Document:

Exhibit 10.29

 

Chipman
& Chipman, LLC

[***]

 

May 1, 2020

 

Mr. Anthony P. Mack

Chairman and Chief Executive Officer

1554
Paoli Pike, #279

West Chester, PA 19380

 

Dear Mr. Mack:

 

The purpose of this letter is to set forth
a summary of our engagement by Virpax Pharmaceutical, Inc. (“Company”)

 

1. Engagement
and Performance

 

(a) Scope
of Engagement. Chipman & Chipman, LLC (“Contractor”) will perform the duties and functions as are customarily
carried out by a CFO of a developer of pharmaceutical or medical products of a size comparable to Company, including but not limited
to, accounting and consulting services (collectively, “Services”).

 

(b) Term
of Engagement. The term of this engagement shall for a period of one (1) year from the date hereof, unless terminated earlier
as provided herein (the “Term”). At the expiration of the Term, the engagement hereunder may be extended as mutually
agreed to in writing by Company and Contractor.

 

(c) Performance.
All Services rendered by Contractor hereunder will be performed to Company’s reasonable satisfaction, in a timely manner
and shall be of the highest professional standards. Contractor will devote as much of Contractor’s time, energy and abilities
to the performance of the Services as is necessary to perform the Services in conformance with the above standards.

 

(d) Cooperation.
Company will provide such access to its information and property as may be reasonably required in order to permit Contractor to
perform the Services. Contractor will cooperate with Company’s personnel, will not interfere with the conduct of Company’s
business and shall observe all policies, rules and regulations of Company.

 

(e) Payment
for Services.

 

(i) Contractor’s
monthly fee for Services is Six Thousand U.S. Dollars ($6,000) (“Fee”), payable on the first of each month during the
Term, commencing on June 1, 2020. The Fee shall be prorated for any partial months hereunder.

 

    

     

    

 

Virpax Pharmaceuticals, Inc.

May 1, 2020

Page 2

 

(ii) Upon
the closing of Company’s initial public offering (“IPO”), Company shall pay to Contractor a lump sum amount equal
to Six Thousand U.S. Dollars ($6,000) multiplied by the number of months in which Contractor rendered Services pursuant to the
engagement contemplated hereby, provided, however, that upon the closing of the IPO all of Company’s shares are subscribed
for or the agreement with the underwriter is for a firm commitment.

 

(iii) Contractor
shall be awarded a grant of two hundred thousand (200,000) non-qualified stock options of Company’s common shares at an exercise
price equal to Company’s fair market value per share of the date of grant, as determined by the Board of Directors of the
Company and pursuant to Company’s Amended and Restated 2017 Equity Incentive Plan. The grant of option award provided herein
is subject to the execution by Contractor of a stock option agreement in the form approved by Company. The stock options will vest
as follows: 50,000 options upon the grant date, 100,000 options upon the close of the IPO, and the remaining 25% on the first anniversary
date of the close of the IPO. The stock options shall accelerate and vest in full upon the occurrence of a Change of Control (defined
below). The term “Change of Control” means the sale of all or substantially all the assets of Company, any merger,
consolidation or acquisition of Company with, by or into another corporation, entity or person, or any change in the ownership
of more than fifty percent (50%) of the voting capital stock of Company not incident to an IPO.

 

2. Independent
Contractor Status

 

(a) Control.
Contractor and Company agree that Contractor shall be classified as an independent contractor and shall not be classified as an
employee of Company. Contractor shall control the means and methods used to perform the Services. This Agreement is not intended
to create and shall not create a joint venture, partnership or agency relationship between Company and Contractor. Contractor shall
have no authority to bind Company. Contractor shall at all times represent and disclose that Contractor is in independent contractor
of Company and shall not represent to any third party that Contractor is an employee, agent, or representative of Company.

 

(b) Taxes.
Contractor will accurately complete all federal, state and local tax forms, including but not limited to IRS Form W-9, required
by Company for tax purposes. Contractor shall have the sole responsibility for the proper reporting and payment of all federal,
state and local taxes due on payments made to Contractor by Company. Contractor shall pay for all employment taxes, including but
not limited to worker’s compensation, statutory disability insurance, and unemployment insurance applicable to Contractor.
Contractor shall indemnify and hold harmless Company and its shareholders, directors, officers, employees, agents and representatives
against and from any liability relating to the tax treatment of the Fee and all other compensation paid to Contractor by Company,
including but not limited to liability associated with deductions or withholdings from such compensation, the payment of additional
taxes by any party, and interest, charges, penalties assessed thereon and attorney’s fees.

 

    

     

    

 

Virpax Pharmaceuticals, Inc.

May 1, 2020

Page 3

 

(c) Benefits.
Contractor is not eligible for any form of Company employee benefit, coverage, participation or service credit, including but not
limited to, medical, life, disability, pension, retirement, bonuses or other employee incentives, paid or unpaid leave,
workers’ compensation, unemployment, statutory disability or family leave. Consistent with the foregoing, it is further agreed
that Company shall have no obligation to provide such benefits to Contractor, or any dependent or beneficiary of Contractor, and
that no such rights or entitlements are created hereby. If any governmental agency should re-classify Contractor’s status,
it is agreed that such re-classification shall have no impact on Contractor’s continuing ineligibility to participate in
any Company benefit program except as herein provided in paragraph, nor shall it cause Contractor to be eligible to participate
retroactively in any Company benefit program.

 

3. Termination

 

(a) Termination
without Cause. Contractor and Company may terminate this engagement at any time upon thirty (30) days prior written notice
to the other party.

 

(b) Termination
for Cause. Company may terminate this engagement immediately for Cause (defined below) upon written notice of such termination
to Contractor. “Cause” means any of the following actions on the part of Contractor:

 

		(i)	Intentional dishonesty, willful misconduct, gross negligence,
breach of fiduciary duty involving personal profit, willful violation of any governmental law, rule, or regulation (other than
traffic violations or similar offenses);

 

		(ii)	Use of Company’s Confidential Information for Contractor’s
own benefit or the benefit of others or in a way adverse to Company’s interests;

 

		(iii)	A material breach by Contractor of any provision of engagement
as set forth herein which is not cured within fifteen (15) days after written notice thereof is given to Contractor by Company;
and

 

		(iv)	Substantial failure by Contractor in the performance
of the Services which is not cured within 15 days after written notice thereof is given to Contractor by Company.

 

(c) Automatic
Termination. This engagement shall automatically terminate without notice to either Contractor or Company upon Contractor and
Company entering into an executive employment agreement as contemplated in paragraph 5 below.

 

(d) Return
of Company Property and Materials. Upon termination of this engagement, Contractor agrees to promptly return to Company all
material, objects or property of Company, received from Company, or resulting from or relating to Contractor’s work on behalf
of Company, in Contractor’s possession or under Contractor’s control, including but not limited to any Confidential
Information (defined below) and destroy all copies (in all mediums, including hard copies and electronic copies) thereof. This
section shall survive the termination of the engagement hereunder.

 

    

     

    

 

Virpax Pharmaceuticals, Inc.

May 1, 2020

Page 4

 

(e) Transition
Cooperation. Upon termination of the engagement hereunder, Contractor agrees to provide reasonable cooperation with Company
in effecting a seamless transition of Contractor’s Services to the person or entity succeeding Contractor.

 

4. Restrictive
Covenants.

 

(a) Confidentiality
and Non-Use Obligations.

 

(i) Contractor
acknowledges that, in the course of performing services for Company, Contractor will obtain knowledge of Company’s proprietary
and/or confidential business plans, financials, products, processes, software, know-how, trade secrets, formulas, methods, models,
prototypes, discoveries, inventions, materials, data, improvements, disclosures, collaborators, customers, contractor and supplier
lists and/or other proprietary and/or confidential information (collectively, the “Confidential Information”). Except
with the prior written consent of Company, Contractor shall keep the Confidential Information secret and confidential and not to
publish, disclose or divulge any Confidential Information to any other person who is not subject to obligations of confidentiality
to the Company that are at least as protective of the Confidential Information as this Agreement, and not to use any Confidential
Information for Contractor’s own benefit or to the detriment of Company, nor for any purpose other than in connection with
the performing of Services for or on behalf of the Company, whether or not such Confidential Information was discovered or developed
by Contractor. Contractor also agrees not to divulge, publish or use any proprietary and/or confidential information of others
that the Company is obligated to maintain in confidence.

 

(ii) The
restrictions on use and disclosure of the Confidential Information set forth above shall not apply to any portion of the Confidential
Information that: (i) is at the time of disclosure or thereafter becomes generally available to the public other than as a result
of unauthorized disclosure by Contractor; (ii) becomes available to Contractor on a non- confidential basis from a source other
than Company that has represented to Contractor in writing (and regarding which Contractor reasonably believes) that such source
is entitled to disclose it; or (iii) was independently developed or acquired by Contractor prior to the engagement hereunder by
Company outside the scope of Contractor’s engagement with Company and without use of or reference to any Confidential Information
of Company, as evidenced by documentation or other evidence in Contractor’s possession.

 

(b) Non-Solicitation.
Contractor agrees that during the time that Contractor renders Services to Company, and for a period of twelve (12) months
following the cessation of all such Services, for any reason or no reason, Contractor shall not directly or indirectly solicit,
induce, recruit or encourage any of Company’s employees or consultants to reduce their services to, terminate or not renew
their relationship with Company, or attempt any of the foregoing, either for himself or herself or any other person or entity.

 

(c) Non-Interference.
Contractor agrees that during the time that Contractor renders Services to Company, and for a period of two (2) years following
the cessation of such Services, for any reason or no reason, Contractor shall not induce or attempt to induce any person or entity
who is a customer, supplier, study or trial participant or other contracting party with Company to terminate or not renew
or not extend any written or oral agreement or understanding or other relationship with Company or to reduce the amount of business
it conducts with Company.

 

    

     

    

 

Virpax Pharmaceuticals, Inc.

May 1, 2020

Page 5

 

(d) Reasonable
Restrictive Covenants. Contractor acknowledges that compliance with this paragraph 4 is necessary to protect the good will
and other proprietary interests of Company, and that Contractor will be entrusted with highly confidential information regarding
Company and its technology and will have access to Company’s financials, affairs, trade secrets and other proprietary information.

 

(e) Remedies.

 

(i) Contractor
acknowledges that Contractor’s compliance with the restrictive covenants set forth in this paragraph 4 is necessary to protect
the trade secrets, confidential information, goodwill, customer relations and other proprietary and legitimate business interests
of Company. Contractor acknowledges that any breach of any of these covenants will result in irreparable and continuing damage
to Company’s business for which there will be no adequate remedy at law and Contractor agrees that, in the event of any such
breach of the aforesaid covenants, Company and its successors and assigns shall be entitled to injunctive relief and to such other
and further relief as may be available at law or in equity. Accordingly, Contractor expressly agrees that upon any breach, or threatened
breach, of the terms of this paragraph 4 hereof, the Company shall be entitled as a matter of right, in any court of competent
jurisdiction in equity or otherwise to enforce the specific performance of Contractor’s obligations hereunder, to obtain
temporary and permanent injunctive relief without the necessity of proving actual damage to Company, or the inadequacy of a legal
remedy. In addition, in the event a court orders Company to post a bond in order to obtain such injunctive relief for a claim hereunder,
Contractor agrees that Company will be required to post only a nominal bond. The rights conferred upon Company in this paragraph
5(e)(i) shall not be exclusive of any other rights or remedies that Company, as applicable, may have at law, in equity or otherwise.

 

(ii) In
the event that Contractor violates any of the covenants herein and Company commences legal action for injunctive or other relief,
then Company shall have the benefit of the full period of the covenants such that the covenants shall have the duration of the
full period of the applicable restriction computed from the date Contractor ceased violation of the covenants, either by order
of the court or otherwise. Contractor acknowledges that any claim or cause of action of Contractor against Company shall not constitute
a defense to the enforcement by Company of the covenants stated herein. In the event Company obtains any such injunction, order,
decree or other relief, in law or in equity, Contractor shall be responsible for reimbursing Company for all costs associated with
obtaining the relief, including reasonable attorneys’ fees and expenses and costs of suit.

 

5. Employment
Opportunity. Provided the engagement hereunder is not terminated, following the close
of the IPO, it is Company’s intention to retain Contractor as a full time employee to act as the Chief Financial Officer
for the Company pursuant to an Executive Employment Agreement, the terms of which shall be mutually agreed upon by the parties.

 

    

     

    

 

Virpax Pharmaceuticals, Inc.

May 1, 2020

Page 6

 

6. Entire
Agreement. The foregoing provisions contained in this letter contains the entire agreement
and understanding between Contractor and Company relative to its subject matter and supersedes and replaces all prior or contemporaneous
negotiations, understandings, agreements and proposed agreements, written or oral.

 

7. No
Conflicts. Contactor represents and warrants that Contractor is not a party to any
agreement, contract or understanding, whether of employment, consultancy or otherwise, in conflict with the engagement hereunder
or which would in any way restrict or prohibit Contractor from undertaking or performing Services hereunder or otherwise entering
into or performing hereunder.

 

If the foregoing is agreeable to Company,
please sign below and return it to me at your earliest convenience.

 

Sincerely,

 

Christopher M. Chipman, CPA

 

Chipman & Chipman LLC

Managing Member

 

Intending to be legally bound hereby, I
accept this engagement in accordance with the terms and condition herein stated this 1st day of May, 2020.

 

Virpax Pharmaceuticals, Inc.

 

	By:	/s/ Anthony P. Mack	 
	Authorized SignatureExhibit 10.2

 

THIS
PROMISSORY NOTE (“NOTE”) HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”). THIS NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION
OF THE RESALE THEREOF UNDER THE SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO
THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.  

 

PROMISSORY NOTE

 

	Principal Amount:  Up to $300,000	
        Dated as of July 30,
        2020

        New York, New York

 

Mudrick Capital
Acquisition Corporation II, a Delaware corporation and blank check company (the “Maker”), promises to pay to
the order of Mudrick Capital Acquisition Holdings II LLC or its registered assigns or successors in interest (the
“Payee”), or order, the principal sum of up to Three Hundred Thousand Dollars ($300,000) in lawful money of
the United States of America, on the terms and conditions described below.  All payments on this Note shall be made by
check or wire transfer of immediately available funds or as otherwise determined by the Maker to such account as the Payee may
from time to time designate by written notice in accordance with the provisions of this Note.

 

1.            Principal. The
principal balance of this Note shall be payable by the Maker on the earlier of: (i) March 31, 2021 or (ii) the date on which Maker
consummates an initial public offering of its securities. The principal balance may be prepaid at any time. Under no circumstances
shall any individual, including but not limited to any officer, director, employee or shareholder of the Maker, be obligated personally
for any obligations or liabilities of the Maker hereunder.

 

2.            Interest. No
interest shall accrue on the unpaid principal balance of this Note.

 

3.            Drawdown
Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand Dollars ($300,000) for costs reasonably
related to Maker’s initial public offering of its securities. The principal of this Note may be drawn down from time to time
prior to the earlier of: (i) March 31, 2021 or (ii) the date on which Maker consummates an initial public offering of its securities,
upon written request from Maker to Payee (each, a “Drawdown Request”). Each Drawdown Request must state the
amount to be drawn down, and must not be an amount less than Ten Thousand Dollars ($10,000) unless agreed upon by Maker and Payee.
Payee shall fund each Drawdown Request no later than five (5) business days after receipt of a Drawdown Request; provided, however,
that the maximum amount of drawdowns collectively under this Note is Three Hundred Thousand Dollars ($300,000). Once an amount
is drawn down under this Note, it shall not be available for future Drawdown Requests even if prepaid. No fees, payments or other
amounts shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker. Notwithstanding the foregoing,
all payments shall be applied first to payment in full of any costs incurred in the collection of any sum due under this Note,
including (without limitation) reasonable attorneys’ fees, and then to the reduction of the unpaid principal balance of this
Note.

 

4.            Application
of Payments. All payments shall be applied first to payment in full of any costs incurred in the collection of any sum
due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges
and finally to the reduction of the unpaid principal balance of this Note.

 

5.            Events
of Default. The following shall constitute an event of default (“Event of Default”):

 

(a)           Failure
to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within five (5) business
days of the date specified above.

 

(b)          Voluntary
Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a
receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial
part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally
to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the
foregoing.

 

    

     

    

 

(c)           Involuntary
Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker
in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator,
assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property, or ordering
the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period
of 60 consecutive days.

  

6.            Remedies.

 

(a)           Upon
the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare this Note
to be due immediately and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable hereunder,
shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding. 

 

(b)           Upon
the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note, and all other
sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without any action
on the part of Payee.

 

7.            Waivers. Maker
and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor, protest,
and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under
the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws exempting any property,
real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution,
or providing for any stay of execution, exemption from civil process, or extension of time for payment; and Maker agrees that any
real estate that may be levied upon pursuant to a judgment obtained by virtue hereof or any writ of execution issued hereon, may
be sold upon any such writ in whole or in part in any order desired by Payee.

 

8.            Unconditional
Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance, default, or enforcement
of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other
party, and shall not be affected in any manner by any indulgence, extension of time, renewal, waiver or modification granted or
consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted
by Payee with respect to the payment or other provisions of this Note, and agrees that additional makers, endorsers, guarantors,
or sureties may become parties hereto without notice to Maker or affecting Maker’s liability hereunder.

 

9.            Notices. All
notices, statements or other documents which are required or contemplated by this Note shall be made in writing and delivered:
(i) personally or sent by first class registered or certified mail, overnight courier service or facsimile or electronic transmission
to the address designated in writing, (ii) by facsimile to the number most recently provided to such party or such other address
or fax number as may be designated in writing by such party or (iii) by electronic mail, to the electronic mail address most recently
provided to such party or such other electronic mail address as may be designated in writing by such party. Any notice or other
communication so transmitted shall be deemed to have been given on the day of delivery, if delivered personally, on the business
day following receipt of written confirmation, if sent by facsimile or electronic transmission, one (1) business day after delivery
to an overnight courier service or five (5) days after mailing if sent by mail.

 

10.          Construction. THIS
NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.

 

11.          Severability. Any
provision contained in this Note which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

    

     

    

 

12.          Trust
Waiver.  Notwithstanding anything herein to the contrary, the Payee hereby waives any and all right, title, interest
or claim of any kind (“Claim”) in or to any distribution of or from the trust account to be established in which
the proceeds of the initial public offering (the “IPO”) to be conducted by the Maker (including the deferred
underwriters discounts and commissions) and the proceeds of the sale of the warrants to be issued in a private placement to occur
prior to the closing of the IPO are to be deposited, as described in greater detail in the registration statement and prospectus
to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees not to seek recourse, reimbursement,
payment or satisfaction for any Claim against the trust account for any reason whatsoever.

 

13.          Amendment;
Waiver.  Any amendment hereto or waiver of any provision hereof may be made with, and only with, the written consent
of the Maker and the Payee.

 

14.          Assignment.
No assignment or transfer of this Note or any rights or obligations hereunder may be made by any party hereto (by operation of
law or otherwise) without the prior written consent of the other party hereto and any attempted assignment without the required
consent shall be void.

 

[Signature page
follows]

 

    

     

    

 

IN WITNESS WHEREOF,
Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned as of the day and year
first above written.

 

	 	MUDRICK CAPITAL ACQUISITION CORPORATION II
	 	 	 
	 	By:  	/s/ Jason Mudrick
	 	 	Name:  	 Jason Mudrick                  
	 	 	Title: 	Chief Executive Officer

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