SEC Contract Filing

Filing Date: 2022-04-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ex_361619.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
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<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.2</b></font></p>

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

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">This <b>SETTLEMENT AND RELEASE AGREEMENT</b> (the &#8220;<u>Agreement</u>&#8221;) is entered into as of April 19, 2022, by and between CEN Biotech Inc. (the &#8220;<u>Company</u>&#8221;) and Alex Tarrabain<b> </b>(the &#8220;<u>Executive</u>&#8221;). The Company and Executive shall collectively be referred to as<b> </b>the<b> </b>&#8220;<u>Parties</u>&#8221;.</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">WHEREAS, in connection with the Executive Employment Agreement executed between the Parties, dated May 21, 2019 (the &#8220;<u>Employment Agreement</u>&#8221;) the Company owes Executive <b>$89,682.19</b> in accrued salary compensation as of the date of the Executive&#8217;s resignation from the Company on April 14, 2022 (the &#8220;<u>Effective Date</u>&#8221;), (referred to herein as the &#8220;<u>Outstanding Amount</u>&#8221;);</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">WHEREAS, the Parties hereby agree that the Employment Agreement shall terminate, and all of the Executive&#8217;s rights to compensation, payments and/or benefits under the Employment Agreement shall cease effective as of the Effective Date;</p>

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">WHEREAS, the Parties desire to enter into this Agreement to amicably settle in good faith the matter of the Outstanding Amount;</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">WHEREAS, in accordance with the Employment Agreement and in consideration of the Executive&#8217;s release of the Company for the Outstanding Amount, as well as a Release (as defined under Section 1) by Executive of the Company, the Company agreed to pay Executive a settlement in the form of Stock Consideration (as defined under Section 2) instead of paying the Outstanding Amount in the form of cash; and</p>

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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">NOW, THEREFORE, for and in consideration of the promises, covenants and release set forth herein, the sufficiency of which consideration is hereby expressly acknowledged, the Company and Executive hereby agree as follows:</p>

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 <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><b>1.</b><b> </b></p>
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 <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><b><u>Release</u></b><b>.</b> <b> </b></p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">&nbsp;</p>

<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">Subject to the issuance of the Stock Consideration to Executive, as defined and set forth in Section 2 herein, Executive, for himself, his heirs, executors, administrators, successors and assigns (hereinafter collectively referred to as the &#8220;<u>Releasors</u>&#8221;), hereby fully releases and discharges (the &#8220;<u>Release</u>&#8221;) the Company, its parents, subsidiaries, affiliates, successors, and assigns, and its officers, directors, employees, related parties and agents (all such persons, firms, corporations and entities being deemed beneficiaries hereof and are referred to herein as the &#8220;<u>Related Parties</u>&#8221;) from any and all actions, causes of action, claims, obligations, costs, losses, liabilities, damages and demands of whatsoever character, whether or