Document:

Exhibit 10.1

 

Agreement for the Purchase and Sale of Future Receipts

 

	Seller’s Legal Name:	ADITXT, INC.	 

 

	D/B/A:	ADITXT	 

 

Form of Business Entity:[ ] Corporation; [ ]
Limited Liability Company; [ ] Partnership; [ ] Limited Partnership; [ ] Limited Liability Partnership; [ ] Sole Proprietorship; [ ] Other: ________________________

 

Street Address:______737 N 5TH ST _______,City:
_______RICHMOND,_____ State: ____ VA ___,Zip: ____ 23219 ___

 

Mailing Address:
____737 N 5TH ST,____City: ____ RICHMOND, _   ______ State: ____ VA ___,Zip: ____ 23219 ___

 

Primary Contact: _____________________Title: _Owner_
Time in Business:__________ Federal Tax ID:  ___________

 

Purchase Price:_________________ Purchased Amount: _______________________

 

 Average Projected Monthly Sales: ___________________

 

Specified Percentage:%   (Average Projected
Monthly Sales x Specified Percentage / Average Business Days in a Calendar Month)

 

Initial
_Weekly_ Amount:_________Origination Fee:_______________ (to be deducted from the Purchase Price) Payment will be
withdrawn every Wednesday

 

Account for the Deposit of All Future Receipts: Bank:______________________________________________________

 

Account No:  _____________________________________________________________________________________

 

Effective, Seller,
identified above, hereby sells, assigns and transfers to _____________________________________________________, located at ________________________________
without recourse, the Specified Percentage of the proceeds of each future sale made by Seller (collectively “Future Receipts”)
until Seller has received the Purchased Amount. “Future Receipts” includes all payments made by cash, check, ACH or other
electronic transfer, credit card, debit card, bank card, charge card (each such card shall be referred to herein as a “Payment
Card”) or other form of monetary payment in the ordinary course of Seller’s business. As payment for the Purchased Amount,
Buyer will deliver to Seller the Purchase Price, shown above, minus any Origination Fee shown above. Seller acknowledges that it has
no right to repurchase the Purchased Amount from Buyer.

 

Both parties agree that the obligation of Buyer under
this Agreement will not be effective unless and until Buyer has completed its review of the Seller and has accepted this Agreement by
delivering the Purchase Price, minus any Origination Fee. Prior to accepting this Agreement, Buyer may conduct a processing trial to confirm
its access to the Account and the ability to withdraw the Initial Weekly Amount If the processing trial is not completed to the satisfaction
of Buyer, Buyer will refund to Seller all funds that were obtained by Buyer during the processing trial.

 

Agreement of Seller: By signing below Seller
agrees to the terms and conditions contained in this Agreement, including those terms and conditions on the following pages, and further
agrees that this transaction is for business purposes and not for personal, family, or household purposes.

 

	Seller: ADITXT, INC.	 	 

 

	Agreed to by: 	 	(Signature), its		(Title)

 

	Name:	 	 	 

 

	Agreed to by: 	 	(Signature), its		(Title)

 

	Name:	 	 	 

 

	Buyer:	 	 	 

 

	Agreed to by:	 	(Signature), its		(Title)

 

Initials:______________

 

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Agreement of Each Seller:
Each Seller signing below agrees to the terms of the Credit Report Authorization below. Seller:

 

	Agreed to By:	 	(Signature);	 	 	 
	Name:	 	 	 	Authorized Representative	(Title)

 

1. Delivery
of Purchased Amount: Seller must deposit all Future Receipts into the single business banking account specified above, which may not
be used for any personal, family or household purposes (the “Account”) and must instruct Seller’s credit card processor,
which must be approved by Buyer (the “Processor”) to deposit all Payment Card receipts of Seller into the Account. Seller
agrees not to change the Account or add an additional Account without the express written consent of Buyer. Seller authorizes Buyer to
debit the Weekly Amount from the Account each business day by either ACH or electronic check. Seller will provide Buyer with all required
access codes and agrees not to change them without prior written consent from Buyer. Seller will provide an appropriate ACH authorization
to Buyer. Seller understands that it is responsible for either ensuring that the Weekly Amount is available in the Account each business
day or advising Buyer prior to each weekly withdrawal of a shortage of funds. Otherwise, Seller will be responsible for any fees incurred
by Buyer resulting from a rejected electronic check or ACH debit attempt, as set forth on Appendix A. Buyer is not responsible for any
overdrafts or rejected transactions that may result from Buyer’s debiting any amount authorized under the terms of this Agreement.
Seller understands that the foregoing ACH authorization is a fundamental condition to induce Buyer to accept the Agreement. Consequently,
such authorization is intended to be irrevocable.

 

 2. Reconciliation and Changes to the Weekly Amount: The Initial Weekly Amount is intended to represent the Specified Percentage of Seller’s weekly Future Receipts. For as long as no Event of Default has occurred, Buyer shall on or about the fifteenth day of each month reconcile the Seller’s Account (“Account Reconciliation”) by either crediting or further debiting the Seller’s Account by the difference between the actual amount debited since the date of the last Account Reconciliation and the Specific Percentage of the actual Future Receipts collected by the Seller since the date of the last Account Reconciliation. Failure by Buyer to make an Account Reconciliation at any time for one or more months or portions thereof shall not be deemed as a breach of Buyer’s obligation hereunder and each Account Reconciliation shall be made for the entire period of time since the date of the last Account Reconciliation. Buyer may, at Buyer’s sole discretion as it deems appropriate and upon Seller’s request, adjust the amount of the then- applicable Weekly Amount due under this Agreement in order to cause such Weekly Amount to more accurately reflect an amount which will reduce the need to credit Seller’s account on a consistently recurring basis.

 

 3. Weekly Amount Upon Default. Upon the occurrence of an Event of Default, the Weekly Amount shall equal 100% of all Future Receipts.

 

4. Sale of Future
Receipts (THIS IS NOT A LOAN):Seller is selling a portion of a future revenue stream to Buyer at a discount, not borrowing money
from Buyer. There is no interest rate or payment schedule and no time period during which the Purchased Amount must be collected by
Buyer. If Future Receipts are remitted more slowly than Buyer may have anticipated or projected because Seller’s business has
slowed down, or if the full Purchased Amount is never remitted because Seller’s business went bankrupt or otherwise ceased
operations in the ordinary course of business, and Seller has not breached this Agreement, Seller would not owe anything to Buyer
and would not be in breach of or default under this Agreement. Buyer is buying the Purchased Amount of Future Receipts knowing the
risks that Seller’s business may slow down or fail, and Buyer assumes these risks based on Seller’s representations,
warranties and covenants in this Agreement that are designed to give Buyer a reasonable and fair opportunity to receive the benefit
of its bargain. By this Agreement, Seller transfers to Buyer full and complete ownership of the Purchased Amount of Future Receipts
and Seller retains no legal or equitable interest therein. Seller agrees that it will treat Purchase Price and Purchased Amount in a
manner consistent with a sale in its accounting records and tax returns. Seller agrees that Buyer is entitled to audit
Seller’s accounting records upon reasonable Notice in order to verify compliance. Seller waives any rights of privacy,
confidentiality or tax payer privilege in any such litigation or arbitration in which Seller asserts that this transaction is
anything other than a sale of future receipts.

 

Initials:___________

 

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5. Power of
Attorney Seller irrevocably appoints Buyer as its agent and attorney-in-fact with full authority to take any action or execute
any instrument or document to settle all obligations due to Buyer from Seller, or in the case of a violation by Seller of this
Agreement or the occurrence of an Event of Default under Section 15 hereof by Seller, including without limitation (i) to obtain and
adjust insurance;(ii) to collect monies due or to become due under or in respect of any of the Future Receipts; (iii) to receive,
endorse and collect any checks, notes, drafts, instruments, documents or chattel paper in connection with clause (i) or clause (ii)
above; (iv) to sign Seller’s name on any invoice, bill of lading, or assignment directing customers or account debtors to
direct payables to Buyer; (v) to file any claims or take any action or institute any proceeding which Buyer may deem necessary for
the collection of any of the remaining Purchased Amount of the Future Receipts, or otherwise to enforce its rights with respect to
delivery of the Purchased Amount; and/or (vi) to contact any Processor of Seller and to direct such Processor(s) to deliver directly
to Buyer all or any portion of the amounts received by such Processor(s) and to provide any information regarding Seller requested
by Buyer. Each Processor may rely on the previous sentence as written authorization of Seller to provide any information requested
by Buyer. Each Processor is hereby irrevocably authorized and directed by Seller to follow any instruction of Buyer without inquiry
as to Buyer’s right or authority to give such instructions. Seller acknowledges the terms of the preceding sentence and agrees
not to (a) interfere with Buyer’s instructions or a Processor’s compliance with this Agreement or (b) request any
modification thereto without Buyer’s prior written consent. Notwithstanding anything to the contrary herein, the power of
attorney shall only be effected thirty (30) days after an Event of Default under this Agreement.

 

6. Fees
and Charges: Other than the Origination Fee, if any, set forth above, Buyer is NOT CHARGING ANY ORIGINATION OR BROKER FEES to Seller.
If Seller is charged another such fee, it is not being charged by Buyer. A list of all fees and charges applicable under this Agreement
is contained in Appendix A.

 

 7. Credit Report and Other Authorizations: Seller and each of the Owners signing above authorize Buyer, its agents and representatives and any credit reporting agency engaged by Buyer, to (i) investigate any references given or any other statements or data obtained from or about Seller or any of its Owners for the purpose of this Agreement, (ii) obtain consumer and business credit reports on the Seller and any of its Owners, and (iii) to contact personal and business references provided by the Seller in the Application, at any time now or for so long as Seller and/or Owners continue to have any obligation owed to Buyer as a consequence of this Agreement or for Buyer’s ability to determine Seller’s eligibility to enter into any future agreement with Buyer.

 

8. Authorization
to Contact Current and Prior Banks: Seller hereby authorizes Buyer to contact any current or prior bank of the Seller in order to
obtain whatever information it may require regarding Seller’s transactions with any such bank. Such information may include but
is not limited to, information necessary to verify the amount of Future Receipts previously processed on behalf of Seller and any fees
that may have been charged by the bank. In addition, Seller authorizes Buyer to contact any current or prior bank of the Seller for collections
and in order to confirm that Seller is exclusively using the Account identified above, or any other account approved by Buyer, for the
deposit of all business receipts.

 

9. Financial
Information. Seller authorizes Buyer and its agents to investigate its financial responsibility and history, and will provide to
Buyer any authorizations, bank or financial statements, tax returns, etc., as Buyer deems necessary in its sole discretion prior to
or at any time after execution of this Agreement. A photocopy of this authorization will be deemed acceptable as an authorization
for release of financial and credit information. Buyer is authorized to update such information and financial and credit profiles
from time to time as it deems appropriate. Seller waives, to the maximum extent permitted by law, any claim for damages against
Buyer or any of its affiliates relating to any investigation undertaken by or on behalf of Buyer as permitted by this Agreement or
disclosure of information as permitted by this Agreement.

 

10. Transactional
History. Seller authorizes all of its banks and brokers and Payment Card processors to provide Buyer with Seller’s banking,
brokerage and/or processing history to determine qualification or continuation in this program, or for collections upon an Event of Default.

 

Initials:_____________

 

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 11. Publicity. Seller hereby authorizes Buyer to use its name in listings of clients and in advertising and marketing materials.

 

12. Application
of Amounts Received by Buyer. Buyer reserves the right to apply amounts received by it under this Agreement to any fees or other charges
due to Buyer from Seller prior to applying such amounts to reduce the amount of any outstanding Purchased Amount.

 

 13. Representations, Warranties and Covenants of Seller:

 

13.1 Good
Faith, Best Efforts and Due Diligence. Seller will conduct its business in good faith and will use its best efforts to continue its
business at least at its current level, to ensure that Buyer obtains the Purchased Amount.

 

13.2 Stacking
Prohibited. Seller shall not enter into any Seller cash advance or any loan agreement that relates to or involves its Future Receipts
with any party other than Buyer for the duration of this Agreement. Buyer may share information regarding this Agreement with any third
party in order to determine whether Seller is in compliance with this provision.

 

13.3 Financial
Condition and Financial Information. Any bank statements and financial statements of Seller that have been furnished to Buyer, and
future statements that will be furnished to Buyer, fairly represent the financial condition of Seller at such dates, and Seller will notify
Buyer immediately if there are material adverse changes, financial or otherwise, in the condition or operation of Seller or any change
in the ownership of Seller. Buyer may request statements at any time during the performance of this Agreement and the Seller shall provide
them to Buyer within five business days. Furthermore, Seller represents that all documents, forms and recorded interviews provided to
or with Buyer are true, accurate and complete in all respects, and accurately reflect Seller’s financial condition and results of
operations. Seller further agrees to authorize the release of any past or future tax returns to Seller.

 

13.4 Governmental
Approvals. Seller is in compliance and shall comply with all laws and has valid permits, authorizations and licenses to own, operate
and lease its properties and to conduct the business in which it is presently engaged and/or will engage in hereafter.

 

13.5. Authority
to Enter Into This Agreement. Seller and the person(s) signing this Agreement on behalf of Seller, have full power and authority to
incur and perform the obligations under this Agreement, all of which have been duly authorized.

 

13.6. Change
of Name or Location or Sale or Closing of Business. Seller will not conduct Seller’s businesses under any name other than as
disclosed to Buyer or change any of its places of business without prior written consent of Buyer. Seller will not sell, dispose, transfer
or otherwise convey all or substantially all of its business or assets without (i) the express prior written consent of Buyer, and (ii)
the written agreement of any purchaser or transferee assuming all of Seller’s obligations under this Agreement pursuant to documentation
satisfactory to Buyer. Except as disclosed to Buyer in writing, Seller has no current plans to close its business either temporarily,
whether for renovations, repairs or any other purpose, or permanently. Seller agrees that until Buyer has received all of the Purchased
Amount Seller will not voluntarily close its business on a temporarily basis for renovations, repairs, or any other purposes. This provision,
however, does not prohibit Seller from closing its business temporarily if such closing is required to conduct renovations or repairs
that are required by local ordinance or other legal order, such as from a health or fire inspector, or if otherwise forced to do so by
circumstances outside of the control of Seller. Prior to any such closure, Seller will provide Buyer ten business days’ notice to
the extent practicable.

 

13.7. No
Pending or Contemplated Bankruptcy. As of the date Seller executes this Agreement, Seller is not insolvent and does not contemplate
and has not filed any petition for bankruptcy protection under Title 11 of the United States Code and there has been no involuntary petition
brought or pending against Seller. Seller represents that it has not consulted with a bankruptcy attorney within six months prior to the
date of this Agreement. Seller further warrants that it does not anticipate filing a bankruptcy petition and it does not anticipate that
an involuntary petition will be filed against it.

 

13.8. Seller
to Maintain Insurance. Seller will possess and maintain insurance in such amounts and against such risks as are necessary to protect
its business and will provide proof of such insurance to Buyer upon demand.

 

Initials:____________

 

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13.9. Seller
to Pay Taxes Promptly. Seller will promptly pay all necessary taxes, including but not limited to employment and sales and use taxes.

 

13.10. No
Violation of Prior Agreements. Seller’s execution and performance of this Agreement will not conflict with any other agreement, obligation,
promise, court order, administrative order or decree, law or regulation to which Seller is subject, including any agreement the prohibits
the sale or pledge of Seller’s future receipts.

 

 13.11. No Diversion of Receipts. Seller will not permit any event to occur that could cause a diversion of any of Seller’s Future Receipts from the Account to any other entity.

 

13.12. Seller’s
Knowledge and Representation. Seller represents warrants and agrees that it is a sophisticated business entity familiar with the kind
of transaction covered by the Agreement; it was represented by counsel or had full opportunity to consult with counsel.

 

 14. Rights of Buyer:

 

14.1 Financing
Statements Financing Statements and Security Interest. Seller grants Buyer a security interest in all of Seller’s present
and future accounts receivable in an amount not to exceed the Purchased Amount, and in the Event of Default, not to exceed the
Purchased Amount and all fees and cost contemplated under this Agreement, wherever located, and related proceeds now or hereafter
owned or acquired by Seller.

 

Seller authorizes Buyer to file one or more UCC-1 forms consistent with the Uniform Commercial Code
(“UCC”) in order to give notice of this security interest and that the Purchased Amount of Future Receipts is the sole
property of Buyer. The UCC filing may state that such sale is intended to be a sale and not an assignment for security and may state
that the Seller is prohibited from obtaining any financing that impairs the value of the Future Receipts or Buyer’s right to
collect same. Seller authorizes Buyer to debit the Account for all costs incurred by Buyer associated with the filing, amendment or
termination of any UCC filings. The Buyer will file a UCC termination within 2-3 business days following the payment of the
Purchased Amount in full by the Seller.

 

14.2 Right
of Access. In order to ensure that Seller is complying with the terms of this Agreement, Buyer shall have the right to (i) enter,
without notice, the premises of Seller’s business for the purpose of inspecting and checking Seller’s transaction processing
terminals to ensure the terminals are properly programmed to submit and or batch Seller’s weekly receipts to the Processor and to
ensure that Seller has not violated any other provision of this Agreement, and (ii) Seller shall provide access to its employees and records
and all other items as requested by Buyer, and (iii) have Seller provide information about its business operations, banking relationships,
vendors, landlord and other information to allow Buyer to interview any relevant parties.

 

14.3 Phone
Recordings and Contact. Seller agrees that any call between Buyer and Seller, and their agents and employees may be recorded or monitored.
Further, Seller agrees that (i) it has an established business relationship with Buyer, its employees and agents and that Seller may be
contacted from time-to-time regarding this or other business transactions; (ii) that such communications and contacts are not unsolicited
or inconvenient; and (iii) that any such contact may be made at any phone number, emails address, or facsimile number given to Buyer by
the Seller, its agents or employees, including cellular telephones.

 

15. Events
of Default. The occurrence of any of the following events shall constitute an “Event of Default”: (a) Seller interferes
with Buyer’s right to collect the Weekly Amount; (b) Seller violates any term of covenant in this Agreement; (c) Seller uses multiple
depositary accounts without the prior written consent of Buyer; (d) Seller changes its depositing account or its payment card processor
without the prior written consent of Buyer; (e) Seller defaults under any of the terms, covenants and conditions of any other agreement
with Buyer; or (f) Seller fails to provide timely notice to Buyer such that (i) where Seller is on a daily payment plan, two or more ACH
transactions attempted by Buyer within one calendar month are rejected by Seller’s bank, or (ii) where Seller is on a weekly payment
plan, one or more ACH transaction attempted by Buyer is rejected by Seller’s bank at any given time that such payment under the
payment plan is due.

 

Initials:______________

 

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16. Remedies.
If any Event of Default occurs, Buyer may proceed to protect and enforce its rights including, but not limited to, the following:

 

16.1. The Specified
Percentage shall equal 100%. The full uncollected Purchased Amount plus all fees and charges(including legal fees) due under this Agreement
will become due and payable in full immediately.

 

 16.2. Buyer may enforce the provisions of the Guaranty of Performance against the guarantor. Notwithstanding anything to the contrary herein, in the event that Seller receives funds, from its clients or customers or any entity holding its receivables or otherwise (collectively, the “A/C Holder”), for which the applicable A/C Holder for any reason is or may be responsible to make payment to Seller, then the Seller, agrees to make prompt payment of such funds to Buyer or to reimburse A/C Holder therefore in the event the A/C Holder has made such payment to their detriment, and Seller hereby guarantees to Buyer the prompt payment of such funds by Seller and further hereby indemnifies Buyer and any applicable A/C Holder from and against any and all loss, cost or expense in connection therewith.

 

16.3. Buyer may
proceed to protect and enforce its rights and remedies by arbitration or lawsuit. In any such arbitration or lawsuit, under which Buyer
shall recover Judgment against Seller, Seller shall be liable for all of Buyer’s costs of the lawsuit, including but not limited
to all reasonable attorneys’ fees and court costs. However, the rights of Buyer under this provision shall be limited as provided
in the arbitration provision set forth below.

 

 16.4. [Intentionally Omitted]

 

16.5. Buyer may
debit Seller’s depository accounts wherever situated by means of ACH debit or facsimile signature on a computer- generated check
drawn on Seller’s bank account or otherwise for all sums due to Buyer

 

16.6. Seller shall
pay to Buyer all reasonable costs associated with the Event of Default and the enforcement of Buyer’s remedies, including but not
limited to court costs and attorneys’ fees

 

 16.7. Buyer may exercise and enforce its rights as a secured party under the UCC.

 

16.8. All rights,
powers and remedies of Buyer in connection with this Agreement may be exercised at any time by Buyer after the occurrence of an Event
of Default, are cumulative and not exclusive, and shall be in addition to any other rights, powers or remedies provided by law or equity.

 

17. Modifications;
Agreements. No modification, amendment, waiver or consent of any provision of this Agreement shall be effective unless the same shall
be in writing and signed by Buyer

 

18. Assignment.
Buyer may assign, transfer or sell its rights to receive the Purchased Amount or delegate its duties hereunder, either in whole or in
part, with or without prior written notice to Seller.

 

 19. Notices.

 

19.1. Notices
from Buyer to Seller. Buyer may send any notices, disclosures, terms and conditions, other documents, and any future changes to Seller
by regular mail or by e-mail, at Buyer’s option and Seller consents to such electronic delivery. Notices sent by e- mail are effective
when sent. Notices sent by regular mail become effective upon mailing to Seller’s address set forth in this Agreement.

 

19.2. Notices
from Seller to Buyer. Seller may send any notices to Buyer by e-mail only upon the prior written consent of Buyer, which consent may be
withheld or revoked at any time in Buyer’s sole discretion. Otherwise, any notices or other communications from Seller to Buyer
must be delivered by certified mail, return receipt requested, to Buyer’s address set forth in this Agreement. Notices sent to Buyer
shall become effective only upon receipt by Buyer.

 

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20. Binding
Effect; Governing Law, Venue and Jurisdiction. This Agreement shall be binding upon and inure to the benefit of Seller, Buyer and
their respective successors and assigns, except that Seller shall not have the right to assign its rights hereunder or any interest herein
without the prior written consent of Buyer which consent may be withheld in Buyer’s sole discretion. This Agreement shall be governed
by and construed in accordance with the laws of the state of New York, without regards to any applicable principals of conflicts of law.
Any suit, action or proceeding arising hereunder, or the interpretation, performance or breach of this Agreement, shall, if Buyer so elects,
be instituted in any court sitting in New York, (the “Acceptable Forums”). Seller agrees that the Acceptable Forums are convenient
to it, and submits to the jurisdiction of the Acceptable Forums and waives any and all objections to jurisdiction or venue. Should such
proceeding be initiated in any other forum, Seller waives any right to oppose any motion or application made by Buyer to transfer such
proceeding to an Acceptable Forum.

 

21. Survival
of Representation, etc. All representations, warranties and covenants herein shall survive the execution and delivery of this Agreement
and shall continue in full force until all obligations under this Agreement shall have been satisfied in full.

 

22. Interpretation.
All Parties hereto have reviewed this Agreement with an attorney of their own choosing and have relied only on their own attorney’s
guidance and advice. No construction determinations shall be made against either Party hereto as drafter.

 

23. Entire Agreement
and Severability. This Agreement embodies the entire agreement between Seller and Buyer and supersedes all prior agreements and understandings
relating to the subject matter hereof. In case any of the provisions in this Agreement is found to be invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of any other provision contained herein shall not in any way be affected or
impaired.

 

24. Facsimile
Acceptance. Facsimile signatures hereon, or other electronic means reflecting the party’s signature hereto, shall be deemed
acceptable for all purposes.

 

25. Confidentiality:
The terms and conditions of this Agreement are proprietary and confidential unless required by law. Seller shall not disclose this information
to anyone other than its attorney, accountant or similar service provider and then only to the extent such person uses the information
solely for purpose of advising Seller and first agrees in writing to be bound by the terms of this Section. A breach entitles Buyer to
damages and legal fees as well as temporary restraining order and preliminary injunction without bond.

 

 26. Monitoring, Recording, and Solicitations.

 

26.1. Authorization
to Contact Seller by Phone. Seller authorizes Buyer, its affiliates, agents and independent contractors to contact Seller at any telephone
number Seller provides to Buyer or from which Seller places a call to Buyer, or any telephone number where Buyer believes it may reach
Seller, using any means of communication, including but not limited to calls or text messages to mobile, cellular, wireless or similar
devices or calls or text messages using an automated telephone dialing system and/or artificial voices or prerecorded messages, even if
Seller incurs charges for receiving such communications

 

 26.2. Authorization to Contact Seller by Other Means. Seller also agree that Buyer, its affiliates, agents and independent contractors, may use any other medium not prohibited by law including, but not limited to, mail, e-mail and facsimile, to contact Seller. Seller expressly consents to conduct business by electronic means.

 

27. JURY
WAIVER. THE PARTIES WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION
WITH OR IN ANY WAY RELATED TO THE TRANSACTIONS OF WHICH THIS AGREEMENT IS A PART OR ITS ENFORCEMENT, EXCEPT WHERE SUCH WAIVER IS PROHIBITED
BY LAW OR DEEMED BY A COURT OF LAW TO BE AGAINST PUBLIC POLICY. THE PARTIES ACKNOWLEDGE THAT EACH MAKES THIS WAIVER KNOWINGLY, WILLINGLY
AND VOLUNTARILY AND WITHOUT DURESS, AND ONLY AFTER EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER WITH THEIR ATTORNEYS.

 

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28. CLASS
ACTION WAIVER. THE PARTIES WAIVE ANY RIGHT TO ASSERT ANY CLAIMS AGAINST THE OTHER PARTY AS A REPRESENTATIVE OR MEMBER IN ANY CLASS
OR REPRESENTATIVE ACTION, EXCEPT WHERE SUCH WAIVER IS PROHIBITED BY LAW OR DEEMED BY A COURT OF LAW TO BE AGAINST PUBLIC POLICY. TO THE
EXTENT EITHER PARTY IS PERMITTED BY LAW OR COURT OF LAW TO PROCEED WITH A CLASS OR REPRESENTATIVE ACTION AGAINST THE OTHER, THE PARTIES
AGREE THAT: (I) THE PREVAILING PARTY SHALL NOT BE ENTITLED TO RECOVER ATTORNEYS’ FEES OR COSTS ASSOCIATED WITH PURSUING THE CLASS
OR REPRESENTATIVE ACTION (NOT WITHSTANDING ANY OTHER PROVISION IN THIS AGREEMENT); AND (II) THE PARTY WHO INITIATES OR PARTICIPATES AS
A MEMBER OF THE CLASS WILL NOT SUBMIT A CLAIM OR OTHERWISE PARTICIPATE IN ANY RECOVERY SECURED THROUGH THE CLASS OR REPRESENTATIVE ACTION.

 

29. ARBITRATION.
IF BUYER, SELLER OR ANY GUARANTOR REQUESTS, THE OTHER PARTIES AGREE TO ARBITRATE ALL DISPUTES AND CLAIMS ARISING OUT OF OR RELATING TO
THIS AGREEMENT. IF BUYER, SELLER OR ANY GUARANTOR SEEKS TO HAVE A DISPUTE SETTLED BY ARBITRATION, THAT PARTY MUST FIRST SEND TO ALL OTHER
PARTIES, BY CERTIFIED MAIL, A WRITTEN NOTICE OF INTENT TO ARBITRATE. IF BUYER, SELLER OR ANY GUARANTOR DO NOT REACH AN AGREEMENT TO RESOLVE
THE CLAIM WITHIN 30 DAYS AFTER THE NOTICE IS RECEIVED, BUYER, SELLER OR ANY GUARANTOR MAY COMMENCE AN ARBITRATION PROCEEDING WITH THE
AMERICAN ARBITRATION ASSOCIATION (“AAA”) OR NATIONAL ARBITRATION FORUM (“NAF”). BUYER WILL PROMPTLY REIMBURSE
SELLER OR THE GUARANTOR ANY ARBITRATION FILING FEE, HOWEVER, IN THE EVENT THAT BOTH SELLER AND THE GUARANTOR MUST PAY FILING FEES, BUYER
WILL ONLY REIMBURSE SELLER’S ARBITRATION FILING FEE AND, EXCEPT AS PROVIDED IN THE NEXT SENTENCE, BUYER WILL PAY ALL ADMINISTRATION
AND ARBITRATOR FEES. IF THE ARBITRATOR FINDS THAT EITHER THE SUBSTANCE OF THE CLAIM RAISED BY SELLER OR THE GUARANTOR OR THE RELIEF SOUGHT
BY SELLER OR THE GUARANTOR IS IMPROPER OR NOT WARRANTED, AS MEASURED BY THE STANDARDS SET FORTH IN FEDERAL RULE OF PROCEDURE 11(B), THEN
BUYER WILL PAY THESE FEES ONLY IF REQUIRED BY THE AAA OR NAF RULES. SELLER AND THE GUARANTOR AGREE THAT, BY ENTERING INTO THIS AGREEMENT,
THEY ARE WAIVING THE RIGHT TO TRIAL BY JURY. BUYER, SELLER OR ANY GUARANTOR MAY BRING CLAIMS AGAINST ANY OTHER PARTY ONLY IN THEIR INDIVIDUAL
CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. FURTHER, BUYER, SELLER AND ANY GUARANTOR
AGREE THAT THE ARBITRATOR MAY NOT CONSOLIDATE PROCEEDINGS FOR MORE THAN ONE PERSON’S CLAIMS, AND MAY NOT OTHERWISE PRESIDE OVER
ANY FORM OF A REPRESENTATIVE OR CLASS PROCEEDING, AND THAT IF THIS SPECIFIC PROVISION IS FOUND UNENFORCEABLE, THEN THE ENTIRETY OF THIS
ARBITRATION CLAUSE SHALL BE NULL AND VOID.

 

30. RIGHT
TO OPT OUT OF ARBITRATION. SELLER AND GUARANTOR(S) MAY OPT OUT OF THIS CLAUSE. TO OPT OUT OF THIS ARBITRATION CLAUSE, SELLER AND EACH
GUARANTOR MUST SEND BUYER A NOTICE THAT THE SELLER AND EACH GUARANTOR DOES NOT WANT THIS CLAUSE TO APPLY TO THIS AGREEMENT. FOR ANY OPT
OUT TO BE EFFECTIVE, SELLER AND EACH GUARANTOR MUST SEND AN OPT OUT NOTICE TO THE FOLLOWING ADDRESS BY REGISTERED MAIL, WITHIN 14 DAYS
AFTER THE DATE OF THIS AGREEMENT: BUYER – ARBITRATION OPT OUT,

 

    -8-

     

    

 

31. SERVICE
OF PROCESS. IN ADDITION TO THE METHODS OF SERVICE ALLOWED BY THE NEW YORK STATE CIVIL PRACTICE LAW & RULES (“CPLR”),
SELLER HEREBY CONSENTS TO SERVICE OF PROCESS UPON IT BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, SERVICE HEREUNDER SHALL
BE COMPLETE UPON SELLER’S ACTUAL RECEIPT OF PROCESS OR UPON BUYER’S RECEIPT OF THE RETURN THEREOF BY THE UNITED STATES POSTAL
SERVICE AS REFUSED OR UNDELIVERABLE. SELLER MUST PROMPTLY NOTIFY BUYER, IN WRITING, OF EACH AND EVERY CHANGE OF ADDRESS TO WHICH SERVICE
OF PROCESS CAN BE MADE. SERVICE BY BUYER TO THE LAST KNOWN ADDRESS SHALL BE SUFFICIENT. SELLER WILL HAVE (30) CALENDAR DAYS AFTER SERVICE
HEREUNDER IS COMPLETE IN WHICH TO RESPOND. FURTHERMORE, SELLER EXPRESSLY CONSENTS THAT ANY AND ALL NOTICE(S), DEMAND(S), REQUEST(S) OR
OTHER COMMUNICATION(S) UNDER AND PURSUANT TO THIS AGREEMENT FOR THE PURCHASE AND SALE OF FUTURE RECEIVABLES SHALL BE DELIVERED IN ACCORDANCE
WITH THE PROVISIONS OF THIS AGREEMENT FOR THE PURCHASE AND SALE OF FUTURE RECEIVABLES.

 

 32. FEE STRUCTURE.

 

		a.	NSF: _______

 

		b.	ACH REJECTION: ______

 

		c.	BANK CHANGE: ______

 

		d.	BLOCKED ACCOUNT: _____

 

		e.	DEFAULT: _______

 

	Seller:	ADITXT,
    INC.	 
	 	 	 
	Agreed to by:		(Signature) 
	 	 
	Name:	 	 
	 	 	 
	Title:	Authorized
    Representative	
	 	 	 
	Guarantor:	ADITXT, INC.	 
	 	 	 
	Agreed to by:		(Signature)
	 	 	 
	Name:	 	 
	 	 	 
	Title:	Authorized
    Representative	

 

	Initials:                          		 

 

    -9-

     

    

 

GUARANTY OF PERFORMANCE

 

This Guaranty of Performance (this “Guaranty”)
is executed as of                                                                ,
by                                   

ADITXT, INC.                                                                                                        
(the “Guarantor”), for the benefit of ________

 

(“Buyer”) (“Buyer”).

 

Capitalized terms used herein, but not defined, shall have the meanings
assigned to them in the Purchase Agreement (as hereinafter defined).

 

    -10-

     

    

 

RECITALS

 

A. Pursuant to that Agreement for the
Purchase and Sale of Future Receipts (the “Purchase Agreement”), dated of even date herewith, between Buyer
and ADITXT, INC. (“Seller”), Buyer has purchased Future Receipts of Seller.

 

B. Buyer
is not willing to enter into the Purchase Agreement unless Guarantor irrevocably, absolutely and unconditionally guarantees prompt and
complete performance to Buyer of all of the obligations of Seller; and

 

 C. Guarantor will directly benefit from Buyer and Seller entering into the Purchase Agreement.

 

AGREEMENT

 

As an inducement to Buyer to purchase the Future Receipts identified
in the Purchase Agreement, and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged,
Guarantor does hereby agree as follows:

 

1. Defined
Terms: All capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Purchase
Agreement.

 

2. Guaranty
of Obligations: Guarantor hereby irrevocably, absolutely and unconditionally guarantees to Buyer prompt and complete performance of
all of Seller’s obligations under the Purchase Agreement

 

3. Guarantor’s
Other Agreements:Guarantor will not dispose, convey, sell or otherwise transfer, or cause Seller to dispose, convey, sell or otherwise
transfer, any material business assets of Seller without the prior written consent of Buyer, which may be withheld for any reason, until
receipt of the entire Purchased Amount. Guarantor hereby agrees to pay all costs and attorney’s fees incurred by Buyer in connection
with any actions commenced by Buyer to enforce its rights or incurred in any action to defend its performance under the Purchase Agreement
and this Guaranty. This Guaranty is binding upon Guarantor, and Guarantor’s heirs, legal representatives, successors and assigns.
If there is more than one Guarantor, the obligations of the Guarantors hereunder shall be joint and several. The obligation of Guarantor
shall be unconditional and absolute, regardless of the unenforceability of any provision of any agreement between Seller and Buyer, or
the existence of any defense, setoff or counterclaim which Seller may assert. Buyer is hereby authorized, without notice or demand and
without affecting the liability of Guarantor hereunder, to at any time renew or extend Seller’s obligations under the Purchase Agreement
or otherwise modify, amend or change the terms of the Purchase Agreement. Guarantor is hereby notified that a negative credit report reflecting
on his/her credit record may be submitted to a credit reporting agency if the terms of this Guaranty are not honored by the Guarantor.

 

4. Waiver;
Remedies: No failure on the part of Buyer to exercise, and no delay in exercising, any right under this guaranty shall operate as
a waiver, nor shall any single or partial exercise of any right under this guaranty preclude any other or further exercise of any other
right. The remedies provided in this guaranty are cumulative and not exclusive of any remedies provided by law or equity. In the event
that Seller fails to perform any obligation under the Purchase Agreement, Buyer may enforce its rights under this guaranty without first
seeking to obtain performance for such default from Seller or any other guarantor.

 

5. Acknowledgment of Purchase: Guarantor
acknowledges and agrees that the Purchase Price paid by Buyer to Seller in exchange for the Purchased Amount is a purchase of the
Purchased Amount and is not intended to be treated as a loan or financial accommodation from Buyer to Seller. Guarantor specifically
acknowledges Buyer is not a lender, bank or credit card processor, and that Buyer has not offered any loans to Seller, and guarantor
waives any claims or defenses of usury in any action arising out of this guaranty. Guarantor acknowledges the Purchase Price paid to
Seller is good and valuable consideration for the sale of the Purchased Amount of Future Receipts.

 

    -11-

     

    

 

6. Governing
Law and Jurisdiction: This Guaranty shall be governed by, and constructed in accordance with, the internal laws of the State of New
York without regard to principles of conflicts of law. Except as provided in Section of this guaranty, guarantor submits to the exclusive
jurisdiction and venue of the state or federal courts having jurisdiction over any city/county in the State of New York of any claims
or actions arising, directly or indirectly, out of or related to this guaranty. The parties stipulate that the venues referenced in this
Agreement are convenient. The parties further agree that the mailing by certified or registered mail, return receipt requested, of any
process required by any such court will constitute valid and lawful service of process against them, without the necessity for service
by any other means provided by statute or rule of court, but without invalidating service performed in accordance with such other provisions.

 

7. JURY WAIVER:
THE PARTIES WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION
WITH OR IN ANY WAY RELATED TO THE TRANSACTIONS OF WHICH THIS AGREEMENT IS A PART OR ITS ENFORCEMENT, EXCEPT WHERE SUCH WAIVER IS PROHIBITED
BY LAW OR DEEMED BY A COURT OF LAW TO BE AGAINST PUBLIC POLICY. THE PARTIES ACKNOWLEDGE THAT EACH MAKES THIS WAIVER KNOWINGLY, WILLINGLY
AND VOLUNTARILY AND WITHOUT DURESS, AND ONLY AFTER EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER WITH THEIR ATTORNEYS.

 

8. CLASS
ACTION WAIVER: THE PARTIES WAIVE ANY RIGHT TO ASSERT ANY CLAIMS AGAINST THE OTHER PARTY AS A REPRESENTATIVE OR MEMBER IN ANY CLASS
OR REPRESENTATIVE ACTION, EXCEPT WHERE SUCH WAIVER IS PROHIBITED BY LAW OR DEEMED BY A COURT OF LAW TO BE AGAINST PUBLIC POLICY. TO THE
EXTENT EITHER PARTY IS PERMITTED BY LAW OR COURT OF LAW TO PROCEED WITH A CLASS OR REPRESENTATIVE ACTION AGAINST THE OTHER, THE PARTIES
AGREE THAT: (I) THE PREVAILING PARTY SHALL NOT BE ENTITLED TO RECOVER ATTORNEYS’ FEES OR COSTS ASSOCIATED WITH PURSUING THE CLASS
OR REPRESENTATIVE ACTION (NOT WITHSTANDING ANY OTHER PROVISION IN THIS AGREEMENT); AND (II) THE PARTY WHO INITIATES OR PARTICIPATES AS
A MEMBER OF THE CLASS WILL NOT SUBMIT A CLAIM OR OTHERWISE PARTICIPATE IN ANY RECOVERY SECURED THROUGH THE CLASS OR REPRESENTATIVE ACTION.

 

    -12-

     

    

 

9. ARBITRATION: IF BUYER, SELLER OR
ANY GUARANTOR REQUESTS, THE OTHER PARTIES AGREE TO ARBITRATE ALL DISPUTES AND CLAIMS ARISING OUT OF OR RELATING TO THIS AGREEMENT.
IF BUYER, SELLER OR ANY GUARANTOR SEEKS TO HAVE A DISPUTE SETTLED BY ARBITRATION, THAT PARTY MUST FIRST SEND TO THE OTHER PARTY, BY
CERTIFIED MAIL, A WRITTEN NOTICE OF INTENT TO ARBITRATE. IF BUYER, SELLER OR ANY GUARANTOR DO NOT REACH AN AGREEMENT TO RESOLVE THE
CLAIM WITHIN 30 DAYS AFTER THE NOTICE IS RECEIVED, BUYER, SELLER OR ANY GUARANTOR MAY COMMENCE AN ARBITRATION PROCEEDING WITH THE
AMERICAN ARBITRATION ASSOCIATION (“AAA”) OR NATIONAL ARBITRATION FORUM (“NAF”). BUYER WILL PROMPTLY REIMBURSE
SELLER OR THE GUARANTOR ANY ARBITRATION FILING FEE, HOWEVER, IN THE EVENT THAT BOTH SELLER AND THE GUARANTOR MUST PAY FILING FEES,
BUYER WILL ONLY REIMBURSE SELLER’S ARBITRATION FILING FEE AND, EXCEPT AS PROVIDED IN THE NEXT SENTENCE, BUYER WILL PAY ALL
ADMINISTRATION AND ARBITRATOR FEES. IF THE ARBITRATOR FINDS THAT EITHER THE SUBSTANCE OF THE CLAIM RAISED BY SELLER OR THE GUARANTOR
OR THE RELIEF SOUGHT BY SELLER OR THE GUARANTOR IS IMPROPER OR NOT WARRANTED, AS MEASURED BY THE STANDARDS SET FORTH IN FEDERAL RULE
OF PROCEDURE 11(B), THEN BUYER WILL PAY THESE FEES ONLY IF REQUIRED BY THE AAA OR NAF RULES. SELLER AND THE GUARANTOR AGREE THAT, BY
ENTERING INTO THIS AGREEMENT, THEY ARE WAIVING THE RIGHT TO TRIAL BY JURY. BUYER, SELLER OR ANY GUARANTOR MAY BRING CLAIMS AGAINST
ANY OTHER PARTY ONLY IN THEIR INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE
PROCEEDING. FURTHER, BUYER, SELLER AND ANY GUARANTOR AGREE THAT THE ARBITRATOR MAY NOT CONSOLIDATE PROCEEDINGS FOR MORE THAN ONE
PERSON’S CLAIMS, AND MAY NOT OTHERWISE PRESIDE OVER ANY FORM OF A REPRESENTATIVE OR CLASS PROCEEDING, AND THAT IF THIS
SPECIFIC PROVISION IS FOUND UNENFORCEABLE, THEN THE ENTIRETY OF THIS ARBITRATION CLAUSE SHALL BE NULL AND VOID.

 

10. RIGHT TO OPT OUT OF ARBITRATION:
SELLER AND GUARANTOR(S) MAY OPT OUT OF THIS CLAUSE. TO OPT OUT OF THIS ARBITRATION CLAUSE, SELLER AND EACH GUARANTOR MUST SEND BUYER
A NOTICE THAT THE SELLER AND EACH GUARANTOR DOES NOT WANT THIS CLAUSE TO APPLY TO THIS AGREEMENT. FOR ANY OPT OUT TO BE EFFECTIVE,
SELLER AND EACH GUARANTOR MUST SEND AN OPT OUT NOTICE TO THE FOLLOWING ADDRESS BY REGISTERED MAIL, WITHIN 14 DAYS AFTER THE DATE OF
THIS AGREEMENT: BUYER – ARBITRATION OPT OUT,  ____________________________________,

 

ATTENTION: LEGAL DEPARTMENT.

 

11. SERVICE
OF PROCESS. IN ADDITION TO THE METHODS OF SERVICE ALLOWED BY THE NEW YORK STATE CIVIL PRACTICE LAW & RULES (•••CPLR”),
GUARANTOR HEREBY CONSENTS TO SERVICE OF PROCESS UPON IT BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, SERVICE HEREUNDER
SHALL BE COMPLETE UPON GUARANTOR’S ACTUAL RECEIPT OF PROCESS OR UPON BUYER’S RECEIPT OF THE RETURN THEREOF BY THE UNITED
STATES POSTAL SERVICE AS REFUSED OR UNDELIVERABLE. GUARANTOR MUST PROMPTLY NOTIFY BUYER, IN WRITING, OF EACH AND EVERY CHANGE OF ADDRESS
TO WHICH SERVICE OF PROCESS CAN BE MADE. SERVICE BY BUYER TO THE LAST KNOWN ADDRESS SHALL BE SUFFICIENT. GUARANTOR WILL HAVE (30) CALENDAR
DAYS AFTER SERVICE HEREUNDER IS COMPLETE IN WHICH TO RESPOND. FURTHERMORE, GUARANTOR EXPRESSLY CONSENTS THAT ANY AND ALL NOTICE(S), DEMAND(S),
REQUEST(S) OR OTHER COMMUNICATION(S) UNDER AND PURSUANT TO THIS AGREEMENT FOR THE PURCHASE AND SALE OF FUTURE RECEIVABLES SHALL BE DELIVERED
IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT FOR THE PURCHASE AND SALE OF FUTURE RECEIVABLES.

 

Initials:______________

 

    -13-

     

    

 

			12. Severability: If for any reason any court of competent jurisdiction finds any
                                                                                provisions of this guaranty to be void or voidable, the parties agree that the court may reform such provision(s) to render the
                                                                                provision(s) enforceable ensuring that the restrictions and prohibitions contained in this guaranty shall be effective to the
                                                                                fullest extent allowed under applicable law

 

			13. Opportunity for Attorney Review: The guarantor represents that it has carefully
                                                                                read this guaranty and has, or had a reasonable opportunity to, consult with its attorney. Guarantor understands the contents of
                                                                                this guaranty, and signs this guaranty as its free act and deed.

 

			14. Counterparts and Facsimile Signatures: This guaranty may be signed in one or more
                                                                                counterparts, each of which shall constitute an original and all of which when taken together shall constitute one and the same
                                                                                agreement. Facsimile or scanned documents shall have the same legal force and effect as an original and shall be treated as an
                                                                                original document for evidentiary purposes.

 

Corporate Guarantors (or other entities)

Guarantor:_____________________(Print
Name)

By:_ __________________________

Print Name or Signer:_____________

Its:___________________________(Official Position)

 

Initials:______________

 

    -14-

     

    

 

AUTHORIZATION AGREEMENT

 

FOR AUTOMATED CLEARING HOUSE
TRANSACTIONS

 

ADITXT,
INC. ](“Seller”) hereby authorizes ________________ (“Buyer”)(“Buyer”) to
present automated clearing house (ACH) debits to the following checking account in the amount of fees and other obligations due to
Buyer from Seller under the terms of that Agreement for the Purchase and Sale of Future Receipts (the “Agreement”)
entered into between Seller and Buyer, as it may be amended, supplemented or replaced from time to time. In addition, if an Event of
Default (as defined in the Agreement) occurs, Seller authorizes Buyer to debit any and all accounts controlled by Seller or
controlled by any entity with the same Federal Tax Identification Number as Seller up to the total amount, including but not limited
to, all fees and charges, due to Buyer from Seller under the terms of the Agreement.

 

	Transfer Funds To/From:
	 	Name of Bank:
	        	 
	 	 	 	 	 
	 	 	ABA Transit/Routing :
	 	 
	 	 	 	 	 
	 	 	Checking Account :
	 	 

 

This authorization is to remain in full force and effect
until all obligations due to Buyer under the Agreement have been fulfilled.

 

	ADITXT, INC.	 	 	 	 
	Seller Information:	 	Seller s Name:	ADITXT, INC.	 
	 	 	Signature of Authorized Representative:	 	 
	 	 	 	 	 
	 	 	
    Print Name:
	AMRO ALBANNA	 
	 	 	 	 	 
	 	 	Title:	AUTHORIZED REPRESENTATIVE	 
	 	 	 	 	 
	 	 	Sellers Tax ID:	 	 
	 	 	 	 	 
	 	 	Date:	 	 

 

[Attached Voided Check Here]

 

Initials:______________

  

    -15-

     

    

 

Dear Seller,

 

Please fill out the form below with the access information
for your bank account, please write legibly and indicate lower/upper case sensitivity.

 

	Legal Name/DBA:	Aditxt,
    Inc.	 
	 	 	 
	Bank portal Website:	N/A	 
		 	 
	Username:	N/A	 
	 	 	 
	Password:	N/A	 
		 	 
	Security Question/Answer 1:	N/A	 
	 	 	 
	Security Question/Answer 2:	N/A	 
	 	 	 
	Security Question/Answer :3	 	 
	 	 	 
	Security Question/Answer 4:	 	 
	 	 	 
	Security Question/Answer 5:	 	 
	 	 	 
	Security Question/Answer :6	 	 

 

    Any other information necessary
    to access your account:

 

Initials:______________

 

    -16-

     

    

 

THIS FORM MUST BE FILLED OUT BEFORE
FUNDING.

 

Dear Seller,

 

Please fill out the form below with contact information
and reference.

 

Contact Information

 

	Guarantor Name:	Aditxt, Inc.	 

 

	Phone Number:	 	 

 

	Email:	 	 

 

Personal
Reference #1

 

	Name:	N/A	 

 

	Phone Number:	N/A	 

 

Personal
Reference #2

 

	Name:	N/A	 

 

	Phone Number:	N/A	 

 

Business
Reference #1

 

	Company Name: 	N/A	 

 

	Contact Name:	N/A	 

 

	Business Phone:	N/A	 

 

Business
Reference #2

 

	Company Name: 	N/A	 

 

	Contact Name:	N/A	 

 

	Business Number: 	N/A	 

 

Emergency
Contact

 

	Name:	N/A	 

 

	Relationship:	N/A	 

 

	Phone Number:	N/A	 

 

	Email:	N/A	 

 

    -17-

     

    

 

NO STACKING ADDENDUM

 

Addendum (the “Addendum”) to the Purchase and Sale of Future
Receivables Agreement (the “Agreement”) by: Seller(s): _________________

Purchaser: __________________(“Purchaser”)

 

	Purchase Price:	_____________________	Purchased Amount:	__________________________

 

Specified Percentage: _______________________

 

1. Unless otherwise
specifically defined herein, all capitalized terms in this Addendum shall have the  meanings set forth in the Agreement.

 

2. Seller agrees
and understands that while an outstanding balance of uncollected Receivables with Purchaser exists, Seller is strictly prohibited
from enter into any transactions with a third party, whether an individual, company or other entity, to sell Future Receipts, or
to initiate or accept a cash advance from any funding source without first paying off the outstanding balance with Purchaser. Seller
understands and acknowledges that doing so would place Seller in breach of the Agreement, and ADITXT, INC. (“Seller”)
and ADITXT, INC.  (“Guarantor”) will be  immediately liable for the full outstanding balance owed to Purchaser.

 

3. Seller
further agrees not to create, incur or permit to exist any lien, security interest, pledge, charge or encumbrance of any kind in respect
to Future Receivables while an outstanding balance of uncollected Receivables with Purchaser exists. In other words, Seller agrees not
to use Future Receivables as collateral for any type of transaction while an outstanding balance with Purchaser exists.

 

4. Seller and Guarantor
acknowledge that any false representation in this Addendum constitutes fraud and will trigger a default under the Agreement, entitling
Purchaser to accelerate the receivable balance due and to seek any and all additional legal remedies available to the Purchaser provided
for in the Agreement.

 

5. In further consideration
of Purchaser entering into this transaction, Seller shall either (a) deliver to Purchaser all of Seller’s bank account statements on or
before the 10th day of every month during the term of the Agreement, or (b) provide Purchaser with active log on capabilities for every
bank account maintained by Seller so that Purchaser can access all information Purchaser feels is necessary from such accounts.

 

6. In the event
that Seller breaches the terms of Paragraphs 2, 3, 4 and/or 5 above, Purchaser shall have the following remedies, any or all of which
may be exercised by Purchaser in its sole discretion:

 

 (a) The Purchased Amount due at each payment interval set forth in the Agreement (whether daily, weekly, bi-weekly or monthly, as applicable), shall immediately double to the sum or to the extent the collection method is a credit card split the holdback percentage will double;

 

 (b) The entire balance of the Purchased Amount shall be immediately due and payable;

 

 (c) The Confession of Judgment, if any, shall be immediately filed with the appropriate court of law; and

 

 (d) Purchaser shall avail itself of all additional remedies set forth in Section 16 of the Agreement.

 

Initials:______________

 

    -18-

     

    

 

7. The Addendum
and is hereby incorporated into the Agreement by reference and constitutes part of the Agreement. Except as amended hereby, the Agreement
shall be and remain in full force and effect and is hereby ratified and confirmed by Seller and Purchaser. If the terms and provisions
of this Addendum are inconsistent with the Agreement, the terms and provisions of the Addendum shall govern to the extent of such inconsistency.

 

8. All written
notices and consents required to be given hereunder shall be given in accordance with the notice requirements under Section 19 of the
Agreement.

 

9. This Addendum
may be executed with facsimile signatures and/or in any number of counterparts, each of which shall be deemed an original and all of such
counterparts when taken together shall constitute but one and the same documents which shall be sufficiently evidenced by such executed
counterparts.

 

Agreed
and Accepted on behalf of Seller:

 

	Seller: 	ADITXT,
    INC.	 

 

	Agreed to by: 		 	(Signature)

 

	Name:	 	 
	 	 
	Title:	Authorized
    Representative	 

 

Initials:______________

 

 

 

-19-efsi-ex101_9.htm

 

Exhibit 10.1

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement’) is made and entered into as of the 31st day of May 2022, by and between Eagle Financial Services, Inc., a Virginia corporation (the “Corporation”) and Joseph T. Zmitrovich (“Employee”).  This Agreement amends and restates the employment agreement entered into as of January 10, 2020.

 

RECITALS

 

WHEREAS, the Corporation is a bank holding company engaged in the operation of a bank; 

 

WHEREAS, Employee has been involved in the management of the business and affairs of the Corporation and, therefore, possesses managerial experience, knowledge, skills and expertise in such type of business; and

 

WHEREAS, the Corporation wishes to retain Employee’s valuable services in an expanded role and commensurate salary increase, and Employee wishes to make his services available to the Corporation on the terms and subject to the conditions set forth herein.

 

NOW, THEREFORE, the parties, intending to be legally bound, agree as follows:

 

TERMS OF AGREEMENT

 

NOW, THEREFORE, for and in consideration of the premises and of the mutual promises and undertakings of the parties as hereinafter set forth, the parties covenant and agree as follows:

 

Section 1. Employment. (a) Employee shall be employed as Executive Vice President and Chief Banking Officer of the Corporation and President and Chief Banking Officer of the Corporation’s wholly-owned subsidiary, Bank of Clarke County (the “Bank”) and shall discharge such duties and as may be assigned to him by the Corporation or the Bank from time to time.  

 

(b) References in this Agreement to services rendered for the Corporation and compensation and benefits payable or provided by the Corporation shall include services rendered for and compensation and benefits payable or provided by any Affiliate. References in this Agreement to the “Corporation” also shall mean and refer to each Affiliate for which Employee performs services. References in this Agreement to “Affiliate” shall mean any business entity that, directly or indirectly, through one or more intermediaries, is controlled by the Corporation, including but not limited to the Bank.

 

Section 2. Term and Renewal. The initial term of this Agreement shall end on December 31, 2022 unless earlier terminated as provided herein. However, on December 31, 2022, and each December 31 thereafter, the term of this Agreement shall be renewed and 

extended by one year, unless Employee or the Corporation gives notice to the other in writing, at least 90 days prior to the applicable December 31, that the term shall not be renewed and extended. 

 

Section 3. Exclusive Service. Employee shall devote his best efforts and full business time to rendering services on behalf of the Corporation in furtherance of its best interests. Employee shall comply with all policies, standards and regulations of the Corporation now or hereafter promulgated and shall perform his duties under this Agreement to the best of his abilities and in accordance with standards of conduct applicable to officers of banks.

 

Section 4.  Compensation and Benefits.

 

(a) Salary. As compensation while employed hereunder, Employee, during his faithful performance of this Agreement, in whatever capacity rendered, shall receive an annual base salary of $373,000 payable in accordance with the normal payroll procedures and schedule of the Corporation, but no less frequently than monthly. The Board of Directors, in its discretion, may increase Employee’s base salary during the term of this Agreement.  The Corporation shall withhold from such salary payments amounts for state and federal income taxes, social security taxes, and such other payroll deductions as may from time to time be required by law.   Except as otherwise expressly set forth hereunder, no compensation shall be paid pursuant to this Agreement in respect of any month or portion thereof subsequent to any termination of Employee’s employment by the Corporation.

 

(b) Corporate Benefit Plans. Employee shall be entitled to participate in or become a participant in all cash and non-cash employee benefit plans maintained by the Corporation for its executive officers.

 

(c) Bonuses.  Employee shall receive only such bonuses as the Board of Directors, in its discretion, decides to pay to Employee. The Corporation shall withhold from such bonus payments amounts for state and federal income taxes, social security taxes, and such other payroll deductions as may from time to time be required by law

 

(d) Expense Account. The Corporation shall reimburse Employee for reasonable and customary business expenses incurred in the conduct of the Corporation’s business. Such expenses will include business meals, out-of-town lodging and travel expenses and other items identified in written rules and policies of the Corporation. Employee agrees to timely submit records and receipts of reimbursable items and agrees that the Corporation can adopt reasonable rules and policies regarding such reimbursement. The Corporation agrees to make prompt payment to Employee following receipt and verification of such reports. No reimbursement provided under this Section 4(d) during one calendar year shall affect the expenses eligible for reimbursement during another calendar year.

 

(e) Paid Time Off. Employee shall be entitled to the same paid time off policies as the Board of Directors may from time to time designate for all full-time employees of the Corporation.

2

 

Section 5. Termination. 

(a) Notwithstanding the termination of Employee’s employment pursuant to any provision of this Agreement, the parties shall be required to carry out any provisions of this Agreement which contemplate performance by them subsequent to such termination. In addition, no termination shall affect any liability or other obligation of either party which shall have accrued prior to such termination, including, but not limited to, any liability, loss or damage on account of breach. No termination of employment shall terminate the obligation of the Corporation to make payments of any vested benefits provided hereunder or the obligations of Employee under Sections 6, 7 and 8.

 

(b) Employee’s employment hereunder may be terminated by Employee upon thirty (30) days’ prior written notice to the Corporation, or otherwise at any time by mutual agreement in writing.

 

(c) This Agreement shall terminate upon death of Employee; provided, however, that in such event the Corporation shall pay to the estate of Employee the compensation including salary and accrued bonus, if any, which otherwise would be payable to Employee through the end of the month in which his death occurs. 

 

(d) (1) The Corporation may terminate Employee’s employment other than for “Cause”, as defined in Section 5(e), at any time upon written notice to Employee, which termination shall be effective immediately. Employee may resign thirty (30) days after notice to the Corporation for “Good Reason”, as hereafter defined, subject to the following. Employee must provide written notice to the Corporation of the existence of the event or condition constituting such Good Reason within ninety (90) days of the initial occurrence of the event or condition alleged to constitute Good Reason.  Upon delivery of such notice, the Corporation shall have a period of thirty (30) days during which it may remedy in good faith the event or condition constituting Good Reason, and Employee’s employment shall continue in effect during such time so long as the Corporation is making diligent efforts to cure.  In the event the Corporation shall remedy in good faith the event or condition constituting Good Reason, as determined by the Employee’s good faith and reasonable judgment, then such notice of termination shall be null and void, and the Corporation shall not be required to pay the amount due to Employee under this Section 5(d) (or under Section 5(i), if applicable.)  In the event Employee’s employment terminates pursuant to this Section 5(d), provided the Executive signs a release and waiver of claims in a form satisfactory to the Corporation, which the Corporation shall provide to Employee no later than the date of termination (the “Release”), and the Release has become effective within thirty (30) days of Employee’s date of termination:

 

(i) Employee shall continue to receive his base salary at the rate in effect immediately preceding such termination, for twenty-four (24) months following Employee’s termination of employment (the “Severance Period”) such payments to be made at the times such payments would have been made in accordance with Section 4(a);

 

3

 

 

(ii) Employee shall receive a payment in cash, less applicable deductions and withholdings, within thirty (30) days of Employee’s date of termination equal to the greater of (a) the amount of the highest cash bonus paid or payable to him in respect of any of the three (3) fiscal years of the Corporation prior to the fiscal year in which his employment terminates, and (b) the amount of cash bonus Employee was designated to receive under the Corporation’s annual incentive plan;

 

(iii) Employee shall receive a welfare continuance benefit (the “Welfare Continuance Benefit”) in an amount equal to (x) eighteen (18) times (y) the excess of the premium that would apply as of Employee’s date of termination for continued health, dental and vision coverage for Employee and his “qualified beneficiaries” (as defined in Section 4980B of the Code), if COBRA continuation were elected for such coverage, over the amount that Employee paid for such coverage immediately before the termination of his employment. Employee may use the Welfare Continuance Benefit, as Employee wishes, including for payment of insurance premiums.  The Welfare Continuance Benefit will be paid in a lump sum cash payment, less applicable deductions and withholdings, within thirty (30) days of Employee’s date of termination.

 

(2) Notwithstanding anything in this Agreement to the contrary:

 

(i) If Employee breaches Section 6 or 7, Employee will not thereafter be entitled to receive any further compensation or benefits pursuant to this Section 5(d); and

 

(ii) If, while he is receiving payments under this Section 5(d), Employee engages in a Competitive Business within the area described in Section 7(a)(i) or otherwise engages in conduct described in Section 7(a) or Section 7(b), such payments will cease and he will not thereafter be entitled to receive any compensation or benefits pursuant to this Section 5(d) even though such conduct occurs after the covenants contained in Section 7 have expired.

 

(3) Except as set forth in Section 5(d)(2), upon the timely execution and non-revocation of the Release, the Corporation’s obligation to pay Employee the compensation provided in Section 5(d)(1) shall be absolute and unconditional and shall not be affected by any circumstances, including, without limitation, any set-off, counterclaim, recoupment, defense or other right which the Corporation may have against him or anyone else. All amounts payable by the Corporation hereunder shall be paid without notice or demand. Each and every payment made hereunder by the Corporation shall be final and the Corporation will not seek to recover all or any part of such payment from Employee or from whosoever may be entitled thereto, for any reason whatsoever. Employee shall not be required to mitigate the amount of any payment provided for in this Agreement by seeking other employment or otherwise.

 

(4) For purposes of this Agreement, “Good Reason” shall mean:

 

(i) Requiring Employee to maintain his principal office outside of a 25-mile radius of Clarke County, Virginia unless the Corporation moves its principal executive offices to 

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the place to which Employee is required to move;

 

(ii) A reduction by the Corporation of Employee’s base salary, as the same may have been increased from time to time;

 

(iii) The failure of the Corporation to provide Employee with either substantially the same fringe benefits as provided to him at the inception of this Agreement or with in fringe benefits that are as least as favorable, in the aggregate, as fringe benefits provided to him at the inception of this Agreement;

 

(iv) The Corporation’s failure to comply with any material term of this Agreement (other than a change in Employee’s duties or title, which shall not constitute Good Reason); or

 

(v) The failure of the Corporation to obtain the assumption of and agreement to perform this Agreement by any successor as contemplated in Section 9 hereof.

 

(e) The Corporation shall have the right to terminate Employee’s employment under this Agreement at any time for Cause, as defined herein, which termination shall be effective immediately. Termination for “Cause” shall include  termination for any of the following reasons, as determined in the reasonable discretion of the Company: Employee’s personal dishonesty, incompetence, willful misconduct, breach of a fiduciary duty involving personal profit, intentional failure to perform stated duties of Employee’s position, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, conviction of a felony or of a misdemeanor involving moral turpitude, misappropriation of the Corporation’s assets or those of its Affiliates, a material violation of the Corporation’s work rules, Code of Ethics or policies, or material breach of any other provision of this Agreement, in each case which is not remedied by Employee (if reasonably capable of remedy) within thirty (30) after the date the Corporation provides written notice to Employee of the issue. The term “Cause” also shall include the Employee’s failure for any reason within thirty (30) days after receipt by Employee of written notice from the Corporation to correct, cease, or otherwise alter any action or omission that could materially or adversely affect the Corporation’s profits, reputation or operations.

 

In the event Employee’s employment under this Agreement is terminated for Cause, Employee shall thereafter have no right to receive compensation or other benefits under this Agreement.

 

(f) The Corporation may terminate Employee’s employment under this Agreement, after having established Employee’s disability by giving to Employee written notice of its intention to terminate his employment for disability and his employment with the Corporation shall terminate effective on the ninetieth (90th) day, or at the end of accrued time off (sick, vacation, personal), after receipt of such notice if within ninety (90) days, or the number of available accrued days (sick, vacation, personal), after such receipt Employee shall fail to return to the full-time performance of the essential functions of his position (and if Employee’s disability has been established pursuant to the definition of “disability” set forth below). For purposes of this 

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Agreement, “disability” means either (i) disability which after the expiration of more than thirteen (13) consecutive weeks after its commencement is determined to be total and permanent by a physician selected and paid for by the Corporation or its insurers, and acceptable to Employee or his legal representative, which consent shall not be unreasonably withheld or (ii) disability as defined in the policy of disability insurance maintained by the Corporation or its Affiliates for the benefit of Employee, whichever shall be more favorable to Employee. Notwithstanding any other provision of this Agreement, the Corporation shall comply with all requirements of the Americans with Disabilities Act, 42 U.S.C. § 12101 et. seq.

 

(g) If Employee is suspended and/or temporarily prohibited from participating in the conduct of the Corporation’s affairs by a notice served pursuant to the Federal Reserve Act, the Bank Holding Company Act of 1956 or the Federal Deposit Insurance Act or the Code of Virginia, each as amended, the Corporation’s obligations under this Agreement shall be suspended as of the date of service unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Corporation may in its discretion (i) pay Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part) any of its obligations which were suspended with any such payment made by March 15 following the calendar year in which such charges are dismissed.

 

(h) If Employee is removed and/or permanently prohibited from participating in the conduct of the Corporation’s affairs by an order issued under the Federal Reserve Act, the Bank Holding Company Act of 1956 or the Federal Deposit Insurance Act or the Code of Virginia, each as amended, all obligations of the Corporation under this Agreement, and Employee’s obligations under Section 7(a) of this Agreement, shall terminate as of the effective date of the order, but vested rights of the parties shall not be affected.

 

(i) (1) If Employee’s employment is terminated without Cause or if he resigns for Good Reason within one year after a Change of Control shall have occurred, then, provided the Executive signs the Release, and the Release has become effective within thirty (30) days of Employee’s date of termination, then on or within thirty (30) days following Employee’s last day of employment with the Corporation, the Corporation shall pay to Employee a lump sum cash amount (subject to any applicable payroll or other taxes required to be withheld) equal to the excess, if any, of 299% of Employee’s “annualized includable compensation for the base period,” as defined in Section 280G of Code, over the total amount payable to Employee under Section 5(d). 

 

(2) For purposes of this Agreement, a Change of Control occurs if, after the date of this Agreement, (i) any person, including a “group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, becomes the owner or beneficial owner of Corporation securities having 50% or more of the combined voting power of the then outstanding Corporation securities that may be cast for the election of the Corporation’s directors other than a result of an issuance of securities initiated by the Corporation, or open market purchases approved by the Board of Directors, as long as the majority of the Board of Directors approving the purchases is a majority at the time the purchases are made; or (ii) as the direct or indirect result of, or in connection with, a tender or exchange offer, a merger or other business 

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combination, a sale of assets, a contested election of directors, or any combination of these events, the persons who were directors of the Corporation before such events cease to constitute a majority of the Corporation’s Board, or any successor’s board, within one year of the last of such transactions. For purposes of this Agreement, a Change of Control occurs on the date on which an event described in (i) or (ii) occurs. If a Change of Control occurs on account of a series of transactions or events, the Change of Control occurs on the date of the last of such transactions or events.

 

(3) It is the intention of the parties that no payment be made or benefit provided to Employee pursuant to this Agreement that would constitute an “excess parachute payment” within the meaning of Section 280G of the Code and any regulations thereunder, thereby resulting in a loss of an income tax deduction by the Corporation or the imposition of an excise tax on Employee under Section 4999 of the Code. If the independent accountants serving as auditors for the Corporation on the date of a Change of Control (or any other accounting firm designated by the Corporation) determine that some or all of the payments or benefits scheduled under this Agreement, together with any other payments or benefits to which Employee is entitled under this Agreement or otherwise, would be nondeductible by the Corporation under Section 280G of the Code, then the payments scheduled under this Agreement will be reduced to one dollar less than the maximum amount which may be paid without causing any such payment or benefit to be nondeductible. The determination made as to the reduction of benefits or payments required hereunder by the independent accountants shall be binding on the parties.

 

(j) Effective upon Employee’s termination of employment for any reason, Employee shall be deemed to have resigned from all positions that Employee holds as an officer, employee, or member of the Board of Directors (or committee thereof) of the Corporation or any of its Affiliates.

 

Section 6. Confidentiality/Nondisclosure and Return of Property. Employee covenants and agrees that any and all proprietary information maintained as confidential by the Corporation concerning its  customers,  or  its businesses and services of which he has knowledge or access as a result of his association with the Corporation in any capacity, shall be deemed confidential in nature and shall not, without the proper written consent of the Corporation, be directly or indirectly used, disseminated, disclosed or published by Employee to third parties other than in connection with the usual conduct of the business of the Corporation. Such information shall expressly include, but shall not be limited to, information concerning the Corporation’s trade secrets within the meaning of the Virginia Trade Secrets Act, business operations, business records, customer lists or other customer information. Upon termination of employment for any reason, Employee shall deliver to the Corporation all originals and copies of documents, forms, records or other information, in whatever form it may exist, concerning the Corporation or its business, customers, products or services. This Section 6 shall not be applicable to any information which, through no misconduct or negligence of Employee, has previously been disclosed to the public by anyone other than Employee.

 

Section 7. Restrictive Covenants. 

 

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(a) During the term of this Agreement and throughout any further period that he is an officer or employee of the Corporation, and for a period of twelve (12) months from and after the date that Employee is (for any reason) no longer employed by the Corporation, Employee covenants and agrees that he will not, directly or indirectly, either as a principal, agent, employee, employer, stockholder, co-partner or in any other individual or representative capacity whatsoever: (i) engage in a Competitive Business anywhere within a fifty (50) mile radius of any branch location or loan production office of the Corporation or the Bank as of the date Employee’s employment terminates (the “Restricted Territory”); or (ii) solicit, or assist any other person or business entity in soliciting, any then-active depositors or other then-active customers of the Corporation or the Bank who were depositors or customers of the Corporation or the Bank during Employee’s employment with the Corporation to make deposits in or to become customers of any other financial institution conducting a Competitive Business anywhere within the Restricted Territory. As used in this Agreement, the term “Competitive Business” means all banking and financial products and services and any other products and services substantially similar to those offered by the Corporation on the date that Employee’s employment terminates. Employee’s obligations under this Section 7(a) shall terminate on the date a Change of Control occurs.

 

(b) During the term of this Agreement and throughout any further period that he is an officer or employee of the Corporation, and for a period of twelve (12) months from and after the date that Employee is (for any reason) no longer employed by the Corporation, Employee covenants and agrees that he will not, directly or indirectly, either as a principal, agent, employee, employer, stockholder, co-partner or in any other individual or representative capacity whatsoever induce any individuals who were employed with the Corporation or the Bank during Employee’s employment with the Corporation to terminate their employment with the Corporation or the Bank.

 

Section 8. Injunctive Relief, Damages, Etc. 

 

(a)Employee agrees that given the nature of the positions held by Employee with the Corporation, that each and every one of the covenants and restrictions set forth in Sections 6 and 7 above are reasonable in scope, length of time and geographic area and are necessary for the protection of the significant investment of the Corporation in developing, maintaining and expanding its business. Accordingly, the parties hereto agree that in the event of any breach by Employee of any of the provisions of Sections 6 or 7 that monetary damages alone will not adequately compensate the Corporation for its losses and, therefore, that it may seek any and all legal or equitable relief available to it, specifically including, but not limited to, injunctive relief and Employee shall be liable for all damages, including actual and consequential damages, costs and expenses incurred by the Corporation as a result of taking action to enforce, or recover for any breach of, Section 6 or Section 7. 

 

(b)The covenants contained in Sections 6 and 7 shall be construed and interpreted in any judicial proceeding to permit their enforcement to the maximum extent permitted by law. Should a court of competent jurisdiction determine that any provision of the covenants and restrictions set forth in Section 7 above is unenforceable as being overbroad as to time, area or 

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scope, if consistent with applicable public policy,  the court may strike the offending provision or reform such provision to substitute such other terms as are reasonable to protect the Corporation’s legitimate business interests. Notwithstanding the foregoing, the parties acknowledge and agree that if the provisions of this Section 8(b) are held to be impermissible under applicable law, such provisions shall have no force and effect and the determination shall not affect the validity of the remainder of the Agreement, including any other provision, paragraph or subparagraph.

 

 

Section 9. Binding Effect/Assignability. This Agreement shall be binding upon and inure to the benefit of the Corporation and Employee and their respective heirs, legal representatives, executors, administrators, successors and assigns, but neither this Agreement, nor any of the rights hereunder, shall be assignable by Employee or any beneficiary or beneficiaries designated by Employee. The Corporation will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business, stock or assets of the Corporation, by agreement in form and substance reasonably satisfactory to Employee, to expressly assume and agree to perform this Agreement in its entirety. Failure of the Corporation to obtain such agreement prior to the effectiveness of any such succession shall be a breach of this Agreement. As used in this Agreement, “Corporation” shall include any successor to its business, stock or assets as aforesaid which executes and delivers the agreement provided for in this Section 9 or which otherwise becomes bound by all the terms and provisions of this Agreement by operation of law.

 

Section 10. Governing Law. This Agreement shall be subject to and construed in accordance with the laws of the Commonwealth of Virginia.

 

Section 11. Invalid Provisions. The invalidity or unenforceability of any particular provision of this Agreement shall not affect the validity or enforceability of any other provisions hereof, and this Agreement shall be construed in all respects as if such invalid or unenforceable provisions were omitted.

 

Section 12. Notices. Any and all notices, designations, consents, offers, acceptance or any other communications provided for herein shall be given in writing and shall be deemed properly delivered if delivered in person or by registered or certified mail, return receipt requested, addressed in the case of the Corporation to its registered office or in the case of Employee to his last known address.

 

Section 13. Entire Agreement.

 

(a) This Agreement, as amended and restated hereby, constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes any and all other agreements, either oral or in writing, among the parties hereto with respect to the subject matter hereof.

 

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(b) This Agreement may be executed in one or more counterparts, each of which shall be considered an original copy of this Agreement, but all of which together shall evidence only one agreement.

 

Section 14. Amendment and Waiver. This Agreement may not be amended except by an instrument in writing signed by or on behalf of each of the parties hereto. No waiver of any provision of this Agreement shall be valid unless in writing and signed by the person or party to be charged.

 

Section 15. Case and Gender. Wherever required by the context of this Agreement, the singular or plural case and the masculine, feminine and neuter genders shall be interchangeable.

 

Section 16. Captions. The captions used in this Agreement are intended for descriptive and reference purposes only and are not intended to affect the meaning of any Section hereunder.

 

Section 17. Section 409A.  This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and administered accordingly.  Notwithstanding any other provision of this Agreement, payments provided under this Agreement may only be made upon an event and in a manner that complies with Section 409A of the Code or an applicable exemption.  Any payments under this Agreement that may be excluded from Section 409A of the Code either as separation pay due to an involuntary separation from service or as a short-term deferral shall be excluded from Section 409A of the Code to the maximum extent possible.  For purposes of Section 409A of the Code, each payment under this Agreement, including each installment payment under this Agreement, shall be treated as a separate payment.  Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A of the Code.  Notwithstanding the foregoing, the Corporation makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Corporation be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A of the Code.

 

Notwithstanding any other provision of this Agreement, if any payment or benefit provided to Employee in connection with Employee’s termination of employment is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and Employee is determined to be a “specified employee” as defined in Section 409A(a)(2)(b)(i) of the Code, then such payment or benefit shall not be paid until the first payroll date to occur following the six-month anniversary of the date of termination or, if sooner, the date of Employee’s death (the “Specified Employee Payment Date”).  The aggregate of any payments that would otherwise have been paid before the Specified Employee Payment Date shall be paid to Employee in a lump sum on the Specified Employee Payment Date and thereafter, any remaining payments shall be paid without delay in accordance with their original schedule. 

 

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Any payment under Section 5 of this Agreement that is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code, and that is subject to a release’s becoming effective, and that would otherwise be paid in the first 30 days after your termination date shall be paid, if at all, on such 30th day (subject to any required delay under the preceding paragraph) and any remaining payments shall be made in accordance with their original schedule.

 

Payments with respect to reimbursements of expenses or in-kind benefits shall be paid or provided in accordance with the Corporation’s applicable policy or benefit plan, but in all events reimbursements shall be paid no later than the last day of the calendar year following the calendar year in which the relevant expense is incurred.  The amount of expenses or benefits eligible for reimbursement, payment or provision during a calendar year shall not affect the expenses or benefits eligible for reimbursement or provision in any other calendar year.

 

Section 18. Regulatory Prohibition.  Notwithstanding anything in this Agreement to the contrary, it is understood and agreed that the Corporation (or any of its successors in interest) shall not be required to make any payment or take any action under this Agreement if: (i) such payment or action is prohibited by any governmental agency having jurisdiction over the Corporation or any of its subsidiaries (a “Regulatory Authority”) because the Corporation or any of its subsidiaries is determined by such Regulatory Authority to be troubled, insolvent, in default or operating in an unsafe or unsound manner; or (ii) such payment or action (A) would be prohibited by or would violate any provision of state or federal law applicable to the Corporation or any of its subsidiaries, including, without limitation, the Federal Deposit Insurance Act and the regulations thereunder presently found at 12 C.F.R. Part 359, as now in effect or hereafter amended, (B) would be prohibited by or would violate any applicable rules, regulations, orders or statements of policy, whether now existing or hereafter promulgated, or any Regulatory Authority or (C) otherwise would be prohibited by any Regulatory Authority. If any payment hereunder is found by any Regulatory Authority, after a full and fair opportunity to be heard, to be in violation of the foregoing, any payment found to have been made in violation of the foregoing shall be immediately returned by Executive to the Corporation.

 

 

 

[Signatures on next page]

 

 

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IN WITNESS WHEREOF, the Corporation has caused this Agreement to be signed by its duly authorized officer and Employee has hereunto set his hand and seal on the day and year first above written.

 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
EAGLE FINANCIAL SERVICES, INC.

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
By:
	
 
	
 

	
 
	
 
	
 
	
 
	
Title:
	
 
	
President and Chief Executive Officer

	
 
	
 
	
 
	
 

	
ATTEST:
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
EMPLOYEE

	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
Joseph T. Zmitrovich

	
 
	
 
	
 
	
 

	
ATTEST:
	
 
	
 
	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 

	
 
	
 
	
 
	
 
	
 
	
 
	
 

 

 

40787189v5

 

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