Document:

Exhibit 10.1

 

SHEFFORD CAPITAL MANAGEMENT, LLC.

 

Medifirst Solutions, Inc.

 

ENGAGEMENT AGREEMENT

 

THIS ENGAGEMENT AGREEMENT, (the “Agreement”)
dated as of the date written, is by and between Shefford Capital Management, LLC. (the “Advisor”) and Medifirst Solutions,
Inc. (the “Company”).

 

WHEREAS, the Company desires to retain
the Advisor and the Advisor desires to be retained by the Company pursuant to the terms and conditions hereinafter set forth:

 

NOW, THEREFORE, in consideration of the
foregoing and the mutual promises and covenants herein contained, it is hereby agreed as follows:

 

	Advisor:	Shefford Capital Management, LLC. will be the exclusive accounting and financial advisor (“Advisor”).
	 	 
	Role:	Advisor designates Jonathan Cross to act as the Company’s Chief Financial Officer, developing and overseeing Medifirst Solution’s (the “Company”) turn-around plan, financial management and accounting activities, including helping design and oversee an efficient restructuring, efficient monthly accounting closing process, reviewing the Company’s monthly financial statements and implementation of the Company’s reporting, liaison with the Company’s external accountants on a monthly or quarterly basis and certifying the Company’s public financial statements as the Company’s Chief Financial Officer. The Company accepts Jonathan Cross as its Chief Financial Officer.
	 	 
	Term:	One year commencing July 7, 2021 (the “Term”), with appropriate extensions as agreed to by the Advisor and the Company. Notwithstanding the foregoing, either party may terminate this Agreement upon 30 days’ written notice.
	 	 
	Compensation:	The Advisor shall be compensated as follows:
	 	 
	 	On an ongoing monthly basis over the Term, a fee of $ 1,000 per month, payable in advance, for performing the services detailed above (under the “Role” section) in those months where a 10K or 10Q SEC financial filing is not required.
	 	 
	 	In those months where a 10K or 10Q SEC financial filing is required, a fee of $5,000 a month will be paid for performing the services detailed above. When filing the next 10K, based on the work involved and the state of the 10K, an additional fee may be required, as mutually agreed to by the Advisor and the Company.
	 	 
	 	In addition to the cash compensation specified above, the Advisor will be issued stock options over the Term, as follows:

 

		●	an
option to purchase 1,000,000 shares of the Company’s common stock, granted on July 7, 2021, at an exercise price equal to the closing
price of a share of the Company’s common stock on the grant date (adjusted for splits), such option to vest in full 90 days after
grant; and,

 

    

     

    

 

		●	options
to purchase 200,000 shares of the Company’s common stock per month; each such option to be granted on the last day of each month
commencing August 2021 and ending June 2022, provided that this Agreement has not been terminated prior to each such grant date, at an
exercise price equal to the closing price of a share of the Company’s common stock on each grant date, each such option to be fully
vested upon grant.

 

	Expenses:	Reimbursement of all authorized out-of-pocket expenses (including fees and disbursements of professionals such as legal counsel, if required).
	 	 
	Indemnification:	Customary indemnification normally accorded to accounting and financial advisors shall hold harmless the Advisor from any losses, claims or damages resulting from the Advisor’s services, except as delineated in the Chief Financial Officer Certification requirements of the Sarbanes Oxley Act. A separate indemnification agreement shall be executed in a form satisfactory to the Advisor.
	 	 
	 	In the event the Advisor is called to testify, provide legal support or be a witness on behalf of the Company for any event at any time, all legal expenses and professional time will be reimbursed by the Company.
	 	 
	Arbitration:	Any dispute between the Advisor and the Company regarding the construction or application of the Agreement and the related services will, upon a written request, be submitted to arbitration, and this arbitration shall comply with and be governed by the provisions of the American Arbitration Association and shall take place in New York, New York. The prevailing party shall be entitled to attorney fees and costs incurred in connection with any such dispute.
	 	 
	Governing Law:	This Agreement shall be governed by the laws of the State of New York.

 

AGREED TO AND ACCEPTED THIS 7th DAY OF JULY 2021.

 

	Shefford Capital Management, LLC.	 	Medifirst Solutions, Inc.
	477 Madison Avenue	 	4400 Route 9 South
	Sixth Floor	 	Suite 1000
	New York, New York 10022	 	Freehold, NJ 07728
	 	 	 
	                                      	 	                            
	Jonathan Cross	 	Thomas Griffin
	Managing Director	 	CEO

 

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SHEFFORD CAPITAL MANAGEMENT, LLC.

 

Scope Letter

 

The scope of the Engagement Agreement (the “Agreement”)
dated as of July 7, 2021, by and between Shefford Capital Management, LLC. (the “Advisor”) and Medifirst Solutions, Inc. (the
“Company”) is limited the details herein. The tasks to be performed as delineated herein are to be completed within the term
of the Agreement. The scope of the Agreement may only be modified by written consent of both the Advisor and the Company.

 

The tasks are as follows:

 

1. Collaborate with the Company’s CEO to develop and execute
the Company’s turn-around plan.

 

2. Review and establish the Company’s monthly accounting closing
process for the timely production of financial statements.

 

3. Specific additional activities shall include but not be limited
to:

 

A. Review and implement production of the Company’s
monthly financial statements and quarterly and annual reporting on Forms 10Q and 10K, respectively.

 

B. Establish other financial and accounting processes, if
requested, such as budgeting, forecasting and the development of operating metrics.

 

C. Act as the liaison with the Company’s external
accountants and the Audit Committee of the Board of Directors.

 

D. Certify the Company’s public financial statements
as the Company’s Chief Financial Officer.

 

E. Transition to a permanent Chief Financial Officer, at
the appropriate time

 

F. Assistance with the design and implementation
of internal controls in accordance with the requirements of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations
of the Securities and Exchange Commission and the various stock exchanges applicable to the Company.

 

Caveats:

 

1. The Company shall also be successful in raising
interim capital and long-term equity capital as discussed with management, in order to maintain the operations of the Company.

 

AGREED TO AND ACCEPTED THIS 7th DAY OF JULY, 2021

 

	Shefford Capital Management, LLC. 	 	Medifirst Solutions, Inc. 
	 	 	 
	                             	 	                       
	Jonathan Cross	 	Thomas Griffin
	Managing Director	 	CEO

 

 

3Exhibit 4.2

 

 

 

FIRST SUPPLEMENTAL INDENTURE

 

Valaris Limited

 

and

 

the Guarantors named herein

 

SENIOR SECURED FIRST LIEN NOTES DUE 2028

 

FIRST SUPPLEMENTAL INDENTURE

 

Dated as of July 6, 2021,

 

WILMINGTON SAVINGS FUND SOCIETY, FSB,

 

As Trustee and First Lien Collateral Agent

 

 

    	 	 	 

     

    

 

This FIRST SUPPLEMENTAL INDENTURE,
dated as of July 6, 2021, (this “Supplemental Indenture”) is among Valaris Limited, an exempted company incorporated
under the laws of Bermuda with registration number 56245, (the “Company”), Alpha South Pacific Holding Company,
an exempted company formed under the laws of the Cayman Islands and a subsidiary of the Company (the “Guaranteeing Subsidiary”)
and Wilmington Savings Fund Society, FSB, as trustee and as first lien collateral agent (the “Trustee”).

 

RECITALS

 

WHEREAS, the Company, the
Guarantors and the Trustee entered into an Indenture, dated as of April 30, 2021 (the “Indenture”), providing
for the issuance of the Company’s Senior Secured First Lien Notes due 2028 (the “Notes”);

 

WHEREAS, the Indenture provides
that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant
to which the Guaranteeing Subsidiary shall become a Guarantor;

 

WHEREAS, Section 9.01(i) of
the Indenture provides that the Company, the Guarantors and the Trustee may amend or supplement the Indenture in order to add any additional
Guarantor with respect to the Notes, without the consent of the Holders of the Notes; and

 

WHEREAS, all acts and things
prescribed by the Indenture, by law and by the Certificate of Incorporation, Articles of Association and the Bylaws (or comparable constituent
documents) of the Company and of the Trustee necessary to make this Supplemental Indenture a valid instrument legally binding on the Company
and the Trustee, in accordance with its terms, have been duly done and performed;

 

NOW, THEREFORE, to comply
with the provisions of the Indenture and in consideration of the above premises, the Company, the Guaranteeing Subsidiary and the Trustee
covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows:

 

Section 1. Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings ascribed to them in the Indenture.

 

Section 2. Relation
to Indenture. This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall
be construed in connection with and as part of, the Indenture for any and all purposes.

 

Section 3. Effectiveness
of Supplemental Indenture. This Supplemental Indenture shall become effective immediately upon its execution and delivery by each
of the Company, the Guaranteeing Subsidiary and the Trustee.

 

Section 4. Agreement
to Guarantee. The Guaranteeing Subsidiary hereby agrees, by its execution of this Supplemental Indenture, to be bound by the provisions
of the Indenture applicable to Guarantors to the extent provided for and subject to the limitations therein, including Article 10
thereof.

 

    	 	 	 

     

    

 

Section 5. Ratification
of Obligations. Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis
mutandis) and shall remain in full force and effect in accordance with their terms.

 

Section 6. The Trustee.
Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed,
by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to
all the terms and conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated
at length herein and made applicable to the Trustee with respect hereto. The Trustee makes no representation as to the validity or sufficiency
of this Supplemental Indenture.

 

Section 7. Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 8. Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of such executed
copies together shall represent the same agreement. Signature of the parties hereto transmitted by facsimile or PDF shall be deemed to
be their original signatures for all purposes.

 

[Signatures on following pages]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture to be duly executed, all as of the date first written above.

 

	 	COMPANY:
	 	 
	 	VALARIS LIMITED
	 	 	 
	 	By:	/s/ Jonathan H. Baksht
	 	Name:	Jonathan H. Baksht
	 	Title:	Executive Vice President and Chief Financial Officer

 

[Signature Page to First Supplemental Indenture]

 

    	 	 	 

     

    

 

	 	GUARANTEEING SUBSIDIARY:
	 	 
	 	Alpha South Pacific Holding Company
	 	 	 
	 	By:	/s/ Nicolas Jaciuk
	 	Name:	Nicolas Jaciuk
	 	Title:	Director

 

[Signature Page to First Supplemental Indenture]

 

    	 	 	 

     

    

 

	 	WILMINGTON SAVINGS FUND SOCIETY, FSB, as 

Trustee and First Lien Collateral Agent
	 	 	 
	 	By:	/s/ Patrick J. Healy
	 	Name:	Patrick J. Healy
	 	Title:	Senior Vice President

 

[Signature Page to First Supplemental Indenture]

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