SETTLEMENT AGREEMENT
AND
RELEASE
This Settlement Agreement and Release (the “Agreement”) is entered into as of the 25th day of November, 2015, by and between Sack Lunch Productions, Inc., a Utah Corporation (“SAKL”) and Richard Surber, the CEO, President and a Director of SAKL (“Surber”), hereinafter referred to in the singular as a (“Party”), and jointly as the (“Parties”).
RECITALS
A. WHEREAS, the Parties are involved in an employer and employee relationship, during which Surber has agreed to defer salary that SAKL had agreed to pay to Surber and that Surber has agreed to settle and compromise that compensation obligation as an accommodation to SAKL and to resolve the outstanding obligation for the benefit of both parties; and
B. WHEREAS, the Parties are willing to accept, as full and final satisfaction, the actions and conditions as set forth herein to resolve all claims for compensation that have been or may have been asserted by Surber against SAKL as of the30th day of September, 2015; and
C. WHEREAS, the Parties desire, in exchange for the releases and promised delivery designated herein, to release and discharge any and all claims for compensation owed to Surber as of the 30th day of September, 2015 and to resolve all compensation claims outstanding between them, now existing, without the necessity of further claims, payments or exchanges;
NOW THEREFORE, in consideration of the mutual covenants contained herein, which are acknowledged to be good and valuable consideration, the Parties agree as follows:
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pursuant to this Agreement against any attempt to reduce the number of shares through any corporate action, including any reduction exceeding a factor of two (2) of the common shares, and shall replace and/or maintain the number of shares issued pursuant to this agreement at the same number of shares for a period of three years from the date hereof to Surber and his assignees.
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IN WITNESS WHEREOF, the undersigned parties have executed this Agreement as of the date first above written.
RICHARD SURBER, PERSONALLYSACK LUNCH PRODUCTIONS, INC
By: /s/ Richard Surber By /s/ Richard Surber. CEO
Richard Surber, Personally
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