Document:

eresu-ex102_6.htm

Exhibit 10.2

 

EAST RESOURCES ACQUISITION COMPANY

7777 NW Beacon Square Boulevard 

Boca Raton, FL 33487

 

November 30, 2020

 

East Management Services, LP

2200 Georgetown Drive, Suite 500

Sewickley, PA 15143

 

East Management Services, LP

7777 NW Beacon Square Boulevard

Boca Raton, FL 33487

 

Re:Administrative Services Agreement

 

Gentlemen:

 

This letter agreement, by and between East Resources Acquisition Company (the “Company”) and East Management Services, LP (“EMS”), dated as of the date hereof and effective as of July 24, 2020, will confirm our agreement that, commencing on the date the securities of the Company were first listed (the “Listing Date”) on the NASDAQ Capital Market (“NASDAQ”), pursuant to a Registration Statement on Form S-1 and prospectus filed with the Securities and Exchange Commission (the “Registration Statement”) and continuing until the earlier of the consummation by the Company of an initial business combination or the Company’s liquidation (in each case as described in the Registration Statement) (such earlier date hereinafter referred to as the “Termination Date”).

 

EMS shall cover the cost of certain expenses of the Company, including by providing office spaces at 2200 Georgetown Drive, Suite 500, Sewickley, PA 15143 and 7777 NW Beacon Square Boulevard, Boca Raton, Florida 33487 (or any successor locations of EMS), utilities, secretarial support, administrative services, salaries, wages, benefits and other personnel-related costs, as may be reasonably required by the Company to identify, investigate and complete an initial business combination. In exchange therefor, the Company shall reimburse EMS for such expenses, in an aggregate amount not to exceed $10,000 per month (the “Expense Reimbursement Cap”), beginning on the Listing Date and continuing monthly thereafter until the Termination Date. Additionally, the Company shall reimburse EMS for (i) all out-of-pocket expenses related to the Company’s formation and initial public offering and (ii) certain other expenses related to the Company’s identification, investigation, or completion of an initial business combination. To the extent any such monthly expenses of EMS exceed the Expense Reimbursement Cap, the Company shall reimburse EMS for such overages following the Termination Date.

 

EMS hereby irrevocably waives any and all right, title, interest, causes of action and claims of any kind (each, a “Claim”) in or to, and any and all right to seek payment of any amounts due to it out of, the trust account established for the benefit of the public stockholders of the Company and into which substantially all of the proceeds of the Company’s initial public offering will be deposited (the “Trust Account”), and hereby irrevocably waives any Claim it may have in the future as a result of, or arising out of, this letter agreement, which Claim would reduce, encumber or otherwise adversely affect the Trust Account or any monies or other assets in the Trust Account, and further agrees not to seek recourse, reimbursement, payment or satisfaction of any Claim against the Trust Account or any monies or other assets in the Trust Account for any reason whatsoever.

 

This letter agreement constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby.

 

This letter agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by the parties hereto.

 

No party hereto may assign either this letter agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.

 

This letter agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State of New York, without giving effect to its choice of laws principles.

[Signature page follows]

 

 

 

 

 

			
	
Very truly yours,

	
 

	
EAST RESOURCES ACQUISITION COMPANY

	
 

	
By:
	
 
	
/s/ Gary L. Hagerman, Jr.

	
 
	
 
	
Name: Gary L. Hagerman, Jr.

	
 
	
 
	
Title: Chief Financial Officer and Treasurer

 

			
	
AGREED TO AND ACCEPTED BY:

	
 

	
EAST MANAGEMENT SERVICES, LP

	
 

	
By:
	
 
	
/s/ Gary L. Hagerman, Jr.

	
 
	
 
	
Name: Gary L. Hagerman, Jr.

	
 
	
 
	
Title: Chief Financial Officer and Treasurer

 

 

 

[Signature Page to Administrative Services Agreement]Exhibit 10.1

 

 

 

 

Patriot
Scientific Corporation Announces Name Change to “Mosaic ImmunoEngineering Inc.”, 

Stock
Symbol Change and Reverse Stock Split

 

 

Novato,
Calif, December 1, 2020 – Patriot Scientific Corporation ("Patriot") (OTC PINK: PTSC) announced today that it has
changed its name to “Mosaic ImmunoEngineering Inc.”, (the “Company” or “Mosaic”) effective
immediately. In addition, the Company will change its stock symbol on the OTC Market to “CPMV” as described below and
will effect a reverse stock split at a ratio of 1-for-500 (the “Reverse Stock Split”) anticipated to be effective on
or about December 2, 2020 (the “Effective Date”), at which time, the Company’s common stock will trade thereafter
on a post-split adjusted basis. 
The Company’s corporate website is located at www.mosaicie.com.

 

“Mosaic’s lead
development platform has broad potential for the development of therapeutics and vaccines to address a wide range of diseases
including cancer and infectious diseases with a primary focus on immuno-oncology.” stated Steven King, president and
chief executive officer of Mosaic. “Data and recent publications have already garnered positive interest from the
biotechnology and pharmaceutical community which is an important part of creating value for our stockholders. We believe the
name change to Mosaic ImmunoEngineering Inc. and the change in our capital structure are important next steps to making the
Company even more attractive to a broader range of investors. We look forward to sharing more information on our development
plans in the very near future.”

 

About the Reverse Stock Split

 

The Reverse Stock Split will reduce the
number of fully diluted shares of the Company’s common stock currently issued and outstanding, including the number of shares
issuable upon the conversion of Series A and Series B Convertible Voting Preferred Stock, from approximately 4 billion shares to
approximately 8 million shares. Every 500 outstanding shares of common stock, which are outstanding on the anticipated effective
date of December 2, 2020, will be combined into and automatically become one (1) outstanding share of common stock of the Company
without increasing or decreasing the par value of each share of common stock. No fractional share will be issued in connection
with the foregoing combination of the shares pursuant to the Reverse Stock Split. Instead, the Company will issue to the Company’s
stockholders holding a fractional share of common stock one (1) additional share of common stock for each fractional share. Each
stockholder’s percentage ownership interest in the Company and proportional voting power remains virtually unchanged as a
result of the Reverse Stock Split, except for minor changes and adjustments that will result from rounding fractional shares into
whole shares.

 

In connection with the Reverse Stock Split,
the number of authorized shares of common stock was reduced from 600,000,000 shares to 100,000,000 shares.

 

Stockholders who are holding their shares
in electronic form at a brokerage firm, bank or other nominee will automatically have their positions adjusted to reflect the Reverse
Stock Split.

 

Stockholders holding paper certificates
may (but are not required to) send the certificates to the Company’s transfer agent at the address given below. The transfer
agent will issue a new share certificate reflecting the Name Change and terms of the Reverse Stock Split to each requesting stockholder.

 

Issuer
Direct Corporation

1981
Murray Holladay Rd., Suite 100

Salt
Lake City, UT 84117

Tel:
+1.800.272.9294

Fax:
+1.801.277.3147

 

Please
contact Issuer Direct Corporation for further information, related costs and procedures before sending any certificates.

 

 

 

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New Trading Symbol and CUSIP

 

Our common stock is quoted on the OTC Markets
Pink tier under the trading symbol "PTSC."  On the Effective Date of the Reverse Stock Split, our common stock will
be quoted on the OTC Markets Pink tier on a post-split adjusted basis under the symbol “PTSCD” for 20 business days,
after which time the symbol will change to our new trading symbol, CPMV. The new trading symbol, CPMV, was derived from CowPea
Mosaic Virus, which is central to the Company’s core nanotechnology platform.

 

On the Effective Date of the Reverse Stock
Split, the CUSIP number of our common stock will change to 61945M101.

 

About Mosaic ImmunoEngineering Inc.

 

Mosaic ImmunoEngineering Inc. is a development-stage
biotechnology company focused on bridging immunology and engineering to develop novel immunotherapies to treat and prevent cancer
and infectious diseases. Mosaic’s core technology platform is based on Cowpea Mosaic Virus (“CPMV”) which is
non-infectious to humans or other animals but upon intra-tumoral administration, elicits a strong innate immune response resulting
in potent anti-tumor activity against the primary and distant tumor sites. The broad potential of our lead candidate, MI-O-101,
for the treatment of many different types of cancer and potential combination therapies continue to be supported by numerous publications
and grant funding through our university collaborators. In addition, the core technology has a potential application as part of
a modular vaccine platform which has already generated promising data in both cancer and infectious disease preclinical models,
including COVID-19. The vaccine research is currently being performed by one of our co-founders and is funded by the National Science
Foundation with viral neutralization testing being performed by the National Institute of Allergy and Infectious Diseases (NIAID).
For additional information about Mosaic, please visit MosaicIE.com.

 

Forward-Looking Statements

 

This press release contains forward-looking
statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995
and other Federal securities laws. For example, we are using forward-looking statements when we discuss Mosaic’s future operations
and its ability to successfully advance the product candidates; the nature, strategy and focus of Mosaic’s business; and
the development and commercial potential and potential benefits of any of Mosaic’s product candidates. Mosaic may not actually
achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements
and you should not place undue reliance on these forward-looking statements. Because such statements deal with future events and
are based on Mosaic’s current expectations, they are subject to various risks and uncertainties and actual results, performance
or achievements of these forward-looking statements could differ materially from those described in or implied by the statements
in this press release, including: the uncertainties associated with raising sufficient capital and the requirement for significant
additional capital to advance these product candidates, which may not be available on favorable terms or at all; advancing Mosaic's
multiple products into clinical trials, the clinical development and regulatory approval of Mosaic's product candidates, including
potential delays in the commencement, enrollment and completion of clinical trials; the potential that earlier preclinical studies
of Mosaic's product candidates may not be predictive of future results; risks related to business interruptions, including but
not limited to, the outbreak of COVID-19 coronavirus, which could seriously harm Mosaic’s financial condition and increase
its costs and expenses. The foregoing review of important factors that could cause actual events to differ from expectations should
not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including
the risks discussed in Mosaic's filings with the Securities and Exchange Commission. Except as otherwise required by law, Mosaic
disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof,
whether, as a result of new information, future events or circumstances or otherwise.

 

Contact:

Jay Carlson, Investor Relations

Mosaic ImmunoEngineering Inc.

info@mosaicie.com

 

 

 

 

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