Form SC 13D GAIA, INC Filed by: Colquhoun James
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. )*
Gaia, Inc.
(Name of Issuer)
Class A Common Stock
(Title of Class of Securities)
36269P104
(CUSIP Number)
James Colquhoun,
1 Carwoola Crescent, Mooloolaba
QLD 4557 Australia, +61450617975
June 19, 2019
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D and is filing this schedule because of §§240.13d–1(e), 240.13d–1(f) or
240.13d–1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d–7 for other parties to whom copies are to be sent.
*The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
(Continued on following pages)
CUSIP No. 36269P104
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1
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NAMES OF REPORTING PERSONS
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James Colquhoun
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☒
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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PF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐ | ||
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Australia
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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875,294
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8
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SHARED VOTING POWER
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9
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SOLE DISPOSITIVE POWER
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875,294
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10
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SHARED DISPOSITIVE POWER
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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875,294
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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5.7%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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IN
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Page 2
CUSIP No. 36269P104
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1
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NAMES OF REPORTING PERSONS
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Laurentine Frederika Alexandra ten Bosch
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☒
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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AF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Australia
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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871,719
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SHARED VOTING POWER
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SOLE DISPOSITIVE POWER
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871,719
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10
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SHARED DISPOSITIVE POWER
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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871,719
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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5.7%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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IN
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Page 3
| Item 1. |
Security and Issuer
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This statement on Schedule 13D relates to shares of Class A Common Stock (the “Shares”) of Gaia, Inc., a Colorado corporation (“Gaia”). Gaia’s principal executive office is located at 833 West
South Boulder Road, Louisville, Colorado 80027.
| Item 2. |
Identity and Background
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This Statement is being filed by (i) James Colquhoun, by virtue of his roles as a director of JCLTB No 1 Pty Ltd (the “Trustee”) as the trustee of the Colquhoun Ten Bosch Family Trust U/A/D 6/12/2013 (the “Family
Trust”) and as a director of Food Matters Holdings Pty Ltd (“FM Holdings”) as the trustee of the Food Matters Holdings Unit Trust U/A/D 6/12/2013 (the “FM Trust”), and (ii) Laurentine Frederika Alexandra ten Bosch, by virtue of her roles as a
director of the Trustee of the Family Trust and as a director of FM Holdings the trustee of the FM Trust. Mr. Colquhoun and Ms. ten Bosch are collectively the "Reporting Persons" and individually a "Reporting Person
The Family Trust is an Australian trust. The Trustee is an Australian proprietary limited company. Mr. Colquhoun and Ms. ten Bosch are each citizens of Australia. Each of the Reporting Persons’
principal business office is located at 208/45 Brisbane Road, Mooloolaba, Queensland, AU 4557.
The Family Trust is principally engaged in the business of holding Shares. The Trustee is principally engaged in acting as the Family Trust’s trustee. Mr. Colquhoun is principally engaged in acting
as a founder and Chief Executive Officer of Food Matters International Pty Ltd, a digital media and production company. Ms. ten Bosch is principally engaged in acting as a founder of and filmmaker and author for Food Matters International Pty Ltd.
During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or was a party to a civil proceeding of
a judicial or administrative body of competent jurisdiction as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
| Item 3. |
Source and Amount of Funds or Other Consideration
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The Trustee acquired the Shares for the benefit of the beneficiaries of the Family Trust as reported in Item 5 in consideration of the sale of the shares in Food Matters TV
Pty Ltd to Gaia on June 19, 2019. The FM Holdings acquired the Shares for the benefit of the unitholders of the FM Trust as reported in Item 5 in consideration of the sale of the shares in Food Matters TV IP Pty Ltd to Gaia on June 24, 2019.
Page 4
| Item 4. |
Purpose of Transaction
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The Reporting Persons acquired the Shares reported in Item 5 in order to acquire an equity interest in Gaia. The Reporting Persons intend to continuously review their investment in Gaia. Depending
upon their evaluation of the Gaia’s prospects and upon future developments (including, but not limited to, performance of the Shares in the market, availability of funds, alternative uses of funds, and general stock market and economic conditions),
Mr. Colquhoun and Ms. ten Bosch may from time to time acquire additional Shares, and the Reporting Persons may from time to time dispose of all or a portion of the Shares held by such person. Any such additional purchases of the Shares may be in
open market or privately negotiated transactions or otherwise or may be issued in consideration of Mr. Colquhoun’s service as a director of Gaia, and any such additional sales of the Shares may be in open market or privately negotiated transactions
or otherwise.
Except as otherwise described in this statement on Schedule 13D, none of the Reporting Persons has formulated any plans or proposals which relate to or would result in: (a) the acquisition by any
person of additional securities of Gaia, or the disposition of securities of Gaia; (b) an extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving Gaia or any of its subsidiaries; (c) a sale or transfer of a
material amount of assets of Gaia or any of its subsidiaries; (d) any change in the present Board of Directors or management of Gaia, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on
the Board; (e) any material change in the present capitalization or dividend policy of Gaia; (f) any other material change in Gaia’s business or corporate structure; (g) any changes in Gaia’s charter or by-laws or other actions which may impede the
acquisition or control of Gaia by any person; (h) causing a class of securities of Gaia to be delisted from a national securities exchange or cease to be authorized to be quoted in an interdealer quotation system of a registered national securities
association; (i) causing a class of equity securities of Gaia to become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934; or (j) any action similar to those enumerated above.
| Item 5. |
Interest in Securities of the Issuer
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The Trustee owns 751,050 Shares for the benefit of the beneficiaries of the Family Trust, approximately 4.9% of the outstanding Shares as of April 28,
2022. Of such Shares, 404,891 were acquired on June 1, 2019 in connection with the sale of shares in in Food Matters TV Pty Ltd described in Item 3; 206,542 were acquired on June 18, 2020 upon conversion of a promissory note issued in connection
with such sale; and 139,617 were acquired on June 18, 2020 in connection with an earnout resulting from such sale. The Trustee has the power to vote and power to dispose of such Shares by virtue of its role as trustee of the Family Trust. Mr.
Colquhoun and Ms. ten Bosch each have the power to vote and dispose of such Shares by virtue of their roles as directors of the Trustee. No other person has the power to direct the receipt of dividends or the proceeds from the sale of Shares. By
virtue of the relationships described under Item 2, each of the Mr. Colquhoun and Ms. ten Bosch may be deemed to indirectly beneficially own the Shares held by the Trustee in its capacity as trustee of the Family Trust.
The FM Trust directly beneficially owns 120,669 Shares, approximately 0.8% of the outstanding Shares as of April 28, 2022. Of such Shares, 79,941 were
acquired on June 24, 2019 in connection with the sale of shares in Food Matters TV IP Pty Ltd described in Item 3, and 40,728 were acquired on June 18, 2020 upon conversion of a promissory note issued in connection with such sale. Mr. Colquhoun and
Ms. ten Bosch each have the power to vote and dispose of such Shares by virtue of their roles as directors of FM Holdings, which is the trustee of the FM Trust. No other person has the power to direct the receipt of dividends from, or the proceeds
from the sale of Shares. By virtue of the relationships described under Item 2, each of the Mr. Colquhoun and Ms. Ten Bosch may be deemed to indirectly beneficially own the Shares held by FM Holdings as trustee for the FM Trust.
Page 5
Mr. Colquhoun was issued 3,575 Gaia restricted share units on April 29, 2021 in connection with his service as a director of Gaia. These units were vested at Gaia’s annual
shareholders meeting on April 28, 2022 which entitled Mr Colquhoun with the direct ownership of 3,575 Shares.
Mr Colquhoun was issued a further 8,488 Gaia restricted share units on April 28, 2022 in connection with his service as a director of Gaia. Such units will vest on Gaia’s
annual shareholders meeting in 2023 and within 60 days after vesting, will entitle Mr Colquhoun to receive one Share for each unit held.
| Item 6. |
Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
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None of the Reporting Persons have any
contract, arrangement, understanding or relationship (legal or otherwise) with any person with respect to any securities of Gaia, including but not limited to transfer or voting of any of the securities of Gaia, finder's fees, joint ventures,
loan or option arrangements, puts or calls, guarantees of profits, division of profits or loss, or the giving or withholding of proxies. The Restricted Stock Units Award Agreement provides for certain vesting and other restrictions on the
restricted share units awarded pursuant to such agreement.
| Item 7. |
Material to be Filed as Exhibits
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Exhibit 1. Form of Restricted Stock Unit Awards Agreement under Gaia’s
2019 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.9 of Gaia’s Form 10-K filed February 24, 2020 (No. 000-27517)).
Page 6
Signature
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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Date: May 12, 2022
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/s/ James Colquhoun
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James Colquhoun, as director of JCLTB No 1 Pty Ltd, trustee of the Colquhoun Ten Bosch Family Trust, and as director of Food Matters Holdings Pty Ltd, trustee of the Food Matters Holdings Unit Trust
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Date: May 12, 2022
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/s/ Laurentine Frederika Alexandra ten Bosch
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Laurentine Frederika Alexandra ten Bosch, as director of JCLTB No 1 Pty Ltd, trustee of the Colquhoun Ten Bosch Family Trust, and as director of Food Matters Holdings Pty Ltd, trustee of the Food Matters
Holdings Unit Trust
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Page 7
Exhibit 1
Gaia, Inc.
Restricted Stock Unit Award Agreement
This RESTRICTED STOCK UNIT AWARD AGREEMENT (this “Agreement”) made as of April 28, 2022 (the “Award Date”), between Gaia, Inc., a Colorado corporation (“Gaia”), and James Colquhoun
(the “Grantee”), is made pursuant to the terms of the Gaia, Inc. 2019 Long-Term Incentive Plan, as amended from time to time (the “Plan”). Capitalized terms used herein but not defined shall have the meanings set forth in the Plan.
Section 1. Restricted Stock Unit Award. Gaia hereby grants to the Grantee, on the terms and conditions hereinafter set forth, an
Award of 8,488 Restricted Stock Units (the “RSUs”), effective as of the Award Date. The RSUs are notional, non-voting units of measurement, which will
entitle the Grantee to receive, subject to the terms hereof, a payment in Class A Shares of Gaia (collectively, “Shares” and singularly, a “Share”) equal to one Share for each vested RSU. In no event will fractional Shares be issued pursuant to this Award.
Section 2. Vesting, Forfeiture and Termination of Award. The RSUs will vest on April 28, 2023, provided that the Grantee is still
an employee or director of the Company on such date. The RSUs (including any Dividend Equivalents declared thereon) prior to vesting shall be forfeited and of no further force and effect if the Grantee’s employment or service terminates for
any reason before April 28, 21023, including, but not limited to, involuntary termination.
Section 3. Rights of Grantee. Subject to the otherwise applicable provisions of this Agreement, the Grantee shall have no dividend,
voting, or any other rights as a stockholder of Gaia with respect to any RSUs. Notwithstanding the foregoing, if Gaia declares a dividend on its Shares, as of the record date for such dividend, the Grantee shall be credited with an additional
number of RSUs equal to (A) the number of RSUs the Grantee holds on such record date, multiplied by (B) the amount paid as a dividend on each Share on such date, divided by the Fair Market Value of a Share on the record date. Any additional
RSUs granted pursuant to the preceding sentence automatically shall be subject to the vesting provisions set forth above in Section 2.
Section 4. Payment of Award
(a) General. Payment with respect
to the vested RSUs shall be made in Shares within sixty (60) days following the date on which such RSUs vest.
(b) Withholding. The payment of
the RSUs is subject to withholding of all Federal, state and local income taxes and other amounts required by law to be paid or withheld in the amount determined by the Company (the “Withholding Tax Amount”). Unless you elect otherwise and the Company consents the Company shall satisfy the Withholding Tax Amount by withholding from the Shares to be delivered to the Grantee that number of whole
Shares having an aggregate Fair Market Value on the relevant payment date equal to or less than the Withholding Tax Amount, and the Grantee shall be responsible for paying the difference, if any between the Tax Withholding Amount and the Fair
Market Value of the whole number of Shares that are withheld pursuant to the preceding sentence. Any cash payment required to be made by the Grantee with respect to the Withholding Tax Amount may be made by wire transfer to such account as the
Company may direct or by any other means acceptable to the Company.
Section 5. Restrictions on Transfer. The RSUs covered hereby may not be sold, assigned, transferred, encumbered, hypothecated or
pledged by the Grantee and such action shall be null and void and shall result in the immediate forfeiture of the entire award made to the Grantee who attempted to effect such transfer.
Section 6. Investment Representation. Upon the acquisition of the Shares at a time when there is not in effect a registration
statement under the Securities Act of 1933 relating to the Shares, the Grantee hereby represents and warrants, and by virtue of such acquisition shall be deemed to represent and warrant, to the Company that the Shares shall be acquired for
investment and not with a view to the distribution thereof, and not with any present intention of distributing the same, and the Grantee shall provide the Company with such further representations and warranties as the Company may require in
order to ensure compliance with applicable federal and state securities, blue sky and other laws. No Share shall be acquired unless and until Gaia and/or the Grantee shall have complied with all applicable federal or state registration, listing
and/or qualification requirements and all other requirements of law or of any regulatory agencies having jurisdiction, unless the Compensation Committee of the Board has received evidence satisfactory to it that the Grantee may acquire the
Shares pursuant to an exemption from registration under the applicable securities laws. Any determination in this connection by the Committee shall be final, binding and conclusive. Gaia reserves the right to legend any certificate or book
entry representation of the Shares conditioning sales of such shares upon compliance with applicable federal and state securities laws and regulations.
Section 7. Adjustments. The Award shall be subject to the provisions of Section 15 of the Plan relating to adjustments for
recapitalizations, reclassifications and other changes in Gaia’s corporate structure.
Section 8. No Right to Continue to Provide Service. Nothing in this Agreement shall confer upon the Grantee any right to continue to
provide service, in any capacity, to the Company or to interfere in any way with any right of the Company to terminate the Grantee’s service to the Company at any time.
Section 9. Data Privacy. The Grantee agrees that all of the Grantee's information that is described or referenced in this Agreement
and the Plan may be used by the Company, its affiliates and the designated broker and its affiliates to administer and manage the Grantee's participation in the Plan.
Section 10. Headings. The section headings in this Agreement are inserted only as a matter of convenience, and in no way define,
limit, extend or interpret the scope of this Agreement or of any particular section.
Section 11. Number and Gender. Throughout this Agreement, as the context may require, (a) the masculine gender includes the feminine
and the neuter gender includes the masculine and the feminine; (b) the singular tense and number includes the plural, and the plural tense and number includes the singular; (c) the past tense includes the present, and the present tense includes
the past; (d) references to parties, sections, paragraphs and exhibits mean the parties, sections, paragraphs and exhibits of and to this Agreement; and (e) periods of days, weeks or months mean calendar days, weeks or months, except as
otherwise specified.
Section 12. Severability. If any provision of this Agreement is held to be invalid, illegal or unenforceable by any court or arbitrator of competent jurisdiction, then solely as to such jurisdiction and
subject to this Section 12, that provision shall be limited (“blue-penciled”) to the minimum extent necessary so that this Agreement shall otherwise remain enforceable in full force and effect in such jurisdiction and without affecting in any
way the enforceability of this Agreement in other jurisdictions. To the extent such provision cannot be so modified, the offending provision shall, solely as to such jurisdiction, be deemed severable from the remainder of this Agreement, and
the remaining provisions contained in this Agreement shall be construed to preserve to the maximum permissible extent the intent and purposes of this Agreement in such jurisdiction and without affecting in any way the enforceability of this
Agreement in other jurisdictions.
Section 13. Construction. This Agreement and the Award hereunder are granted by Gaia pursuant to the Plan and are in all respects
subject to the terms and conditions of the Plan. The Grantee hereby acknowledges that a copy of the Plan has been delivered to the Grantee and accepts the RSUs hereunder subject to all terms and provisions of the Plan, which is incorporated
herein by reference. In the event of a conflict or ambiguity between any term or provision contained herein and a term or provision of the Plan, the Plan will govern and prevail. The construction of and decisions under the Plan and this
Agreement are vested in the Committee, whose determinations shall be final, conclusive and binding upon the Grantee and Gaia.
Section 14. Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Colorado,
without regard to the principles of conflicts of laws.
Section 15. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all of
which together shall constitute one and the same instrument.
Section 16. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the legatees, distributees, and personal
representatives of the Grantee and the successors of the Company.
Section 17. Notices. Any notice that is required under this Agreement shall be in writing and delivered personally or by mail,
addressed (a) if to Gaia, at its corporate headquarters, attention: Jirka Rysavy and Paul Tarell, Jr. and (b) if to the Grantee, at the address in the Grantee’s then current personnel records. Such notice shall be deemed given upon receipt.
Section 18. Entire Agreement. This Agreement and the Plan constitute the entire agreement between the parties with respect to the
subject matter hereof and thereof, merging any and all prior agreements.
Section 19. Unsecured Creditor Status. The grant of RSUs constitutes a mere unsecured promise by Gaia to pay the Grantee the
benefits described in the grant and the Grantee shall be a general unsecured creditor of Gaia with respect to the benefits payable hereunder.
Section 20, Acceptance. The Grantee acknowledges receipt of a copy of the Plan and this Agreement and that he or she has read and
understands the terms and provisions thereof, and accepts the RSUs subject to all of the terms and conditions of the Plan and this Agreement. If the Grantee does not return an executed copy of this Agreement within five (5) business days of
delivery of this Agreement to the Grantee, the Award shall be null and void and of no effect.
Section 21. Section 409A; Taxation. The compensation provided under this Agreement is intended to constitute a “short-term deferral”
within the meaning of Treasury Regulation Section 1.409A-1(b)(4) and be exempt from the requirements of Section 409A of the Internal Revenue Code of 1986 (“Section
409A”), and this Agreement shall be interpreted and construed in accordance with such intent. Where this Agreement specifies a payment or settlement (for purposes of this Section 21 a “payment”) period, the actual date of
payment within such specified period shall be within the sole discretion of Gaia, and the Grantee shall have no right (directly or indirectly) to determine the year in which such payment is made. In the event that Gaia determines that any
compensation provided hereunder may violate applicable requirements of Section 409A, Gaia (without any obligation to do so or obligation to indemnify the Grantee for any failure to do so) may adopt, without the consent of the Grantee, such
amendments to this Agreement or take any other actions that Gaia in its sole discretion determines are necessary or appropriate for such compensation to either (a) be exempt from the requirements of Section 409A or (b) comply with the
requirements of Section 409A. In no event does the Company guarantee any particular tax consequences, outcome or tax liability to the Grantee. No provision of this Agreement shall be interpreted or construed to transfer any liability imposed
on the Grantee under the Code, including liabilities for failure to comply with the requirements of Section 409A, from the Grantee or any other individual to the Company or its affiliates.
Section 22. Restrictive
Covenants. (1) (A) Non-Disparagement. During the Grantee's employment or service with the Company and thereafter, the Grantee will not make any disclosure, issue any public statements or otherwise
cause to be disclosed any information which is designed, intended or might reasonably be anticipated to discourage suppliers, customers or employees of the Company or otherwise have a negative impact or adverse effect on the Company. (B) Post-employment Assistance. Following the Grantee’s employment or service with the Company, the Grantee will provide assistance reasonably
requested by the Company in connection with actions taken by the Grantee while employed by or serving as a director of the Company, including but not limited to assistance in connection with any lawsuits or other claims against the Company
arising from events during the period in which the Grantee was employed or served. (C) Confidential Information. In consideration of the
Award, the Grantee agrees (i) not to disclose to any third party any trade secrets or any other confidential information of the Company (including but not limited to cost or pricing information, customer lists, commission plans, supply
information, internal business procedures, market studies, expansion plans, potential acquisitions, terms of any acquisition or potential acquisition or the existence of any negotiations concerning the same or any similar non-public information
relating to the Company’s internal operations, business policies or practices) acquired during the Grantee’s employment by or service with the Company or after the termination of such employment or service, or (ii) use or permit the use of any
of the Company’s trade secrets or confidential information in any way to compete (directly or indirectly) with the Company or in any other manner adverse to the Company. (D) Non-Competition/Non-Solicitation. Without the prior written consent of the Company, signed by the Company’s Chairman, the Grantee will not, during the term of the Grantee’s employment by or service with the
Company or for a period of two (2) years thereafter, (i) accept employment with, serve as a consultant to, or accept compensation from any person, firm or corporation (including any new business started by the Grantee, either alone or with
others) whose products and or services compete with those offered by the Company, in any geographic market in which the Company is then doing business or, to the Grantee’s, knowledge plans to do business (ii) contact or solicit any customers of
the Company for the purposes of diverting any existing or future business of such customers to a competing source, (iii) contact or solicit any vendors to the Company (directly or indirectly) for the purpose of causing, inviting or encouraging
any such vendor to alter or terminate his, her or its business relationship with the Company, or (iv) contact or solicit any employees of the Company (directly or indirectly) for the purpose of causing, inviting or encouraging any such employee
to alter or terminate his, her or its employment relationship with the Company.
(2) Enforcement of Rights. (A)The
Company will be entitled to enforce its rights under this Agreement specifically, to recover damages by reason of any breach of any provision of this Agreement and to exercise all other rights to which it may be entitled. The Grantee agrees and
acknowledges that money damages may not be an adequate remedy for breach of the provisions of this Agreement and that the Company may in its sole discretion apply to any court of law or equity of competent jurisdiction for specific performance
and/or injunctive relief in order to enforce or prevent any violations of the provisions of this Agreement. (B) The Grantee agrees that the covenants in this Section 22 are reasonable with respect to their duration, geographic area and scope. It
is the desire and intent of the parties that the provisions of this Section 22 shall be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if
any particular portion of this Section 22 shall be adjudicated to be invalid or unenforceable, this Section 22 shall be deemed amended to delete therefrom the portion thus adjudicated to be invalid or unenforceable, such deletion to apply only
with respect to the operation of this Section 22 in the particular jurisdiction in which such adjudication is made.
IN WITNESS WHEREOF, Gaia and the Grantee have executed this Agreement, effective as of the date first above written.
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Gaia, Inc.
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By:
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Name: Jirka Rysavy
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Title: Chairman and CEO
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GRANTEE
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Name: James Colquhoun
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