SEC Contract Filing

Filing Date: 2021-02-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>rtsl_ex101.htm
<DESCRIPTION>SETTLEMENT AND MUTUAL RELEASE AGREEMENT DATED FEBRUARY 9, 2021
<TEXT>
<HTML>
<head><title>ex-10.1</title> </head> <body> <div style="WIDTH:432pt; MARGIN-LEFT:90pt"> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center><b>SETTLEMENT AND MUTUAL RELEASE AGREEMENT</b></p> <p style="FONT:11pt Times New Roman; MARGIN:0px">&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>This Settlement and Mutual Release Agreement (this &#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Agreement</b></font>&#148;) dated February 9, 2021, is by and between Rapid Therapeutic Science Laboratories, Inc., a Nevada corporation (&#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Rapid</b></font>&#148;), Texas MDI, Inc. (formerly Texas MDI, LLC), a Texas corporation (&#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Texas</b><b> </b><b>MDI</b></font>&#148;), Diamond Head Ventures, LLC, a Texas limited liability company (&#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Diamond</b><b> </b><b>Head</b></font>&#148;, and together with Rapid, and Texas MDI, the &#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Licensing</b><b> </b><b>Parties</b></font>&#148;) and EM3 Methodologies, LLC, an Arizona limited liability company (&#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>EM3</b></font>&#148;), and Richard Adams, an individual (&#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Adams</b></font>&#148;), and Holly Brothers Pictures, LLC, a Montana limited liability company which is 50% owned by Adams and Donal R. Schmidt, Jr., the Chief Executive Officer of Rapid (&#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Holly</b></font>&#148;, and together with EM3 and Adams, collectively, the &#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>EM3</b><b> </b><b>Parties</b></font>&#148;), each a &#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Party</b></font>&#148; and collectively the &#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Parties.</b></font>&#148;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center><font style="BORDER-BOTTOM:#000000 1px solid"><b>W</b></font><b> </b><font style="BORDER-BOTTOM:#000000 1px solid"><b>I</b></font><b> </b><font style="BORDER-BOTTOM:#000000 1px solid"><b>T</b></font><b> </b><font style="BORDER-BOTTOM:#000000 1px solid"><b>N</b></font><b> </b><font style="BORDER-BOTTOM:#000000 1px solid"><b>E</b></font><b> </b><font style="BORDER-BOTTOM:#000000 1px solid"><b>S</b></font><b> </b><font style="BORDER-BOTTOM:#000000 1px solid"><b>S</b></font><b> </b><font style="BORDER-BOTTOM:#000000 1px solid"><b>E</b></font><b> </b><font style="BORDER-BOTTOM:#000000 1px solid"><b>T</b></font><b> </b><font style="BORDER-BOTTOM:#000000 1px solid"><b>H</b></font><b>:</b></p> <p style="FONT:11pt Times New Roman; MARGIN:0px" align=center>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt"><a name=_Hlk22029508>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><b>WHEREAS</b>, EM3 and Diamond Head are party to that certain Sales and Licensing Agreement dated November 21, 2018, pursuant to which EM3 agreed to sell certain consumables to Diamond Head and provide a license to use certain intellectual property in connection therewith, which was amended on June 25, 2020, pursuant to an Exclusive License and Sales and Licensing Agreements First Amendment, dated June 25, 2020, by and between Rapid, Texas MDI, EM3 and Adams (the &#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>First</b><b> </b><b>Amendment</b></font>&#148; and such Sales and Licensing Agreement, as amended to date, the &#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Sales</b><b> </b><b>and</b><b> </b><b>Licensing</b><b> </b><b>Agreement</b></font>&#148;);</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><b>WHEREAS</b>, EM3, Adams and Texas MDI are party to that certain Exclusive License Agreement dated October 2019, pursuant to which Texas MDI licensed certain intellectual property from EM3 (as amended by the First Amendment, the &#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>TMDI</b><b> </b><b>License</b><b> </b><b>Agreement</b></font>&#148;);</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><b>WHEREAS</b>, Texas MDI and Rapid are party to that certain Sublicense Agreement effective as of November 15, 2019, pursuant to which Texas MDI sublicensed its rights under the TMDI License Agreement to Rapid (such agreement, as amended to date, the &#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Sublicense</b></font>&#148;);</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><b>WHEREAS</b>, in or around August 2020, Diamond Head, Texas MDI and EM3 entered into an Assignment and Assumption of Sales and Licensing Agreement and Novation Agreement, whereby Diamond Head assigned its rights under the Sales and Licensing Agreement to Texas MDI (the &#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Assignment</b><b> </b><b>Agreement</b></font>&#148;, and collectively with the Sales and Licensing Agreement, TMDI License Agreement and Sublicense, the &#147;<font style="BORDER-BOTTOM:#000000 1px solid"><b>Agreements&#148;</b></font>);</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify>&nbsp;</p> <p style="FONT:11pt Times New Roman; MARGIN:0px; TEXT-INDENT:36pt" align=justify><b>WHEREAS</b>, a