Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 14, 2022, Scott Chapman resigned as a director of the Company.
Item 1.01. Entry into a Material Definitive Agreement.
Settlement of Everlast Litigation
On November 17, 2021, The Company entered Into a Stipulation of Settlement
("Settlement Agreement") of the litigation captioned Everlast World's Boxing
Headquarters Corp. ("Everlast") , Plaintiff vs. Trident Brands, Inc. and
Manchester Capital Inc., Defendants, Case No. 21 Tj 90. Under the terms of the
Settlement Agreement, the Company agreed to pay Everlast on or before February
15, 2022 the sum of $650,000 in full satisfaction of Everlast's judgment against
the Company in the amount of $738,946. Under the Settlement Agreement, except
for the first $250,000 of capital raised, the Company is required to pay
Everlast 20% of the gross amount of any capital raising transaction, until the
full $650,000 is paid, provided however that the full $650,000 must be paid no
later than February 15, 2022. If prior to February 15, 2022 Trident receives
$2,750,000 of proceeds from capital raising, the then existing balance of the
$650,000 shall simultaneously be paid.
If the Company fails to pay Everlast the full $650,000 by February 15, 2022, the
Company shall be obligated to pay Everlast the judgment amount of $738,945, plus
applicable interest (a total of $750,713 as of August 21, 2021) and attorney's
fees, less any payments made.
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