SEC Contract Filing

Filing Date: 2023-01-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_463526.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html><head>
	<title>ex_463526.htm</title>
	<!-- Generated by ThunderDome Portal - 1/12/2023 5:35:23 PM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no">
</head>
<body style="font-size:10pt;font-family:'Times New Roman';padding:0in .1in;">
<p style="margin: 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

<p style="margin: 0pt; text-align: right; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">&nbsp;</p>

<p style="margin: 0pt; text-align: left; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b>SETTLEMENT AGREEMENT</b></p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">This Settlement Agreement (&#8220;<b>Agreement</b>&#8221;), dated as of January 09, 2023, is entered into by and between WYOMING NEW POWER, INC., a Wyoming incorporated company (the &#8220;<b>Holder</b>&#8221;), and CLEAN COAL TECHNOLOGIES, INC. (&#8220;<b>Clean Coal</b>&#8221;), a Nevada corporation. Together, and for the purposes of this Agreement, the Holder and Clean Coal may each be referred to as a &#8220;<b>Party</b>&#8221;, and together constitute the &#8220;<b>Parties</b>.&#8221;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>WHEREAS</b>, pursuant to that certain Agreements, among the Parties, the Holder advance funds to Clean Coal beginning in February 2021 and continuing up to and including December 2022 Convertible Promissory Notes &#8220;<b>Notes</b>&#8221;),;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>WHEREAS</b>, several Event of Defaults (as defined in the Notes) have occurred under each of the Notes, including but not limited to a breach under Section 3.01(a) of each of the Notes, in each case with respect to failure to pay amounts due under the Notes;</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>WHEREAS</b>, the aggregate principal amount of the Note is agreed $1,135,727, plus accrued and unpaid interest and default penalties payable on the Notes and shares, warrants, and fees, and security interests as of the date hereof (such aggregate obligations owing under the Notes to be referred to hereinafter as the &#8220;<b>Debt</b>&#8221;);</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>WHEREAS</b>, Clean Coal is unable repay the Debt, and the Holder and Clean Coal have elected to amicably resolve this and all other disputes in good faith and without litigation; and</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"><b>WHEREAS</b>, the Parties desire that the issuance of 2,800,000 shares (the &#8220;<b>Settlement Shares</b>&#8221;) of Clean Coal common stock, par value $0.00001 per share (the &#8220;<b>Common Stock</b>&#8221;) in exchange for the cancellation of the Notes be characterized as a tax-free transaction for U.S. federal income tax purposes under Section 351 and/or Section 368(a) of the Internal Revenue Code of 1986, as amended (the &#8220;<b>Intended Tax Treatment</b>&#8221;).</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;"><b>NOW THEREFORE</b>, for good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, it is agreed by and between the Parties that this matter shall be settled upon the following terms and conditions:</p>

<p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Incorporation of Recitals</u>. The Parties acknowledge the foregoing Recitals in this Agreement are true and correct, are contractual in nature, and are hereby incorporated into and made part of this Agreement.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement</u>.</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;">&nbsp;</p>

<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;">a.&nbsp;&nbsp;&nbsp;&nbsp;The settlement outlined herein is in ex