Document:

Exhibit 10.4

 

合约
Loan Agreement

 

日期:2020年6月15日

 

Date:
15th June 2020

 

通过电子邮件签署(Sign
via email)

 

甲方Party
A:刘淑华Shu Hua Liu/ 精信集团 Jingxin Group

 

乙方Party
B:黄朝健 Chiu Kin Wong

 

中国工业投资(国际)有限公司

 

China
Industry Investment (International) Co., Ltd.

 

甲乙双方按照合作初期商定的相关条款,为支持上市公司并购运作费用达成如下意见,并承诺如下条款。Party
A and Party B shall follow the relevant matters agreed in the early stage of the agreement. In order to support the company’s
working capital for going public, merger and acquisition, both parties reached the following agreement,

 

		1,	为Summit
                                         Networks, Inc.公司的后期运作资金截至2020年6月15日的需要的40万美金,按7:3的比例,甲方出资28万美金,乙方出资12万美金。

 

Total
amount USD 400,000 is needed for the later operational capital of Summit Networks, Inc. up to 15th June 2020. In the
ratio of 7:3, Party A shall contribute USD 280,000 and Party B shall contribute USD 120,000.

 

		2,	甲方已出资17.5万美金,并已在Summit
                                         Networks, Inc.公司入账,需再出资10.5万美金。乙方需出资12万美金。

 

Party
A has contributed USD 175,000 to the account of Summit Networks Inc. and has the balance of USD 105,000. Party B shall contribute
USD 120,000.

 

		3,	没有支付利息要求。

 

No
interest is requested.

 

	甲方Party
A: 	/s/
    Shuhua Liu	 
	 	Shu Hua Liu	 
	 	 	 
	乙方Party B:	/s/
    Wong, Chiu Kin	 
	 	Wong, Chiu KinExhibit 10.5

 

合约Loan
Agreement

 

日期:2020年6月15日

 

Date:
15th June 2020

 

通过电子邮寄签署(sign
via email)

 

甲方:刘淑华

 

Party
A: Shu Hua Liu

 

乙方Party
B: Summit Networks Inc. (SNTW)

 

甲乙双方因资金借贷问题达成如下意见。

 

Party
A and Party B agree as following regarding the capital lending.

 

甲方,刘淑华作为乙方的股东,同意为乙方垫付流动资金10.5万美金,提供并购项目运作支持。

 

Party
A, Shu hua Liu, as shareholder of Party B, agrees to lend 105,000 in US dollar to party B as financial support for merging and
acquiring projects.

 

并确认以下条款
And also confirm the following terms:

 

1,资金用于借贷来入账。

 

The
fund can be recorded as loan.

 

2,不计算利息。

 

Interest
is not requested.

 

3,在乙方第一次融资后还款。

 

Party
B shall repay after the first financing.

 

	甲方 Party A:	/s/Shu Hua Liu	 
	 	Shu Hua Liu	 

  

	乙方Party
    B:	Summit
    Networks, Inc.	 
	 	 	 
	 	/s/Shu
    Hua Liu	 
	 	CEO:
    Shu Hua Liu	 
	 	 	 
	 	/s/Chao
    Long Huang	 
	 	CFO:
    Chao Long HuangExhibit 10.6

 

合约LOAN AGREEMENT

 

日期:2020年6月15日

 

Date: 15th June 2020

 

通过电子邮件签署
(sign via email)

 

甲方 :黄朝健Wong Chiu Kin

 

乙方:Summit Networks, Inc.

 

甲乙双方因资金借贷问题达成如下意见。

 

Party A and Party B agree as following regarding the capital
lending.

 

甲方黄朝健作为乙方的股东,同意为乙方垫付流动资金12万美金,提供并购项目运作支持。

 

Party A, Wong Chiu Kin, as shareholder of Party B, agrees to
lend 120,000 in US dollar to Party B as financial support for merging and acquiring projects.

 

并确认一下条款:And
also confirm the following terms:

 

		1,	资金用于借贷来入账。

 

The fund can be recorded as loan.

 

		2,	不计算利息。

 

Interest is not requested.

 

		3,	在乙方第一次融资后还款。

 

Party B shall repay after the first financing.

  

	甲方Party A:	/s/Wong Chiu Kin	 
	 	Wong Chiu Kin	 

 

乙方Party B: Summit Networks, Inc.

 

	/s/Shu Hua Liu	 
	CEO: Shu Hua Liu	 

 

	/s/Chao Long Huang	 
	CFO: Chao Long HuangExhibit 10.1
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	200 Berkeley Street Tenant LLC
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​Document

THIRD AMENDMENT TO REVOLVING CREDIT NOTE AND 
FOURTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT
 
THIS THIRD AMENDMENT TO REVOLVING CREDIT NOTE AND FOURTH AMENDMENT TO REVOLVING CREDIT LOAN AGREEMENT (this “Amendment”) is entered into as of October 7, 2020, by and between CUMBERLAND PHARMACEUTICALS INC., a Tennessee corporation (“Borrower”), and PINNACLE BANK, a Tennessee banking corporation (the “Lender”).
RECITALS:

A.Borrower issued to the order of Lender that certain $12,000,000.00 Revolving Credit Note dated July 31, 2017, as amended by that certain First Amendment to Revolving Credit Note and Second Amendment to Revolving Credit Loan Agreement dated October 17, 2018 whereby among other changes the principal amount thereof was increased to up to $20,000,000.00, and as amended by that certain Second Amendment to Revolving Credit Note and Third Amendment to Revolving Credit Loan Agreement dated May 10, 2019 (the “Note”). 
 
B.Borrower and the Lender entered into that certain Revolving Credit Loan Agreement dated as of July 31, 2017, as amended by that certain First Amendment to Revolving Credit Loan Agreement dated August 14, 2018, as amended by that certain First Amendment to Revolving Credit Note and Second Amendment to Revolving Credit Loan Agreement dated October 17, 2018 (“Second Amendment to Loan Agreement”), and as amended by that certain Second Amendment to Revolving Credit Note and Third Amendment to Revolving Credit Loan Agreement dated May 10, 2019 (the “Loan Agreement”). Capitalized terms not otherwise defined therein have the same meaning as set forth in the Loan Agreement.

C.Borrower and the Lender desire to amend the Note and Loan Agreement as provided herein.
            
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:

1.The maximum principal amount of the Note, as set forth in the upper right hand corner of the first page and within the first paragraph thereof, is hereby decreased by $5,000,000.00 to $15,000,000.00.
2.The fifth paragraph of the Note, regarding repayment, is hereby amended and restated as follows:
 
This Note shall be payable as follows: (a) commencing on October 1, 2020 and continuing on the 1st day of each consecutive month thereafter through and including September 1, 2022, the Borrower shall pay to the Lender and amount equal to all accrued and unpaid interest; and (b) this Note shall mature on October 1, 2022 (the “Maturity Date”), at which time Borrower shall pay to the Lender an amount equal to all outstanding principal, plus all accrued and unpaid interest and any other outstanding fees and expenses due and payable under the Loan Documents.   

3.Borrower acknowledges that as of the date of this Amendment, the current “Applicable Margin,” as defined within the Note, is 275 basis points per annum.  This Amendment does not contain any revisions to the current definition of Applicable Margin.

4.All references to the principal amount of the Note, and the Loan amount, set forth within the Loan Agreement are hereby amended and restated to mean $15,000,000.00, including without limitation the following: (i) the description of the Loan in Section 1.1 of the Loan Agreement; and (ii) the definition of “Note” set forth within Section 9.1 of the Loan Agreement. 

5.Section 1.7 of the Loan Agreement is hereby amended and restated as follows:

1.7    Increase of Availability Under Note.  Provided that no Default or Event of Default under the Note exists or is threatened, the Borrower, commencing October 1, 2020, may from time to time request in writing that the Lender increase the principal amount available under the Note by an aggregate principal amount of up to an additional $5,000,000.00; provided that the Lender in the exercise of its sole discretion shall determine whether it will or will not fund any requested increase. In connection with any request by the Borrower for an increase, the following shall apply:

a.each approved increase must be in a minimum amount of no less than $1,000,000.00;

b.no request for an increase shall be delivered to Lender less than ninety (90) days prior to the Maturity Date;

c.the Borrower’s request to the Lender for an increase shall be made in writing at least thirty (30) Business Days prior to the date the Borrower desires the requested increase to be funded and in connection with any such written request the Borrower shall submit:

i.the purpose for the increase,

ii.Borrower’s calculations, including pro-forma calculations, establishing to Lender’s satisfaction that none of the financial covenants set forth in the Loan Documents have been violated, nor will such be violated immediately after any approved funding, and

iii.Borrower’s certification that all representations and warranties contained in the Loan Documents are true and correct as of the date of the request, and that no Default or Events of Default under the Loan Documents exist or are threatened.

The Lender shall review the request by Borrower for an increase in funding, and the Lender, in the exercise of its sole discretion, shall determine whether to approve any request. In the event the Lender elects to fund any requested increase, Borrower shall:

(w)    cause the Lender to receive, at Borrower’s expense, satisfactory evidence that the lien and security interest against the Collateral remains a first perfected security interest in favor of Lender, subject to no encumbrance objectionable to Lender;

(x)    cause the Lender to receive all loan documentation required by Lender to evidence the increase, including without limitation, such loan documentation as required to insure that all guaranties and security agreements include the increase;

(y)    pay to Lender all costs and expenses incurred by Lender in connection with the increase, including, without limitation, indebtedness tax, UCC filing costs, and attorney fees; and

(z)    pay to Lender a loan fee equal to ten (10) basis points of the amount by which the Note is increased.

6.Section 6.11 of the Loan Agreement is hereby amended and restated as follows:

6.11     Dividends and Repurchase or Redemption of Stock. Borrower shall not be permitted to pay dividends or to repurchase or redeem shares of its stock or that of any Subsidiary except as follows: (i) Borrower may pay dividends and/or repurchase or redeem such stock in an aggregate amount not to exceed $4,000,000 from October 1, 2020 to the Maturity Date; and (ii) shares net settled for restricted share vesting up to $300,000 annually shall not count towards the limitation set forth in item (i).

7.Section 7.5 of the Loan Agreement is hereby amended and restated as follows:
 
7.6       Liquidity Cure. For a fifteen (15) day period after the occurrence of an Event of Default under Section 6.7 hereof (such Event of Default being deemed to have occurred on the date on which the Compliance Certificate for such period is required to be delivered pursuant to Section 5.1(c) hereof), Borrower may cure such Event of Default by depositing and maintaining on account with Lender a cash amount equal to all outstanding Indebtedness hereunder. Borrower may only exercise the liquidity cure described herein twice during the period from October 1, 2020 to the Maturity Date. 

8.The definition of “EBITDA” set forth within Section 9.1 of the Loan Agreement is hereby amended to add the following sentence to the end of such definition: For purposes of calculating EBITDA, EBITDA shall only include EBITDA arising from a permitted Acquisition if Lender is provided with a quality of earnings report related to any such Acquisition reasonably acceptable to Lender.

9.The definition of “LIBOR” set forth within Section 9.1 of the Loan Agreement is hereby amended to add the following sentence to the end of such definition: Notwithstanding anything herein to the contrary, in no event shall LIBOR be less than 0.90% per annum.

10.The definition of “Maturity Date” set forth within Section 9.1 of the Loan Agreement is hereby amended and restated to mean October 1, 2022. 

11.As a condition to the effectiveness of this Amendment, Borrower agrees to pay all fees and expenses set forth in the Closing Statement executed in connection with this Amendment. 

12.The Note and Loan Agreement are not amended in any other respect.

13.Borrower reaffirms the terms and provisions of the Loan Documents and agrees that such terms and provisions are valid and binding, enforceable in accordance with its terms and provisions, subject to no defense, counterclaim, or objection.

[signatures commence on following page]

ENTERED INTO as of the date first written above.
						
	BORROWER: 
 
CUMBERLAND PHARMACEUTICALS INC. 
 

	By:	/s/ A. J. Kazimi
		A.J. Kazimi, Chief Executive Officer

						
	LENDER: 
 
PINNACLE BANK 
 

	By:	/s/ Tim Bewley
		Tim Bewley, Senior Vice Presiden

[Signature Page to Second Amendment to Revolving Credit Loan Note and 
Third Amendment to Revolving Credit Loan Agreement]

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