Document:

Exhibit 10.3

 

EXECUTION VERSION

 

AMENDMENT NO. 1 TO

ASSET PURCHASE AGREEMENT

 

THIS AMENDMENT NO. 1 TO ASSET PURCHASE AGREEMENT
(this “Amendment”) is made and entered into as of May 9, 2021 by and among BioVie Inc., a Nevada corporation (“Buyer”),
NeurMedix, Inc., a Delaware corporation (“Seller”), and Acuitas Group Holdings, LLC, a California limited liability
company (“Guarantor”), solely for purposes of Section 10.16 of the Agreement (as defined below). Buyer, Seller and
the Guarantor may be referred to herein, collectively, as the “Parties” and, individually, as a “Party.”

 

WHEREAS, the Parties entered into that certain Asset
Purchase Agreement, dated as of April 27, 2021 (the “Agreement”), pursuant to which Seller has agreed to sell, transfer
and assign (or cause to be sold, transferred and assigned) to Buyer, and Buyer has agreed to purchase from Seller, the Acquired Assets,
upon the terms and subject to the conditions set forth in the Agreement; and

 

WHEREAS, pursuant to Section 10.10 of the Agreement,
any provision of the Agreement may be amended by an instrument in writing signed on behalf of each of the Parties; and

 

WHEREAS, the Parties desire to amend the Agreement
as set forth herein.

 

NOW, THEREFORE, in consideration of the premises
and of the mutual representations, warranties, covenants and agreements herein contained, and for other good and valuable consideration
(the receipt and sufficiency of which are hereby acknowledged), the Parties, intending to be legally bound, hereby agree as follows:

 

AGREEMENT

 

1.1        
Undefined Terms. Any undefined capitalized terms used in this Amendment have the meanings ascribed to such terms in the
Agreement.

 

1.2        
Amendment with Respect to the Contingent Stock Consideration.

 

(a)         
Section 1.5(b) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(b) Contingent
Stock Consideration.

 

(i)       Upon
the achievement of the milestones set forth in the table below (the “Milestones”) for any of the products set forth
on Schedule 1.5(b) (the “Milestone Products”), Buyer shall issue to the Seller Successor the number of shares of Buyer
Common Stock (the “Contingent Stock Consideration”) set forth with respect to the applicable Milestone in the table
below (it being understood, for the avoidance of doubt, that each Milestone may be achieved only once), subject to adjustment for stock
splits, combinations, reclassifications or similar transactions.

 

     

     

    

 

	
    Milestone
	
    Number
    of Shares of

    Buyer Common Stock

	
    A.   A
    Pivotal Clinical Trial for any Milestone Product meets its primary endpoint(s).
	
    4,500,000

	
    B.    The
    FDA accepts an NDA for any Milestone Product, provided that 50% of this Milestone shall be payable earlier upon the filing of a marketing
    authorization application for any Milestone Product with the European Medicines Agency.
	
    4,500,000

	
    C.    The
    FDA approves an NDA for any Milestone Product, provided that 50% of this Milestone shall be payable earlier upon the grant by the European
    Commission of marketing authorization for any Milestone Product.
	
    4,500,000

	
    D.   Net
    Sales for all Milestone Products together reach at least $1,000,000,000 during any fiscal year of the Buyer.
	
    4,500,000

 

(ii)       Buyer
shall issue the shares of Buyer Common Stock constituting the Contingent Stock Consideration with respect to each of Milestones A, B and
C in the table set forth in this Section 1.5(b) to the Seller Successor within five (5) Business Days following the occurrence of the
applicable Milestone, and Buyer shall issue the shares of Buyer Common Stock constituting the Contingent Stock Consideration with respect
to Milestone D in the table set forth in this Section 1.5(b) within five (5) Business Days following the filing of Buyer’s Annual
Report on Form 10-K for the applicable fiscal year in which Milestone D is satisfied. Notwithstanding the foregoing, if, following the
issuance by Buyer of the shares of Buyer Common Stock constituting the Contingent Stock Consideration following the achievement of a Milestone,
the total ownership of the Seller Successor and its Affiliates of shares of Buyer Common Stock (including in the numerator of such calculation
any shares of Buyer Common Stock Transferred by the Seller Successor or its Affiliates to a Third Party after the date of this Agreement)
would exceed 87.5% of the Buyer Outstanding Shares, Buyer shall reduce the number of shares of Buyer Common Stock issuable upon achievement
of the applicable Milestone such that, following issuance of the applicable shares of Buyer Common Stock, the Seller Successor and its
Affiliates would own 87.5% of the Buyer Outstanding Shares (including in the numerator of such calculation any shares of Buyer Common
Stock Transferred by the Seller Successor or its Affiliates to a Third Party after the date of this Agreement).”

 

(b)         
Section 1.5(c) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(c)         
Upon consummation of any Fundamental Transaction, the applicable Successor Entity shall expressly assume Buyer’s obligations
under this Section 1.5 and deliver to the Seller Successor confirmation in writing, duly executed by such Successor Entity, that (i)
subject to the satisfaction of the Contingent Cash Condition set forth in clause (i) of the definition thereof, the Successor Entity
shall pay (or cause to be paid) to the Seller Successor an amount equal to the Contingent Cash Amount, in the manner described in
Section 1.5(a) (it being understood, for the avoidance of doubt, that the Contingent Cash Condition set forth in clause (ii) of the
definition thereof shall be deemed to have been satisfied upon consummation of such Fundamental Transaction), and (ii) following
achievement of any remaining Milestones after the consummation of such Fundamental Transaction, the Successor Entity shall pay or
issue, as applicable (or cause to be paid or issued, as applicable), to the Seller Successor, in lieu of the shares of Buyer Common
Stock constituting the Contingent Stock Consideration that would otherwise have been issuable to the Seller Successor pursuant to
Section 1.5(b), at the Seller Successor’s election, either (A) an amount in cash equal to the number of shares of Buyer Common
Stock set forth in the table set forth in Section 1.5(b)(i) multiplied by the value of the per share consideration received for each
share of Buyer Common Stock in such Fundamental Transaction or (B) such shares of stock, securities, cash, assets or any other
property whatsoever, if any, that the Seller Successor would have been entitled to receive upon the closing of such Fundamental
Transaction had the shares of Buyer Common Stock constituting the Contingent Stock Consideration with respect to the applicable
Milestone been issued immediately prior to the closing of such Fundamental Transaction. No later than the closing date of any
Fundamental Transaction, Buyer shall disclose to the Seller Successor all material information relating to such Fundamental
Transaction (including the material terms and conditions thereof). The provisions of this Section 1.5(c) shall apply similarly and
equally to all successive Fundamental Transactions.”

 

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(c)         
Section 1.5(f)(i) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(i)       Notwithstanding
any other provision in this Agreement to the contrary, prior to Buyer making a payment of the Contingent Cash Amount pursuant to Section
1.5(a) or delivering shares of Buyer Common Stock constituting Contingent Stock Consideration pursuant to Section 1.5(b) to the Seller
Successor, Buyer may offset against such Contingent Consideration any amounts then owed by Seller or the Seller Successor to Buyer pursuant
to this Agreement (it being understood and agreed that any shares of Buyer Common Stock so offset shall be valued by reference to the
Buyer Trading Price for the ten (10) consecutive Business Days ending on the Business Day immediately before the offset of such amounts).”

 

(d)         
The definition of “Cap” in Section 9.1(s) of the Agreement is hereby amended and restated in its entirety as follows:

 

“(s)         “Cap”
means an amount equal to the sum of (i) an amount equal to 10% of the Initial Cash Payment, plus (ii) an amount equal to 10% of
the value of the Initial Stock Consideration, with the value of the Initial Stock Consideration for purposes of this definition being
equal to the number of shares of Buyer Common Stock constituting the Initial Stock Consideration multiplied by the Buyer Trading Price
for the ten (10) consecutive Business Days ending on the Business Day immediately before the Closing Date, plus (iii) an amount
equal to 10% of the Contingent Cash Amount to the extent paid by Buyer pursuant to Section 1.5(a), plus (iv) an amount equal to
10% of the value of the Contingent Stock Consideration to the extent delivered by Buyer pursuant to Section 1.5(b), with the value of
such Contingent Stock Consideration for purposes of this definition being equal to the number of shares of Buyer Common Stock so delivered
multiplied by the Buyer Trading Price for the ten (10) consecutive Business Days ending on the Business Day immediately before the issuance
of such Contingent Stock Consideration.”

 

(e)         
The definition of “Maximum Liability Amount” in Section 9.1(zz) of the Agreement is hereby amended and restated in
its entirety as follows:

 

“(zz)         “Maximum
Liability Amount” means an amount equal to the sum of (i) the Initial Cash Payment, (ii) the value of the Initial Stock Consideration
on the Closing Date, with the value of the Initial Stock Consideration for purposes of this definition being equal to the number of shares
of Buyer Common Stock constituting the Initial Stock Consideration multiplied by the Buyer Trading Price for the ten (10) consecutive
Business Days ending on the Business Day immediately before the Closing Date, (iii) the Contingent Cash Amount to the extent actually
paid by Buyer pursuant to Section 1.5(a), and (iv) the value of the Contingent Stock Consideration to the extent actually delivered by
Buyer pursuant to Section 1.5(b), with the value of such Contingent Stock Consideration for purposes of this definition being equal to
the number of shares of Buyer Common Stock so delivered multiplied by the Buyer Trading Price for the ten (10) consecutive Business Days
ending on the Business Day immediately before the issuance of such Contingent Stock Consideration.”

 

    - 3 -

     

    

 

1.3        
Buyer Stockholder Approval. Immediately following the execution and delivery of this Amendment, and in lieu of calling
a meeting of Buyer’s stockholders, Buyer shall (a) submit the Stockholder Written Consent, in the form attached as Exhibit I to
this Amendment (the “Stockholder Written Consent”), to the Principal Stockholder and (b) use its reasonable best efforts
to obtain the Stockholder Written Consent, duly executed by the Principal Stockholder and duly delivered to Buyer in accordance with
the Nevada Revised Statutes, from the Principal Stockholder before 9:00 a.m. New York time, on the day immediately following the date
of this Amendment. The Parties agree and acknowledge that the Stockholder Written Consent shall be void and of no further effect if the
Agreement is terminated in accordance with the terms and conditions hereof. Within two (2) Business Days after the date of this Amendment,
Buyer shall file with the SEC a revised preliminary Information Statement relating to the Buyer Stockholder Approval.

 

1.4        
No additional Changes. Except as specifically set forth in this Amendment, the terms and provisions of the Agreement shall
remain unmodified. From and after the date of this Amendment, all references to the Agreement shall mean the original Agreement as amended
by this Amendment.

 

1.5        
Counterparts; Facsimile Signatures. This Amendment may be executed in multiple counterparts and any Party may execute any
such counterpart, each of which when executed and delivered shall be deemed to be an original and all of which counterparts taken together
shall constitute but one and the same instrument. For purposes of this Amendment, facsimile signatures shall be deemed originals, and
the Parties agree to exchange original signatures as promptly as possible.

 

[Signature page follows]

 

    - 4 -

     

    

 

IN
WITNESS WHEREOF, the Parties have executed this Amendment No. 1 to Asset Purchase Agreement as of the day and year first written above.

 

	 	BioVie Inc.
	 	 
	 	By:	/s/ Michael Sherman
	 	Name:    Michael Sherman
	 	Title:      Director
	 	 
	 	NeurMedix, Inc.
	 	 
	 	By:	/s/ Terren Peizer
	 	Name:    Terren Peizer
	 	Title:      Chief Executive Officer
	 	 
	 	Acuitas Group Holdings, LLC,
    solely for purposes of Section 10.16 of the Agreement
	 	 
	 	By:	/s/ Terren Peizer
	 	Name:    Terren Peizer
	 	Title:      Managing Member

 

[Signature page to Amendment No. 1 to Asset Purchase Agreement]Exhibit 10.1
Form of Executive Officer Grant

Broadmark Realty Capital Inc.
GRANT NOTICE FOR 2019 STOCK INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD
FOR GOOD AND VALUABLE CONSIDERATION, Broadmark Realty Capital Inc. (the “Company”), hereby grants to the Participant named below the number of Restricted Stock Units specified below (the “RSUs” or the “Award”). Each Restricted Stock Unit represents the right to receive one share of the Company’s common stock, par value $0.001 (the “Common Stock”), upon the terms and subject to the conditions set forth in this Grant Notice, the Broadmark Realty Capital Inc. 2019 Stock Incentive Plan (the “Plan”) and the Standard Terms and Conditions (the “Standard Terms and Conditions”) promulgated under such Plan, each as amended from time to time.  This Award is granted pursuant to the Plan and is subject to and qualified in its entirety by the Standard Terms and Conditions.
​
	Name of Participant:
	[____________________]

	Grant Date:
	______________, ___

	Number of Restricted Stock Units:
	[____] units

	Vesting Schedule:
	​
One-third of the Award shall vest on each of the first, second and third anniversaries of _______________, [YEAR 1], subject to the Participant’s continued employment through such date, such that the entire Award is fully vested as of ________________, [YEAR 4].
​

By accepting this Grant Notice, Participant acknowledges that he or she has received and read, and agrees that this Award shall be subject to, the terms of this Grant Notice, the Plan and the Standard Terms and Conditions.
[Signature Page Follows]
​

​

Exhibit 10.1
Form of Executive Officer Grant

IN WITNESS WHEREOF, the parties hereto have caused to be executed or executed this agreement as of the date first written above.
​
	Broadmark Realty Capital Inc.:

	​

	By: __________________________________

	Name: ________________________________ 

	Title: _________________________________   

​

​

Exhibit 10.1
Form of Executive Officer Grant

	PARTICIPANT:

	​

	_____________________________________

	Name:  

	​

​
​

​

Exhibit 10.1
Form of Executive Officer Grant

Broadmark Realty Capital Inc.
STANDARD TERMS AND CONDITIONS FOR 
RESTRICTED STOCK UNITS
These Standard Terms and Conditions apply to the Award of Restricted Stock Units granted pursuant to the Broadmark Realty Capital Inc. 2019 Stock Incentive Plan (the “Plan”), which are evidenced by a Grant Notice or an action of the Committee that specifically refers to these Standard Terms and Conditions.  In addition to these Terms and Conditions, the Restricted Stock Units shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.
1.TERMS OF RESTRICTED STOCK UNITS
Broadmark Realty Capital Inc. (the “Company”), has granted to the Participant named in the Grant Notice provided to said Participant herewith (the “Grant Notice”) an award of a number of Restricted Stock Units (the “Award” or the “RSUs”) with each RSU representing the right to receive one share of the Company’s common stock, par value $0.001 (the “Common Stock”) specified in the Grant Notice.  The Award is subject to the conditions set forth in the Grant Notice, these Standard Terms and Conditions, and the Plan, each as amended from time to time.  For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.  The Standard Terms and Conditions and the Grant Notice together shall constitute the Award Agreement with respect to this Award as contemplated under Section 2(d) of the Plan.
2.VESTING
The Award shall not be vested as of the Grant Date set forth in the Grant Notice and shall be forfeitable unless and until otherwise earned and vested pursuant to the terms of the Grant Notice and these Standard Terms and Conditions.  The Award shall become vested as described in the Grant Notice.  RSUs that have vested and are no longer subject to forfeiture are referred to herein as “Vested RSUs.” RSUs awarded hereunder that are not vested and remain subject to forfeiture are referred to herein as “Unvested RSUs.” 
​
Notwithstanding anything contained in these Standard Terms and Conditions to the contrary, upon Participant’s Termination of Employment with the Company and its Subsidiaries for any reason other than (a) due to the Participant’s Disability or death, or (b) by the Company without Cause or by the Participant for Good Reason, in either case within thirty (30) days before or within twenty-four (24) months following a Change in Control, all Unvested RSUs shall be forfeited and canceled as of the date of such Termination of Employment without the payment of any consideration therefor.  If the Participant’s Termination of Employment is due to the Participant’s Disability or death, all Unvested RSUs shall vest as of the date of such termination.  If the Participant’s Termination of 

4

Exhibit 10.1
Form of Executive Officer Grant

Employment by the Company without Cause or by the Participant for Good Reason, in either case, occurs within thirty (30) days before or within twenty-four (24) months following a Change in Control, then all Unvested RSUs shall vest and all other conditions to the grant, issuance, retention or transferability of this Award shall lapse as of the date of such termination.
​
“Good Reason” has the meaning set forth in the written employment agreement between the Participant and the Company or an Affiliate thereof, or if no such meaning applies in such agreement or no such agreement exists, then the term means (i) a material and sustained diminution in the Participant’s duties of employment or a material reduction of the Participant’s title, (ii) a material breach by the Company or an Affiliate of any employment agreement with the Participant, if any, (iii) relocation of the Participant’s principal place of employment to a location that is more than fifty (50) miles from the Participant’s place of employment on the Grant Date, without the Participant’s consent, (iv) a reduction in the Participant’s annual base salary, unless such reduction is part of an across the board reduction for employees at or above similar levels of authority within the Company or an Affiliate (whichever employs the Participant), or (v) a material reduction in the Participant’s target annual bonus opportunity; provided that any such action shall not constitute Good Reason unless (A) the Participant provides written notice to the Company of any such action within thirty (30) days of the date on which such action first occurs and provides the Company with thirty (30) days to remedy such action (the “Cure Period”), (B) the Company fails to remedy such action within the Cure Period, and (C) the Participant resigns within thirty (30) days of the expiration of the Cure Period.
3.SETTLEMENT OF RSUS
Promptly following the date on which RSUs become vested, and in any event no later than March 15 of the calendar year following the calendar year in which such vesting occurs, the Company shall (a) issue and deliver to the Participant the number of shares of Company common stock equal to the number of Vested RSUs and (b) enter the Participant’s name on the books of the Company as the shareholder of record with respect to the shares of Company common stock delivered to the Participant.  
Notwithstanding the foregoing, in accordance with Section 11 of the Plan, the Committee may, but is not required to, prescribe rules pursuant to which the Participant may elect to defer settlement of the RSUs.  Any deferral election must be made in compliance with such rules and procedures as the Committee deems advisable.
If the Participant is deemed a “specified employee” within the meaning of Section 409A of the Code, as determined by the Committee, at a time when the Participant becomes eligible for settlement of the RSUs upon his “separation from service” within the meaning of Section 409A of the Code, then to the extent necessary to prevent any accelerated or additional tax under Section 409A of the Code, such settlement will be delayed until the 

5

Exhibit 10.1
Form of Executive Officer Grant

earlier of (a) the date that is six months following the Participant’s separation from service and (b) the Participant’s death. 
4.RIGHTS AS STOCKHOLDER
Participant shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any RSUs unless and until shares of Common Stock settled for such RSUs shall have been issued by the Company to Participant (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).  For the avoidance of doubt, the Participant shall not be entitled to receive any dividends or dividend equivalents with respect to the RSUs or have any voting rights with respect to the RSUs unless and until shares of Common Stock settled for Vested RSUs shall have been issued by the Company to Participant.  
5.RESTRICTIONS ON RESALES OF SHARES
The Company may impose such restrictions, conditions or limitations as it determines appropriate as to the timing and manner of any resales by the Participant or other subsequent transfers by the Participant of any shares of Common Stock issued pursuant to Vested RSUs, including without limitation (a) restrictions under an insider trading policy, (b) restrictions designed to delay and/or coordinate the timing and manner of sales by Participant and other holders and (c) restrictions as to the use of a specified brokerage firm for such resales or other transfers.
6.INCOME TAXES
To the extent required by applicable federal, state, local or foreign law, the Participant authorizes the Company to deduct from payments of any kind due Participant to satisfy any withholding tax obligations that arise by reason of the grant or vesting of the RSUs.  This authority shall include the authority to withhold Common Stock or other property and to make cash payments in respect thereof in satisfaction of the Participant’s tax obligation.  The Company shall not be required to issue shares or to recognize the disposition of such shares until such obligations are satisfied.
7.NON­TRANSFERABILITY OF AWARD
The Participant understands, acknowledges and agrees that, except as otherwise provided in the Plan or as permitted by the Committee, the Award may not be sold, assigned, transferred, pledged or otherwise directly or indirectly encumbered or disposed of other than by will or the laws of descent and distribution.
8.OTHER AGREEMENTS SUPERSEDED

6

Exhibit 10.1
Form of Executive Officer Grant

The Grant Notice, these Standard Terms and Conditions and the Plan constitute the entire understanding between the Participant and the Company regarding the Award.  Any prior agreements, commitments or negotiations concerning the Award are superseded.
9.LIMITATION OF INTEREST IN SHARES SUBJECT TO RSUs
Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest, or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Grant Notice or these Standard Terms and Conditions except as to such shares of Common Stock, if any, as shall have been issued to such person in connection with the Award.  Nothing in the Plan, in the Grant Notice, these Standard Terms and Conditions or any other instrument executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company’s employ or service nor limit in any way the Company’s right to terminate the Participant’s employment at any time for any reason.
10.GENERAL
(a)In the event that any provision of these Standard Terms and Conditions is declared to be illegal, invalid or otherwise unenforceable by a court of competent jurisdiction, such provision shall be reformed, if possible, to the extent necessary to render it legal, valid and enforceable, or otherwise deleted, and the remainder of these Standard Terms and Conditions shall not be affected except to the extent necessary to reform or delete such illegal, invalid or unenforceable provision.
(b)The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect.
(c)These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.
(d)These Standard Terms and Conditions shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to principles of conflicts of law.
(e)In the event of any conflict between the Grant Notice, these Standard Terms and Conditions and the Plan, the Grant Notice and these Standard Terms and Conditions shall control.  In the event of any conflict between the Grant Notice and these Standard Terms and Conditions, the Grant Notice shall control.
(f)All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Committee in its total and absolute discretion.

7

Exhibit 10.1
Form of Executive Officer Grant

11.ELECTRONIC DELIVERY
By executing the Grant Notice, the Participant hereby consents to the delivery of information (including, without limitation, information required to be delivered to the Participant pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, and the RSUs via Company web site or other electronic delivery.

8

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