Document:

Exhibit 10.6

 

SETTLEMENT AGREEMENT and MUTUAL RELEASE

 

This Settlement Agreement
and Mutual Release (“Settlement Agreement”) is made as August 10, 2018 by and between Richard T. Romano and Robert
H. Mack (“Plaintiffs”), on the one hand, and Nexsan Technologies, Inc., Spear Point Capital Management, LLC, Humilis
Holdings Capital Management, LLC, Spear Point Private Equity LP, NXSN Acquisition Corp., GlassBridge Enterprises, Inc., Lee C.
Schlesinger, Trevor L. Colhoun, Ernest C. Mysogland, Rodney A. Bienvenu, Jr. and Geoff S. Barrall (“Defendants”), on
the other hand. Plaintiffs and Defendants will be referred to jointly as “the Parties.”

 

RECITALS

 

The Recitals to this Settlement Agreement
are:

 

a.       
On June 6, 2018, Plaintiffs filed a lawsuit against Defendants in the 22nd Judicial District Court for the Parish of St. Tammany,
State of Louisiana, captioned Richard T. Romano and Robert H. Mack v. Nexsan Technologies, Inc., Spear Point Capital Management,
LLC, Humilis Holdings Capital Management, LLC, Spear Point Private Equity LP, NXSN Acquisition Corp., GlassBridge Enterprises,
Inc., Lee C. Schlesinger, Trevor L. Colhoun, Ernest C. Mysogland, Rodney A. Bienvenu, Jr. and Geoff S. Barrall, case number
2018-12832 (the “Lawsuit”) and asserted certain claims against Defendants in the Lawsuit (the “Claims”);

 

b.       On
July 10, 2018, Defendants removed the Lawsuit to the United States District Court for the Eastern District of Louisiana, where
it was assigned case number 18-6582;

 

c.       NXSN
Acquisition Corp. (“NXSN”) is negotiating to sell all of the stock of Nexsan Corporation, the indirect parent of Nexsan
Technologies, Inc. (the “Nexsan Sale”);

 

d.       It
is a condition of closing of the Nexsan Sale (the “Closing,” and its date being the “Closing Date”) that
the Lawsuit be settled contemporaneously;

 

     

     

    

  

e.       If
and only if the Closing occurs, the Parties wish to settle and resolve the Lawsuit and the Claims to avoid the costs and uncertainties
of litigation and complete the closing;

 

f.       In
connection with the entry into effect of this Settlement Agreement, the Parties desire to be released fully and finally of the
Claims, any and all claims, demands or causes of action, and liabilities of any nature that relate to or arise out of the subject
matter of the Lawsuit as well as any claims which could have been asserted by Plaintiffs or Defendants in the Lawsuit; and

 

g.       This
Settlement Agreement, when effective, is the Parties’ agreement to resolve and compromise the Lawsuit on the terms stated
in this Settlement Agreement.

 

In consideration of
the foregoing Recitals and the undertakings in this Agreement, the Parties agree as follows:

 

		1.	Recitals. The Recitals are a part of this Settlement Agreement.

 

		2.	Payment. Nexsan Technologies, Inc. agrees to pay $400,000.00 (the “Payment”)
to Plaintiffs. The Payment shall be by wire transfer in accordance to the instructions set forth on Exhibit A, and should be made
on or before August 15, 2018.

 

		3.	Dismissal of Lawsuit. Plaintiffs agree to dismiss the Lawsuit and all Claims asserted in
the Lawsuit with prejudice promptly after receipt of the Payment. Promptly after Payment, the Parties shall file and submit all
appropriate pleadings, notices, motions, stipulations, and/or orders necessary to facilitate the dismissal of the Lawsuit and the
Claims asserted in the Lawsuit.

 

		4.	Mutual Releases. 

 

		a.	Effective upon the Payment, Plaintiffs, on behalf of themselves and their employees, agents, representatives,
assigns, and contractors, release Defendants and each of their parents, subsidiaries, affiliates, predecessors, successors and
assigns, members, shareholders, partners, owners, principals, managers, officers, directors, employees, agents, representatives,
contractors, insurers, indemnitors, consultants, related persons, heirs, beneficiaries, executors, administrators, personal representatives,
and attorneys, from the Claims and all claims, whether now known or unknown, suspected or unsuspected, accrued or unaccrued, fixed
or contingent, that were asserted or could have been asserted in the Lawsuit.

 

     

     

    

  

		b.	Effective upon the Payment, Defendants on each of their own behalves and on behalf of each of their
parents, subsidiaries, affiliates, predecessors, successors and assigns, members, shareholders, partners, owners, principals, managers,
officers, directors, employees, agents, representatives, contractors, insurers, indemnitors, consultants, and attorneys, release
Plaintiffs and any employees, agents, representatives, assigns, and contractors from all claims, whether now known or unknown,
suspected or unsuspected, accrued or unaccrued, fixed or contingent, which were asserted or could have been asserted in the Lawsuit.

 

		c.	Effective upon the Payment, each of the Defendants on each of their own behalves, and on behalf
of each of their parents, subsidiaries, affiliates, predecessors, successors and assigns, members, shareholders, partners, owners,
principals, managers, officers, directors, employees, agents, representatives, contractors, insurers, indemnitors, consultants,
and attorneys, release the other Defendants and any employees, agents, representatives, assigns, and contractors from all claims,
whether now known or unknown, suspected or unsuspected, accrued or unaccrued, fixed or contingent, which were asserted or could
have been asserted in the Lawsuit, or which arise from or relate to the facts and circumstances underlying any of the claims and
demands; provided, however,

 

		i.	Geoff S. Barrall does not release any other Defendant and no other Defendant releases Geoff S Barrall, and

 

		ii.	Trevor Colhoun, Rodney A. Bienvenu, Jr., and Ernest C. Mysogland, do not release each other or Humilis Holdings Private Equity
LP (f/k/a Spear Point Private Equity LP) or Humilis Holdings Capital Management Company LLC (f/k/a Spear Point Capital Management
LLC) from any claims, demands, actions, liabilities or obligations which would have otherwise been released under this Subsection
4.c.

 

		5.	Payment Required for Settlement Agreement to Take Effect. Unless and until the Payment occurs,
this Settlement Agreement shall have no force or effect;

 

		6.	Court Costs and Litigation Expenses. Plaintiffs and Defendants each will be responsible
for bearing their respective expenses, including without limitation court costs and attorneys’ fees, associated with the
Lawsuit and the settlement of the Lawsuit. Except that Barral reserves his rights to seek reimbursement of all legal costs from
other defendants.

 

     

     

    

  

		7.	Denial of Liability. This Agreement is the compromise of disputed claims, and neither this
Agreement nor its performance shall be construed as an admission of liability.

 

		8.	Capacity and Authority. Each signatory to this Agreement hereby represents and warrants
that he or she has the full right, authority, and capacity to execute this Settlement Agreement and to release the claims as set
forth in it.

 

		9.	Advice of Counsel. This Settlement Agreement constitutes a settlement agreement and mutual
release of claims, and the Parties intend to be bound by the same. The Parties further acknowledge and agree that, in considering
whether to sign this Settlement Agreement, they have not relied upon any representation, promise, or statement, written or oral,
not set forth in this Settlement Agreement. The Parties and their signatories have read the Settlement Agreement and understand
its terms, consequences and/or effect and each acknowledge being represented and advised by legal counsel concerning the effect
and obligations of this Settlement Agreement.

 

		10.	Severability. With respect to any provision of this Settlement Agreement finally determined
by a court of competent jurisdiction to be unenforceable, that court shall have jurisdiction to reform that provision to be enforceable
to the maximum extent permitted by law, and the Parties shall abide by that court's determination. In the event that any provision
of this Settlement Agreement cannot be reformed, that provision shall be severed from this Settlement Agreement, but every other
provision of this Settlement Agreement shall remain in full force and effect.

 

		11.	Construction. The Parties acknowledge and agree that they have had or had an opportunity
to have input into the drafting of this Settlement Agreement. Accordingly, this Settlement Agreement shall not be construed for
or against any of the Parties, but rather shall be given a fair and reasonable interpretation, based on the plain language of the
Settlement Agreement. Whenever the singular or plural number, or masculine, feminine, or neuter gender is used in this Settlement
Agreement, it shall equally apply to, extend to, and include the other. The headings and captions in this Settlement Agreement
are included for purposes of convenience only and shall not affect the construction or interpretation of any of its provisions.

 

     

     

    

  

		12.	Entire Agreement. This Settlement Agreement constitutes the entire agreement of the Parties
and supersedes all prior or contemporaneous agreements and understandings, both written and oral, with respect to the subject matter
of this Settlement Agreement.

 

		13.	Binding Effect.  This Settlement Agreement shall be binding upon and inure to the benefit
of the Parties, their affiliates, their respective heirs, successors and assigns.

 

		14.	Amendment, Waivers, etc.No amendment, modification, discharge or waiver of this Settlement
Agreement shall be valid or binding unless in writing and executed by the party or parties against whom enforcement of the amendment,
modification, discharge or waiver is sought.

 

		15.	Execution of Agreement; Counterparts; Electronic Signatures. This Settlement Agreement may
be executed in several counterparts, each of which shall be deemed an original and all of which shall constitute one and the same
instrument, and shall become effective when counterparts have been signed by each of the Parties and delivered to the other Parties;
it being understood that all Parties need not sign the same counterparts. The exchange of copies of this Settlement Agreement and
of signature pages by facsimile transmission (whether directly from one facsimile device to another by means of a dial-up connection
or whether mediated by the worldwide web), by electronic mail in “portable document format” (“.pdf”) form,
or by any other electronic means intended to preserve the original graphic and pictorial appearance of a document, or by combination
of those means, shall constitute effective execution and delivery of this Settlement Agreement as to the Parties and may be used
in lieu of the original Settlement Agreement for all purposes. Signatures of the Parties transmitted by facsimile and/or electronic
means shall be deemed to be their original signatures for all purposes.

 

		16.	No Further Actions.  Plaintiffs and Defendants each represent and warrant that they
have not and will not commence or pursue any action or proceeding based upon or arising out of the Claims released herein.

 

     

     

    

  

IN WITNESS WHEREOF, each of the Parties executes this Settlement
Agreement, individually or by its duly authorized agent, as of the day and year set forth below.

 

	 	 
	Richard T. Romano	 

 

	Date:	 	 

 

	 	 
	Robert H. Mack	 

 

	Date:	 	 

 

     

     

    

  

IN WITNESS WHEREOF, each of the Parties executes this Settlement
Agreement, individually or by its duly authorized agent, as of the day and year set forth below.

 

_____________________________________

for Spear Point Capital Management, LLC

 

Its ___________________________

 

Date: _________________________

 

_________________________________________

for Humilis Holdings Capital Management, LLC

 

Its _________________________________

 

Date: _______________________________

 

_____________________________

for Spear Point Private Equity LP

 

Its ____________________________

 

Date: _________________________

 

________________________

for NXSN Acquisition Corp.

 

Its ____________________________

 

Date: _________________________

 

     

     

    

 

IN WITNESS WHEREOF, each of the Parties executes this Settlement
Agreement, individually or by its duly authorized agent, as of the day and year set forth below.

 

_________________________

for Nexsan Technologies, Inc.

 

Its ____________________________

 

Date: _________________________

 

____________________________

for GlassBridge Enterprises, Inc.

 

Its ____________________________

 

Date: _________________________

 

     

     

    

  

IN WITNESS WHEREOF, each of the Parties executes this Settlement
Agreement, individually or by its duly authorized agent, as of the day and year set forth below.

 

____________________________

Lee C. Schlesinger

 

Date: _________________________

 

____________________________

Trevor L. Colhoun

 

Date: _________________________

 

____________________________

Ernest C. Mysogland

 

Date: _________________________

 

____________________________

Rodney A. Bienvenu, Jr.

 

Date: _________________________

 

____________________________

Geoff S. Barrall

 

Date: _________________________

 

     

     

    

  

EXHIBIT A

 

The Payment shall be made payable to Phelps
Dunbar, LLP, by wire transfer, as follows:

 

Phelps Dunbar LLP

New Orleans IOLTA Trust

Account number 707703229

J P Morgan Chase Bank

ABA Routing 065400137EX-10.1

 Exhibit 10.1 
  

 
 August 20, 2018 

Mr. Michael Ford 
 Dear Mike: 

This letter confirms our offer to you to join ORBCOMM Inc. (“ORBCOMM”) as Executive Vice President and Chief Financial Officer reporting to the
Chief Executive Officer, Marc Eisenberg, with an employment start date of Tuesday, September 4, 2018. This employment offer is contingent on the completion to our satisfaction of your background investigation and the formal approval by
ORBCOMM’s Board of Directors. This offer letter supersedes any and all prior written and oral understandings and constitutes the sole and entire agreement relating to ORBCOMM’s offer of employment to you. 

Your compensation package will consist of (i) an annual base salary of $310,000, paid on a semi-monthly basis, (ii) an annual cash bonus targeted at
75% of your annual base salary subject to continued employment on the date on which such bonus is paid, subject to achieving certain performance metrics established by ORBCOMM’s Compensation Committee each year; and (iii) subject to the
approval of ORBCOMM’s Compensation Committee and the terms of ORBCOMM’s Long-Term Incentive Plan, the Company will grant you annual long-term equity based awards with an aggregate value targeted at 110% of your annual base salary
consisting of a combination (consistent with other senior executives) of (a) time-based restricted share units, (b) performance-based restricted stock units that are subject to achieving certain performance metrics established by
ORBCOMM’s Compensation Committee each year and (c) market performance units that are subject to achieving certain stock price performance metrics established by ORBCOMM’s Compensation Committee for each year of the performance period,
in each case subject to your continued employment on the applicable vesting dates. For 2018, your annual cash bonus and annual long-term equity awards will be prorated for the number of days in calendar year 2018 that you are employed by ORBCOMM.
You will also be entitled to receive employee benefits which currently include medical, dental, LTD insurance, AD&D insurance, group term life insurance and 401(k), as they may exist from time to time. Such plans may be amended, suspended, or
terminated at the Company’s sole discretion. 
 Upon commencement of your employment with ORBCOMM, you will be required to sign a non-disclosure agreement, non-competition and “Employee Agreement to Arbitrate Claims.” Further, this offer of employment is contingent upon your ability to provide
sufficient documentation to meet the requirements of the Immigration Reform and Control Act of 1986. This documentation must be presented within three days of employment start date. 

This letter is only an offer of employment and is not a contract for any period of employment. Your employment with ORBCOMM will be “at-will,” meaning that either you or ORBCOMM can terminate the employment relationship at any time, with or without notice, for any reason not prohibited by law or for no reason. 

 

 

 
  
 Mike, we look forward to your acceptance of our
offer and having you join our organization. Please sign this letter as acknowledgement of your acceptance and return it to me by at your earliest convenience. 
  

	
	Regards
	
	/s/ Michele Coniglio
	Michele Coniglio
	Vice President, Human Resources

 cc: Marc Eisenberg 
 ACCEPTED:

			
	
	 /s/ Michael
Ford                            August 20, 2018

	 Michael Ford
	 	Date

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