# EDGAR Filing Document

**Accession Number:** 0001850487
**File Stem:** 0001213900-23-012484
**Filing Date:** 2023-2
**Character Count:** 20975
**Document Hash:** 7e76584a9302fdd78cb7ec71d93a11a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-012484.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001213900-23-012484

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230215

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Termination of a Material Definitive Agreement

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Good Works II Acquisition Corp.
- **CENTRAL INDEX KEY:** 0001850487
- **STANDARD INDUSTRIAL CLASSIFICATION:** BLANK CHECKS [6770]
- **IRS NUMBER:** 852899919
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40585
- **FILM NUMBER:** 23639388

**BUSINESS ADDRESS:**
- **STREET 1:** 4265 SAN FELIPE, SUITE 603
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027
- **BUSINESS PHONE:** 713-468-2717

**MAIL ADDRESS:**
- **STREET 1:** 4265 SAN FELIPE, SUITE 603
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77027

?xml version="1.0" encoding="utf-8"?

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or Section 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): February 15, 2023**

**GOOD WORKS II ACQUISITION CORP. (Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-40585** | **86-2899919** |
| **(State or other jurisdiction of <br> incorporation or organization)** | **(Commission File Number)** | **(IRS Employer <br> Identification Number)** |

---

**4265 SAN FELIPE, SUITE 603**

**HOUSTON, texas 77027**

(Address of principal executive offices)

**(713) 468-2717** 

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name or former address, if changed since last report)

 ****

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation to the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on<br> which registered** |
| Common Stock, par value $0.0001 per share | GWII | The NASDAQ Stock Market LLC |
| Warrants, each whole warrant exercisable for one share of common stock at an exercise price of $11.50 per whole share | GWIIW | The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 1.01. Entry into a Material Definitive Agreement.**

The information set forth in Item 1.02 below is hereby incorporated by reference into this Item 1.01.

**Item 1.02. Termination of a Material Definitive Agreement.**

As previously disclosed in our Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on October 12, 2022, Good Works II Acquisition Corp., a Delaware corporation ("Good Works"), entered into a Business Combination Agreement (the "Business Combination Agreement"), by and among Good Works, Direct Biologics, Inc., a Delaware corporation, DB Merger Sub, Inc., a Delaware corporation, DB DRE LLC, a Delaware limited liability company, and Direct Biologics, LLC, a Wyoming limited liability company.

*Termination of Business Combination Agreement*

On February 15, 2023, the parties to the Business Combination Agreement entered into a mutual Termination Agreement (the "Termination Agreement") which immediately terminated the Business Combination Agreement. The Termination Agreement contained customary mutual releases and covenants not to sue.

The foregoing description of the Termination Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the Termination Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Termination Agreement, dated February 15, 2023](ea173798ex10-1_goodworks2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURE**

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 hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **GOOD WORKS II ACQUISITION CORP.** | **GOOD WORKS II ACQUISITION CORP.** |
| Date: February 16, 2023 | By: | /s/ Cary Grossman |
|  | Name: | Cary Grossman |
|  | Title: | President, CEO and CFO |

---

## Exhibit 10.1

**Exhibit 10.1**

**TERMINATION AGREEMENT**

This tERMINATION AGREEMENT (this "<u>Agreement</u>") is effective as of February 15, 2023 (the "<u>Effective Date</u>"), by and among Good Works II Acquisition Corp., a Delaware corporation ("<u>Good Works</u>"), Direct Biologics, Inc., a Delaware corporation ("<u>Company Topco</u>"), DB Merger Sub, Inc., a Delaware corporation ("<u>Company Merger Sub</u>"), DB DRE LLC, a Delaware limited liability company ("<u>DRE LLC</u>"), and Direct Biologics, LLC, a Wyoming limited liability company (the "<u>Company</u>"). Good Works, the Company, Company Topco, Company Merger Sub, and DRE LLC shall each individually be referred to herein as a "<u>Party</u>" and, collectively as the "<u>Parties</u>". The Company, Company Topco, Company Merger Sub, and DRE LLC shall each individually be referred to herein as a "<u>Company Party</u>" and, collectively as the "<u>Company Parties</u>" Reference is made to that certain Business Combination Agreement, dated as of October 12, 2022, by and among the Parties (the "<u>Business Combination Agreement</u>") and capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Business Combination Agreement. In consideration of the mutual covenants and agreements hereinafter set forth and the mutual benefits to the Parties to be derived herefrom, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Termination of the Business Combination Agreement</u>. The Parties hereby agree (i) to terminate the Business Combination Agreement pursuant to <u>Section 10.1(a)</u> of the Business Combination Agreement by mutual consent of the Parties effective as of the Effective Date and (ii) that pursuant to <u>Section 10.02</u> of the Business Combination Agreement, the Business Combination Agreement shall become void, and there shall be no Liability or obligation under the Business Combination Agreement on the part of any Party, except as set forth in <u>Section 8.03(a)</u>, <u>Section 8.03(b)</u>, <u>Section 10.02</u> or <u>Article XI</u> of the Business Combination Agreement, and any corresponding definitions set forth in <u>Article I</u> of the Business Combination Agreement, which shall all survive the termination and remain valid and binding obligations of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Termination of the Ancillary Agreements</u>. The Parties acknowledge and agree that, effective as of the Effective Date, each of the Ancillary Agreements that have been entered into prior to the date hereof (other than the Confidentiality Agreement) shall be automatically terminated without further action on the part of the parties thereto and none of the provisions thereof shall be of any further force or effect, including provisions thereof, as the case may be, that by their terms would otherwise have survived such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Mutual Release; Covenant Not to Sue</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Good Works, on its own behalf and on behalf of its respective Related Parties, generally, irrevocably, unconditionally and completely releases and forever discharges each of the Company Parties and their respective former, present and future Related Parties (each party a "<u>Company Released Party</u>") from any and all claims, contentions, rights, debts, liabilities, demands, accounts, reckonings, obligations, duties, promises, costs, expenses (including attorneys' fees and costs), Liens, indemnification rights, damages (whether compensatory, punitive, or otherwise), losses, Actions and causes of action, in each case of the foregoing, of any kind whatsoever, whether due or owing in the past, present or future and whether based upon contract, tort, statute or any other legal or equitable theory of recovery, and whether known or unknown, suspected or unsuspected, asserted or unasserted, fixed or contingent, matured or unmatured (collectively "<u>Claims</u>"), arising, directly or indirectly, from any matter concerning, based upon, in connection with, or relating to any of the Transaction related matters, including (x) the Transaction Documents, (y) any breach, non-performance, action or failure to act by any of the Company Parties or any of their Related Parties under the Transaction Documents, and (z) the Transactions, the events leading to or relating to, or surrounding, the termination of the Transactions and the termination of the Transaction Documents (collectively, the "<u>Good Works Released Claims</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Company Parties on its own behalf and on behalf of its respective Related Parties, generally, irrevocably, unconditionally and completely releases and forever discharges each of Good Works and its respective former, present and future and direct and indirect Related Parties (each such party and each of the Company Released Parties, a "<u>Released Party</u>") from any and all Claims arising from any matter concerning, based upon, in connection with, or relating to, directly or indirectly, any of the Transaction related matters, including (x) the Transaction Documents, (y) any breach, non-performance, action or failure to act by Good Works or any of its Related Parties under the Transaction Documents, and (z) the Transactions, the events leading to or relating to, or surrounding, the termination of the Transactions and the termination of the Transaction Documents (other than the obligations of Sponsor pursuant to the Letter Agreement or the Confidentiality Agreement) (together with the Good Works Released Claims, the "<u>Released Claims</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is understood and agreed that clauses (a) and (b) of this <u>Section 3</u> are a full and final release covering the respective Released Claims of the Parties and their respective Related Parties relating, directly or indirectly, to any of the Transaction Matters or arising out of the Transaction Documents. Therefore, each of the Parties expressly waives any rights it may have under any statute or common law principle under which a general release does not extend to respective Released Claims that such Party does not know or suspect to exist in its favor at the time of executing the release in this Agreement, which if known by such Party would have affected such Party's agreement with the other Parties. In connection with such waiver and relinquishment, each Party acknowledges that such Party or such Party's attorneys or agents may hereafter discover Claims or facts in addition to or different from those which they now know or believe to exist with respect to the Released Claims, and which, if known on the date of the execution of this Agreement, might have materially affected such Party's decision to enter into and execute this Agreement, but that it is their respective intention hereby fully, finally and forever to settle and release all of their respective Released Claims. In furtherance of such intention, the respective releases herein given by the Parties shall be and remain in effect as full and complete releases with regard to their respective Released Claims notwithstanding the discovery or existence of any such additional or different Claim or fact. Each Party further agrees that by reason of the releases contained herein, such Party is expressly assuming the risk of such unknown Released Claims and agrees that this Agreement applies thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party, on behalf of itself and its Related Parties, hereby covenants to each other Party and their respective Released Parties not to, with respect to any Released Claim, directly or indirectly encourage or solicit or voluntarily assist or participate in any way in the filing, reporting or prosecution by such Party or its Related Parties or any third party of an Action against any other Party or its Released Parties relating to any Released Claim. Each Released Party may plead this Agreement as a complete bar to any Released Claim brought in derogation of this <u>Section 3(d)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this <u>Section 3</u> shall: (i) apply to any Action by any Party to enforce its respective rights or obligations pursuant to this Agreement; (ii) apply to any Action by any party thereto to enforce its respective rights or obligations pursuant to the Confidentiality Agreement or the Letter Agreement; or (iii) constitute a release by any Party for any Claim arising under this Agreement. The covenants contained in this <u>Section 3</u> shall survive the execution and delivery of this Agreement indefinitely regardless of any statute of limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations of the Parties</u>. Each Party represents and warrants to the other Parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement constitutes a valid and binding obligation of such Party, enforceable against such Party in accordance with its terms, subject to the Remedies Exceptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Party has full power and authority to execute, deliver and perform its obligations under this Agreement. The execution, delivery and performance by such Party of this Agreement have been duly and validly authorized by all necessary corporate or other action on the part of such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The execution and delivery of this Agreement by such Party does not, and the performance by such Party of the transactions contemplated by this Agreement does not: (i) conflict with or violate the Organizational Documents of such Party, (ii) conflict with or violate any Law applicable to such Party or by which any property or asset of such Party is bound or affected, or (iii) result in any breach of or constitute a default (or an event which, with notice or lapse of time or both, would become a default) under, or give to others any right of termination, amendment, acceleration or cancellation of, or result in the creation of a Lien (other than any Permitted Lien) on any property or asset of such Party pursuant to, any contract to which such Party is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither such Party nor any of its Related Parties has not heretofore assigned or transferred, or purported to assign or transfer, to any Person any Claim or cause of action released pursuant to clause (a) or (b) of <u>Section 3</u> applicable to such Party. There are no Liens or claims of Lien, or assignments in law or equity or otherwise, of or against any Claim or cause of action released pursuant to clause (a) or (b) of <u>Section 3</u> applicable to such Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Further Assurances</u>. Each Party shall, and shall cause its Related Parties to, cooperate with each other in the taking of all actions necessary, proper or advisable under this Agreement and applicable Laws to effectuate the terminations contemplated by this Agreement. Without limiting the generality of the foregoing, the Parties shall, and shall cause their respective Related Parties to, cooperate with each other in connection with the withdrawal of any applications to or termination of proceedings before any Governmental Authority, in each case to the extent applicable, in connection with the Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Entire Agreement; Successors and Assigns</u>. This Agreement constitutes the entire agreement among the Parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the Parties, or any of them, with respect to the subject matter hereof, except for the Confidentiality Agreement and the Letter Agreement. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and permitted assigns of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Miscellaneous Terms</u>. The provisions contained in Article I (Definitions), Section 10.03 (Expenses), Section 10.04 (Amendment), Section 10.05 (Waiver), Section 11.01 (Notices), Section 11.03 (Severability), Section 11.05 (Parties in Interest), Section 11.06 (Governing Law), Section 11.07 (Waiver of Jury Trial), 11.08 (Headings), Section 11.09 (Counterparts) and Section 11.10 (Specific Performance), in each case of the Business Combination Agreement are hereby incorporated by reference into this Agreement, *mutatis mutandis*, and made a part of this Agreement as if set forth fully herein.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

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| | |
|:---|:---|
| **GOOD WORKS II ACQUISITION CORP.** | **GOOD WORKS II ACQUISITION CORP.** |
| By | /s/ Cary Grossman |
| Name: | Cary Grossman |
| Title: | Chief Executive Officer |
| **DIRECT BIOLOGICS, LLC** | **DIRECT BIOLOGICS, LLC** |
| By | /s/ John Vacalis |
| Name: | John Vacalis |
| Title: | CLO & EVP |
| **DB Merger Sub, Inc.** | **DB Merger Sub, Inc.** |
| By | /s/ John Vacalis |
| Name: | John Vacalis |
| Title: | CLO & EVP |
| **Direct Biologics, Inc.** | **Direct Biologics, Inc.** |
| By | /s/ John Vacalis |
| Name: | John Vacalis |
| Title: | CLO & EVP |
| **DB DRE, LLC** | **DB DRE, LLC** |
| By | /s/ John Vacalis |
| Name: | John Vacalis |
| Title: | CLO & EVP |

---

*[Signature Page to Termination Agreement]*