Document:

soho-ex1018_68.htm

Exhibit 10.18

 

 

	
 
	
 
	
 

	

	
 
	
U.S. Small Business Administration

 

 

NOTE

	
 
	
 
	
 

 

 

 

 

	
SBA Loan#
	
PPP 11331778-03

	
SBA Loan Name
	
SOHO Arlington TRS LLC

	
Date
	
May 6, 2020

	
Loan Amount
	
$952,700.00

	
Interest Rate
	
1.00%; Fixed Rate

	
Borrower
	
SOHO Arlington TRS LLC a Delaware limited liability company

	
Operating Company
	
N/A

	
Lender
	
Fifth Third Bank, National Association, a federally chartered institution

 

 

	
1.
	
PROMISE TO PAY:
	
 

	
 
	
 
	
 

	
 
	
In return for the Loan, Borrower promises to pay to the order of Lender the amount of
	
 

	
 
	
Nine hundred fifty two thousand seven hundred and 00/100
	
Dollars,

	
 
	
 
	
 

	
 
	
interest on the unpaid principal balance, and all other amounts required by this Note.
	
 

	
 
	
 
	
 

	
2.
	
DEFINITIONS:
	
 

	
 
	
“Collateral” means any property taken as security for payment of this Note or any guarantee of this Note.
	
 

	
 
	
“Guarantor” means each person or entity that signs a guarantee of payment of this Note.
	
 

	
 
	
“Loan” means the loan evidenced by this Note.
	
 

	
 
	
“Loan Documents” means the documents related to this loan signed by Borrower, any Guarantor, or anyone who pledges collateral.

	
 
	
“SBA” means the Small Business Administration, an Agency of the United States of America.
	
 

 

 

		
	
SBA Form 147 (06/03/02) Version 4.1
	
Page 1/6

 

 

	
3.
	
PAYMENT TERMS:

 

Borrower must make all payments at the place Lender designates. The payment terms for this Note are:

 

	
	
Repayment terms:

	
 

	
The interest rate is 1% per year. The interest rate may only be changed in accordance with SOP 50 1 0.

	
 

	
Borrower must pay principal and interest payments of $53,347.78 every month, beginning seven months from the month this Note is dated; payments must be made on the 1st calendar day in the months they are due.

	
 

	
Lender will apply each installment first to pay interest accrued to the day Lender receives the payment, then to bring principal current, then to pay any late fees, and will apply any remaining balance to reduce principal.

	
 

	
Loan Prepayment:

	
 

	
Notwithstanding any provision in this Note to the contrary:

	
 

	
Borrower may prepay this Note. Borrower may prepay 20 percent or less of the unpaid principal balance at any time without notice. If Borrower prepays more than 20 percent and the Loan has been sold on the secondary market, Borrower must:

a.   Give Lender written notice;

b.   Pay all accrued interest; and

c.   If this prepayment is received less than 21 days from the date Lender receives the notice, pay an amount equal to 21 days’s interest from the date lender receives the notice, less any interest accrued during the 21 days and paid under subparagraph b., above.

	
 

	
If Borrower does not prepay within 30 days from the date Lender receives the notice, Borrower must give Lender a new notice.

	
 

	
All remaining principal and accrued interest is due and payable 2 years and 0 months from date of Note.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
SBA Form 147 (06/03/02) Version 4.1
	
Page 2/6

 

 

	
4.
	
DEFAULT:

Borrower is in default under this Note if Borrower does not make a payment when due under this Note, or if Borrower or Operating Company:

	
 
	
A.
	
Fails to do anything required by this Note and other Loan Documents; 

	
 
	
B.
	
Defaults on any other loan with Lender;

	
 
	
C.
	
Does not preserve, or account to Lender’s satisfaction for, any of the Collateral or its proceeds;

	
 
	
D.
	
Does not disclose, or anyone acting on their behalf does not disclose, any material fact to Lender or SBA;

	
 
	
E.
	
Makes, or anyone acting on their behalf makes, a materially false or misleading representation to Lender or SBA;

	
 
	
F.
	
Defaults on any loan or agreement with another creditor, if Lender believes the default may materially affect Borrower’s ability to pay this Note;

	
 
	
G.
	
Fails to pay any taxes when due;

	
 
	
H.
	
Becomes the subject of a proceeding under any bankruptcy or insolvency law;

	
 
	
I.
	
Has a receiver or liquidator appointed for any part of their business or property;

	
 
	
J.
	
Makes an assignment for the benefit of creditors;

	
 
	
K.
	
Has any adverse change in financial condition or business operation that Lender believes may materially affect Borrower’s ability to pay this Note;

	
 
	
L.
	
Reorganizes, merges, consolidates, or otherwise changes ownership or business structure without Lender’s prior written consent; or

	
 
	
M.
	
Becomes the subject of a civil or criminal action that Lender believes may materially affect Borrower’s ability to pay this Note.

 

	
5.
	
LENDER’S RIGHTS IF THERE IS A DEFAULT:

 

Without notice or demand and without giving up any of its rights, Lender may:

	
 
	
A
	
Require immediate payment of all amounts owing under this Note;

	
 
	
B.
	
Collect all amounts owing from any Borrower or Guarantor;

	
 
	
C.
	
File suit and obtain judgment;

	
 
	
D.
	
Take possession of any Collateral; or

	
 
	
E.
	
Sell, lease, or otherwise dispose of, any Collateral at public or private sale, with or without advertisement.

 

	
6.
	
LENDER’S GENERAL POWERS:

 

Without notice and without Borrower’s consent, Lender may:

	
 
	
A.
	
Bid on or buy the Collateral at its sale or the sale of another lienholder, at any price it chooses;

	
 
	
B.
	
Incur expenses to collect amounts due under this Note, enforce the terms of this Note or any other Loan Document, and preserve or dispose of the Collateral. Among other things, the expenses may include payments for property taxes, prior liens, insurance, appraisals, environmental remediation costs, and reasonable attorney’s fees and costs. If Lender incurs such expenses, it may demand immediate repayment from Borrower or add the expenses to the principal balance;

	
 
	
C.
	
Release anyone obligated to pay this Note;

	
 
	
D.
	
Compromise, release, renew, extend or substitute any of the Collateral; and

	
 
	
E.
	
Take any action necessary to protect the Collateral or collect amounts owing on this Note.

 

 

	
SBA Form 147 (06/03/02) Version 4.1
	
Page 3/6

 

 

	
7.
	
WHEN FEDERAL LAW APPLIES:

 

When SBA is the holder, this Note will be interpreted and enforced under federal law, including SBA regulations. Lender or SBA may use state or local procedures for filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using such procedures, SBA does not waive any federal immunity from state or local control, penalty, tax, or liability. As to this Note, Borrower may not claim or assert against SBA any local or state law to deny any obligation, defeat any claim of SBA, or preempt federal law.

 

	
8.
	
SUCCESSORS AND ASSIGNS:

 

Under this Note, Borrower and Operating Company include the successors of each, and Lender includes its successors and assigns.

 

	
9.
	
GENERAL PROVISIONS:

	
 
	
A.
	
All individuals and entities signing this Note are jointly and severally liable.

	
 
	
B.
	
Borrower waives all suretyship defenses.

	
 
	
C.
	
Borrower must sign all documents necessary at any time to comply with the Loan Documents and to enable Lender to acquire, perfect, or maintain Lender's liens on Collateral.

	
 
	
D.
	
Lender may exercise any of its rights separately or together, as many times and in any order it chooses. Lender may delay or forgo enforcing any of its rights without giving up any of them.

	
 
	
E.
	
Borrower may not use an oral statement of Lender or SBA to contradict or alter the written terms of this Note.

	
 
	
F.
	
If any part of this Note is unenforceable, all other parts remain in effect.

	
 
	
G.
	
To the extent allowed by law, Borrower waives all demands and notices in connection with this Note, including presentment, demand, protest, and notice of dishonor. Borrower also waives any defenses based upon any claim that Lender did not obtain any guarantee; did not obtain, perfect, or maintain a lien upon Collateral; impaired Collateral; or did not obtain the fair market value of Collateral at a sale.

 

	
SBA Form 147 (06/03/02) Version 4.1
	
Page 4/6

 

 

	
10.
	
STATE-SPECIFIC PROVISIONS:

 

	
	
WARRANT OF ATTORNEY/CONFESSION OF JUDGMENT. In addition to any other remedies Lender may possess, Borrower knowingly, voluntarily and intentionally authorizes any attorney to appear on behalf of Borrower, from time to time, in any court of record possessing jurisdiction over this Note and to waive issuance and service of process and to confess judgment  in favor of Lender against Borrower, for the unpaid principal, accrued interest, accrued charges, reasonable attorney fees and court costs and such other amount due under this Note

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	
SBA Form 147 (06/03/02) Version 4.1
	
Page 5/6

 

 

	
11.
	
BORROWER’S NAME(S) AND SIGNATURE(S):

 

By signing below, each individual or entity becomes obligated under this Note as Borrower.

 

	
 

	
 

	
SOHO Arlington TRS LLC
	
 
	
 

	
a Delaware limited liability company
	
 
	
 

	
 
	
 
	
 

	
/s/ Scott M Kucinski
	
 
	
5/7/20
	
 

	
Signature of Authorized Representative of Borrower
	
 
	
Date

	
 
	
 
	
 

	
Scott M Kucinski
	
 
	
EVP and COO

	
Name of Authorized Representative of Borrower

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
	
 
	
Title

 

 

 

 

	
SBA Form 147 (06/03/02) Version 4.1
	
Page 6/6

 

 

PAYCHECK PROTECTION PROGRAM

Loan Disbursement Form

 

 

		
	
Lender Name:
	
Fifth Third Bank, National Association

	
Lender FIRS Number:
	
A363295

	
PPP Borrower Name:
	
SOHO Arlington TRS LLC

	
PPP SBA Loan #:
	
PPP 11331778-03

	
Note Amount:
	
$952,700.00

 

 

CHOOSE METHOD FOR DISBURSEMENT OF LOAN FUNDS:

 

	
☒
	
FIFTH THIRD BUSINESS ACCOUNT (Account MUST be in the name of the applicant business)

 

	
 
	
 
	
Account name: SOHO Arlington TRS LLC
	
 

	
 
	
 
	
Account Type: DDA
	
 

	
 
	
 
	
Account Number:7028954902
	
 

	
 
	
 
	

 

	
☐
	
ELECTRONIC TRANSFER TO ANOTHER BANK ACCOUNT (Account MUST be in the name of the applicant business)

 

	
 
	
 
	
Account name:
	
 

	
 
	
 
	
Account Type:
	
 

	
 
	
 
	
Account Number:
	
 

	
 
	
 
	
Routing Number:
	
 

 

 

								
	
Authorized Signature
	
 
	
 
	
 
	
/s/ Scott Kucinski
	
 
	
Date
	
5/7/20

	
 
	
 
	
Name/Title
	
 
	
Scott Kucinski-EVP/COO
	
 
	
 
	
 

 

 

 

 

Contact Information for Authorized Signer:

 

 

				
	
Phone:
	
 
	
757-229-5648
	
 

	
Email:
	
 
	
Scottkucinski@sotherlyhotels.com
	
 

 

 

 

 

 

 

	
 
	
Fee Disclosure and Compensation Agreement
	
 
	
OMB Control No. 3245-0201

	
 
	
For use with 7(a) and 504 Loan Programs
	
 
	
Expiration Date: 08/31/2021

 

Purpose of this form: The purpose of this form is to identify Agents and the fees and/or compensation paid to Agents by or on behalf of a small business applicant (“Applicant”) for the purpose of obtaining or expediting an application for a loan guaranteed by the U.S. Small Business Administration (SBA). This is a statutory requirement under 15 U.S.C. 642. See 13 CFR Parts 103 and 120 and SBA’s Standard Operating Procedure 50 1 0 for the rules governing compensation of Agents or SBA Lenders in connection with an SBA loan.

 

Who must complete this form?: This form must be completed and signed by the SBA Lender and the Applicant whenever an Agent is paid by either the Applicant or the SBA Lender in connection with the SBA loan application. Each Agent paid by the Applicant to assist it in connection with its application must also complete and sign the form. When an Agent is paid by the SBA Lender, the SBA Lender must complete this form and the SBA Lender and Applicant must both sign the form. The SBA Lender must inform the Applicant in writing that the Applicant is not required to employ an Agent or representative (including the SBA Lender) to assist the Applicant with the SBA loan application.

Compensation must be disclosed on this form for the following services:

	
 
	
1.
	
Loan packaging services, as defined in SOP 50 1 0, performed by an SBA Lender or other third  party (This includes services performed by an individual/entity that is a Lender Service Provider (LSP) (7(a) only) or has an SBA-approved Professional Services Contract (504 only) with the SBA Lender who is acting as a loan packager or referral agent employed by the Applicant);

	
 
	
2.
	
Financial statement preparation specifically for the loan application; and/or

	
 
	
3.
	
Consulting, Broker, or Referral services paid by the Applicant, SBA Lender, or Third Party Lender (504 only).

Fees paid to the following individuals for their services in connection with the SBA loan application are not required to be disclosed on this form:

	
 
	
1.
	
Applicant’s accountant performing services in the normal course of business;

	
 
	
2.
	
Any attorney in connection with the 7(a) or 504 loan closing;

	
 
	
3.
	
A state-certified or state-licensed appraiser employed by the SBA Lender to appraise collateral;

	
 
	
4.
	
An LSP performing services for the Lender under an SBA-reviewed LSP agreement (7(a) only) or an individual performing services for the CDC under an SBA-approved professional services contract (504 only);

	
 
	
5.
	
An individual employed by the SBA Lender to perform a business valuation in connection with the SBA loan;

	
 
	
6.
	
An environmental professional employed by the SBA Lender to conduct an environmental assessment of the collateral; and/or

	
 
	
7.
	
A real estate agent who is receiving a commission for the sale of real estate.

 

Instructions for completing this form: The Agent must be identified, all services provided must be listed, and the party paying the fee and amount paid must also be disclosed (and itemized, when required). The SBA Lender must ensure that the Agent performing services is not debarred, suspended, proposed for debarment, declared ineligible, or voluntarily excluded from participation in this transaction by any Federal department or Agency. (See www.sam.gov.) The SBA does not allow contingency fees (fees paid only if the loan is approved) or charges for services which are not reasonably necessary in connection with an application. A separate form is required for each Agent (including an SBA Lender when the SBA Lender performs packaging services) that has or will receive compensation as part of the transaction. However, all of the services provided by the same Agent may be listed on a single form.

If the compensation paid exceeds $2,500, the Agent must provide supporting documents that include: 1) a detailed explanation of the work performed; and 2) the hourly rate(s) and the number of hours spent working on each activity. The SBA Lender must ensure that the supporting documents are attached to this form. When a single provider charges an Applicant in connection with multiple applications, fees are aggregated to establish the $2,500 threshold for requiring supporting documents and a detailed explanation. Supporting documents and a detailed explanation are required even if the compensation is charged on a percentage basis.

All SBA Lenders must retain the original Form 159 in the loan file. 7(a) Lenders must submit a copy of each completed Form 159 to Fiscal Transfer Agent only once after there has been an initial disbursement on the loan in conjunction with its monthly 1502 report. CDCs must submit a copy of each completed Form 159 to SBA in its Annual Report for all of the 504 loans closed during the fiscal year being reported.

 

	
SBA Form 159 (04-18) Previous Editions Obsolete
	
Page 1 of 3

 

 

 

	
 
	
Fee Disclosure and Compensation Agreement
	
 
	
OMB Control No.: 3245-0201

	
 
	
For use with 7(a) and 504 Loan Programs
	
 
	
Expiration Date: 08/31/2021

 

															
	
◼  7 (a) loan
	
☐
	
504 loan

	
SBA Loan Name:
	
SOHO Arlington TRS LLC

	
SBA Loan Number (no spaces):
	
PPP 11331778-03
	
 
	
SBA Lender FIRS (no spaces):
	
A363295

	
SBA Lender Legal Name:
	
Fifth Third Bank, National Association

	
Services Performed by (Name of Agent):
	
Fifth Third Bank, National Association

	
Agent Contact Person:
	
 

	
Agent Address:
	
 

	
Type of Agent:

	
 
	
◼   SBA Lender
	
 
	
☐   Consultant
	
 
	
☐   Third Party Lender ("TPL")

	
 
	
☐   Independent Loan Packager
	
 
	
☐   Accountant preparing financial

statements specifically for SBA loan application
	
 
	
☐   Other:
	
 

	
 
	
☐   Referral Agent/Broker
	
 
	
 
	
 

 

					
	
Type of Service
	
Amount Paid by Applicant*
	
Amount Paid by SBA Lender*

	
Loan packaging
	
0.00
	
0.00

	
Financial statement preparation for loan application
	
 
	
 

	
Broker or Referral services
	
 
	
 

	
Consultant services
	
 
	
 

	
Other:
	
 
	
 
	
 
	
 

	
 
	
 
	
 

 

*The Agent may not be compensated by both Applicant and SBA Lender for the same service. Furthermore, any Agent employed by the SBA Lender must be paid by the SBA Lender and those fees cannot be passed on to the Applicant.

 

							
	
Total compensation paid by:
	
 
	
Applicant: 
	
$ 0.00
	
 
	
SBA Lender:
	
$ 0.00

 

	
☐
	
Itemization and supporting documentation is attached. (Itemization and supporting documentation is required if the compensation paid exceeds $2,500. Itemization must include: 1) a detailed explanation of the work performed; and 2) the hourly rate and the number of hours spent working on each activity.) Note: SBA, in its discretion, may request an itemization and supporting documentation for any fee charged in connection with an SBA loan application, regardless of the amount.

For 504 loans only:

 

				
	
☐
	
CDC received referral fee from a TPL
	
Amount of Fee:
	
$

 

			
	
TPL Name:
	
 

	
 
	
 

	
TPL Address:
	
 

 

WARNING: False certifications can result in criminal prosecution under 18 U.S.C.$ 1001 and other penalties provided under law.

Violation of any of the SBA Loan Program Requirements regarding SBA Form 159 and the related activities by the SAB Lender and/or an Agent may result in SBA’s suspension or revocation of the privilege of conducting business with the SBA under 13 CFR Part 103. 

 

Applicant ’s Certifications: By signing this form, the Applicant certifies to SBA that the above representations and amounts are the only amounts paid (or that will be paid) by the Applicant in connection with the stated services and are satisfactory to the Applicant. The Applicant further certifies that a separate compensation agreement (SBA Form 159) has been executed for all Agents, as defined in 13 CFR § 103.1. If the certification is made by a legal entity (e.g. corporation, limited liability company), execution of the certification must be in the legal entity’s name by a duly authorized officer or other entity representative; if by a partnership, execution of the certification must be in the partnership's name by a general partner.

Applicant must not sign this form until all required services and fee information is disclosed.

 

				
	
/s/ Scott M Kucinski
	
 
	
5/7/20
	
 

	
Signature of Authorized Representative of Applicant 
	
 
	
Date 

	
 
	
 
	
 

	
Scott M Kucinski
	
 
	
EVP/COO

	
Print Name
	
 
	
Title

 

 

 

	
SBA Form 159 (04-18) Previous Editions Obsolete
	
Page 2 of 3

 

 

 

	
 
	
Fee Disclosure and Compensation Agreement
	
 
	
OMB Control No. 3245-0201

	
 
	
For use with 7(a) and 504 Loan Programs
	
 
	
Expiration Date: 08/31/2021

 

Agent’s Certifications: By signing this form, the undersigned Agent certifies that: (1) it has not and will not directly or indirectly charge or receive any payment from the Applicant in connection with the application for or making of the SBA loan except for services actually performed on the Applicant’s behalf and identified in this form; (2) the information provided in this form accurately describes the types of services (s)he/it has provided to the Applicant or SBA Lender and the compensation described in this form is the only compensation that has been charged to or received from the Applicant or SBA Lender or that will be charged to the aforementioned parties for services covered by this form; (3) neither it nor any of the employees of its organization are currently debarred, suspended, proposed for debarment, declared ineligible or voluntarily excluded from participation in this transaction by any Federal department or Agency; and (4) if SBA deems any portion or all of the fees charged in connection with the application for or making of the loan to be unreasonable or prohibited, the Agent agrees to refund that amount to the Applicant. If the certification is made by a legal entity (e.g. corporation, limited liability company), execution of the certification must be in the legal entity’s name by a duly authorized officer or other entity representative; if by a partnership, execution of the certification must be in the partnership’s name by a general partner.

 

				
	
 
	
 
	
 
	
 

	
Signature of Authorized Representative of Agent 
	
 
	
Date 

	
 
	
 
	
 

	
 
	
 
	
 

	
Print Name
	
 
	
Title

 

SBA Lender’s Certifications: The undersigned SBA Lender certifies that: (1) the representations of services rendered and the amounts charged as identified in this form are reasonable and satisfactory to it; (2) (s)he has no knowledge that any Agent, as defined in 13 CFR § 103.1, was engaged by, represented, or worked on behalf of the Applicant other than as disclosed above or in another executed compensation agreement (SBA Form 159); (3) any referral fees described above are the only referral fees paid by the SBA Lender to a referral agent in connection with this loan and were not charged directly or indirectly to the Applicant; (4) if SBA deems any portion or all of the fees charged in connection with the application for or making of the loan to be unreasonable or prohibited, the SBA Lender agrees to refund that amount to the Applicant; (5) it has consulted the System for Awards Management’s (SAM) Excluded Parties List System or any successor system to ensure that the Agent identified above is not debarred, suspended, proposed for debarment, declared ineligible or voluntarily excluded from participation in this transaction by any Federal department or Agency; and (6) any fee it has charged is not a standardized amount and all fees charged to the Applicant comply with SBA Loan Program Requirements.

 

				
	
 
	
 
	
 
	
 

	
Signature of Authorized Representative of SBA Lender
	
 
	
Date 

	
 
	
 
	
 

	
 
	
 
	
 

	
Print Name
	
 
	
Title

 

Systems of Record Notification: Information obtained from this form is part of the Agency’s Privacy Act Systems of Records, Loan Systems (“SOR 21”) and may become part of SBA’s System of Records for Suspension and Debarment Files (“SOR 36”). As such, this form and the information contained therein may be used, disclosed, or referred for the following purposes, among other things:

	
 
	
•
	
To the Federal, State, local or foreign agency or professional organization which investigates, prosecutes, or enforces violations of statutes, rules, regulations, or orders, or which undertakes procurement of goods or services, when SBA determines that disclosure will promote programmatic integrity or protect the public interest.

	
 
	
•
	
To SBA employees, contractors, interns, volunteers, and other regulators or legal authorities for the review of Loan Agent fees and activities and for the review of loans generated by Loan Agents (e.g. for performance and other trends).

	
 
	
•
	
To GSA and the public for publication of Loan Agent suspensions, revocations, debarments, other enforcement actions, and exclusions in the System Award’s Management’s (SAM) Excluded Parties List System (“EPLS”) or any successor system consistent with Executive Order 12549 and other applicable law.

	
 
	
•
	
To other regulators, SBA employees, contractors, interns, and/or volunteers for regulatory purposes.

	
 
	
•
	
See 77 FR 61467 (October 9, 2012), 77 FR 15835 (March 16, 2012), 74 FR 14890 (April 1, 2009), and as amended from time­ to-time for additional routine uses.

 

PLEASE NOTE: The estimated burden for completion of this form is 5 minutes per response. You are not required to respond to this information collection unless it displays a currently valid OMB approval number. Comments/questions on the burden estimate should be sent to U.S. SBA, Chief, Administration Information Branch, Washington, D.C. 201416, and Desk Officer for SBA, OMB, New Exec. Office Building, Room 10202, Washington, D.C. 20503. PLEASE DO NOT SEND FORMS TO THESE ADDRESSES.

 

 

 

	
SBA Form 159 (04-18) Previous Editions Obsolete
	
Page 3 of 3

 

 

 

				
	

	
 
	
 
	
 

	
 
	
Paycheck Protection Program
	
OMB Control No.: 3245-0407

	
 
	
Lender Application Form - Paycheck Protection Program Loan Guaranty
	
Exp1ratwn Date: 09/30/2020

 

The purpose of this form is to collect identifying information about the Lender, the Applicant, the loan guaranty request, sources and uses of funds, the proposed structure (which includes pricing and the loan term), and compliance with SBA Loan Program Requirements. This form reflects the data fields that will be collected electronically from lenders; no paper version of this form is required or permitted to be submitted. As used in this application, “Paycheck Protection Program Rule” refers to the rules in effect at the time you submit this application that have been issued by the Small Business Administration (SBA) implementing the Paycheck Protection Program under Division A, Title I of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

Instructions for Lenders

All Paycheck Protection Program (PPP) loans are processed by all Lenders under delegated authority from SBA. This application must be submitted and signed electronically in accordance with program requirements, and the information requested is to be retained in the Lender’s loan file.

 

																			
	
A.     Lender Information
	
 
	
 
	
 
	
 
	
 

	
Lender Name:
	
Fifth Third Bank, National Association
	
 
	
 
	
Lender Location ID:
	
58036

	
Address:
	
38 Fountain Square Plaza
	
 
	
City:
	
Cincinnati
	
St:  
	
OH
	
 
	
Zip:
	
45202

	
Lender Contact:
	
Michael Shepherd
	
Ph:
	
(613)-534-5300
	
 
	
Cell or Ext:
	
(   )         -
	
 

	
Contact Email:
	
michael.shepherd@53.com
	
 
	
 
	
Title:
	
SVP
	
 
	
 

 

	
B.  Applicant  Information

	
Applicant
	
Check One:
	
□ Sole Proprietor  □ Partnership  □ C-Corp  □ S-Corp  ■ LLC  □ Independent contractor

	
 
	
□ Eligible self-employed individual   □ 50 I (c)(3) nonprofit   □ 50l(c)(19) veterans organization

	
 
	
□ Tribal business (sec. 3l(b)(2)(C) of Small Business Act)   □ Other

	
 
	
 
	
 
	
 
	
 

	
 
	
Applicant Legal Name :
	
SOHO Arlington TRS LLC
	
 
	
 

	
 
	
DBA:
	
 
	
Business Tax ID:
	
85-0808166

	
 
	
Applicant Address:
	
306 South Henry St Suite 100
	
City, State, Zip:
	
Williamsburg, VA 23185

	
 
	
Applicant Primary Contact
	
Scott Kucinski
	
Phone:
	
(757)-229-5648

 

										
	
C.     Loan Structure Information

	
Amount of Loan Request:
	
$952,700.00
	
Guarantee %:
	
100%.
	
Loan Term in # of Months:
	
24
	
Payment:
	
Deferred 6 mos.

	
Applicant must provide documentation to Lender supporting how the loan amount was calculated in accordance with the Paycheck Protection Program Rule and the CARES Act, and Lender must retain all such supporting documentation in Lender’s file.

	
Interest Rate
	
1 %
	
 

 

	
D. Loan Amount Information

	
Average Monthly Payroll multiplied by 2.5
	
$952,700.00

	
Refinance of Eligible Economic Injury Disaster Loan, net of Advance (if Applicable; see Paycheck Protection Program Rule)
	
$0

	
Total
	
$952,700.00

 

 

	
E.     General Eligibility (If the answer is no to either, the loan cannot be approved)

	
•      The Applicant has certified to the Lender that (1) it was in operation on February 15, 2020 and had employees for whom the Applicant paid salaries and payroll taxes or paid independent contractors, as reported on Form(s) 1099- MISC, (2) current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant , (3) the funds will be used to retain workers and maintain payroll or make mortgage interest payments ,lease payments, and utility payments, and (4) the Applicant has not received  another Paycheck Protection Program loan.
	
◼Yes
	
☐ NO

	
•      The Applicant has certified to the Lender that it (1) is an independent contractor, eligible self-employed individual, or sole proprietor or (2) employs no more than the greater of 500 or employees or, if applicable, meets the size standard in number of employees established by the SBA in 13 C.F.R. 121.201 for the Applicant’s industry.
	
◼Yes
	
☐ NO

 

	
SBA Form 2484 (Revised 04/20)
	
1
	
 

 

 

 

	
F.    Applicant Certification of Eligibility (If not true, the loan cannot be approved)

	
•      The Applicant has certified to the Lender that the Applicant is eligible under the Paycheck Protection Program Rule
	
◼ True

 

	
G.     Franchise/License/Jobber/Membership or Similar Agreement (If applicable and no, the loan cannot be approved)

	
•      The Applicant has represented to the Lender that it is a franchise that is listed in the SBA’s Franchise Directory
	
☐ Yes
	
◼ No

 

			
	
H.    Character Determination (If no, the loan cannot be approved)

	
•      The Applicant has represented to the Lender that neither the Applicant (if an individual) nor any individual owning 20% or more of the equity of the Applicant is subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges are brought in any jurisdiction, or is presently incarcerated, or on probation or parole.
	
◼ Yes
	
☐ No

	
•      The Applicant has represented to the Lender that neither the Applicant (if an individual) nor any individual owning 20% or more of the equity of the Applicant has within the last 5 years, for any felony: I) been convicted; 2) pleaded guilty; 3) pleaded nolo contendere; 4) been placed on pretrial diversion; or 5) been placed on any form of parole or probation (including probation before judgment).
	
◼ Yes
	
☐ No

 

			
	
I.     Prior Loss to Government/Delinquent Federal Debt (If no, the loan cannot be approved)

	
•      The Applicant has certified to the Lender that neither the Applicant nor any owner (as defined in the Applicant's SBA Form 2483) is presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded from participation in this transaction by any Federal department or agency, or presently involved in any bankruptcy.
	
◼ Yes
	
☐ No

	
•      The Applicant has certified to the Lender that neither the Applicant nor any of its owners, nor any business owned or controlled by any of them, ever obtained a direct or guaranteed loan from SBA or any other Federal agency that is currently delinquent or has defaulted in the last 7 years and caused a loss to the government .
	
◼ Yes
	
☐ No

 

	
J.    U.S. Employees (If no, the loan cannot be approved)
	
 
	
 

	
•      The Applicant has certified that the principal place of residence for all employees included in the Applicant's payroll calculation is the United States.
	
◼ Yes
	
☐ No

 

	
K.    Fees (If yes, Lender may not pass any agent fee through to the Applicant or offset or pay the fee with the proceeds of this loan)

•      Is the Lender using a third party to assist in the preparation of the loan application or application materials, or to perform other services in connection with this loan?
	
☐ Yes
	
◼ No

 

SBA Certification to Financial Institution under Right to Financial Privacy Act (12 U.S.C. 3401)

By signing SBA Form 2483, Borrower Information Form in connection with this application for an SBA-guaranteed loan, the Applicant certifies that it has read the Statements Required by Law and Executive Orders, which is attached to Form 2483. As such, SBA certifies that it has complied with the applicable provisions of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3401) and, pursuant to that Act, no further certification is required for subsequent access by SBA to financial records of the Applicant/Borrower during the term of the loan guaranty.

Lender Certification

On behalf of the Lender, I certify that:

	
•
	
The Lender has complied with the applicable lender obligations set forth in paragraphs 3.b(i)-(iii) of the Paycheck Protection Program Rule .

	
•
	
The Lender has obtained and reviewed the required application (including documents demonstrating qualifying payroll amounts) of the Applicant and will retain copies of such documents in the Applicant's loan file.

I certify that:

	
•
	
Neither the undersigned Authorized Lender Official, nor such individual's spouse or children, has a financial interest in the Applicant.

 

				
	
Authorized Lender Official:
	
 
	
Date:
	
 

	
 
	
Signature
	
 
	
 

	
Type or Print Name:
	
 
	
Title:
	
 

 

NOTE: According to the Paperwork Reduction Act, you are not required to respond to this collection of information unless it displays a currently valid OMB Control Number. The estimated burden for completing this form, including time for reviewing instructions, gathering data needed, and completing and reviewing the form is 25 minutes per response. Comments or questions on the burden estimates should be sent to U.S. Small Business Administration, Director, Records Management Division, 409 3rd St., SW, Washington DC 20416, and/or SBA Desk Officer, Office of Management and Budget, New Executive Office Building, Rm. 10202, Washington DC 20503. PLEASE DO NOT SEND FORMS TO THESE ADDRESSES.

 

	
SBA Form 2484 (Revised 04/20)
	
2Exhibit 10.1

  

   

    PDS Biotechnology Corporation

     

    Consulting Agreement

     

    This Consulting Agreement (the “Agreement”), made as of June 23, 2020 (the “Effective Date”), is entered into by and
      between PDS Biotechnology Corporation a Delaware corporation with a principal place of business at 25B Vreeland Road, Suite 300, Florham Park NJ 07932 (“PDS”), and King Partners II, a limited liability
      corporation with an address at 6200 Maiden Lane, Bethesda, MD 20817 (the “Consultant”).

    

    

    WHEREAS, PDS and Consultant desire to establish the terms and conditions under which Consultant will provide services to PDS.

     

    NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the
      parties hereto, the parties agree as follows:

     

    1.1         Services.  Consultant agrees to perform such consulting, advisory and related services to and for PDS as may be
      reasonably requested from time to time in writing by PDS, including, but not limited to, the services specified on Schedule A to this Agreement.  Consultant shall not engage the services of third party
      subcontractors in the performance of the services.

     

    2.          Term.  This Agreement shall commence on the Effective Date and shall continue until the 6 month anniversary of the Effective Date or until a
      (such period, as it may be extended or sooner terminated in accordance with the provisions of Section 4, being referred to as the “Consultation Period”).

     

    3.           Compensation.

     

    3.1         Consulting Fees.  PDS shall pay to Consultant the consulting fees set forth on Schedule A to this Agreement.  Payment for any partial
      month shall be prorated.  A detailed invoice for services shall be prepared and submitted electronically to the PDS portal, [e-mail redacted], for review and approval by the third (3rd) business day following
      the month during which services were provided.  Payment terms are 30 days from receipt of invoice. Except as set forth in Section 3.2, such payment includes all taxes, fees, duties and other costs associated with the services to be performed
      hereunder.

     

    3.2         Expenses. Unless otherwise expressly set forth in this Agreement, Consultant shall furnish at its own expense all
      resources, equipment, tools, and supplies necessary for the performance of its obligations under this Agreement.  PDS shall reimburse Consultant for all reasonable and necessary documented out of pocket expenses incurred or paid by Consultant in
      connection with, or related to, the performance of its services under this Agreement, consistent with PDS’s travel and expense policies, which may be amended from time to time, and which shall be made available to Consultant at its request. 
      Consultant shall submit to PDS itemized monthly statements, in a form satisfactory to PDS, of such expenses incurred in the previous month, along with proper documentation of such expenses.  PDS shall pay to Consultant amounts shown on each such
      statement within thirty (30) days after receipt thereof.  Notwithstanding the foregoing, Consultant shall not incur total expenses in excess of $500.00 per month without the prior written approval of PDS.

     

    
      - 1 -

      
        

    

    3.3       Benefits.  Consultant shall not be entitled to any benefits, coverages or privileges, including, without limitation, health insurance, social
      security, unemployment, medical or pension payments, made available to employees of PDS.

     

    4.          Termination.  This Agreement may be terminated prior to its expiration under Section 2 in the following manner:
      (a) by either PDS or Consultant upon not less than thirty (30) days prior written notice to the other party; (b) by the non-breaching party, upon twenty-four (24) hours prior written notice to the breaching party if one party has materially breached
      this Agreement; or (c) at any time upon the mutual written consent of the parties hereto.  Notwithstanding the foregoing, PDS may terminate this Agreement effective immediately by giving written notice to Consultant if Consultant breaches or
      threatens to breach any provision of Section 6.  In the event of termination, Consultant shall be entitled to payment for services performed and (subject to the Section 3.2) for expenses paid or incurred prior
      to the effective date of termination that have not been previously paid.  Unless otherwise instructed in writing by PDS, Consultant will cease providing services on the date of any notice of termination and shall be entitled to payment for all
      pre-approved services provided prior to the date of termination.

     

    5.          Cooperation.  Consultant shall use reasonable efforts in the performance of its obligations under this Agreement.  PDS shall provide such
      access to its information and property as may be reasonably required in order to permit Consultant to perform its obligations hereunder, but Consultant’s sole remedy for PDS’s failure to do so shall be to terminate this Agreement.  Consultant shall
      cooperate with PDS’s personnel, shall not interfere with the conduct of PDS’s business and shall observe all rules, regulations and security requirements of PDS concerning the safety of persons and property.

      

    

    6.           Proprietary Information and Inventions.

     

    6.1          Proprietary Information.

     

    (a)        Consultant acknowledges that its relationship with PDS is one of high trust and confidence and that in the course of its service to PDS it will have
      access to and contact with Proprietary Information.  Consultant will not disclose any Proprietary Information to any person or entity other than employees of PDS or use the same for any purposes (other than in the performance of the services) without
      written approval by an officer of PDS, either during or after the Consultation Period.

     

    (b)        For purposes of this Agreement, “Proprietary Information” shall mean all information disclosed by PDS to Consultant or that is otherwise learned,
      developed or acquired by Consultant in the course of its service as a consultant to PDS, whether or not in written, oral, electronic, tangible, visual or other form, as well as any information or analysis provided by Consultant to PDS under this
      Agreement.

     

    
      - 2 -

      
        

    

    (c)         Consultant’s obligations under this Section 6.1 shall not apply to any information that (i) is or becomes known to the general public under
      circumstances involving no breach by Consultant; (ii) is in Consultant's possession at the time of disclosure, as evidenced by Consultant’s written records; or (iii) becomes known to Consultant through disclosure by sources other than PDS without any
      obligation of confidentiality.  Notwithstanding the foregoing, Consultant may disclose Proprietary Information pursuant to a court order or as otherwise required by law.  In the event Consultant is asked or subpoenaed by a court of law or
      governmental agency to provide Proprietary Information, Consultant will promptly inform PDS and will reasonably cooperate with PDS to obtain any protection that may be afforded such Proprietary Information.

     

    (d)      Consultant agrees that all files, documents, letters, memoranda, reports, records, data sketches, drawings, models, laboratory notebooks, program
      listings, computer equipment or devices, computer programs or other written, photographic, or other tangible material containing Proprietary Information, whether created by Consultant or others, which shall come into its custody or possession, shall
      be and are the exclusive property of PDS to be used by Consultant only in the performance of its duties for PDS and shall not be copied or removed from PDS’s premises except in the pursuit of the business of PDS.  All such materials or copies thereof
      and all tangible property of PDS in the custody or possession of Consultant shall be delivered to PDS, upon the request of PDS.  After such delivery, Consultant shall not retain any such materials or copies thereof or any such tangible property.

     

    (e)      Consultant agrees that its obligations in this Section 6.1  extend to information, materials and tangible property provided by third parties to
      Consultant for the benefit of PDS.

     

    6.2          Inventions.

     

    (a)        All inventions, ideas, creations, discoveries, computer programs, works of authorship, data, developments, technology, designs, innovations and
      improvements thereto (whether or not patentable and whether or not copyrightable) which are made, conceived, reduced to practice, created, written, designed or developed by Consultant, solely or jointly with others or under its direction and whether
      during normal business hours or otherwise, (i) during the Consultation Period if within the scope of the services provided to PDS and related to the business of PDS, or (ii) after the Consultation Period if resulting or directly derived from
      Proprietary Information (collectively under clauses (i) and (ii), “Inventions”), shall be the sole property of PDS.  Consultant hereby assigns to PDS all Inventions and any and all related patents, copyrights,
      trademarks, trade names, and other industrial and intellectual property rights and applications therefor, in the United States and elsewhere and appoints any officer of PDS as its duly authorized attorney to execute, file, prosecute and protect the
      same before any government agency, court or authority.  However, this paragraph shall not apply to Inventions that do not relate to the business or research and development conducted or planned to be conducted by PDS at the time such Invention is
      created, made, conceived or reduced to practice and which are made and conceived by Consultant not during the hours worked for PDS, not on PDS’s premises and not using PDS’s tools, devices, equipment or Proprietary Information.  Consultant further
      acknowledges that each original work of authorship that is made by Consultant (solely or jointly with others) within the scope of the Agreement and that is protectable by copyright is a “work made for hire,” as that term is defined in the United
      States Copyright Act.

     

    
      - 3 -

      
        

    

    (b)       Consultant will not incorporate any invention, improvement, development, concept, discovery or other proprietary information owned by Consultant or any
      third party into any Invention without PDS’s prior written permission.

     

    (c)      Upon the reasonable request of PDS and at PDS’s expense, Consultant shall execute such further assignments, documents and other instruments as may be
      necessary or desirable to fully and completely assign all Inventions to PDS and to assist PDS in applying for, obtaining and enforcing patents or copyrights or other rights in the United States and in any foreign country with respect to any
      Invention.  Consultant also hereby waives all claims to moral rights in any Inventions.

     

    (d)        Consultant shall promptly disclose to PDS all Inventions and will maintain adequate and current written records (in the form of notes, sketches,
      drawings and as may be specified by PDS) to document the conception and/or first actual reduction to practice of any Invention.  Such written records shall be available to and remain the sole property of PDS at all times.

     

    7.           Other Agreements.Consultant represents that its performance of all the terms of this Agreement and the performance of the services as a
      consultant of PDS do not and will not breach any agreement with any third party to which Consultant is a party (including, without limitation, any nondisclosure or non-competition agreement), and that Consultant will not disclose to PDS or induce PDS
      to use any confidential or proprietary information or material belonging to any current or previous employer or others.

     

    8.           Independent Contractor Status.

     

    8.1          Consultant shall perform all services under this Agreement as an “independent contractor” and not as an employee or agent of PDS.  Consultant is not authorized to assume
      or create any obligation or responsibility, express or implied, on behalf of, or in the name of, PDS or to bind PDS in any manner without authorization from PDS’s CEO or a majority of PDS’s Board.

     

    8.2        Consultant shall have the right to control and determine the time, place, methods, manner and means of performing the services.  However, upon
      reasonable notice, Consultant shall meet with representatives of PDS at a location to be designated by PDS.

     

    8.3          Consultant shall not use PDS's trade names, trademarks, service names or service marks without the prior approval of PDS.

     

    8.4         Consultant shall be solely responsible for all state and federal income taxes, unemployment insurance and social security taxes in connection with
      this Agreement.

     

    9.          Remedies.  Consultant acknowledges that any breach of the provisions of Section 6 of this Agreement shall result in serious and irreparable
      injury to PDS for which PDS cannot be adequately compensated by monetary damages alone.  Consultant agrees, therefore, that, in addition to any other remedy it may have, PDS shall be entitled to enforce the specific performance of this Agreement by
      Consultant and to seek both temporary and permanent injunctive relief (to the extent permitted by law) without the necessity of proving actual damages or posting a bond. 

     

    
      - 4 -

      
        

    

    10.         Indemnification.  Company shall indemnify Consultant from any loss, damage, cost or expense (including reasonable attorney's fees) (“Loss”) arising from or
      related to a third party claim, demand, assessment, action, suit or proceeding (“Claim”), including without limitation, any Claim arising from or related to Consultant’s services to the Company.  Notwithstanding the foregoing, Company shall not be
      liable for Losses to the extent such Losses are caused by the negligence, recklessness or misconduct of Consultantor breach of any of the terms of this Agreement by Consultant.  Consultant shall be solely liable for, and shall indemnify, defend and
      hold harmless PDS and its successors and assigns from and against any Loss (including penalties, fees or charges) arising from or related to a Claim resulting from Consultant's failure to pay the taxes, penalties, and payments referenced in Section 8
      of this Agreement.

     

    11.         Representations, Warranties and Covenants.  Consultant hereby represents, warrants and covenants that it has the skills and experience necessary to perform
      the services, that it will perform said services in a professional, competent, ethical, and timely manner, that it has the power to enter into this Agreement and that its performance hereunder will not infringe upon or violate the rights of any third
      party or violate any federal, state or municipal laws.

     

    12.         Notices.  All notices required or permitted under this Agreement shall be in writing and shall be deemed effective upon personal delivery or upon deposit in
      the United States Post Office, by registered or certified mail, postage prepaid, addressed to the other party at the address shown above, or at such other address or addresses (including any email address) as either party shall designate to the other
      in accordance with this Section 12.

     

    13.         Pronouns.  Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the
      singular forms of nouns and pronouns shall include the plural, and vice versa.

     

    14.         Entire Agreement.  This Agreement constitutes the entire agreement between the parties and supersedes all prior negotiations, representations, agreements and
      understandings, whether written or oral, relating to the subject matter of this Agreement.

     

    15.         Amendment.  This Agreement may be amended or modified only by a written instrument executed by both PDS and Consultant.

     

    16.         Non-Assignability of Contract.  Consultant shall not have the right to assign any of its rights or delegate any of its duties without the express written
      consent of PDS.  Any non-consented-to assignment or delegation, whether express or implied or by operation of law, shall be void and shall constitute a breach and a default by Consultant.

     

    17.         Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New Jersey without giving effect to any choice
      or conflict of law provision or rule that would cause the application of laws of any other jurisdiction.

     

    18.         Successors and Assigns.  This Agreement shall be binding upon, and inure to the benefit of, both parties and their respective successors and assigns,
      including any corporation with which, or into which, PDS may be merged or which may succeed to its assets or business, provided, however, that the obligations of Consultant are personal and shall not be assigned by Consultant.

     

    
      - 5 -

      
        

    

    19.        Interpretation.  If any restriction set forth in Section 6 is found by any court of competent jurisdiction to be unenforceable because it
      extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be
      enforceable with the exception of the protections applicable to any trade secrets that may be disclosed by PDS, which shall extend until such time as such information ceases to hold the status of a trade secret.

     

    20.         Survival.  Sections 4, 6, 8, 9, 10, and 12 through 21 shall survive the expiration or termination of this Agreement.

     

    21.         Miscellaneous.

     

    21.1       No delay or omission by a party in exercising any right under this Agreement shall operate as a waiver of that or any other right.  A waiver or consent
      given by a party on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion.

     

    21.2       The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect the scope or substance of any section of this
      Agreement.

     

    21.3       In the event that any provision of this Agreement shall be invalid, illegal or otherwise unenforceable, the validity, legality and enforceability of the remaining
      provisions shall in no way be affected or impaired thereby, and the unenforceable provision shall be deemed modified to the limited extent required to permit its enforcement in a manner most closely approximating the intention of the parties as
      expressed herein.

     

    For the convenience of the parties, this Agreement may be executed in counterparts, each of which shall be deemed to be an original, and both of which taken together, shall constitute one agreement binding on both parties.  Signatures of either
      party transmitted electronically (including, without limitation, via electronic mail as a pdf) shall be treated as and deemed to be original signatures for all purposes, and shall have the same binding effect as if they were original, signed
      instruments delivered in person.

    IN WITNESS WHEREOF, the parties hereto have executed this Consulting Agreement as of the date and year first above written.

     

    

    	 	
            PDS Biotechnology Corporation

          
	 	 
	 	
            By:

          	
            /s/ Frank Bedu-Addo

          	 
	 	 	
            Name:

          	
            Frank Bedu-Addo

          	 
	 	 	
            Title:  

            

          	
            Chief Executive Officer

          	 
	 	 	 	 	 
	 	
            King Partners II

          

     

    	 	
            By: /s/ Michael King

          	 
	 	
            Name: Michael King

          	 
	 	
            Title:   Managing Member

          	 

     

    

    
      - 6 -

      
        

    

    Schedule A

     

    Description of Services

     

    Consultant shall assume the role of Chief Financial Officer of the Company on an interim basis while the Company searches for a permanent Chief Financial Officer.

     

    In recognition of Consultant’s ongoing non-Company consulting requirements, Consultant’s required working time commitment to Company shall be limited to a maximum of 50% in any given week.

     

    Consultant shall perform the duties of Interim Chief Financial Officer and Principal Accounting Officer including but not limited to the following, in descending order of time commitment priority:

    	•	
            Miscellaneous near-term objectives in mutual agreement with Company’s CEO and/or Board of Directors

          

    	•	
            Manage Company’s overall Finance and Accounting functions

          

    	

          	o	
            Review and approval of all SEC-mandated reports and disclosures that require input from the Interim Chief Financial Officer.  Sign financial filings as Principal Accounting Officer

          

    	

          	o	
            Prepare and present applicable materials to Company’s Board of Directors

          

    	

          	o	
            Manage and oversee Janetta Trochimuick, Company’s Controller

          

    	

          	o	
            Oversee creation of new Company top-level financial / cash flow forecasting tool

          

    	•	
            Business Development

          

    	

          	o	
            Continuing general involvement in COVID-19 business development activities, including securing relationships and potential non-dilutive funding or funding-equivalent contributions from BARDA, CEPI, PATH and the Brazilian federal government

          

    	•	
            Investor relations/press releases – input as appropriate and requested

          

    	•	
            Clinical operations

          

    	

          	o	
            Supporting other members of senior management in overseeing or participating in a range of analytical activities, including :

          

    	

          	◾	
            Support with Budget forecasting, modeling and advance cash burn projections for Clinical Operations budget

          

    	

          	◾	
            Support with software integration, use and adoption (WRIKE, Box and other)

          

    	

          	◾	
            Support with managing change orders

          

    

    

    Description of Consulting Fees

     

    	

          	•	
            Consultant shall be paid $17,000 per calendar month, starting as of June 1, 2020

          

    	

          	•	
            Consultant shall receive option grant package appropriate to executive level, role and 50% working status, vesting monthly for duration of contract, as per determination and approval by Company Board of Directors.

          

  

  

  

  

  

  - 7 -

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