EX-10.1
from 8-K
3 pages
Settlement and Release Agreement This Settlement and Release Agreement (The "Agreement") Is Entered Into Effective as of the ___Th Day of , 2015 by and Between Cherubim Interests, a Nevada Corporation (The "Company"), and (“Debt Holder”), Collectively Referred to Hereinafter as the “Parties” or Individually as a “Party”. Whereas, Debt Holder Is Entitled to Receive Dollars ($ ), on the Books and Records of the Company (The “Debt”); Whereas, the Parties Desire to Enter Into a Settlement and Release in Respect of the Debt; Whereas, Contemporaneous With, and a Condition to the Effectiveness of This Agreement, Debt Holder Has Entered Into That Certain Subscription Agreement With the Company, Which Shall Form an Exhibit Hereto and by This Reference Incorporated Herein (“Subscription Agreement”). Now, Therefore, in Consideration of the Mutual Covenants and Agreements Set Forth Herein, and for Other Good and Valuable Consideration, the Receipt and Sufficiency of Which Are Hereby Acknowledged, the Parties Hereto Agree as Follows: 1. Settlement Payment. Subject to All of the Conditions, Covenants, Obligations, and Restrictions of This Agreement, the Company Agrees to Pay, or Otherwise Cause Debt Holder to Receive, the Following (The “Settlement Payment”): 1.1. Share Issuance. the Company Shall Issue to Debt Holder ( ) Shares of the Company’s Series “B” Preferred Stock in the Manner Set Forth in the Subscription Agreement (The “Settlement Shares”)
12/34/56
