COX SCREWS OVER LENDERS...FORCED TO SUE TYPICAL SCAM!
2. Surge’s Payment to Plaintiffs.
2.1 As of the Effective Date, Surge agrees to issue and/or pay to AltCorp and/or its designee shares of its common stock in an amount equal to three million three hundred thousand dollars ($3,300,000) (the “Payment”) in resolution of the claims against Surge in this Action which are released hereunder arising from the Exchange Agreement and other agreements with Plaintiffs to which Surge is a party and are identified within the Complaint. Surge shall treat the Payment in accordance with generally accepted accounting principles (“GAAP”). The Payment shall be satisfied through the series of issuances of shares of Surge’s common stock to AltCorp and/or its designee as set forth within this Agreement. The shares shall be issued as unrestricted and free-trading upon delivery of a legal opinion to Surge. Any legal opinion required in order to remove any restrictive legends from the shares shall be provided by Surge at its own cost.
4.1 Within three (3) Trading Days of the first (1st) Trading Day of each calendar month after January 8, 2021, (the “Monthly Transfer Deadline”), for a period of thirty-two (32) months after January 8, 2021, Surge shall irrevocably instruct its transfer agent to transfer to AltCorp and/or its designee an amount of Surge’s common stock from the Increased Reserved Shares Quantity (the “Monthly Transferred Shares”) equal in value to one hundred thousand dollars ($100,000) (the “Value Amount”) per month for the thirty-two (32) months following January 8, 2021.
13.1.5 The Monthly Transferred Shares when issued and delivered in accordance with the terms of this Agreement, for the consideration expressed herein, upon receipt of a legal opinion indicating the same, will be free trading without encumbrances and duly and validly issued, fully paid and non-assessable.
