Document:

AMENDED AND RESTATED REVOLVING CREDIT NOTE

 

EXHIBIT 10.8

AMENDED AND RESTATED REVOLVING CREDIT NOTE

		
	U.S. $2,000,000.00

	Dated as of November 6, 2020

Edina, Minnesota

FOR VALUE RECEIVED, on the Revolving Credit Termination Date (as defined in the Credit Agreement hereinafter defined) the undersigned, PRO-DEX, INC., a Colorado corporation (the “Borrower”), promises to pay to the order of MINNESOTA BANK & TRUST, a Minnesota state banking corporation (the “Lender”), the principal sum of TWO MILLION AND NO/100THS DOLLARS (U.S. $2,000,000.00) or, if less, the aggregate unpaid principal amount of all Revolving Credit Loans (as hereinafter defined) made by the Lender to the Borrower pursuant to the Credit Agreement.

Interest. The Borrower promises to pay interest on the unpaid principal amount hereof from the date hereof until such principal amount is paid in full at a fluctuating annual rate of interest equal to the greater of (a) 3.25% or (b) the Prime Rate (hereinafter defined), as in effect on the date hereof and as the same may adjust from time to time. Interest accrued during each calendar month shall be due and payable on the first day of the following calendar month, with the first such interest payment due on December 1, 2020. Interest shall also be payable at maturity and interest accrued after maturity shall be payable on demand. The term “Prime Rate” shall mean the prime rate published in the money rates section of the Wall Street Journal, floating, and changing with each change of such published rate, or if the Wall Street Journal ceases to publish such rate, as published in the Federal Reserve Board’s Statistical Release H. 15. If the Prime Rate becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower’s request. Borrower understands that Lender may make loans based on other rates as well. Interest on the unpaid principal balance of this Note will be calculated as described in the “INTEREST CALCULATION METHOD” paragraph. NOTICE: under no circumstances will the interest rate on this Note be more than the maximum rate allowed by applicable law.

Payments. Both principal and interest are payable in lawful money of the United States of America to the Lender at 7701 France Avenue South, Edina, MN 55435 (or other location specified by the Lender) in immediately available funds. By its execution of this Note, the Borrower authorizes the Lender to charge from time to time against any of Borrower’s depository accounts maintained with the Lender any such payments when due and the Lender will use its reasonable efforts to notify the Borrower of such charges.

Interest Calculation Method. Interest on this Note shall be calculated on the basis of a 360-day year and the actual number of days elapsed in any portion of a month in which interest is due. If any payment to be made by the Borrower hereunder shall become due on a day other than a

AMENDED AND RESTATED REVOLVING CREDIT NOTE

Page 2

		
	U.S. $2,000,000.00

	Dated as of November 6, 2020

Business Day, such payment shall be made on the next succeeding Business Day.

Prepayment; Minimum Interest Charge. In any event, even upon full prepayment of this Note, Borrower understands that Lender is entitled to a minimum interest charge of $10.00. Other than Borrower’s obligations to pay any minimum interest charge, Borrower may pay without penalty all or a portion of the amount earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s obligation to continue to make payments of accrued unpaid interest. Rather, early payment will reduce the principal balance due. Borrower agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to:  Minnesota Bank & Trust, 7701 France Avenue South, Edina, MN 55435.

Late Charge. If a payment due hereunder is not made within seven days after the date when due, Borrower shall pay to Lender a late payment charge of 5% of the amount of the overdue payment to compensate Lender for a portion of the cost related to handling the overdue payment.

Interest After Default. Upon the occurrence and during the continuance of an Event of Default, including failure to pay upon final maturity, the interest rate on this Note shall be increased by adding an additional 3.000 percentage point margin over the interest rate that would otherwise be in effect hereunder (such increased rate of interest being, the “Default Rate”). However, in no event will the interest rate exceed the maximum interest rate limitations under applicable law.

Credit Agreement. This Note is the Revolving Credit Note referred to in, and is entitled to the benefits of, the Amended and Restated Credit Agreement dated as of November 6, 2020 (as amended, modified, supplemented or restated from time to time being the “Credit Agreement”; capitalized terms not otherwise defined herein being used herein as therein defined) between the Borrower and the Lender. The Credit Agreement, among other things, (i) provides for the making of Revolving Credit Loans (the “Revolving Credit Loans”) by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the dollar amount first above mentioned, the indebtedness of the Borrower resulting from each such Revolving Credit Loan being evidenced by this Note; (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events prior to the maturity hereof upon the terms and conditions therein specified;  and (iii) contains provisions for the mandatory prepayment hereof

AMENDED AND RESTATED REVOLVING CREDIT NOTE

Page 3

		
	U.S. $2,000,000.00

	Dated as of November 6, 2020

upon certain conditions.

Security Agreement. This Note is secured by, among other things, that certain Security Agreement dated September 6, 2018, executed by the Borrower and certain of its Subsidiaries in favor of the Lender.

Waiver of Presentment and Demand for Payment; Etc. Borrower and any endorsers or guarantors hereof severally waive presentment and demand for payment, notice of intent to accelerate maturity, protest or notice of protest and non-payment, bringing of suit and diligence in taking any action to collect any sums owing hereunder or in proceeding against any of the rights and properties securing payment hereunder, and expressly agree that this Note, or any payment hereunder, may be extended from time to time, and consent to the acceptance of further security or the release of any security for this Note, all without in any way affecting the liability of Borrower and any endorsers or guarantors hereof. No extension of time for the payment of this Note, or any installment thereof, made by agreement by Lender with any Person now or hereafter liable for the payment of this Note, shall affect the original liability under this Note of the undersigned, even if the undersigned is not a party to such agreement.

Event of Default. Any “Event of Default” (as defined in the Credit Agreement) shall constitute an Event of Default under this Note. Upon the occurrence of an Event of Default, in addition to any other rights or remedies Lender may have at law or in equity or under the Credit Agreement or under any other Loan Document, Lender may, at its option, without notice to Borrower, declare immediately due and payable the entire unpaid principal sum hereof, together with all accrued and unpaid interest thereon plus any other sums owing at the time of such Event of Default pursuant to this Note, the Security Agreement or any other Loan Document. The failure to exercise the foregoing or any other options shall not constitute a waiver of the right to exercise the same or any other option at any subsequent time in respect of the same event or any other event. The acceptance by the holder of any payment hereunder which is less than payment in full of all amounts due and payable at the time of such payment shall not constitute a waiver of the right to exercise any of the foregoing options at that time or at any subsequent time.

Expense Reimbursement. Borrower agrees to pay all expenses for the preparation of this Note, as set forth in the Credit Agreement, including exhibits, and any amendments to this Note as may from time to time hereafter be required, and the reasonable attorneys’ fees and legal expenses of counsel for Lender from time to time incurred in connection with the preparation and execution of this Note and any document relevant to this Note, any amendments hereto or thereto, and the consideration of legal questions relevant hereto and thereto. Borrower agrees to reimburse Lender

AMENDED AND RESTATED REVOLVING CREDIT NOTE

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	U.S. $2,000,000.00

	Dated as of November 6, 2020

upon demand for all reasonable out-of-pocket expenses (including attorneys’ fees and legal expenses) in connection with Lender’s enforcement of the obligations of the Borrower hereunder or under the Security Agreement or any other collateral document, whether or not suit is commenced including, without limitation, attorneys’ fees and legal expenses in connection with any appeal of a lower court’s order or judgment. The obligations of the Borrower under this paragraph shall survive any termination of the Credit Agreement, this Note, the Security Agreement, and any other Loan Document.

Successors and Assigns. This Note shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns except that Borrower may not assign or transfer its rights hereunder without the prior written consent of Lender, which consent may be withheld in Lender’s sole discretion. In connection with the actual or prospective sale by the Lender of any interest or participation in the loan obligation evidenced by this Note, Borrower hereby authorizes the Lender to furnish any information concerning the Borrower or any of its affiliates, however acquired, to any Person or entity.

Usury. Borrower and Lender agree that no payment of interest or other consideration made or agreed to be made by Borrower to Lender pursuant to this Note shall, at any time, be in excess of the maximum rate of interest permissible by law. In the event such payments of interest or other consideration provided for in this Note shall result in an effective rate of interest which, for any period of time, is in excess of the limit of the usury or any other law applicable to the loan evidenced hereby, all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice between or by any party hereto, be applied to the unpaid principal balance and not to the payment of interest; if a surplus remains after full payment of principal and lawful interest, the surplus shall be remitted by Lender to Borrower, and Borrower hereby agrees to accept such remittance. This provision shall control every other obligation of the Borrower and Lender relating to this Note.

Business Purpose Loan. The Loan is a business loan. Borrower hereby represents that this loan is for commercial use and not for personal, family or household purposes. The Borrower agrees that the Loan evidenced by this Note is an exempted transaction under the Truth In Lending Act, 15 U.S.C., §1601, et seq.

Governing Law. THE VALIDITY, CONSTRUCTION AND ENFORCEABILITY OF THIS NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF MINNESOTA, WITHOUT GIVING EFFECT TO CONFLICT OF LAWS PRINCIPLES THEREOF.

AMENDED AND RESTATED REVOLVING CREDIT NOTE

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	U.S. $2,000,000.00

	Dated as of November 6, 2020

WAIVER OF DEFENSES. OTHER THAN CLAIMS BASED UPON THE FAILURE OF THE LENDER TO ACT IN A COMMERCIALLY REASONABLE MANNER, THE BORROWER WAIVES EVERY PRESENT AND FUTURE DEFENSE (OTHER THAN THE DEFENSE OF PAYMENT IN FULL OR THAT NO EVENT OF DEFAULT EXISTED), CAUSE OF ACTION, COUNTERCLAIM OR SETOFF WHICH THE BORROWER MAY NOW HAVE OR HEREAFTER MAY HAVE TO ANY ACTION BY THE LENDER IN ENFORCING THIS NOTE OR ANY OF THE LOAN DOCUMENTS. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE LENDER GRANTING ANY FINANCIAL ACCOMMODATION TO THE BORROWER.

Waiver of Right to Jury Trial; Venue. BORROWER WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY ACTION RELATING TO OR ARISING FROM THIS NOTE. AT THE OPTION OF LENDER, THIS NOTE MAY BE ENFORCED IN ANY UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MINNESOTA OR THE STATE COURT SITTING IN HENNEPIN OR RAMSEY COUNTY, MINNESOTA. BORROWER CONSENTS TO THE JURISDICTION AND VENUE OF ANY SUCH COURT AND WAIVES ANY ARGUMENT THAT VENUE IN SUCH FORUMS IS NOT PROPER OR CONVENIENT. IN THE EVENT AN ACTION IS COMMENCED IN ANOTHER JURISDICTION OR VENUE UNDER ANY TORT OR CONTRACT THEORY ARISING DIRECTLY OR INDIRECTLY FROM THE RELATIONSHIP CREATED BY THIS NOTE, LENDER, AT ITS OPTION, SHALL BE ENTITLED TO HAVE THE CASE TRANSFERRED TO ONE OF THE JURISDICTIONS AND VENUES ABOVE DESCRIBED, OR IF SUCH TRANSFER CANNOT BE ACCOMPLISHED UNDER APPLICABLE LAW, TO HAVE SUCH CASE DISMISSED WITHOUT PREJUDICE.

Amendment and Restatement. This Note is being executed and delivered in restatement of, but not in payment of, that certain Revolving Credit Note dated September 6, 2018, made by the Borrower payable to the order of the Lender in the original principal amount of $2,000,000.00; provided, however, that interest accrued on such replaced note through the date hereof shall be due and payable on December 1, 2020.

AMENDED AND RESTATED REVOLVING CREDIT NOTE

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	U.S. $2,000,000.00Exhibit 10.1
FIRST AMENDMENT TO LEASE AGREEMENT
THIS FIRST AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is made as of the 19th day of August, 2020 by and between FUSCO HARBOUR ASSOCIATES, LLC, a Connecticut limited liability company (hereinafter called “Landlord”), and BIOXCEL THERAPEUTICS, INC., a Delaware corporation (hereinafter called “Tenant”).
WITNESS ETH:
WHEREAS, Landlord and Tenant are parties to that certain Lease Agreement having an “Effective Date” of August 20, 2018 (the “Lease”), respecting certain premises currently containing 11,040 rentable square feet located on the twelfth (12th) floor at 555 Long Wharf Drive, New Haven, Connecticut. Capitalized terms which are used but are not defined herein shall have the same meanings as in the Lease;
WHEREAS, the term of the Lease commenced on February 22, 2019 and currently expires on February 28, 2026; and
WHEREAS, Tenant now desires to (i) lease an additional 7,245 rentable square feet of space contiguous to the current Premises (said additional space being sometimes referred to in this Amendment as the “Additional Space” and being shown and designated as the “Additional Space” on Exhibit A attached hereto), and (ii) amend the Lease in connection with all of the foregoing.
NOW, THEREFORE, IN VIEW OF THE FOREGOING, AND IN CONSIDERATION OF THE TERMS HEREOF, THE UNDERSIGNED DO HEREBY AGREE AS FOLLOWS:
1.         For purposes of this Amendment, the following terms shall have meanings set forth below:
(a)        “Additional Space Delivery Date” shall mean the date upon which Landlord delivers possession of the Additional Space to Tenant in vacant and broom clean condition, which is currently anticipated to take place promptly following the date of this Amendment; and
(b)       “Additional Space Rent Commencement Date” shall mean the date which is sixty (60) days after the earliest of (x) occupancy by Tenant of any portion of the Additional Space for conduct of its business, or (y) the date that Tenant’s Additional Space Work (as hereinafter defined) is substantially completed. For purposes hereof, the sixty (60) day period described above is referred to herein as the “Abatement Period” and shall be subject to reduction as set forth below.
Landlord shall confirm the Additional Space Delivery Date and the Additional Space Rent Commencement Date and shall provide Tenant with written notice of said dates. When said dates have been so determined, at Landlord’s or Tenant’s request, the parties hereto shall within fifteen (15) days after such request, execute a written agreement confirming said dates.
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Any failure of the parties to execute such written agreement shall not affect the validity of said dates as aforesaid.
2.         Landlord agrees to deliver possession of the Additional Space to Tenant in “as is” condition, no warranties or representations being made by Landlord herein as to the condition of the Additional Space or any specific use which may be made thereof. Tenant acknowledges and agrees that Tenant shall be solely responsible, at Tenant’s sole expense, for performing any and all improvements to the Premises in order to prepare same for occupancy by Tenant (“Tenant’s Additional Space Work”) in accordance with and subject to the terms hereof and of the Lease, including, without limitation, the terms of Schedule C-1 attached to the Lease. By way of illustration only, the 5% construction oversight fee shall apply to Tenant’s Additional Space Work. In connection with Tenant’s Additional Space Work, the following shall apply:
(a)       Within thirty (30) days following the date of this Amendment, Tenant shall furnish to Landlord a complete set of detailed plans and specifications, both architectural and MEP, including, without limitation, construction drawings, engineer drawings and all finish selections (“Tenant’s Plans”) for all that certain work and improvements in and to the interior of the Premises which Tenant desires to perform or cause to be performed as part of Tenant’s Additional Space Work;
(b)       Within ten (10) days after written request by Landlord, Tenant shall, approve the guaranteed maximum price for Tenant’s Additional Space Work and award and sign the contract with the selected contractor(s); and
(c)       Within three (3) days after written notice from Landlord, Tenant shall, respond to any questions or requests for information or respond to requests from Landlord for approval or authorization with respect to Tenant’s Plans or any other aspect of Tenant’s Work.
Time is of the essence with respect to the time periods set forth herein. Requests or other notices hereunder from Landlord to Tenant may be send via email to the following: Kim Sheehan [KSheehan@bioxceltherapeutics.com].
For purposes hereof, the following shall represent “Tenant Delays”: (i) after Landlord has advised Tenant that such request shall result in a delay in Tenant’s Work or any delay in substantial completion of Tenant’s Work caused by Tenant’s request for changes in Tenant’s Plans; (ii) each day (or portion thereof) that Tenant fails to meet any of the time deadlines or other requirements detailed in this Section; and/or (iii) any delay in substantial completion of Tenant’s Work caused by reason of other acts or omissions of Tenant, its agents and/or contractors. In the event of any Tenant Delays, the Abatement Period shall be reduced by one (1) day for each day of each such Tenant Delay; provided, however, that if the Additional Space Rent Commencement Date takes place within one hundred twenty (120) days after the Additional Space Delivery Date, then there shall be no such reduction of the Abatement Period. The foregoing shall be in addition to any other rights or remedies of Landlord, available under the terms of this Lease, at law or in equity, on account of any Tenant Delays.
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3. The Lease is hereby amended as follows, effective on and after the Additional Space Delivery Date (except for subsections (c) and (d) below, which shall be effective on and after the Additional Space Rent Commencement Date):
(a)       The number of rentable square feet contained in the Premises is increased to a total of Eighteen Thousand Two Hundred Eighty-Five (18,285) rentable square feet;
(b)       Schedule A to the Lease is amended to include the Additional Space as part of the “Premises” under the Lease;
(c)       The “Base Rent” payable by the Tenant under Paragraph 4.A. of the Lease shall be as follows:
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	Base Rent
	    
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	Period:
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	Per RSF
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	Annual Base Rent
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	Monthly Payment
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	ASRCD* - 2/28/21 1
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	$
	18.96
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	$
	346,683.60
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	$
	28,890.30 
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	3/1/21 - 2/28/22
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	$
	19.44
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	$
	355,460.40
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	$
	29,621.70 
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	3/1/22 - 2/28/23
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	$
	19.92
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	$
	364,237.20
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	$
	30,353.10 
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	3/1/23 - 2/28/24
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	$
	20.42
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	$
	373,379.70
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	$
	31,114.98 
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	3/1/24 - 2/28/25
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	$
	20.93
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	$
	382,705.05
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	$
	31,892.09 
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	3/1/25 - 2/28/26
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	$
	21.45
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	$
	392,213.25
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	$
	32,684.44 
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*Additional Space Rent
Commencement Date
(d)       the numerator of “Tenant’s Proportionate Share” shall be increased to 18,285 to reflect the increased square footage of the Premises;
(e)       the Base Electric Charge shall be increased to $2,895.13 per month to reflect the increased square footage of the Premises;
(f)        Paragraph 43 of the Lease is amended to increase the Security Deposit from Fifty-One Thousand Sixty ($51,060.00) Dollars to a total of Eighty-Six Thousand Six Hundred Seventy-One ($86,671.00) Dollars, and Tenant shall pay the amount of such increase simultaneously with the execution hereof;
(g)       Paragraph 45 of the Lease is amended by increasing the number of parking spaces by twenty-two (22) to a total of fifty-five (55) spaces; and
(h)       Paragraph 46 of the Lease is amended by deleting same and substituting “Intentionally Omitted” in the place thereof.

1         Base Rent for the original Premises only shall be abated for the month of February 2021 per Section 4(A) of the original Lease.
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3.         Acknowledgments. Landlord and Tenant hereby acknowledge and agree as follows: (a) Landlord has fully satisfied all of its obligations under the Lease with respect to the performance of work or improvements to the Premises and/or the payment or provision of any allowance or contribution for any such work; (b) Landlord shall not be required to perform any work to the Additional Space or provide any contribution or allowance or any other concessions with respect thereto in connection with this Amendment; and (c) Tenant has no outstanding rights or options of any kind under the Lease to (i) lease any other portion of Landlord’s Building, or (ii) terminate the Lease.
4.         Broker. Tenant represents that it has had no dealings with any broker or agent in connection with this Amendment and that, insofar as it knows, no other broker or agent is entitled to any commission in connection herewith. Tenant agrees to indemnify, defend and hold Landlord, and its property manager, harmless from and against any claims for a fee or commission made by any other broker claiming to have acted by or on behalf of Tenant in connection with this Amendment.
5.         Ratification. Except as and to the extent amended hereby, the Lease is hereby ratified and confirmed in all respects and remains in full force and effect in accordance with the terms thereof. By signing below, Landlord and Tenant hereby (i) consent to all of the terms of this Amendment, (ii) ratify and confirm their respective obligations under the Lease, and (iii) agree that said obligations are and shall remain in full force and effect.
6.         Binding Effect. This Amendment and all of the provisions hereof shall be binding upon and inure to the benefit of Landlord and Tenant and their respective successors and assigns, subject to the restrictions on assignment by Tenant set forth in the Lease. In the event of any conflict between the terms, conditions and provisions of this Amendment and the terms, conditions and provisions of the Lease, then the terms, conditions and provisions of this Amendment shall govern and prevail in all respects.
[Signature Page Follows]
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IN WITNESS WHEREOF, the parties hereto have hereunto set their hands and seals, as of the day and year first above written.
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	In the presence of:
	    
	LANDLORD:

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	FUSCO HARBOUR ASSOCIATES, LLC

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	By:
	Fusco Harbour - EJF Inc., Its Manager

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	/s/ Elsie S. Mendez
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	By
	/s/ Lynn R. Fusco

	/s/ Dennis Riley
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	Lynn R. Fusco, Vice-Presdient

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	/s/ Elsie S. Mendez
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	By
	/s/ Edmund .J. Fusco

	/s/ Dennis Riley
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	Edmund J. Fusco, Jr., Vice-President

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	TENANT:

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	BIOXCEL THERAPEUTICS, INC.

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	/s/ William C. Lorenz
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	By:
	/s/ Kimberly A Sheehan

	William C. Lorenz
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	Name:
	Kimberly A Sheehan

	/s/ Mark O’Hagan
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	Title:
	VP of HR 

	Mark O’Hagan
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	STATE OF CONNECTICUT )
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	                                                 )ss.:
	August 24, 2020

	COUNTY OF NEW HAVEN )
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Personally appeared, LYNN R. FUSCO, the Vice-President of Fusco Harbour - EJF Inc., the Manager FUSCO HARBOUR ASSOCIATES, LLC, signer and sealer of the foregoing instrument, and acknowledged the same to be his/her free act and deed and the free act and deed of said Manager and said limited liability company before me.
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	ANGELA M SALVATI

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	/s/ ANGELA M SALVATI

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	Notary Public - State of Connecticut

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	My Commission Expires:

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	ANGELA M. SALVAT1

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	NOTARY PUBLIC

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	MY COMMISSION EXPIRES JULY 31, 2022

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	STATE OF CONNECTICUT )
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	                                                 )ss.:
	August 24, 2020

	COUNTY OF NEW HAVEN )
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Personally appeared, EDMUND J. FUSCO, JR., the Vice-President of Fusco Harbour - EJF Inc., the Manager FUSCO HARBOUR ASSOCIATES, LLC, signer and sealer of the foregoing instrument, and acknowledged the same to be his/her free act and deed and the free act and deed of said Manager and said limited liability company, before me.
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	/s/ ANGELA M SALVATI

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	Notary Public - State of Connecticut

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	My Commission Expires:

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	ANGELA M. SALVAT1

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	NOTARY PUBLIC

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	MY COMMISSION EXPIRES JULY 31, 2022

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	STATE OF CONNECTICUT )
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	                                                 )ss.:
	August 19, 2020

	COUNTY OF NEW HAVEN )
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Personally appeared, Kimberly A Sheehan, the V.P of HR of BIOXCEL THERAPEUTICS, INC., signer and sealer of the foregoing instrument, and acknowledged the same to be his/her free act and deed as such officer and the free act and deed of said company, before me.
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	/s/ ANGELA M SALVATI

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	Notary Public - State of Connecticut

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	My Commission Expires:

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	ANGELA M. SALVATI

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	NOTARY PUBLIC

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	MY COMMISSION EXPIRES JULY 31, 2022

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6

EXHIBIT A
ADDITIONAL SPACE
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7

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