Document:

Exhibit 10.5

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

VIRPAX PHARMACEUTICALS, INC.

 

This Restricted Stock Unit
Award Agreement (the “Agreement” or “Award Agreement”), dated as of the “Award Date”
set forth in the attached Exhibit A, is entered into between Virpax Pharmaceuticals, Inc., a Delaware corporation (the “Company”),
and the individual named in Exhibit A hereto (the “Awardee”).

 

WHEREAS, the Company desires
to provide the Awardee an incentive to participate in the success and growth of the Company through the opportunity to earn a proprietary
interest in the Company; and

 

WHEREAS, to give effect to
the foregoing intention, the Company desires to award the Awardee Restricted Stock Units pursuant to the Virpax Pharmaceuticals, Inc.
2022 Equity Incentive Plan (the “Plan”);

 

NOW, THEREFORE, the following
provisions apply to this Award:

 

1. Award.
The Company hereby awards the Awardee the number of Restricted Stock Units (each an “RSU” and collectively the “RSUs”)
set forth in Exhibit A. Such RSUs shall be subject to the terms and conditions set forth in this Agreement and the provisions of
the Plan, the terms of which are incorporated herein by reference. Capitalized terms used but not otherwise defined herein shall have
the meanings as set forth in the Plan.

 

2. Vesting.
Except as otherwise provided in this Agreement, the RSUs shall vest in accordance with the vesting schedule set forth in Exhibit A,
provided that the Awardee remains in Continuous Service through the applicable vesting date.

 

For each RSU that becomes
vested in accordance with this Agreement, the Company shall issue and deliver to Awardee, on or within ten (10) business days after becoming
vested, one share of the Company’s common stock, par value $.00001 per share (the “Common Stock”). Except as
provided above, in the event that the Awardee ceases to be in Continuous Service, any RSUs that have not vested as of the date of such
cessation of service shall be forfeited.

 

3. Dividend
Equivalent Units. If and to the extent that the Company pays a cash dividend with respect to the Common Stock, Awardee shall be credited
with an additional number of RSUs (“Dividend Equivalent Units”), including a fractional Dividend Equivalent Unit if
applicable, equal to (i) the amount of such dividends as would have been paid with respect to Awardee’s outstanding RSUs on the
record date of such dividend (the “record date”) had each such outstanding RSU been an outstanding share of Common
Stock on such record date, divided by (ii) the closing price of a share of Common Stock on such record date. Dividend Equivalent Units
shall be subject to the same vesting terms and conditions as the RSUs to which they relate.

 

     

     

    

 

4. No
Rights as Stockholder. The Awardee shall not be entitled to any of the rights of a stockholder with respect to any share of Common
Stock that may be acquired following vesting of an RSU unless and until such share of Common Stock is issued and delivered to the Awardee.
Without limitation of the foregoing, the Awardee shall not have the right to vote any share of Common Stock to which an RSU relates and
shall not be entitled to receive any dividend attributable to such share of Common Stock for any period priot to the issuance and delivery
of such share to Awardee (but Awardee shall have dividend equivalent rights as provided in Section 3 above).

 

5. Transfer
Restrictions. Neither this Agreement nor the RSUs may be sold, assigned, pledged or otherwise transferred or encumbered without the
prior written consent of the Committee.

 

6. Government
Regulations. Notwithstanding anything contained herein to the contrary, the Company’s obligation hereunder to issue or deliver
certificates evidencing shares of Common Stock shall be subject to the terms of all applicable laws, rules and regulations and to such
approvals by any governmental agencies or national securities exchanges as may be required.

 

7. Withholding Taxes.
The Awardee shall pay to the Company, or make provision satisfactory to the Company for payment of, the minimum
statutory amount required to satisfy all federal, state and local income tax withholding requirements and the Awardee’s
share of applicable employment withholding taxes in connection with the issuance and deliverance of shares of Common Stock following
vesting of RSUs, in any manner permitted by the Plan. No shares of Common Stock shall be issued with respect to RSUs unless and until
satisfactory arrangements acceptable to the Company have been made by the Awardee with respect to the payment of any income and other
taxes which the Company determines must be withheld or collected with respect to the RSUs.

 

8. Investment
Purpose. Any and all shares of Common Stock acquired by the Awardee under this Agreement will be acquired for investment for the Awardee’s
own account and not with a view to, for resale in connection with, or with an intent of participating directly or indirectly in, any distribution
of such shares of Common Stock within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).
The Awardee shall not sell, transfer or otherwise dispose of such shares unless they are either (1) registered under the Securties Act
and all applicable state securities laws, or (2) exempt from such registration in the opinion of Company counsel.

 

9. Securities
Law Restrictions. Regardless of whether the offering and sale of shares of Common Stock issuable to Awardee pursuant to this Agreement
and the Plan have been registered under the Securities Act, or have been registered or qualified under the securities laws of any state,
the Company at its discretion may impose restrictions upon the sale, pledge or other transfer of such shares of Common Stock (including
the placement of appropriate legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the
Company, such restrictions are necessary in order to achieve compliance with the Securities Act or the securities laws of any state or
any other law.

 

    -2-

     

    

 

10. Lock-Up
Agreement. The Awardee, in the event that any shares of Common Stock which become deliverable to Awardee with respect to RSUs at a
time during which any directors or officers of the Company have agreed with one or more underwriters not to sell securities of the Company,
shall enter into an agreement, in form and substance satisfactory to the Company, pursuant to which the Awardee shall agree to restrictions
on transferability of the shares of such Common Stock comparable to the restrictions agreed upon by such directors or officers of the
Company.

 

11. Awardee
Obligations. The Awardee should review this Agreement with his or her own tax advisors to understand the federal, state, local and
foreign tax consequences of the transactions contemplated by this Agreement. The Awardee will rely solely on such advisors and not on
any statements or representations of the Company or any of its agents, if any, made to the Awardee. The Awardee (and not the Company)
shall be responsible for the Awardee’s own tax liability arising as a result of the transactions contemplated by this Agreement.

 

12. No
Guarantee of Continued Service. The Awardee acknowledges and agrees that (i) nothing in this Agreement or the Plan confers on the
Awardee any right to continue an employment, service or consulting relationship with the Company, nor shall it affect in any way the Awardee’s
right or the Company’s right to terminate the Awardee’s employment, service, or consulting relationship at any time, with
or without cause, subject to any employment or service agreement that may have been entered into by the Commpany and the Awardee; and
(ii) the Company would not have granted this Award to the Awardee but for these acknowledgements and agreements.

 

13. Notices.
Notices or communications to be made hereunder shall be in writing and shall be delivered in person, by registered mail, by confirmed
facsimile or by a reputable overnight courier service to the Company at its principal office or to the Awardee at his or her address contained
in the records of the Company. Alternatively, notices and other communications may be provided in the form and manner of such electronic
means as the Company may permit.

 

14. Entire
Agreement; Governing Law. The Plan is incorporated herein by reference. The Plan and this Award Agreement constitute the entire Agreement
with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the
Awardee with respect to the subject matter hereof, and except as provided in the Plan or in this Agreement, may not be modified adversely
to the Awardee’s interest except by means of a writing signed by the Company and the Awardee. In the event of any conflict between
this Award Agreement and the Plan, the Plan shall be controlling. This Award Agreement shall be construed under the laws of the State
of Delaware, without regard to conflict of laws principles.

 

15. Opportunity
for Review. Awardee and the Company agree that this Award is granted under and governed by the terms and conditions of the Plan and
this Award Agreement. The Awardee has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the
advice of counsel prior to accepting this Award Agreement and fully understands all provisions of the Plan and this Award Agreement. The
Awardee hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Committee upon any questions
relating to the Plan and this Award Agreement. The Awardee further agrees to notify the Company upon any change in Awardee’s residence
address.

 

    -3-

     

    

 

16. Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Company and the Awardee and their respective permitted
successors, assigns, heirs, beneficiaries and representatives.

 

17. Section
409A Compliance. To the extent that this Agreement and the award of RSUs hereunder are or become subject to the provisions of Section
409A of the Code, the Company and the Awardee agree that this Agreement may be amended or modified by the Company, in its sole discretion
and without the Awardee’s consent, as appropriate to maintain compliance with the provisions of Section 409A of the Code.

 

18. Recoupment.
In the event the Company restates its financial statements due to material noncompliance with any financial reporting requirements under
applicable securities laws, any payments made or shares issued pursuant to this Agreement for or in respect of the year that is restated,
or the prior three years, may be recovered to the extent the payments made or shares issued exceed the amount that would have been paid
or issued based on the restatement. In addition and without limitation of the foregoing, any amounts paid hereunder shall be subject to
recoupment in accordance with The Dodd–Frank Wall Street Reform and Consumer Protection Act and any implementing regulations thereunder,
any clawback policy adopted by the Company or as is otherwise required by applicable law or stock exchange listing conditions.

 

[Signature Page Follows]

 

    -4-

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of the date set forth in Exhibit A.

 

 

	 	VIRPAX PHARMACEUTICALS, INC.
	 	 
	 	 
	 	By:	 
	 	 	Name:                          
	 	 	Title:
	 	 
	 	AWARDEE
	 	 	 
	 	 
	 	Name: 	 

 

    -5-

     

    

 

EXHIBIT
A

 

VIRPAX PHARMACEUTICALS, INC.

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

  

 (a). Awardee’s
Name: ______________________________________ 

 

(b). Award Date: ______________________

 

 (c). Number of Restricted Stock Units
Granted:  _____________________________

 

(d). Vesting
Schedule: 

 

_______ (Initials)

Awardee

 

_______ (Initials)

Company Signatory

 

 

-6-Exhibit 4.1

         

        

        Execution Version 

          

        

        FIRST SUPPLEMENTAL INDENTURE, dated as of July 25, 2022 (this “Supplemental Indenture”), to the Indenture (as defined below), between FTAI Infra Escrow Holdings, LLC, a Delaware limited liability company (the “Issuer”), and
          U.S. Bank Trust Company, National Association, as Trustee (the “Trustee”) and collateral agent (the “Notes Collateral Agent”).

         

        W I T N E S S E T H

         

        WHEREAS, the Issuer has executed and delivered to the Trustee and the Notes Collateral Agent an indenture
          (the “Indenture”), dated as of July 7, 2022, providing for the issuance of 10.500% senior secured notes due 2027 (the “Notes”);

         

        WHEREAS, the Issuer wishes to issue $50,000,000 in aggregate principal amount of the Notes (the “Additional Notes”) as “Additional Notes” under the Indenture; and

         

        WHEREAS, pursuant to Sections 2.01, 2.02 and 9.01(9) of the Indenture, the Issuer, the Trustee and the Notes
          Collateral Agent may supplement the Indenture to provide for the issuance of Additional Notes without the consent of the Holders.

         

        NOW, THEREFORE, the Issuer, the Trustee and the Notes Collateral Agent agree as follows for the benefit of
          each other and for the equal and ratable benefit of the Holders of the Additional Notes:

         

        SECTION 1.  Definitions.  Unless otherwise
          provided herein, the capitalized terms used and not defined herein have the meanings ascribed to such terms in the Indenture.

         

        SECTION 2.  Additional Notes.  The Additional
          Notes are hereby issued under the Indenture, will accrue interest from and including July 7, 2022 and shall be subject to the restrictions on transfer contained in the Indenture and in the Private Placement Legend.  The Special Mandatory
          Redemption Price with respect to the Additional Notes shall be 100% of the initial issue price of the Additional Notes (excluding for such purpose the amount of accrued interest on the Additional Notes from July 7, 2022 to the date hereof) plus accrued and unpaid interest from the Issue Date to, but excluding, the Special Mandatory Redemption Date.

         

        SECTION 3.  Governing Law.  THIS SUPPLEMENTAL
          INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THAT THE APPLICATION OF THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED
          THEREBY.

         

        SECTION 4.  Waiver of Jury Trial.  EACH OF THE
          ISSUER, THE TRUSTEE AND THE NOTES COLLATERAL AGENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE.

         

        
          1

          
            

        

        SECTION 5.  Benefits of Supplemental Indenture. 

          Nothing in this Supplemental Indenture shall give to any Person, other than the parties hereto, any Paying Agent, any Transfer Agent, any Registrar and its successors hereunder and the Holders any benefit or any legal or equitable right, remedy
          or claim under this Supplemental Indenture.

         

        SECTION 6.  Successors.  All agreements of the
          Issuer in this Supplemental Indenture shall bind its successors.  All agreements of the Trustee or any Agent in this Supplemental Indenture shall bind its successors.

         

        SECTION 7.  Severability.  In case any
          provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

         

        SECTION 8.  Counterpart Originals.  The parties
          may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original, but all of them together represent the same agreement.  The exchange of copies of this Supplemental Indenture and of signature pages by
          facsimile or .pdf transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes.

         

        [Signatures on following page]

         

        
          2

          
            

        

        IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as
          of the date first above written.

         

        	
                FTAI INFRA ESCROW HOLDINGS, LLC, as Issuer

              
	 
	
                By:

              	
                /s/ Joseph P. Adams, Jr.

              	 
	 	
                Name:   Joseph P. Adams, Jr.

              
	 	
                Title:     President

              

         

        

         

        

         

        

         

        

         

        

         

        

         

        

        
          
            
              [Signature Page to First Supplemental Indenture]

            

          

          
            

        

        	
                U.S. BANK NATIONAL ASSOCIATION, as Trustee and as Notes Collateral Agent

              
	 
	
                By:

              	
                /s/ Joshua A. Hahn

              	 
	 	
                Name:     Joshua A. Hahn

              
	 	
                Title:      Vice President

              

        

        

        

        

         [Signature Page to First Supplemental Indenture]

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