Document:

Exhibit 10.17

 

 

 

AMENDMENT NO.1 TO EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AMENDMENT NO. 1 to the Executive Employment
Agreement (“Amendment”) is made effective as of the 1st day of January, 2017.

 

BETWEEN:

ZOMEDICA PHARMACEUTICALS CORP., a body corporate duly incorporated
pursuant to the laws of the Province of Alberta and having its registered office in the City of Calgary, in the Province of Alberta
(hereinafter referred to as the "Corporation")

 

- and -

 

GERALD SOLENSKY JR., an individual residing in the City
of Fenton, Michigan USA (hereinafter referred to as the "Executive")

 

WHEREAS the Corporation and the Executive are
parties to an Employment Agreement dated as of December 1, 2016 (the “Employment Agreement”), between the parties and
pursuant to which Executive serves as the Company’s President and Chief Executive Officer; and

 

WHEREAS, the Company and Executive wish to further
amend the Employment Agreement in certain respects as provided in this Amendment.

 

NOW, THEREFORE, in consideration of the foregoing
and other consideration, the receipt and sufficiency of which hereby are acknowledged, the Company and Executive hereby agree as
follows:

 

ARTICLE
1

DEFINITIONS AND INTERPRETATION

 

 1.1                  
Definitions.

 

Terms not otherwise defined in this Amendment
shall have the meanings attributed to such terms in the Employment Agreement. References in the Employment Agreement and this Amendment
to this “Agreement" mean the Employment Agreement as amended by this Amendment and as further amended from time to time
as provided in the Employment Agreement.

 

ARTICLE
2

AMENDMENTS

 

2.1                  
The Employment Agreement is hereby amended in the following respects:

 

2.2                  
Section 5.3 is amended to increase the Executive’s monthly car allowance to USD$2,000 effective January 1, 2017.

     

    	 	- 2 -	 

    

 

ARTICLE
3

GENERAL

 

3.1                   
No other changes to the Executive Employment Agreement, except as expressly amended by this Amendment, all of the terms of the
Executive Employment Agreement shall remain in full force and effect.

 

 

 

 

 

 

     

    	 	- 3 -	 

    

 

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

 

	 	 	ZOMEDICA PHARMACEUTICALS CORP.
	 	 	 	 	 
	 	 	 	 	 
	 	 	Per:	/s/ James Lebar	 
	 	 	 	James Lebar	 
	 	 	 	Director (& Compensation Committee Chairman)	 
	 	 	 	 	 
	 	 	 	 	 
	/s/ Angela Moricz	 	/s/
    Gerald Solensky Jr.	 
	Witness	 	Gerald Solensky Jr.	 
	Name: Angela MoriczExhibit 10.18

 

 

 

 

LOAN AGREEMENT

 

THIS LOAN AGREEMENT
(“Agreement”) is made this 1st day of September, 2017, by and between GERALD A. SOLENSKY, whose
address is 2019 Pondway, Troy, Michigan 48098 (“Borrower”), and EQUIDEBT LLC, a Michigan limited
liability company, whose address is 230 Huronview Blvd., Ann Arbor, Michigan 48103 (“Lender”). The Lender agrees
to make, and the Borrower agrees to repay the loan described below (the “Loan”), in accordance with the terms and
conditions set forth in this Agreement.

 

		1.	LOAN.

 

a.     Loan. The Lender will
make available to the Borrower, and the Borrower may borrow from the Lender, the principal sum of Five Million Dollars ($5,000,000.00)
to be evidenced by a Line of Credit Promissory Note (“Note”) dated of even date herewith, which Loan shall be payable
in accordance with the terms stated in the Note, a copy of which is attached hereto as Exhibit “A”. All sums due Lender
under the Note or any of the documents securing the Note are hereinafter referred to as the “Indebtedness”.

 

b.       Payments.
The Loan shall be repaid in accordance with the terms and provisions of the Note.

 

c.       Use
of Loan Proceeds. Borrower will use the proceeds of the Loan for only the following purposes: (i) to effect the cash exercise
of Borrower’s options to acquire 950,000 (Nine Hundred Fifty Thousand) common shares of Zomedica Pharmaceutical Corp., a
Canadian corporation (“Zomedica”), expiring on December 21, 2018 at the exercise price of $1.50 each, and (ii) to purchase
additional shares of Zomedica common shares directly from Zomedica at a price not to exceed the current market price of such common
shares.

 

d.       
Borrowing Procedure. The Loan shall be a Line of Credit from which Borrower may from time to time during the
term of this Agreement borrow as set forth below:

 

		a)	Minimum Advance Amount: Two Hundred Fifty Thousand Dollars ($250,000.00).

 

		b)	Maximum Advances per month: Two

 

2.       REPRESENTATIONS
AND WARRANTIES OF BORROWER. The Borrower represents and warrants to the Lender, as long as the Loan remains outstanding,
as follows:

 

a.                  
Existence and Authority. Borrower is an individual and has the full power and complete authority to execute
this Agreement and all related documents and, when executed, this Agreement and all related documents will be legal, valid and
binding obligations of Borrower and, enforceable in accordance with their terms.

 

b.                 
Business Purpose Limitation. The Loan proceeds shall be used solely for the business purposes set forth above
and no other purpose, business or personal.

 

    	 	1

     

    

 

c.                  
Transactions Legal and Authorized. The execution, delivery and performance of this Agreement and all documents
entered into related thereto, including, but not limited to, the Note (collectively, the “Loan Documents”) have been
duly authorized by all necessary action of Borrower.

 

d.                 
No Litigation. There are no pending or threatened suits or proceedings before any court, governmental agency,
regulatory body, or administrative tribunal to which Borrower is a party or by which his property may be affected and which may
result in any material adverse change in the financial condition of Borrower.

 

e.                  
Financial Condition. All financial information of Borrower, as delivered to Lender as of the date hereof,
if any, is correct and complete and accurately presents the financial condition of such as of the dates thereof. There has been
no material adverse change in the business, property or condition of Borrower since the date of the most recent financial information
delivered to Lender.

 

f.                  
Taxes. Borrower has filed all federal, state and local income and other tax returns and other reports required
to be filed prior to the date of this Agreement and have paid all taxes, withholdings, assessments and other governmental charges
that are due and payable prior to the date of this Agreement.

 

g.                  
Solvency. Borrower is solvent and able to pay his debts as they mature and has assets the fair market value
of which exceeds his liabilities. Borrower will not be rendered insolvent or unable to pay maturing debts as a result of the execution
of this Agreement or the other Loan Documents.

 

h.                 
Survival. All warranties and representations of Borrower contained in the Agreement shall survive the execution
of this Agreement and any advances made in accordance with this Agreement.

 

3.                 
REPRESENTATIONS AND WARRANTIES OF LENDER

 

a.                  
Existence and Authority. Lender is a limited liability company, duly organized and in good standing under
the laws of the State of Michigan and has the full power and complete authority to execute this Agreement and the other Loan Documents
to which it is a party and, when executed, this Agreement and such other Loan Documents will be legal, valid and binding obligations
of Lender, enforceable in accordance with their terms.

 

b.                 
Transactions Legal and Authorized. The execution, delivery and performance of this Agreement and the Loan
Documents to which it is a party have been duly authorized by all necessary action of Lender.

 

c.                  
Financial Resources. Lender has presently available cash resources to provide the Loan to Borrower hereunder.

 

d.                 
Survival. All warranties and representations of Lender contained in the Agreement shall survive the execution
of this Agreement and any advances made in accordance with this Agreement.

 

    	 	2

     

    

 

		4.	AFFIRMATIVE COVENANTS. The Borrower covenants and agree that, as long as the Loan remains
outstanding, the Borrower shall comply with the following affirmative covenants:

 

a.                  
Notice of Adverse Events. Borrower shall promptly notify the Lender in writing of any Event of Default or
event which, with the giving of notice, the lapse of time, or both, would constitute an Event of Default.

 

b.                 
No Default Certificate. Borrower shall furnish to the Lender, within ten (10) days after request by the Lender,
a certificate of the Borrower stating that no Event of Default has occurred or, if an Event of Default has occurred, stating its
nature, how long it has existed and what action the Borrower proposes to take with respect to the Event of Default.

 

c.                  
Other Information. Borrower shall promptly furnish to the Lender such other information, documents or certificates
regarding the operations, business affairs and financial condition of the Borrower as the Lender may reasonably request from time
to time and permit the Lender, its employees, attorneys and agents to inspect, confirm and copy all of the books, records and properties
of the Borrower at any reasonable time; provided, however, that nothing contained herein shall entitle the Lender to obtain any
information relating to Zomedica that has not already been publicly disclosed by Zomedica in the opinion of counsel to Zomedica.

 

5.                 
EVENTS OF DEFAULT. The occurrence of any one of the following events shall constitute an “Event of Default”
under this Agreement and, notwithstanding the terms of any note or other agreement given in connection herewith or otherwise, shall
be an Event of Default under the terms of any such note or agreement:

 

a.                  
Failure by Borrower to pay any amount owing on the Loan when due, whether by maturity, acceleration or otherwise, on the
applicable payment date as set forth in the Note.

 

b.                 
Any failure by Borrower to comply with, or breach by Borrower of any of the terms, provisions, warranties or covenants of
this Agreement or the other Loan Documents, which is not cured within fifteen (15) days after written notice from Lender.

 

c.                  
The insolvency of Borrower or the admission in writing of Borrower’s inability to pay his debts as they mature.

 

d.                 
Any statement, representation or information made or furnished by or on behalf of Borrower to the Lender in connection with
or to induce the Lender to provide any loan, credit or other financial accommodation shall prove to be false or materially misleading
when made or furnished.

 

e.                  
Institution of bankruptcy, reorganization, arrangement, insolvency or other similar proceedings by or against Borrower;
or the appointment of a receiver, custodian or trustee for Borrower, or any substantial portion of Borrower’s assets.

 

f.                  
If there is any failure by Borrower to pay when due any indebtedness (other than to the Lender) for borrowed money which
is not cured within fifteen (15) days.

 

g.                  
There is a substantial change in the existing or prospective financial condition or net worth of Borrower which the Lender
determines to be materially adverse.

 

    	 	3

     

    

 

6.                 
ACCELERATION. Upon any Event of Default occurring, the Lender may at any time declare the Loan immediately
due and payable, in each case without presentment, demand, protest, notice of dishonor, notice of non-payment or other notice of
any kind, all of which are waived by the Borrower.

 

7.                 
REMEDIES.

 

a.                  
General. The Lender shall have all the rights and remedies provided by law or equity or by agreement of the
parties. The remedies of the Lender are cumulative and not exclusive. No delay, waiver or failure on the part of the Lender to
demand strict adherence to the terms of this Agreement or any related document shall be deemed to constitute a course of conduct
or waiver inconsistent with the rights herein.

 

b.                 
Application of Proceeds. Any proceeds received by the Lender from the exercise of its remedies shall be applied
as follows:

 

(i)                
First, to all sums expended by the Lender in carrying out any term, covenant or agreement under this Agreement or any related
document.

 

(ii)              
Second, to the payment of the Loan. If the proceeds are insufficient to fully pay the Loan, then application shall be made
first to late charges and interest accrued and unpaid, then to any applicable prepayment premiums, other charges and expenses,
and then to the outstanding principal balance.

 

(iii)            
Third, any surplus remaining shall be paid to the Borrower or to any other lawfully entitled party.

 

8.                 
MISCELLANEOUS. The Borrower and the Lender further agree as follows:

 

a.                  
Governing Law. This Agreement shall be construed according to the laws of the State of Michigan.

 

b.                 
Successors and Assigns. This Agreement shall be binding upon the successors and assigns of the Borrower, and
the rights and privileges of the Lender under this Agreement shall inure to the benefit of its successors and assigns. Neither
party may assign its rights hereunder without the prior written consent of the other party hereto and any attempted assignment
in violation of this Section 10(b) shall be null and void ab initio.

 

c.                  
Notices. Notice from one party to another relating to this Agreement shall be deemed effective if made in
writing (including telecommunications) and delivered to the recipient's address, telex number or telecopier number set forth in
this Agreement by any of the following means: (i) hand delivery, (ii) registered or certified mail, postage prepaid, (iii) express
mail or other overnight courier service, or (iv) telecopy, telex or other wire transmission with request for assurance of receipt
in a manner typical with respect to communications of that type. Notice made in accordance with these provisions shall be deemed
delivered on receipt if delivered by hand or wire transmission, on the third business day after mailing if mailed by registered
or certified mail, or on the next business day after mailing or deposit with the postal service or an overnight courier service
if delivered by express mail or overnight courier.

 

    	 	4

     

    

 

d.                 
Amendments. Any amendment of this Agreement shall be in writing and shall require the signature of the Borrower
and the Lender.

 

e.                  
Partial Invalidity. The invalidity or unenforceability of any provision of this Agreement shall not affect
the validity or enforceability of the remaining provisions of this Agreement.

 

f.                  
Joint and Several Obligations. In the event that more than one person or entity executes this Agreement, the
obligations of each person or entity shall be joint and several.

 

g.                  
Fees and Expenses. The Borrower shall pay to the Lender all of the Lender's reasonable out-of-pocket expenses,
including attorneys' fees and expenses, related to the enforcement of this Agreement. Any reference in this Agreement to attorneys'
fees shall mean fees, charges, costs and expenses of outside counsel and paralegals, whether or not a suit or proceeding is instituted,
and whether incurred at the trial court level, on appeal, in a bankruptcy, administrative or probate proceeding, in consultation
with counsel, or otherwise.

 

h.                 
WAIVER OF JURY TRIAL. THE BORROWER AND THE LENDER ACKNOWLEDGE THAT THE RIGHT TO TRIAL BY JURY IS A CONSTITUTIONAL
ONE, BUT THAT IT MAY BE WAIVED. EACH PARTY, AFTER CONSULTING (OR HAVING HAD THE OPPORTUNITY TO CONSULT) WITH COUNSEL OF THEIR CHOICE,
KNOWINGLY AND VOLUNTARILY, AND FOR THEIR MUTUAL BENEFIT, WAIVES ANY RIGHT TO TRIAL BY JURY IN THE EVENT OF LITIGATION REGARDING
THE PERFORMANCE OR ENFORCEMENT OF, OR IN ANY WAY RELATED TO, THIS AGREEMENT OR THE LOAN. 

 

 

[SIGNATURES ON FOLLOWING PAGE]

 

 

 

 

 

 

 

 

 

 

 

    	 	5

     

    

 

This Agreement is executed and delivered on
the day and year set forth above.

 

 

	 	BORROWER:	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ Gerald A. Solensky	 
	 	 	Gerald A. Solensky	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	LENDER:	 
	 	 	 	 
	 	EQUIDEBT LLC, a Michigan limited liability company 
	 	 	 	 
	 	By:	/s/ Bradley J. Hayosh 	 
	 	 	Bradley J. Hayosh 	 
	 	Its:	Manager	 

 

 

 

 

Exhibits:

Exhibit “A” – Promissory Note

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	6

     

    

 

EXHIBIT “A”

 

 

Promissory Note

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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