Document:

Exhibit 10.7

 

WARRANT EXERCISE AGREEMENT

 

This WARRANT EXERCISE AGREEMENT dated as
of June 25, 2013 (this “Agreement”) is made by and between Navidea Biopharmaceuticals, Inc., a Delaware corporation
(the “Company”), and Platinum-Montaur Life Sciences, LLC, a Delaware limited liability company (the “Investor”).

 

Recitals

 

A.           On
or about April 16, 2008, the Company issued to the Investor a Series X Warrant (#WX08-001) to Purchase 8,333,333 shares of the
Company’s Common Stock (the “Common Stock”), which Series X Warrant was amended and restated on or about
July 24, 2009 (#WX08-001A), which Series X Warrant was then amended on or about July 2, 2012 to reflect a change in the Company’s
name (#WX08—002) (as so amended, the “Series X Warrant”).

 

B.           The
Series X Warrant remains, as of the date hereof, exercisable for 5,333,333 shares of Common Stock at an exercise price of $0.46
per share;

 

C.           On
or about July 24, 2009, the Company issued to Investor a Series AA Warrant (#AA09-01) to Purchase 2,400,000 shares of the Company’s
Common Stock, which Series AA Warrant was modified on or about July 2, 2012 to reflect a change in the Company’s name (#AA09-02)
(as so amended, the “Series AA Warrant” and, together with the Series X Warrant, the “Warrants”);

 

D.           The
Series AA Warrant remains, as of the date hereof, exercisable for 2,400,000 shares of Common Stock at an exercise price of $0.97
per share;

 

E.           The
Company and the Investor are parties to a Loan Agreement, dated as of July 25, 2012 (as amended, the “Loan Agreement”),
pursuant to which the Investor has extended the Term Loan, as defined and on the conditions set forth therein;

 

F.           Subject
to the terms and conditions set forth herein, the Company and the Investor desire to effect the exercise of the Warrants on a cashless
basis by cancelling a portion of the indebtedness outstanding under the Loan Agreement equal to the aggregate exercise price of
the Warrants, and receiving upon such exercise, in lieu of Common Stock, shares of the Company’s Series B Convertible Preferred
Stock (the “Series B Shares”) on the terms and conditions set forth herein.

 

Statement of Agreement

 

In consideration of the foregoing, and of
their mutual agreements set forth herein, and for other good and valuable consideration, the receipt and adequacy of which are
hereby acknowledged, the parties agree as follows:

 

    	 

    	 

    

 

Section 1.          Definitions.
Capitalized terms used in this Agreement and not otherwise defined shall have the respective meanings set forth in the Loan Agreement.

 

Section 2.          Exercise
and Exchange of Securities.

 

(a)       Subject
to the terms and conditions herein set forth, at the Closing (as defined below) the Investor agrees (i) to deliver to the Company
the Warrants (the “Original Securities”) for exercise in full and (ii) as payment of the exercise price of the
Warrants (the “Exercise Price”), to deem repaid in full an amount under the Loan Agreement equal to $4,781,333,
such repayment to be applied to the Draws in the inverse order of maturity in accordance with Section 3.1 of the Loan Agreement
(the “Deemed Repayment”). The Company agrees to accept the Deemed Repayment as the payment of the full exercise
price of the Warrants.

 

(b)      In
lieu of issuing Common Stock upon exercise of the Warrants hereunder, the Company shall issue to the Investor 2,364.9 Series B
Shares, each such Series B Share being convertible into 3,270 shares of Common Stock, and the Investor agrees to accept such Series
B Shares in satisfaction of the exercise in full of the Warrants hereunder.

 

(c)      The
closing of the transactions contemplated by this Agreement ( the “Closing”) shall occur simultaneously with
the execution and delivery of this Agreement or on such later date and time as the Parties may agree (the “Closing Date”)
at the offices of Investor, 152 West 57th Street, 54th Floor, New York, New York.

 

Section 3.         Representations
and Warranties of the Company.

 

(a)      The
Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has
the corporate power and authority to execute, deliver and perform its obligations under this Agreement.

 

(b)      The
execution, delivery and performance by the Company of this Agreement, the issuance of the Series B Shares, and the consummation
of the transactions contemplated hereby and thereby (a) has been duly authorized by all necessary corporate action; (b) do not
and will not contravene the terms of the Certificate of Incorporation or By-Laws of the Company or any amendment thereof or any
federal, state, local or foreign statute, rule, regulation, order, judgment or decree (including federal and state securities laws
and regulations) applicable to the Company or any of its Subsidiaries or by which any property or asset of the Company or any of
its Subsidiaries are bound or affected; (c) do not and will not (i) conflict with, contravene, result in any material violation
or breach of or material default under (with or without the giving of notice or the lapse of time or both), (ii) create in any
other Person a right or claim of termination or amendment, or (iii) require any material modification or acceleration or cancellation
of, any Contractual Obligation of the Company or any of its Subsidiaries; and (d) do not and will not result in the creation of
any Lien (or obligation to create a Lien) against any material property or asset of the Company or any of its, except, in all cases,
for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually or
in the aggregate, have a Material Adverse Effect.

 

    	2

    	 

    

 

(c)          This
Agreement has been duly executed and delivered by the Company, and this Agreement constitutes the legal, valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, reorganization, moratorium, liquidation, conservatorship, receivership or similar laws relating to, or affecting generally
the enforcement of, creditor’s rights and remedies or by other equitable principles of general application.

 

(d)          Neither
the Company nor any of its Subsidiaries is required under federal, state, foreign or local law, rule or regulation to obtain any
consent, authorization or order of, or make any filing or registration with, any court or Governmental Authority in order for it
to execute, deliver or perform any of its obligations under this Agreement or issue and sell the Series B Shares in accordance
with the terms hereof (other than any filings, consents and approvals which may be required to be made by the Company under applicable
state and federal securities laws, or rules).

 

(e)          The
Series B Shares to be issued at the Closing have been duly authorized by all necessary corporate action and, when paid for or issued
in accordance with the terms hereof, they shall be validly issued and outstanding, free and clear of all liens, encumbrances and
rights of refusal of any kind, and shall be fully paid and non-assessable.

 

(f)          The
Company has authorized and reserved, and covenants to continue to reserve, free of preemptive rights and other similar contractual
rights of stockholders, shares of Common Stock sufficient to effect the conversion of the Series B Shares.

 

(g)          The
shares of Common Stock to be issued upon conversion of the Series B Shares will, upon issuance, be validly issued, fully paid and
non-assessable, free and clear of all liens, encumbrances and rights of first refusal or preemptive rights of any kind imposed
by or through the Company, and the holders thereof shall be entitled to all rights accorded to a holder of Common Stock. Such shares
of Common Stock are listed for trading on the principal stock exchange on which the shares of Common Stock are listed.

 

(h)          The
Company acknowledges that it has received no consideration in respect of the Series B Shares, other than securities of the Company
constituting the Warrants and the obligations under the Loan Agreement equal to the Deemed Repayment.

 

Section 4.             Representations
and Warranties of Investor.

 

(a)          The
Investor is a limited liability company duly organized, validly existing and in good standing under the laws of Delaware.

 

(b)          The
Investor has the requisite power and authority to enter into and perform this Agreement and to purchase the Series B Shares being
issued to it hereunder. The execution, delivery and performance of this Agreement by the Investor and the consummation by it of
the transactions contemplated hereby (i) have been duly authorized by all necessary limited liability company action, and (ii)
do not contravene the terms of the organizational or governing documents of the Investor. No further consent or authorization of
the Investor, its board of directors or other governing body, or of its members, is required for the execution, delivery or performance
of this Agreement by the Investor. When executed and delivered by the Investor, this Agreement shall constitute the valid and binding
obligation of the Investor enforceable against the Investor in accordance with its terms, except as such enforceability may be
limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation, conservatorship, receivership or similar
laws relating to, or affecting generally the enforcement of, creditor’s rights and remedies or by other equitable principles
of general application.

 

    	3

    	 

    

 

(c)          The
Investor owns and holds, beneficially and of record, the entire right, title, and interest in and to the Original Securities, free
and clear of any claim, restriction or Lien other than restrictions on transfer under the Securities Act and applicable state securities
laws.

 

(d)          The
Investor is acquiring the Series B Shares for its own account and not with a view to or for sale in connection with a distribution
thereof. The Investor does not have a present intention to sell any of the Series B Shares, nor a present arrangement (whether
or not legally binding) or intention to effect any distribution of any of the Series B Shares to or through any person or entity;
provided, however, that by making the representations herein, the Investor does not agree to hold the Series B Shares (or securities
issued upon conversion of the Series B Shares) for any minimum or other specific term and reserves the right to dispose of such
securities at any time in accordance with federal and state securities laws applicable to such disposition. The Investor acknowledges
and agrees that certificates representing the Series B Shares shall bear a legend to the following effect:

 

THE SECURITIES REPRESENTED HEREBY
HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD
OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES
LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND SUCH LAWS.

 

(e)          The
Investor is an “accredited investor” as defined in Rule 501(a) under the Securities Act. The Investor has such experience
in business and financial matters that it is capable of evaluating the merits and risks of an investment in the Series B Shares.
The Investor is not required to be registered as a broker-dealer under Section 15 of the Exchange Act and the Investor is not a
broker-dealer. Investor acknowledges that an investment in the Securities is speculative and involves a high degree of risk.

 

(f)          The
Investor acknowledges that it has carefully reviewed the Company’s filings with the Securities and Exchange Commission and
other publicly available information furnished by the Company, and has been afforded (i) the opportunity to ask such questions
as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions
of this Agreement and the Series B Shares and the merits and risks of investing in the Series B Shares; (ii) access to information
about the Company and Subsidiaries and their respective financial condition, results of operations, business, properties, management
and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information
that the Company possesses or can acquire without unreasonable effort or expense that is necessary to verify the information that
has been furnished by the Company.

 

    	4

    	 

    

 

(g)          The
Investor understands that the Series B Shares have not been registered under the Securities Act and must be held indefinitely unless
registered under the Securities Act or an exemption from registration is available. The Investor acknowledges that it is familiar
with Rule 144, and that the Investor has been advised that Rule 144 permits resales of unregistered securities only under certain
circumstances. The Investor understands that to the extent that Rule 144 is not available, the Investor will be unable to sell
any Series B Shares without either registration under the Securities Act or the existence of another exemption from such registration
requirement.

 

(h)          The
Investor understands that the Series B Shares are being issued in reliance on a transactional exemption from the registration requirements
of federal and state securities laws and the Company is relying upon the truth and accuracy of the representations, warranties,
agreements, acknowledgments and understandings of Investor set forth herein in order to determine the applicability of such exemptions.
The Investor understands that no Governmental Authority has passed upon or made any recommendation or endorsement of the Series
B Shares.

 

(i)          The
Investor has not employed any broker or finder or incurred any liability for any brokerage or investment banking fees, commissions,
finders’ structuring fees, financial advisory fees or other similar fees in connection with the transactions contemplated
by this Agreement.

 

Section 5.            Conditions
Precedent to the Company’s Obligations. The obligation hereunder of the Company to issue and deliver the Series B Shares
to the Investor in exchange for the Original Securities is subject to the satisfaction or waiver, at or before the Closing Date,
of each of the conditions set forth below. These conditions are for the Company’s sole benefit and may be waived by the Company
at any time in its sole discretion.

 

(a)          The
Investor shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Investor at or prior to the Closing Date.

 

(b)         
The representations and warranties of the Investor shall be true and correct in all material respects as of the date when made
and as of the Closing Date as though made at that time, except for representations and warranties that are expressly made as of
a particular date, which shall be true and correct in all material respects as of such date.

 

Section 6.            Conditions
Precedent to the Investor’s Obligations. The obligation hereunder of the Investor to accept the Series B Shares in exchange
for the Original Securities and the indebtedness under the Loan Agreement equal to the Deemed Repayment is subject to the satisfaction
or waiver, at or before the Closing Date, of each of the conditions set forth below. These conditions are for the Investor’s
sole benefit and may be waived by the Investor at any time in its sole discretion.

 

(a)          The
Company shall have filed an amendment to the Certificate of Designation of the Company’s Series B Convertible Preferred Stock
with the Delaware Secretary of State, in substantially the form attached hereto as Exhibit A.

 

    	5

    	 

    

 

(b)          The
Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Closing Date.

 

(c)          Each
of the representations and warranties of the Company shall be true and correct in all material respects as of the date when made
and as of the Closing Date as though made at that time, except for representations and warranties that speak as of a particular
date, which shall be true and correct in all material respects as of such date.

 

(d)          The
Investor shall have received an opinion of counsel to the Company, substantially in the form of Exhibit B, with such exceptions
and limitations as shall be reasonably acceptable to counsel to Investor.

 

Section 7.             Continuing
Effectiveness of Purchase Agreement. References to Preferred Stock in the Securities Purchase Agreement, dated as of December
26, 2007 (as amended, the “Purchase Agreement”) shall be deemed to include the Series B Shares, references to
Conversion Shares in the Purchase Agreement shall be deemed to include the Common Shares issuable upon conversion of the Series
B Shares and references to Securities in the Purchase Agreement shall be deemed to include the Series B Shares.

 

Section 8.             Counterparts.   This
Agreement may be executed in counterparts, each of which shall be deemed to be an original and all such counterparts together shall
constitute one and the same instrument.

 

[Signature Page Follows]

 

    	6

    	 

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be duly executed by their respective authorized persons as of the date first indicated above.

 

	 	NAVIDEA BIOPHARMACEUTICALS, INC.
	 	 	 
	 	By:	/s/ Brent L. Larson
	 	 	Name: Brent L. Larson
	 	 	Title: EVP, CFO, Treasurer and Secretary
	 	 	 
	 	pLATINUM-montaur life sciences, llc
	 	 	 
	 	By:	/s/ Michael Goldberg
	 	 	Name: Michael Goldberg
	 	 	Title: Portfolio Manager

 

    	7

    	 

    

 

Exhibit A

 

[Filed as Exhibit 4.1 to the Current Report on Form 8-K of Navidea
Biopharmaceuticals, Inc., File No. 001-35076, dated June 24, 2013, filed June 26, 2013, as amended June 28, 2013, and incorporated
herein by reference.]

 

    	8

    	 

    

 

Exhibit B

 

Form of Opinion

 

    	9

    	 

    

 

		(A)	Navidea is a corporation validly existing and in good standing under the laws of the State of Delaware
and has all requisite corporate power and authority to execute, deliver and perform its obligations under each Transaction Document
to which it is a party.

 

		(B)	The execution and delivery of the Transaction Documents by Navidea and the performance by Navidea
of its obligations under the Transaction Documents do not violate or conflict with its Certificate of Incorporation or By-Laws.

 

		(C)	Navidea has duly authorized by all necessary corporate action the execution and delivery by it
of each of the Transaction Documents and the performance by it of its obligations under each of the Transaction Documents. The
Transaction Documents required by the Agreement to be executed and delivered at the Closing have been duly executed and delivered
by Navidea, and such Transaction Documents constitute legal, valid and binding obligations of Navidea, enforceable against Navidea
in accordance with their respective terms.

 

		(D)	The execution and delivery by Navidea of the Transaction Documents required by the Amendment to
be executed and delivered at the Closing and the performance by Navidea of its obligations under such Transaction Documents do
not (a) violate any statute, published rule or regulation of any governmental authority thereunder; or (b) violate any order, decree
or decision of any court or governmental authority to our knowledge binding upon Navidea.

 

		(E)	The execution and delivery by Navidea of the Transaction Documents required by the Amendment to
be executed and delivered at the Closing and the performance by Navidea of its obligations under such Transaction Documents do
not (i) conflict with, contravene, result in any material violation or breach of, or material default under (with or without the
giving of notice or the lapse of time or both), (ii) create in any other Person a right or claim of termination or amendment of,
(iii) require any material modification or acceleration or cancellation of any Contractual Obligation of the Company or any of
its Subsidiaries that is known to us, or (iv) do not and will not result in the creation of any Lien (or obligation to create a
Lien) against any material property or asset of the Company or any of its, except, in all cases referenced in clauses (i) through
(iv), for such conflicts, defaults, terminations, amendments, acceleration, cancellations and violations as would not, individually
or in the aggregate, have a Material Adverse Effect.

 

		(F)	No consent, approval, authorization or order of, or registration or filing with, any court or governmental
authority is required for the execution, delivery and performance by Navidea of the Transaction Documents.

 

		(G)	The shares of Series B Convertible Preferred Stock issued pursuant to the Exercise Agreement (“Series
B Shares”) have been authorized, and upon payment therefor at the Closing as provided in the Exercise Agreement, will be
validly issued, fully paid and nonassessable.

 

    	10

    	 

    

 

		(H)	The shares of Common Stock to be issued upon conversion of the Series B Stock are validly authorized,
and assuming that the Series B Stock is converted immediately following the Closing in accordance with its terms, the shares of
Common Stock so issuable would be validly issued, fully paid, and nonassessable.

 

		(I)	Based on the representations and warranties of the Purchaser set forth in Section 4 of the Exercise
Agreement, the offer, issue, sale and delivery of the Series B Shares in accordance with the terms of the Exercise Agreement, constitute
an exempted transaction under the Securities Act of l933, as amended, and registration thereunder of the offer or sale of such
securities is not required.

  

    	11PRINT/MAIL SERVICE CONTRACT

 

	Contract #:	P-0906001
	 	 
	Customer:	Homeowners of America Insurance Company
 1333 Corporate Drive
 Suite 325
 Irving, IX  75038
	 	 
	Effective/Expiration:	September 1, 2006 – February 28, 2007
	 	 
	Service Schedule:	□  PRINT                □  STUFF/MAIL

 

1.Services
Provided to Customer. PRIMORIS Services LLC (“PRIMORIS”) will provide services as listed in the Service Schedule
above.

 

1.1Reporting
of Work Completed. PRIMORIS will provide a report at the close of each work day of all items printed, stuffed and mailed to
Customer, by email or on-demand via the world wide web-.

 

1.2Work
Days. PRIMORIS will produce and mail documents on all weekdays beginning on the effective date and ending on the expiration
date of this contract: Monday through Friday, except on all holidays observed by the U.S. Postal Service where mail service is
unavailable.

 

1.3Force
Majeure. In the event that PRIMORIS cannot complete work due to circumstances reasonably beyond its control, (such as but not
limited to severe weather, fire, acts of God, war, riot, insurrection, or failure of necessary equipment), PRIMORIS will notify
Customer within one business day of such force majeure events and will give Customer its best estimate for resumption of services,
PRIMORIS will notify Customer immediately upon resumption of services.

 

1.4Customer
Provided Supplies. Customer will supply all envelopes to be used in mailing the documents produced as work-product of this
contract. PRIMORIS will notify Customer when supplies reach a level estimated to last less than one week’s work-product.
If Customer does not provide sufficient supplies, PRIMORIS reserves the right to purchase these supplies elsewhere and bill Customer
the total cost of the supplies.

 

1.5Audit
Rights. Customer may request to audit PRIMORIS records of services provided, by providing PRIMORIS two business days written
notice of any such audit, to include all internal records related to PRIMORIS provision of services.

 

1.6Sample
Documents. Customer may request up to 50 “sample” documents (reprints of actual mailed documents, selected by Customer)
as part of any audit, at no charge. PRIMORIS will ship all sample documents to Customer at Customer’s expense. PRIMORIS will
charge the per document fee for all documents over 50 that are requested while this contract is in force.

 

1.7Rework.
PRIMORIS will reprint any documents that are damaged during the printing or mailing process while at PRIMORIS’ facility,
at no charge to Customer. All other rework requests, for any reason, will be billable work-product.

 

    	 

    	 	

    
 

2.Billing
and Payments. PRIMORIS will send a statement to Customer on the first of each month for the preceding calendar month’s
work. Payment is due on receipt of the statement by Customer, and will be considered late if payment is not received by PRIMORIS
by the 156 day of the month in which the statement is sent.

 

2.1Late
Charges. Any late payment is subject to a late charge of 1.5% of the outstanding unpaid balance of all statements.

 

3.Termination.

 

3.1Early
Termination. Either Customer or PRIMORIS may terminate this contract by providing the other party 30 days written notice.

 

3.2Termination
for non-payment. PRIMORIS may terminate this contract if Customer is over 60 days delinquent on any payment, by providing 10
days notice of termination to Customer.

 

4.Proprietary
Protection of Materials. All work-product produced by PRIMORIS for Customer is the proprietary property of Customer. PRIMORIS
will exercise care and treat all- work-product as the confidential property of Customer. PRIMORIS will respect Customers privacy
policy, insured’s privacy rights, and applicable law regarding all work-product.

 

4.1Ongoing
Obligations. PRIMORIS agrees not to share, sell, or otherwise disclose any proprietary information, customer list, or documents
or other property of Customer to any third party. This obligation will survive the expiration date of this contract.

 

5.Limitation
of Liability. PRIMORIS WILL NOT BE LIABLE FOR THE CONTENTS, ACCURACY, LEGALITY, OR FITNESS FOR A PARTICULAR PURPOSE OF ANY
WORK-PRODUCT AS A RESULT OF THE SERVICES PROVIDED TO CUSTOMER. CUSTOMER IS SOLELY AND WHOLELY RESPONSIBLE FOR THE ENTIRE CONTENTS
OF ANY DOCUMENTS PRODUCED BY PRIMORIS AS PART OF THE SERVICES PROVIDED IN THIS CONTRACT,

 

5.1Exclusion.
In no event shall PRIMORIS be liable for: any loss of profits; any cover damages; and incidental, special, exemplary, or consequential
damages; or any claims or demands brought against Customer with respect to work-product produced as part of this contract, even
if PRIMORIS has been advised of the possibility of such claims or demands.

 

5.2Third
Party Actions. PRIMORIS will not be liable for the actions of any third party, including the US Postal Service, resulting in
the non-delivery, destruction, or damage to the documents mailed as work-product of this contract.

 

5.3Remedies.
Rework (section 1.7) is the only liability and remedy offered in this contract by PRIMORIS to Customer.

 

6.Use
of Policy Tracking System. Customer grants PRIMORIS limited rights to use the Policy Tracking System (PTS) in providing the
services in this contract. This contract in no way modifies, limits, or expands the license rights, obligations, or terms of any
contract between Customer and 1DMI, the licensor of the PTS system.

 

7.General.

 

7.1Assignment.
No portion of this contract may be assigned or transferred by Customer and any attempt to do so shall be null and void.

 

7.2Partnership.
Nothing herein contained shall be construed as creating a partnership or joint venture by or between Customer and PRIMORIS.

 

    	- 2 -

    	 

    
 

7.3Binding
Agreement. This contract shall be binding upon and inure to the benefit of both Customer and PRIMORIS and their respective
successors and assigns.

 

7.4Severability.
Any provision of this contract held or determined by a court (or other legal authority) of competent jurisdiction to be illegal,
invalid, or unenforceable in any jurisdiction shall be deemed separate, distinct and independent, and shall be ineffective to the
extent of such holding or determination without (i) invalidating the remaining provisions of this Agreement in that jurisdiction
or (ii) affecting the legality, validity or enforceability of such provision in any other jurisdiction.

 

7.5Captions
Headings. Captions and paragraph headings used in this contract are for convenience only and shall not be used to interpret
any provision hereof.

 

7.6Entire
Agreement. This contract constitutes the entire agreement and understanding of both Customer and PRIMORIS with respect to the
subject matter hereof, and is intended as both parties’ final expression and complete and exclusive statement of the terms
thereof, superseding all prior or contemporaneous agreements, representations, promises and understandings, whether written or
oral, and may be amended or modified only by an instrument in writing signed by both Customer and PRIMORIS.

 

7.7Remedies,
Cumulative and Nonexclusive. Unless otherwise stated herein, all remedies provided for in this contract shall be cumulative,
nonexclusive and in addition to, but not in lieu of, any other remedies available to either party at law, in equity, or otherwise.

 

7.8Governing
Law. This contract shall be governed by and construed in accordance with the laws of the State of Georgia.

 

    	- 3 -

    	 

    
 

IN WITNESS WHEREOF,
the Parties have caused their duly authorized officers to execute this Agreement the day and year first above written,

 

	PRIMORIS SERVICES LLC	 	CUSTOMER
	 	 	 	 	 	 
	By:	/s/ Steven G. Berman	 	By:	/s/ Alvin M. Johnston	 
	 	 	 	 	 	 
	Name:	Steven G. Berman	 	Name:	Alvin M. Johnston	 
	 	 	 	 	 	 
	Title:	Managing Partner	 	Title:	Exec. V.P.	 
	 	 	 	 	 	 
	Date:	August 30, 2006	 	Date:	August 30, 2006	 

 

    	- 4 -

    	 

    
 

CONTRACT ADDENDUM

 

Contract # P-1106001 (Print & Mail)

 

Date: August 17, 2012

 

This Contract Addendum modifies contract
# P-1106001 (“Original Agreement”) between HOAIC (“Customer”) and Primoris Services LLC (collectively known
as “The Parties”), by mutual agreement of The Parties, The Original Agreement is hereby incorporated by reference,

 

		1.	Term and Termination; Automatic Renewal. The Original Agreement’s term and termination provisions
are superseded by the following:

 

“This contract shall continue
in force after the original expiration date and shall automatically renew for an unlimited number of one year periods (Renewal
Period’), with the first Renewal Period effective on the expiration date of the contract. Early termination by mutual written
agreement of The Parties shall be immediately binding upon both Primoris and Customer.”

 

		2.	Continuity of Obligations; Early Termination. All terms and conditions of the Original Agreement
shall be considered to have remained in force during the interceding Renewal Periods between the Original Agreement expiration
date and the above date of this Contract Addendum, while Primoris has been performing services described under the Original Agreement.
Customer may terminate the Original Agreement at any future date before the end of the original term or before the end of any future
one year renewal period, by fulfilling the early termination provisions set forth in the Original Agreement. All fees due to Primoris
must be paid in full by Customer before such early termination is binding upon Primoris.

 

		3.	Modification of Original Agreement Pricing. Primoris retains the right to modify the pricing structure,
charges or fees set forth in the Original Agreement from time to time, at its sole discretion. Primoris shall notify Customer of
such changes at least 30 days prior to taking effect.

 

IN WITNESS WHEREOF,
the Parties have caused their duly authorized officers to execute this Agreement the day and year first above written,

 

	PRIMORIS SERVICES LLC	 	CUSTOMER
	 	 	 	 	 	 
	By:	/s/ Steven G. Berman	 	By:	/s/ Debbie Carter	 
	 	 	 	 	 	 
	Name:	Steven G. Berman	 	Name:	Debbie Carter	 
	 	 	 	 	 	 
	Title:	Managing Partner	 	Title:	Sr. V.P.	 
	 	 	 	 	 	 
	Date:	 	 	Date:	9/11/12	 

 

    	- 5 -

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