Document:

ex_445596.htm

Exhibit 10.3

 

CONSULTING AGREEMENT

 

This Consulting Agreement (“Agreement”) is made and entered into as of November 10, 2022, by and between Vistagen Therapeutics, Inc., a Nevada corporation with principal offices located at 343 Allerton Avenue, South San Francisco, California 94080 (“Vistagen”), and i3 Strategy (“Consultant”). In this Agreement, Vistagen and Consultant are sometimes referred to individually as a “Party” and together as the “Parties.”

 

WHEREAS, Consultant has substantial expertise in the biopharmaceutical industry relating to commercialization, corporate development and strategic planning; and

 

WHEREAS, Vistagen wishes to engage Consultant to provide consulting services in their area of expertise.

 

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

 

	
			1.

				
			SERVICES. Consultant agrees to provide Vistagen with the consulting services (“Services”) described in Appendix A to this Agreement. Consultant will perform the Services in good faith, with all due care, skill, and ability, and to the highest standards of professional and ethical competence and integrity. Consultant will keep accurate records of their Services including authorized expenditures. For clarity, this Agreement shall be applied in case of any conflict between this Agreement and the proposal at Appendix A.

			

 

	
			2.

				
			COMPENSATION. In consideration for the Services performed by Consultant, Vistagen agrees to compensate Consultant as set forth in Appendix A. Invoices will be submitted by Consultant via email to: accountspayable@vistagen.com, with a copy to jdotson@vistagen.com

			

 

	
			3.

				
			WORK PRODUCT AND DELIVERABLES. Any work product and deliverables to be provided pursuant to the Services are described in Appendix A. Consultant agrees to treat as for the sole benefit of Vistagen and to fully and promptly disclose and assign to Vistagen, without additional compensation, all right, title and interest in and to any and all intellectual property embodied in such work product and deliverables. Works of authorship that are protectable by copyright are “works made for hire,” as that term is defined in the United States Copyright Act. As required by California law, the foregoing provision regarding intellectual property, specifically including any assignment obligations, shall not apply to any invention developed outside of the Services. Consultant agrees to sign all papers and take other actions, at Vistagen’s expense and reasonable request, to assign, secure and enforce rights to such intellectual property.

			

 

	
			4.

				
			RELATIONSHIP OF THE PARTIES. Consultant is an independent contractor to and not an employee of Vistagen. Vistagen will not withhold taxes or provide any benefits to Consultant, such as health insurance, leave, or any other employee benefits. Consultant will have no management activities, authority or responsibilities on behalf of Vistagen.

			

 

 

 

 

  

	
			5.

				
			CONFIDENTIAL INFORMATION. Subject to the limitations set forth in Section 6, all information disclosed by one Party to the other shall be deemed to be “Confidential Information.” Confidential Information may include, without limitation, any trade secret, patent application, technique, invention, idea, process, or formula; any sample, compound, extract, media, vector and/or cell line; any procedures and formulations for producing the foregoing; any data or information relating to any past, current and contemplated research and development activities, clinical trials, and the like; and any commercial, engineering, manufacturing, marketing, partnering, regulatory, servicing, financing or personnel matter, plan, program or strategy, suppliers, clients, customers, employees, investors, partners or business opportunities of a Party, whether in oral, written, visual, graphic or electronic form. All Confidential Information (including all copies thereof) shall remain at all times the property of the Party that discloses it (“Disclosing Party”).

			

 

	
			6.

				
			EXCLUSIONS FROM CONFIDENTIAL INFORMATION. Confidential Information shall not include information that the Party that receives it (“Receiving Party”) can demonstrate by competent written proof: (a) is now, or hereafter, becomes generally known or available in the public domain through no act or failure to act by Receiving Party; (b) is already known by Receiving Party at the time of receiving such information; (c) is hereafter furnished to Receiving Party by a third party, as a matter of right and without restriction on disclosure; (d) is independently developed by Receiving Party without any use of the Confidential Information; or (e) is approved in writing for disclosure by Disclosing Party.

			

 

	
			7.

				
			DISCLOSURE DUE TO OPERATION OF LAW. Notwithstanding any other provision of this Agreement to the contrary, disclosure of Confidential Information by Receiving Party will not be precluded if such disclosure: (a) is made in response to a valid order of a court or other governmental body of the United States or any political subdivision thereof having competent jurisdiction; or (b) is otherwise required by law or regulation; provided, however, that Receiving Party shall first have given reasonable prior notice to Disclosing Party, to the extent legally permissible, and shall have made a reasonable effort to obtain a protective order requiring that the Confidential Information so disclosed be used only for the purposes for which the order was issued.

			

 

	
			8.

				
			LIMITATIONS ON USE. Receiving Party may use the Confidential Information only to the extent required to provide the Services and for no other purpose. Receiving Party shall maintain all Confidential Information in trust and strict confidence and shall not disclose any of the Confidential Information to any other third party without Disclosing Party’s prior written consent.

			

 

	
			9.

				
			MAINTENANCE OF CONFIDENTIALITY. Receiving Party agrees to take reasonable measures to protect the secrecy of and avoid disclosure and unauthorized use of the Confidential Information. Without limiting the foregoing, Receiving Party will take at least those measures that it takes to protect its own confidential information of a similar nature.

			

 

	
			10.

				
			NO LICENSE OR IMPLIED RIGHTS. No rights or licenses to copyrights, inventions, know-how, patents, trademarks, trade secrets, or any other intellectual property rights, are implied or granted under this Agreement except as expressly set forth herein.

			

 

- 2 -

 

 

	
			11.

				
			TERM, TERMINATION AND SURVIVAL. This term of this Agreement will extend from November 11, 2022 (“Effective Date”) to March 31, 2024, unless earlier terminated or extended by mutual agreement. Each Party reserves the right, in its sole discretion, to terminate the Agreement at any time and for any reason, including no reason. Either Party may terminate this Agreement if the other Party commits a material breach of this Agreement that is not remedied within thirty (30) days after receiving written notice of such breach or within such other period as is reasonable under the circumstances. Receiving Party’s obligations regarding confidentiality under this Agreement will continue for a period of five (5) years after any expiration or termination of this Agreement. The provisions of this Agreement that expressly or by implication are intended to come into or remain in force on or after its expiration or termination shall remain in full force and effect, including Sections 4 – 8 and 10.

			

 

	
			12.

				
			TREATMENT OF CONFIDENTIAL INFORMATION UPON TERMINATION. Upon expiration or termination of this Agreement, Receiving Party shall promptly return or destroy, as directed by Disclosing Party, all copies of Confidential Information and provide Disclosing Party with all work product and deliverables described in the Services and confirm such actions in writing. Notwithstanding the foregoing, Receiving Party may retain copies of Confidential Information as is reasonably required to comply with its internal document retention policies or applicable law or to ensure its compliance with the provisions of this Agreement. In addition, Receiving Party will not be obligated to destroy copies of such information remaining on its standard computer back-up systems. Any Confidential Information so retained will continue to be subject to the terms of this Agreement for the period set forth herein.

			

 

	
			13.

				
			REMEDIES. Consultant understands and agrees that money damages may not be a sufficient remedy for a breach of this Agreement and that Vistagen will be entitled to seek specific performance, injunctive relief and/or other equitable relief as a remedy for any such breach. Such remedy shall not be deemed to be the exclusive remedy for a breach of this Agreement but shall be in addition to other remedies available at law or in equity.

			

 

	
			14.

				
			SECURITIES LAWS. Vistagen is a publicly traded company. Consultant acknowledges that: (i) trading in securities of Vistagen is subject to applicable securities legislation; (ii) as a result of the disclosure of the Confidential Information by Vistagen to Consultant, Consultant may possess material, non-public information of Vistagen; and (iii) any trading by Consultant or its Representatives in the securities of Vistagen while in possession of such material, non-public information may be a violation of applicable securities legislation and is at all times prohibited.

			

 

	
			15.

				
			NOTICE. All demands, notices and requests under this Agreement, other than routine communications, shall be in writing, in each case to the attention of the other Party’s signatory at the address above. Either Party may give any notice under this Agreement by customary means (including personal delivery, overnight courier, or by certified postal delivery but expressly not including fax or email), and such notice or other communication shall not be deemed duly given when the Party for whom it is intended receives it. Any Party may change the address to which notices and other communications are to be delivered.

			

 

- 3 -

 

 

	
			16.

				
			MISCELLANEOUS.

			

 

(a)    Each of the undersigned warrants that they have the authority to enter into this Agreement and to disclose the Confidential Information provided hereunder.

 

(b)    In the performance of its permitted activities under this Agreement, each Party shall comply with all applicable laws, including all applicable export control, anti-corruption and anti-bribery laws and regulations.

 

(c)    This Agreement shall bind and inure to the benefit of the Parties and their successors and permitted assigns.

 

(d)    Neither Party shall have the right to use the other Party’s name or likeness in any publications, publicity or other materials or presentations without obtaining the prior written consent of the other Party.

 

(e)    Neither this Agreement nor any rights or obligations under this Agreement are assignable by either Party without the prior written approval of the other Party, except that either Party may assign this Agreement to an Affiliate without such consent and Vistagen may assign this Agreement in the context of a sale of all or substantially all of its assets that relate to this Agreement without such consent.

 

(f)    This Agreement shall be governed by the laws of the State of California as applied to disputes involving parties located entirely within the State and without giving effect to its choice of law provisions. Any claim or controversy arising out of or related to this Agreement, or any breach hereof, shall be submitted to a court of competent jurisdiction in the State of California, and each Party hereby consents to the jurisdiction and venue of such court.

 

(g)    This Agreement has been prepared in the English language and the English language shall control its interpretation.

 

(h)    This Agreement constitutes the final, complete and exclusive agreement of the Parties relative to the subject matter hereof and supersedes all prior and contemporaneous understandings and agreements relating to its subject matter. This Agreement may not be changed, modified, amended or supplemented except by a written instrument signed by both Parties.

 

(i)    Section headings are included for convenience only and will not be deemed to be a part of this Agreement.

 

(j)    Any failure to enforce any provision of this Agreement shall not constitute a waiver thereof or of any other provision, nor will any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. To be effective hereunder, any waiver of any right, power, or privilege hereunder shall be in writing and signed by the Party against whom the waiver is sought to be enforced.

 

- 4 -

 

 

(k)    If any one or more of the provisions of this Agreement is held to be invalid or unenforceable by any court of competent jurisdiction from which no appeal can be or is taken, the provision shall be considered severed from this Agreement and shall not serve to invalidate any remaining provisions hereof. The Parties shall make a good faith effort to replace any invalid or unenforceable provision with a valid and enforceable one such that the objectives contemplated by the Parties when entering into this Agreement may be realized.

 

(l)    Neither Party shall be deemed to have defaulted under or to be in breach of this Agreement for failure or delay in fulfilling material obligations when such failure or delay is directly caused by an event outside of their reasonable control, including but not limited to war, acts of war, insurrections, acts of terrorism, epidemics or pandemics, or acts of God (a “Force Majeure Event”). Each Party shall inform the other promptly and in writing of any such Force Majeure Event and the Parties will discuss the situation, and acting in good faith, agree on the appropriate course of action under the circumstances.

 

(m)    For the convenience of the Parties, this Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may be executed in PDF form or by other electronically transmitted signatures and such signatures will be deemed to bind each Party as if they were the original signatures.

 

[Remainder of page intentionally blank]

 

- 5 -

 

 

IN WITNESS WHEREOF, each Party has caused the Agreement to be executed effective as of the date set forth above.

 

	
			AGREED TO:

				 	AGREED TO:	 
	 	 	 	 	 	 
	
			VISTAGEN THERAPEUTICS, INC.

				 	CONSULTANT	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	
			By:

				
			/s/ Shawn K. Singh

				 	
			By:

				
			/s/ Ann M. Cunningham

				 
	 	 	 	 	 	 
	
			Name:

				
			Shawn K. Singh, J.D.

				 	
			Name:

				
			Ann M. Cunningham

				 
	 	 	 	 	 	 
	
			Title:

				
			Chief Executive Officer

				 	
			Title:

				
			Managing Partner

				 
	 	 	 	 	 	 
	
			Date:

				
			November 10, 2022

				 	
			Date:

				
			November 10, 2022

				 

 

 

 

 

 

(Appendix A is attached)

 

- 6 -

 

 

Appendix A

 

Description of Services to be Provided by Consultant

 

PRIMARY OBJECTIVE:

 

Provide corporate development and strategic advisory services to senior management and internal Tiger Teams regarding development and commercialization, including potential corporate partnering, of the Company’s clinical stage drug candidates, PH94B, PH10 and AV-101, for neuropsychiatric and neurological disorders, with primary emphasis on PH94B for treatment of Social Anxiety Disorder (SAD) and PH10 for Major Depression Disorder (MDD).

 

Services include, but are not limited to, the following:

 

	 	
			●

				
			Advise and support senior management on strategic imperatives and critical success factors.

			

	 	
			●

				
			Perform qualitative research as needed and act as point of contact on any quantitative research.

			

	 	
			●

				
			Review current primary and secondary research, data and analyses germane to the Company’s pipeline and competitive landscape.

			

	 	
			●

				
			Identify and fill gaps in Company understanding of key market dynamics – unmet needs, customer insights (patient, HCP and payer), market access environment, competition, etc.

			

	 	
			●

				
			Advise on worldwide market potential for PH94B and PH10, including market size, market and treatment dynamics, etc.

			

	 	
			●

				
			Advise on Company’s “Neurobiology of Fear” program.

			

	 	
			●

				
			Support Company’s ongoing maintenance of Thought Leader Advisory Board.

			

	 	
			●

				
			Support Company’s positioning exercise and brand story development.

			

	 	
			●

				
			Support key initiatives and communication objectives, including, but not limited to, supporting Company’s CEO in discussions with Wall Street analysts and bankers, as well as institutional investors and existing and potential drug development and commercialization collaborators.

			

Compensation from Vistagen to Consultant:

 

Vistagen agrees to provide compensation to Consultant as follows, by check or wire to a U.S. bank account:

 

	 	
			●

				
			$120,000 for Services from the Effective Date through March 31, 2023

			

	 	
			●

				
			$10,000 per month for Services from April 1, 2023, through March 31, 2024

			

	 	
			●

				
			Reasonable expenses will be reimbursed by Vistagen at cost. Substantial expenses not in the usual course of business, airfare and hotel accommodations must be pre-approved by Vistagen.

			

 

- 7 -EX-10.1

  THE SECURITIES REPRESENTED BY THIS WARRANT, INCLUDING THE SHARES ISSUABLEUPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND NEITHER SUCH SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS (1) A REGISTRATION STATEMENT WITH RESPECT THERETO IS EFFECTIVE UNDER THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, OR (2) THE COMPANY RECEIVES AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH SECURITIES MAY BE OFFERED, SOLD, PLEDGED, ASSIGNED OR TRANSFERRED IN THE MANNER CONTEMPLATED PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS UNDER THE SECURITIES ACT OR APPLICABLE STATE SECURITIES LAWS.

    

  WARRANT AGREEMENT

    

  of

    

  MSP RECOVERY, INC.

  2710 Le Jeune Road Floor 10

  Coral Gables, Florida

    

  Dated as of:                   September 30, 2022 (the “Effective Date”)

    

  WHEREAS, MSP Recovery, Inc., a Delaware corporation (the “Company”), has entered into an Amendment to CPIA dated September 30, 2022 (the “Amendment”) with Brickell Key Investments LP, a Delaware limited partnership (the “Holder”), pursuant to which the Holderhas agreed to make certainfinancial accommodations to Company;

    

  WHEREAS, in connection with such financial accommodations and the consummation of all other transactions contemplated under the Amendment, the Company desires to grant Holder the right to purchase Class A common shares in the Company in accordance with the terms and conditions of this Warrant Agreement, subject to the limitations, including those described in Sections 3 and 4, herein (the “Agreement” or the “Warrant”).

    

  NOW, THEREFORE, in consideration of the mutualcovenants and agreements contained herein and in the Amendment, and other good and valuableconsideration the receiptand sufficiency of which is hereby acknowledged, the Company and Holder hereby agree as follows:

    

  FOR VALUE RECEIVED, the Company hereby grants to Holder or its permitted assigns, and the Holder is entitled, upon the terms and subject to the conditions hereinafter set forth, to subscribe for and purchase from the Company shares of Class A common stock in the Company (the "Class A Shares"). The maximum amount of Class A Shares that the Holder may purchase from the Company is 66,666,666 shares of Class A Common Stock (the “Amount”) for a purchase price equal to $6,666.67 ($0.0001per Class A Share) (the “Exercise Price”), and is payable in cash. The Exercise Price may be adjusted from time to time in accordance with Section 5 hereof, according to the terms, conditions and procedures set forth herein. This Warrant (the “Warrant”) will expire at 5:00 p.m. (Eastern Time), on September 30, 2027 (the “Expiration Date”) and may be exercised in whole or in part by Holder at any time prior to such date. The Class A Shares issued upon exercise of this Warrant shall sometimes be referred to herein as “Warrant Interests”. This Warrant is subject to the following terms and conditions:

  1.Exercise; Payment; Issuance of Certificates

   

  Upon electing to purchase Class A Shares on the terms and conditions herein, Holder must deliver to the Company (i) an exercise form, as attached hereto as Exhibit A and subject to the restrictions described in Sections 3 and 4 herein (the “Exercise Form”), (ii) the investment representation letter attached hereto as Exhibit B, each duly completed and executed, to the Company at its principal office (or at such other location as the Company may advise the Holder in writing),(iii) payment of the aggregate Exercise Price (“Purchase Price”) corresponding to the portion of the Amount being exercised pursuant to the Exerciser Notice. Once the entire Amount of Class A Shares have been exercised through one or more Exercise Forms, the Holder shall surrender this Warrant.
 

  In addition, any purchase of Class A Shares by Holder hereunder shall be made pursuant to the following additional terms and procedures:

  a.Payment of the Purchase Price shall be made in cash, transmitted by certified check or wire transfer. If Holder fails to deliver an Exercise Form to the Company by the Expiration Date, properly completed and executed, along with payment in full of the Purchase Price for the Class A Shares to be purchased thereunder, this Warrant shall expire and all rights granted pursuant to this Warrant shall automatically terminate and Holder shall waive its right to purchase any shares hereunder.

  b.The Company agrees that the Class A Shares to be purchased hereunder upon exercise of this Warrant shall be and are deemed to be issued to the Holder hereof as the record owner of such Class A Shares as of the close of business 

  

  on the date on which Holder has delivered to the Company the Exercise Form hereunder, properly completed and executed, along with payment in full for the shares purchased thereunder.

  2.Exercise Price; Shares to Be Fully Paid; Issuance of Additional Shares

  a.The Company covenants and agrees that all Class A Shares which may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be duly authorized, validly issued, fully paid and nonassessable and free from all preemptive rights of any person and free of all taxes, liens and charges with respect to the issue thereof, except for the restrictions and limitations described in Sections3 and 4 herein.

  b.The Warrant provides for the purchase of up to 66,666,666 Class A Shares, as of the Effective Date. The Holder acknowledges and agrees that the issuance by the Company of additional shares after the Effective Date will reduce the Holder’s proportionate rights with respect to the Company, including without limitation the Class A Shares issued to the Holder upon exercise of this Warrant.

  3.Restrictions on Sale

    

  Holder irrevocably agrees that it will not offer, sell, contract to sell or otherwise dispose of, directly or indirectly, more than 15% of the Amount per month, or enter into a transaction that would have the same effect, enter into any swap, hedge or other arrangement that transfers, in whole or in part, any of the economic consequences of ownership of the Class A Shares, whether any of these transactions are to be settled by delivery of the Class A Common Stock, or otherwise, or publicly disclose the intention to make any such offer, sale or disposition. Holder agrees that the Company can and will, if Holderattempts to sell more than 15% of the Amountper month, (i) place an irrevocable stop order on all Class A Shares held by Holder, including those which may be covered by a registration statement, and (ii) notify the Company’s transfer agent in writing of the stop order and the restrictions on the Class A Shares pursuant to the Amendment. Holder agrees that, upon selling any Class A Shares that were issued upon exercise of this Warrant ("Share Sales"), it will notify the Company of such Share Sale, including the amount and price of shares sold.

    

  4.Adjustment of Exercise Price

    

  a.The Exercise Price is subject to adjustment in accordance with this Section 5 and from time to time upon the occurrence of certain events described in this Section 5.

  b.In the event the Company shall, at any time or from time to time after the Effective Date, issue any equity as a sharesdividend to the beneficial holdersof shares, or subdivide or combine the outstanding sharesinto a greater or lesser number (any such sale, issuance, subdivision or combination being herein called a “Capital Change”), then, and thereafter upon each CapitalChange, the ExercisePrice in effectimmediately prior to such Capital Change shall be changed to a price (including any applicable fraction of a cent) determined by dividing (a) the total number of shares outstanding, on a fully diluted basis, immediately prior to such Capital Change, multiplied by the Exercise Price in effect immediately prior to such Capital Change,by (b) the total number of shares outstanding, on a fully diluted basis, immediately after such Capital Change. In the case of any reclassification, capital reorganization or other equivalent change of outstanding shares, the Company shall cause effective provision to be made so that the Holder shall have the right thereafter, by exercising this Warrant, to purchase the kind and numberof shares or other securities or property (including cash) received upon such reclassification, capital reorganization or other change,that might have been acquiredupon exercise of this
 

  Warrant immediately prior to such reclassification, capital, reorganization or other change. Any such provision shall include provision for adjustments that shall be as nearly equivalent as may be practicable to the adjustments provided for in this Section 5. The foregoing provisions shall similarly apply to successive reclassifications, capital reorganizations and other equivalent changes of outstanding shares.

  5.Issue Tax

    

  In the event the Company elects to issue a certificate or certificates for any shares purchased hereunder, such issuance of certificates shall be made without charge to the Holder of the Warrant for any issue tax (other than any applicable income taxes) in respect thereof; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the issuance and delivery of any certificate in a name other than that of the then Holder of the Warrant being exercised.

  6.Closing of Books

   

  Subject to the limitations described herein, the Companywill not close its transfer books against the transfer of any Warrant or of any shares, or take any action in any manner which interferes with the timely exercise of this Warrant.

  7.Modification and Waiver

   

  

  This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the Company and the Holder.

  8.Notices

   

  All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Holderat the Holder’s address as shown on the books of the Company or to the Company at the addressindicated therefor in the headingof this Warrant or such other addressas either may from time to time provide to the other.

  9.Binding Effect on Successors

    

  This Warrant shall be binding upon any business entity succeeding the Company by merger, consolidation or acquisition of all or substantially all of the Company’s assets.All of the covenants and agreements of the Company shall inure to the benefit of the successors and assigns of the Holder hereof. This Warrant may not be assigned by Holder without the prior written consent of the Company, other than to Sean Fitzpatrick. If this Warrant is assigned pursuant to the terms hereof, the term “Holder” shall be deemed to refer to the permitted assignee(s).

  10.Descriptive Headings and Governing Law

    

  The description headings of the several sections and paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant.

    

  The validity, interpretation, and performance of this Agreement and the Warrant shall be governed in all respects by the laws of the State of New York, withoutgiving effect to conflicts of law principles that would resultin the application of the substantive laws of anotherjurisdiction. The Companyand Holder herebyagree that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be broughtand enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company and the Holder hereby waive any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum.

  11.Lost Warrant

   

  The Company represents and warrants to the Holder hereof that upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction, or mutilation of this Warrant and, in the case of any such loss, theft or destruction, upon receipt of an indemnity reasonably satisfactory to the Company, or in the case of any such mutilation upon surrender and cancellation of such Warrant, the Company, at its expense, will make and deliver a new warrant, of like tenor, in lieu of the lost, stolen, destroyed or mutilated Warrant.

    

    

    

  [SIGNATURE PAGE FOLLOWS]

    

    

    

                IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its officer thereunto duly authorized as of the Effective Date.

    

                                                                                                 The Company:

    

                                                                                                 MSP RECOVERY, INC.

    

    

                                                                                              _____________________________________

                                                                                                 Name: Alexandra Plasencia

                                                                                                 Title: Authorized Signatory

  
 

  EXHIBIT A

    

  EXERCISE FORM

    

                                       , 20      

    

  MSP Recovery, Inc.

    

  

  Ladies and Gentlemen:

    

  The undersigned holder (“Holder”) of that certain Warrant (the “Warrant”), issued by MSP Recovery, Inc.

  (the “Company”)and dated September 30, 2022, hereby exercises its right to purchase pursuant thereto the number of common shares of the Company (“Warrant Interests”) at an exercise price (“Exercise Price”) and aggregate purchase price

  (the “Purchase Price”) listed immediately below:

    

  Number of WarrantInterests                                                                                                                                                                  Exercise Price                                                                                        

    

    

  Pursuant to the terms of the Warrant, the Holder delivers the Purchase Price herewith in cash or by certified check, or by wire transfer according to the following instructions:

    

  
 

    

    

  Account No.: Routing Number:

    

  The Holder also makes the representations set forth on the attached Exhibit B to the Warrant.

    

  Very truly yours,

    

  HOLDER:

    

  NAME:                               

  print name of individual or entity

    

  IF HOLDER IS AN INDIVIDUAL:

    

  By:                     

  signature

    

  IF HOLDER IS AN ENTITY:

    

  Name:                                 

  print name of person signing/or entity

    

  Title:                              

  print title of person signing/or entity

    

  ADDRESS:

    

  STREET:                                                                                  

    

  CITY:                                                                                  

    

  STATE AND ZIP:                                                                                  

    

  FACSIMILE:                                                                                  

  
 

  EXHIBIT B

    

  INVESTMENT REPRESENTATION LETTER

    

  THIS INVESTMENT REPRESENTATION LETTER MUST BE COMPLETED, SIGNED AND RETURNED TO MSP RECOVERY, INC., ALONG WITH THE ASSOCIATED EXERCISE FORM(S) BEFORE THE SHARES ISSUABLE UPON EXERCISE OF THE WARRANT WITH AN EFFECTIVE DATE OF SEPTEMBER 30, 2022.

    

                              , 202 

    

  MSP RECOVERY, INC.

    

  Ladies and Gentlemen:

    

  Pursuant to the exercise of that certain Warrant, with an Effective Date of September 30, 2022 (the “Warrant”), issued by MSP Recovery, Inc. (the “Company”), the undersigned holder of the Warrant (“Purchaser”) intends to purchase common shares of the Company. The common shares will be issued to Purchaser in a transaction not involving a public offering and pursuant to an exemption from registration under the United States Securities Act of 1933, as amended (the “33 Act”), and applicable state securities laws. In 

  

  connection with such purchase and in order to comply with the exemptions from registration relied upon by the Company, Purchaser represents, warrants and agrees as follows:

    

  1.Purchaser is acquiring the common shares for its own account,for investment purposesonly, without the intent toward the further sale or distribution thereof, and Purchaser shall not make any sale, transfer or other disposition of the shares in violation of the 33 Act or the General Rules and Regulations promulgated thereunder by the Securities and Exchange Commission or in violation of any other applicable securities law.

    

  2.Purchaser has been advised that the common shares have not been registered under the 33 Act or any state securities laws on the ground that this transaction is exempt from registration, and that reliance by the Company on such exemptions is predicated in part on Purchaser’s representations set forth in this letter.

    

  3.Purchaser has been informed that under the 33 Act, the shares must be held indefinitely unless subsequently registered underthe 33 Act or unlessan exemption from such registration (such as Rule 144) is available with respect to any proposed transfer or disposition by Purchaser of the shares.

    

  Very truly yours,

    

  PURCHASER:

    

  NAME:                     

  print name of individual or entity

    

  IF PURCHASER IS AN INDIVIDUAL:

    

  By:

    

  IF PURCHASER IS AN ENTITY:

    

  Name:                                                             

  print name of person signing for entity

    

  Title:                

  print title of person signing for entity

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