Document:

EX-10.12

 Exhibit 10.12 

NLT ANNUITY ADMINISTRATION SERVICES AGREEMENT 

This NLT Annuity Administration Services Agreement (“Agreement”) is made by and between American International Group, Inc.
(“AIG”) and Merit Life Insurance Co. (“Merit”) and shall become effective on January 1, 2011. 

RECITALS 
 WHEREAS, AIG
and/or one or more of its affiliates currently provide Merit with administration services, under an omnibus Service and Expense Agreement (“Omnibus Service Agreement”), for an annuity that Merit issued to cover retirees of the
National Life of Tennessee (“NLT”), which was an AIG affiliate, but is no longer in operation; and 
 WHEREAS, the Omnibus
Service Agreement states that it shall automatically terminate as to any party that ceases to be a subsidiary or affiliate of AIG; and 

WHEREAS, Merit is a direct, wholly-owned subsidiary of American General Finance Corporation, which is a direct, wholly-owned subsidiary of
American General Finance, Inc. (“AGFI”), which is a wholly-owned subsidiary of AIG Capital Corporation, which, in turn, is a direct, wholly-owned subsidiary of AIG; and 

WHEREAS, on August 10, 2010, AIG entered into a Stock Purchase Agreement with FCFI Acquisition, LLC (“FCFI”), whereby
FCFI will indirectly acquire 80% of AGFI; and 
 WHEREAS, AIG has filed a Disclaimer of Affiliation with the Indiana Department of
Insurance, seeking to rebut any statutory presumption that AIG will “control” (as defined in Section 27-1-23-1(e) of the Indiana Code) Merit after FCFI’s indirect acquisition of 80% of AGFI; and 

WHEREAS, upon the close of FCFI’s indirect acquisition of 80% of AGFI, Merit will no longer be considered a subsidiary or affiliate of
AIG, which will cause the Omnibus Service Agreement to automatically terminate as to Merit; and 
 WHEREAS, AIG and AGFI have entered into a
Transitional Services Agreement, which becomes effective upon the close of FCFI’s indirect acquisition of 80% of AGFI, and which states that AIG will continue to provide Merit with administration services for the NLT annuity, but only through
December 31, 2010; and 
 WHEREAS, AIG and Merit both desire that AIG continue to provide Merit with administration services for the
NLT annuity after December 31, 2010, until the expiration of the last of the NLT annuitants or such earlier termination of the agreement, as set forth herein; 

 NOW THEREFORE, in consideration of the mutual agreements and covenants contained herein, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, AIG and Merit agree as follows: 
  

	1.	 Provision of Services. AIG will provide Merit with the services listed on Schedule A, which is
attached hereto and made a part of this Agreement. 

  

	2.	 Fees for Services. Merit shall pay AIG the service fees set forth on Schedule A. AIG shall send
Merit an invoice each month for services provided during the previous month. Merit shall pay AIG the amount of all undisputed invoices within thirty (30) days of the date that Merit receives the invoice. 

 

	3.	 Term and Termination. Unless terminated sooner as provided herein, the term of this Agreement shall last
until the expiration of the last of the NLT annuitants. Notwithstanding the foregoing, this Agreement may be terminated at any time: (i) by written agreement between AIG and Merit or (ii) upon provision of written notice by either party of
the other party’s material breach or inability to perform, including specifically any failure by Merit to timely and properly fund benefit payments as described in Section 9. 

 

	4.	 Cooperation. AIG and Merit will use good faith efforts to cooperate with each other in all matters
relating to the provision and receipt of the services described herein. If this Agreement is terminated, in whole or in part, AIG and Merit will cooperate with each other in all reasonable respects in order to effect an efficient transition and to
minimize the disruption to the business of both parties, including the assignment or transfer of the rights and obligations under any contracts. 

  

	5.	 Responsibility. In an action for monetary damages arising out of an alleged breach of a contract
claim, each party shall be liable hereunder only for the actual damages suffered by the other party arising out of the failure of the first party to perform its obligations hereunder; provided, however, that neither party shall be liable for
consequential or special damages of the other party. 

  

	6.	 Status and Directions. The parties acknowledge and agree that AIG shall perform services hereunder
solely in a ministerial, non-fiduciary capacity. The parties further acknowledge and agree that AIG shall perform the services hereunder pursuant to the direction of Merit, including Merit’s direction to perform the services identified in
Schedule A. AIG may rely upon any direction, information or action of Merit as being proper and legally permitted and shall not be required to inquire into the propriety of any such direction, information or action. 

 

	7.	 Indemnity. Merit shall indemnify, defend and hold harmless AIG, its affiliates, and their officers,
agents and employees (each an “AIG Indemnified Person”) for and from any loss, cost, damage, penalty, fine, obligation or expense of any kind whatsoever (including, without limitation, reasonable attorneys’, accountants’,
consultants’ or experts’ fees and disbursements) (“Liability”) that may be imposed on, incurred by, or asserted against any AIG Indemnified Person in connection with or arising out of this Agreement or AIG’s performance of
services hereunder, excepting only such Liability that results solely from AIG’s gross negligence or willful misconduct. 

 AIG shall indemnify, defend and hold harmless Merit, its affiliates, and their officers,
agents and employees (each a “Merit Indemnified Person”) for and from any Liability that may be imposed on, incurred by, or asserted against any Merit Indemnified Person that results solely from AIG’s gross negligence or willful
misconduct. 
  

	8.	 Force Majeure. AIG shall have no liability to Merit, for any damage, loss, expense or liability
of any nature that any person, entity or other may suffer or incur, caused by an act of God, fire, flood, civil or labor disturbance, war, terrorism, act of any governmental authority or other act or threat of any authority (de jure or de facto),
legal constraint, fraud or forgery, malfunction of equipment or software, inability to obtain or interruption of external communications facilities, or any cause beyond the reasonable control of AIG. 

 

	9.	 Merit Funding Obligation. Merit shall fund retiree benefit payments, in accordance with payment
directions from the trustee, one business day after it receives notification from AIG’s trustee of the amount required to fund retiree benefit payments. If Merit fails to properly and timely fund such payments within five business days after
receiving such notification, Merit shall immediately pay the applicable trust an amount equal to ten percent (10%) of the amount that was not timely and properly funded. In addition, Merit shall pay the trust interest of 1% for each month, or
portion thereof, during which, and to the extent that, the funding obligation is not satisfied. 

  

	10.	 Assignment; Successors. No party may assign this Agreement, or any of its rights or obligations
under this Agreement, except to an affiliate that is qualified to carry out the assigning party’s obligations or except as otherwise provided in this Agreement, without the prior written consent of the non-assigning party. The terms and
conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and lawful assigns of the parties hereto. Nothing in this Agreement, express or implied, is intended to confer upon any party, other than the
parties hereto and their respective successors and assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. 

 

	11.	 Notices. Except as expressly provided otherwise in this Agreement, any notice, request, claim or
other communication required to be given pursuant to this Agreement shall be in writing and may be delivered (i) personally; (ii) by registered, certified or first-class United States mail (postage prepaid); (iii) by a courier,
overnight delivery or similar service; or (iv) by facsimile. The notice shall be delivered as follows (or as otherwise designated by the applicable party): 

 

					
		 	If to Merit, to:	  	With a copy to:
			
		 	Chief Financial Officer	  	General Counsel
		 	601 N.W. Second Street	  	601 N.W. Second Street
		 	Evansville, IN 47708	  	Evansville, IN 47708

					
		  	If to AIG, to:	  	With a copy to:
			
		  	Senior Director of Benefits	  	General Counsel
		  	American International Group, Inc,	  	American International Group, Inc.
		  	180 Maiden Lane (13/160 Water)	  	180 Maiden Lane
		  	New York, NY 10038	  	New York, NY 10038

  

	12.	 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one Agreement. 

  

	13.	 Agreement is Entire Contract. This Agreement and the Schedules attached hereto constitute the
entire agreement between the parties hereto, relating to the subject matter hereof, and no party shall be liable or bound to the other in any manner by any warranties, representations or covenants except as specifically set forth herein and therein.

  

	14.	 Amendment of Agreement. Any provision of this Agreement may be amended or waived by a writing
signed by the party against whom the waiver or amendment is to be enforced. 

  

	15.	 Severability. Should any provision of this Agreement be held to be void, invalid or inoperative,
such provision will be enforced to the extent permissible and the remaining provisions of this Agreement will not be affected. 

  

	16.	 Waiver. The failure of either party to enforce any provision of this Agreement shall not be
construed as a waiver or limitation of that party’s right to later enforce and compel strict compliance of every provision of this Agreement. 

  

	17.	 Governing Law. This Agreement shall be construed, regulated, and administered under the laws of
the United States or the State of New York. 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date set
forth above. 
  

			
	AMERICAN INTERNATIONAL GROUP, INC.
		
	By:	 	 /s/ illegible

	Its:	 	Vice President
		 	Global Head of Compensation and Benefits
	
	MERIT LIFE INSURANCE CO.
		
	By:	 	 /s/ Robert A. Cole

	Its:	 	Robert A. Cole
		 	Senior Vice President

 Schedule A 

NLT Annuity Services 
  

			
	 Provide Merit the servicing for the NLT block of annuities as
follows:
  

1.  Monthly servicing of annuities:

a.   Provision of funding notice through third party vendor or paying agent

b.  Mailing checks/distributions to annuitants; and

c.   Maintenance of annuitant records. Provide payment information that was
provided to AIG (i) by Trustee as to total amount of payments and (ii) by Mercer as to payment detail by annuitant
  

On a quarterly basis, the following services and reporting will be provided regarding the NLT annuities:

 
 1.  Supply
distribution amounts and identify applicable optional forms by participant to Merit;

2.  Provision of the following data for determination of actuarial liability: name
and sex of participant and beneficiary, dates of birth, benefit amount, whether participant has a beneficiary, if the participant has a beneficiary, what type of joint and survivor benefit has been elected; and

3.  Changes to the in-force file due to beneficiary becoming eligible to receive a
payment, the death of a beneficiary in payment status or other changes due to death, no later than two days prior to the end of the quarter month.
  

In addition, the following ad hoc services are provided as reasonably requested by Merit:

 
 1.  Support
Merit’s responses, as necessary and reasonably requested, to surveys and inquiries from the rating agencies and state insurance regulators.

2.  Good faith cooperation and provision of necessary information, records and
reports on a timely basis to enable a smooth and orderly transfer of reserve calculation functions to Merit within 6 months of the closing of FCFI’s indirect acquisition of 80% of AGFI.

3.  Supply information or data in response to reasonable written audit requests. Such
information shall be limited to the amounts paid per month for the audit period and information as to whom the current payees are
  

4.  Conduct Social Security Death Index searches and send results to Merit’s
actuary.
  
	  	  

Merit reimbursement of cost of postage,
  

Merit reimbursement of administration fees ($3 per employee per month).

 
  
  

Merit reimbursement of out of pocket fees paid to Trustee to satisfy audit requestExhibit 10.1

 

ALLONGE #2 TO NON-CONVERTIBLE PROMISSORY NOTE

 

Allonge #2 (this “Allonge”)
to that certain Non-Convertible Promissory Note (as amended, the “Note”) attached hereto as Exhibit 1 and made a part
hereof in the principal amount of $50,000 dated October 21, 2019, from Brain Scientific Inc., a Nevada corporation (the “Company”),
in favor of Leonard Mazur, as Holder (the “Holder”). Capitalized terms used herein and not otherwise defined shall have the
meanings ascribed to such terms in the Note.

 

The Company and the Holder
agree that the Note shall be revised as follows:

 

1. The
definition of “Maturity Date” set forth in Section 1.1 of the Note shall be amended and replaced to read as follows:

 

“Maturity Date”
shall mean October 21, 2021.”

 

2. The
Holder hereby waives any and all (if any) Events of Default or other breaches or defaults of the subscription agreement relating to the
subscription of the Note, through the date hereof.

 

This Allonge is intended to
be attached to and made a permanent part of the Note.

 

Dated as of the 19th
day of April, 2021.

 

	Company:	BRAIN SCIENTIFIC INC.
	 	 
	 	By:	/s/ Boris Goldstein
	 	Name:	Boris Goldstein
	 	Title:	Chairman
	Holder:	 
	 	 
	 	/s/ Leonard Mazur
	 	Name:	LEONARD MAZUR

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