Document:

Exhibit 10.12

  

   

  

  
    COMMERCIAL TERM NOTE

    

    

    	 	
            Lafayette, Louisiana

          
	
            $4,845,000.00

          	
            May 30, 2019

          

    

    

    For value received, the undersigned maker(s) (hereinafter referred to as “Borrower”, which term means individually, collectively, and interchangeably any, each and/or all of them), jointly, severally, and solidarily,
      promises to pay to the order of HANCOCK WHITNEY BANK (“Bank”), a Mississippi state chartered bank, with an office located at 1301 Camellia Blvd., Suite 100, Lafayette, LA 70508, the sum of FOUR MILLION EIGHT HUNDRED FORTY-FIVE THOUSAND AND 00/100
      DOLLARS ($4,845,000.00) together with interest thereon, in accordance with the terms set forth in this Commercial Note (“Note”).

    

    

    REPAYMENT:

    

    

    Periodic Principal Plus Accrued Interest.  The unpaid balance of this Note shall be due and payable in consecutive payments consisting of principal in the amount reflected on
      the attached amortization schedule plus accrued interest to date, beginning July 1, 2019, and on the same day in each month thereafter until May 30, 2026 (the “Maturity Date”), on which date the entire
      unpaid balance of principal and accrued interest shall be due and payable in full.

    

    

    Unless sooner declared due and payable in accordance with the provisions of this Note, on the Maturity Date, all outstanding principal, interest, fees, costs and expenses owing by Borrower to Bank
      shall be due and payable in full without notice or demand.

    

    

    INTEREST:

    

    

    One Month ICE LIBOR.  The interest rate on this Note is subject to change from time to time based on changes in an independent index which is the One Month ICE LIBOR (the “Index”).

      As used in this Note, the term “One Month ICE LIBOR” shall mean the One Month London InterBank Offered Rate in U.S. Dollars as calculated and published by the Intercontinental Exchange Benchmark Administration Ltd. (“ICE,” or the
      successor thereto if ICE is no longer making a London Interbank Offered Rate available) and in effect on the first day of each calendar month. The One Month ICE LIBOR shall be obtained by Bank from an intermediary rate reporting source such as
      Bloomberg, L.P. or other authoritative rate reporting source as selected by Bank, and is based on an average of interbank offered rates for one month deposits in U.S. Dollars based on quotes from designated banks in the London market. 
      Notwithstanding anything in this Note to the contrary, if the One Month ICE LIBOR as reported by Bloomberg, L.P or other rate reporting source is less than zero, then it shall be deemed to be zero percent (0.0%). Interest on the unpaid balance of
      this Note shall accrue at a variable rate equal to the Index plus a margin of 2.45% per annum.  The initial Index based on the One Month ICE LIBOR is 2.48325% per annum resulting in an initial interest rate on this Note of 4.93325% per annum.  The
      Index shall be adjusted on the first day of each calendar month.  The Index is not necessarily the lowest rate charged by Bank for any particular class of borrowers or credit extensions.  Borrower understands that Bank may make loans based on other
      rates as well. If the Index becomes unavailable during the term of this Note, Bank may designate a substitute index by notice to Borrower.  Borrower may obtain the current Index from Bank upon Borrower’s request. Bank’s determination of the Index
      shall be conclusive absent demonstrable error.

    

    

    Notwithstanding anything set forth herein to the contrary, the interest rate accruing on this Note shall be subject to the “Required Hedge” provisions set forth that certain Commercial Business Loan Agreement For Term
      Loans and Lines of Credit, dated February 21, 2018, as amended.

    

    

    Default Rate.  After maturity, whether that maturity results from acceleration or otherwise, interest shall, to the extent permitted by applicable law, accrue at the Default
      Rate. Additionally, upon the occurrence of any Event of Default hereunder other than a delinquent payment (and from and after the date of such occurrence), interest shall, to the extent permitted by applicable law, accrue at the Default Rate.  The
      Default Rate shall be the maximum rate authorized by applicable law, and if applicable law establishes no maximum rate, then eighteen percent (18.0%) per annum.

    

    

    All interest shall be computed on the basis of the actual number of days elapsed over a year composed of 360 days.  Interest shall accrue from the first date that funds are advanced to Borrower until all sums due
      hereunder are paid in full.

    

    

    Notwithstanding the foregoing, under no circumstances will the effective rate of interest on this Note exceed the maximum rate permissible under applicable law. To the extent federal law
        permits to contract for, charge or receive a greater amount of interest, Bank reserves the right to rely on federal law for the purpose of determining the maximum rate. It is the intention of Borrower and Bank to conform strictly to any
      applicable usury laws. The aggregate of all consideration which constitutes interest under applicable law that is contracted for, charged or received under this Note shall under no circumstances exceed the maximum amount of interest allowed by
      applicable law, and any excess shall be credited to the principal balance on this Note or, if this Note shall have been paid in full, refunded to Borrower.

    

    

    All payments to be made by the Borrower to Bank under or pursuant to this Note shall be in immediately available United States currency, without setoff or counterclaim, and in the event that any payments submitted
      hereunder are in funds not available until collected, said payments shall continue to bear interest until collected.

    

    

    PREPAYMENT:  Provided no other agreement between the Borrower and Bank expressly imposes a prepayment penalty, Borrower may prepay without penalty any principal on this Note in
      whole or in part and any prepayments made on this Note shall be applied to the principal payment(s) due on this Note in the inverse order of their maturity.

     

    

    LATE PAYMENT AND NSF CHARGES: In the event any installment payment of principal and/or interest is more than ten (10) days past due, Borrower promises to pay, in addition to the
      amount otherwise due hereunder, a delinquency charge of 5.00% of the unpaid portion of the regularly schedule payment, but not more than $1,000.00.  In the event that any payment under this Note by check or preauthorized charge is later dishonored or
      returned to Bank unpaid due to insufficient funds, Borrower agrees to pay Bank an additional NSF check charge equal to $25.00.

    

    

    BALANCE OWING:  The amount from time to time outstanding under this Note and each payment on this Note shall be evidenced by entries in Bank’s internal records, which shall be
      conclusive evidence absent manifest error of (a) the amount of principal and interest owing on this Note from time to time; (b) the amount of each advance made to Borrower under this Note; and (c) the amount of each principal and/or interest payment
      received by Bank on this Note.  The failure of Bank to make an accurate entry of advances and payments shall not limit or otherwise affect the obligation of Borrower to repay funds actually advanced by Bank hereunder.  Any loan or advance shall be
      conclusively presumed to have been made under the terms of this Note to or for the benefit of Borrower when made in accordance with such requests and directions, or when made pursuant to the terms of any written agreement executed in connection
      herewith between Borrower and Bank, or when said advances are deposited to the credit of the account of Borrower with Bank regardless of the fact that persons other than those authorized hereunder may have authority to draw against such account, or
      when applied as a payment of principal and/or interest to another obligation of Borrower to Bank.

     

    

    
      	
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    OBLIGORS: Any or each party to this Note (including each maker and endorser) and any or each surety and guarantor of this Note bound under separate instrument or agreement are
      hereinafter referred to jointly and severally as “Obligor.”

    

    

    SECURITY AND SET-OFF: In order to secure the repayment of the indebtedness evidenced by this
      Note, including, without limitation, future advances, interest, attorneys’ fees, expenses of collection and costs, as well as the payment and performance of any and all other liabilities or obligations of any Borrower to Bank, whether direct or
      indirect, absolute or contingent, due or to become due, or now existing or hereafter arising, and including, but not limited to, all agreements with respect to any swap, forward, future, or derivative transaction or option or similar agreement
      involving, or settled by reference to, one or more interest rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value (collectively,
      the “Obligations”), Borrower hereby pledges to Bank, and grants to Bank a continuing lien and security interest in and a right of set-off and compensation against, all property of Borrower, including any such property Borrower holds jointly
      with someone else, that is now or hereafter on deposit with, in the possession of, under the control of or held by Bank or any financial institution affiliate of the Bank, including, without limitation, all cash, deposit accounts, funds on deposit,
      stocks, bonds, treasury obligations and other securities, investment property, financial assets, securities accounts, notes, documents, instruments, certificates of deposit, items, chattel paper, and other property (except IRA, pension, other
      tax-deferred retirement accounts and any accounts or property held in a trust or fiduciary capacity for which setoff would be prohibited by law), together with all property added to or substituted for any of the foregoing, and all interest,
      dividends, income, fruits, accessions and proceeds of any of the foregoing. The terms “chattel paper,” “deposit accounts,” “documents,” “items,” “instruments,” “investment property,” “securities accounts,” “financial assets” and “proceeds” shall have
      the meaning provided in the Louisiana Uniform Commercial Code.  Each Obligor releases Bank from any obligation with respect to the collateral including any obligation to collect any proceeds of or preserve any of Obligor’s rights, including, without
      limitation, rights against prior parties, in any collateral in which Bank possesses a security interest.   Any responsibility of Bank with respect to any collateral in which Bank possesses a security interest, whether arising
      contractually or as a matter of law, is hereby expressly waived.

     

    

    EVALUATIONS: Borrower represents and warrants that the indebtedness evidenced by this Note was contracted for by Borrower at Borrower’s request based upon Borrower’s own
      independent determination of need.  Borrower and each other Obligor understand and agree that any appraisals or evaluations made by or for the Bank of the financial condition of any person or the value of any property were made solely for the Bank’s
      benefit and Bank in no way has represented or warranted the financial condition of any person or the value of any property in making or obtaining said appraisals or evaluations or in extending credit to Borrower or any other Obligor. Borrower and
      each other Obligor understand and agree that they have no right to rely on Bank’s appraisals or evaluations in assuming this debt and executing this instrument and that their obligation to pay the debt represented by this Note is independent of any
      such appraisals or evaluations.

    

    

    RENEWAL: If an earlier note of Borrower to Bank is renewed at the time of execution hereof, then this Note constitutes an extension, but not a novation, of the amount of the
      unpaid and continuing indebtedness, and all rights held by Bank under the earlier note shall continue in full force and effect.

    

    

    FINANCIAL INFORMATION: Borrower shall, and shall cause each other Obligor to, promptly provide to Bank true and correct current financial statements and such other information
      regarding the financial condition, business and properties of each Obligor as Bank may request from time to time, all in form, substance and detail satisfactory to the Bank.  The financial statements shall include, among other things, detailed
      information regarding (i) any entities, such as corporations, partnerships, or limited liability companies of which the Obligor is the majority owner and (ii) any entities of which the Obligor is not the majority owner, but for which Obligor is
      directly or contingently liable on debts or obligations of any kind incurred by those entities.  All financial statements or records submitted to Bank via electronic means, including, without limitation by facsimile, open internet communications or
      other telephonic or electronic methods, including, without limitation, documents in Tagged Image Format Files (“TIFF”) or Portable Document Format (“PDF”) shall be treated as originals, fully binding and with full legal force and effect and the
      parties waive any rights they may have to object to such treatment.  The Bank may rely on all such records in good faith as complete and accurate records produced or maintained by or on behalf of the party submitting such records.

    

    

    DEFAULT: If any of the following events shall occur (each such event being referred to herein as an “Event of Default”): (a) the non-payment of any principal or interest
      on this Note or any other Obligation on the date when due; (b) the death, dissolution, liquidation or insolvency of any Obligor; (c) the filing by or against any Obligor of a proceeding under the U.S. Bankruptcy Code; (d) the application for
      appointment of a receiver for, the making of a general assignment for the benefit of creditors of, or the filing of any proceeding seeking any other relief afforded debtors or affecting rights of creditors generally under the laws of any jurisdiction
      by or against any Obligor; (e) the default by any Obligor in the payment or performance of (i) any obligation under this Note or under any deed of trust, mortgage, security agreement or any other document securing payment of this Note,  or (ii) any
      obligation under any other note or under any other agreement of any Obligor with or in favor of Bank; (f) any judgment, garnishment, seizure, tax lien or levy against any assets of any Obligor; (g) any material adverse change in the financial
      condition of any Obligor, or any material discrepancy between the financial statements submitted by any Obligor and the actual financial condition of any Obligor; (h) any statement, warranty, or representation made by any Obligor to Bank proves to be
      untrue in any material respect; (i) any default by any Obligor in the payment or performance of any material liabilities, indebtedness or obligations to any other creditor; (j) any merger, consolidation or change in any Obligor’s type or form of
      organizational structure without the prior written consent of  Bank; or (k) any discontinuance or termination of any guaranty of all or any portion of this Note by any Obligor or any attempt by any Obligor to do so; then, at the option of Bank, the
      full amount of this Note and all other obligations and liabilities, direct or contingent, of any Obligor to Bank shall be immediately due and payable without notice or demand.

    

    

    REMEDIES: Bank shall have the remedies of a secured party under the Louisiana Uniform Commercial Code.  In addition to any and all other remedies which may be available to it,
      all of which shall be cumulative and may be pursued singly, successively or together against any Obligor and/or any security given at any time to secure the payment hereof, all at the sole discretion of Bank.  Failure on the part of Bank to exercise
      any right described herein or in such other documents shall not constitute a waiver of such right or preclude Bank’s subsequent exercise thereof. If any notice of sale or other intended disposition of the collateral is required by law to be given,
      Borrower hereby agrees that a notice sent in compliance with applicable law or if applicable law does not define the required notice period then at least ten (10) days prior to such action shall constitute reasonable notice to Borrower.  If the
      proceeds of any collateral securing this Note disposed of by Bank are insufficient to pay this Note in full, Obligor shall remain fully obligated for any deficiency.

    

    

    For purposes of executory process, Obligor hereby acknowledges the debt created by this Note, confesses judgment in favor of Bank for the full amount of the debt evidenced by this Note, and consents to enforcement by
      executory process.  To the extent permitted by law, Obligor hereby expressly waives (a) the benefit of appraisement provided for in Art. 2723 of the Louisiana Code of Civil Procedure and (b) all other rights to notices, demands, appraisements and
      delays provided by the Louisiana Code of Civil Procedure or any other applicable laws.

    

    

    
      
        	
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    FEES AND EXPENSES:  Obligor agrees to pay on demand all charges, fees, costs and/or taxes levied or assessed against Bank in connection with this Note or any collateral securing
      this Note, together with all reasonable attorneys and paralegals’ fees and expenses, and all other costs and expenses incurred by Bank in connection with the preparation, enforcement (including, without limitation, in bankruptcy, probate or
      administration proceeding or otherwise), workout, restructuring or collection of this Note, whether or not suit is filed, including such fees incurred in bankruptcy proceedings, at state and/or federal trial and appellate court levels, together with
      all other costs and expenses that may be incurred by Bank in connection with the enforcement of this Note or the preservation or enforcement of any of Bank’s rights or interests with respect to any collateral securing this Note.

    

    

    WAIVER:  The Borrower waive(s), on behalf of itself and each Obligor,  presentment, demand, protest, notice of dishonor, notice of demand or intent
        to demand, notice of acceleration or intent to accelerate, and all other notices, and agree(s) that no extension or indulgence to the undersigned (or any of them) or release, substitution or nonenforcement of any security, or release or
        substitution of any of the undersigned, any guarantor or any other party, whether with or without notice, shall affect the obligations of any of the undersigned. The undersigned waive(s) all defenses or right to discharge available under applicable
        law and waive(s) all other suretyship defenses or right to discharge and waives any right to receive notice of interest rate changes.

    

    

    Each Obligor  also agrees Bank may, one or more times, in its sole discretion, without releasing or affecting any of its rights and without notice to or the consent of such Obligor, take any one or more of the
      following actions: (a) release, renew, extend or modify the obligations of Borrower or any other Obligor; (b) release, exchange, modify, or surrender in whole or in part Bank’s rights with respect to any collateral for this Note; (c) with the consent
      of Borrower, modify or alter the term, interest rate or due date of any payment of this Note; (d) grant any postponements, compromises, indulgences, waivers, surrenders or discharges or modify the terms of its agreements with Borrower or any other
      Obligor; (e) change its manner of doing business with Borrower or any other Obligor or person; or (f) impute payments or proceeds of any collateral furnished by any Obligor, in whole or in part to any costs, interest, or principal due on this Note,
      or to any other obligation of any Obligor to Bank, or in the event of a third party claim thereto retain the payments or proceeds as collateral for this Note without applying same toward payment of this Note, and each Obligor hereby expressly waives
      any claims or  defenses arising from any such actions.

    

    

    COMMERCIAL USE: Borrower warrants and represents to Bank and all other holders of this Note that all loans evidenced by this Note are and will be for business, commercial, or
      other similar purpose and not primarily for personal, family, or household purposes.

    

    

    SALE/ASSIGNMENT:  The Borrower acknowledge(s) that the Bank has the right to sell, assign, transfer, negotiate, or grant participations in all or any part of this Note and any
      related obligations, including, without limit, this Note, without notice to the undersigned and that the Bank may disclose any documents and information which the Bank now has or later acquires relating to the undersigned or to any collateral or to
      any Obligor or this Note in connection with such sale, assignment, transfer, negotiation, or grant.  The Borrower agree(s) that the Bank may provide information relating to this Note or relating to the undersigned to the Bank’s parent, affiliates,
      subsidiaries and service providers.

    

    

    GOVERNING LAW, JURISDICTION AND VENUE:  THIS NOTE IS MADE AND DELIVERED IN THE STATE OF LOUISIANA AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS THEREOF WITHOUT
        REFERENCE TO THE CONFLICTS OF LAW PRINCIPLES THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. BORROWER AND EACH OTHER OBLIGOR PARTY TO THIS NOTE HEREBY IRREVOCABLY SUBMITS AND CONSENTS TO THE EXCLUSIVE PERSONAL JURISDICTION AND
        VENUE OF ANY STATE OR FEDERAL COURT IN LOUISIANA LOCATED IN THE SAME JUDICIAL DISTRICT AS THE OFFICE OF BANK SPECIFIED IN THE FIRST PARAGRAPH OF THIS NOTE AND AGREES THAT ALL ACTIONS OR PROCEEDINGS ARISING DIRECTLY, INDIRECTLY OR OTHERWISE IN
        CONNECTION WITH, OUT OF, RELATED TO OR FROM THIS NOTE SHALL BE LITIGATED ONLY IN ONE OF THE FOREGOING DESCRIBED COURTS. BORROWER AND EACH OTHER OBLIGOR PARTY TO THIS NOTE, FOR THEMSELVES, AND THEIR RESPECTIVE HEIRS, SUCCESSORS AND ITS ASSIGNS, AND
        FOR ANY PERSON CLAIMING UNDER OR THROUGH ANY OF THEM, HEREBY KNOWINGLY AND VOLUNTARILY WAIVES ANY AND ALL RIGHTS TO HAVE THE JURISDICTION AND VENUE OF ANY LITIGATION ARISING DIRECTLY, INDIRECTLY OR OTHERWISE IN CONNECTION WITH, OUT OF, RELATED TO
        OR FROM THIS NOTE IN ANY OTHER COURT, AND HEREBY KNOWINGLY AND VOLUNTARILY WAIVES ANY AND ALL RIGHTS TO REMOVE THIS ACTION TO, OR TO TRANSFER, DISMISS, OR CHANGE VENUE TO, ANY OTHER COURT. BORROWER AND EACH OTHER OBLIGOR PARTY TO THIS NOTE FURTHER
        ACKNOWLEDGES AND AGREES THAT NEITHER BANK NOR ANY PERSON ACTING ON BEHALF OF BANK HAS IN ANY WAY AGREED WITH OR REPRESENTED TO BORROWER OR SUCH OBLIGOR THAT THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN WAIVED OR WILL NOT BE FULLY ENFORCED BY BANK.

    

    

    WAIVER OF JURY TRIAL. BORROWER KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVES, TO
        THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHTS BORROWER MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING BASED ON, ARISING OUT OF, OR IN ANY WAY RELATED TO: THIS NOTE; THE OBLIGATIONS; ANY NOTES, LOAN AGREEMENTS, OR ANY OTHER
        LOAN DOCUMENT OR AGREEMENT EXECUTED OR CONTEMPLATED TO BE EXECUTED IN CONNECTION WITH ANY OF THE OBLIGATIONS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. THIS JURY WAIVER ALSO APPLIES TO ANY CLAIM, COUNTERCLAIM, CAUSE OF ACTION OR DEMAND ARISING FROM OR RELATED TO (I) ANY COURSE OF CONDUCT, COURSE OF DEALING, OR RELATIONSHIP OF
        BORROWER, ANY OBLIGOR, OR ANY OTHER PERSON WITH BANK OR ANY EMPLOYEE, OFFICER, DIRECTOR OR ASSIGNEE OF BANK IN CONNECTION WITH THE OBLIGATIONS; OR (II) ANY
        STATEMENT (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PERSON BY OR ON BEHALF OF BANK TO BORROWER, ANY OBLIGOR, OR ANY OTHER PERSON IN CONNECTION WITH THE OBLIGATIONS, REGARDLESS OF WHETHER SUCH CAUSE OF ACTION ARISES BY CONTRACT, TORT OR
        OTHERWISE.  BORROWER HEREBY ACKNOWLEDGES THAT THIS WAIVER OF JURY TRIAL IS A MATERIAL INDUCEMENT TO THE BANK IN EXTENDING CREDIT TO THE BORROWER, THAT THE BANK WOULD NOT HAVE EXTENDED SUCH CREDIT WITHOUT THIS JURY TRIAL WAIVER, AND THAT BORROWER
        HAS BEEN REPRESENTED BY AN ATTORNEY OR HAS HAD AN OPPORTUNITY TO CONSULT WITH AN ATTORNEY IN CONNECTION WITH THIS JURY TRIAL WAIVER AND UNDERSTANDS THE LEGAL EFFECT OF THIS WAIVER.  BORROWER FURTHER CERTIFIES THAT NO PERSON HAS REPRESENTED TO IT,
        EXPRESSLY OR OTHERWISE, THAT BANK OR ANY OTHER PERSON WOULD NOT, IN THE EVENT OF A LEGAL PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER.

    

    

    
      
        	
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    MISCELLANEOUS: The provisions of this Note may not be waived or modified except in writing, signed by Bank.  Failure of Bank to exercise rights, remedies or options Bank may
      have upon the happening of one or more of the events giving rise to such rights, remedies or options shall not constitute a waiver of the right to exercise the same or any other right, remedy or option at any subsequent time in respect to the same or
      any other event.  The acceptance by Bank of any payment hereunder that is less than payment in full of all amounts due and payable at the time of such payment shall not constitute a waiver of the right to exercise any of the rights, remedies or
      options granted herein to Bank at that time or at any subsequent time or nullify any prior exercise of any such right, remedy or option without the express written acknowledgment of the Bank.

    

    

    If any provision of this Note shall be held to be legally invalid or unenforceable by any court of competent jurisdiction, all remaining provisions of this Note shall remain in full force and effect.

    

    

    The term “Bank” as used herein shall include transferees, successors, and assigns of Bank, and all rights of Bank hereunder shall inure to the benefit of its transferees, successors, and assigns. All obligations of
      Obligor shall bind Obligor’s heirs, legal representatives, successors, and assigns.

    

    

    The descriptive headings of the several sections of this Note are inserted for convenience only and shall not in any way affect the meaning or construction hereof.

    

    

    Bank may, at its option and in its sole discretion, maintain and rely upon a photocopy, electronic copy or other reproduction of this Note, and Borrower and each other Obligor, for themselves and their respective
      heirs, successors, and assigns, and any person claiming by or through any of them, hereby waive any and all objections to, and claims or defenses based upon, the failure of Bank to produce the original hereof for any purpose whatsoever.

    

    

    This Note embodies the final, entire agreement of Borrower and Bank with respect to the subject matter hereof.  No course of dealing, course of performance, usage of trade or evidence of any prior, contemporaneous or
      subsequent oral agreements or discussions or other extrinsic evidence of any nature shall be used to contradict, vary, supplement or modify any term of this note.  There are no oral agreements between the parties.

    

    

    THIS NOTE AND ALL OTHER LOAN DOCUMENTS EMBODY THE FINAL, ENTIRE AGREEMENT OF BORROWER AND BANK AND SUPERSEDES ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS, REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER
      WRITTEN OR ORAL, RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY ANY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR A SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF BORROWER AND BANK.  THERE ARE NO ORAL AGREEMENTS
      BETWEEN THE BORROWER AND BANK.

    

    

    	
            
              INTERNAL USE ONLY

            

          	 	
            BORROWER:

          	 
	 	 	 	 	 
	 	 	
            Viemed, Inc.

          	 
	 	 	 	 	 
	 	 	By:	
            /s/ Casey Hoyt

          	 
	 	 	Name:  	
            Casey Hoyt

          	 
	 	 	Title:	
            Chief Executive Officer

          	 

    

    

    	 	
            Sleep Management, L.L.C.

          	 
	 	 	 	 
	 	By:	
            /s/ Casey Hoyt

          	 
	 	Name:	
            Casey Hoyt

          	 
	 	Title:	
            General Manager

          	 
	 	 	 	 
	 	
            Home Sleep Delivered, L.L.C.

          	 
	 	 	 	 
	 	By:	
            /s/ Casey Hoyt

          	 
	 	Name:	
            Casey Hoyt

          	 
	 	Title:	
            General Manager

          	 

     

    

     

    

    
      
        	
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              	 4Exhibit 10.13

  

   

  

  
    EXECUTIVE EMPLOYMENT AGREEMENT

    

    

    This Executive Employment Agreement (the “Agreement”) is entered into
      effective June 3, 2019 (the “Effective Date”), by and between Casey Hoyt (the “Executive”) and Sleep Management,
      LLC, d/b/a VieMed (the “Company”).  Each of the Company and Executive is a “Party” and, collectively, they are the “Parties.”

    

    

    The Company desires to employ Executive and, in connection with such employment, to compensate Executive for Executive’s personal services to the Company; and

    

    

    Executive desires to provide personal services to the Company in return for certain compensation.

    

    

    Accordingly, in consideration of the mutual promises and covenants contained herein, the Parties agree to the following:

    

    

    1.           Employment by the Company.

    

    

    1.1            At-Will Employment.  Executive shall be employed by the Company on an “at will” basis, meaning either the Company or Executive may
      terminate Executive’s employment at any time, with or without cause or advance notice. Any contrary representations that may have been made to Executive shall be superseded by this Agreement. This Agreement shall constitute the full and complete
      agreement between Executive and the Company on the “at will” nature of Executive’s employment with the Company, which may be changed only in an express written agreement signed by Executive and a duly authorized officer of the Company. Executive’s
      rights to any compensation following a termination shall be only as set forth in Section 6.

    

    

    1.2             Position.  Subject to the terms set forth herein, the Company agrees to employ Executive in the position of Chief Executive Officer,
      and Executive hereby accepts such employment.  Executive will report to the Board of Directors.

    

    

    1.3             Duties.  Executive shall faithfully perform all duties of the Company related to the
      position or positions held by Executive, including but not limited to all duties set forth in this Agreement and all additional duties that are reasonably prescribed from time to time by the Board of Directors. Executive shall devote
      Executive’s full business time and attention to the performance of Executive’s duties and responsibilities on behalf of the Company and in furtherance of its best interests.  Executive shall perform Executive’s duties under this Agreement principally
      out of the Company’s corporate headquarters in Lafayette, Louisiana.  In addition, Executive shall make such business trips at the Company’s expense to such places as may be necessary or advisable for the efficient operations of the Company.

    

    

    1.4          Company Policies.  Executive shall comply with all Company policies, standards, rules and regulations (a “Company Policy” or collectively, the “Company Policies”) and all applicable government laws, rules and regulations that are now or hereafter in effect.
      Executive acknowledges receipt of copies of all written Company Policies that are in effect as of the date of this Agreement. Notwithstanding the foregoing, in the event that the terms of this Agreement differ from or are in conflict with the
      Company’s general employment policies or practices, this Agreement shall control.

    

    

    
      
        

    

    
    2.           Compensation.

    

    

    2.1            Salary.  Executive shall receive a base salary of $425,000.00 on an annualized basis, payable subject to standard federal and
      state payroll withholding requirements in accordance with the Company’s standard payroll practices (“Base Salary”).  Executive’s Base Salary may be increased from time to time by the Board
      of Directors of the Company (the “Board”).

    

    

    2.2            Bonus. During the period Executive is employed with the Company, Executive shall be eligible to earn a discretionary annual cash bonus
      with a target bonus amount of $425,000.00 (“Target Amount”) and a maximum bonus amount of $637,500.00, subject to review and adjustment by the Company in its sole discretion,
      payable subject to standard federal and state payroll withholding requirements, pursuant to the terms of the Viemed, Inc. Annual Discretionary Cash Bonus Plan (the “Bonus Plan”).  Any bonus, if earned, will be paid to Executive within the time period
      set forth in the Bonus Plan.

    

    

    2.3            Benefits.  Executive will be eligible to participate on the same basis as similarly situated employees in the Company’s benefit plans in
      effect from time to time during Executive’s employment.  All matters of eligibility for coverage or benefits under any benefit plan shall be determined in accordance with the provisions of such plan.  The Company reserves the right to change, alter,
      or terminate any benefit plan in its sole discretion.

    

    

    2.4            Expense Reimbursement.  The Company shall reimburse Executive for all customary and appropriate business-related expenses actually
      incurred and documented in accordance with Company Policy, as in effect from time to time.  For the avoidance of doubt, to the extent that any reimbursements payable to Executive are subject to the provisions of Section 409A of the Internal Revenue
      Code of 1986, as amended (the “Code”): (a) any such reimbursements will be paid no later than December 31 of the year following the year in which the
      expense was incurred, (b) the amount of expenses reimbursed in one year will not affect the amount eligible for reimbursement in any subsequent year, and (c) the right to reimbursement under this Agreement will not be subject to liquidation or
      exchange for another benefit.

    

    

    3.          Proprietary Information, Inventions, Non-Competition and Non-Solicitation Obligations.  As a condition of employment with the Company, Executive agrees to execute and abide by a Confidentiality, Noncompetition,
      Nonsolicitation, and Intellectual Property Agreement (the “Confidential Information Agreement”), which may be amended by the Parties from time to time without regard to this Agreement.  The
      Confidential Information Agreement contains provisions that are intended by the Parties to survive and do survive termination of this Agreement.

    

    

    4.           Outside Activities During Employment. 
      Except with the prior written consent of the Company, which shall not be unreasonably withheld, Executive will not, while employed by the Company, undertake or engage in any other employment, occupation or business enterprise that would interfere
      with Executive’s responsibilities and the performance of Executive’s duties hereunder, except for (i) reasonable time devoted to volunteer services for or on behalf of such religious, educational, non-profit and/or other charitable organization as
      Executive may wish to serve, (ii) reasonable time devoted to activities in the non-profit and business communities consistent with Executive’s duties, and (iii) such other activities as may be specifically approved by the Company. This restriction
      shall not, however, preclude Executive from owning less than one percent (1%) of the total outstanding shares of a publicly traded company, or employment or service in any capacity with Affiliates of the Company.  As used in this Agreement, “Affiliates” means an entity under common management or control with the Company.

    

    

    
      2

      
        

    

    5.           No Conflict with Existing Obligations.  Executive represents that Executive’s performance
      of all the terms of this Agreement and as an executive of the Company do not and will not breach any agreement or obligation of any kind made prior to Executive’s employment by the Company, including agreements or obligations Executive may have with
      prior employers or entities for which Executive has provided services.  Executive has not entered into, and Executive agrees that Executive will not enter into, any agreement or obligation, either written or oral, in conflict herewith.

    

    

    6.           Termination Of Employment.  The Parties acknowledge that Executive’s employment
      relationship with the Company is at-will.  The provisions in this Section govern the amount of compensation, if any, to be provided to Executive upon termination of employment and do not alter this at-will status.

    

    

    6.1             Termination by the Company Without Cause.

    

    

    (a)     The Company shall have the right to terminate Executive’s employment with the Company pursuant to this Section 6.1 at any time without “Cause” (as defined in Section 6.2(b) below) by giving
      notice as described in Section 7.1 of this Agreement.  A termination pursuant to Sections 6.3 and 6.5 below is not a termination without “Cause” for purposes of receiving the benefits described in this Section 6.1.

    

    

    (b)      If the Company terminates Executive’s employment at any time without Cause and provided that such termination constitutes a “separation from service” (as defined under Treasury Regulation
      Section 1.409A-1(h) a “Separation from Service”), then Executive shall be entitled to receive the Accrued Obligations (defined below) and, subject to Executive’s compliance with the
      obligations in Section 6.1(c) below, then Executive shall also be entitled to receive (collectively, the “Severance Benefits”):

    

    

    (i)          an amount equal to Executive’s then current Base Salary for twelve (12) months (the “Severance Period”), less all
      applicable withholdings and deductions, paid in equal installments beginning on the Company’s first regularly scheduled payroll date following the Release Effective Date (as defined in Section 6.1(c) below), with the remaining installments occurring
      on the Company’s regularly scheduled payroll dates thereafter;

    

    

    (ii)          an amount equal to the unpaid bonus (if any) that Executive would have earned pursuant to Section 2.2 with respect to any Performance Period completed prior to the termination date but
      for the employment requirement set forth in Section 2.2; and

    

    

    
      3

      
        

    

    (iii)        payment of the employer portion of the premiums required to continue Executive’s group health care coverage under the applicable provisions of the Consolidated Omnibus Budget
      Reconciliation Act of 1985 (“COBRA”), provided that Executive timely elects to continue coverage under COBRA, until the earliest of (A) the close of the Severance Period, (B) the expiration
      of Executive’s eligibility for the continuation coverage under COBRA, or (C) the date when Executive becomes eligible for substantially equivalent health insurance coverage in connection with new employment (such period from the termination date
      through the earliest of (A), (B) or (C), the “COBRA Payment Period”).  Notwithstanding the foregoing, if at any time the Company determines in its sole discretion that the payment of the
      COBRA premiums would result in a violation of the nondiscrimination rules of Section 105(h)(2) of the Code, or any statute or regulation of similar effect (including but not limited to the 2010 Patient Protection and Affordable Care Act, as amended
      by the 2010 Health Care and Education Reconciliation Act), then in lieu of providing the COBRA premiums, the Company will instead pay Executive on the last day of each remaining month of the COBRA Payment Period, a fully taxable cash payment equal to
      the COBRA premiums for that month, subject to applicable tax withholdings for the remainder of the COBRA Payment Period, regardless of whether Executive elects COBRA coverage (the “Special
        Severance Payment”).  Executive may, but is not obligated to, use such Special Severance Payment toward the cost of COBRA premiums. If Executive becomes eligible for coverage under another employer’s group health plan or otherwise ceases to
      be eligible for COBRA during the COBRA Payment Period, Executive must immediately notify the Company of such event, and all payments and obligations under this clause will cease.

    

    

    (c)      Executive will be paid all of the Accrued Obligations on the Company’s first payroll date after Executive’s date of termination from employment or earlier if required by law.  Executive
      shall receive the Severance Benefits pursuant to Section 6.1(b) of this Agreement if: (i) Executive signs and delivers to the Company an effective, general release of claims in favor of the Company and its affiliates and representatives, in a form
      acceptable to the Company (the “Release”), by the 60th day following the termination date or such earlier date as set forth in the Release, which cannot be revoked in whole or part (if
      applicable) by such date or such earlier date as set forth in the Release (the date that the Release can no longer be revoked is referred to as the “Release Effective Date”); (ii) if
      Executive holds any other positions with the Company, Executive resigns such position(s) to be effective no later than the date of Executive’s termination date (or such other date as requested by the Board);  (iii) Executive returns all Company
      property in proper order and condition, reasonable wear and tear excepted, (including, but not limited to, all books, documents, papers, materials and any other property or assets relating to the business or affairs of the Company which may be in
      Executive’s possession or under his control but excluding copies of records related to Executive’s compensation from the Company and any equity ownership in the Company); (iv) Executive complies with all post-termination obligations under this
      Agreement and the Confidential Information Agreement; and (v) Executive complies with the terms of the Release, including without limitation any non-disparagement and confidentiality provisions contained in the Release.  To the extent that any
      Severance Benefits are deferred compensation under Section 409A of the Code, and are not otherwise exempt from the application of Section 409A, then, if the period during which Executive may consider and sign the Release spans two calendar years, the
      payment of Severance Benefits will not be made or begin until the later calendar year.

    

    

    (d)      For purposes of this Agreement, “Accrued Obligations” are (i) Executive’s accrued but unpaid salary through the date of
      termination, (ii) any unreimbursed business expenses incurred by Executive payable in accordance with the Company’s standard expense reimbursement policies, and (iii) benefits owed to Executive under any qualified retirement plan or health and
      welfare benefit plan in which Executive was a participant in accordance with applicable law and the provisions of such plan.

    

    

    
      4

      
        

    

    (e)       The Severance Benefits provided to Executive pursuant to this Section 6.1 is in lieu of, and not in addition to, any benefits to which Executive may otherwise be entitled under any Company
      severance plan, policy or program.

    

    

    (f)       Any damages caused by the termination of Executive’s employment without Cause would be difficult to ascertain; therefore, the Severance Benefits for which Executive is eligible pursuant to
      Section 6.1(b) above in exchange for the Release is agreed to by the Parties as liquidated damages, to serve as full compensation, and not a penalty.

    

    

    6.2            Termination by the Company for Cause.

    

    

    (a)       Subject to Section 6.2(c) below, the Company shall have the right to terminate Executive’s employment with the Company at any time for Cause by giving notice as described in Section 7.1 of
      this Agreement.

    

    

    (b)      “Cause” shall have the meaning ascribed to such term in the Bonus Plan.
      In addition, the Company shall terminate Executive’s employment for “Cause” in the event the Company has determined in its sole discretion that any of the following has occurred: (i)
      Executive’s use of illegal drugs or any illegal substance, abuse of alcohol or other controlled substances, or use of alcohol in any manner that interferes with the performance of Executive’s duties under this Agreement; (ii) acts of violence,
      unlawful discrimination, or unlawful harassment by Executive; (iii) Executive’s making malicious or derogatory statements that are reasonably likely to damage the integrity or reputation of the Company, its products and performance, or its officers,
      employees or directors; or (iv) any other immoral, unethical, or indecent action by Executive that is detrimental to the interest and well-being of the Company, including, without limitation, harm to its reputation.

    

    

    (c)      In the event Executive’s employment is terminated at any time for Cause, Executive will not receive Severance Benefits or any other severance compensation or benefits, except that, pursuant
      to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

    

    

    6.3            Resignation by Executive.

    

    

    (a)       Executive may resign from Executive’s employment with the Company at any time by giving notice as described in Section 7.1.

    

    

    (b)      In the event Executive resigns from Executive’s employment with the Company for any reason (other than a resignation for Good Reason as described in Section 6.4 below), Executive will not
      receive Severance Benefits or any other severance compensation or benefits, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

    

    

    6.4            Resignation by Executive for Good Reason.

    

    

    (a)       Provided Executive has not previously been notified of the Company’s intention to terminate Executive’s employment, Executive may resign from employment with the Company for Good Reason (as
      defined in Section 6.4(b) below).

    

    

    
      5

      
        

    

    (b)      “Good Reason” for resignation shall mean the occurrence of any of the following without Executive’s prior consent:  (i) a material
      adverse change in the scope of Executive’s responsibilities or authority; or (ii) a material reduction in Executive’s Base Salary (unless pursuant to a salary reduction program applicable generally to the Company’s similarly situated executives).  In
      addition to any requirements set forth above, in order for any of the above events to constitute “Good Reason,” Executive must (X) inform the Company of the existence of the event within sixty (60) days of the initial existence of the event, after
      which date the Company shall have no less than thirty (30) days to cure the event which otherwise would constitute “Good Reason” hereunder and (Y) Executive must terminate his employment with the Company for such “Good Reason” no later than ninety
      (90) days after the initial existence of the event which prompted Executive’s termination. Any actions taken by the Company to accommodate a disability of Executive or pursuant to the Family and Medical Leave Act shall not be a Good Reason for
      purposes of this Agreement.

    

    

    (c)      In the event Executive resigns from Executive’s employment for Good Reason, and provided that such termination constitutes a Separation from Service, then subject to Executive’s compliance
      with the obligations in Section 6.1(c) above, Executive shall be eligible to receive the same Severance Benefits as described in Section 6.1 and on the same terms and conditions set forth in Section 6.1(c) and Section 6.1(e) as if Executive had been
      terminated by the Company without Cause.

    

    

    (d)      Any damages caused by the termination of Executive’s employment for Good Reason would be difficult to ascertain; therefore, the Severance Benefits for which Executive is eligible pursuant to
      Section 6.1(b) above in exchange for the Release is agreed to by the Parties as liquidated damages, to serve as full compensation, and not a penalty.

    

    

    6.5            Termination by Virtue of Death or Disability of Executive.

    

    

    (a)     In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the Parties hereunder shall terminate immediately, and the Company shall, pursuant to the
      Company’s standard payroll policies, pay to Executive’s legal representatives all Accrued Obligations.

    

    

    (b)     Subject to applicable state and federal law, the Company shall at all times have the right, upon written notice to Executive, to terminate this Agreement based on Executive’s Disability. 
      Termination by the Company of Executive’s employment based on “Disability” shall mean termination because a qualified medical doctor mutually acceptable to the Company and Executive or
      Executive’s personal representative has certified in writing that: (A) Executive is unable, because of a medically determinable physical or mental disability, to perform the essential functions of Executive’s job, with or without a reasonable
      accommodation, for more than one hundred and eighty (180) calendar days measured from the last full day of work; or (B) by reason of mental or physical disability, it is unlikely that Executive will be able, within one hundred and eighty (180)
      calendar days, to resume the essential functions of Executive’s job, with or without a reasonable accommodation, and to otherwise discharge Executive’s duties under this Agreement.  This definition shall be interpreted and applied consistent with the
      Americans with Disabilities Act, the Family and Medical Leave Act, if applicable, and other applicable law. In the event Executive’s employment is terminated based on Executive’s Disability, Executive will not receive Severance Benefits or any other
      severance compensation or benefit, except that, pursuant to the Company’s standard payroll policies, the Company shall pay to Executive the Accrued Obligations.

    

    

    
      6

      
        

    

    6.6            Change in Control Benefits.  In the event the Company (or any surviving or acquiring corporation) terminates Executive’s employment
      without Cause or Executive resigns for Good Reason within twelve (12) months following the effective date of a Change in Control (as defined under the Bonus Plan, as may be amended from time to time by the Company (the “Plan”)), then Executive shall be entitled to the Accrued Obligations and, provided that Executive complies with the obligations in Section 6.1(c) of this Agreement (including the requirement to provide an effective
      Release), Executive shall be eligible to receive the same Severance Benefits as described in Section 6.1(b) and on the same conditions as if Executive had been terminated by the Company without Cause; provided,
        however, that (a) the Severance Period shall be increased to twenty-four (24) months; and (b) the bonus set forth in Section 6.1(b)(ii) shall instead be payable at the Target Amount.

    

    

    6.7            Cooperation With Company After Termination of Employment.  Following termination of Executive’s employment for any reason and for a
      period of one (1) year thereafter, Executive agrees to cooperate (a) with the Company in (i) the defense of any legal matter involving any matter that arose during Executive’s employment with the Company, and (ii) all matters relating to the winding
      up of Executive’s pending work and the orderly transfer of any such pending work to such other employees as may be designated by the Company; and (b) with all government authorities on matters pertaining to any investigation, litigation or
      administrative proceeding pertaining to the Company.  The Company will reimburse Executive for any reasonable travel and out of pocket expenses incurred by Executive in providing such cooperation.  Further, Executive shall not, at any time after
      termination of Executive’s employment for any reason, represent himself as being an agent or representative of the Company, unless expressly authorized in a written agreement executed by an authorized officer of the Company.

    

    

    6.8            Application of Section 409A.

    

    

    (a)       It is intended that all of the severance payments payable under this Agreement satisfy, to the greatest extent possible, the exemptions from the application of Section 409A of the Code and
      the regulations and other guidance thereunder and any state law of similar effect (collectively, “Section 409A”) provided under Treasury Regulations Sections 1.409A-1(b)(4) and
      1.409A-1(b)(9), and this Agreement will be construed in a manner that complies with Section 409A.  If not so exempt, this Agreement (and any definitions hereunder) will be construed in a manner that complies with Section 409A, and incorporates by
      reference all required definitions and payment terms.

    

    

    (b)      The preceding provisions shall not be construed as a guarantee by the Company of any particular tax effect to Executive under this Agreement. The Company shall not be liable to Executive for
      any payment made under this Agreement which is determined to result in an additional tax, penalty or interest under Section 409A, nor for reporting in good faith any payment as an amount includible in gross income under Section 409A.

    

    

    
      7

      
        

    

    (c)       No severance payments will be made under this Agreement unless Executive’s termination of employment constitutes a “separation from service” (as defined under Treasury Regulation Section
      1.409A-1(h)).

    

    

    (d)      For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulations Section 1.409A-2(b)(2)(iii)), Executive’s right to receive any installment payments under
      this Agreement (whether severance payments or otherwise) shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment hereunder shall at all times be considered a separate and distinct payment.

    

    

    (e)       If the Company determines that the severance benefits provided under this Agreement constitutes “deferred compensation” under Section 409A and if Executive is a “specified employee” of the
      Company, as such term is defined in Section 409A(a)(2)(B)(i) of the Code at the time of Executive’s Separation from Service, then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the
      timing of the Severance Benefits will be delayed as follows: on the earlier to occur of (i) the date that is six months and one day after Executive’s Separation from Service, and (ii) the date of Executive’s death (such earlier date, the “Delayed Initial Payment Date”), the Company will (1) pay to Executive a lump sum amount equal to the sum of the Severance Benefits that Executive would otherwise have received through the
      Delayed Initial Payment Date if the commencement of the payment of the Severance Benefits had not been delayed pursuant to this Section 6.8, and (2) commence paying the balance of the Severance Benefits in accordance with the applicable payment
      schedule set forth in Section 6.1. No interest shall be due on any amounts deferred pursuant to this Section 6.8.

    

    

    7.           General Provisions.

    

    

    7.1            Notices.  Any notices required hereunder to be in writing shall be deemed effectively given: (a) upon personal delivery to the Party to
      be notified, (b) when sent by electronic mail or confirmed facsimile if sent during normal business hours of the recipient, and if not, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return
      receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications shall be sent to the Company at its primary
      office location and to Executive at Executive’s address as listed on the Company payroll, or at such other address as the Company or Executive may designate by ten (10) days advance written notice to the other.

    

    

    7.2           Severability.  Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under
      applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other
      provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein.

    

    

    7.3            Survival.  Provisions of this Agreement which by their terms must survive the termination of
      this Agreement in order to effectuate the intent of the Parties will survive any such termination, whether by expiration of the term, termination of Executive’s employment, or otherwise, for such period as may be appropriate under the circumstances.

    

    

    
      8

      
        

    

    7.4            Waiver.  If either Party should waive any breach of any provisions of this Agreement, it shall not thereby be deemed to have waived any
      preceding or succeeding breach of the same or any other provision of this Agreement.

    

    

    7.5           Complete Agreement.  This Agreement constitutes the entire agreement between Executive and the Company with regard to the subject matter
      hereof.  This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this subject matter and supersedes any prior oral discussions or written communications and agreements.  This Agreement is entered into without
      reliance on any promise or representation other than those expressly contained herein, and it cannot be modified or amended except in writing signed by Executive and an authorized officer of the Company, subject to the approval of the Board, its
      compensation committee or (if necessary) the stockholders of the Company.  The Parties have entered into a separate Confidential Information Agreement and have entered or may enter into separate agreements related to equity.  These separate
      agreements govern other aspects of the relationship between the Parties, have or may have provisions that survive termination of Executive’s employment under this Agreement, may be amended or superseded by the Parties without regard to this Agreement
      and are enforceable according to their terms without regard to the enforcement provision of this Agreement.

    

    

    7.6            Headings.  The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor
      to affect the meaning thereof.

    

    

    7.7            Successors and Assigns.  The Company shall assign this Agreement and its rights and obligations hereunder in whole, but not in part, to
      any company or other entity with or into which the Company may hereafter merge or consolidate or to which the Company may transfer all or substantially all of its assets, if in any such case said Company or other entity shall by operation of law or
      expressly in writing assume all obligations of the Company hereunder as fully as if it had been originally made a Party, but may not otherwise assign this Agreement or its rights and obligations hereunder.  Executive may not assign or transfer this
      Agreement or any rights or obligations hereunder, other than to Executive’s estate upon death.

    

    

    7.8            Withholding.  All amounts payable hereunder shall be subject to applicable tax withholding.

    

    

    7.9           Choice of Law.  This Agreement in all respects shall be governed by and interpreted in accordance with the laws of the State of Louisiana
      or Delaware, both procedural and substantive, without regard to conflicts of law, except to the extent that federal laws and regulations preempt otherwise applicable law.

    

    

    
      9

      
        

    

    7.10         Jurisdiction.  Each Party hereby irrevocably submits to the exclusive jurisdiction of the United
      States District Court located in Louisiana, Delaware, or any state court located within such state, in respect of any claim relating to this Agreement or Executive’s employment with the Company, and hereby waives, and agrees not to assert, as a
      defense in any action, suit or proceeding in which any such claim is made that said Party is not subject thereto or that such action, suit or proceeding may not be brought or is not maintainable in such courts or that the venue thereof may not be
      appropriate or that this Agreement may not be enforced in or by such courts.  Any appellate proceedings shall take place in the appropriate courts having appellate jurisdiction over the courts set forth in this Section.

    

    

    7.11          Counterparts.  This Agreement may be executed in separate counterparts, any one of which need not contain signatures of more than
      one Party, but all of which taken together will constitute one and the same Agreement.  Facsimile signatures and signatures transmitted by PDF shall be equivalent to original signatures.

    

    

    [signatures to follow on next page]

    

    

    
      10

      
        

    

    In Witness Whereof, the Parties have executed this Agreement on the day and year first written above.

     

    

    
      	 	
              Sleep Management, LLC, d/b/a VieMed

            
	 	 
	 	By:	/s/ W. Todd Zehnder

            
	 	 	Name: W. Todd Zehnder
	 	 	Title: C.O.O
	 	 	 
	 	
              Executive:

            
	 	/s/ Casey Hoyt

            
	 	Casey Hoyt

    

    

    

    
      11

      
        

    

    
    Exhibit A

    

    

    CONFIDENTIALITY, NONCOMPETITION, NONSOLICITATION, AND INTELLECTUAL PROPERTY AGREEMENT

    

    

    Attached

     

    

    
      A-1

      
        

    

    
      CONFIDENTIALITY AND COMPANY PROPERTY AGREEMENT

      

      

      THIS CONFIDENTIALITY AND COMPANY PROPERTY AGREEMENT (this “Agreement”) is made and entered into as of this 3rd day of June, 2019 by and between Sleep
          Management, LLC, dba VieMed  (“the Company”), and Casey Hoyt (“Employee” or “you”).

      

      

      You understand that the Company is a leading provider of Patient Home Monitoring Services and has offered to employ or continue to employ you, and you have agreed to work or continue to work for the Company;

      

      

      You also understand that the Company has or will expend a great deal of time, money, and effort to develop its proprietary, Confidential, and Trade Secret Information (defined below) which you agree is a valuable
        assets of the Company and that the Company has a valid interest in protecting its Confidential Information and Trade Secrets.

      

      

      NOW, THEREFORE, in consideration of the Company’s agreement to employ or continue to employ you, to disclose and continue to disclose to you its Confidential Information and
        Trade Secrets, and the mutual benefits conferred herein (the sufficiency of all of which are hereby acknowledged), you and the Company agree as follows:

      

      
        
          
            1.          Definition of Key Terms.

            

            

            
              
                	

                      	1.1.	
                        “Business of the Company” means the business of providing patient home monitoring services and products and services related to providing better health outcomes for patients with sleep
                          apnea and chronic respiratory failure through the use of state of the art specialized medical equipment, highly trained respiratory therapists, oxygen therapy, and other respiratory support.

                      

              

            

            

            

            
              
                	

                      	1.2.	
                        “Competing Business” means any individual (including you), corporation, limited liability company, partnership, joint venture, association, or other entity, regardless of form, that is
                          directly engaged in whole or in relevant part in any business or enterprise that is the same as, or substantially the same as, the Business of the Company, or that is taking material steps to engage in such business.

                      

              

            

            

            

            
              
                	

                      	1.3.	
                        “Confidential Information” means (i) competitively sensitive information, (ii) of importance to the Company, (iii) that becomes known to you through your employment with the Company, and
                          (v) that is not a Trade Secret under the federal Defend Trade Secrets Act of 2016, or other applicable state trade secrets laws.  Confidential Information includes, but is not limited to, information about the Company’s
                          operations, services, and research and development of the Company’s operations, products, and services, names and other listings of current or prospective Customers, Vendors, Suppliers, and Referral Sources, proposals to or the
                          terms of any arrangements or agreements with any current or prospective Customers, Vendors, Suppliers, or Referral Sources, including payment and pricing information, the implementation of Customer-specific projects, the
                          composition or description of future products or services that will or may be offered by the Company, marketing strategies, financial and sales information, and technical expertise and know-how developed by the Company, including
                          the unique manner in which the Company conducts its business.  Confidential Information also includes information disclosed to the Company by any third party (including, but not limited to, current or prospective Customers) that
                          the Company is required to treat as confidential.  Confidential Information does not include information readily available to the public, so long as it was not made public by you or anyone working on your behalf.

                      

              

            

          

        

      

      
        
          
            	

                  	1.4.	
                    “Creative Works” means any and all works of authorship including, for example, written documents, spreadsheets, graphics, designs, trademarks, service marks, algorithms, computer programs and
                      code, protocols, formulas, mask works, brochures, presentations, photographs, music or compositions, manuals, reports, and compilations of various elements, whether patentable or registrable under patent, copyright, trademark, or
                      similar domestic and international laws.

                  

          

        

         

        

        
          
            	

                  	1.5.	
                    “Customers” means those patients and individuals, companies, or other entities for whom: 1) the Company has provided or does provide products or services in connection with the Business of
                      the Company, or 2) the Company has provided written proposals concerning the Business of the Company.

                  

          

        

        

        

        
          
            	

                  	1.6.	
                    “Indirectly,” means that you will not assist others in performing those activities you are prohibited from engaging in directly under this Agreement.

                  

          

        

      

      
        	
                 

              	
                 

              	
                 

              

        
          	
                  
                    DISCLAIMER

                    THIS AGREEMENT DOES NOT ALTER EMPLOYEE’S AT-WILL EMPLOYMENT STATUS, WHICH MEANS EITHER EMPLOYEE OR THE COMPANY MAY TERMINATE EMPLOYEE’S EMPLOYMENT AT ANY TIME, FOR ANY REASON, WITH
                        OR WITHOUT CAUSE, AND WITH OR WITHOUT NOTICE.

                  

                

        

      

      
        
          

      

      
      
        
          
            
              
                	

                      	1.7.	
                         “Referral Source” means any individuals, companies, or government entities with which the Company has a business relationship, that refer Customers or projects or leads for Customers or
                          projects to the Company.

                      

              

            

            

            

            
              
                	

                      	1.8.	
                        “Trade Secret(s)” means information defined as a trade secret by the Defend Trade Secrets Act of 2016, the Louisiana Uniform Trade Secrets Act, or other applicable law.

                      

              

            

            

            

            
              
                	

                      	1.9.	
                        “Vendors and Suppliers” means any individuals, companies, or government entities that supply materials or services to the Company in furtherance of the Business of the Company, regardless
                          of whether or not they are also a Competing Business.

                      

              

            

            

            

            
              
                	2.	
                        Best Efforts of Employee.  You agree to provide to the Company and its Customers services related to the Business of the Company as directed by the Company in its sole direction. 
                          You also agree that throughout your employment with the Company, you will (i) devote your entire business time and best efforts to the Company, (ii) not provide to the Company’s Customers or a Competing Business the same or
                          similar services or products as those provided to the Company; and (iii) not engage in any other employment, consultant, advisory relationship that is the same as or similar to your relationship with the Company or conduct that
                          creates a conflict of interest between you and the Company.

                      

              

            

             

            

            
              
                	3.	
                        Non-Disclosure and Non-Use of Confidential Information and Trade Secrets. During the term of your employment and following the voluntary or involuntary termination of your
                          employment for any reason and with or without cause, you will not, except as authorized and required to perform your duties for the Company, directly or indirectly:  use, disclose, reproduce, distribute, or otherwise disseminate
                          the Company’s Confidential Information or Trade Secrets or take any action causing, or fail to take any action necessary, to prevent any such information to lose its character or cease to qualify as Confidential Information or a
                          Trade Secret.  You agree to ask the Company, both during and after employment, if you have any questions about whether particular information is Confidential Information or a Trade Secret before using or disclosing such
                          information.

                      

              

            

            

            

            
              
                	4.	
                        Return of Company Records and Property.  You agree to immediately return to the Company all property belonging to the Company, including but not limited to, keys, credit cards,
                          phones, computers, data storage devices, data, and documents  including any and all electronic information contained on any Company or personal computers, storage devices, or cloud or similar storage services, as well as all
                          originals, copies, or other physical embodiments of the Company’s Confidential Information and Trade Secrets (regardless of whether it is in paper, electronic, or any other format), at the termination of your employment or at any
                          other time when the Company so requests, and you agree not to retain or distribute any copies of any of the foregoing.  You also agree to allow the Company to access at any time during or after your employment any personal smart
                          phones, tablets, computers, or other electronic devices or storage services used for Company purposes to remove any and all Company information, including all contact information for the Company and its Customers, Vendors,
                          Suppliers, and Referral Sources. 

                      

              

            

          

        

      

      
        
          
            
              	5.	
                      Works Made for Hire.  You acknowledge that all Creative Works that are made by you (solely or jointly with others) within the scope of and
                        during the period of your employment with the Company and which are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act (17 U.S.C., Section 101) and are deemed specially
                        ordered by the Company under the U.S. Copyright law.  In the event that any Creative Work is determined not to be a “work made for hire,” this Agreement shall operate as an irrevocable assignment by you to the Company of the
                        copyright in the Creative Work, including all right, title and interest therein.

                    

            

          

          

          

          
            
              	6.	
                      Prior Agreements and Disclosure of Agreement to Third Parties. You represent
                          that you are not a party to any agreement with any former employer or any other person or entity containing any nondisclosure, noncompete, non-solicitation, non-recruitment, intellectual property assignment, or other covenants
                          that will affect your ability to devote your full time and attention to the Business of the Company, that has not already been disclosed to the Company in writing.  You also agree to provide a copy of this Agreement to any
                          subsequent employer, person, or entity to which you intend to provide services that may conflict with any of your obligations in this Agreement prior to engaging in any such activities.  You agree that the Company may also provide
                          a copy of this Agreement or a description of its terms to any Customer, Referral Source, subsequent employer, or other third party at any time as it deems necessary to protect its interests, and you agree to indemnify the Company
                          against any claims and hold the Company harmless from any losses, costs, fees, expenses, and damages arising out of your failure to comply with this paragraph.

                    

            

          

          

          

          
            
              	7.	
                      Severability and Enforceability. You and the Company agree that if any particular paragraphs, subparagraphs,
                          phrases, words, or other portions of this Agreement are determined by an appropriate court to be invalid or unenforceable as written, they shall be modified as necessary to be valid or enforceable, and such modification shall not
                          affect the remaining provisions of this Agreement, or if they cannot be modified to be made valid or enforceable, then they shall be severed from this Agreement, and all remaining terms and provisions shall remain enforceable.

                    

            

          

          

          

          
            	
                    8.

                  	
                    Jurisdiction, Forum Selection, and Choice of Law.  This Agreement shall be construed and regulated under and by the laws of the State of Louisiana, without
                      regard to any conflict of laws provision that would dictate the application of another jurisdiction’s laws.  You and the Company agree that any and all actions or proceedings by the Company to enforce this Agreement may be brought in
                      the State and Federal Courts located in or covering Lafayette Parish, Louisiana, and any and all actions or proceedings by you to challenge this Agreement must be brought in the State or Federal Courts located in or covering Lafayette
                      Parish Louisiana.  You also hereby waive any right you may have to assert the doctrine of forum non conveniens or similar doctrine or to object to venue with respect to any proceeding brought in accordance with this Section, and
                      stipulate that the State and Federal courts located in or covering Lafayette Parish, Louisiana shall have in personam jurisdiction and venue over you for the purpose of litigating any dispute, controversy, or proceeding arising out of
                      or related to this Agreement.

                  

          

        

      

      

      

      
        	
                 

              

      

      
        Page 2 of 4

        
          

      

      
        
          
            	9.	
                    Relief, Remedies, and Enforcement. The parties acknowledge that the Company is engaged in a highly competitive business, and the covenants and
                      restrictions contained in this Agreement, including the geographic and temporal restrictions, are reasonably designed to protect the Company’s legitimate business interests, including Company goodwill and relationships with Customers
                      and Referral Sources, Confidential Information and Trade Secrets, and the specialized skills and knowledge gained by your and the Company’s other employees during their employment. You acknowledge and agree that a breach of any
                      provision of this Agreement by you will cause serious and irreparable injury to the Company that will be difficult to quantify and which may not be adequately compensated by monetary damages alone. Thus, in the event of a breach or
                      threatened or intended breach of this Agreement by you, the Company shall be entitled to injunctive relief, both temporary and final, enjoining and restraining such breach or threatened or intended breach, despite any agreement
                      between the parties to arbitrate any disputes related to any aspect of your employment. You further agree that nothing in this Agreement, or in any agreement between the parties to arbitrate any other aspect of your employment, shall
                      be construed to prohibit the Company from pursuing any and all other legal or equitable remedies available to it for breach of any of the provisions of this Agreement, including the recovery and return of the full amount shown above
                      paid to you to enter into this Agreement, the disgorgement of any profits, commissions, or fees realized by you, any subsequent employers, any business owned or operated by you, or any of your agents, heirs, or assigns, as well as all
                      costs and attorneys’ fees incurred because of your breach of any provisions of this Agreement.  You also agree that that the knowledge, skills, and abilities you possess at the time of commencement of employment are sufficient to
                      permit you to earn a livelihood satisfactory to you without violating any provision of this Agreement.

                  

          

        

        

        

        
          
            	10.	
                    Legal Exceptions to Non-Disclosure Obligations.  You understand that nothing contained in this Agreement limits your ability to file a charge or complaint with the Equal Employment
                      Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal, state, or local governmental agency or commission
                      (“Government Agencies”). You further understand that this Agreement does not limit your ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by any
                      Government Agency, including providing documents or other information, without notice to the Company.  This Agreement also does not limit your right to receive an award for information provided to any Government Agencies.  You also
                      understand that you shall not be held criminally or civilly liable under any Federal or state trade secret law for the disclosure of a trade secret that: (1) is made (a) in confidence to a Federal, state, or local government official,
                      either directly or indirectly, or to an attorney, and (b) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document filed in a lawsuit or other proceeding, if
                      such filing is made under seal.  You also understand that disclosure of trade secrets to attorneys, made under seal, or pursuant to court order is also protected under 18 U.S. Code §1833 in a retaliation lawsuit based on the reporting
                      of a suspected violation of law.

                  

          

        

      

      
        
          
            	11.	
                    Entire Agreement and Validity of Terms.  You and the Company agree that this Agreement contains the entire agreement by and between you on the
                      subjects covered by this Agreement, that all sections of prior agreements concerning these subjects are replaced by this Agreement, that you do not rely, and have not relied, upon any
                      representation or statement not set forth herein by the Company or any of the Company’s agents, representatives, or attorneys, and that this Agreement may be changed only by a subsequent agreement in writing signed by both parties.

                  

          

        

        

        

        
          
            	12.	
                    Survival. All non-competition, non-solicitation, non-disclosure and use, non-recruiting, Intellectual Property, and Agreement disclosure
                      obligations in this Agreement shall survive the voluntary or involuntary termination of your employment for any reason and with or without cause, and no dispute regarding any other provisions of this Agreement or regarding your
                      employment or the termination of your employment shall prevent the operation and enforcement of these obligations.

                  

          

        

        

        

        
          
            	13.	
                    Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be
                      considered an original, but all of which construed together shall constitute one and the same Agreement.  You agree that the Company may enforce this Agreement with a copy that is only signed by you.

                  

          

        

        

        

        
          
            	14.	
                    Assignment and Successorship. This Agreement and the rights and obligations of the Company hereunder may be assigned by the Company and shall
                      inure to the benefit of and shall be enforceable by any such assignee, as well as any of the Company’s successors in interest or parent companies.  This Agreement and the rights and obligations of your hereunder may not be assigned by
                      you, but are binding upon your heirs, administrators, executors, and personal representatives.

                  

          

        

      

      
        	 

              

      

      
        Page 3 of 4

        
          

      

      
        
          
            
              	15.	
                      Waiver. The waiver by the Company of any breach of this Agreement by you shall not be effective unless in writing signed by an officer of the
                        Company, and no such waiver with regards to your or any other person under a similar agreement shall operate or be construed as a waiver of the same type of breach or any other breach on a subsequent occasion by your or any other
                        person or entity.

                    

            

          

        

        
          
            
              	16.	
                      Headings.  The Section headings are for convenience only and shall not affect the meaning of the provisions contained in this Agreement.

                    

            

          

        

        	
                 

              

      

      
        YOU ACKNOWLEDGE THAT YOU HAVE READ AND UNDERSTAND THE TERMS OF THIS AGREEMENT AND HAVE BEEN GIVEN THE OPPORTUNITY TO REVIEW THIS AGREEMENT AND HAVE THE AGREEMENT REVIEWED BY AN
          ATTORNEY, IF YOU SO CHOOSE, PRIOR TO ITS EXECUTION.

        

        

        IN WITNESS THEREOF, the Company and Employee have caused this Agreement to be executed as of the day and year first written above.

        

        

        
          	Employee	
                   

                	
                  Sleep Management, LLC, dba VieMed 

                

        

         

        

        
          	Signature:	 /s/ Casey Hoyt

                	
                   

                	By:	/s/ John Christopher Weeks

                

        

         

        

        
          
            	Print Name: 

                  	 Casey Hoyt 	
                     

                  	Name: 

                  	John Christopher Weeks

          

        

         

        

        
          
            
              	Residence Address:

                    	
                       

                    	
                       

                    	Title: 

                    	Vice President of Human Resources

                    

            

          

        

         

        

        
          
            
              
                	

                      	
                         

                      	
                         

                      	Date:	June 3, 2019

                      

                 

                

              

            

          

        

        
          
            
              
                
                  	

                        	
                           

                        	
                           

                        	

                        	 

                

              

            

          

        

         

        

        
          
            	Date:	 June 3, 2019

                  	
                     

                  	

                  	 

          

        

         

        

         

        

         Page 4 of 4

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