Document:

Exhibit

EXHIBIT 10.1
Execution Version

LIMITED WAIVER
This Limited Waiver (this “Limited Waiver”) is entered into effective as of January 18, 2019 (the “Effective Date”), by and among NEWPARK RESOURCES, INC., a Delaware corporation (“Newpark”), NEWPARK DRILLING FLUIDS LLC, a Texas limited liability company (“Newpark Drilling”), NEWPARK MATS & INTEGRATED SERVICES LLC, a Texas limited liability company (“Newpark Mats”), EXCALIBAR MINERALS LLC, a Texas limited liability company (“Excalibar”), and DURA-BASE NEVADA, INC., a Nevada corporation (“Dura-Base” and collectively with Newpark Drilling, Newpark Mats, Excalibar, and Newpark, the “Borrowers” and each a “Borrower”), Bank of America, N.A., as Administrative Agent (in such capacity, “Administrative Agent”), Swing Line Lender and an L/C Issuer, and the financial institutions parties hereto as Lenders (“Lenders”).  Unless otherwise defined herein, all terms used herein with their initial letter capitalized shall have the meaning given such terms in the Credit Agreement (as defined below). 
W I T N E S S E T H
WHEREAS, Borrowers, Administrative Agent and Lenders are parties to that certain Amended and Restated Credit Agreement dated as of October 17, 2017 (as amended, restated, amended and restated, extended, supplemented or otherwise modified prior to the date hereof, the “Credit Agreement”);
WHEREAS, Newpark and Wells Fargo Bank, National Association, a national association, as trustee (the “Trustee”), are parties to that certain Indenture for the 2021 Convertible Notes dated as of December 5, 2016 (as amended or otherwise modified prior to the date hereof, the “2021 Indenture”);
WHEREAS, Borrowers have advised Administrative Agent and Lenders that (a) Newpark failed to comply with Section 4.06(e) of the 2021 Indenture, as a result of which Newpark should have paid Additional Interest (as defined in the 2021 Indenture) at a rate equal to 0.50% per annum of the principal amount of 2021 Convertible Notes outstanding (such interest, “Incremental Accrued Interest”); (b) Newpark failed to make the payments of Incremental Accrued Interest that were due and payable on June 1, 2018 and December 1, 2018 (such payments, the “Missed Interest Payments”); (c) the Missed Interest Payments resulted in Events of Default (as defined in the 2021 Indenture) pursuant to Section 6.01(a) of the 2021 Indenture (the “Indenture Defaults”); and (d) the Indenture Defaults resulted in certain Defaults and Events of Default pursuant to, among other provisions of the Credit Agreement, Section 8.01(e) of the Credit Agreement (collectively, the “Credit Agreement Cross Defaults”); 
WHEREAS, Borrowers have requested that Administrative Agent and Lenders constituting at least the Required Lenders waive the Credit Agreement Cross Defaults and any and all Defaults, Events of Default and any other violations or departures of or from any provision of the Credit Agreement or other Loan Documents or any certificate or other document delivered in connection therewith due to the Indenture Defaults or the Missed Interest Payments, in either case, on or before the Effective Date (including as a result of the existence or non-existence of any Default or Event of Default attributable to the Indenture Defaults or the Credit Agreement Cross Defaults or the inaccuracy of any representation or warranty (including any reaffirmation thereof) regarding, or affected by, the Indenture Defaults or the Credit Agreement Cross Defaults) (collectively, the “Specified Defaults”); 
WHEREAS, subject to and upon the terms and conditions set forth herein, Lenders  party hereto have agreed to enter into this Limited Waiver.

US 6050457v.7 BAN177/52004

NOW THEREFORE, for and in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrowers, Administrative Agent, and Lenders hereto hereby agree as follows:
Section 1.    Limited Waiver.  In reliance on the representations, warranties, covenants and agreements contained in this Limited Waiver, subject to the conditions precedent set forth in Section 2 hereof, Administrative Agent and the Required Lenders hereby permanently waive the Specified Defaults for all purposes under the Loan Documents.  The waiver provided in this Section 1 shall apply solely with regard to the Specified Defaults, and nothing contained in this Limited Waiver shall be deemed a consent to, or waiver of, any other action or inaction of the Borrowers or any other Loan Party that constitutes (or would constitute) a violation of or a departure from any provision of the Credit Agreement or any other Loan Document, or which constitutes (or would constitute) a Default or Event of Default.  The waiver described in this Section 1 is a one-time waiver limited to the Specified Defaults. Neither Lenders nor Administrative Agent shall be obligated to grant any future waivers, consents or amendments with respect to Section 8.01(e) of the Credit Agreement or any other provision of the Credit Agreement or of any other Loan Document.  Other than the waiver provided for in this Section 1, the Borrowers hereby agree and acknowledge that no course of dealing and no delay in exercising any right, power or remedy conferred on Administrative Agent or any Lender in the Credit Agreement or in any other Loan Document or now or hereafter existing at law, in equity, by statute or otherwise shall operate as a waiver of or otherwise prejudice any such right, power or remedy.
Section 2    Conditions Precedent. The limited waiver contained in Section 1 hereof shall be subject to the satisfaction of each of the following conditions precedent:
2.1    Counterparts.  Administrative Agent shall have received counterparts of this Limited Waiver duly executed by each Borrower and Lenders constituting at least the Required Lenders.
2.2    Interest.  Administrative Agent shall have received evidence satisfactory to it that Newpark has deposited with the Trustee funds sufficient to repay the Missed Interest Payments and has thereby completed all steps within its control to make all payments required to cure the Indenture Defaults.  
2.3    No Default.      After giving effect to the waiver set forth in Section 1 hereof, no Default or Event of Default shall have occurred and is continuing.
Section 3.    Representations and Warranties of Borrowers.  To induce Lenders and Administrative Agent to enter into this Limited Waiver, Borrowers hereby represent and warrant to Lenders and Administrative Agent as of the Effective Date as follows:
3.1    Reaffirmation of Existing Representations and Warranties.  After giving effect to the waiver set forth in Section 1 hereof, each representation and warranty of each Borrower contained in the Credit Agreement and the other Loan Documents is true and correct in all material respects (except to the extent that such representations and warranties are qualified by materiality, in which case such representations and warranties are true and correct in all respects) on the date hereof, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date.
3.2    Effect on Loan Documents.  The Credit Agreement and all other Loan Documents remain in full force and effect as originally executed.  Except as provided in Section 1 hereof, nothing herein shall act as a waiver of any of Administrative Agent’s or any Lender’s rights under the Loan Documents, including the waiver of any other Default or Event of Default. The Loan Parties acknowledge 

2

and agree that this Limited Waiver shall in no manner impair or affect the validity or enforceability of the Credit Agreement. 
3.3    No Default or Event of Default.  After giving effect to the waiver set forth in Section 1 hereof, no Default or Event of Default has occurred which is continuing.
3.4    Acknowledgment of No Defenses.  As of the Effective Date, no Borrower has any defense to (a) such Borrower’s obligation to pay the Obligations when due, or (b) the validity, enforceability or binding effect against each Borrower or any Loan Party of the Credit Agreement or any of the other Loan Documents (to the extent a party thereto) or any Liens intended to be created thereby.
Section 4.    Miscellaneous.
4.1    Reaffirmation of Loan Documents.  Any and all of the terms and provisions of the Credit Agreement and the Loan Documents shall, except as modified hereby, remain in full force and effect.  The waiver contemplated hereby shall not limit or impair any Lien securing the Obligations, each of which is hereby ratified and affirmed.  The execution, delivery and effectiveness of this Limited Waiver shall not, except as provided herein, operate as a waiver of any right, power or remedy of any Lender or Administrative Agent under any of the Loan Documents, nor, except as provided in Section 1 hereof, constitute a waiver or amendment of any provision of any of the Loan Documents. 
4.2    Parties in Interest.  All of the terms and provisions of this Limited Waiver shall bind, and inure to the benefit of, the parties hereto and their respective successors and permitted assigns.
4.3    Counterparts.  This Limited Waiver may be executed in counterparts, including, without limitation, by electronic signature, and all parties need not execute the same counterpart.  Facsimiles or other electronic transmissions (e.g. .pdfs) of such executed counterparts shall be effective as originals.
4.4    ENTIRE AGREEMENT.  THIS LIMITED WAIVER AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG THE PARTIES AS TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.  THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.
4.5    Headings.  The headings, captions and arrangements used in this Limited Waiver are for convenience only and shall not be deemed to limit, amplify or modify the terms of this Limited Waiver, nor affect the meaning thereof.
4.6    Effectiveness.  This Limited Waiver shall be effective automatically and without necessity of any further action by Borrowers, Administrative Agent or Lenders when counterparts hereof have been executed by each Borrower and the Required Lenders, and all conditions to the effectiveness hereof set forth herein have been satisfied.
4.7    GOVERNING LAW.  THIS LIMITED WAIVER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
4.8    Modification.  On and after the Effective Date, each reference in the Credit Agreement and in any one or more of the Loan Documents to such agreements and the words “hereunder,” “hereof” or words of like import referring to the Credit Agreement or any one or more of the Loan Documents, as the case may be, shall mean and be a reference to the Credit Agreement or such other Loan Document, 

3

as applicable, as modified by this Limited Waiver.  This Limited Waiver constitutes a Loan Document for all purposes.
4.9    RELEASE OF CLAIMS AND WAIVER OF DEFENSES. IN FURTHER CONSIDERATION OF ADMINISTRATIVE AGENT’S AND THE REQUIRED LENDERS’ EXECUTION OF THIS LIMITED WAIVER, EACH BORROWER, ON BEHALF OF ITSELF AND ITS SUCCESSORS, ASSIGNS, AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS HEREBY FOREVER, FULLY, UNCONDITIONALLY AND IRREVOCABLY WAIVES AND RELEASES ADMINISTRATIVE AGENT, LENDERS AND THEIR RESPECTIVE SUCCESSORS, ASSIGNS, PARENTS, SUBSIDIARIES, AFFILIATES, OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS (COLLECTIVELY, THE “RELEASEES”) FROM ANY AND ALL CLAIMS, LIABILITIES, OBLIGATIONS, DEBTS, CAUSES OF ACTION (WHETHER AT LAW OR IN EQUITY OR OTHERWISE), DEFENSES, COUNTERCLAIMS, SETOFFS, OF ANY KIND, WHETHER KNOWN OR UNKNOWN, WHETHER LIQUIDATED OR UNLIQUIDATED, MATURED OR UNMATURED, FIXED OR CONTINGENT, DIRECTLY OR INDIRECTLY ARISING OUT OF, CONNECTED WITH, RESULTING FROM OR RELATED TO ANY ACT OR OMISSION BY ADMINISTRATIVE AGENT, ANY LENDER OR ANY OTHER RELEASEE WITH RESPECT TO THE LOAN DOCUMENTS AND ANY COLLATERAL, IN EACH OF THE FOREGOING CASES OCCURRING ON OR BEFORE THE DATE OF THIS LIMITED WAIVER. 
4.10    Miscellaneous. The miscellaneous provisions set forth in Article X of the Credit Agreement apply to this Limited Waiver.  This Limited Waiver may be signed in any number of counterparts, each of which shall be an original, and may be executed and delivered by telecopier or other electronic imaging means.
[Signature Pages to Follow]

4

IN WITNESS WHEREOF, the parties hereto have caused this Limited Waiver to be duly executed by their respective authorized officers on the date and year first above written.
	
	
	NEWPARK RESOURCES, INC.

	 

	By: /s/ Gregg S. Piontek

	Name: Gregg S. Piontek

	Title: Chief Financial Officer and Senior Vice President

	 

	 

	NEWPARK DRILLING FLUIDS LLC 

	NEWPARK MATS & INTEGRATED  
SERVICES LLC 

	EXCALIBAR MINERALS LLC

	DURA-BASE NEVADA, INC.

	 

	By: /s/ Gregg S. Piontek

	Name: Gregg S. Piontek

	Title: Vice President

[SIGNATURE PAGE TO LIMITED WAIVER TO CREDIT AGREEMENT – NEWPARK RESOURCES, INC.]

	
	
	BANK OF AMERICA, N.A., 

	as an L/C Issuer, a Swing Line Lender and a Lender

	 

	By: /s/ Ajay Jagsi

	Name: Ajay Jagsi

	Title: Vice President

	 

	 

	BANK OF AMERICA, N.A., 

	as Administrative Agent

	 

	By:  /s/ Ajay Jagsi

	Name: Ajay Jagsi

	Title: Vice President

	 

 

[SIGNATURE PAGE TO LIMITED WAIVER TO CREDIT AGREEMENT – NEWPARK RESOURCES, INC.]

	
	
	JPMORGAN CHASE BANK, N.A.,

	as a Lender

	 

	By: /s/ Bruce R. Cohenour, Jr.

	Name: Bruce R. Cohenour, Jr.

	Title: Authorized Officer

[SIGNATURE PAGE TO LIMITED WAIVER TO CREDIT AGREEMENT – NEWPARK RESOURCES, INC.]

	
	
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 

	as a Lender

	 

	By: /s/ Nupur Kumar

	Name: Nupur Kumar

	Title: Authorized Signatory

	 

	 

	By: /s/ Christopher Zybrick

	Name: Christopher Zybrick

	Title: Authorized Signatory

[SIGNATURE PAGE TO LIMITED WAIVER TO CREDIT AGREEMENT – NEWPARK RESOURCES, INC.]

	
	
	FIRST TENNESSEE BANK NATIONAL ASSOCIATION,  

	as a Lender

	 

	By: /s/ Jim Norvell

	Name: Jim Norvell

	Title: Senior Vice President

[SIGNATURE PAGE TO LIMITED WAIVER TO CREDIT AGREEMENT – NEWPARK RESOURCES, INC.]

	
	
	TEXAS CAPITAL BANK, NATIONAL ASSOCIATION,  

	as a Lender

	 

	By: /s/ C. Graham Sones

	Name: C. Graham Sones

	Title: Senior Vice President

[SIGNATURE PAGE TO LIMITED WAIVER TO CREDIT AGREEMENT – NEWPARK RESOURCES, INC.]AMENDMENT
AGREEMENT

AMENDMENT
AGREEMENT, dated as of January 15, 2019 (this “Agreement”), among Generex Biotechnology Corporation (the
“Company” or “Generex”), NuGenerex Distribution Solutions 2, LLC, (the “Borrower”),
Veneto Holdings, L.L.C. (“Veneto”) and the members of Veneto identified on Schedule 1 hereto
(each a “Member” and, collectively, the “Members”). The Company, Borrower, Veneto and each
Member may each be referred to herein as a “Party” or, collectively, as the “Parties.” Certain
capitalized terms that are used but not otherwise defined in this Agreement are defined in Article IV.

WHEREAS,
Borrower is a wholly owned subsidiary of the Company;

WHEREAS,
Borrower has issued to Veneto a Promissory Note dated November 1, 2018 which is due January 15, 2019 (the “Promissory
Note”) in the principal amount of $35,000,000;

WHEREAS,
the Members hold all of the issued and outstanding voting equity interests in Veneto;

WHEREAS,
pursuant to the terms hereof, the Company desires to issue, and Veneto desires to accept, shares of Generex Common Stock (“Generex
Shares”), in the amounts set forth herein, as satisfaction of a portion of Borrower’s obligations under the Promissory
Note;

WHEREAS,
pursuant to the terms hereof, the parties have agreed to extend the date for payment of the remaining amounts under the Promissory
Note; and

WHEREAS,
Veneto consents to the Generex Shares’ distribution directly to the Members in the amounts set forth in Schedule 1
as partial consideration for their agreement to amend the Promissory Note, and Generex has agreed to issue the shares
directly to the Members in such amounts.

NOW,
THEREFORE, in consideration of the mutual promises and agreements set forth herein,

the
Parties agree as follows:

ARTICLE
I SHARE ISSUANCE AND MATURITY EXTENSION

1.1.
Initial Share Issuance. Effective upon Closing, and subject to all of the terms and conditions hereof, the Company hereby
agrees to deliver to each Member, free and clear of any Liens, and Veneto and each Member hereby agrees to accept from the Company,
as payment of $15,750,000 of the $35,000,000 principal amount and accrued interest of the Promissory Note, the number of Generex
Shares determined in accordance with Section 1.1, with the number to be issued to each Member determined by reference to the percentage
set forth opposite such Member’s name on Schedule 1 hereto (the “Shares Percentage”). Closing
shall occur on or before the date set forth in Section 7.1. Parties agree that $750,000 represents all interest to date that has
accrued and is owing on the Promissory Note.

1.2.
Number of Generex Shares. At Closing, each Generex Share will have an agreed value of $2.50 with downside protection set
forth in this section below, and therefore Generex will deliver an aggregate 6,300,000 Generex Shares to the Members. If, on the
first to occur of (i) the one hundred eightieth (180) day after closing or (ii) the effective date of a registration statement
filed with and approved by the Commission, including the Generex Shares pursuant to this Agreement, the average VWAP of Generex
common stock for the preceding five (5) trading days is less than $2.50 share, Generex will deliver additional Generex Shares
such that the aggregate number of shares delivered under this Agreement equals $15,750,000 ÷ such average VWAP

    	 	1	 

     

    

 

1.3.
Modifications to Promissory Note.

1.3.1.
The “Maturity Date” under the Promissory Note is amended and revised to be April 30, 2019.

1.3.2.
The principal balance of the remaining Twenty Million Dollars ($20,000,000) of the Promissory Note shall be represented by amendment
to the Promissory Note dated November 1, 2018 and will be convertible on/or before April 30, 2019, into Generex Shares at $2.50
per share with downside protection the character of which is set forth in Section 1.2 of this Agreement. Interest on this Twenty
Million Dollar ($20,000,000) Promissory Note shall accrue at 12% simple interest. The outstanding Principal Amount and accrued
and unpaid interest under this Promissory Note shall be due and payable to Holder of the Promissory Note on the revised Maturity
Date. At the Maturity Date, Veneto shall have the option of (i) payment of principal and interest in cash or (ii) payment of principal
and interest by Generex’s delivery of Generex Shares valued at $2.50 per share, with the downside protection outlined in
paragraph 1.2. Veneto shall notify Generex at least ten (10) calendar days prior to the Maturity Date of its choice of payment
in cash. If the principal and interest will be paid in Generex Shares, the Generex Shares shall be delivered directly to the Members
in accordance with their Shares Percentages.

1.3.3.
Except as set forth above, the Promissory Note dated November 1, 2018 remains in full force and effect in accordance with
its terms. The $3,000,000 Escrow Requirement set forth in Section 2(b)(ii) of the Amendment is hereby eliminated.

 

1.4.
Consent. Each Member, in his capacity as a member of Veneto, hereby consents to the transactions set forth in this Agreement.

 

1.5.
Antigen Express, LLC Shares. Upon Closing the Company will issue 3.5 million shares of Antigen Express, LLC stock directly
to each of the Members in the percentages outlined in Schedule 1, attached hereto. 

ARTICLE
II REPRESENTATIONS & WARRANTIES OF THE COMPANY

In
order to induce Veneto and the Members to enter into this Agreement and to accept the Exchange Shares, the Company hereby represents
and warrants to the Members that as of the date hereof:

2.1.
Organization and Good Standing. The Company is duly organized and existing in good standing in its jurisdiction of incorporation
and is duly qualified as a foreign corporation and authorized to do business in all other jurisdictions in which the nature of
its business or property makes such qualification necessary. The Company has the corporate power to own its properties and to
carry on its business as now conducted and as proposed to be conducted.

2.2.
Authorization. The execution, delivery and performance by the Company of this Agreement, and the issuance and exchange
by the Company of the Exchange Shares hereunder, (a) is within the Company’s corporate power and authority, (b) has been
duly authorized by all necessary corporate proceedings, (c) does not conflict with or result in any breach of any provision of
the Articles of Incorporation or Bylaws of the Company or any agreement or instrument to which the Company is a party or by which
the Company or any of its properties is bound or the creation of any Lien upon any of the property, and (d) does not require any
filing, consent or approval pursuant to the Charter or bylaws of the Company or any law or regulation (including, without limitation,
any applicable environmental restrictive transfer law or regulation) or order, judgment, writ, injunction, license, permit, agreement
or instrument.

    	 	2	 

     

    

 

2.3.
Enforceability. The execution and delivery by the Company of this Agreement, and the issuance and exchange by the Company
of the Exchange Shares hereunder, will result in legally binding obligations of the Company, enforceable against the Company in
accordance with the terms and provisions hereof, except to the extent that (a) such enforceability is limited by bankruptcy, insolvency,
reorganization, moratorium or other laws relating to or affecting generally the enforcement of creditors’ rights and (b)
the availability of the remedy of specific performance or injunctive or other equitable relief is subject to the discretion of
the court before which any proceeding therefor may be brought.

2.4.
Generex Shares. The Generex Shares, when delivered in accordance with this Agreement for the consideration expressed herein,
will be validly issued, fully paid, and nonassessable with no personal liability attaching to the ownership thereof and will be
free and clear of all liens.

ARTICLE
III REPRESENTATIONS & WARRANTIES OF THE MEMBERS

As
a material inducement for the Company to enter into this Agreement and consummate the transactions contemplated hereby, each Member
hereby represents, warrants and acknowledges to the Company as to itself, that on the date hereof as follows:

3.1.
Enforceability. The execution and delivery by the Member of this Agreement will result in legally binding obligations of
the Member, enforceable directly by and against such Member in accordance with the terms and provisions hereof, except to the
extent that (a) such enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to
or affecting generally the enforcement of creditors’ rights and (b) the availability of the remedy of specific performance
or injunctive or other equitable relief is subject to the discretion of the court before which any proceeding therefor may be
brought.

3.2.
Title to Promissory Note. Veneto is the sole record and beneficial owner of the Promissory Note, free and clear of any
Liens.

3.3.
Transferability. The Member (i) understands that the Generex Shares have not been registered under the Securities Act and
cannot be sold unless subsequently registered under the Securities Act or an exemption from such registration is available, (ii)
is aware that the Generex Shares may not be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions
thereunder are met, and (iii) acknowledges that any transfer of Generex Shares, unless transferred pursuant to an effective registration
statement, shall be subject, at the Company’s discretion, to the Company’s receipt of an opinion of counsel, reasonably
acceptable to the Company and its transfer agent in form and substance and as to the identity of such counsel, that such transfer
may occur without registration under the Securities Act.

3.4.
Accredited Investor Status. The Member is an “accredited investor” as such term is defined in Rule 501 under
the Securities Act.

3.5.
Information and Reliance.

(a)
The Member has relied on publicly available information in making its decisions regarding acceptance of the Generex Stock
acknowledges, and agrees and confirms that (i) except as set forth this Agreement, neither Generex nor any of its Affiliates,
representatives or agents makes, or has made or given, any oral or written representations, warranties, certifications or opinions
of any kind, express or implied, with respect to (A) Generex, any of its Affiliates or any of its or their business, financial
condition, risks or prospects, (B) the Generex Shares or (C) any other matters relating to the Generex, its Affiliates, or the
Generex Shares, (ii) in making its decision to accept the Exchange Shares, it has relied solely on (A) its own independent review,
investigation and analysis of the business, financial condition, risks and prospects of the Company and its Affiliates and (B)
the representations and warranties of the Company set forth in Article II of this Agreement and publicly available information,
including Generex’s filings with the Commission.

    	 	3	 

     

    

 

ARTICLE
IV REGISTRATION

4.1.
Generex will register for resale by the Members the Generex Shares issued pursuant to this Agreement in the next registration
statement filed by Generex with the Commission, will shall not be later than 180 days from the date of this Agreement, and to
pursue prompt effectiveness of such registration statement.

ARTICLE
V DEFINITIONS

5.1.
Defined Terms. As used herein, the following terms have the following respective meanings:

Affiliate.
Affiliate shall mean, with respect to any Person, any Person directly or indirectly controlling, controlled by or under direct
or indirect common control with such Person and shall include (a) any Person who is a director or beneficial holder of at least
10% of the then outstanding capital stock (or partnership interests or other shares of beneficial interest) of such Person and
Family Members of any such Person, (b) any Person of which such Person or an Affiliate (as defined in clause (a) above) of such
Person directly or indirectly, either beneficially owns at least 10% of the then outstanding capital stock (or partnership interests
or other shares of beneficial interest) or constitutes at least a 10% equity participant, (c) any Person of which an Affiliate
(as defined in clause (a) above) of such Person is a partner, director, officer or executive employee, and (d) in the case of
a specified Person who is an individual, Family Members of such Person.

Charter.
Charter shall include the articles or certificate of incorporation, statute, constitution, joint venture or partnership agreement,
limited liability company operating agreement, or articles or other organizational document of any Person other than an individual,
each as from time to time amended, restated or otherwise modified.

Commission.
Commission shall mean the Securities and Exchange Commission.

Lien.
Lien shall mean any encumbrance, mortgage, pledge, lien, charge or other security interest of any kind upon any property or assets
of any character, or upon the income or profits therefrom other than any lien, pledge or security interest in favor of BBVA.

Person.
Person shall mean an individual, partnership, corporation, association, limited liability company, trust, joint venture, unincorporated
organization, and any government, governmental department or agency or political subdivision thereof.

Securities
Act. Securities Act shall mean the Securities Act of 1933, as amended, or any successor federal statute, and the rules and
regulations of the Commission thereunder, all as the same shall be in effect at the time.

VWAP.
VWAP shall mean, for any date, the daily volume weighted average price for such date (or the nearest preceding date) of the Generex
common stock on the trading market where such securities are then listed or quoted as reported by Bloomberg L.P. (based on a trading
day from 9 a.m. New York City time to 4:02 p.m. New York City time.)

    	 	4	 

     

    

 

ARTICLE
VI

CERTAIN
COVENANTS

6.1.
Confidential Information. Any and all confidential or proprietary information disclosed or made available by the Generex
to each Member in connection with or as a result of the negotiations leading to the execution of this Agreement, or in furtherance
thereof, shall remain confidential and the property of the Generex and shall not be disclosed by such Member and its employees,
advisors, and agents, except to the extent that such Party must disclose such information to comply with applicable law. Each
Member agrees not to divulge or disclose or use for its benefit or purposes any information with respect to the Company unless
such information has already become public.

6.2.
Further Assurances. Each Party hereto will cooperate with the other Parties hereto and execute such further instruments
and documents as any Party shall reasonably request to carry out the transactions contemplated by this Agreement.

ARTICLE
VII GENERAL

7.1.
Term. This Agreement shall immediately expire without further action of the Parties if the Closing has not been consummated
prior to the close of business on January 21, 2019.

7.2.
Waivers; Amendments. (1) No failure or delay by any Party in exercising any right or power hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps
to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.
No waiver of any provision of this Agreement or consent to any departure by any Party therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in
the specific instance and for the purpose for which given. No provision of this Agreement may be waived, amended or otherwise
modified except pursuant to an agreement or agreements in writing entered into by all of the Parties.

7.3.
Successors and Assigns. Neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned
by any of the Parties, in whole or in part (whether by operation of law or otherwise), without the prior written consent of the
other Parties, and any attempt to make any such assignment without such consent shall be null and void. Subject to the preceding
sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective
successors and assigns. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than
the Parties) any legal or equitable right, remedy or claim under or by reason of this Agreement.

7.4.
Survival. All covenants, agreements, representations and warranties made by the Parties herein and in the other instruments
delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other Parties and
shall survive the execution and delivery of this Agreement and the Closing.

7.5.
Counterparts; Integration. This Agreement may be executed in counterparts (and by different parties hereto on different
counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.
Delivery of an executed counterpart of a signature page of this Agreement by facsimile shall be effective as delivery of a manually
executed counterpart of this Agreement. This Agreement constitutes the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter
hereof.

    	 	5	 

     

    

 

7.6.
Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as
to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity,
legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction
shall not invalidate such provision in any other jurisdiction.

7.7.
Governing Law; Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
INTERNAL LAWS OF THE STATE OF DELAWARE (WITHOUT REGARD TO ANY CONFLICTS OF LAW PROVISION THAT WOULD REQUIRE THE APPLICATION OF
THE LAW OF ANY OTHER JURISDICTION).

7.8.
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT
IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). 

7.9.
Headings. Article and Section headings used herein are for convenience of reference only, are not part of this Agreement
and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

    	 	6	 

     

    

IN
WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have caused this Agreement to be duly executed and
delivered as of the date and year first above written.

	 	 	GENEREX BIOTECHNOLOGY
    CORPORATION
	 	 	 
	 	By:	/s/
    Joseph Moscato
	 	Name:	Joseph Moscato
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	 	 
	 	 	NUGENEREX DISTRIBUTION SOLTUONS 2, LLC
	 	 	 
	 	By:	/s/
    Joseph Moscato
	 	Name:	Joseph Moscato
	 	Title:	President and Chief Executive Officer
	 	 	 
	 	 	 
	 	 	VENETO HOLDINGS, L.L.C.
	 	 	 
	 	By:	/s/
    Kevin Kuykendall
	 	Name:	Kevin Kuykendall
	 	Title:	Chairman
	 	 	 
	 	 	 
	 	 	MEMBERS
	 	 	 
	 	 	/s/
    Kevin Kuykendall
	 	 	K&S Biotherapeutics, LLC
	 	 	 
	 	 	/s/
    Moky Cheung
	 	 	Radix Resources, LLC
	 	 	 
	 	 	/s/
    Kyle Kuykendall
	 	 	WHSH, LLC
	 	 	 
	 	 	/s/
    Trenton Moody
	 	 	Performance Biomedical, LLC
	 	 	 
	 	 	/s/
    Mark Schneider
	 	 	MCS Interest, LP
	 	 	 
	 	 	/s/
    Michael Schneider
	 	 	Shemiya Holdings, LP
	 	 	 
	 	 	/s/
    Kevin Kuykendall
	 	 	Hippocrates Holdings, LLC

    	 	7	 

     

    

 

Schedule
1

	Members	Shares
    Percentages
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

    	 	8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00291-of-00352.parquet"}]]