Document:

Exhibit

Exhibit 10.2

SURRENDER AGREEMENT
SURRENDER AGREEMENT (“Agreement”), made as of the 19th day of May, 2018, by and between MADISON AVENUE SUITES LLC, a New York limited liability company, having an office at 369 Lexington Avenue, New York, New York 10018, as licensor (“Licensor”), and SELLAS LIFE SCIENCES GROUP INC., a New York corporation, having an office at 315 Madison Avenue, New York, New York 10017 as licensee (“Licensee”). 

WHEREAS, Licensor, as licensor, and Licensee, as licensee, mutually executed a license agreement (“Original License Agreement”) dated March 20, 2017, relating to certain rentable space known as Units Number 4006, 4007, 4008, 4009, 4010, 4011, and 4012 (collectively, the “Premises”) in the building known as 315 Madison Avenue, New York, New York 10017 (the “Building”), which Original License Agreement was amended by an Amendment to License Agreement dated February 20, 2018, pursuant to which Amendment, Unit 4015 in the Building was added to the Premises (the Original License Agreement as the same may have been amended, from time to time, shall be referred to as the “License Agreement”);

WHEREAS, the License Agreement is due to expire on April 30, 2019 (the “Expiration Date”); and
WHEREAS, Licensee wishes to surrender the License Agreement and any rights granted under the License Agreement and any occupancy rights to Licensor on July 31, 2018, Time Being of the Essence (the “Surrender Date”).
NOW, THEREFORE, in consideration of Ten ($10.00) Dollars and other valuable consideration, receipt which is acknowledged by all parties, the parties agree as follows:
1.All of the "Whereas" clauses above are hereby incorporated into this Agreement by reference.
2.Intentionally Omitted.  
3.As of the Surrender Date, Licensee shall release Licensor, its successors and assigns, from and against any and all claims, obligations and liabilities of every kind or nature whatsoever hereinbefore or hereafter arising out of or in connection with the License Agreement, the Premises, and/or this Agreement.  As of the Surrender Date and provided that Licensee fully complies with the terms of this Agreement, Licensor shall release Licensee from and against any and all claims, obligations and liabilities of every kind or nature whatsoever hereinbefore or hereinafter, arising out of or in connection with the License Agreement or the Premises, except for (i) claims arising out of Licensee’s breach of the terms of this Agreement; (ii) claims for negligence or willful misconduct of Licensee  (or anyone claiming through or under Licensee ) which by their terms expressly survive the expiration or termination of the License Agreement; and (iii) any third party claims asserted against Licensor in connection with Licensee’s association with the License Agreement and/or the Premises.
4.On or before the Surrender Date, Licensee shall surrender exclusive “broom clean” possession of the Premises and the keys to Licensor (free of all tenancies, licenses, claims of third parties and liens) and otherwise as required under the License Agreement,  and Licensee warrants that it shall give, grant and surrender to Licensor all of its rights, title and interest as Licensee under the License Agreement.
5.Licensee  represents, warrants, covenants and agrees on behalf of itself, its successors and assigns to Licensor that: (i) it has not encumbered the Premises in any way, (ii) Licensee has good right to 

surrender the Premises, (iii) no one other than Licensee  has acquired through or under Licensee, any right, title or interest in or to the Premises, or any part thereof, or in or to said improvements, or any part thereof, (iv) there exists no default on Licensor’s part with respect to the License Agreement and/or the Premises, and (v) Licensee has not by operation of law or otherwise assigned the License Agreement or sublet the Premises (or any portion thereof) to any other party or entity and Licensee  has not granted any interest (including, without limitation, security interest) in the License Agreement or the Premises to any other party or entity.
6.It is understood, acknowledged and agreed that any remaining property left by Licensee in the Premises shall be deemed abandoned and may be disposed of by Licensor as it sees fit, at Licensee’s sole cost and expense. 

7.Licensee agrees and shall be obligated to continue to comply with all of its obligations under the License Agreement, including, without limitation, payment of the License Fees due and payable thereunder, through and including the Surrender Date, or date of actual surrender of the Premises, whichever is later, in each event in the condition required hereunder (subject to the provisions of Paragraph 10 herein) it being understood and agreed by the parties that Licensor shall retain unfettered and unlimited access to the Premises to exhibit the Premises to others, it being agreed that Licensor shall endeavor to provide Licensee with a prior notice, but shall not be required to do so.  

8.The parties agree that Licensor is currently in possession of ---the sum of $35,400.00 in cash as security deposit (“Security Deposit”) under the License Agreement.  Licensee hereby forever waives and relinquishes any rights to the Security Deposit and Licensor shall be permitted to retain the Security Deposit as a material inducement thereunder.
9.    This Agreement may not be modified, amended or terminated nor any of its provisions waived except by an agreement in writing signed by the party against whom enforcement of any modification, amendment or waiver is sought.
10.    As a material inducement to Licensor’s execution of this Agreement, Licensee  agrees and acknowledges that in the event Licensee fails to surrender the Premises to Licensor, as required hereunder, on or before the Surrender Date, Time Being of the Essence, the monthly use and occupancy due and payable by Licensee  commencing on the day following the Surrender Date shall be the greater of (i) fair market value for the Premises or (ii) Thirty Five Thousand and 00/100 Dollars ($35,000.00). Nothing herein contained shall be deemed to allow Licensee to remain in possession beyond the Surrender Date, Time Being of the Essence.
11.    The covenants, agreements, terms, provisions and conditions contained in this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
12.    Licensee  represents and warrants to Licensor that it has not dealt with any broker, finder or like agent in connection with this Agreement, and Licensee  does hereby agree to indemnify and hold Licensor harmless of and from any claim of or liability to any broker, finder, or like agent, and all expenses related thereto, including, without limitation, reasonable attorneys’ fees and disbursements arising from any conversations, correspondence or other dealings between any broker, finder or like agent, and Licensee  in connection with this Agreement.  
13.    The parties have entered into this Agreement voluntarily, freely, after extensive negotiations and after they have had ample opportunity to review and understand every provision thereof.

14.    This Agreement shall constitute the only binding agreement between the parties herein with respect to the Premises. Any and all oral or written agreements and understandings shall be deemed merged into this Agreement.

15.    This Agreement shall be deemed to have been prepared by counsel by all parties equally, and shall not be construed to be interpreted against the party who actually prepared the same.

16.    Nothing herein shall be construed to limit or contradict the rights available to Licensor under applicable law. 

17.    Licensee further acknowledge and agree that Licensor shall be free to continue to negotiate and/or enter, or not enter, into any license agreement for the Premises with any entity it so elects at any time, and in either event Licensee shall not be entitled to any compensation relating thereto.  

18.    This Agreement may be executed in several counterparts, each of which may be deemed an original, but all of which together shall constitute one and the same Agreement. Facsimile or electronic signatures (e.g., e-mail, PDF) of a party shall constitute originals for all purposes hereunder.

19.    As a material inducement to Licensor entering into this Agreement, Licensee agrees to enter into a new license agreement with 38th Street Suites LLC, Licensor’s affiliated entity, for a certain space at 15 West 38th Street, New York, New York.

IN WITNESS WHEREOF, Licensor and Licensee have duly executed this Agreement as of the day and year first above written.

	
								
	MADISON AVENUE SUITES LLC, Licensor
	 
	 

	

By: /s/ Russel Detres

Name: Russell Detres

Title: Manager

	 
	 

	 
	 
	 
	 

	SELLAS LIFE SCIENCES GROUP INC., Licensee 
	 
	 

	

By: /s/ Angelos M. Stergiou

Name:  Angelos M. Stergiou, M.D. ScD h.c.

Title:  President and Chief Executive OfficerExhibit 10.1

THIS NOTE, AND THE SECURITIES INTO WHICH IT IS CONVERTIBLE (COLLECTIVELY, THE “SECURITIES”), HAVE NOT BEEN REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE.  THE SECURITIES ARE BEING OFFERED PURSUANT TO A SAFE HARBOR FROM REGISTRATION UNDER REGULATION D PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).  THE SECURITIES ARE “RESTRICTED” AND MAY NOT BE OFFERED OR SOLD UNLESS THE SECURITIES ARE REGISTERED UNDER THE ACT, PURSUANT TO REGULATION D OR PURSUANT TO AVAILABLE EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND THE COMPANY WILL BE PROVIDED WITH OPINION OF COUNSEL OR OTHER SUCH INFORMATION AS IT MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH EXEMPTIONS ARE AVAILABLE.  FURTHER HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE MADE EXCEPT IN COMPLIANCE WITH THE ACT.

CONVERTIBLE PROMISSORY NOTE

SILVERSUN TECHNOLOGIES, INC.

2% Convertible Note

Due June 1, 2023

	
No.  ISM 01

	
Issuance Date June 1, 2018

	 	 
	 	 

This Note is issued by SILVERSUN TECHNOLOGIES, INC., a Delaware corporation (the “Company”), to Info Sys Management, Inc.,, a Oregon corporation (the “Holder”), pursuant to exemptions from registration under the Securities Act of 1933, as amended.

ARTICLE I.

Section 1.01          Principal and Interest.  For value received, on June 1, 2018, the Company hereby promises to pay to the order of the Holder in lawful money of the United States of America and in immediately available funds the principal sum of One Million Dollars (US $1,000,000), together with interest on the unpaid principal of this Note at the rate of two percent (2%) per year (computed on the basis of a 365-day year and the actual days elapsed) from the date of this Note until paid.

Section 1.02          Optional Conversion.  The Holder may, at its sole and exclusive option, elect to convert, at any time and from time to time, until payment in full of this Note, all of the principal amount of the Note, plus accrued interest, into shares (the “Conversion Shares”) of the Company’s Common Stock, (“Common Stock”), at a price equal to the average closing price of it’s Common Stock for the five (5) trading days immediately preceding the Issuance Date (the “Fixed Conversion Price”).

Section 1.03          Principal and Interest Payments.  The principal and interest payments shall be made in sixty (60) equal monthly installments in accordance with the amortization schedule attached hereto.

ARTICLE II.

Events of Default.

Each of the following events, individually or in any combination thereof, shall constitute an “Event of Default”:

	
a.

	
any payment of principal and/or interest under this Note shall not be paid within five (5) Business Days of the date that such payment was due;

	
b.

	
a court shall enter a decree or order for relief in respect of the Company in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company for any substantial part of the property of the Company or ordering the winding up or liquidation of the affairs of the Company, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; and

	
c.

	
the Company shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of the Company or for any substantial part of the property of the Company, or the Company shall make any general assignment for the benefit of creditors;

	
d.

	
an Event Default shall have occurred by the maker of that certain promissory note from the Company to Nellnube dated on or about the date hereof in the original principal amount of Four Hundred Thousand Dollars ($400,000.00), with “Event of Default” having the meaning ascribed to it in such promissory note;

	
e.

	
failure by the Company’s transfer agent to issue Common Stock to the Holder within five (5) days of the Company’s receipt of the attached Notice of Conversion from Holder; and/or

	
f.

	
failure by the Company for ten (10) days after notice to it to comply with any of its other agreements in the Note.

If an Event of Default shall occur, the unpaid principal and accrued interest hereunder shall become immediately due and payable without any declaration or other act on the part of the Holder.

Additionally, immediately upon the occurrence of any Event of Default the Holder, without any notice to the Borrower, which notice is hereby expressly waived by the Borrower, may proceed to protect, enforce, exercise and pursue any and all rights and remedies available to the Holder under this Note and any and all rights and remedies available to the Holder at law and/or in equity.

ARTICLE III.

Section 3.01          Rights and Terms of Conversion.  Commencing sixty (60) days after the date hereof, this Note, in whole  or in part, may be converted at any time prior to the maturity date of this Note, into shares of Common Stock at a price equal to the Fixed Conversion Price.

ARTICLE IV.

Section 4.01          Adjustment.  In the event that the Company shall at any time subdivide the outstanding shares of Common Stock, or shall issue a stock dividend on the outstanding Common Stock, the Conversion Price in effect immediately prior to such subdivision or the issuance of such dividend shall be proportionately decreased, and in the event that the Company shall at any time combine the outstanding shares of Common Stock, the Conversion Price in effect immediately prior to such combination shall be proportionately increased, effective at the close of business on the date of such subdivision, dividend or combination as the case may be.

ARTICLE V.

Section 5.01          Notice.  Notices regarding this Note shall be sent to the parties at the following addresses, unless a party notifies the other parties, in writing, of a change of address:

To Company:

SilverSun Technologies, Inc.

120 Eagle Rock Avenue

East Hanover,NJ  07936

Telephone: (973) 758-6108

Attention: Mark Meller

With copies to:

Lucosky Brookman, LLP

101 Wood Avenue South, 5th Floor

Iselin, New Jersey 08830

Telephone: (732) 395-4400

Attention: Joseph M. Lucosky, Esq.

   To ISM and Stockholder:

Info Sys Management, Inc.

2300 SE Beta Street, Suite A

Portland, Oregon 97222

Attention:  Brian James O’Reilly

With copies to:

 James Ambrose

Section 5.02         Governing Law.  This Note shall be deemed to be made under and shall be construed in accordance with the laws of the State of New Jersey without giving effect to the principals of conflict of laws thereof.  Each of the parties consents to the jurisdiction of the U.S.  District Court sitting in the District of the State of New Jersey or the state courts of the State of New Jersey sitting in Hudson County, New Jersey in connection with any dispute arising under this Note and hereby waives, to the maximum extent permitted by law, any objection, including any objection based on forum non conveniens to the bringing of any such proceeding in such jurisdictions.

Section 5.03          Severability.  The invalidity of any of the provisions of this Note shall not invalidate or otherwise affect any of the other provisions of this Note, which shall remain in full force and effect.

Section 5.04          Entire Agreement and Amendments; Assignment.  This Note represents the entire agreement between the parties hereto with respect to the subject matter hereof and there are no representations, warranties or commitments, except as set forth herein.  This Note may be amended only by an instrument in writing executed by the parties hereto.  This Note is freely assignable by the Holder to Chris Oates or his affiliates, heirs and successors, only.

Section 5.05          Counterparts.  This Note may be executed in multiple counterparts, each of which shall be an original, but all of which shall be deemed to constitute an instrument.

Section 5.06          Default Interest.  From and after an Event of Default under this Note, which default has not been cured within the applicable time period (if any) interest shall thereafter accrue on the then-outstanding principal balance of this Note at the rate of eighteen percent (18.0%) per annum or the highest rate allowed by law, whichever is lower.

Section 5.07          Expenses.  The Borrower agrees to pay to the Holder all out-of-pocket expenses (including reasonable expenses for legal services of every kind) of, or incident to, the enforcement of any of the provisions of this Note.

Section 5.08          Miscellaneous.  This Note shall be deemed to be a contract under the laws of the State of New Jersey, and for all purposes shall be construed in accordance with the laws of

said state without regard to conflict of law principles.  The parties hereto hereby waive presentment, demand, notice, protest and all other demands and notices in connection with the delivery, acceptance, performance and enforcement of or any default under this Promissory Note, except as specifically provided herein, and assent to extensions of the time of payment, or forbearance or other indulgence without notice.  The Section headings herein are for convenience only and shall not affect the construction hereof.  Any provision of this Note which is illegal, invalid, prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity, prohibition or unenforceability without invalidating or impairing the remaining provisions hereof or affecting the validity or enforceability of such provision in any other jurisdiction.  This Note shall bind the Company and its successors and permitted assigns.  The rights under and benefits of this Note shall inure to the Note Holder and its successors and assigns.

IN WITNESS WHEREOF, with the intent to be legally bound hereby, the Company as executed this Note as of the date first written above.

Date:  June ___, 2018

	 	
SilverSun Technologies, Inc.

 

	 	 
	 	
By: _____________________________

	 	
Name:  Mark Meller

	 	
Title:   President and Chief Executive  Officer

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