Document:

EdgarFiling

Exhibit 10.3

 

 

For Settlement Purposes Only-Without Prejudice

 

CONSULTING AGREEMENT

 

THIS CONSULTING AGREEMENT (the "Agreement") dated December 2, 2019

 

AMONG:

 

 

Zomedica Pharmaceuticals Corp.,

a corporation formed and governed under the laws
of the Province of Alberta, with a municipal address of 100 Phoenix Dr. Suite 190, Ann Arbor, Ml 48108 (the "Parent'')

 

-AND-

 

Zomedica Pharmaceuticals, Inc.,

a corporation formed and governed under the laws of
the State of Delaware, with a municipal address of 100 Phoenix Dr. Suite 190, Ann Arbor, Ml 48108 (the "Company")

 

-AND-

 

Gerald Solensky Sr.,

an individual residing at

4764 Old Orchard Trail, Orchard Lake Village, MI
48324

(the "Contractor"),

BACKGROUND:

 

		A.	The Contractor previously served as an officer of the Company and the Parent and was employed
by the Parent pursuant to an agreement dated on or about December 1, 2016, as amended, hereinafter referred to as "Employment
Agreement"

 

		B.	The Contractor has tendered his resignations as an officer of the Company and the Parent.

 

		C.	The Employment Agreement has been terminated and all amounts owing thereunder (whether by contract
or operation of law) will be settled in full.

 

		D.	The Company believes the Contractor has the necessary qualifications, experience and abilities
to provide certain services to the Company, as set forth in this Agreement.

 

		E.	The Contractor is agreeable to providing the Services described herein to the Company on the
terms and conditions set out in this Agreement

 

IN CONSIDERATION OF the matters described above and
of the mutual benefits and obligations set forth in this Agreement, the receipt and sufficiency of which considerations is hereby
acknowledged, the Parent, the Company and the Contractor (individually the "Party" and collectively the "Parties"
to this Agreement) agree as follows:

 

     

     

    

Services Provided

 

		1.	The Company hereby agrees to engage the Contractor as an independent contractor to provide the
Company with professional and advisory services as may reasonably be requested by the Chief Executive Officer or Chairman, and
as may be agreed upon by Contractor (the “Services”). Services may include advice and assistance in relation to the
transition of the Company and the Parent to a new Chief Executive Officer. In providing the Services, the Contractor shall act
in good faith with due care, skill and diligence and shall provide the Services in a timely fashion in accordance with reasonable
requirements of the Company.

 

Terms of Agreement

 

		2.	The term of this Agreement (the "Term") will begin on the date this Agreement is signed
by all Parties.

		3.	In the event that any Party wishes to terminate this Agreement at any time, the Party will be
required to provide 10 days written notice to the other Party, following which this Agreement shall be deemed to have been terminated;
provided that the Parent and the Company may not exercise this termination right prior to December 21, 2020.

		4.	The parties will adhere to the terms of the Separation Agreement between Consultant and the Parent
dated December 2, 2019, and nothing in this Agreement supersedes or replaces any term or provision of the Separation Agreement
or any provision of the Employment Agreement that survives termination of the Employment Agreement.

 

Currency

 

		5.	Except as otherwise provided in this Agreement, all monetary amounts referred to in this Agreement
are in US Dollars.

 

Compensation

 

		6.	For the Services rendered by the Contractor as required by this Agreement, the Company will
provide compensation (the "Compensation") to the Contractor of $150 per hour.

 

		7.	The Company will be invoiced monthly.

 

		8.	The Contractor shall be responsible for all taxes payable as a result of the provision of the
Services or which arise out of this Agreement.

 

		9.	Invoices submitted by the Contractor to the Company are due within 60 days of receipt.

 

Reimbursement of Expenses

 

		10.	The Contractor will be reimbursed for any expenses, including travel, supplies and fees reasonably
incurred in connection with providing the Services under this Agreement with prior approval from the Company (such approval not
to be unreasonably withheld).

 

    -2-

     

    

Return of Property

 

		11.	Upon the expiry or termination of this Agreement, or upon the written request of the Company,
the Contractor shall return to the Company any property, documents, records, or confidential information which is the property
of the Company or the Parent.

 

Confidentiality and Non-Competition

 

		12.	The Parties agree that:

 

(a)       the confidentiality
obligations of the Executive (as defined in the Employment Agreement) as provided in Article 10 of the Employment Agreement shall
apply, mutatis mutandis, to the Contractor under this Agreement; and

 

(b)        the
non-solicitation provisions in Article 11 of the Employment Agreement shall continue to apply in accordance with their terms, and
shall not be modified as a result of this Agreement.

 

Capacity/lndependent Contractor

 

		13.	In providing the Services under this Agreement, it is expressly agreed that
the Contractor is acting as an independent contractor and not as an employee. The Contractor and the Company acknowledge that this
Agreement does not create a partnership or joint venture between them, and is exclusively a contract for service. Neither party
to this Agreement has any authority to bind or commit the other without that party's prior written consent nor will one party's
acts or omissions be deemed the acts of the other. The Company shall carry no workers' compensation insurance or any health or
accident insurance to cover Contractor. The Company shall not pay any contributions to Social Security, unemployment insurance,
international, federal, state, or local withholding taxes, or provide any other contributions or benefits that might be expected
in an employer-employee relationship and Contractor expressly waives any right to such participation or coverage.

 

Notices

 

		14.	All notices, requests, demands or other communications required or permitted by the terms of
this Agreement will be given in writing and delivered to the Parties of this Agreement as follows:

 

		a.	Zomedica Pharmaceuticals, Corp. 100 Phoenix Dr. Suite 190

Ann Arbor, Ml 48108

 

		b.	Gerald Solensky Jr.

4764 Old Orchard Trail

Orchard Lake Village, MI 48324

 

Or to such other address as any Party may from time to
time notify the other.

 

    
-3-

     

    

Miscellaneous

 

		15.	This Agreement (a) shall be governed by and construed in accordance with the laws of the State
of Michigan, and the Parties irrevocably attorn to the jurisdiction of courts of competent jurisdiction in the State of Michigan,
(b) may not be assigned, amended, waived or modified except by a writing signed by each Party (or, with respect to a waiver, the
Party against whom such waiver is asserted), (c) may be executed in any number of counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument, (d) represents the entire agreement between the
Parties with respect to the subject matter of this Agreement, (e) is not intended to be enforceable by any person who is not a
Party to this Agreement, (f) shall be binding upon the Parties and their respective heirs, administrators, successors and permitted
assigns; and (g) shall be deemed the work product of both Parties, and may not be construed against any Party by reason of its
drafting or preparation. This Agreement, and any rights and obligations hereunder, may not be assigned by a Party without the prior
written consent of the other Party, which may be withheld for any reason. From time to time, at the reasonable request of any Party
and without further consideration, each Party shall execute and deliver such additional documents as may be necessary or appropriate
to consummate and make effective, in the most expeditious manner, the transactions contemplated by this Agreement. If any provision
of this Agreement is held invalid or unenforceable by any court of competent jurisdiction, the other provisions of this Agreement
shall remain in full force and effect, to the extent not invalid or unenforceable.  

 

IN WITNESS WHEREOF the parties have executed this Agreement
as of the date and year first above written.

 

	Zomedica Pharmaceuticals Corp. (the Parent)	 	Zomedica Pharmaceuticals Inc. (the Company)
	 	 	 
	 	 	 
	By: /s/Shameze Rampertab	 	By: /s/Shameze Rampertab
	Name: Shameze Rampertab	 	Name: Shameze Rampertab
	 	 	 
	Title: CFO	 	Title:CFO

 

 

 

 

Per:/s/Gerald Solensky, Jr.

Gerald Solensky Jr.

 

 

 

 

 

 

 

 

-4-Exhibit

Exhibit 4.1
Amended and Restated Share Repurchase Program (Class C Common Stock)
The shares of Class C common stock (the “Shares”) of RW Holdings NNN REIT, Inc. (the “Corporation” or “our” or “we”) are currently not listed on a national securities exchange or included for quotation on a national securities market, and currently there is no intention to list the Shares. In order to provide the Corporation’s stockholders with some liquidity, this Share Repurchase Program (the “Program”) has been adopted to enable stockholders to sell their Shares to the Corporation in limited circumstances. Stockholders may present for repurchase all or a portion of their Shares to the Corporation in accordance with the procedures outlined in this Program. Shares must be held for 90 days after they have been issued to the applicable stockholder before the Corporation will accept requests for repurchase, except for Shares acquired pursuant to the Corporation’s distribution reinvestment plan or automatic investment program if the applicable stockholder has held their initial investment for at least 90 days. Upon such presentation, the Corporation may, subject to the conditions and limitations described below, repurchase the Shares presented for cash to the extent there are sufficient funds available for the repurchase. No fees will be paid to the Advisor or its affiliates to complete any transactions under the Program.
Repurchase Price
The prices at which Shares will be repurchased are as follows, except that Shares purchased pursuant to the Corporation’s distribution reinvestment plan shall be repurchased for 100% of the most recently published NAV per Share:
		
	•
	For those Shares held by the stockholder for less than one year, 97% of the most recently published net asset value (“NAV“) per Share;

		
	•
	For those Shares held by the stockholder for at least one year but less than two years, 98% of the most recently published NAV per Share;

		
	•
	For those Shares held by the stockholder for at least two years but less than three years, 99% of the most recently published NAV per Share; and

		
	•
	For those Shares held by the stockholders for at least three years, 100% of the most recently published NAV per Share.

However, at any time we are engaged in an offering of shares, the price at which we will repurchase shares will never be greater than the applicable per-share offering price.
For purposes of determining the time period a stockholder has held each Share, the time period begins as of the date the stockholder acquired the Share. As described above, the Shares owned by a stockholder may be repurchased at different prices depending on how long the stockholder has held each Share submitted for repurchase, provided the stockholder has held the Shares for at least 90 days (other than Shares acquired pursuant to the Corporation’s distribution reinvestment plan or automatic investment program if the applicable stockholder has held their initial investment for at least 90 days).
The NAV and NAV per Share generally will be determined annually in the first quarter of each year as of December 31 of the prior year. In addition, the NAV may be updated at any time between annual calculations of NAV to reflect significant events that have been determined to have had a material impact on NAV.

NAV per Share will be published as follows:
(a)    in a Current Report on Form 8-K or in our annual or quarterly reports, all publicly filed with the U.S. Securities and Exchange Commission (the “SEC”), or
(b)    in a separate written notice to the stockholders; and
(c)    during any primary offering stage, the NAV information will be set forth in a prospectus supplement or post-effective amendment to the Corporation’s registration statement, as required under federal securities laws; 
(d)    information about the NAV per Share will be posted on the Corporation’s website (such information may be provided by means of a link to the Corporation’s public filings on the SEC’s website, www.sec.gov) and on the Corporation’s toll-free information line: (1-855-742-4862); and
(e)    in the event that NAV and NAV per Share change during any given year, the new NAV per Share will be announced no later than ten (10) business days prior to the second-to-last business day of the month in which such adjustment occurs.
Limitations on Repurchase
The Corporation may, but is not required to, use available cash not otherwise dedicated to a particular use to pay the repurchase price, including cash proceeds generated from the distribution reinvestment plan, securities offerings, operating cash flow not intended for distributions, borrowings and capital transactions, such as asset sales or refinancings.
In addition, the Corporation may not repurchase shares in an amount that would violate the restrictions on distributions under Maryland law, which prohibits distributions that would cause a corporation to fail to meet statutory tests of solvency.
The Program will be subject to the following additional limitations on the number of Shares that may be repurchased:
		
	•
	Repurchases per month will be limited to no more than 2% of our most recently determined aggregate NAV, and for any calendar quarter will be limited to no more than 5% of the most recently determined aggregate NAV, which means the Corporation will be permitted to repurchase Shares with a value of up to an aggregate limit of approximately 20% of aggregate NAV in any 12-month period.

		
	•
	The foregoing repurchase limitations will be based on “net repurchases” during a quarter or month, as applicable. The term “net repurchases” means the excess of Share repurchases (capital outflows) over the proceeds from the sale of Shares (capital inflows) for a given period. Thus, for any given calendar quarter or month, the maximum amount of repurchases during that quarter or month will be equal to (1) 5% or 2% (as applicable) of the most recently determined aggregate NAV, plus (2) proceeds from sales of new Shares in the current offering (including purchases pursuant to our distribution reinvestment plan) since the beginning of a current calendar quarter or month, less (3) repurchase proceeds paid since the beginning of the current calendar quarter or month.

		
	•
	Alternatively, the Corporation’s board of directors (the “Board”) may choose whether the 5% quarterly limit will be applied to “gross repurchases,” meaning that amounts paid to repurchase Shares would not be netted against capital inflows. If repurchases for a given quarter are measured on a gross basis rather than on a net basis, the 5% quarterly limit could limit the amount of Shares redeemed in a given quarter despite the Corporation receiving a net capital inflow for that quarter.

		
	•
	In order for the Board to change the basis of repurchases from net to gross, or vice versa, the Corporation will provide notice to stockholders (i) in a prospectus supplement or current or periodic report filed with the SEC; and (ii) in a press release or on the Corporation’s website, at least ten (10) days before the first business day of the quarter for which the new test will apply. The determination to measure repurchases on a gross basis, or vice versa, will only be made for an entire quarter, and not particular months within a quarter.

Procedures for Repurchase
Qualifying stockholders who desire to have their Shares repurchased must give notice as provided on their personal on-line dashboard at www.RichUncles.com. All requests for repurchase must be received by the Corporation at least two (2) business days prior to the end of a month. Shares repurchase requests may be withdrawn, provided they are received by the Corporation at least two (2) business days prior to the end of a month. Shares will be repurchased by the 3rd business day after the end of a month in which a request for repurchase was received and not withdrawn.
If, as a result of a request for repurchase, a stockholder will own Shares having a value of less than $500 (based on the Corporation’s most-recently published offering price per Share), the Corporation reserves the right to repurchase all of the Shares owned by such stockholder. 
The Corporation has the discretion to repurchase fewer Shares than have been requested to be repurchased in a particular month or quarter, or to repurchase no Shares at all, in the event that the Corporation lacks readily available funds to do so. Any determination to repurchase less Shares than requested during any month due to the lack of sufficient funds shall be disclosed to the Corporation’s current and prospective stockholders.
In the event that some but not all of the Shares submitted are repurchased in a given period, Shares submitted for repurchase during such period will be repurchased on a pro rata basis. If, in each of the first two (2) months of a quarter, the 2% monthly repurchase limit is reached and repurchases are reduced pro rata for such months, then in the third and final month of that quarter, the applicable limit for such month will be less than 2% of NAV because repurchases for that month, combined with repurchases for the two previous months, cannot exceed 5% of aggregate NAV.
All unsatisfied repurchase requests must be resubmitted at the start of the next month or quarter, or upon the recommencement of the Program (in the event of its suspension), as applicable, to be eligible for repurchase in a later month.
Notwithstanding anything to the contrary herein, the Corporation understands that there may be instances when the 90-day holding requirement described above would place an undue hardship on a stockholder.  In such extenuating circumstances, the Corporation reserves the right, in its sole discretion, to make exceptions to the 90-day holding requirement. 

Amendment, Suspension or Termination of Program and Notice
The Board may amend, suspend or terminate the Program without approval of holders of Shares upon 30 days’ notice, if the Board believes such action is in the best interests of stockholders and the Corporation, including because Share repurchases place an undue burden on the Corporation’s liquidity, adversely affect the Corporation’s operations, adversely affect stockholders whose Shares are not repurchased, or if the Board determines that the funds otherwise available to fund Share repurchases are needed for other purposes. In addition, the Board may amend, suspend or terminate the Program due to changes in law or regulation, or if the Board becomes aware of undisclosed material information that it believes should be publicly disclosed before Shares are repurchased. Material modifications, including any reduction to the monthly or quarterly limitations on repurchases, and suspensions of the Program, will be promptly disclosed (i) in a prospectus supplement (or post-effective amendment to the Corporation’s registration statement), or (ii) in a current or periodic report filed with SEC; and (iii) on the Corporation’s website.

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