Document:

Exhibit 10.23

 

FIRST AMENDMENT TO THE PROMISSORY NOTE BETWEEN VIRPAX PHARMACEUTICALS,
INC. AND ANTHONY P. MACK 

 

This First Amendment to the Promissory Note dated January 15,
2019, this (“Amendment”) is entered into on April 6, 2020 (the “Effective Date”) between Virpax Pharmaceuticals,
Inc., (“Virpax”) and Anthony P. Mack (“AM”). Virpax and AM may be collectively referred to herein as the
“Parties.”

 

W I T N E S S E T H:

 

WHEREAS, the Parties entered into that certain Promissory Note
dated January 15, 2019 (the “Note”) which described the terms under which AM would loan certain amounts to Virpax the
terms under which Virpax would repay such amounts; and

 

WHEREAS, the Parties desire to amend the Note in order to extend
the Maturity Date of the payment of the principal and provide for the payment of all interest accrued up to January 15, 2021.

 

NOW THEREFORE, the Parties in consideration of the mutual covenants
and agreements hereinafter set forth agree as follows:

 

1. The Note is hereby amended as follows:

 

		1.	Amend Article 1 to extend the Maturity Date of the
payment of the principal to January 15, 2021

 

		2.	Amend Article 2 to provide for the payment of all
interest accrued up to January 15, 2021.

 

Except as amended hereby, all of the terms and conditions of
the Note are hereby ratified and confirmed and shall remain in full force and effect.

 

IN WITNESS WHEREOF, the Parties have caused this Amendment
to be executed by their duly authorized representatives as of the Effective Date. 

 

	By: 	/s/ Jeffrey Gudin	 
	Name: Jeffrey Gudin, EVP, Chief medical officer	 

 

	By the Holder: 	/s/ Anthony P. Mack	 
	Name: Anthony P. Mack, Chairman & CEOExhibit 10.24

 

SERVICE PROVIDER
CONVERTIBLE NOTE PURCHASE AGREEMENT

 

This Service
Provider Convertible Note Purchase Agreement (this “Services NPA”) is made as of August 29, 2019 between Virpax
Pharmaceuticals, Inc. (the “Company”), and RRD International, LLC, (the “Service Provider”).

 

WHEREAS,
the Company and the Service Provider are parties to that certain Master Services Agreement dated March 1, 2019 (the “MSA”),
pursuant to which the Service Provider provides certain Services (as defined therein) to the Company;

 

WHEREAS,
the Company and the Service Provider desire that certain compensation payable by the Company to the Service Provider pursuant to
the MSA in consideration of Services performed pursuant to Work Order 2, Work Order 3 and Work Order 4 (as defined in the MSA and
such Work Orders, the “Services NPA Work Orders”) be made by Company in the form of a convertible promissory
note (the “Services Note”) of the Company; and

 

NOW
THEREFORE, in consideration of the execution and delivery of this Services NPA and the representations, warranties, covenants and
conditions set forth below, the parties hereto, intending to be legally bound, hereby agree as follows:

 

1.
Services Note.

 

1.1. Issuance
of Services Note. Subject to the terms and conditions of this Services NPA and in reliance upon the parties’ respective
representations, warranties and agreements contained in this Services NPA and in the MSA (and its Services NPA Work Orders), upon
the execution of this Services NPA the Company will sell and issue the Services Note to the Service Provider, which the Service
Provider agrees to purchase from the Company in substantially the form attached here as Exhibit A.

 

1.2. Receipt
of Services Note. Upon receipt of the Services Note, the Service Provider will promptly countersign it to acknowledge receipt
of the Services Note and the Service Provider will deliver the fully executed Services Note to the Company.

 

2.
Representations of the Company.

 

2.1. Authority.
The Company is duly formed and validly existing under the laws of Delaware, with full power and authority to conduct its business
as it is currently being conducted and to own its assets; and has secured any other authorizations, approvals, permits and orders
required by law for the conduct by the Company of its business as it is currently being conducted.

 

2.2. Securities.
The Services Note, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this
Services NPA, and any shares of capital stock or other equity securities issuable upon conversion of the Securities Note when
issued, sold and delivered in compliance with the terms and for the consideration expressed in this Services NPA and the
Services Note, will be validly issued, fully paid and non-assessable and free of restrictions on transfer other than
restrictions on transfer set forth herein, or under applicable U.S. federal and state securities laws, liens or encumbrances
created by or imposed by the Service Provider or restrictions described in the Company’s Subscription Agreement dated
April 26, 2019 (the “Subscription Agreement”), and any other agreements entered into by and among the Company and
its common stockholders which are then in effect (collectively, the “Stockholder Agreements”). Assuming
the accuracy of the representations of the Purchaser in Section 3 of this Services NPA and subject to the filings
described in the next sentence, the Services Note will be issued in compliance with all applicable U.S. federal and state
securities laws and no consent, approval, order or authorization of, or registration, qualification, designation, declaration
or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with
the consummation of the transactions contemplated by this Services NPA, except for filings pursuant to Regulation D of the
Securities Act of 1933, as amended (the “Securities Act”), and applicable state securities laws, which
have been made or will be made in a timely manner.

 

     

     

    

 

3. Representations
of the Service Provider. The Service Provider hereby represents and warrants to the Company as follows:

 

3.1. Investment
Representations. The Service Provider will acquire the securities which it may receive pursuant to this Services NPA for its
own account, and each such security is being and will be acquired by it for the purpose of investment and not with a view to distribution
or resale in violation of the Securities Act. The Service Provider is aware that it may not sell or transfer any such security
without registration under applicable federal and state securities laws, or the availability of appropriate exemptions therefrom,
and that each such security will bear a restrictive legend or legends stating that the same has not been registered under applicable
federal and state securities laws and referring to restrictions on its transferability and sale.

 

3.2. Knowledge,
Experience and Due Diligence. The Service Provider is a sophisticated investor and has such knowledge and experience in financial
and business matters that it is capable of evaluating the merits and risks of this investment and has substantial experience in
making investment decisions of the type contemplated hereby. The Service Provider can bear the economic risks of this investment,
can afford a complete loss of its investment and has no present need for liquidity in conjunction with the purchase of the Services
Note. During the course of this transaction and prior to the sale of the Services Note hereunder, the Service Provider has had
the opportunity to ask questions of, and has received satisfactory answers from, management of the Company concerning the terms
and conditions of this investment and the business and operations of the Company.

 

3.3. Power
and Authority. The Service Provider has full power and authority and has taken all required action necessary to permit it to
execute and deliver and to carry out the terms of this Services NPA. This Services NPA is a legal, valid and binding obligation
of the Service Provider, enforceable in accordance with its terms subject to bankruptcy, insolvency, reorganization, moratorium
or other laws of general applicability affecting the enforcement rights and remedies of creditors and subject to the availability
of the remedy of specific performance or injunctive or other equitable relief being subject to the discretion of the court before
which any proceeding therefor may be brought.

 

3.4. Accredited
Investor. The Service Provider is an “accredited investor” (as such term is defined in Rule 501 of Regulation D
adopted under the Securities Act).

 

4. Conditions
to the Obligations of the Company. The obligation of the Company to deliver the Services Note to the Service Provider under
this Services NPA is subject to Service Provider’s having paid the Purchase Price (through the delivery of certain services
to the Company), and delivered an executed Accredited Investor Questionnaire attached to the Subscription Agreement.

 

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5.
Miscellaneous

 

5.1. Amendment
and Waiver. Any provision of this Services NPA may be amended, waived or modified with the written consent of the Company and
the Service Provider.

 

5.2.
Assignment.

 

(a) Generally.
The Service Provider may not assign this Services NPA, the Services Note, or the securities issuable upon its conversion or any
interest therein, to any other party (including a successor to the Service Provider’s business interests) without the prior
written consent of the Company which consent shall not be unreasonably withheld.

 

(b) Effect
of Prohibited Assignment. Any purported assignment or delegation in violation of this Section 6.2 shall be null and void.

 

5.3. Counterparts.
This Services NPA may be executed in multiple counterparts, each of which shall be deemed an original, but all of which taken together
shall constitute one instrument.

 

5.4. Severability.
In the event that any provision hereof would, under applicable law, be invalid or unenforceable, such provision shall, to the extent
permitted under applicable law, be construed by modifying or limiting it so as to be valid and enforceable to the maximum extent
possible under applicable law, unless such unenforceability impairs the fundamental purpose or expectations of the parties hereto.
The provisions of this Services NPA are severable, and in the event that any provision hereof should be held invalid or unenforceable
in any respect, it shall not invalidate, render unenforceable or otherwise affect any other provision hereof, unless such unenforceability
impairs the fundamental purpose or expectations of the parties hereto.

 

5.5. Entire
Agreement. This Services NPA, the Services Note, and the MSA (including and Work Orders thereto), as amended, including any
schedules and exhibits hereto and thereto, constitute the entire agreement among the parties hereto pertaining to the subject matter
hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written,
of the parties with respect to such subject matter. Without limiting the foregoing, neither party hereunder has relied on any representation
or warranty made by the other party that is not contained in this Services NPA.

 

5.6. Survival.
All covenants, agreements, representations and warranties made herein shall survive the execution and delivery hereof and the issuance
and transfer of the Services Note.

 

5.7. Notices.
Any notice required or permitted to be given hereunder by either Party hereunder shall be in writing (email permitted) and shall
be deemed given on the date received by email or if delivered personally or by a reputable overnight delivery service, or three
(3) days after the date postmarked if sent by registered or certified mail, return receipt requested, postage prepaid to the following
addresses:

 

	 	If to RRD:	J. Scott Tarrant, President 
	 	 	RRD International, LLC
	 	 	7361 Calhoun Place, Suite 510
	 	 	Rockville, MD 20855

 

	 	With a copy to:	Raymond V. Lee, Esq., Vice President, Legal Affairs 
	 	 	 
	 	If to RRD Partner:	Anthony P. Mack
	 	 	Chairman and Chief Executive Officer 
	 	 	Virpax Pharmaceuticals, Inc
	 	 	101 Lindenwood Drive, Suite 225
	 	 	Malvern, PA 19355

 

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5.8. Governing
Law. This Services NPA shall be governed by, and construed in accordance with, the laws of the State of Delaware, without giving
effect to any choice or conflict of laws rule or principle that would result in the application of the domestic substantive laws
of any other jurisdiction.

 

5.9. Submission
to Jurisdiction; Waiver of Jury Trial. The parties hereto (a) hereby irrevocably and unconditionally submit to the jurisdiction
of the U.S. federal and state courts of the State of Delaware and to the jurisdiction of the United States District Court for the
District of Delaware for the purpose of any suit, action or other proceeding arising out of or based upon this Services NPA, (b)
agree not to commence any suit, action or other proceeding arising out of or based upon this Services NPA except in the U.S. federal
and state courts located within the geographic boundaries of the State of Delaware or the United States District Court for the
District of Delaware, and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such
suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its
property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum,
that the venue of the suit, action or proceeding is improper or that this Services NPA or the subject matter hereof may not be
enforced in or by such court. Each of the parties to this Services NPA consents to personal jurisdiction for any equitable action
sought in the U.S. District Court for the District of Delaware or any court of the State of Delaware having subject matter jurisdiction.
THE PARTIES HERETO EACH HEREBY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY ACTION, SUIT OR OTHER LEGAL PROCEEDING ARISING UNDER OR
RELATING TO ANY PROVISION OF THIS SERVICES NPA.

 

5.10. Section
Headings. The section headings are for the convenience of the parties and in no way alter, modify, amend, limit or restrict
the contractual obligations of the parties.

 

5.11. Expenses.
Each party will bear its own costs, fees and expenses incurred in connection with this Services NPA.

 

5.12. Confidentiality.
Each party agrees that it will keep confidential and will not disclose, divulge, or use for any purpose (other than other than
related to this Services NPA, the Services Note or the MSA) any confidential information obtained from the other pursuant to the
terms of this Services NPA, unless such confidential information (a) is known or becomes known to the public in general (other
than as a result of a breach of this Section by the receiving party), (b) is or has been independently developed or conceived by
the receiving party without use of the disclosing party’s confidential information, or (c) is or has been made known or disclosed
to the receiving party by a third party without a breach of any obligation of confidentiality such third party may have to the
disclosing party; provided, however, that the receiving party may disclose confidential information (i) to its attorneys, accountants,
consultants, auditors and other professionals to the extent necessary to obtain their services in connection with this Services
NPA, the Services Note or the MSA; (ii) to any prospective purchaser of any of the Company’s securities from the Service
Provider, if such prospective purchaser agrees in writing with the Company to be bound by the provisions of this Section; (iii)
to any Affiliate, partner, member, stockholder, or wholly owned subsidiary of the receiving party in the ordinary course of business,
provided that the receiving party informs such Person that such information is confidential; or (iv) as may otherwise be required
by law, provided that the Service Provider promptly notifies the Company of such disclosure in advance, and takes reasonable steps
to minimize the extent of any such required disclosure.

 

[Remainder of page
intentionally left blank.]

 

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IN WITNESS WHEREOF, the Company and the Service
Provider have executed this Services NPA as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	VIRPAX PHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/ Anthony P. Mack
	 	 	 
	 	Name:	Anthony P. Mack
	 	 	 
	 	Title:	Chairman & CEO
	 	 	 
	 	Date:	August 29, 2019
	 	 	 
	 	SERVICE PROVIDER:
	 	 	 
	 	RRD INTERNATIONAL, LLC
	 	 	 
	 	By:	/s/ Raymond V. Lee
	 	 	 
	 	Name:	Raymond V. Lee
	 	 	 
	 	Title:	VP Legal Affairs
	 	 	 
	 	Date:	August 30, 2019

 

     

     

    

 

Exhibit A

 

Form of Services Convertible
Promissory Note

 

See Attached

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