character (each a “Claim”), whether known or unknown, suspected or unsuspected, vested or contingent, past or present, that a Releasing Party had, now has or hereafter can, shall or may have against or with respect to the Released Parties or any of them for, upon or by reason of any matter, cause or thing related to or arising from the Executive’s employment or provision of services or termination thereof prior to the Effective Date.  The Releasing Parties hereby waive the benefits of any provisions of the law of any state or territory of the United States, or principle of common law, which provides that a general release does not extend to claims which the Releasing Parties do not know or suspect to exist in its favor at the time of executing the release, which if known to it, may have materially affected the release.  It is hereby agreed by the Parties that this Release shall not affect or limit any Claims arising under this Agreement.

 

7.                  Each Party represents and warrants to the other Party that the execution and delivery of this Agreement and the fulfillment of the terms hereof: (i) have been duly approved by all necessary corporate action on the part of such Party; (ii) will not constitute a default under or breach of any agreement or other instrument to which the Party is a party or by which the Party is bound and (ii) do not require the consent of any person or entity, which consent has not heretofore been received.

 

8.                  This Agreement constitutes and embodies the full and complete understanding and agreement of the Parties with respect to the subject matter hereof and supersedes all prior understandings and agreements, whether oral or written, between the Executive and the Company, and shall not be amended, modified or changed except by an instrument in writing executed by the Party to be charged. The invalidity or partial invalidity of one or more provisions of this Agreement shall not invalidate any other provision of this Agreement. No waiver by either Party of any provision or condition to be performed shall be deemed a waiver of similar or dissimilar provisions or conditions at the same time or any prior or subsequent time.

 

9.                  This Agreement shall inure to the benefit of, be binding upon and enforceable against, the Parties hereto and their respective successors, heirs, beneficiaries and permitted assigns.

 

10.           The headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

 

11.           All notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be deemed to have been duly given when personally delivered, sent by registered or certified mail, return receipt requested, postage prepaid, or by reputable national overnight delivery service (e.g. Federal Express) for overnight delivery

 

2

 

to the party at the address set forth in the preamble to this Agreement, or to such other address as either party may hereafter give the other party notice of in accordance with the provisions hereof.  Notices shall be deemed given on the sooner of the date actually received or the third business day after deposited in the mail or one business day after deposited with an overnight delivery service for overnight delivery.

 

12.           This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, exclusive of its choice of law rules and any dispute shall be resolved in an arbitration proceeding by one (1) arbitrator selected pursuant to the rules of the International Chamber of Commerce (the “ICC”), as they then exist exclusively at the International Chamber of Commerce located in Paris, France. The ruling of the ICC shall be enforceable anywhere in the world. The arbitration shall be conducted in the English language. The Parties hereby waive any and all objection to venue or any other objection that may be raised to resolving disputes as set forth in this Section 12.

 

13.           This Agreement may be executed simultaneously in two (2) or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date set forth above.

 

14.           Each Party represents and warrants to the other Party, that such Party has the full power and authority to enter into this Agreement and to perform such Party’s obligations hereunder and that the execution and delivery of this Agreement and the performance of such Party’s obligations hereunder will not conflict with any other agreement to which such Party is a party.

 

[Signature page follows immediately]

 

3

 

IN WITNESS WHEREOF, Executive and the Company have caused this Termination of Employment and Release Agreement to be executed as of the date first above written.

 

 

	
 
    	
 
    	
MARATHON PATENT GROUP, INC.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ERICH L. SPANGENBERG
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Erich Spangenberg
    

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00273-of-00352.parquet"}]]