SEC Contract Filing

Filing Date: 2021-09-16

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>cruc_ex101.htm
<DESCRIPTION>MUTUAL TERMINATION AGREEMENT
<TEXT>
<html><head><title>cruc_ex101.htm</title><!--Document created using EDGARMaster--></head><body style="COLOR: #000000; TEXT-ALIGN: justify; FONT: 10pt Times New Roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>EXHIBIT 10.1</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>MUTUAL TERMINATION AGREEMENT</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This <strong>Mutual Termination Agreement </strong>(the &#8220;<u>Termination Agreement</u>&#8221;) is made and entered into this September 2, 2021 is between <strong>CRUCIAL INNOVATIONS CORP.</strong>, a Nevada Corporation (&#8220;<u>CINV</u>&#8221;) and <strong><u>MERCANTILE GLOBAL HOLDINGS, INC.</u></strong>, a Delaware Corporation (&#8220;MGH&#8221;). CINV and MGH may be referred individually as a &#8220;<u>Party</u>&#8221; and collectively as the &#8220;<u>Parties</u>&#8221;.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;"><strong>RECITALS</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>WHEREAS, </strong>the Parties entered into that certain Equity Purchase Agreement dated December 31, 2020 (the &#8220;<u>Equity Purchase Agreement</u>&#8221;) pursuant to which CINV would acquire from MGH 100% of the shares of Mercantile Bank International Corp. in exchange of $500,000 and the issuance to MGH of an amount of CINV shares that would equal 85% of the ownership interest in CINV.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>WHEREAS, </strong>the Parties now desire to terminate the Equity Purchase Agreement.</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>NOW, THEREFORE, </strong>in consideration of the covenants and agreements set forth in this Termination Agreement, the Parties agree as follows:</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;font-variant:normal;font-weight:normal;font-style:normal;text-align:justify;line-height:normal;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">1.</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><u>Mutual Termination of Equity Purchase Agreement</u>. Effective immediately, the Parties hereby abandon the transactions contemplated by the Equity Purchase Agreement and mutually terminate the Equity Purchase Agreement.</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px;text-indent:30px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="margin:0px">2.</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><u>Release of Claims</u>.</p></td></tr></table> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp; &nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:justify;margin-left:auto;margin-right:auto;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px">2.1.</p></td> <td> <p style="margin:0px">&nbsp;<u>CINV Release</u>. Effective immediately, CINV and each of its predecessors, successors, subsidiaries, affiliates, and assigns (and any of the present and former officers, directors, and employees of each of the foregoing) (each, a &#8220;<u>CINV Releasing Party</u>&#8221;), in their capacity as such, hereby covenants not to sue and forever releases and discharges MGH (and each of its present and former shareholders, directors, officers, representatives, advisors (including but not limited to financial advisors), attorneys, accountants, employees, agents, parents, subsidiaries, affiliated persons and entities, predecessors, successors and assigns and heirs, executors and administrators and all persons acting in concert with any such party) (each, a &#8220;<u>MGH Released Party</u>&#8221;) from all manner of claims, actions, causes of action or suits, at law or in equity, known or unknown, which each now has or hereafter can, shall or may have by reason of any matter, cause or thing whatsoever relating to or arising out of the this Termination Agreement, Equity Purchase Agreement, or the agreements or instruments ancillary thereto or the transactions contemplated thereby, or any action or failure to act under the Equity Purchase Agreement or in connection therewith, or in connection with the events leading to the abandonment of the transactions contemplated in the Equity Purchase Agreement and the mutual termination of the Equity Purchase Agreement, excepting only any claim, action, cause of action or suit arising (i) out of an undertaking or promise contained in this Termination Agreement, or (ii) with respect to any statements made or actions taken after the date of this Termination