Document:

EX-10.2

 Exhibit 10.2 

WAIVER AND SUBSCRIPTION AGREEMENT 

This waiver and agreement to subscribe for additional securities (this “Agreement”) is made as of the date set forth below,
by and between CytoDyn Inc., a Delaware corporation, (the “Company”) and the undersigned (the “Investor”).  

WITNESSETH: 

WHEREAS, the Company and the Investor are parties to that certain agreement for the purchase of securities, dated as of
September 8, 2017 (the “Original Agreement”), pursuant to which the Company previously issued and sold to the Investor certain shares of its common stock, par value $0.001 per share (the “Common Stock”), and
certain warrants to purchase shares of Common Stock (the “Warrants”) on the terms specified therein; 
 WHEREAS,
pursuant to the Original Agreement, the Common Stock and Warrants were sold to the Investor at a purchase price of $0.75 per fixed combination of (i) one share of Common Stock and (ii) one-half of
one Warrant to purchase one share of Common Stock at an exercise price of $1.00 per share; 
 WHEREAS, the Warrants sold pursuant to
the Original Agreement are currently evidenced by a Common Stock Purchase Warrant (the “Original Warrant Instrument”) substantially in the form attached to the Original Agreement; 

WHEREAS, the Company has since offered and sold shares of Common Stock and Warrants to other investors, including clients of Paulson
Investment Company, LLC (the “Placement Agent”), at a revised purchase price of $0.65 (the “Revised Purchase Price”) per fixed combination of (i) one share of Common Stock and
(ii) one-half of one Warrant to purchase one share of Common Stock at an exercise price of $0.75 per share (the “Revised Warrant Exercise Price” and, together with the Revised Purchase
Price, the “Revised Pricing Terms”); 
 WHEREAS, the Company has determined that it is in the best interests of it
and its stockholders to offer the Investor the opportunity to enter into this Agreement in order to receive, for the same Aggregate Purchase Price (as set forth on the signature page hereto), aggregate shares of Common Stock and Warrants reflecting
the Revised Pricing Terms; and 
 WHEREAS, the Company and the Investor have deemed the waiver and release specified in
Section 3 hereof to be sufficient consideration for the issuance and sale to the Investor of additional shares of Common Stock (the “Additional Shares”) and additional Warrants (the “Additional
Warrants”), and for the reduction in the exercise price of Warrants previously sold to the Investor, in each case pursuant to the Revised Pricing Terms and as set forth on the signature page hereto. 

 NOW, THEREFORE, for and in consideration of the mutual covenants contained herein, the
receipt and sufficiency of which is hereby acknowledged, the Company and the Investor hereby agree as follows: 

1.    Amendment of Original Warrant Instrument. The Original Warrant Instrument is hereby amended to reflect the
Revised Warrant Exercise Price, with effect from the later of the date of this Agreement and the first public annoucement by the Company of the Revised Pricing Terms in a filing with the United States Securities and Exchange Commission (the
“Commission”) under Sections 13 or 15(d) of the Securies Exchange Act of 1934, as amended (“the Exchange Act”). The Company shall execute and deliver to the Investor a revised Common Stock Purchase Warrant (the
“Revised Warrant Instrument”), substantially in the form attached to the Original Agreement, reflecting the Revised Warrant Exercise Price, evidencing the original number of Warrants (as set forth on the signature page hereto) and
conditioned upon surrender of the Original Warrant Instrument to the Company for cancellation. Except as provided herein, the Original Warrant Instrument shall remain in full force and effect according to the provisions thereof. 

2.    Subscription. The Investor, intending to be legally bound, hereby irrevocably agrees to accept from the
Company the number of Additional Shares set forth on the signature page hereof. In addition, the Investor agrees to accept Additional Warrants to purchase, at the Revised Warrant Exercise Price, the number of additional shares of Common Stock set
forth on the signature page hereto (the “Additional Warrant Shares” and, collectively with the Additional Warrants and the Additional Shares, the “Additional Securities”). The Additional Warrants shall be evidenced
by a Common Stock Purchase Warrant substantially in the form attached hereto as Exhibit A (the “Additional Warrant Instrument”), to be executed and delivered by the Company to the Investor upon execution of this Agreement.

 3.    WAIVER. THE INVESTOR HEREBY WAIVES, RELEASES, DISCHARGES AND GIVES UP ANY AND ALL CLAIMS THAT IT HAS OR MAY
HAVE AGAINST THE COMPANY OR, IF APPLICABLE, THE PLACEMENT AGENT, OR ANY OF THE RESPECTIVE AFFILIATES, PREDECESSORS, SUCCESSORS, OFFICERS, DIRECTORS, STOCKHOLDERS, ATTORNEYS, ACCOUNTANTS, AGENTS OR EMPLOYEES OF EACH, AS APPLICABLE, ARISING FROM OR
RELATING TO THE ISSUANCE AND SALE OF COMMON STOCK AND WARRANTS PURSUANT TO THE ORIGINAL AGREEMENT. THIS WAIVES AND RELEASES ALL CLAIMS INCLUDING THOSE OF WHICH THE INVESTOR IS NOT AWARE AND THOSE NOT EXPRESSLY MENTIONED IN THIS RELEASE. 

4.    Restrictions on Transfer. 

(a)    The Investor understands and agrees that the Additional Securities are subject to the transfer restrictions
specified herein and in the Additional Warrants, and that the Additional Securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or the securities laws of any state or other
jurisdiction; accordingly, the Additional Securities (including the Additional Warrant Shares upon exercise of the Additional Warrants) must be held indefinitely unless they are subsequently registered or unless, in the opinion of counsel reasonably
acceptable to the Company, a sale or transfer may be made in 

  
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compliance with the provisions of this Agreement and the Additional Warrants, as the case may be, and without registration under United States securities laws and the applicable securities laws
of any state or other jurisdiction. 
 (b)    The Investor further agrees that legends may be placed on the Additional
Securities restricting the transfer thereof, and that appropriate notations may be made in the Company’s stock books and stop transfer instructions placed with the transfer agent of the Common Stock, each in a manner generally consistent with
the foregoing. 
 (c)    The Investor is aware of the provisions of Rule 144 promulgated under the Securities Act
(“Rule 144”) which, in substance, permit limited public resale of “restricted securities” acquired by non-affiliates of the issuer thereof, directly or indirectly, from the issuer
(or from an affiliate of such issuer), in a non-public offering subject to the satisfaction of certain conditions, if applicable, including, among other things, the availability of certain public information
about the Company and the resale occurring not less than six (6) months after the party has purchased and paid for the securities to be sold. 

(d)    The Investor further understands that at the time the Investor wishes to sell Additional Securities (including any
Additional Warrant Shares issued or issuable upon exercise of the Additional Warrants) there may be no public market upon which to make such a sale, and that, even if such a public market then exists, the Company may not have filed all reports and
other materials required under Sections 13 or 15(d) of the Exchange Act, other than Form 8-K reports, during the preceding 12 months, and that, in such event, because the Company is a former “shell
company” as contemplated under paragraph (i) of Rule 144, Rule 144 will not be available to the Investor. 

(e)    The Investor further understands that, because the Company is a former “shell company” as contemplated
under paragraph (i) of Rule 144, regardless of the amount of time that the Investor holds the Additional Securities, sales of the Additional Securities may only be made under Rule 144 upon the satisfaction of certain conditions, including that
the Company has filed with the Commission, during the 12 months preceding the sale, all quarterly and annual reports required under the Exchange Act, as amended; and that, accordingly, any restrictive legends placed on the Additional Securities
cannot be removed except in connection with an actual sale that is subject to an effective registration statement under, or an applicable exemption from the registration requirements of, the Securities Act, and “blanket” removals of any
such restrictive legends will not be possible. 
 (f)    The Investor further understands that in the event all of
the requirements of Rule 144 are not satisfied, registration under the Securities Act, compliance with Regulation A promulgated under the Securities Act, or some other registration exemption will be required; and that, notwithstanding the fact that
Rule 144 is not exclusive, the staff of the Commission has expressed its opinion that persons proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 will have a substantial burden
of proof in establishing that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who participate in such transactions do so at their own risk. 

  
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 5.    Representations and Warranties. The Investor hereby
acknowledges, represents, warrants, and agrees as follows: 
 (a)    The Investor is an “accredited investor”
as defined in Regulation D promulgated under the Securities Act. The Investor, either alone or together with its representatives, has such knowledge, sophistication, and experience in business and financial matters so as to be capable of evaluating
the merits and risks of the prospective investment in the Additional Securities, and has so evaluated the merits and risks of such investment. The Investor has reviewed the Company’s Form 10-K for the
year ended May 31, 2017, and all filings made by the Company with the Commission thereafter. The Investor has also been afforded the opportunity to ask questions of, and receive answers from, the officers and/or directors of the Company
concerning the terms and conditions of the Additional Securities and the information filed with the Commission and to obtain any additional information, to the extent that the Company possesses such information, which the Investor considers
necessary and appropriate in order to permit the Investor to evaluate the merits and risks of an investment in the Additional Securities. The Investor is able to bear the economic risk of an investment in the Additional Securities and, at the
present time, is able to afford a complete loss of such investment. The Investor is not acquiring the Additional Securities for the account or benefit of any other person. The Investor is acquiring the Additional Securities as principal for its own
account, in the ordinary course of its business, and not with a view to or for distributing or reselling such Additional Securities or any part thereof. The Investor has no present intention of distributing any of such Additional Securities and has
no agreement or understanding, directly or indirectly, with any person regarding the distribution of such Additional Securities. 

(b)    Neither the Commission nor any state securities commission or other regulatory authority has approved the
Additional Securities, or passed upon or endorsed the merits of this offering of securities or confirmed the accuracy or determined the adequacy of such offering. This offering of securities has not been reviewed by any federal, state or other
regulatory authority. 
 6.    Reliance. The Investor acknowledges and understands that the Company has agreed to
the terms of this Agreement in reliance upon the Investor’s representations, warranties and covenants made in this Agreement. 

7.    Modification. This Agreement shall not be modified or waived except by an instrument in writing signed by the
party against whom any such modification or waiver is sought. 
 8.    Entire Agreement. This Agreement, the
Additonal Warrant Instrument and the Revised Warrant Instrument, together with the Original Agreement and the Original Warrant Instrument (as revised by this Agreement), contain the entire understanding of the parties with respect to the subject
matter hereof and thereof, and supersede all prior agreements, understandings, discussions and representations, oral or written, with respect to such matters, which the parties acknowledge have been merged into the foregoing documents. 

9.    Governing Law. This Agreement shall be governed by, and construed in accordance with, the internal laws of
the State of New York, without giving effect to the principles of conflicts of law that would require the application of the laws of any other jurisdiction. 

  
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 10.    Severability. In case any provision contained in this Agreement
should be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected or impaired thereby. 

11.    Successors; Third-Party Beneficiary. This Agreement shall be binding upon and inure to the benefit of the
Investor and the Company and the respective successors and permitted assigns of each. The Placement Agent shall be a third-party beneficiary, as applicable, solely with respect to the waiver and release set forth in
Section 3 and the representations set forth in Section 5 hereof. 

12.    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an
original, but all of which, when taken together, shall constitute but one instrument, and shall become effective when one or more counterparts have been signed by each party hereto and delivered to the other parties. 

13.    EXPIRATION DATE. THIS OFFER IS FOR A LIMITED TIME ONLY AND SHALL EXPIRE IF THE SIGNATURE PAGE TO THIS AGREEMENT
IS NOT COMPLETED, EXECUTED BY THE INVESTOR AND RETURNED TO THE COMPANY ON OR BEFORE NOVEMBER 30, 2017. 

[Signature page to follow.] 

  
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 Original Aggregate Purchase Price:
$                                 

Original Pricing Terms: 
 Original
Purchase Price per Combined Share and One-Half of One Warrant:
        $0.75                     

Original Number of Shares:
                                 

Original Number of Warrants / Warrants Shares:
                                 

Revised Pricing Terms: 
 Revised Purchase
Price per Combined Share and One-Half of One Warrant:
        $0.65                     

Revised Number of Shares:
                                 

Revised Number of Warrants / Warrant Shares:
                                 

Additional Securities Issued by this Agreement: 

Number of Additional Shares:
                                     * 

[Difference between Original Number of Shares and Revised Number of Shares] 

 

	*	Please indicate by placing an “X” following your preferred form of share issuance: 

Certificate:             , or
                         Book Entry at Transfer Agent
             
 Number of Additional Warrants / Additional Warrant Shares:
                                ** 

[Difference between Original Number of Warrants / Warrant Shares and Revised Number of Warrants / Warrant Shares] 

 

	**    Note:	In addition, the exercise price of all Warrants shall be reduced from $1.00 to $0.75. 

 Please confirm that the
foregoing correctly sets forth the agreement between us by signing in the space provided below for that purpose. 
  

			
	  

	INVESTOR

 
			
		
	By:	 	  

 
			
		
	Print Name:	 	  

 
			
		
	Title:	 	  

 
			
		
	Address:	 	  

 
			
	
	  

			
		
	Email:	 	  

  

			
	Agreed and Accepted:
	
	CYTODYN INC.

			
		
	By:	 	  

			
	Name:	 	
	Title:	 	

			
		
	Dated as of:	 	  

 [Signature Page to Waiver and Subscription Agreement] 

 EXHIBIT A 

FORM OF ADDITIONAL WARRANT INSTRUMENT 

 Warrant Number      

THE WARRANT REPRESENTED BY THIS CERTIFICATE AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”) OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY NOT BE OFFERED, SOLD, PLEDGED, ASSIGNED OR OTHERWISE TRANSFERRED UNLESS
(1) SUCH TRANSACTION IS MADE PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT AND THE APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OR (2) THE COMPANY IS PROVDED WITH AN OPINION OF COUNSEL,
SATISFACTORY TO THE COMPANY, STATING THAT SUCH TRANSACTION IS IN COMPLIANCE WITH EXEMPTIONS FROM REGISTRATION UNDER THE SECURITIES ACT AND SUCH OTHER APPLICABLE LAWS. NO TRANSFER OF ANY INTEREST IN THIS WARRANT OR THE SECURITIES ISSUABLE UPON
EXERCISE HEREOF MAY BE EFFECTED WITHOUT FIRST SURRENDERING THIS WARRANT OR SUCH SECURITIES, AS THE CASE MAY BE, TO THE COMPANY OR ITS TRANSFER AGENT, IF ANY. 

Warrant to Purchase 
 Shares of

 Common Stock 
 As Herein
Described 
                  , 201    

 WARRANT TO PURCHASE COMMON STOCK OF 

CYTODYN INC. 
 This is to
certify that, for value received,                     , or a proper assignee (the “Holder”), is entitled to purchase up to
                 shares (“Warrant Shares”) of common stock, $0.001 par value per share (the “Common Stock”), of CytoDyn Inc., a Delaware corporation
(the “Company”), subject to the provisions of this Warrant. This Warrant shall be exercisable at seventy-five cents ($0.75) per share (the “Exercise Price”). This Warrant also is subject to the following terms and conditions:

 1.    Exercise and Payment; Exchange. 

(a) This Warrant may be exercised in whole or in part at any time from and after the date hereof (the “Commencement Date”) through
the close of business on September 8, 2022 (the “Expiration Date”), at which time this Warrant shall expire and become void, but if such date is a day on which federal or state chartered banking institutions located in the State of
New York are authorized to close, then on the next succeeding day which shall not be such a day. Exercise shall be by presentation and surrender to the Company, or at the office of any transfer agent designated by the Company (the “Transfer
Agent”), of (i) this Warrant, (ii) the 

 
attached exercise form properly executed, and (iii) a certified or official bank check for the Exercise Price for the number of Warrant Shares specified in the exercise form. If this Warrant
is exercised in part only, the Company or the Transfer Agent shall, upon surrender of the Warrant, execute and deliver a new Warrant evidencing the rights of the Holder to purchase the remaining number of Warrant Shares purchasable hereunder. Upon
receipt by the Company of this Warrant, the properly executed exercise form, and payment as aforesaid, the Holder shall be deemed to be the holder of record of the Common Stock issuable upon such exercise, notwithstanding that the stock transfer
books of the Company shall then be closed or that certificates representing such Warrant Shares shall not then be actually delivered to the Holder. Under no circumstance shall the Company be required to make any cash payments or net cash settlement
to the Holder in lieu of delivery of the Warrant Shares. 
 (b) Conditions to Exercise or Exchange. The restrictions in
Section 7 shall apply, to the extent applicable by their terms, to any exercise or exchange of this Warrant permitted by this Section 1. 

2.    Reservation of Shares. The Company shall, at all times until the expiration of this Warrant, reserve for
issuance and delivery upon exercise of this Warrant the number of Warrant Shares which shall be required for issuance and delivery upon exercise of this Warrant. 

3.    Fractional Interests. The Company shall not issue any fractional shares or scrip representing fractional
shares upon the exercise or exchange of this Warrant. With respect to any fraction of a share resulting from the exercise or exchange hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the current fair
market value per share of Common Stock, determined as follows: 
 (a)    If the Common Stock is listed on a national
securities exchange or admitted to unlisted trading privileges on such an exchange, the current fair market value shall be the last reported sale price of the Common Stock on such exchange on the last business day prior to the date of exercise of
this Warrant or if no such sale is made on such day, the mean of the closing bid and asked prices for such day on such exchange; 

(b)    If the Common Stock is not so listed or admitted to unlisted trading privileges on a national securities exchange,
the current fair market value shall be the mean of the last bid and asked prices reported on the last business day prior to the date of the exercise of this Warrant by the OTC Markets Group, Inc.; or 

(c)    If the Common Stock is not so listed or admitted to unlisted trading privileges on a national securities exchange
and bid and asked prices are not so reported, the current fair market value shall be an amount, not less than book value, determined in such reasonable manner as may be prescribed by the Company in good faith. 

4.    No Rights as Shareholder. This Warrant shall not entitle the Holder to any rights as a shareholder of the
Company, either at law or in equity. The rights of the Holder are limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein. 

  
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 5.    Adjustments in Number and Exercise Price of Warrant Shares. 

5.1    The number of shares of Common Stock for which this Warrant may be exercised and the Exercise Price therefor shall
be subject to adjustment as follows: 
 (a)     If the Company is recapitalized through the subdivision or combination
of its outstanding shares of Common Stock into a larger or smaller number of shares, the number of Warrant Shares shall be increased or reduced, as of the record date for such recapitalization, in the same proportion as the increase or decrease in
the outstanding shares of Common Stock, and the Exercise Price shall be adjusted so that the aggregate amount payable for the purchase of all of the Warrant Shares issuable hereunder immediately after the record date for such recapitalization shall
equal the aggregate amount so payable immediately before such record date. 
 (b)    If the Company declares a dividend
on Common Stock payable in Common Stock or securities convertible into Common Stock, the number of shares of Common Stock for which this Warrant may be exercised shall be increased as of the record date for determining which holders of Common Stock
shall be entitled to receive such dividend, in proportion to the increase in the number of outstanding shares (and shares of Common Stock issuable upon conversion of all such securities convertible into Common Stock) of Common Stock as a result of
such dividend, and the Exercise Price shall be adjusted so that the aggregate amount payable for the purchase of all the Warrant Shares issuable hereunder immediately after the record date for such dividend shall equal the aggregate amount so
payable immediately before such record date. 
 (c)    If the Company distributes to holders of its Common Stock, other
than as part of its dissolution or liquidation or the winding up of its affairs, any evidence of indebtedness or any of its assets (other than cash, Common Stock or securities convertible into Common Stock), the Company shall give written notice to
the Holder of any such distribution at least fifteen (15) days prior to the proposed record date in order to permit the Holder to exercise this Warrant on or before the record date. There shall be no adjustment in the number of shares of Common
Stock for which this Warrant may be exercised, or in the Exercise Price, by virtue of any such distribution. 

(d)    If the Company offers rights or warrants to the holders of Common Stock which entitle them to subscribe to or
purchase additional Common Stock or securities convertible into Common Stock, the Company shall give written notice of any such proposed offering to the Holder at least fifteen (15) days prior to the proposed record date in order to permit the
Holder to exercise this Warrant on or before such record date. There shall be no adjustment in the number of shares of Common Stock for which this Warrant may be exercised, or in the Exercise Price, by virtue of any such distribution. 

(e)    If the event, as a result of which an adjustment is made under paragraph (a) or (b) above, does not occur,
then any adjustments in the Exercise Price or number of shares issuable that were made in accordance with such paragraph (a) or (b) shall be adjusted to the Exercise Price and number of shares as were in effect immediately prior to the record
date for such event. 

  
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 5.2    In the event of any reorganization or reclassification of the
outstanding shares of Common Stock (other than a change in par value or from no par value to par value, or from par value to no par value, or as a result of a subdivision or combination) or in the event of any consolidation or merger of the Company
with another entity after which the Company is not the surviving entity, at any time prior to the expiration of this Warrant, upon subsequent exercise of this Warrant the Holder shall have the right to receive the same kind and number of shares of
common stock and other securities, cash or other property as would have been distributed to the Holder upon such reorganization, reclassification, consolidation or merger had the Holder exercised this Warrant immediately prior to such
reorganization, reclassification, consolidation or merger, appropriately adjusted for any subsequent event described in this Section 5. The Holder shall pay upon such exercise the Exercise Price that otherwise would have been payable pursuant
to the terms of this Warrant. If any such reorganization, reclassification, consolidation or merger results in a cash distribution in excess of the then applicable Exercise Price, the Holder may, at the Holder’s option, exercise this Warrant
without making payment of the Exercise Price, and in such case the Company shall, upon distribution to the Holder, consider the Exercise Price to have been paid in full, and in making settlement to the Holder, shall deduct an amount equal to the
Exercise Price from the amount payable to the Holder. In the event of any such reorganization, merger or consolidation, the corporation formed by such consolidation or merger or the corporation which shall have acquired the assets of the Company
shall execute and deliver a supplement hereto to the foregoing effect, which supplement shall also provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided in this Warrant. 

5.3    If the Company shall, at any time before the expiration of this Warrant, dissolve, liquidate or wind up its
affairs, the Holder shall have the right to receive upon exercise of this Warrant, in lieu of the shares of Common Stock of the Company that the Holder otherwise would have been entitled to receive, the same kind and amount of assets as would have
been issued, distributed or paid to the Holder upon any such dissolution, liquidation or winding up with respect to such Common Stock receivable upon exercise of this Warrant on the date for determining those entitled to receive any such
distribution. If any such dissolution, liquidation or winding up results in any cash distribution in excess of the Exercise Price provided by this Warrant, the Holder may, at the Holder’s option, exercise this Warrant without making payment of
the Exercise Price and, in such case, the Company shall, upon distribution to the Holder, consider the Exercise Price to have been paid in full and, in making settlement to the Holder, shall deduct an amount equal to the Exercise Price from the
amount payable to the Holder. 
 6.    Notices to Holder. So long as this Warrant shall be outstanding
(a) if the Company shall pay any dividends or make any distribution upon the Common Stock otherwise than in cash or (b) if the Company shall offer generally to the holders of Common Stock the right to subscribe to or purchase any shares of
any class of Common Stock or securities convertible into Common Stock or any similar rights or (c) if there shall be any capital reorganization of the Company in which the Company is not the surviving entity, recapitalization of the capital
stock of the Company, consolidation or merger of the Company with or into another corporation, sale, lease or other transfer of all or substantially all of the property and assets of the Company, or voluntary or involuntary dissolution, liquidation
or winding up of the Company, then in such event, the Company shall cause to be mailed to the 

  
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Holder, at least thirty (30) days prior to the relevant date described below (or such shorter period as is reasonably possible if thirty (30) days is not reasonably possible), a notice
containing a description of the proposed action and stating the date or expected date on which a record of the Company’s shareholders is to be taken for the purpose of any such dividend, distribution of rights, or such reclassification,
reorganization, consolidation, merger, conveyance, lease or transfer, dissolution, liquidation or winding up is to take place and the date or expected date, if any is to be fixed, as of which the holders of Common Stock of record shall be entitled
to exchange their shares of Common Stock for securities or other property deliverable upon such event. 

7.    Transfer, Exercise, Exchange, Assignment or Loss of Warrant, Warrant Shares or Other Securities. 

7.1    This Warrant may be transferred, exercised, exchanged or assigned (“transferred”), in whole or in part,
subject to the following restrictions. This Warrant and the Warrant Shares or any other securities (“Other Securities”) received upon exercise of this Warrant shall be subject to restrictions on transferability until registered under the
Securities Act of 1933, as amended (the “Securities Act”), unless an exemption from registration is available. Until this Warrant and the Warrant Shares or Other Securities are so registered, this Warrant and any certificate for Warrant
Shares or Other Securities issued or issuable upon exercise of this Warrant shall contain a legend on the face thereof, in form and substance satisfactory to counsel for the Company, stating that this Warrant the Warrant Shares or Other Securities
may not be sold, transferred or otherwise disposed of unless, in the opinion of counsel satisfactory to the Company, which may be counsel to the Company, that this Warrant, the Warrant Shares or Other Securities may be transferred without such
registration. This Warrant and the Warrant Shares or Other Securities may also be subject to restrictions on transferability under applicable state securities or blue sky laws. Until this Warrant and the Warrant Shares or Other Securities are
registered under the Securities Act, the Holder shall reimburse the Company for its expenses, including attorneys’ fees, incurred in connection with any transfer or assignment, in whole or in part, of this Warrant or any Warrant Shares or Other
Securities. 
 7.2    Until this Warrant, the Warrant Shares or other Securities are registered under the Securities
Act, the Company may require, as a condition of transfer of this Warrant, the Warrant Shares, or Other Securities, that the transferee (who may be the Holder in the case of an exercise or exchange) represent that such transferee is an
“accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act and that the securities being transferred are being acquired for investment purposes and for the transferee’s own account and not with a
view to or for sale in connection with any distribution of the security. 
 7.3    Any transfer permitted hereunder
shall be made by surrender of this Warrant to the Company or to the Transfer Agent at its offices with a duly executed request to transfer the Warrant, which shall provide adequate information to effect such transfer and shall be accompanied by
funds sufficient to pay any transfer taxes applicable. Upon satisfaction of all transfer conditions, the Company or Transfer Agent shall, without charge, execute and deliver a new Warrant in the name of the transferee named in such transfer request,
and this Warrant promptly shall be cancelled. 

  
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 7.4    Upon receipt by the Company of evidence satisfactory to it of loss,
theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, of reasonable satisfactory indemnification, or, in the case of mutilation, upon surrender of this Warrant, the Company will execute and deliver, or
instruct the Transfer Agent to execute and deliver, a new Warrant of like tenor and date, any such lost, stolen or destroyed Warrant thereupon shall become void. 

8.    Representations and Warranties of the Holder. The Holder hereby represents and warrants to the Company with
respect to the issuance of the Warrant as follows: 
 8.1    Experience. The Holder has substantial
experience in evaluating and investing in securities in companies similar to the Company so that such Holder is capable of evaluating the merits and risks of such Holder’s investment in the Company and has the capacity to protect such
Holder’s own interests. 
 8.2    Investment. The Holder is acquiring this Warrant (and the Warrant Shares
issuable upon exercise of this Warrant) for investment for such Holder’s own account, not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution thereof. The Holder understands that this Warrant (and
the Warrant Shares issuable upon exercise of the Warrant) have not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other
things, the bona fide nature of the investment intent and the accuracy of such Holder’s representations as expressed herein. 

8.3    Held Indefinitely. The Holder acknowledges that this Warrant (and the Warrant Shares issuable upon exercise
of this Warrant) must be held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. 

8.4    Accredited Holder. The Holder is an “accredited investor” within the meaning of Rule 501 of
Regulation D under the Securities Act. 
 8.5    Legends. The Holder understands and acknowledges that the
certificate(s) evidencing the securities issued by the Company will be imprinted with a restrictive legend as referenced in Section 7.1 above. 

8.6    Access to Data. The Holder has had an opportunity to discuss the Company’s business, management, and
financial affairs with the Company’s management and the opportunity to review the Company’s facilities and business plans. The Holder has also had an opportunity to ask questions of officers of the Company, which questions were answered to
its satisfaction. 
 8.7    Authorization. This Warrant and the agreements contemplated hereby, when
executed and delivered by the Holder, will constitute a valid and legally binding obligation of the Holder, enforceable in accordance with their respective terms. 

8.8    Brokers or Finders. The Company has not incurred, and will not incur, directly or indirectly, as a result of
any action taken by such Holder, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Warrant or any transaction contemplated hereby. 

  
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 9.    Notices. All notices, requests, demands or other communications
hereunder shall be in writing and shall be deemed to have been duly given, if delivered in person or mailed, certified, return-receipt requested, postage prepaid to the address previously provided to the other party, or sent by fax or email (to the
extent stated below). Either party hereto may from time to time, by written notice to the other party, designate a different address. If any notice or other document is sent by certified or registered mail, return receipt requested, postage prepaid,
properly addressed as aforementioned, the same shall be deemed delivered seventy-two (72) hours after mailing thereof. If any notice is sent by fax or email, it will be deemed to have been delivered on
the date the fax or email thereof is actually received, provided the original thereof is sent by certified mail, in the manner set forth above, within twenty-four (24) hours after the fax or email is sent. 

10.    Amendment. Any provision of this Warrant may be amended or the observance thereof may be waived (either
generally or in a particular instance and either retroactively or prospectively), only with the mutual written consent of the Company and the Holder. 

11.    Governing Law. This Warrant shall be governed by and construed in accordance with the laws of the State of
New York. 
 [Signature page follows.] 

  
 7 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto
duly authorized as of the date first above indicated. 
  

			
	CYTODYN INC.
		
	By:	 	  

	Name:	 	Michael D. Mulholland
	Title:	 	Chief Financial Officer

  
 [Signature Page to
Common Stock Purchase Warrant] 

 FORM OF EXERCISE 

To be executed upon exercise of Warrant 

(please print) 
 The
undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Number          certificate, to
                 shares of common stock, $0.001 par value per share (“Common Stock”) of CytoDyn Inc. (the “Company”) and herewith tenders
payment for such shares of Common Stock to the order of the Company the amount of $0.75 per share in accordance with the terms hereof. The undersigned requests that a certificate for such shares of Common Stock be registered in the name of
                     whose address is
                    . If said number of shares of Common Stock is less than all of the shares of Common Stock purchasable hereunder, the
undersigned requests that a new Warrant Certificate representing the remaining balance of the shares of Common Stock be registered in the name of
                    , whose address is
                    , and that such Warrant Certificate be delivered to
                    , whose address is
                    . 

Representations of the undersigned. 
  

	 	a)	The undersigned acknowledges that the undersigned has received, read and understood the Warrant and agrees to abide by and be bound by its terms and conditions. 

 

	 	b)	(i) The undersigned has such knowledge and experience in business and financial matters that the undersigned is capable of evaluating the Company and the proposed activities thereof, and the risks and merits of this
prospective investment. 

 ☐  YES    ☐  NO 

(ii) If “No”, the undersigned is represented by a “purchaser representative,” as that term is defined in the Securities Act
of 1933, as amended (the “Securities Act”) and Regulation D thereunder. 

☐  YES    ☐  NO 
  

	 	c)	(i) The undersigned is an “accredited investor,” as that term is defined in the Securities Act and Rule 501 of Regulation D thereunder. 

☐  YES    ☐  NO 

(ii) If “Yes,” the undersigned comes within the following category of that definition (check one and complete the blanks as
applicable): 
  

	 	☐	 1. The undersigned is a natural person whose present net worth (or whose joint net worth with his or her spouse),
excluding the value of the undersigned’s primary residence, exceeds $1,000,000. For purposes of calculating the undersigned’s present net worth, the undersigned has 

  
 1 

	 	
included the following as liabilities: (i) any indebtedness that is secured by the undersigned’s primary residence in excess of the estimated fair market value of the undersigned’s
primary residence at the time of the sale of the shares, and (ii) any incremental debt secured by the undersigned’s primary residence that was incurred in the 60 days before the sale of the shares, other than as a result of the acquisition
of the undersigned’s primary residence. 

  

	 	☐	2. The undersigned is a natural person who had individual income in excess of $200,000 in each of the last two years or joint income with the undersigned’s spouse in excess of $300,000 during such two years, and
the undersigned reasonably expects to have the same income level in the current year. 

  

	 	☐	3. The undersigned is an officer or director of the Company. 

  

	 	☐	4. The undersigned is a corporation or partnership not formed for the specific purpose of acquiring the securities offered, with total assets in excess of $5,000,000. 

 

	 	☐	5. The undersigned is a trust with total assets in excess of $5,000,000 whose purchase is directed by a person with such knowledge and experience in financial and business matters that such person is capable of
evaluating the merits and risks of the prospective investment. 

  

	 	☐	6. The undersigned is an entity, all of whose equity owners are accredited investors under paragraphs 1, 2, 3, 4 or 5, above. 

  

	 	d)	The undersigned understands that the shares purchased hereunder have not been registered under the Securities Act, in reliance upon the exemption from the registration requirements under the Securities Act pursuant to
Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D thereunder; and, therefore, that the undersigned must bear the economic risk of the investment for an indefinite period of time since the securities cannot be sold, transferred
or assigned to any person or entity without compliance with the provisions of the Securities Act. 

  

									
	Submitted by:	 		 	Accepted by CytoDyn Inc.:
					
	By:	 	  
	 		 	By:	 	  

	Date:	 	  
	 		 	Date:	 	  

	SS/Tax ID:	 	  
	 		 	Tax ID:	 	  

	Telephone:	 	  
	 		 		 	
	Email:	 	  
	 		 		 	

 (Signature must conform in all respects to name of holder as specified on the face of the Warrant Certificate.) 

  
 2mycloudz_ex101.htm

EXHIBIT 10.1

 

ENDORSEMENT AGREEMENT

 

This Endorsement Agreement (“Agreement”) made October 30, 2017, between National Football League Alumni – Northern California Chapter (“NFLA-NC”), a charitable corporation organized under the laws of California, having its principal office at 1311 Madison Avenue, Redwood CA 94061; National Football League Alumni, Inc. (“NFLA”), a charitable corporation organized under the laws of Florida, having its principal office at 8000 Midlantic Drive, 130 S., Mount Laurel, NJ. 08054 and Food For Athletes, Inc. a corporation organized under the laws of California / Gridiron BioNutrientsTM, a corporation organized under the laws of Nevada having their principal office(s) at 1119 West 1st Ave., STE G, Spokane, WA 99201 (collectively the “Company”).

 

RECITALS

 

	A.	Whereas, NFLA is a nationwide group of former National Football League players, coaches, and other employees whose mission is to serve, assist and inform players and their families. The association offers a variety of medical, financial and social programs to help members lead healthy, productive and connected lives.
	
 
	
 

	B.	Whereas, NFLA-NC is a local Chapter of the NFLA and supports the organizations “Caring for Kids” initiative through fundraising for youth-related charities.
	
 
	
 

	C.	The Company desires to obtain the rights to use the Pro Football Legends Logo of the NFLA in connection with the advertisement and promotion of certain of its products. An image of the Pro Football Legends Logo is depicted in Exhibit A.
	
 
	
 

	D.	The NFLA agrees to license such rights to the Company.

 

In consideration of the matters described above, and of the mutual benefits and obligations set forth in this Agreement, the parties agree as follows:

 

SECTION ONE. DEFINITIONS

 

As used in this Agreement, the following terms shall be defined as follows:

 

	A.	“Contract Period” shall mean that period of time of three (3) years commencing on November 1st, 2017 and concluding November 2nd, 2020, unless terminated sooner or extended as provided in this Agreement.
	
 
	
 

	B.	“Contract Territory” shall mean worldwide.
	
 
	
 

	C.	“Contract Year” shall mean each of the consecutive 12-month periods beginning on the effective date of the Agreement of the Contract Period.

 
	 
	1
	

 
	 

 

	D.	“Gross Sales” shall mean total revenues, under generally accepted accounting principles, from sales of the Licensed Products, but does not include any revenue from sales, use or other transaction taxes, duties, handling, graphics, embroidery or shipping.
	
 
	
 

	E.	“Net Sales” shall mean Gross Sales less Product returns, trade discounts, samples, allowances, value added services, markdowns, customer charge backs and liquidation sales (substantially discounted and out of ordinary distribution channel) of Licensed Products.
	
 
	
 

	F.	“Licensed Products” shall mean BlackMP Living Water, BlackMP Concentrate, Zezel Probiotic Water, Zayin Sports Water, Gridiron MVPTM and Gridiron MVPTM Concentrate using the Pro Football Legends Logo on the Licensed Products’ affixed labels, hang-tags or packaging. Other products of the Company may be added to the list of Licensed Products during the Contract Period by written amendment to this Agreement. All amendments to this Agreement must be signed by all parties to this Agreement.
	
 
	
 

	G.	“Products” shall mean goods manufactured, distributed or otherwise sold by the Company.
	
 
	
 

	H.	“Licensed Marks” shall mean in connection with the rights and benefits granted to Company hereunder as set forth in General Terms. Company may utilize only the logo and other trademarks listed on Exhibit A (the “Licensed Marks”) during the Term and within the Territory solely in connection with advertising and promotional materials that identify Company as a sponsor of the Pro Football Legends, provided that NFLA first approves all such uses in writing. Any use of the Licensed Marks will bear the trademark and/or copyright notices required by NFLA to facilitate its trademark protection program and will be a “work made for hire” for NFLA. All of Company’s uses of the Licensed Marks shall inure to the benefit of the NFLA. After the expiration or termination of this Agreement, Company will refrain from further use of the Licensed Marks used pursuant to this Agreement. Company will not sublicense pass-through or otherwise grant to any third parties the rights granted to Company hereunder without the NFLA prior written consent, including but not limited to the right to use the Licensed Marks. Company acknowledges that this Agreement does not grant Company any rights with respect to any other NFLA Marks (defined below), the name, likeness, signature, or other attributes of any NFLA member or other individual, or any audio or video of any NFLA event. Company agrees that the quality of all services offered by Company under the Licensed Marks will conform to Licensor’s written quality control standards and that Company will annually provide to NFLA samples of any advertising and marketing materials that use the Licensed Marks.
	
 
	
 

	I.	“Trademark Protection” for the purposes of this agreement, “NFLA MARKS” means the names, symbols, emblems, designs, and colors of the NFLA, including but not limited to the Licensed Marks. Company acknowledges and agrees that all right, title and interest in and to the NFLA marks belongs to the NFLA. Company agrees that NFLA marks possesses a special, unique and extraordinary character that makes difficult assessment of the monetary damages that would be sustained by their unauthorized use. Company recognizes that irreparable injury would be caused by unauthorized use of any of the NFLA marks, and agrees that injunctive and other equitable relief would be appropriate in the event of such unauthorized use, and that such remedy would not be exclusive of other legal remedies available to NFLA. Company recognizes that great value and goodwill associated with NFLA marks belongs to the NFLA and that the NFLA marks have secondary meaning.

 

	 
	2
	

 
	 

 

	J.	“NFLA Identification” means the right to use, subject to the provisions of this Agreement, the NFLA name, and Pro Football Legends Logo and any other means of endorsement by the NFLA used in connection with the advertisement and promotion of the Company and the Licensed Products.
	
 
	
 

	K.	“One (1) Unit” shall represent $0.05 (1 Unit = $0.05USD) for purposes of defining the monetary donation allocation of the Company’s sold products to the NFLA-NC, specific to the terms of this Agreement. A Licensed Product in no circumstance shall be valued at less than one (1) full Unit and under no circumstance shall a Unit be fractionalized (if required rounded up to the nearest whole number).

 
SECTION TWO. GRANT OF RIGHTS

 

In consideration of the remuneration to be paid to the NFLA-NC pursuant to this Agreement, the NFLA grants to Company and to its authorized distributors and sublicenses the right and license during the Contract Period to use the NFLA Identification solely in connection with the advertisement, marketing and promotion of the Products within the Contract Territory as set forth in this Agreement. NFLA agrees not to grant the right to use the NFLAs Identification to anyone other than Company in connection with the advertisement and promotion of Products. It is understood that Company, its authorized distributors and sublicenses may not use the name of the NFLA in connection with any items for sale or resale, other than the Products as specified in this Agreement. The foregoing rights to use the name of the NFLA is limited to television, radio and print advertising, advertising published over the Internet (provided that such material is limited to advertising or Product promotion only), public relations and marketing materials, point-of-sale displays, free standing inserts, videos shown to customers and consumers, catalogs for customers and consumers, direct mail (including e-mail) and billboards. Company shall ensure that all uses of the name of the NFLA comply with applicable law.

 

SECTION THREE. PRIOR APPROVAL

 

Company agrees that no use of the name of the NFLA Identification nor any item used in connection with the name of NFLA Identification (including any Licensed Product) will be made under this Agreement unless and until the same is approved by the NFLA. The NFLA agrees that any material, advertising or otherwise, submitted for approval as provided in this section may be deemed by Company to have been approved under this section if the same is not disapproved in writing within ten (10) business days after receipt of the material. The NFLA agrees that it will reasonably cooperate with Company and that any material submitted under this section will not be unreasonably disapproved and, if it is disapproved, that Company will be advised of the specific grounds for disapproval. If Company desires immediate approval of advertising material, Company shall have the right to directly contact the NFLA’s authorized agent to obtain such approval. Company agrees to protect, indemnify and hold harmless the NFLA and their authorized agents, or any of them, from and against any and all expenses, damages, claims, suits, actions, judgments and costs whatsoever, arising out of, or in any way connected with any advertising material furnished by, or on behalf of Company, except with respect to any inaccurate information furnished by them expressly for use in such advertising.

 
	 
	3
	

 
	 

 

SECTION FOUR. REMUNERATION

 

In consideration of the endorsement rights granted under this Agreement, Company shall provide the following remuneration:

 

	A.	An initial one-time license fee of $35,000.00USD (Thirty-Five Thousand Dollars) payable to the NFLA-NC;
	
 
	
 

	B.	A one-time $10,000USD (Ten Thousand Dollars) promotional fee payable to NFLA. The $10,000 promotional fee shall be payable in four (4) quarterly payments beginning in 2018: Q1 ($2500); Q2 ($2500); Q3 ($2500); Q4 ($2500). Each payment shall be delivered by no later than the 10th day of the first month of each quarter.
	
 
	
 

	C.	A *donation of $0.05 per Unit sold of Licensed Products within the Contract Territory payable to the **NFL Alumni Northern California Chapter. Donated amounts will be allocated and dispersed to the Northern California Chapter beginning on the first full quarter [three (3) month period] of the Agreement and continue on a quarterly basis thereafter for the term of this Agreement. Where the following per Unit conversion shall apply for the term of this Agreement:

 

	
 
	
a.
	
(1) Bottle of BlackMP Living Water
	
= 1 Unit

	
 
	
b.
	
(1) 4oz bottle of BlackMP Concentrate
	
= 30 Units

	
 
	
c.
	
(1) Bottle of Zezel Probiotic Water
	
= 1 Unit

	
 
	
d.
	
(1) Bottle of Zayin Sports Water
	
= 1 Unit

	
 
	
e.
	
(1) Bottle Gridiron MVPTM Water
	
= 1 Unit

	
 
	
f.
	
(1) 4oz bottle of Gridiron MVPTM Concentrate
	
= 30 Units

	
 
	
_____________
	
 

	
 
	
*
	
The NFLA-NC will donate 15% of the above described proceeds to the NFLA.

	
 
	
**
	
The Company will provide to the NFLA-NC upon request the most recent quarterly sales report of the Company’s Licensed Products.

 

	D.	Product Commitment. Up to Two-thousand (2,000) 4oz bottles of BlackMP Living Water Concentrate to be used as a “value appeal” for annual membership renewal (up to a $220,000 value) allocated to the NFLA and provide a combination/assortment of bottle water to NFLA-NC for display and use though out the term of the Agreement at the NFLA-NC facilities. The Company agrees to pay for all shipping costs of the Products under the Product Commitment to the fulfillment center, currently Sharp Marketing, located in Fort Lauderdale, FL and to any subsequent fulfillment center that is contracted by the NFLA to provide distribution to existing and new NFLA members.
	
 
	
 

	E.	Affiliated Partnership Commitment. Company agrees to facilitate and provide in good-faith their affiliated partnership discount program benefits and access to applicable health and wellness research, information and protocols to NFLA members (Current partnership benefit includes providing NFLA members with a 15% discount on all Kraski’s Nutrition Real Products For Real People); and
	
 
	
 

	F.	Marketing Commitment. Company agrees that it will continue in good-faith to produce and market Licensed Products in the same manner that it is currently producing and marketing such items as of September 2017, unless Company and the NFLA/NFLA-NC believe it is not commercially reasonable to continue to produce and market the Licensed Products.

 
	 
	4
	

 
	 

 

SECTION FIVE. SERVICES OF COMPANY

 

	A.	Resource Call Center. For the term of this Agreement Company shall provide a call in center whereby NFLA members can call for information, ask questions, and consult with Company’s staff on details and specifics of the Company’s Products and replenishment program.

 

SECTION SIX. SERVICES OF NFLA-NC

 

	A.	If Company desires to use the services of the NFLA-NC and/or any of its officers and members as a model in connection with Company advertising to promote its Products or as a part of a special promotional appearance for the Company, the NFLA-NC agrees, at the request of Company, to provide a good faith effort services of the officers or members of the NFLA for a reasonable amount of time as mutually agreed upon by all parties and at places reasonably convenient to each parties schedule. Each day shall not exceed a reasonable number of hours unless otherwise mutually agreed upon. The Company agrees that it will reimburse the NFLA-NC and if applicable the NFLA or its officers/members for all reasonable travel, lodging and meal expenses incurred by the NFLA / NFLA-NC or its officers/members in connection with such services. The Company understands that failure to use services of a member of the NFLA / NFLA-NC pursuant to this section shall not result in any reduction in payments to NFLA-NC under this Agreement. The obligations of the NFLA / NFLA-NC to provide services of its officers/members under this Agreement are subject to the condition that payments to NFLA-NC are current and up to date.
	
 
	
 

	B.	Should Company use any member of the NFLA-NC in television advertising to promote Company’s Products, Company will make all applicable required union scale and pension and welfare payments.
	
 
	
 

	C.	During the Contract Period, NFLA-NC shall make a good faith effort to assure that its members shall wear Company Products at all professional and promotional events and at all media appearances where appropriate, and when not in conflict with its members existing agreements. It is agreed that the logo or name of Company (the “Company Logo”) shall be affixed to an appropriate location (i.e. shoulder-sleeve and/or back] of all Company Products that members of the NFLA-NC wear. Company agrees that it will be responsible for, and the cost of, affixing the Company Logo on all such Company Products. Company acknowledges that other locations on the NFLA-NC Products are reserved for NFLA-NC’s other sponsors. Furthermore, Company understands that if the NFLA-NC or its Officers/members participate in a special team event where there is an official uniform, then representatives of the NFLA-NC are permitted to wear such uniform during such event.
	
 
	
 

	D.	The NFLA shall list the Company as a sponsor on all of its promotional materials, websites or other electronic media. The NFLA shall allow the Company to participate in local and national NFLA functions (i.e. Super Bowl Parties, Award Ceremonies, Banquets, etc...) at the Company’s own expense.
	
 
	
 

	E.	The NFLA shall promote Company and Company’s products to NFLA database and audience by deliverables listed in Exhibit B.

 
	 
	5
	

 
	 

 

SECTION SEVEN. PAYMENTS

 

All payments shall be made by wire transfer drawn to the account of NFLA-NC no later than ten (10) business days after the end of each quarter as follows:

 

$0.05 per Unit as described herein of Company’s Products sold in the Contract Territory payable to NFLA-NC. Donated amounts will be allocated and dispersed to the NFLA-NC beginning on the first full quarter (three month period) of the Agreement and continue on a quarterly basis thereafter for the term of this Agreement. 

 

Past due payments under this Agreement shall bear interest at the rate of: (a) 1% per month; or (b) the maximum interest rate permissible under law, whichever is less. All amounts in this section are in United States dollars.

 

SECTION EIGHT. AUTHORIZED AGENT

 

Each party shall designate its authorized agent for all purposes under this Agreement. All notices or submissions to be made or delivered by the Company, the NFLA or the NFLA-NC pursuant to this Agreement shall be delivered to the agent’s address below, free of all charges (for example, shipping charges and customs charges). If any such shipping charges are paid by another party or by its authorized agent, the corresponding party agrees to make prompt reimbursement. All notices or submissions to be made or delivered to Company pursuant to this Agreement shall be delivered to: 

 

The Company 

Food For Athletes/Gridiron BioNutrientsTM 

Attention: Darren Long

1147 N Roseburg Ct STE A, 

Visalia CA, 93291

 

NFLA-NC

National Football League Alumni – Northern California Chapter

Attention: Russell Isaacson - Comptroller

1311 Madison Avenue

Redwood CA 94061

 

NFLA National Football League Alumni, Inc.

Attention: Elvis Gooden

8000 Midlantic Drive, 130 S.

Mount Laurel, NJ. 08054 

 
	 
	6
	

 
	 

 

SECTION NINE. DEFAULT

 

	A.	If either party at any time during the Contract Period shall: (i) fail to make any payment of any sum of money specified in this Agreement to be made; or (ii) fail to observe or perform any of the covenants, agreements or obligations under this Agreement (other than the payment of money), the non-defaulting party may terminate this Agreement as follows: As to a default under clause (i) above, if such payment is not made within 10 business days after the defaulting party shall have received written notice of such failure to make payment; or, as to a default under clause (ii) above, if such other default is not cured within 30 days after the defaulting party shall have received written notice specifying in reasonable detail the nature of such default. In order to be a sufficient notice under this section, any such written notice shall specify in detail each item of default and shall specify the provision of this Agreement which applies to each item of default, and shall specify in detail the action the defaulting party is required to take in order to cure each item of default. The termination rights set forth in this section shall not constitute the exclusive remedy of the non-defaulting party under this Agreement, however, and if default is made by either party under this Agreement, the other party may resort to such other remedies as such party would have been entitled to if this section had been omitted from this Agreement, subject to the terms of this Agreement. Termination under the provisions of this section shall be without prejudice to any rights or claims which the terminating party may otherwise have against the defaulting party, and if Company is the defaulting party, Company shall be responsible for any and all payments due under the terms of this Agreement in addition to other liabilities set forth above.
	
 
	
 

	B.	If Company shall become bankrupt or insolvent, or if Company’s business shall be placed in the hands of a receiver, assignee or trustee, whether by voluntary act of Company or otherwise, the Contract Period, at the election of NFLA, shall immediately terminate.

 

SECTION TEN. USE OF THE NFLA/NFLA-NC’s IDENTIFICATION AFTER TERMINATION

 

	A.	Except as provided in paragraph B of this SECTION TEN, from and after the termination of the Contract Period, all of the rights of Company to the use of the name of the NFLA shall cease absolutely and Company subsequently shall not use or refer to the NFLA in advertising or promotion in any manner whatsoever. Except as provided in paragraph B below, it is further agreed that following termination of the Contract Period, Company shall not advertise, promote, distribute or sell any item whatsoever in connection with the use of any name, figure, design, logo, trademark or trade name similar to or suggestive of the NFLA.

 

	
 
	1.	Company may liquidate and sell its inventory of Licensed Products (including any inventory then in production) for a period of ninety (90) days after the termination date of the Contract Period, subject to the Company’s continued obligation to pay the Fee as provided above, and will deliver the Sales Report with respect to such liquidation sales within 30 days following the end of the first reached full quarter following termination.
	
 
	
 
	
 

	
 
	2.	If Company has not disposed of all Licensed Products as provided in subparagraph 1 above by the end of the 90 day period, Company, at its option, may either: (a) remove or obliterate entirely from such Licensed Products (and any labels, tags, riders and the like) all references to any NFLA Identification, and then sell the same; or (b) destroy all such remaining Licensed Products.

 
	 
	7
	

 
	 

 

SECTION ELEVEN. TRADEMARKS

 

Company agrees that it will not file, during the Contract Period or afterward, any application for trademark registration or otherwise obtain or attempt to obtain ownership of any trademark or trade name within the Contract Territory or in any other country of the world which consists of the NFLA Identification or any mark, design or logo intended to obtain any rights to the name of the NFLA or to identify products as being endorsed b the NFLA. 

 

SECTION TWELVE. RESERVATION OF RIGHTS

 

All rights not specifically granted in this Agreement to Company shall remain the property of the NFLA to be used in any manner the NFLA deems appropriate. Company understands that the NFLA has reserved the right to authorize others to use the name of the NFLA within the Contract Territory and during the Contract Period in connection with all tangible and intangible items and services other than Products themselves. NFLA is not aware of any such rights that would conflict with the nature or image of Company Products.

 

SECTION THIRTEEN. INDEMNITY

 

Company agrees to protect, indemnify and hold harmless the NFLA / NFLA-NC and their authorized agents, or any of them, from and against any and all expenses, damages, claims, suits, actions, judgments and costs whatsoever, including reasonable attorney’s fees, arising out of, or in any way connected with, actions or omissions of Company, any advertising material furnished by, or an behalf of, Company, or any claim or action for personal injury, death or other cause of action involving alleged defects in Company’s Products or services. Company agrees to provide and maintain, at its own expense, general commercial and product liability insurance.

 

SECTION FOURTEEN. SPECIAL RIGHT OF TERMINATION

 

Company shall have the right to terminate this Agreement, upon written notice to the NFLA / NFLA-NC, if the commercial value of the NFLA’s endorsement is substantially reduced because an officer of the NFLA / NFLA-NC: (i) has been charged with illegal or immoral conduct which could result in a felony conviction and such charges have not been dismissed or terminated within 90 days. Any termination pursuant to this section shall become effective on the business day next following the date of receipt by NFLA of Company’s written notice to so terminate.

 

SECTION FIFTEEN. CONTRACT EXTENSION

 

Due to long product development lead times, Company and NFLA-NC agree to begin discussions for the renewal of this Agreement by no later than June 1st, 2020. All terms of this Agreement will automatically commence on November 1st, 2017, and expire on November 2nd, 2020.

 
	 
	8
	

 
	 

 

SECTION SIXTEEN. LIMITED LIABILITY

 

Notwithstanding anything to the contrary in this Agreement, if Company incurs any expenses, damages or other liabilities (including but not limited to reasonable attorney’s fees) in connection with the performance or nonperformance of any term or provision of this Agreement, NFLA’s liability to Company shall not exceed the remuneration, excluding reimbursement of expenses, actually paid to NFLA by Company. In no event will NFLA be liable for any indirect, incidental, reliance, special or consequential damages arising out of the performance or nonperformance of this Agreement, whether or not NFLA had been advised of the possibility of such damages. 

 

SECTION SEVENTEEN. WAIVER

 

The failure of either party at any time or times to demand strict performance by the other party of any of the terms, covenants or conditions set forth in this Agreement shall not be construed as a continuing waiver or relinquishment of the same and each party may at any time demand strict and complete performance by the other party of such terms, covenants and conditions. Any waiver of such rights must be set forth in writing.

 

SECTION EIGHTEEN. SEVERABILITY

 

If any provision of this Agreement shall be declared illegal, invalid, void or unenforceable by any judicial or administrative authority, the validity of any other provision and of the entire Agreement shall not be affected by such declaration.

 

SECTION NINETEEN. ASSIGNMENT

 

This Agreement shall bind and inure to the benefit of Company and NFLA and their respective successors and assigns.

 

SECTION TWENTY. GOVERNING LAW; ARBITRATION

 

This Agreement shall be governed by, and its provisions enforced in accordance with, the laws of California without regard to its principles of conflicts of laws. If a dispute arises under this Agreement which cannot be resolved, such dispute shall be submitted to arbitration and resolved by a single arbitrator (who shall be a lawyer not employed by or associated with either party to this Agreement) in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect. All such arbitration shall take place at the office of the American Arbitration Association located within 225 miles of Hayward, California. Each party is entitled to depose one fact witness and all expert witnesses retained by the other party, and to conduct such other discovery as the arbitrator deems appropriate. The award or decision rendered by the arbitrator shall be final, binding and conclusive and judgment may be entered upon such award by any court.

 

SECTION TWENTY-ONE. HEADINGS

 

Section headings contained in this Agreement are solely for the purpose of aiding in speedy location of subject matter and are not in any sense to be given weight in the construction of this Agreement. Accordingly, in case of any question with respect to the construction of this Agreement, it is to be construed as though such section headings had been omitted.

 
	 
	9
	

 
	 

 

SECTION TWENTY-TWO. NO JOINT VENTURE

 

This Agreement does not constitute and shall not be construed as constituting an association, partnership, joint venture or relationship of principal and agent, or employer and employee, between NFLA and Company. Neither party shall have any right to obligate or bind the other party in any manner whatsoever except as expressly set forth in this Agreement, nothing contained in this Agreement shall give, or is intended to give, any rights of any kind to any person.

 

SECTION TWENTY-THREE. ENTIRE AGREEMENT

 

This writing constitutes the entire agreement between the parties to this Agreement and may not be changed or modified except by a writing signed by the party or parties to be charged by such change or modification.

 

The parties have executed this Agreement on October 30, 2017.

 

Food For Athletes, Inc. / Gridiron BioNutrientsTM

 

	By:	/s/ Darren Long	 
	
 
	Darren Long - CEO	 

 

The National Football League Alumni, Inc.

 

 

	By:	/s/ Elvis Gooden	 
	
 
	
Elvis Gooden - President
	 

 

NFL Alumni – Northern California Chapter

 

	By:	/s/ Eric Price	 
	
 
	
Eric Price - President
	 

 
	 
	10
	

 
	 

 

EXHIBIT A

PRO FOOTBALL LEGENDS LOGO

 

 

	 
	11
	

 
	 

 

EXHIBIT B

 

NFLA agrees to promote Company and Company’s products to NFLA database by:

 

	
 
	1.	E-blasts: NFLA to send a minimum of two (2) dedicated e-blasts per year to NFLA database. All e-blast communications must be approved in writing by Company;
	
 
	
 
	
 

	
 
	2.	Newsletter: NFLA to feature Company in Weekly Newsletter “Partner Spotlight” a minimum of four (4) times per year. All newsletter communications must be approved in writing by Company; and
	
 
	
 
	
 

	
 
	3.	Social Media: NFLA to feature Company on all social media channels a minimum of four (4) times per year. All newsletter communications must be approved in writing by Company.

 

 

	
12

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