Settlement Agreement and Mutual Release among ScanTech Identification Beam Systems, LLC, ScanTech AI Systems, Inc., and Aegus Corporation
ScanTech Identification Beam Systems, LLC, ScanTech AI Systems, Inc., and Aegus Corporation have agreed to settle all claims related to a prior consulting agreement. Aegus will terminate its consulting agreement and, in exchange, receive a total of 200,000 shares of PubCo common stock, with specific registration requirements. Both sides agree to release each other from any further claims related to the consulting agreement, except for obligations under this settlement. Each party will cover its own legal costs, and the agreement includes confidentiality and responsible trading provisions.
Exhibit 10.16
SETTLEMENT AGREEMENT AND MUTUAL RELEASE
This Settlement Agreement and Mutual Release (the “Agreement”), dated October 14 2024, is entered into by and among (i) ScanTech Identification Beam Systems, LLC, a Delaware limited liability company (“ScanTech”), (ii) ScanTech AI Systems, Inc., a Delaware corporation (“PubCo”) and (iii) Aegus Corporation, a Delaware corporation (“Aegus”), collectively referred to herein as the “Parties.”
RECITALS
AGREEMENT
In consideration of the following mutual promises, covenants and conditions, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:
(a) | The number of ScanTech Series B Membership Units which, when exchanged at the closing of the Transaction (hereinafter the “Closing”) will result in the issuance and transfer to Aegus of 130,000 shares of the common stock of Pubco (the “Pubco Common Stock”) in accordance with the BCA, which shares shall be covered by and registered as at the date of issue on the Form S-4 Registration Statement (as defined in the BCA), and |
(b) | An additional 70,000 shares of PubCo Common Stock shall be issued to and received by Aegus and shall be registered by a subsequent Form S-1 Registration statement by PubCo which shall be filed by PubCo with the SEC no later than 45 days following the consummation of the Business Combination, unless otherwise agreed by the parties. |
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the Delaware Court of Chancery (and if such court lacks jurisdiction, any other state or federal court located in the State of Delaware) (or in any appellate court thereof).
IN WITNESS WHEREOF, this Agreement is executed on the date set forth below.
| NACS, LLC | ||
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| By: | /s/ John Redmond | |
| | Name: | John Redmond |
| | Title: | Manager |
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| SCANTECH IDENTIFICATION | ||
| BEAM SYSTEMS LLC | ||
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| By: | /s/ Dolan Falconer | |
| | Name: | Dolan Falconer |
| | Title: | Chief Executive Officer and President |
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| SCANTECH AI SYSTEMS, INC. | ||
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| By: | /s/ Karl Brenza | |
| | Name: | Karl Brenza |
| | Title: | Chairman |
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| AEGUS CORPORATION | ||
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| By: | /s/ Robert Comizio | |
| | Name: | Robert Comizio |
| | Title: | President |
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