<SEC-DOCUMENT>0001078782-15-001779.txt : 20151112
<SEC-HEADER>0001078782-15-001779.hdr.sgml : 20151112
<ACCEPTANCE-DATETIME>20151110175836
ACCESSION NUMBER:		0001078782-15-001779
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20151105
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20151112
DATE AS OF CHANGE:		20151110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACCEL BRANDS, INC.
		CENTRAL INDEX KEY:			0001077800
		STANDARD INDUSTRIAL CLASSIFICATION:	MEASURING & CONTROLLING DEVICES, NEC [3829]
		IRS NUMBER:				455151193
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27023
		FILM NUMBER:		151220027

	BUSINESS ADDRESS:	
		STREET 1:		137 NATIONAL PLAZA
		STREET 2:		SUITE 300
		CITY:			NATIONAL HARBOR
		STATE:			MD
		ZIP:			20745
		BUSINESS PHONE:		240-273-3295

	MAIL ADDRESS:	
		STREET 1:		137 NATIONAL PLAZA
		STREET 2:		SUITE 300
		CITY:			NATIONAL HARBOR
		STATE:			MD
		ZIP:			20745

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AccelPath, Inc.
		DATE OF NAME CHANGE:	20120521

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TECHNEST HOLDINGS INC
		DATE OF NAME CHANGE:	20010808

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FINANCIAL INTRANET INC/NY
		DATE OF NAME CHANGE:	19990128
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k111015_8k.htm
<DESCRIPTION>FORM 8-K CURRENT REPORT
<TEXT>
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<HEAD>
<TITLE>Form 8-K Current Report</TITLE>
<META NAME="author" CONTENT="Chase Chandler">
<META NAME="date" CONTENT="11/10/2015">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<A NAME="eolPage1"></A><A NAME="FIS_TOP_OF_DOCUMENT"></A><A NAME="F8K021015_8K_HTM"></A><A NAME="FIS_FORM"></A><DIV style="width:720px"><P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0px" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=center><B>FORM 8-K</B></P>
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<P style="margin:0px" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0px" align=center><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=615.733 /></TR>
<TR><TD style="margin-top:0px" width=615.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=615.733><P style="margin:0px" align=center><B>November 5, 2015</B></P>
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<TR><TD style="margin-top:0px" valign=top width=615.733><P style="margin:0px" align=center>Date of Report (Date of earliest event reported):</P>
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<TR><TD style="margin-top:0px" valign=top width=615.733><P style="margin:0px">&nbsp;</P>
</TD><A NAME="FIS_UNIDENTIFIED_TABLE"></A></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=615.733><P style="margin:0px; font-size:14pt" align=center><B>ACCEL BRANDS, INC.</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=615.733><P style="margin:0px" align=center>(Exact name of registrant as specified in its charter)</P>
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</TABLE>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=193.333 /><TD width=20.533 /><TD width=193.333 /><TD width=20.533 /><TD width=193.333 /></TR>
<TR><TD style="margin-top:0px" width=193.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=20.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=193.333><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=20.533><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" width=193.333><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=193.333><P style="margin:0px" align=center><B>Delaware</B></P>
</TD><TD style="margin-top:0px" valign=top width=20.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=193.333><P style="margin:0px" align=center><B>000-27023</B></P>
</TD><TD style="margin-top:0px" valign=top width=20.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=193.333><P style="margin:0px" align=center><B>45-5151193</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=193.333><P style="margin:0px" align=center>(State or other jurisdiction of incorporation)</P>
</TD><TD style="margin-top:0px" valign=top width=20.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=193.333><P style="margin:0px" align=center>(Commission File Number)</P>
</TD><TD style="margin-top:0px" valign=top width=20.533><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=193.333><P style="margin:0px" align=center>(IRS Employer Identification No.)</P>
</TD></TR>
</TABLE>
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<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=615.733 /></TR>
<TR><TD style="margin-top:0px" width=615.733><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=615.733><P style="margin:0px" align=center><B>137 National Plaza, Suite 300, National Harbor, Maryland 20745</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=615.733><P style="margin:0px" align=center>Address of principal executive offices and zip code</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=615.733><P style="margin:0px">&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=615.733><P style="margin:0px" align=center><B>(240) 273-3295</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=615.733><P style="margin:0px" align=center>Registrant&#146;s telephone number, including area code</P>
</TD></TR>
</TABLE>
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<P style="margin:0px" align=justify>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>&nbsp;<FONT style="margin-bottom:1.333px; padding-top:1.333px; font-size:6pt; border:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="font-size:6pt; color:#FFFFFF">. </FONT>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
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<P style="margin:0px" align=justify>&nbsp;<FONT style="margin-bottom:1.333px; padding-top:1.333px; font-size:6pt; border:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="font-size:6pt; color:#FFFFFF">. </FONT>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
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<P style="margin:0px" align=justify>&nbsp;<FONT style="margin-bottom:1.333px; padding-top:1.333px; font-size:6pt; border:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="font-size:6pt; color:#FFFFFF">. </FONT>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>&nbsp;<FONT style="margin-bottom:1.333px; padding-top:1.333px; font-size:6pt; border:1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT style="font-size:6pt; color:#FFFFFF">. </FONT>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) <A NAME="F8K021015_8K_HTM_F8K101614_8K_HTM_ITEM_1"></A><A NAME="F8K021015_8K_HTM_EOLPAGE2"></A><A NAME="FIS_SECTION_8_OTHER_EVENTS"></A><A NAME="FIS_OTHER_EVENTS"></A></P>
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<A NAME="FIS_SECTION_1_BUSINESS_AND_OPERATIONS"></A><A NAME="FIS_ENTRY_MATERIAL_AGREEMENT"></A><BR></P>
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<P style="margin:0px" align=justify><B>Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>On November 5, 2015, Gilbert Steedley announced his resignation as officer and director of Accel Brands, Inc. (the &#147;Company&#148;). Mr. Steedley&#146;s resignation is not the result of any dispute, claim, or issue with the Company. In connection with this resignation, the Company has entered into a Separation Agreement with Mr. Steedley, which shall obligate the Company to issue to Mr. Steedley a promissory note in the amount of $150,000 in exchange for Mr. Steedley forgiving all accrued deferred compensation, unpaid reimbursable expenses, and consulting fees to date.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>In conjunction with Mr. Steedley&#146;s resignation Janon Costley was appointed to serve as Director and Chief Executive Officer of the Company.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Mr. Costley, age 42, is a business executive with over fifteen years of experience in brand development, licensing and operations. Mr. Costley has consistently been able to utilize his unique entrepreneurial&nbsp;spirit and keen market insight to identify quality, revenue&nbsp;generating, brand extension, acquisition, licensing, and distribution opportunities for companies in the retail and consumer products sectors. Throughout his career Mr. Costley has been&nbsp;involved with many major consumer products brands, including Converse, Pony, FIFA, YMLA, Loudmouth Golf, Roland&nbsp;Garros - French Open, Mano Swartz Furs, and others as either a licensee, brand manager, owner/operator or consultant. Mr. Costley is the co-founder of boutique licensing and brand extension agency, The Brand Liaison, as well as the co-founder of STI Signature Sprits Group, LLC, a subsidiary of the Company, which focuses on developing and launching unique craft spirits and celebrity branded alcoholic beverage brands. &nbsp;For the past three years Mr. Costley has served as the CEO of Village Tea Company Distribution Company, Inc., owner of the Village Tea Company brand of premium loose leaf tea, tea accessories, distributor of Pura Organic Agave Sweetener, Pura Natural Flavored Tea and other related brands and products. Mr. Costley is currently the CEO of its parent company, Affinity Beverage Group, Inc.</P>
<A NAME="FIS_SECTION_5_CORPORATE_GOVERNANCE"></A><A NAME="FIS_CHANGE_IN_FYE_OR_ARTICLES"></A><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B>Item 9.01 Financial Statements and Exhibits.</B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=63.267 /><TD width=17.133 /><TD width=631.333 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=63.267><P style="margin:0px"><B>Exhibit Number</B></P>
</TD><TD style="margin-top:0px" valign=top width=17.133><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=bottom width=631.333><P style="margin:0px"><B>Description</B></P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=63.267><P style="margin:0px">10.1</P>
</TD><TD style="margin-top:0px" valign=top width=17.133><P style="margin:0px">&nbsp;</P>
</TD><TD style="margin-top:0px" valign=top width=631.333><P style="margin:0px" align=justify>Separation Agreement entered into on November 5, 2015, by and among Gilbert Steedley and the Company</P>
</TD></TR>
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<P style="margin:0px" align=center><B>SIGNATURES</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</P>
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<P style="margin:0px" align=justify>ACCELPATH, INC.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Date: November 5, 2015</P>
<P style="margin:0px" align=justify><I><U>/s/ Gilbert Steedley</U></I></P>
<P style="margin:0px" align=justify>Gilbert Steedley</P>
<P style="margin:0px" align=justify>CEO</P>
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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>f8k111015_ex10z1.htm
<DESCRIPTION>EXHIBIT 10.1 SEPARATION AGREEMENT
<TEXT>
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<TITLE>Exhibit 10.1 Separation Agreement</TITLE>
<META NAME="author" CONTENT="Justeene">
<META NAME="date" CONTENT="11/10/2015">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<A NAME="F8K021015_8K_HTM"></A><DIV style="width:720px"><P style="margin:0px"><BR></P>
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<P style="margin:0px" align=right><B>EXHIBIT 10.1</B></P>
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<P style="margin:0px" align=center><B>SEPARATION AGREEMENT</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=justify>THIS SEPARATION AGREEMENT by and between Gilbert Steedley (the &#147;Steedley&#148;) and Accel Brands, Inc./Accelpath, Inc., (the &#147;Company&#148;) a Delaware corporation (together with its successors and assigns, the &#147;Company&#148;). </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>WHEREAS, the Steedley serves as the Company&#146;s Chief Executive Officer and sole Director; </P>
<P style="margin:0px" align=justify>WHEREAS, the Steedley wishes to resign his officer and director positions with the Company in order to pursue other interests and both parties wish to settle all matters between them. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>NOW, THEREFORE, for good and valuable consideration, the parties agree as follows: </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>1. Mutual Release. Each of Steedley, on the one hand, and the Company on the other hand, on behalf of himself and itself, and all dependents, heirs, administrators, officers, directors, agents, executors, successors and assigns of each party, hereby releases and forever discharges the other party and all current and former subsidiaries, affiliates, respective directors, officers, trustees, employees, successors and assigns (collectively, the &#147;Released Parties&#148;), from any and all charges, controversies, claims, wages, rights, agreements, actions, costs or expenses, causes of action, obligations, damages, losses, promises and liabilities of whatever kind or nature, in law or equity or otherwise, whether known or unknown, suspected or unsuspected, from the beginning of time to the date of this Agreement, arising out of, or relating to, Steedley&#146;s engagement with the Company or any affiliate, or the termination thereof. For purposes of clarification, both parties acknowledge that this is a general release of all claims, without limitation. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Anything to the contrary notwithstanding in this Separation Agreement or the Services Agreement, nothing herein shall release any Released Party from any claims or damages based on (i) any right or claim that arises after the date of this Agreement, (ii) any right the Director may have to enforce the terms of this Agreement. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>2. Obligation of the Company. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>As of the date of this Agreement, the Company has issued outstanding promissory notes to Steedley in the aggregate amount of $65,000.00 for deferred wages and accrued expenses, and currently owes Steedley an additional $150,000.00 in deferred wages, for which it has issued a promissory note, attached hereto as Exhibit A. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><U>Purchase Option.</U> If at any time during the 36 months following the date of this Agreement, the Company affects a reverse split of its outstanding common stock, Steedley shall have the right to purchase up to two percent (2%) of the outstanding shares (post reverse) at a strike price of $0.0001 per share, exercisable within seven (7) business days of the effective date of the reverse split. In the event that the Director exercises this right, he shall then exchange his debt outstanding for said right and shall then deliver the Promissory Note held by him to the Company. Failure to provide notice of the intent to purchase the shares within seven (7) business days of the reverse will constitute an immediate termination of this option right. </P>
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<P style="margin:0px" align=justify>3. Obligation of the Director. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The Director will provide all necessary assistance to complete any and all disclosure reports for the next twelve (12) months without cost to the Company and; </P>
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<P style="margin:0px" align=justify>The Director agrees to maintain in confidence all &#147;Confidential Information&#148; (as defined herein) as may be or may have been disclosed by Company, whether disclosed by any means, including, without limitation, Confidential Information transmitted in oral, written, graphic, or any electronic form. The Director shall not use, disseminate, or commercially exploit in any manner any Confidential Information without prior written consent of Company. In the event the Director receives such consent, the Director shall only use the Confidential Information as to which Company has given consent and shall only use the Confidential Information in the manner consented and for the purpose consented. &quot;Confidential Information&quot; shall be defined as any nonpublic information disclosed by the Company to the Director and shall be deemed to include the following information of the respective parties, without limitation: (a) e-mail addresses, customer lists, the names of customer contacts, the names of investor contacts, investor lists, professional contacts, business plans, technical data, product ideas, personnel, contracts and financial information; (b) patents, trade secrets, techniques, processes, business methodologies, schematics, employee suggestions, development tools and processes, computer printouts, computer programs, design drawings and manuals, and improvements; (c) information about costs, profits, markets and sales; (d) plans for future development and new product concepts; (e) all documents, books, papers, drawings, models, sketches, and other data of any kind and description, including electronic data recorded or retrieved by any means, that have been or will be disclosed, as well as written or oral instructions or comments. (b) Without the prior written consent of the Company, the Director shall not (a) make any news release, public announcement, denial or confirmation of this Agreement, its subject matter, the term, nature, or content of his employment or relationship with the Company; (b) make any disparaging remarks relating to this Agreement, its subject matter, the term, nature, or content of his engagement or relationship with the Company; or (c) advertise or publish any facts relating to this Agreement, its subject matter, the term, nature, or content of his engagement or relationship with the Company, unless otherwise required to do so by law. This provision shall remain in effect for the maximum period allowable by law. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>4. INDEMNIFICATION: The Corporation hereby agrees to indemnify and hold Steedley harmless from and against any loss, claim, damage or expense, and/or all costs of prosecution or defense of their rights hereunder, whether in judicial proceedings, including appellate proceedings, or whether out of court, including without limiting the generality of the foregoing, attorneys' fees, and all costs and expenses of litigation, arising from or growing out of any actions conducted by Steedley in his capacity as an officer and director of the Company, or in connection with the operation of the Company&#146;s business. In no event shall Steedley be liable for consequential, special, indirect, incidental, punitive, or exemplary loss, damage, cost or expense (including, without limitation, lost profits and opportunity costs) unless due to gross negligence on the part of Steedley. The Company agrees to indemnify and hold harmless Steedley from and against any and all actions, losses, damages, claims, liabilities, costs and expenses (including without limitation, reasonable legal fees and expenses) in any way arising out of or relating to this Agreement, unless such is due to gross negligence on the part of Steedley. The provision of this paragraph shall apply regardless of the form of action, loss, damage, claim, liability, cost, or expense, whether in contract, statute, tort (including without limitation, negligence), or otherwise. The provisions of this paragraph shall survive the completion or termination of this Agreement. </P>
<P style="margin:0px" align=justify>5. Both Parties agree that for a period of thirty six (36) months following the date of this Agreement, both parties will not directly or indirectly, in any capacity or manner, make, express, transmit, speak, write, verbalize or otherwise communicate in any way any remark, comment of any kind that might be reasonably be construed to be derogatory or critical toward the other party that would affect either parties&#146; reputation or other business opportunities. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>IN WITNESS WHEREOF, the parties have executed this Separation Agreement as of this 5<SUP>th</SUP> day of November, 2015. </P>
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<P style="margin:0px" align=justify>Accel Brands, Inc.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>By:/s/________________________<BR>
Name:JanonCostley<BR>
Title: Incoming CEO and Director </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Gilbert Steedley</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>/s/____________________________<BR>
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