It seems to be pretty straight forward: Rick surrenders the DLOC series C shares (now worth nothing) and for 10000.00 he gets to be President and CFO of his old company, also terminating the non-competitive clause et al.
On September 30, 2019, the Company, entered into an agreement (the “Agreement”) with Rick Ellis to sell the capital stock of EllisLab Corp., a wholly-owned subsidiary of the Company. Pursuant to the Agreement on September 30, 2019, the Company sold to Rick Ellis all of the issued and outstanding shares of EllisLab for $10,000 (the “Cash Payment”), provided that in lieu of the Cash Payment, Rick Ellis tendered and assigned to the Company 36,000 shares of the Series C Preferred Stock owned by him, which represents all of the issued and outstanding shares of the Series C Preferred Stock. In connection with the Agreement, the Covenant Not to Compete and the Lockup of Stock Consideration described in Sections 2.1 and 2.2 of the Plan of Merger was released.
Best to all, DLOC
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