Document:

Exhibit 10.1

 

IMMUDYNE,
INC.

 

CONSULTING AGREEMENT

 

This
Consulting Agreement (this “Agreement”) is made and entered into as of October 2, 2017 (the “Effective
Date”) by and between Immudyne, Inc., a Delaware corporation with its principal place of business at 50 Spring
Meadow Road, Mt. Kisco, New York 10649 (the “Company”), and Robert Kalkstein (“Consultant”)
(each herein referred to individually as a “Party,” or collectively as the “Parties”).

 

The
Company desires to retain Consultant as an independent contractor to perform the services of Chief Financial Officer for the Company,
and Consultant is willing to perform such services, on the terms described below. In consideration of the mutual promises contained
herein, the Parties agree as follows:

 

	 	1.	Services and Compensation

 

Consultant
shall perform the services described in Exhibit A (the “Services”) for the Company (or its designee),
and the Company agrees to pay Consultant the compensation described in Exhibit A for Consultant’s performance of the Services.

 

		2.	Applicability to Past Activities

 

Consultant
agrees that if and to the extent that Consultant provided any services or made efforts on behalf of or for the benefit of Company,
or related to the current or prospective business of Company in anticipation of Consultant’s involvement with the Company, that
would have been “Services” if performed during the term of this Agreement (the “Prior Consulting Period”)
and to the extent that during the Prior Consulting Period: (i) Consultant received access to any information from or on behalf
of Company that would have been “Confidential Information” (as defined below) if Consultant received access to such information
during the term of this Agreement; or (ii) Consultant conceived, created, authored, invented, developed or reduced to practice
any item (including any intellectual property rights with respect thereto) on behalf of or for the benefit of Company, or related
to the current or prospective business of Company in anticipation of Consultant’s involvement with Company, that would have been
an “Invention” (as defined below) if conceived, created, authored, invented, developed or reduced to practice during
the term of this Agreement; then any such information shall be deemed “Confidential Information” hereunder and any such
item shall be deemed an “Invention” hereunder, and this Agreement shall apply to such activities, information or item
as if disclosed, conceived, created, authored, invented, developed or reduced to practice during the term of this Agreement. Consultant
further acknowledges that Consultant has been fully compensated for all services provided during any such Prior Consulting Period.

 

		3.	Confidentiality

 

A.            Definition of Confidential Information. “Confidential Information “ means any non-public information that
relates to the actual or anticipated business and/or products, research or development of the Company, its affiliates or subsidiaries,
or to the Company’s, its affiliates’ or subsidiaries’ technical data, trade secrets, or know-how, including, but not limited to,
research, product plans, or other information regarding the Company’s, its affiliates’ or subsidiaries’ products or services and
markets therefor, customer lists and customers (including, but not limited to, customers of the Company on whom Consultant called
or with whom Consultant became acquainted during the term of this Agreement), software, developments, inventions, processes, formulas,
technology, designs, drawings, engineering, hardware configuration information, marketing, finances, and other business information
disclosed by the Company, its affiliates or subsidiaries, either directly or indirectly, in writing, orally or by drawings
or inspection of premises, parts, equipment, or other property of Company, its affiliates or subsidiaries, Notwithstanding the
foregoing, Confidential Information shall not include any such information which Consultant can establish (i) was publicly known
or made generally available prior to the time of disclosure to Consultant; (ii) becomes publicly known or made generally available
after disclosure to Consultant through no wrongful action or inaction of Consultant; or (iii) is in the rightful possession of
Consultant, without confidentiality obligations, at the time of disclosure as shown by Consultant’s then-contemporaneous written
records.

 

Kalkstein Consulting Agreement IMMD ( I )

 

    

     

    

 

B.            Nonuse
and Nondisclosure. During and after the term of this Agreement, Consultant will hold in the strictest confidence,
and take all reasonable precautions to prevent any unauthorized use or disclosure of Confidential Information, and Consultant
will not (i) use the Confidential Information for any purpose whatsoever other than as necessary for the performance of the Services
on behalf of the Company, or (ii) disclose the Confidential Information to any third party without the prior written consent of
an authorized representative of Company. Consultant may disclose Confidential Information to the extent compelled by applicable
law; provided however, prior to such disclosure, Consultant shall provide prior written notice to Company and seek a protective
order or such similar confidential protection as may be available under applicable law. Consultant agrees that no ownership of
Confidential Information is conveyed to the Consultant. Without limiting the foregoing, Consultant shall not use or disclose any
Company property, intellectual property rights, trade secrets or other proprietary know-how of the Company to invent, author,
make, develop, design, or otherwise enable others to invent, author, make, develop, or design identical or substantially similar
designs as those developed under this Agreement for any third party. Consultant agrees that Consultant’s obligations under
this Section 3.B shall continue after the termination of this Agreement.

 

C.            Other Client Confidential Information.  Consultant agrees that Consultant will not improperly use, disclose,
or induce the Company to use any proprietary information or trade secrets of any former or concurrent employer of Consultant or
other person or entity with which Consultant has an obligation to keep in confidence. Consultant also agrees that Consultant will
not bring onto the Company’s premises or transfer onto the Company’s technology systems any unpublished document, proprietary information,
or trade secrets belonging to any third party unless disclosure to, and use by, the Company has been consented to in writing by
such third party.

 

D.            Third Party Confidential Information. Consultant recognizes that the Company has received and in the future
will receive from third parties their confidential or proprietary information subject to a duty on the Company’s part to maintain
the confidentiality of such information and to use it only for certain limited purposes. Consultant agrees that at all times during
the term of this Agreement and thereafter, Consultant owes the Company and such third parties a duty to hold all such confidential
or proprietary information in the strictest confidence and not to use it or to disclose it to any person, firm, corporation, or
other third party except as necessary in carrying out the Services for the Company consistent with the Company’s agreement
with such third party.

 

		4.	Ownership

 

A.            Assignment
of Inventions. Consultant agrees that all right, title, and interest in and to any copyrightable material, notes,
records, drawings, designs, inventions, improvements, developments, discoveries and trade secrets conceived, discovered, authored,
invented, developed or reduced to practice by Consultant, solely or in collaboration with others, during the term of this Agreement
and arising out of, or in connection with, performing the Services under this Agreement and any copyrights, patents, trade secrets,
mask work rights or other intellectual property rights relating to the foregoing (collectively, “Inventions”),
are the sole property of the Company. Consultant also agrees to promptly make full written disclosure to the Company of any
Inventions and to deliver and assign (or cause to be assigned) and hereby irrevocably assigns fully to the Company all right,
title and interest in and to the Inventions.

 

    -2-

     

    

 

B.             Pre-Existing
Materials. Subject to Section 4.A, Consultant agrees that if, in the course of performing the Services, Consultant
incorporates into any Invention or utilizes in the performance of the Services any pre-existing invention, discovery, original
works of authorship, development, improvements, trade secret, concept, or other proprietary information or intellectual property
right owned by Consultant or in which Consultant has an interest (“Prior Inventions” ), (i) Consultant will
provide the Company with prior written notice and (ii) the Company is hereby granted a nonexclusive, royalty-free, perpetual,
irrevocable, transferable, worldwide license (with the right to grant and authorize sublicenses) to make, have made, use, import,
offer for sale, sell, reproduce, distribute, modify, adapt, prepare derivative works of, display, perform, and otherwise exploit
such Prior Inventions, without restriction, including, without limitation, as part of or in connection with such Invention, and
to practice any method related thereto. Consultant will not incorporate any invention, improvement, development, concept, discovery,
work of authorship or other proprietary information owned by any third party into any Invention without Company’s prior
written permission.

 

C.            Moral
Rights. Any assignment to the Company of Inventions includes all rights of attribution, paternity, integrity, modification,
disclosure and withdrawal, and any other rights throughout the world that may be known as or referred to as “moral rights,”
“artist’s rights,” “droit moral,” or the like (collectively, “Moral Rights”).
To the extent that Moral Rights cannot be assigned under applicable law, Consultant hereby waives and agrees not to enforce
any and all Moral Rights, including, without limitation, any limitation on subsequent modification, to the extent permitted under
applicable law.

 

D.            Maintenance
of Records. Consultant agrees to keep and maintain adequate, current, accurate, and authentic written records of
all Inventions made by Consultant (solely or jointly with others) during the term of this Agreement, and for a period of three
(3) years thereafter. The records will be in the form of notes, sketches, drawings, electronic files, reports, or any other format
that is customary in the industry and/or otherwise specified by the Company. Such records are and remain the sole property of
the Company at all times and upon Company’s request, Consultant shall deliver (or cause to be delivered) the same.

 

E.            Further
Assurances. Consultant agrees to assist Company, or its designee, at the Company’s expense, in every proper
way to secure the Company’s rights in Inventions in any and all countries, including the disclosure to the Company of all
pertinent information and data with respect thereto, the execution of all applications, specifications, oaths, assignments and
al I other instruments that the Company may deem necessary in order to apply for, register, obtain, maintain, defend, and enforce
such rights, and in order to deliver, assign and convey to the Company, its successors, assigns and nominees the sole and exclusive
right, title, and interest in and to all Inventions and testifying in a suit or other proceeding relating to such Inventions.
Consultant further agrees that Consultant’s obligations under this Section 4.E shall continue after the termination of this
Agreement.

 

F.            Attorney-in-Fact.
Consultant agrees that, if the Company is unable because of Consultant’s unavailability, dissolution, mental or
physical incapacity, or for any other reason, to secure Consultant’s signature with respect to any Inventions, including,
without limitation, for the purpose of applying for or pursuing any application for any United States or foreign patents or mask
work or copyright registrations covering the Inventions assigned to the Company in Section 4.A, then Consultant hereby irrevocably
designates and appoints the Company and its duly authorized officers and agents as Consultant’s agent and attorney-in-fact,
to act for and on Consultant’s behalf to execute and file any papers and oaths and to do all other lawfully permitted acts
with respect to such Inventions to further the prosecution and issuance of patents, copyright and
mask work registrations with the same legal force and effect as if executed by Consultant. This power of attorney shall be deemed
coupled with an interest, and shall be irrevocable.

 

    -3-

     

    

 

		5.	Conflicting Obligations

 

A.           Consultant
represents and warrants that Consultant has no agreements, relationships, or commitments to any other person or entity that conflict
with the provisions of this Agreement, Consultant’s obligations to the Company under this Agreement, and/or Consultant’s
ability to perform the Services. Consultant will not enter into any such conflicting agreement during the term of this Agreement.

 

B.            Consultant shall require all Consultant’s employees, contractors, or other third- parties performing Services under this
Agreement to execute a Confidential Information and Assignment Agreement in the form provided by the Company, and promptly provide
a copy of each such executed agreement to the Company. Consultant’s violation of this Article 5 will be considered a material breach
under Section 8.B.

 

		6.	Return of Company Materials

 

Upon
the termination of this Agreement, or upon Company’s earlier request, Consultant will immediately deliver to the Company, and will
not keep in Consultant’s possession, recreate, or deliver to anyone else, any and all Company property, including, but not limited
to, Confidential Information, tangible embodiments of the Inventions, all devices and equipment belonging to the Company, all electronically-stored
information and passwords to access such property, those records maintained pursuant to Section 4.D and any reproductions of any
of the foregoing items that Consultant may have in Consultant’s possession or control.

 

		7.	Reports

 

Consultant
agrees that Consultant will periodically keep the Company advised as to Consultant’s progress in performing the Services under
this Agreement. Consultant further agrees that Consultant will, as requested by the Company, prepare written reports with respect
to such progress. The Company and Consultant agree that the reasonable time expended in preparing such written reports will be
considered time devoted to the performance of the Services.

 

		8.	Term and Termination

 

A.            Term.
The term of this Agreement will begin on the Effective Date of this Agreement and will continue until the earlier of (i) final
completion of the Services or (ii) termination as provided in Section 8.B.

 

B.            Termination.
The Company may terminate this Agreement upon giving Consultant fourteen (14) days prior written notice of such termination
pursuant to Section 14.G of this Agreement. The Company may terminate this Agreement immediately and without prior notice if Consultant
refuses to or is unable to perform the Services or is in breach of any material provision of this Agreement.

 

    -4-

     

    

 

C.            Survival.
Upon any termination, all rights and duties of the Company and Consultant toward each other shall cease except:

 

(1)        The
Company will pay, within thirty (30) days after the effective date of termination, all amounts owing to Consultant for Services
completed and accepted by the Company prior to the termination date and related reimbursable expenses, if any, submitted in accordance
with the Company’s policies and in accordance with the provisions of Article I of this Agreement; and

 

(2)        Article
3 (Confidentiality), Article 4 (Ownership), Section 5.B (Conflicting Obligations), Article 6 (Return of Company Materials), Article
8 (Term and Termination), Article 9 (Independent Contractor; Benefits), Article IO (Indemnification), Article 11 (Noninterference),
Article 12 (Limitation of Liability), Article 13 (Arbitration and Equitable Relief), and Article 14 (Miscellaneous) will survive
termination or expiration of this Agreement in accordance with their terms.

 

		9.	Independent Contractor; Benefits

 

A.            Independent
Contractor. It is the express intention of the Company and Consultant that Consultant perform the Services as an
independent contractor to the Company. Nothing in this Agreement shall in any way be construed to constitute Consultant as an
agent, employee or representative of the Company. Without limiting the generality of the foregoing, Consultant is not authorized
to bind the Company to any liability or obligation or to represent that Consultant has any such authority. Consultant agrees to
furnish (or reimburse the Company for) alt tools and materials necessary to accomplish this Agreement and shall incur all expenses
associated with performance, except as expressly provided in Exhibit A. Consultant acknowledges and agrees that Consultant is
obligated to report as income all compensation received by Consultant pursuant to this Agreement. Consultant agrees to and acknowledges
the obligation to pay all self-employment and other taxes on such income.

 

B.
           Benefits. The Company and Consultant agree that Consultant will
receive no Company-sponsored benefits from the Company where benefits include, but are not limited to, paid vacation, sick leave,
medical insurance and 401k participation. If Consultant is reclassified by a state or federal agency or court as the Company’s
employee, Consultant will become a reclassified employee and will receive no benefits from the Company, except those mandated by
state or federal law, even if by the terms of the Company’s benefit plans or programs of the Company in effect at the time of such
reclassification, Consultant would otherwise be eligible for such benefits.

 

		10.	Indemnification

 

Consultant
agrees to indemnify and hold harmless the Company and its affiliates and their directors, officers and employees from and against
all taxes, losses, damages, liabilities, costs and expenses, including attorneys’ fees and other legal expenses, arising directly
or indirectly from or in connection with (i) any negligent, reckless or intentionally wrongful act of Consultant or Consultant’s
assistants, employees, contractors or agents, (ii) a determination by a court or agency that the Consultant is not an independent
contractor, (iii) any breach by the Consultant or Consultant’s assistants, employees, contractors or agents of any of the covenants
contained in this Agreement and corresponding Confidential Information and Invention Assignment Agreement, (iv) any failure of
Consultant to perform the Services in accordance with all applicable laws, rules and regulations, or (v) any violation or claimed
violation of a third party’s rights resulting in whole or in part from the Company’s use of the Inventions or other deliverables
of Consultant under this Agreement.

 

    -5-

     

    

 

		11.	Nonsolicitation

 

To the fullest extent
permitted under applicable law, from the date of this Agreement until twelve (12) months after the termination of this
Agreement for any reason (the “Restricted Period” ), Consultant will not, without the
Company’s prior written consent, directly or indirectly, solicit any of the Company’s employees to leave their
employment, or attempt to solicit employees of the Company, either for Consultant or for any other person or entity.
Consultant agrees that nothing in this Article 11 shall affect Consultant’s continuing obligations under this Agreement
during and after this twelve ( 12) month period, including, without limitation, Consultant’s obligations under Article
3.

 

		12.	Limitation of Liability

 

IN
NO EVENT SHALL COMPANY BE LIABLE TO CONSULTANT OR TO ANY OTHER PARTY FOR ANY INDIRECT, INCIDENTAL, SPECIAL OR CONSEQUENTIAL DAMAGES,
OR DAMAGES FOR LOST PROFITS OR LOSS OF BUSINESS, HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY, WHETHER BASED IN CONTRACT, TORT
(INCLUDING NEGLIGENCE) OR OTHER THEORY OF LIABILITY, REGARDLESS OF WHETHER COMPANY WAS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES
AND NOTWITHSTANDING THE FAILURE OF ESSENTIAL PURPOSE OF ANY LIMITED REMEDY. IN NO EVENT SHALL COMPANY’S LIABILITY ARISING OUT OF
OR IN CONNECTION WITH THIS AGREEMENT EXCEED THE AMOUNTS PAID BY COMPANY TO CONSULTANT UNDER THIS AGREEMENT FOR THE SERVICES, DELIVERABLES
OR INVENTION GIVING RISE TO SUCH LIABILITY.

 

		13.	Arbitration and Equitable Relief

 

A.            Arbitration. IN CONSIDERATION OF CONSULTANT’S CONSULTING RELATIONSHIP WITH THE COMPANY, ITS PROMISE
TO ARBITRATE ALL DISPUTES RELATED TO CONSULTANT’S CONSULTING RELATIONSHIP WITH THE COMPANY AND CONSULTANT’S RECEIPT OF THE COMPENSATION
PAID TO CONSULTANT BY COMPANY, AT PRESENT AND IN THE FUTURE, CONSULTANT AGREES THAT ANY AND ALL CONTROVERSIES, CLAIMS, OR DISPUTES
WITH ANYONE (INCLUDING COMPANY AND ANY EMPLOYEE, OFFICER, DIRECTOR, SHAREHOLDER OR BENEFIT PLAN OF THE COMPANY IN THEIR CAPACITY
AS SUCH OR OTHERWISE) ARISIJ\G OUT OF, RELATING TO, OR RESULTING FROM CONSULTANT’S CONSULTING RELATIONSHIP WITH THE COMPANY OR
THE TERMINATION OF CONSULTANT’S CONSULTING RELATIONSHIP WITH THE COMPANY, INCLUDING ANY BREACH OF THIS AGREEMENT, SHALL BE SUBJECT
TO BINDING ARBITRATION UNDER THE ARBITRATION RULES SET FORTH IN N.Y. CIV. PRAC. LAW § 7501 ET SEQ. (THE “RULES”)
AND PURSUANT TO NEW YORK LAW. CONSULTANT FURTHER UNDERSTANDS THAT THIS AGREEMENT TO ARBITRATE ALSO APPLIES TO ANY DISPUTES THAT
THE COMPANY MAY HAVE WITH CONSULTANT.

 

B.            
Procedure. CONSULTANT AGREES THAT ANY ARBITRATION WILL BE ADMINISTERED BY JUDICIAL ARBITRATION &
MEDIATION SERVICES, ll\C. (“JAMS”) PURSUANT TO ITS EMPLOYMENT ARBITRATION RULES & PROCEDURES (THE “JAMS
RULES”). CONSULTANT AGREES THAT THE ARBITRATOR SHALL HAVE THE POWER TO DECIDE ANY MOTIONS BROUGHT BY ANY PARTY TO THE
ARBITRATION, INCLUDING MOTIONS FOR SUMMARY JUDGMENT AND/OR ADJUDICATION AND MOTIONS TO DISMISS AND DEMURRERS, PRIOR TO ANY ARBITRATION
HEARING. CONSULTANT AGREES THAT THE ARBITRATOR SHALL ISSUE A WRITTEN DECISION ON THE MERITS. CONSULTANT ALSO AGREES THAT THE ARBITRATOR
SHALL HAVE THE POWER TO AWARD ANY REMEDIES, INCLUDING ATTORNEYS’ FEES AND COSTS, AVAILABLE UNDER APPLICABLE LAW. CONSULTANT
AGREES THAT THE ARBITRATOR SHALL ADMINISTER AND CONDUCT ANY ARBITRATION IN A MANNER CONSISTENT WITH THE RULES, INCLUDIJ\G THE
“IBW YORK CIVIL PRACTICE LAW AND RULES, AND THAT THE ARBITRATOR SHALL APPLY SUBSTANTIVE AND PROCEDURAL NEW YORK LAW TO ANY
DISPUTE OR CLAIM, WITHOUT REFERENCE TO RULES OF CONFLICT OF LAW. TO THE EXTENT THAT THE JAMS RULES CONFLICT WITH NEW YORK LAW,
NEW YORK LAW SHALL TAKE PRECEDENCE. CONSULTANT FURTHER AGREES THAT ANY ARBITRATION UNDER THIS AGREEMENT SHALL BE CONDUCTED IN
NEW YORK COUNTY. NEW YORK.

 

    -6-

     

    

 

C            
Remedy. EXCEPT AS PROVIDED BY THE RULES, ARBITRATION SHALL BE THE SOLE, EXCLUSI VE
AND FINAL REMEDY FOR ANY DISPUTE BETWEEN CONSULTANT AND THE COMPANY. ACCORDINGLY, EXCEPT AS PROVIDED FOR BY THE RULES, NEITHER
CONSULTANT NOR THE COMPANY WILL BE PERMITTED TO PURSUE COURT ACTION REGARDING CLAIMS THAT ARE SUBJECT TO ARBITRATION. NOTWITHSTANDING,
THE ARBITRATOR WILL NOT HAVE THE AUTHORITY TO DISREGARD OR REFUSE TO ENFORCE ANY LAWFUL COMPANY POLICY, AND THE ARBITRATOR SHALL
NOT ORDER OR REQUIRE THE COMPANY TO ADOPT A POLICY NOT OTHERWISE REQUJRED BY LAW WHICH THE COMPANY HAS NOT ADOPTED.

 

D.            
Availability of Injunctive Relief. EITHER PARTY MAY ALSO PETITION THE COURT FOR INJUNCTIVE RELIEF WHERE EITHER
PARTY ALLEGES OR CLAIMS A VIOLATION OF ANY AGREEMENT REGARDING TRADE SECRETS, OR CONFIDENTIAL INFORMATION, OR A BREACH OF ANY DUTY
NOT TO ENGAGE IN CONFLICTING BUSINESS ACTIVITY. IN THE EVENT EITHER PARTY SEEKS INJUNCTNE RELIEF, THE PREVAILING PARTY SHALL BE
ENTITLED TO RECOVER REASONABLE COSTS AND ATTORNEYS’ FEES.

 

E.            
Administrative Relief. CONSULTANT UNDERSTANDS THAT THIS AGREEMENT DOES NOT PROHIBIT CONSULTANT FROM PURSUING
AN ADMINISTRATNE CLAIM WITH A LOCAL, STATE OR FEDERAL ADMINISTRATIVE BODY SUCH AS THE DIVISION OF HUMAN RIGHTS, THE EQUAL EMPLOYMENT
OPPORTUNITY COMMISSION, THE NATIONAL LABOR RELATIONS BOARD, OR THE WORKERS’ COMPENSATION BOARD. THIS AGREEMENT DOES, HOWEVER, PRECLUDE
CONSULTANT FROM PURSUING COURT ACTION REGARDING ANY SUCH CLAIM, EXCEPT AS PERMITTED BY LAW.

 

F.             Voluntary
Nature of Agreement. CONSULTANT ACKNOWLEDGES AND AGREES THAT HE/SHE IS EXECUTING THIS AGREEMENT VOLUNTARILY AND
WITHOUT ANY DURESS OR UNDUE INFLUENCE BY THE COMPANY OR ANYONE ELSE. CONSULTANT FURTHER ACKNOWLEDGES AND AGREES THAT HE/SHE HAS
CAREFULLY READ THIS AGREEMENT AND THAT CONSULTANT HAS ASKED ANY QUESTIONS NEEDED FOR CONSULTANT TO UNDERSTAND THE TERMS, CONSEQUENCES
AND BINDING EFFECT OF THIS AGREEMENT AND FULLY UNDERSTAND IT, INCLUDING THAT CONSULTANT IS WAIVING HIS/HER RIGHT TO A JURY TRIAL.
FINALLY, CONSULTANT AGREES THAT HE/SHE HAS BEEN PROVIDED AN OPPORTUNITY TO SEEK THE ADVICE OF AN ATTORNEY OF CONSULTANT’S
CHOICE BEFORE SIGNING THIS AGREEMENT.

 

		14.	Miscellaneous

 

A.            
Governing Law; Consent to Personal Jurisdiction. This Agreement shall be governed by the laws of the State
of New York, without regard to the conflicts of law provisions of any jurisdiction. To the extent that any lawsuit is permitted
under this Agreement, the Parties hereby expressly consent to the personal and exclusive jurisdiction and venue of the state and
federal courts located in New York

 

    -7-

     

    

 

B.           Assignability.
This Agreement will be binding upon Consultant’s heirs, executors, assigns, administrators, and other legal representatives,
and will be for the benefit of the Company, its successors, and its assigns. There are no intended third-party beneficiaries to
this Agreement, except as expressly stated. Except as may otherwise be provided in this Agreement, Consultant may not sell, assign
or delegate any rights or obligations under this Agreement. Notwithstanding anything to the contrary herein, Company may assign
this Agreement and its rights and obligations under this Agreement to any successor to all or substantially all of Company’s
relevant assets, whether by merger, consolidation, reorganization, reincorporation, sale of assets or stock, or otherwise.

 

C.           Entire Agreement. This Agreement constitutes the entire agreement and understanding between the Parties
with respect to the subject matter herein and supersedes all prior written and oral agreements discussions, or representations
between the Parties. Consultant represents and warrants that he/she is not relying on any statement or representation not contained
in this Agreement. To the extent any terms set forth in any exhibit or schedule conflict with the terms set forth in this Agreement,
the terms of this Agreement shall control unless otherwise expressly agreed by the Parties in such exhibit or schedule.

 

D.          Headings. Headings are used in this Agreement for reference only and shall not be considered when interpreting
this Agreement.

 

E.           Severability. If a court or other body of competent jurisdiction finds, or the Parties mutually believe,
any provision of this Agreement, or portion thereof, to be invalid or unenforceable, such provision will be enforced to the maximum
extent permissible so as to effect the intent of the Parties, and the remainder of this Agreement will continue in full force and
effect.

 

F.           Modification, Waiver. No modification of or amendment to this Agreement, nor any waiver of any rights
under this Agreement, will be effective unless in a writing signed by the Parties. Waiver by the Company of a breach of any provision
of this Agreement will not operate as a waiver of any other or subsequent breach.

 

G.           Notices. Any notice or other communication required or permitted by this Agreement to be given to a
Party shall be in writing and shall be deemed given (i) if delivered personally or by commercial messenger or courier service,
(ii) when sent by confirmed facsimile, or (iii) if mailed by U.S. registered or certified mail (return receipt requested), to the
Party at the Party’s address written below or at such other address as the Party may have previously specified by like notice.
If by mail, delivery shall be deemed effective three business days after mailing in accordance with this Section 14.G.

 

(1)       If
to the Company, to:

50 Spring Meadow Road

Mt. Kisco, NY l 0549 

Attention: President

 

(2)       If to Consultant, to the address for notice on the signature page to this Agreement or,
if no such address is provided, to the last address of Consultant provided by Consultant to the Company.

 

H.           Attorneys’ Fees. In any court action at law or equity that is brought by one of the Parties to this
Agreement to enforce or interpret the provisions of this Agreement, the prevailing Party will be entitled to reasonable attorneys’
fees, in addition to any other relief to which that Party may be entitled.

 

I.           Signatures.
This Agreement may be signed in two counterparts, each of which shall be deemed an original. with the same force and
effectiveness as though executed in a single document.

 

(signature page follows )

 

    -8-

     

    

 

IN WITNESS WHEREOF, the
Parties hereto have executed this Consulting Agreement as of the date first written above.

 

	CONSULTANT	 	IMMUDYNE,
    INC.
	 	 	 	 	 
	 	 	 	 	 
	By:	/s/
    Robert Kalkstein	 	By:	/s/
    Mark McLaughlin
	Name:	Robert
    Kalkstein	 	Name:	Mark
    McLaughlin
	Title:	Chief
    Financial Officer	 	Title:	Chief
Executive Officer
	 	 	 	 	 
	Address
    for Notice:	 	 	 
	 	 	 	 
	8
    Main Street	 	 	 
	Ridgefield,
    CT 06877	 	 	 

 

(Signature Page to Immudyne, Inc. Consulting
Agreement)

 

    -9-

     

    

 

EXHIBIT A

 

SERVICES AND COMPENSATION

 

		1.	Contact.
Consultant’s principal Company contact:

 

Name: Robert Kalkstein

 

Title: Chief Financial Officer

 

Email: *

 

Phone: *

 

		2.	Services. The Services will include, but will not be limited to, the following:

 

		●	Managing the financial operations and systems of both Immudyne,
Inc. and Immudyne PR, LLC

 

		●	Managing the quarterly audit reviews and annual audit of Immudyne, Inc.

 

		●	Providing financial models as requested to Immudyne management
and board

 

		●	Overseeing and managing all members of finance team at Immudyne
Inc. and lmmudyne PR.

 

		●	Budgeting and financial forecasting

 

		●	Supporting and managing investor relations activities of lmmudyne

 

		3.	Compensation.

 

A.           The
Company shall pay to consultant a monthly, cash Consulting Fee according to this schedule:

 

	 	Period	 	Amount	 
	 	October 2017 - December 2017	 	$	2,750	 
	 	January 2018 -March 2018	 	$	5,000	 
	 	April 2018 – September 2018 
	 	$	7,500	 

 

    A-1

     

    

 

 

B.           Subject to the approval of the Company’s Board of Directors, the Company will sell and issue to Consultant an option to
purchase 500,000 shares of the Company’s Common Stock (the “Options”) at a price per share equal to $0.40. Subject
to Consultant remaining a service provider on all such dates, the Shares will vest according to the following schedule: 30% of
the Shares shall vest upon the date of this Agreement, 35% shall vest on the two year anniversary of this Agreement and 35% shall
vest on the three year anniversary of this Agreement.

 

C.           The Company will reimburse Consultant, in accordance with Company policy, for all reasonable expenses incurred by Consultant in
performing the Services pursuant to this Agreement, if Consultant receives written consent from an authorized agent of the Company
prior to incurring such expenses and submits receipts for such expenses to the Company in accordance with Company policy.

 

On
a monthly basis Consultant shall submit to the Company a written invoice for Services and expenses, and such statement shall be
subject to the approval of the contact person listed above or other designated agent of the Company.

 

 

A-2ex_97286.htm

Exhibit 10.1

 

VOTING AGREEMENT

 

This VOTING AGREEMENT, dated as of October 18, 2017 (this “Agreement”), by and among First Bank (“Buyer”), a New Jersey chartered commercial bank, Delanco Bancorp, Inc. (“Target”), a New Jersey corporation, and the undersigned stockholder and director (the “Stockholder”) of Target. 

 

W I T N E S S E T H:

 

WHEREAS, concurrently with the execution of this Agreement, Buyer, Merger Sub and Target are entering into an Agreement and Plan of Reorganization, dated as of the date hereof (as amended, supplemented, restated or otherwise modified from time to time, the “Merger Agreement”), pursuant to which, among other things, Target will merge with and into Merger Sub, with Merger Sub as the surviving corporation (the “Merger”);

 

WHEREAS, as of the date hereof, the Stockholder is a director of Target and has Beneficial Ownership of, in the aggregate, those shares of common stock, with $0.01 par value per share of Target (“Target Common Stock”) specified on Schedule 1 attached hereto, which, by virtue of the Merger, will be converted into the right to receive shares of Buyer common stock, and therefore the Merger is expected to be of substantial benefit to the Stockholder;

 

WHEREAS, as a material inducement to Buyer and Merger Sub entering into the Merger Agreement, Buyer and Merger Sub have required that the Stockholder agree, and the Stockholder has agreed, to enter into this Agreement and abide by the covenants and obligations set forth herein; and

 

WHEREAS, other individuals, as a material inducement to Buyer and Merger Sub entering into the Merger Agreement, will enter into and abide by the covenants and obligations set forth in substantially similar voting agreements.

 

NOW THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements herein contained, and intending to be legally bound hereby, the parties hereto agree as follows:

 

ARTICLE I

General

 

1.1.       Defined Terms. The following capitalized terms, as used in this Agreement, shall have the meanings set forth below. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Merger Agreement. 

 

“Affiliate” of a Person means any other Person directly, or indirectly through one or more intermediaries, controlling, controlled by or under common control with such Person. 

 

“Beneficial Ownership” by a Person of any securities includes ownership by any Person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has sole (i) voting power which includes the power to vote, or to direct the voting of, such security; and/or (ii) investment power which includes the power to dispose, or to direct the disposition, of such security; and shall otherwise be interpreted in accordance with the term “beneficial ownership” as defined in Rule 13d-3 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended; provided that for purposes of determining Beneficial Ownership, a Person shall be deemed to be the Beneficial Owner of any securities which such Person has, at any time during the term of this Agreement, the right to acquire pursuant to any agreement, arrangement or understanding or upon the exercise of conversion rights, exchange rights, warrants or options, or otherwise (irrespective of whether the right to acquire such securities is exercisable immediately or only after the passage of time, including the passage of time in excess of 60 days, the satisfaction of any conditions, the occurrence of any event or any combination of the foregoing). The terms “Beneficially Own” and “Beneficially Owned” shall have a correlative meaning.

 

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“Constructive Sale” means, with respect to any security, a short sale with respect to such security, entering into or acquiring an offsetting derivative Contract with respect to such security, entering into or acquiring a futures or forward Contract to deliver such security or entering into any other hedging or other derivative transaction that has the effect of either directly or indirectly materially changing the economic benefits and risks of ownership of any security. 

 

“control” (including the terms “controlling”, “controlled by” and “under common control with”), with respect to the relationship between or among two or more Persons, means the possession, directly or indirectly, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, as trustee or executor, by Contract or any other means.

 

“Covered Shares” means, with respect to the Stockholder, the Stockholder’s Existing Shares, together with any shares of Target Common Stock or other capital stock of Target and any securities convertible into or exercisable or exchangeable for shares of Target Common Stock or other capital stock of Target, in each case that the Stockholder acquires Beneficial Ownership of on or after the date hereof.

 

“Encumbrance” means any security interest, pledge, mortgage, lien (statutory or other), charge, option to purchase, lease or other right to acquire any interest or any claim, restriction, covenant, title defect, hypothecation, assignment, deposit arrangement or other encumbrance of any kind or any preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention agreement), excluding restrictions under Securities Laws.

 

“Existing Shares” means, with respect to the Stockholder, all shares of Target Common Stock Beneficially Owned by the Stockholder.

 

“Permitted Transfer” means a Transfer (i) as the result of the death of the Stockholder by the Stockholder to a descendant, heir, executor, administrator, testamentary trustee, lifetime trustee or legatee of the Stockholder, (ii) Transfers to Affiliates (including trusts) and family members in connection with estate and tax planning purposes, and (iii) Transfers to any other stockholder and director and/or executive officer of Target who has executed a copy of this Agreement on the date hereof; provided, that in each case prior to the effectiveness of such Transfer, such transferee executes and delivers to Buyer and Target a written agreement, in form and substance acceptable to Buyer and Target, to assume all of Stockholder’s obligations hereunder in respect of the Covered Shares subject to such Transfer and to be bound by the terms of this Agreement, with respect to the Covered Shares subject to such Transfer, to the same extent as the Stockholder is bound hereunder and to make each of the representations and warranties hereunder in respect of the Covered Shares transferred as the Stockholder shall have made hereunder.

 

“Person” means a natural person or any legal, commercial or governmental entity, such as, but not limited to, a corporation, general partnership, joint venture, limited partnership, limited liability company, limited liability partnership, trust, business association, group acting in concert, or any person acting in a Representative capacity.

 

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“Representatives” means, with respect to any Person, any officer, director, employee, investment banker, financial or other advisor, attorney, accountant, consultant, or other representative or agent of or engaged or retained by such Person.

 

“Transfer” means, with respect to any security, the direct or indirect assignment, sale, transfer, tender, exchange, pledge, hypothecation, or the grant, creation or suffrage of an Encumbrance in or upon, or the gift, placement in trust, or the Constructive Sale or other disposition of such security (including transfers by testamentary or intestate succession or otherwise by operation of Law) or any right, title or interest therein (including, but not limited to, any right or power to vote to which the holder thereof may be entitled, whether such right or power is granted by proxy or otherwise), or the record or beneficial ownership thereof, the offer to make such a sale, transfer, Constructive Sale or other disposition, and each agreement, arrangement or understanding, whether or not in writing, to effect any of the foregoing. 

 

ARTICLE II

COVENANTS OF STOCKHOLDER

 

2.1.     Agreement to Vote. The Stockholder hereby irrevocably and unconditionally agrees that during the term of this Agreement, at a special meeting of the stockholders of Target or at any other meeting of the stockholders of Target, however called, including any adjournment or postponement thereof, and in connection with any written consent of the stockholders of Target (collectively, “Target Stockholders’ Meeting”), the Stockholder shall, in each case to the fullest extent that such matters are submitted for the vote or written consent of the Stockholder and that the Covered Shares are entitled to vote thereon or consent thereto:

 

(a)     appear at each such meeting or otherwise cause the Covered Shares as to which the Stockholder controls the right to vote to be counted as present thereat for purposes of calculating a quorum; and

 

(b)     vote (or cause to be voted), in person or by proxy, or deliver (or cause to be delivered) a written consent covering, all of the Covered Shares as to which the Stockholder controls the right to vote:

 

(i)        in favor of the approval of the Merger Agreement and the consummation of the transactions contemplated thereby, including the Merger, and any actions required in furtherance thereof;

 

(ii)       against any action or agreement that could result in a breach of any covenant, representation or warranty or any other obligation of Target under the Merger Agreement; 

 

(iii)      against any Acquisition Proposal; and

 

(iv)     against any action, agreement or transaction submitted for the vote or written consent of the stockholders of Target that would reasonably be expected to impede, interfere with, delay, postpone, discourage, frustrate the purposes of or adversely affect the Merger or the other transactions contemplated by the Merger Agreement or this Agreement or the performance by Target of its obligations under the Merger Agreement or by the Stockholder of his, her or its obligations under this Agreement.

 

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2.2.     No Inconsistent Agreements. The Stockholder hereby covenants and agrees that, except for this Agreement, the Stockholder (a) has not entered into, and shall not enter into at any time while this Agreement remains in effect, any voting agreement or voting trust with respect to the Covered Shares, (b) has not granted, and shall not grant at any time while this Agreement remains in effect, a proxy, consent or power of attorney in contravention of the obligations of the Stockholder under this Agreement with respect to the Covered Shares, (c) will not commit any act, except for Permitted Transfers, that could restrict or affect his, her or its legal power, authority and right to vote any of the Covered Shares then held of record or Beneficially Owned by the Stockholder or otherwise prevent or disable the Stockholder from performing any of his, her or its obligations under this Agreement, and (d) has not taken and shall not knowingly take any action that would make any representation or warranty of the Stockholder contained herein untrue or incorrect or have the effect of preventing or disabling the Stockholder from performing any of his, her or its obligations under this Agreement.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

3.1.     Representations and Warranties of the Stockholder. The Stockholder hereby represents and warrants to Target and Buyer as follows: 

 

(a)     Authorization; Validity of Agreement; Necessary Action. The Stockholder has the requisite capacity and authority to execute and deliver this Agreement, to perform his, her or its obligations hereunder and to consummate the transactions contemplated hereby. This Agreement has been duly executed and delivered by the Stockholder and, assuming this Agreement constitutes a valid and binding obligation of the other parties hereto, constitutes a legal, valid and binding obligation of the Stockholder, enforceable against him, her or it in accordance with its terms, subject to bankruptcy, insolvency, fraudulent transfer, moratorium, reorganization or similar laws affecting the rights of creditors generally and the availability of equitable remedies (regardless of whether such enforceability is considered in a proceeding in equity or at law).

 

(b)     Ownership. The Existing Shares are, and all of the Covered Shares owned by the Stockholder from the date hereof through and on the Closing Date will be, Beneficially Owned and owned of record by the Stockholder except to the extent such Covered Shares are Transferred after the date hereof pursuant to a Permitted Transfer. The Stockholder has good and marketable title to the Existing Shares, free and clear of any Encumbrances other than those imposed by applicable Securities Laws. As of the date hereof, the Existing Shares constitute all of the shares of Target Common Stock Beneficially Owned or owned of record by the Stockholder. The Stockholder has and will have at all times through the Closing Date sole voting power (including the right to control such vote as contemplated herein), sole power of disposition, sole power to issue instructions with respect to the matters set forth in ARTICLE II hereof, and sole power to agree to all of the matters set forth in this Agreement, in each case with respect to all of the Stockholder’s Existing Shares and with respect to all of the Covered Shares owned by the Stockholder at all times through the Closing Date.

 

(c)     No Violation. The execution and delivery of this Agreement by the Stockholder does not, and the performance by the Stockholder of his, her or its obligations under this Agreement will not, (i) conflict with or violate any Law of any Governmental Authority applicable to the Stockholder or by which any of his or her Assets is bound, or (ii) conflict with, result in any breach of or constitute a Default, or result in the creation of any Encumbrance on the Assets of the Stockholder pursuant to, any Contract to which the Stockholder is a party or by which the Stockholder or any of his, her or its Assets is bound, except for any of the foregoing as could not reasonably be expected, either individually or in the aggregate, to materially impair the ability of the Stockholder to perform his, her or its obligations under this Agreement or to consummate the transactions contemplated hereby on a timely basis.

 

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(d)     Consents and Approvals. The execution and delivery of this Agreement by the Stockholder does not, and the performance by the Stockholder of his, her or its obligations under this Agreement and the consummation by him, her or it of the transactions contemplated hereby will not, require the Stockholder to obtain any Consent of any Governmental Authority.

 

(e)     Legal Proceedings. There is no Proceeding pending or, to the Knowledge of the Stockholder, threatened against or affecting the Stockholder or any of his, her or its Affiliates before or by any Person or Governmental Authority that could reasonably be expected to impair the ability of the Stockholder to perform his, her or its obligations hereunder or to consummate the transactions contemplated hereby on a timely basis.

 

(f)     Reliance by Buyer. The Stockholder understands and acknowledges that Buyer is entering into the Merger Agreement in reliance upon the Stockholder’s execution and delivery of this Agreement and the representations and warranties of Stockholder contained herein.

 

ARTICLE IV

OTHER COVENANTS

 

4.1.     Prohibition on Transfers, Other Actions. 

 

(a)     Until the earlier of the receipt of the Target Stockholder Approval or the termination of this Agreement, the Stockholder hereby agrees not to (i) Transfer any of the Covered Shares, Beneficial Ownership thereof or any other interest specifically therein unless such Transfer is a Permitted Transfer; (ii) enter into any Contract with any Person, or take any other action, that violates or conflicts with or would reasonably be expected to violate or conflict with, or result in or give rise to a violation of or conflict with, the Stockholder’s representations, warranties, covenants and obligations under this Agreement; or (iii) except as otherwise permitted by this Agreement or by order of a court of competent jurisdiction, take any action that could restrict or otherwise affect the Stockholder’s legal power, authority and right to vote all of the Covered Shares then Beneficially Owned by him, her or it, or otherwise comply with and perform his, her or its covenants and obligations under this Agreement. Any Transfer in violation of this provision shall be void.

 

(b)     The Stockholder understands and agrees that if the Stockholder attempts to Transfer, vote or provide any other Person with the authority to vote any of the Covered Shares other than in compliance with this Agreement, Target shall not, and the Stockholder hereby unconditionally and irrevocably instructs Target to not (i) permit such Transfer on its books and records, (ii) issue a new certificate representing any of the Covered Shares, or (iii) record such vote unless and until the Stockholder shall have complied with the terms of this Agreement.

 

4.2.     Stock Dividends, etc. In the event of a stock split, stock dividend or distribution, or any change in the Target Common Stock by reason of any split-up, reverse stock split, recapitalization, combination, reclassification, exchange of shares or the like, the terms “Existing Shares” and “Covered Shares” shall be deemed to refer to and include such shares as well as all such stock dividends and distributions and any securities into which or for which any or all of such shares may be changed or exchanged or which are received in such transaction.

 

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4.3.     Notice of Acquisitions, etc. The Stockholder hereby agrees to notify Target as promptly as practicable (and in any event within two Business Days after receipt) in writing of (i) the number of any additional shares of Target Common Stock or other securities of Target of which the Stockholder acquires Beneficial Ownership on or after the date hereof and (ii) any proposed Permitted Transfers of the Covered Shares, Beneficial Ownership thereof or other interest specifically therein.

 

4.4.     Waiver of Appraisal Rights. To the fullest extent permitted by applicable Law, the Stockholder hereby waives any rights of appraisal he, she or it may have under applicable Law.

 

4.5.     Further Assurances. From time to time, at the request of Buyer and Target and without further consideration, the Stockholder shall execute and deliver such additional documents and take all such further action as may be reasonably necessary to effect the actions and consummate the transactions contemplated by this Agreement. Without limiting the foregoing, the Stockholder hereby authorizes Target to publish and disclose in any announcement or disclosure related to the Merger Agreement, including the Proxy Statement, the Stockholder’s identity and ownership of the Covered Shares and the nature of the Stockholder’s obligations under this Agreement.

 

ARTICLE V

MISCELLANEOUS

 

5.1.     Termination. This Agreement shall remain in effect until the earlier to occur of (a) the receipt of the Target Stockholder Approval, (b) the date of termination of the Merger Agreement in accordance with its terms and (c) August 17, 2018; provided, that the provisions of ARTICLE V shall survive any termination of this Agreement. Nothing in this Section 5.1 and no termination of this Agreement shall relieve or otherwise limit any party of liability for fraud, or willful or intentional breach of this Agreement.

 

5.2.     No Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in Buyer or Target any direct or indirect ownership or incidence of ownership of or with respect to any Covered Shares. All rights, ownership and economic benefits of and relating to the Covered Shares shall remain vested in and belong to the Stockholder, and Buyer or Target shall not have any authority to direct the Stockholder in the voting or disposition of any of the Covered Shares, except as otherwise provided herein. 

 

5.3.     Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier (receipt requested); (c) on the date sent by facsimile (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient or (d) on the fifth day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the following addresses:

 

(a)     Buyer:

 

 

First Bank

2465 Kuser Road

Hamilton, NJ 08690

609-528-4400

Attention: Patrick Ryan, Chief Executive Officer

 

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with a copy to:

 

Covington & Burling LLP

One CityCenter

850 Tenth Street NW

Washington, DC 20001

Facsimile Number: 202.778.5986

Email: rconner@cov.com;

Attention: Michael P. Reed

Email: mreed@cov.com

Attention: Christopher J. DeCresce

Email: cdecresce@cov.com

 

(b)     Target:

 

Delanco Bancorp, Inc.

615 Burlington Avenue

Delanco, NJ 08075

856-461-0611

Attention: James E. Igo, Chairman, President and Chief Executive Officer

 

with a copy to:

 

Kilpatrick Townsend & Stockton LLP

607 14th Street NW

Suite 1000

Washington, DC 20005

Facsimile Number: 202.204.5600

Attention: Aaron M. Kaslow

Email: akaslow@kilpatricktownsend.com

 

(c)     if to the Stockholder, to those persons indicated on Schedule 1.

 

5.4.     Interpretation. Neither this Agreement nor any uncertainty or ambiguity herein shall be construed or resolved against any party, whether under any rule of construction or otherwise. No party to this Agreement shall be considered the draftsman. The parties acknowledge and agree that this Agreement has been reviewed, negotiated, and accepted by all parties and their attorneys and, unless otherwise defined herein, the words used shall be construed and interpreted according to their ordinary meaning so as fairly to accomplish the purposes and intentions of all parties hereto.

 

5.5.     Counterparts; Delivery by Facsimile or Electronic Transmission. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument. Executed signature pages to this Agreement may be delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file and such signature pages will be deemed as sufficient as if actual signature pages had been delivered. This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments or waivers hereto or thereto, to the extent signed and delivered by means of a facsimile machine or by e-mail delivery of a “.pdf” format data file, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or e-mail delivery of a “.pdf” format data file to deliver a signature to this Agreement or any amendment hereto or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or e-mail delivery of a “.pdf” format data file as a defense to the formation of a contract and each party hereto forever waives any such defense.

 

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5.6.     Entire Agreement. This Agreement and, to the extent referenced herein, the Merger Agreement, together with the several agreements and other documents and instruments referred to herein or therein or annexed hereto or thereto, embody the complete agreement and understanding among the parties hereto with respect to the subject matter hereof and supersede and preempt any prior understandings, agreements or representations by or among the parties, written and oral, that may have related to the subject matter hereof in any way. 

 

5.7.     Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.

 

(a)     The parties agree that this Agreement, and all claims or causes of action (whether in contract, tort or statute) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any claim or cause of action based upon, arising out of or related to any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), shall be governed by, construed in all respects, and enforced in accordance with the internal Laws of the State of New Jersey (including its statutes of limitation) without regard to any conflict of Laws or choice of Law principles that might otherwise refer construction or interpretation of this Agreement to the substantive Law of another jurisdiction.

 

(b)     Each party agrees that it will bring any action or proceeding in respect of any claim arising out of or related to this Agreement or the transactions contemplated hereby exclusively in any federal or state court of competent jurisdiction located in the State of New Jersey (the “Chosen Courts”), and, solely in connection with claims arising under this Agreement or the transactions that are the subject of this Agreement, (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to laying venue in any such action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party and (iv) agrees that service of process upon such party in any such action or proceeding will be effective if notice is given in accordance with Section 5.3.

 

(c)     EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUIT, ACTION OR OTHER PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SUIT OR PROCEEDING, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.7.

 

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5.8.     Amendment; Waiver. To the extent permitted by Law, this Agreement may be amended by a subsequent writing signed by each of the parties upon the approval of each of the parties.

 

5.9.     Enforcement of Agreement. The parties hereto agree that irreparable damage would occur in the event that any of the provisions of this Agreement was not performed in accordance with its specific terms or was otherwise breached and that money damages would be both incalculable and an insufficient remedy for any breach of this Agreement. It is accordingly agreed that the parties shall be entitled, without the requirement of posting bond, to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction, this being in addition to any other remedy to which they are entitled at law or in equity.

 

5.10.     Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. 

 

5.11.     Assignment. Except as expressly contemplated hereby, neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any party hereto (whether by operation of Law or otherwise) without the prior written consent of the other parties. Any purported assignment in contravention hereof shall be null and void. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and assigns.

 

5.12.     Third Party Beneficiaries. Nothing in this Agreement expressed or implied, is intended to confer upon any Person, other than the parties or their respective successors, any rights, remedies, obligations, or liabilities under or by reason of this Agreement,. The representations and warranties in this Agreement are the product of negotiations among the parties hereto and are for the sole benefit of the parties. Any inaccuracies in such representations and warranties are subject to waiver by the parties hereto in accordance herewith without notice or liability to any other Person. In some instances, the representations and warranties in this Agreement may represent an allocation among the parties hereto of risks associated with particular matters regardless of the knowledge of any of the parties hereto. Consequently, Persons other than the parties may not rely upon the representations and warranties in this Agreement as characterizations of actual facts or circumstances as of the date of this Agreement or as of any other date. Notwithstanding any other provision hereof to the contrary, no consent, approval or agreement of any third party beneficiary will be required to amend, modify to waive any provision of this Agreement.

 

5.13.     Stockholder Capacity. The Stockholder is signing this Agreement solely in his capacity as a holder of Target Common Stock, and nothing herein shall prohibit, prevent or preclude the Stockholder from taking or not taking any action in the Stockholder’s capacity as an officer or director of Target to the extent permitted by the Merger Agreement.

 

[Remainder of this page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be signed (where applicable, by their respective officers or other authorized Person thereunto duly authorized) as of the date first written above.

 

	 	
			
			
			FIRST BANK

			

			

			 

			 

			 

			
			By: __________________________

			

			 

			
			Name: Patrick L. Ryan

			

			 

			
			Title: President and Chief Executive Officer

			

			
			 

			

			 

			 

			
			
			DELANCO

			BANCORP, INC.

			

			

			 

			 

			 

			
			By: __________________________

			

			 

			
			Name: James E. Igo

			

			 

			
			Title: Chairman, President and Chief Executive Officer

			

			 

			 

			 

			
			
			Stockholder

			

			

			 

			 

			
			______________________________

			

			 

			
			Name:

			

			 

			

 

 

[Signature Page to Voting Agreement]

 

 

 

 

Schedule 1

 

INFORMATION

 

 

	
			Name

				 	
			Existing Shares

			
	 	 	 
	
			______________________________

				 	
			_______________________________

			

 

 

 

Address for notice:

 

	
			Name:

				
			________________________

				 
	 	 	 
	
			Street:

				
			________________________

				 
	 	
			________________________

				 
	 	 	 
	
			City, State:

				
			________________________

				 
	 	 	 
	
			ZIP Code:

				
			________________________

				 
	 	 	 
	
			Telephone:

				
			________________________

				 
	 	 	 
	
			Fax:

				
			________________________

				 
	 	 	 
	
			Email:

				
			________________________

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