Document:

Exhibit 10.5.1

 

Final form of 

 

REVOLVING CREDIT NOTE

 

	$___________	May 11, 2018
	 	New York, New York

 

FOR VALUE RECEIVED,
each of the undersigned (each, a “Borrower”, and collectively, the “Borrowers”) promises
to pay to the order of _____________ (“Payee”; Payee, together with any other holder hereof, sometimes referred
to herein as the “Holder”), at the office of Agent (as defined below), located at _______________ or at such
other place located in the United States of America as Payee may from time to time designate to Borrower Representative in writing,
the principal sum of ___________ ($_________), or such lesser amount as may be outstanding under Revolving Advances made pursuant
to the Credit Agreement (defined below), at such time or times as are provided in the Credit Agreement (defined below) and, in
any event, on the last day of the Term, subject to acceleration upon the occurrence of an Event of Default under the Credit Agreement
or earlier termination of the Credit Agreement pursuant to the terms thereof, together with interest on the unpaid principal balance
hereof from the date hereof until the payment in full of this Revolving Credit Note (this “Note”) at the rate
specified with respect to the Revolving Advances in the Credit Agreement, payable at the times and in the manner provided in the
Credit Agreement.

 

It is contemplated that
the principal sum evidenced hereby may be reduced from time to time as a result of the repayment of Revolving Advances and that
additional Revolving Advances may be made from time to time but not to exceed the Maximum Revolving Amount, as provided in the
Credit Agreement.

 

This Note is a “Revolving
Credit Note” issued to evidence the Revolving Advances being made available by Payee to Borrowers pursuant to the provisions
of the Credit and Security Agreement, dated of even date herewith (herein, as at any time amended, restated, amended and restated,
modified or supplemented, called the “Credit Agreement”; capitalized terms used herein and not defined herein
having the meanings assigned to them in the Credit Agreement), among Borrowers, the other Loan Parties from time to time party
thereto, the Lenders from time to time party thereto, BANKWELL BANK, a Connecticut state non-member bank, individually, as a Lender
thereunder and as co-syndication agent (“Co-Syndication Agent”), and WEBSTER BUSINESS CREDIT CORPORATION, a
New York corporation (“WBCC”), individually, as Lender thereunder and as agent for itself and each other Lender
Party (WBCC, acting in such agency capacity, “Agent”) to which reference is hereby made for a statement of the
terms, conditions and covenants under which the indebtedness evidenced hereby was made and is to be repaid, including, but not
limited to, those related to voluntary or mandatory prepayment of the indebtedness represented hereby, to the maturity of the indebtedness
represented hereby upon the termination of the Credit Agreement and to the interest rate payable at the times and in the manner
provided in the Credit Agreement. In no event, however, shall interest exceed the maximum interest rate permitted by law. Upon
and after the occurrence of an Event of Default, and during the continuation thereof, interest shall be payable at the Default
Rate.

 

     

     

    

 

Payment of this Note
is secured by the Collateral and Holder is entitled to the benefit of the Credit Agreement and any Other Document at any time delivered
in connection with the foregoing to secure the Obligations, and is subject to all of the agreements, terms and conditions therein
contained.

 

If an Event of Default
under any of Sections 11.7, 11.8 or 11.9 of the Credit Agreement shall occur, then this Note shall immediately become due and payable,
without notice, together with reasonable attorneys’ fees if the collection hereof is placed in the hands of an attorney to
obtain or enforce payment hereof. If any other Event of Default shall occur under the Credit Agreement or any of the Other Documents,
which is not cured within any applicable grace period, then this Note may, as provided in the Credit Agreement, be declared to
be immediately due and payable, without notice, together with reasonable attorneys’ fees, if the collection hereof is placed
in the hands of an attorney to obtain or enforce payment hereof.

 

PURSUANT TO SECTION 5-1401
OF THE NEW YORK GENERAL OBLIGATIONS LAW, THIS NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH,
THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES.

 

Each Borrower hereby
waives presentment, demand for payment, protest and notice of protest, notice of dishonor and all other notices in connection with
this Note.

 

[Signature page to follow]

  

     2

     

    

 

WITNESS THE DUE EXECUTION
HEREOF BY THE DULY AUTHORIZED OFFICER OF THE UNDERSIGNED AS OF THE DATE FIRST ABOVE WRITTEN.

 

	 	“BORROWER”
	 	 	 
	 	SACHEM CAPITAL CORP.
	 	 	 
	 	 	 
	 	By:	                     
	 	Name: 	 
	 	Title:	 

 

    
[Signature Page to Revolving Credit Note]Exhibit 10.1

 

***FORM***

 

AEVI
GENOMIC MEDICINE, INC.

 

Stock
Incentive Plan

 

Non-Qualified
Stock Option Award Terms

 

The Participant specified below has been
granted this Non-Qualified Option (the “Option”) by Aevi Genomic Medicine,
Inc., a Delaware corporation (the “Company”), under the terms of the Aevi
Genomic Medicine, Inc. Stock Incentive Plan, as amended from time to time (the “Incentive Plan”). 
The Option shall be subject to the Incentive Plan as well as the following terms and conditions (the “Option Terms”):

 

Terms of Award.  The
following words and phrases relating to the grant of the Option shall have the following meanings:

 

The “Participant” is XXXXX.

 

The “Date of Grant” is
DATE.

 

The number of “Covered Shares”
is XXX shares of Common Stock.

 

The “Exercise Price” is
$X, the Closing Price of Stock on the Date of Grant.

 

Except for terms otherwise defined in the
Option Terms, any capitalized term in the Option Terms shall have the meaning ascribed to that term under the Incentive Plan.

 

Non-Qualified Stock Option. 
The Option is intended to be a Non-qualified Stock Option and not intended to constitute an “incentive stock
option” as that term is used in Code section 422.

 

Date of Exercise.  Subject
to the limitations of the Option Terms, each installment of Covered Shares
(“Installment”) shall become vested and exercisable on and after the “Vesting Date” for such
Installment as described in the following schedule (but only if the Participant’s Termination of Service has not occurred
before the Vesting Date):

 

	INSTALLMENT	 	VESTING
    DATE

    APPLICABLE TO INSTALLMENT
	XXX	 	Year Anniversary of Date of Grant
	XXX	 	2nd Year Anniversary of Date of Grant
	XXX	 	3rd Year Anniversary of Date of Grant

 

Notwithstanding the foregoing provisions of
this 0, the Option shall become fully exercisable upon a Change in Control that occurs on or before the Participant’s
Termination of Service.

 

The Option may be exercised on or after the
Participant’s Termination of Service for any reason other than for Cause only as to that portion of the Covered Shares for
which it was exercisable immediately prior to the Participant’s Termination of Service, or became exercisable on the date
of the Participant’s Termination of Service.

 

Expiration.  The Option
shall not be exercisable after the Company’s close of business on the last business day that occurs prior to the Expiration
Date.  The “Expiration Date” shall be the earliest to occur of:

 

10 years after date of grant; or

 

    	 	-1-	 

     

    

 

the twelve (12) month anniversary of the Participant’s
Termination of Service if such termination occurs due to death or Disability; or

 

the 90th day following Participant’s
Termination of Service if such termination occurs for any reason other than death, Disability or Cause; or

 

the effective date of a Termination of Service
where such Termination of Service is for Cause.

 

For purposes of this Agreement, “Cause”
shall have the meaning set forth in the employment agreement entered into by and between the Participant and the Company, if any.
In the absence of any such agreement, “Cause” shall mean (1) any act by the Participant of (A) fraud or intentional
misrepresentation, or (B) embezzlement, misappropriation or conversion of assets or opportunities of the Company or any Affiliate,
or (2) any willful violation of any law, rule or regulation in connection with the performance of the Participant’s duties
(other than traffic violations or similar offenses), or (3) with respect to any employee of the Company or any Affiliate, commission
of any act of moral turpitude or conviction of a felony, or (4) the willful or negligent failure of the Participant to perform
his duties in any material respect.

 

Method of Option Exercise. 
Subject to the Option Terms and the Incentive Plan, the Option may be exercised in whole or in part by filing a written notice
with the Secretary of the Company at its corporate headquarters prior to the Company’s close of business on the last business
day that occurs prior to the Expiration Date.  Such notice shall specify the number of shares of Common Stock which the Participant
elects to purchase, and shall be accompanied by payment of the Exercise Price for such shares of Common Stock indicated by the
Participant’s election. Payment may be by cash or, subject to limitations imposed by applicable law, by such means as the
Committee from time to time may permit, provided that payment may be made by a net exercise such that, without the payment of funds,
the Participant may exercise the Option and receive the net number of shares of Common Stock equal in value to (a) the number of
shares as to which the Option is being exercised, multiplied by (b) a fraction, the numerator of which is the closing sales price
of a share of Common Stock on the NASDAQ Global Market on the date of exercise less the Exercise Price, and the denominator of
which is such closing sales price (the number of net shares to be received shall be rounded down to the nearest whole number of
shares).  The Option shall not be exercisable if and to the extent the Company determines that such exercise would violate
applicable state or federal securities laws or the rules and regulations of any securities exchange on which the Common Stock is
traded and shall not be exercisable during any blackout period established by the Company from time to time.

 

Withholding.  The exercise
of the Option, and the Company’s obligation to issue shares of Common Stock upon exercise, is subject to withholding of all
applicable taxes. As permitted by the Committee from time to time, such withholding obligations may be satisfied at the election
of the Participant (a) through cash payment by the Participant, (b) through the surrender of shares of Common Stock that the Participant
already owns or (c) through the surrender of shares of Common Stock to which the Participant is otherwise entitled under the Incentive
Plan; provided, however, that except as otherwise specifically provided by the Committee, such shares under clause
(c) may not be used to satisfy more than the Company’s minimum statutory withholding obligation.

 

Transferability.  The
Option, or any portion thereof, is not transferable except as designated by the Participant by will or by the laws of descent and
distribution or pursuant to a domestic relations order. Except as provided in the immediately preceding sentence, the Option shall
not be assigned, transferred, pledged, hypothecated or otherwise disposed of by the Participant in any way whether by operation
of law or otherwise, and shall not be subject to execution, attachment or similar process. Any attempt at assignment, transfer,
pledge, hypothecation or other disposition of the Option contrary to the provisions hereof, or the levy of any attachment or similar
process upon the Option, shall be null and void and without effect.

 

Heirs and Successors.  The
Option Terms shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person
acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets
and business. If any rights of the Participant or benefits distributable to the Participant under the Option Terms have not been
exercised or distributed, respectively, at the time of the Participant’s death, such rights shall be exercisable by the Beneficiary,
and such benefits shall be distributed to the Beneficiary, in accordance with the provisions of the Option Terms and the Incentive
Plan. The “Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing
filed with the Committee in such form and at such time as the Committee may require. The designation of beneficiary form may be
amended or revoked from time to time by the Participant in accordance with such procedures as may be established by the Committee.
If a Participant fails to designate a Beneficiary, or if the Beneficiary does not survive the Participant, any rights that would
have been exercisable by the Participant and any benefits distributable to the Participant shall be exercised by or distributed
to the legal representative of the estate of the Participant. If a Participant designates a beneficiary and the Beneficiary survives
the Participant but dies before the Beneficiary’s exercise of all rights under the Option Terms or before the complete distribution
of benefits to the Beneficiary under the Option Terms, then any rights that would have been exercisable by the Beneficiary shall
be exercised by the legal representative of the estate of the Beneficiary, and any benefits distributable to the Beneficiary shall
be distributed to the legal representative of the estate of the Beneficiary.

 

    	 	-2-	 

     

    

 

Administration.  The
authority to manage and control the operation and administration of the Option Terms and the Incentive Plan shall be vested in
the Committee, and the Committee shall have all powers with respect to the Option Terms as it has with respect to the Incentive
Plan. Any interpretation of the Option Terms or the Incentive Plan by the Committee and any decision made by it with respect to
the Option Terms or the Incentive Plan are final and binding on all persons.

 

Incentive Plan Governs. Notwithstanding
anything in the Option Terms to the contrary, the Option Terms shall be subject to the terms of the Incentive Plan, a copy of which
may be obtained by the Participant from the Secretary of the Company; and the Option Terms are subject to all interpretations,
amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Incentive Plan. Notwithstanding
anything in the Option Terms to the contrary, in the event of any discrepancy between the corporate records of the Company and
the Option Terms, the corporate records of the Company shall control.

 

Not An Employment Contract. The
Option does not confer on the Participant any right with respect to continuance of employment or other service with the Company
or any Affiliate, nor shall it interfere in any way with any right the Company or any Affiliate would otherwise have to terminate
or modify the terms of such Participant’s employment or other service at any time.

 

No Rights As Shareholder. 
The Participant shall not have any rights of a shareholder with respect to the Covered Shares subject to the Option until a
stock certificate has been duly issued following exercise of the Option as provided herein.

 

Amendment.  The Option
Terms may be amended in accordance with the provisions of the Incentive Plan, and may otherwise be amended by written agreement
of the Participant and the Company without the consent of any other person.

 

Validity.  If any provision
of the Option Terms is determined to be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining
parts hereof, but the Option Terms shall be construed and enforced as if such illegal or invalid provision had never been included
herein.

 

Section 409A Amendment. The
Committee reserves the right (including the right to delegate such right) to unilaterally amend the Option Terms and the Incentive
Plan without the consent of the Participant to maintain compliance with Code Section 409A. The Participant’s acceptance of
the Option constitutes acknowledgement and consent to such rights of the Committee.

 

Clawback. The Option and any
amount or benefit received under the Incentive Plan shall be subject to potential cancellation, recoupment, rescission, payback
or other similar action in accordance with the terms of any applicable Company clawback policy (the “Policy”)
or any applicable law. The Participant’s acceptance of the Option constitutes acknowledgement and consent to the Company’s
application, implementation and enforcement of (a) the Policy and any similar policy established by the Company that may apply
to the Participant and (b) any provision of applicable law relating to cancellation, rescission, payback or recoupment of compensation,
as well as the Participant’s express agreement that the Company may take such actions as are necessary to effectuate the
Policy, any similar policy and applicable law, without further consideration or action.

 

IN WITNESS WHEREOF, the Company has
caused the Option Terms to be executed in its name and on its behalf, and the Participant acknowledges understanding and acceptance
of, and agrees to, the terms of the Option Terms, all as of the Date of Grant.

 

    	 	-3-	 

     

    

 

	PARTICIPANT	 	AEVI GENOMIC MEDICINE, INC.,
	 	 	 	 
	 	 	By:	 
	Signature	 	Its: 	 
	 	 	 	 
	 	 	 	 
	Print Name	 	 	 

 

    	 	-4-

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