Document:

EX-10.10

 Exhibit 10.10 

CONSULTING AGREEMENT 

This CONSULTING AGREEMENT (the “Agreement”) between Avadim Technologies Inc. (the “Company”),
Pilotage Capital Corp. (the “Consultant”) and Paul Cox (the “Executive”) is effective as of July 1, 2015 (the “Effective Date”). 

W I T N E S S E T H: 
 WHEREAS,
the Company and the Consultant are parties to an Assignment and Amending Agreement dated September 5, 2013 whereby the Company assumed the obligations of Avadim, LLC under a Consulting Agreement dated July 26, 2013, pursuant to which the
Company engaged the Consultant as an independent contractor (the “Prior Agreement”); 
 WHEREAS the Company
wishes to continue to retain the Consultant as an independent consultant and the Consultant has agreed to perform, through the Executive, the independent consulting services described herein, subject to the terms and conditions hereinafter set
forth, which shall from and after the Effective Date supersede and negate all previous agreements and understandings with respect to such relationship, including the Prior Agreement; 

NOW THEREFORE, in consideration of the foregoing, of the mutual promises contained herein and of other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 1. TERM. The term of
this Agreement shall commence on the Effective Date and shall continue until terminated in accordance with Section 13(f) below (the “Term”). 

2. PROVISION OF SERVICES. The Company hereby engages the Consultant to provide the services of the Executive, who shall serve as
the Company’s Senior Vice-President and Secretary. The Consultant, through the Executive, shall provide such services and shall have such duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of
persons in similar capacities in similarly sized companies and shall provide such services and shall have such other duties and responsibilities as the Company’s President or Chief Executive Officer shall designate that are consistent with the
Executive’s positions as Senior Vice-President and Secretary (the “Services”). During the Term, the Executive shall devote such time to the provision of the Services as the Executive, in his professional judgment, deems
sufficient, and shall provide the Services in a faithful, diligent and honest manner. The Company acknowledges that the Executive shall not devote his full professional time to provision of the Services and that, subject to Section 13 hereof,
he shall engage in other work provided it is not in competition with the Company or any of its affiliates. The Consultant, though the Executive, shall report to the President or Chief Executive Officer. 

3. NO SUBSTITUTION. It is hereby acknowledged by the parties that in the event the Consultant wishes to provide such person other
than the Executive to provide the Services hereunder, such person must first be approved by the Board of Directors of the Company (the “Board”), in writing, which approval may be denied for any reason whatsoever. 

4. LOCATION. The Services may be rendered by the Consultant at such place or places as the Consultant deems advisable or
necessary, provided, however, that the Consultant acknowledges that the Company may from time to time require the Executive to travel temporarily to other locations (domestic and international) in connection with the Company’s business,

  
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 5. INDENPENDANCE OF CONSULTANT. The Consultant’s relationship with the
Company, as created by this Agreement, is that of an independent consultant, and nothing contained in this Agreement will be construed to create or imply a joint venture, partnership, principal-agent or employment relationship between the parties.
Accordingly, Consultant is solely responsible for, and will file, on a timely basis, all tax returns and payments required to be filed with, or made to, any federal, state or local tax authority with respect to the performance of services and
receipt of fees under this Agreement. The Consultant shall fully indemnify and hold harmless the Company from and against all assessments, claims, liabilities, costs, expenses and damages that the Company and/or any of its affiliated companies may
suffer or incur with respect to any amount which a competent government authority determines should have been deducted by the Company from compensation payable to the Consultant. 

6. RELATIONSHIP WITH EXECUTIVE. The Executive is executing this Agreement to confirm and agree to his or her compliance with the
Consultant’s obligations under this Agreement, as well as the Executive’s own obligations pursuant to Sections 11 through 13 of this Agreement, in consideration of the direct and indirect benefit received by the Executive in connection
with this Agreement (hereby acknowledged as received, good and sufficient consideration). Notwithstanding this, except as expressly provided herein, the Company will have no obligation or liability directly to the Executive, as the Company and the
Consultant are the primary contracting parties hereunder. 
 7. SERVICE FEES. In consideration for the performance of the
Services, the Company agrees to pay the Consultant a monthly fee of US$10,000 (plus any taxes payable on such Services) (the “Fees”), payable in accordance with the regular payroll practices which the Company uses for
its employees. If and when the Company completes an initial public offering and listing on a nationally recognized stock exchange the Fees will increase, effective immediately upon the commencement of trading on the stock exchange, to a monthly fee
of US$20,000 in the year ended June 30, 2016, a monthly fee of US$25,000 in the year ended June 30, 2017 and a monthly fee of US$30,000 in the year ended June 30, 2018 (in each case, plus any taxes payable on such Services) and
thereafter may be subject to increase from time to time at the discretion of the Board. The Fees as determined herein from time to time shall constitute the “Fees” for the purposes of this Agreement. 

8. BONUSES. Consultant will be entitled to participate in the Company’s performance-based bonus program at a bonus level
commensurate with Executive’s position in the Company as determined by the Board in accordance with the terms of the applicable bonus program. Consultant’s target annual bonus under such program shall be six to twelve times the monthly
Fees in effect at the end of the year to which such bonus relates (the “Annual Bonus”). For the year ending December 31, 2015, the Annual Bonus will be calculated as follows: (a) in the event that the
Company’s gross revenues for the year ending December 31, 2015 exceed $3 million but are less than $4 million, Consultant will be entitled to an Annual Bonus equal to six times the monthly Fees, or (b) in the event that the
Company’s gross revenues for the year ending December 31, 2015 exceed $4 million, the Consultant will be entitled to an Annual Bonus equal to twelve times the monthly Fees. Thereafter, the actual amount of the Annual Bonus for a given
year will be determined by the Board pursuant to the applicable program and the attainment of the Company’s targets and/or individual performance metrics. The metrics upon which any performance-based bonus and bonus program are based (which may
include qualitative and/or quantitative Company and/or individual performance metrics) and corresponding bonus levels shall be reviewed and may be modified and set annually by the Board in its sole discretion and subject to and commensurate with the
Board’s approval of the annual operations budget for the Company. Annual Bonuses (if any) will be payable in a single lump-sum in cash within 15 days of the end of the calendar year to which such bonus
relates. In addition, the Consultant will be entitled to receive a bonus of US$150,000 if and when the Company completes an initial public offering and listing on a nationally recognized stock exchange, payable within 15 days of closing of the
initial public offering. At whatever time paid, bonuses paid to Consultant will be paid, less any required taxes and withholding, if any, in accordance with applicable regulations. 

  
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 9. INCENTIVE AWARDS. The Executive was granted 350,000 incentive stock options
to purchase shares of the Company’s common stock under the Company’s August 2014 Stock Incentive Plan (as amended or replaced from time to time, the “Plan”). Such options remain subject to the terms and conditions
of the Plan, and that certain Award Agreement dated November 19, 2014. The Consultant and the Executive will be eligible to receive from time-to-time additional
long-term equity incentive grants, including, stock options, restricted stock or other stock-based awards, as determined in the discretion of the Compensation Committee of the Board or the Board. Without limiting the foregoing, within 60 days of the
Effective Date, the Company will grant the Consultant 300,000 incentive stock options at an exercise price not less than the minimum price permitted under the Plan as reasonably determined by the Compensation Committee of the Board or the Board with
a term of five years from the date of grant, subject to earlier termination in accordance with the terms of the Plan, which incentive stock options will be subject to the following vesting provisions: (a) 100,000 of the incentive stock options will
vest upon delivery to an underwriter of a draft Form S-1 Registration Statement in a form approved by the Board, (b) 100,000 incentive stock options will vest upon the Company delivering audited financial
statements showing annual revenue of at least $4,000,000, and (c) 100,000 incentive stock options will vest upon the Company delivering audited financial statements showing annual revenue of at least $10,000,000. The Consultant or Executive, as
applicable, will be permitted to exercise incentive stock options on a cashless basis, subject to the terms of the Plan. 
 10.
BENEFITS AND EXPENSES. 
 (a) BENEFIT PLANS. The Executive, as the Consultant’s representative, shall be entitled
to the same benefit plans or arrangements which are provided to the Company’s executive employees, including health, dental, life and disability insurance, retirement plans and the like, that may be in effect from time to time. The Company
reserves the right to change, alter or terminate any of the Company’s benefit plans on a Company-wide basis in its sole discretion, provided that the Executive shall at all times during the Term be entitled to coverage for health and dental
insurance. The Company acknowledges that the Executive is a resident of British Columbia, Canada, and in the event that the Executive is not eligible to participate in the benefit plans or arrangements provided to the Company’s executive
employees, the Executive shall be entitled to receive equivalent benefits or arrangements or to be paid such amounts that will enable the Executive to purchase benefit packages comparable to those provided to the Company’s executive employees.

 (b) VACATION. The Consultant may take vacation at such times and intervals as are consistent with the business needs of the
Company, and otherwise shall be subject to the policies of the Company that are applicable to the Company’s employees, as in effect from time to time. The Consultant shall be entitled to six weeks of paid vacation per calendar year during which
time the Consultant will not provide Services to the Company but will continue to receive the Fees. 
 (c) GENERAL EXPENSE
REIMBURSEMENTS. The Company will reimburse the Executive for all reasonable business expenses that the Executive incurs in performing the services hereunder pursuant to the Company’s usual expense reimbursement policies and practices,
following submission by the Executive of reasonable documentation thereof. 
 11. CONFIDENTIALITY; RETURN OF PROPERTY. 

(a) CONFIDENTIAL INFORMATION. Each of Consultant and Executive acknowledges that the continued success of the Company depends upon the
use and protection of a large body of confidential and proprietary information. All of such confidential and proprietary information now existing or to be developed in the future shall be referred to herein as “Confidential
Information.” Confidential Information will be interpreted as broadly as possible to include all information of any sort 

  
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(whether merely remembered or embodied in a tangible or intangible form) that is (i) related to the Company’s current or potential business and (ii) is not generally or publicly
known. Confidential Information includes, without limitation, the information, observations and data obtained by Consultant and Executive during the course of their performance under this Agreement concerning the business and affairs of the Company
and/or during any prior engagement with the Company and/or any of its predecessors, information concerning acquisition opportunities in or reasonably related to the Company’s business or industry of which Consultant or Executive becomes aware
through Consultant’s engagement with the Company, the persons or entities that are current, former or prospective suppliers or customers of any one or more of them, product research and development, product formulations, and product formulation
techniques and processes, as well as development, transition and transformation plans, methodologies and methods of doing business, all trade secrets, intellectual property, strategic, marketing and expansion plans, including plans regarding planned
and potential sales, financial and business plans, employee lists and information, locations of sales representatives, new and existing programs and services, prices and terms, customer service, support and equipment. Therefore, each of the
Consultant and Executive agrees that they shall only use such Confidential Information as may be required on behalf of the Company in connection with their performance under this Agreement and solely in the best interests of the Company and neither
the Consultant or the Executive shall disclose to or for the benefit of any unauthorized person or for Consultant or Executive’s use for their own account any of such Confidential Information without the prior approval of the Company, unless
and to the extent that any Confidential Information (i) becomes generally known to and available for use by the public other than as a result of Consultant’s or Executive’s acts or omissions, or (ii) is required to be disclosed
pursuant to any applicable law or court order. 
 (b) THIRD PARTY INFORMATION. Each of Consultant and Executive understands that the
Company will receive from third parties confidential or proprietary information (“Third Party Information”) subject to a duty on the Company’s part to maintain the confidentiality of such information and to use it only
for certain limited purposes. During the Consultant’s engagement with the Company and thereafter, and without in any way limiting the provisions of Section 11(a) above, Consultant and Executive will only use Third Party Information in
connection with their performance under this Agreement, will hold Third Party Information in the strictest confidence, and will not disclose Third Party Information to anyone other than personnel of the Company who need to know such information in
connection with their work for the Company or as otherwise directed by the Company. 
 (c) MANDATORY DISCLOSURE. In the event that
Consultant or Executive is requested or compelled by court order, decree, subpoena or other process or requirement of law to disclose Confidential Information or Third Party Information, they shall to the extent permissible and practicable under the
circumstances provide reasonably prompt written notice (unless such notice is prohibited by law) to the Company of any such requirement so that the Company may, at its option and expense, seek a protective order or other appropriate remedy. Each of
the Consultant and Executive agrees to cooperate with the Company in any such proceeding, at the expense of the Company, provided that the foregoing shall not be construed to require Consultant or Executive to undertake litigation or other legal
proceedings on its own behalf. In the event that such protective order or other remedy is not obtained, each of the Consultant and Executive agrees to furnish only that portion of the confidential information which they are advised by their own
counsel should be disclosed and, at the Company’s expense, to use reasonable efforts to obtain assurance that confidential treatment will be accorded the information. 

(d) RETURN OF INFORMATION AND PROPERTY. Upon termination of this Agreement, or at any other time as the Company may request in writing,
each of Consultant and Executive agrees to deliver to the Company any and all property of the Company and any and all documents, materials, data and information (in whatever form, whether hardcopy, electronic or otherwise, and in whatever medium)
relating to the business of the Company, including without limitation all such items that constitute or contain Confidential Information, documents, computer files, keys, corporate credit cards and company provided computers, automobiles or other
equipment. All such property will be returned promptly and in good condition except for normal wear. 

  
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 12. IDEAS, CONCEPTS, INVENTIONS AND OTHER INTELLECTUAL PROPERTY. All business
ideas and concepts and all inventions, improvements, developments and other intellectual property made or conceived by Consultant or Executive, either solely or in collaboration with others, during the course of their performance under this
Agreement and/or during any prior engagement with the Company and/or any of its predecessors, whether or not during working hours, and relating to the business or any aspect of the business of the Company or to any business or product the Company is
actively planning to enter or develop, shall become and remain the exclusive property of the Company, and the Company’s successors and assigns. Consultant and Executive shall disclose promptly in writing to the Company all such inventions,
improvements, developments and other intellectual property, and will cooperate in confirming, protecting, and obtaining legal protection of the Company’s ownership rights. Consultant’s and Executive’s commitments in this
Section 12 will continue in effect after termination of this Agreement as to ideas, concepts, inventions, improvements and developments, and other intellectual property made or conceived in whole or in part before the termination of this
Agreement. Each of Consultant and Executive represents and warrants that there are no ideas, concept, inventions, improvements, developments, or other intellectual property that they have invented or conceived prior to the Effective Date to which
Consultant, Executive or any assignee of Consultant or Executive, now claims title and that are to be excluded from this Agreement. 
 13.
NON-COMPETION; NON-SOLICATION; CONFLICTS. 

(a) NON-COMPETITION. Consultant and Executive will not, during the Term and for a period of
twelve (12) months immediately thereafter, (i) directly or indirectly compete with the Company, or (ii) be employed by, perform services for, advise or assist, own any interest in or loan or otherwise provide funds to any other
business or entity that is engaged (or seeking Consultant’s or Executive’s services with a view to becoming engaged) in any Competitive Business. “Competitive Business” means a business that is engaged, directly or
indirectly, in the business of developing, manufacturing, marketing, selling and/or distributing (including wholesale distributing) skin care or skin treatment products, including without limitation, skin cleansers and other products designed for
infection prevention, products designed to prevent or treat muscle cramping and soreness, and/or any other business or products engaged in by the Company or being actively developed or considered for development by management of the Company. (Each
of the products referenced in the preceding sentence is referred to herein as a “Competitive Product”). The foregoing restrictions in this Section 13(a) shall be limited to the United States and any other foreign
countries in which the Company, directly or indirectly (including, without limitation, indirectly through sales representatives, distributors, partners, joint ventures, licensees, or the internet/on-line)
sells, offers, markets, develops, produces, manufactures, promotes, provides, distributes, or solicits business for its products at any time during the Term. 

(b) NON-SOLICITATION. Neither Consultant or Executive during the Term and for a period of twelve
(12) months thereafter, directly or indirectly, (i) solicit, encourage or induce, or attempt to solicit, encourage or induce, any employee of the Company to leave the employ of the Company, or in any way interfere with the relationship
between the Company and any employee thereof, (ii) hire any person who was an employee of the Company at any time within one month of the Consultant’s termination of employment with the Company, or (iii) (A) solicit, encourage or
induce, or attempt to solicit, encourage or induce, any customer, supplier, licensee, licensor, franchisee or other business relation of the Company to cease doing business with the Company, (B) solicit, or attempt to solicit, the business or
patronage of any such customer, supplier, licensee, franchisee or other business relation of the Company in connection with any Competitive Product, or (C) in any way interfere with the relationship between any such customer, supplier,
licensee, licensor, franchisee or other business relation and the Company (including, without limitation, making any negative or disparaging statements or communications regarding the Company). For purposes of this paragraph 13(b), the term
“employee” shall include consultants and independent contractors of the Company. 

  
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 (c) EXCEPTIONS. Nothing in this Section 13 prohibits Consultant or Executive
from being a passive owner of not more than 3% of any class of securities of a publicly waded entity (or any amount of any class of securities of the Company), provided that Consultant or Executive, as applicable, does not engage in any other
activity prohibited by this Section 13 or any other provision of this Agreement. 
 (d) CONFLICTS OF INTEREST. During the Term,
neither the Consultant or the Executive will acquire any financial interest in, accept gifts or favors from, or establish any relationship other than on behalf of the Company with, any customer, supplier, distributor, or other person who does or
seeks to do business with the Company, unless Consultant or Executive has disclosed the financial interest, gift, favor, or relationship to the Company’s President or Chief Executive Officer in writing and has received written approval for that
activity or transaction; provided, however, that this restriction does not apply to casual and normal social/business relationships that do not involve exchange of money, gifts or favors other than normal business expenditures such as lunches or
event attendance without significant cost. If any member of Executive’s family engages or proposes to engage in any relationship or activity that would be covered by the preceding sentence if engaged in by Executive, Executive will immediately
disclose that proposed or actual relationship or activity as provided above. 
 (e) REASONABLENESS OF RESTRICTIONS; ENFORCEMENT AND
REMEDIES. Consultant and Executive understand that the obligations, covenants and restrictions contained in Sections 11, 12 and 13 of this Agreement are intended to protect the Company’s interests in its Confidential Information, customer
and business relationships, goodwill, and employee training and relationships, and agree that such obligations and restrictions (and the scope of precluded activities, geographic scope and duration thereof) are necessary, reasonable and appropriate
for this purpose. Consultant and Executive agree that it would be difficult to measure any damages caused to the Company which might result from any breach by Consultant or Executive of their promises set forth in Sections 11, 12 and/or 13, that the
Company would be irreparably harmed by such breach, and that, in any event, money damages would be an inadequate remedy for any such breach. Consultant and Executive further acknowledge and agree that (i) without the restrictions set forth in
Sections 11, 12 and 13, they would be in a position to compete unfairly with the Company, and (ii) Executive’s education and experience are such that the restrictions set forth in Sections 11, 12 and 13 will not interfere with
Executive’s ability to earn a livelihood. Accordingly, Consultant and Executive agree and consent that the Company (or, for avoidance of doubt, its successors and assigns) shall be entitled to temporary, preliminary and permanent injunctive
relief, specific performance, and/or other appropriate equitable relief (in addition to all other remedies it may have for damages or otherwise, in law or in equity) to restrain any such breach or threatened breach without showing or proving any
actual damage to the Company (or, if applicable, successors or assigns) and without posting a bond or other security; and the Company (or, if applicable, its successors and assigns) shall be entitled to an award of its attorneys’ fees and costs
incurred in enforcing any of the Consultant’s and Executive’s obligations and restrictions under Sections 11, 12 and/or 13 of this Agreement. 

(f) AFFLIATES AND SUCCESORS. For purposes of Sections 11, 12 and 13 of this Agreement, references to the “Company” shall
include, individually and collectively, the Company and its Affiliates and its/their respective successors and assigns. 

  
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 14. TERMINATION. This Agreement shall terminate on the first of the following
to occur: 
 (a) DISABILITY. Upon the 30th day following the Consultant’s receipt of notice of the Company’s termination due
to Disability of the Executive (as defined in this Section); provided that the Executive has not returned to performance of the Services within thirty (30) days after receipt of such notice. If the Company determines in good faith that
the Executive’s Disability has occurred during the term of this Agreement, it will give the Consultant written notice of its intention to terminate this Agreement. For purposes of this Agreement, “Disability”
shall occur when the Board determines that the Executive has become physically or mentally incapable of performing the Services under this Agreement with or without reasonable accommodation, for ninety (90) consecutive days or one
hundred twenty (120) nonconsecutive days in any twelve (12) month period. For purposes of this Section, at the Company’s request, the Executive agrees to make himself available and to cooperate in a reasonable examination by an
independent qualified physician selected by the Board. 
 (b) DEATH. Automatically on the date of death of the Executive. 

(c) CAUSE. Immediately upon written notice by the Company to the Consultant of a termination for Cause. For purposes of this Agreement,
“Cause” shall mean, as determined by the Board in good faith and using its reasonable judgment: (i) the Consultant’s or the Executive’s willful failure to perform, or gross negligence in the performance of the
Services: (ii) material breach by the Consultant or the Executive of any provision of this Agreement or any other material, written agreement with the Company or any of its affiliates which is not remedied within thirty (30) days of
written notice thereof; (iii) fraud, embezzlement or other dishonesty with respect to the Company or any of its affiliates, taken as a whole, which, in the case of such other dishonesty, causes or could reasonably be expected to cause material
harm to the Company or any of its affiliates, taken as a whole; (iv) refusal to follow or implement a clear and reasonable directive of the Company; or (v) any conduct by the Consultant or the Executive which constitutes a felony or of any
other crime involving fraud, dishonesty or moral turpitude. 
 (d) WITHOUT CAUSE. Upon written notice by the Company to the Consultant
of an involuntary termination without Cause and other than due to death or Disability. 
 (e) WITH GOOD REASON. Upon Consultant’s
notice following the end of the Cure Period (as defined in this Section). For purposes of this Agreement, “Good Reason” for the Consultant to terminate this Agreement shall mean a material reduction in the
Consultant’s duties, authority or responsibilities relative to the Consultant’s duties, authority, and responsibilities in effect immediately prior to such reduction; provided, however, that the acquisition of the Company and subsequent
conversion of the Company to a division or unit of the acquiring company will not by itself result in a diminution of Executive’s position; provided, however, that, any such termination by the Consultant shall only be deemed for Good
Reason pursuant to this definition if: (1) the Consultant gives the Company written notice of its intent to terminate for Good Reason within thirty (30) days following the first occurrence of the condition(s) that it believes constitute(s)
Good Reason, which notice shall describe such condition(s); (2) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice (the “Cure Period”); and (3) the
Consultant terminates this Agreement within thirty (30) days following the end of the Cure Period. 
 (f) WITHOUT GOOD REASON.
Upon the expiration of the Transition Period (as defined in this Section) unless otherwise provided by the Company as provided herein. The Consultant shall provide two (2) weeks’ prior written notice (the “Transition
Period”) to the Company of the Consultant’s intended termination of this Agreement without Good Reason (“Voluntary Termination”). During the Transition Period, the Consultant shall assist and advise the
Company in any transition of business, customers, prospects, projects and strategic planning, and the Company shall continue to pay the Fees and benefits through the end of the Transition Period. The Company may, in its sole discretion, upon five
(5) days prior written notice to the Consultant, make such termination this Agreement effective earlier than the expiration of the Transition Period, which shall not constitute a termination without Cause as described in Section 14(d).

  
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 15. CONSEQUENCES OF TERMINATION. Any termination payments made and benefits
provided under this Agreement to the Consultant shall be the Consultant’s sole remedy upon termination of this Agreement and the Consultant will not be entitled to any other compensation, reimbursement or payment whatsoever. Subject to
satisfaction of each of the conditions set forth in Section 16, the following amounts and benefits shall be due to the Executive. Any Accrued Amounts (as defined in Section 15(a)) shall be payable on the next regularly scheduled Company
payroll date following the date of termination or earlier if required by applicable law. 
 (a) DISABILITY. Upon termination of this
Agreement due to Disability of the Executive, the Company shall pay or provide the Consultant: (i) any unpaid Fees through the date of termination and any accrued vacation or paid time off; (ii) any earned but unpaid bonuses, including any
bonus for the prior calendar year if not yet paid and a pro rata bonus for the calendar year in which such termination occurs, equal to the bonus Executive would have received to the extent all criteria for such a bonus have been met for the
calendar year of said termination multiplied by a fraction, the numerator of which is the number of days in such year preceding and including the date of termination, and the denominator of which is 365, in each case as determined by the Board in
accordance with the Company’s bonus program; (iii) reimbursement for any unreimbursed expenses incurred through the date of termination; and (iv) all other payments and benefits to which the Consultant or the Executive may be entitled
under the terms of any applicable compensation arrangement or benefit, equity or perquisite plan or program or grant or this Agreement, including but not limited to any applicable insurance benefits (collectively, “Accrued
Amounts”). In addition, the Executive and the Executive’s qualified beneficiaries, if participating in health insurance and dental insurance plans immediately prior to termination pursuant to this Section 15(a), shall be
entitled to elect continuation coverage at the Company’s expense for a period of three years from the date of termination, in accordance with and subject to the terms, conditions and requirements of applicable laws, or will for a period of
three years continue to be paid such amounts that will enable the Executive and the Executive’s qualified beneficiaries to purchase equivalent coverage. 

(b) DEATH. In the event that this Agreement terminates on account of the Executive’s death, the Consultant shall be entitled to any
Accrued Amounts, including but not limited to proceeds from any Company sponsored life insurance programs. In addition, if the Executive was participating in health insurance and dental insurance plans immediately prior to termination pursuant to
this Section 15(b), the Executive’s qualified beneficiaries shall be entitled to elect continuation coverage at the Company’s expense for a period of two years from the date of termination, in accordance with and subject to the terms,
conditions and requirements of applicable laws, or will for a period of two years be paid such amounts that will enable the Executive’s qualified beneficiaries to purchase equivalent coverage. 

(c) TERMINATION FOR CAUSE OR WITHOUT GOOD REASON. If this Agreement should be terminated (i) by the Company for Cause, or
(ii) by the Consultant without Good Reason, the Company shall pay to the Consultant any Accrued Amounts only, and shall not be obligated to make any additional payments to the Consultant. 

(d) TERMINATION WITHOUT CAUSE OR FOR GOOD REASON. If this Agreement is terminated by the Company without Cause (and not due to
Disability or death) or by the Consultant for Good Reason, then the Company shall pay or provide the Consultant with the Accrued Amounts and, subject to compliance with Section 16, an amount equal to (i) twenty four (24) months of the
Fees, calculated based on the Fees as in effect immediately preceding the date of termination of this Agreement, plus (ii) the amount of the Consultant’s Annual Bonus for the prior calendar year, which shall be payable on the
Company’s next regular payroll date. In addition, the Company shall provide that all outstanding unvested equity awards granted to the Consultant or the Executive shall become fully vested. In addition, the Executive and the Executive’s
qualified beneficiaries, if participating in the Company’s health insurance and dental insurance plans immediately prior to termination pursuant to this Section 15(d), 

  
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shall be entitled to elect continuation coverage at the Company’s expense, and the Company shall continue to pay the Executive’s life and disability insurance premiums, for a period of
two years from the date of termination, in accordance with and subject to the terms, conditions and requirements of applicable laws, or the Company will for a period of two years continue to pay Executive such amounts that will enable the Executive
to purchase equivalent coverage. 
 (e) TERMINATION WITHOUT CAUSE OR FOR GOOD REASON IN CONNECTION WITH A CHANGE IN CONTROL. If this
Agreement is terminated by the Company without Cause (and not due to Disability or death) or by the Consultant for Good Reason within thirty (30) days immediately prior to a Change in Control (as defined below), or within twelve
(12) months immediately following a Change in Control, then the Company shall pay or provide the Consultant with the Accrued Amounts and subject to compliance with Section 16, plus an amount equal to (i) twenty four (24) months
of the Fees as in effect immediately preceding the date of termination of this Agreement, plus (ii) the amount of the Consultant’s Annual Bonus for the prior calendar year, and such amounts will be payable immediately upon completion of
the Change in Control, subject to compliance with Section 16. In addition, the Executive and the Executive’s qualified beneficiaries, if participating in the Company’s health insurance and dental insurance plans immediately prior to
termination, shall be entitled to elect continuation coverage at the Company’s expense, and the Company shall continue to pay the Executive’s life and disability insurance premiums, for a period of two years from the date of termination,
in accordance with and subject to the terms, conditions and requirements of applicable laws, or the Company will for a period of two years continue to pay Executive such amounts that will enable the Executive to purchase equivalent coverage. In
addition, the Company shall provide that all outstanding unvested equity awards granted to the Consultant or the Executive shall become fully vested. For purposes of this Agreement, “Change of Control” shall mean (i) a
merger, consolidation or reorganization approved by the Company’s stockholders, unless securities representing more than forty percent (40%) of the total combined voting power of the voting securities of the successor Company are immediately
thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned the Company’s outstanding voting securities immediately prior to such transaction, (ii) any
stockholder-approved transfer or other disposition of all or substantially all of the Company’s assets, (iii) the acquisition, directly or indirectly, by any person or related group of persons (other than the Company or a person that
directly or indirectly controls, is controlled by, or is under common control with, the Company), of beneficial ownership (within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934) of securities
possessing more than forty percent (40%) of the total combined voting power of the Company’s outstanding securities pursuant to a tender or exchange offer made directly to the Company’s stockholders, (iv) any approval by the
stockholders of the Company of any plan or proposal for the liquidation or dissolution of the Company, or (v) a change in the composition of the Board over a period of 36 months or less such that a majority of the Board members (rounded up to
the next whole number) ceases, by reason of one or more contested elections for Board membership, to be comprised of individuals who are member of the Board who either (A) have been Board members continuously for a period of at least 24 months,
or (B) have been Board members for less than 24 months and were appointed or nominated for election as Board members by at least a majority of the Board members described in clause (A) who were still in office at the time such appointment
or nomination was approved by the Board. In no event, however, shall a Change in Control be deemed to occur in connection with any public offering of the Company’s common stock. 

16. CONDITIONS. Any payments or benefits made or provided pursuant to Section 15 (other than Accrued Amounts) are subject to
the Consultant’s and the Executive’s: 
 (a) delivery to the Company of an executed waiver and general release of any and all known
and unknown claims, and other provisions and covenants, in the form acceptable to the Company (which shall be delivered to the Consultant and the Executive within five (5) business days following the termination date) (the “General
Release”) within 21 days of presentation thereof by the Company to the Consultant and the Executive (or a longer period of time if required by law), and permitting the General Release to become effective in accordance with
its terms; and 

  
 9 

 (b) delivery to the Company of a resignation from all offices, directorships and fiduciary
positions with the Company and its affiliates effective as of the termination date. 
 Notwithstanding the due date of any post-termination payments, any
amounts due following a termination under this Agreement (other than Accrued Amounts) shall not be due until after the expiration of any revocation period applicable to the General Release without the Consultant or Executive having revoked such
General Release, and any such amounts shall be paid or commence being paid to the Consultant within fifteen (15) days of the expiration of such revocation period without the occurrence of a revocation by the Consultant or the Executive.
Nevertheless (and regardless of whether the General Release has been executed by the Consultant and the Executive), upon any termination of this Agreement, the Consultant shall be entitled to receive any Accrued Amounts, payable after the date of
termination in accordance with the Company’s applicable plan, program, policy or payroll procedures. 
 17. PRIOR
AGREEMENT. This Agreement shall be effective immediately and shall govern the relationship between the Consultant, the Executive and the Company from and after the Effective Date, and, as of the Effective Date, supersedes and negates all
previous agreements and understandings with respect to such relationship, including the Prior Agreement, and the Prior Agreement is hereby terminated effective as of the Effective Date. For greater certainty, Consultant does not waive any amounts
payable to the Consultant under the Prior Agreement relating to services performed prior to the Effective Date which shall remain owing to the Consultant in accordance with the terms of the Prior Agreement. 

18. ASSIGNMENT. Because of the unique and personal nature of the Consultant’s duties under this Agreement, neither this
Agreement nor any rights or obligations under this Agreement shall be assignable by the Consultant. This Agreement shall be binding upon and inure to the benefit of the Company and its successors, assigns and legal representatives. Any such
successor or assign of the Company will be deemed substituted for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person, firm, corporation or other business entity which at any time,
whether by purchase, merger or otherwise, directly or indirectly acquires all or substantially all of the assets or business of the Company. 

19. NOTICE. For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in
writing and shall be deemed to have been duly given (a) on the date of delivery if delivered by hand, (b) on the first business day following the date of deposit if delivered by guaranteed overnight delivery service, or (c) on the
fourth business day following the date delivered or mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows: 

If to the Company: 
 Avadim
Technologies Inc. 
 Attn: Chief Executive Officer 

81 Thompson Street 
 Asheville, NC
28803 

  
 10 

 If to the Consultant or Executive: 

Pilotage Capital Corp. 
 Attn:
President 
 609 Granville Street, Suite 1010 

Vancouver, BC, Canada V7Y 1G5 
 or to such other
address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt. 

20. SECTION HEADINGS; INCONSISTENCY. The section headings used in this Agreement are included solely for convenience and shall
not affect, or be used in connection with, the interpretation of this Agreement. If there is any inconsistency between this Agreement and any other agreement, plan, program, policy or practice (collectively, “Other
Provision”) of the Company the terms of this Agreement shall control over such Other Provision. 
 21.
SEVERABILITY. The provisions of this Agreement shall be deemed severable and the invalidity of unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 

22. COUNTERPARTS. This Agreement may be executed in counterparts, each of which shall be deemed to be an original but all
of which together will constitute one and the same instruments. One or more counterparts of this Agreement may be delivered by facsimile, with the intention that delivery by such means shall have the same effect as delivery of an original
counterpart thereof. 
 23. REPRESENTATIONS. The Consultant represents and warrants to the Company that the Consultant has the
legal right to enter into this Agreement and to perform all of the obligations on the Consultant’s part to be performed hereunder in accordance with its terms and that the Consultant is not a party to any agreement or understanding, written or
oral, which could prevent the Consultant from entering into this Agreement or performing all of the Consultant’s obligations hereunder. The Consultant further represents and warrants that he has been advised to consult with an attorney and that
he has been represented by the attorney of his choosing during the negotiation of this Agreement, that he has consulted with his attorney before executing this Agreement, that he has carefully read and fully understand all of the provisions of this
Agreement and that he is voluntarily entering into this Agreement. 
 24. WITHHOLDING. The Company may withhold from any and
all amounts payable under this Agreement such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 

25. SURVIVAL. The respective obligations of, and benefits afforded to, the Company, the Consultant and the Executive which by
their express terms or clear intent survive termination of this Agreement, including, without limitation, the provisions of Sections 11 through 30, inclusive of this Agreement, will survive termination of this Agreement, and will remain in full
force and effect according to their terms. 
 26. AGREEMENT OF THE PARTIES. The language used in this Agreement will be deemed
to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction will be applied against any party hereto. No agreements or representations, oral or otherwise, express or implied, with respect
to the subject matter hereof have been made by either party which are not expressly set forth in this Agreement. Neither the Consultant, Executive nor the Company shall be entitled to any presumption in connection with any determination made
hereunder in connection with any arbitration, judicial or administrative proceeding relating to or arising under this Agreement. 

  
 11 

 27. ENTIRE AGREEMENT. This Agreement contains the complete, final and
exclusive agreement of the parties relating to the matters described herein, and supersedes all prior and contemporaneous oral and written agreements or arrangements between the parties. 

28. AMENDMENT. This Agreement cannot be amended or modified except by a written agreement signed by the Executive and and
a duly authorized director or officer of the Consultant and the Company. 
 29. WAIVER. No term, covenant or condition
of this Agreement or any breach thereof shall be deemed waived, except with the written consent of the party against whom the wavier is claimed, and any waiver or any such term, covenant, condition or breach shall not be deemed to be a waiver of any
preceding or succeeding breach of the same or any other term, covenant, condition or breach. 
 30. CHOICE OF LAW. This
Agreement shall be construed and interpreted in accordance with the internal laws of the State of North Carolina without regard to its conflict of laws principles. 

  
 12 

 IN WITNESS WHEREOF. the parties hereto have executed this Agreement, effective as of the date first written
above. 
  

			
	AVADIM TECHNOLOGIES INC.
		
	By:	 	 /s/ Charles Owen

		 	Charles Owen
		 	Director and Member of the Compensation Committee
	
	Date: 8/12/15
	
	PILOTAGE CAPITAL CORP.
		
	By:	 	 /s/ Paul Cox

		 	Paul Cox
		 	President and CEO
	
	Date: 8/12/15
	
	PAUL COX
	
	 /s/ Paul Cox

	
	Date: 8/12/15

  
 13 

 CONFIRMATION AGREEMENT 

THIS CONFIRMATION AGREEMENT (the “Agreement”) is entered into on October 14, 2016 among Avadim Technologies Inc.
(“Avadim”), Pilotage Capital Corp. (the “Consultant”), and Paul Cox (the “Executive,” and collectively with Avadim and Consultant, the “Parties”). 

WHEREAS: 
 (A) The Consultant has been engaged as a
consultant of Avadim and its predecessor in interest, Avadim, LLC, since July 26, 2013; 
 (B) The Executive has served as a director and Corporate
Secretary of Avadim since August 12, 2013, as Vice-President of Avadim from September 5, 2013 to October 15, 2015 and then as Senior Vice-President of Avadim since October 15, 2015; 

(C) On November 19, 2014, Avadim granted to the Executive 100,000 stock options in his capacity as a director and 250,000 stock options in his capacity as
the Corporate Secretary and Vice-President; 
 (D) On September 25, 2015, Avadim granted to the Executive 300,000 stock options in his capacity as
Corporate Secretary and Vice-President 
 (E) On October 15, 2015, Avadim granted to the Executive 100,000 stock options in his capacity as a director;

 (F) On July 1, 2015, the Parties entered into a Consulting Agreement which superseded all prior agreements among the Parties and pursuant to which
Avadim continued to retain the Consultant as an independent business advisor and the Executive as an officer of Avadim; 
 (G) The services which the
Executive provides as a director and officer of Avadim are separate and distinct from the business advisory services provided to Avadim by Pilotage, a consulting firm which is in the business of providing business advisory services to a number of
different companies; 
 (H) The Parties have determined that the Consulting Agreement does not adequately and correctly describe the distinct services to be
provided by each of the Executive and the Consultant and the separate compensation payable in connection therewith, and wish to clarify and amend certain terms of the Executive Consulting Agreement as provided herein; 

NOW THEREFORE in consideration of the mutual covenants and agreements herein contained, and for other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the Parties covenant and agree as follows:  
 1. Each of the Parties acknowledges and agrees that the
facts provided in the Recitals to this Confirmation Agreement, to the extent they are within the knowledge of such Party, are true and correct. 

 2. The Parties acknowledge and agree that the services provided to Avadim by the Consultant consist of
(a) advising on proposals and strategies; (b) investor analysis; development of the Company’s business plan; (d) assisting Avadim in developing capital raising plans; (e) providing analysis on potential mergers, acquisitions
or sales, (f) strategic corporate development services to increase Avadim’s valuation; (g) assistance in review and analysis of the strengths, weaknesses, opportunities and competition affecting Avadim’s business;
(h) transaction structuring and implementation; (i) planning for a potential initial public offering; and (j) such other business advisory services as Avadim and the Consultant may agree from time to time (collectively, the
“Business Advisory Services”). 
 3. The Parties acknowledge and agree that the services provided to Avadim by the Executive consist of the
following: 
 (a) Director services – serving on the Board of Directors of Avadim, and providing all functions associated therewith,
including general oversight of the business and affairs of Avadim; 
 (b) Corporate Secretary services – maintenance of Avadim’s
corporate records; preparation of board and shareholder meeting materials; maintaining minutes of meetings; and performance of such other duties as incident to the office of Corporate Secretary; 

(c) Senior Vice-President services – corporate legal and compliance; corporate governance oversight; historical financial reporting
oversight; leading special projects and initiatives as designated by Avadim’s CEO or President from time to time, including currently the preparation of Avadim’s draft Form S-1 Registration
Statement; and performance of such other duties as incident to the office of Senior Vice-President; 
 (collectively, the “Executive
Services”) 
 4. Section 2 of the Consulting Agreement is hereby corrected, with intended effect as of July 1, 2015, to more accurately conform
to the Parties’ understanding as of such date, to reflect that the services to be provided by the Consultant will consist of the Business Advisory Services and the services to be provided by the Executive will consist of the Executive Services.

 5. With respect to compensation payable to each of the Consultant and the Executive by Avadim under the Consulting Agreement, and past compensation paid
to each of the Consultant and the Executive, the Parties agree as follows: 
 (a) all stock options which have been granted by Avadim to the
Executive, as described in the recitals to this Agreement, were paid as compensation to the Executive for the Executive Services; 
 (b)
Section 9 of the Consulting Agreement incorrectly states that 300,000 stock options would be granted to the Consultant. Section 9 of the Consulting Agreement is hereby corrected, with intended effect as of July 1, 2015, to more accurately
conform to the Parties’ understanding as of such date, to reflect that such stock options were payable to the Executive in consideration for the Executive Services and the Parties acknowledge and agree that such stock options were granted to
the Executive effective September 25, 2015; 

  
 - 2 - 

 (c) in accordance with Section 9 of the Consulting Agreement, the Consultant and the
Executive will be eligible to receive from time-to-time additional long-term equity incentive grants, including, stock options, restricted stock or other stock-based
awards, as determined in the discretion of the Compensation Committee of the Board or the Board; and 
 (d) other than the incentive awards
described above, all other fees and payments described in the Consulting Agreement, including the Fees and the Annual Bonus (as such terms are defined in the Consulting Agreement), are payable to the Consultant in consideration for the Business
Advisory Services. 
 6. To the extent that any provision of the Consulting Agreement is inconsistent with this Agreement, the Consulting Agreement is deemed
to be amended and restated to reflect the terms of this Agreement, provided that nothing herein is intended to change the aggregate consideration payable by Avadim to the Consultant and the Executive pursuant to the Consulting Agreement. 

7. This Agreement shall enure to the benefit of and be binding upon the successors and assigns of the Consultant, the Executive and Avadim, respectively. 

8. This Agreement and the terms hereof shall constitute the entire agreement between the Parties with respect to all of the matters herein and no supplement,
modification, amendment or waiver of this Agreement shall be binding unless executed in writing by all the Parties. 
 9. Each of the Consultant and the
Executive acknowledges and agrees that he has been advised to obtain independent legal advice with respect to this Agreement and that he fully understands the nature and consequences of this Agreement. 

10. This Agreement may be executed in any number of counterparts with the same effect as if every party to this Agreement had signed the same document, and all
counterparts will be construed together and will constitute one and the same instrument. This Agreement may be executed by facsimile and the delivery by facsimile of signed copies of this Agreement shall constitute and be deemed to be delivery of
the original signature of the Parties. 

  
 - 3 - 

 IN WITNESS WHEREOF the parties hereto have executed this Agreement on the day and year first above
written. 
  

			
	AVADIM TECHNOLOGIES INC.
		
	Per:	 	/s/ Steve Woody
		 	Name: Steve Woody
		 	Title:   CEO
	
	PILOTAGE CAPITAL CORP.
		
	Per:	 	/s/ Paul Cox
		 	Name: Paul Cox
		 	Title:   President and CEO
	
	PAUL COX
	
	  /s/ Paul Cox

  
 - 4 - 

 Avadim Technologies Inc. 

81 Thompson Street 

Asheville, NC 28803 
 September 16,
2016 
 Pilotage Capital Corp. 
 1425 Marine Drive, Suite 207

 West Vancouver, BC, Canada, V7T 1B9 
  

	Attn:	 Paul Cox, President 

Dear Paul: 
 We refer the Consulting Agreement dated effective
July 1, 2015 between Avadim Technologies Inc. (the “Company”), Pilotage Capital Corp. (the “Consultant”) and Paul Cox (the “Consulting Agreement”). Capitalized terms used and not otherwise defined in this amending
agreement shall have the meanings ascribed to them in the Consulting Agreement. 
 This amending agreement is intended to confirm our agreement to amend
Section 7 of the Consulting Agreement to increase the Fees payable to the Consultant on the terms provided herein. 
 The Company acknowledges that the
Consultant has assisted the Company in designing a solution to reduce the Company’s option overhang by implementing a Restricted Stock Plan, which was approved the Company’s Board of Directors in August 2016. The parties agree that the
Consulting Agreement is hereby amended to provide that effective retroactive to September 1, 2016, which is agreed to be a date following which the Restricted Stock Plan was finalized, the Fees are increased to US$13,333.00 per month, plus
that amount paid under the Benefits Plans provisions of the Consulting Agreement (plus any taxes payable on such Services). 
 The Company further
acknowledges that the Consultant has and is continuing to assist the Company in: (a) positioning itself to attract institutional or similar financing by, among other things, arranging due diligence responses, improving the Company’s system
of corporate governance, identifying and addressing potential legal deficiencies and due diligence issues and preparing and maintaining an investor data room, and (b) compiling the support and coordinating the preparation of the Company’s
draft Form S-1 Registration Statement as part of the Company’s capitalization plan. 
 The parties agree that
the Consulting Agreement is hereby further amended to provide that the Fees will be increased to US$16,667.00 per month, plus that amount paid under the Benefits Plans provisions of the Consulting Agreement (plus any taxes payable on such Services),
effective upon the Company meeting either of the following milestones: (a) the Company completing a pre-IPO round of institutional financing in an amount of not less than US$10 million, or
(b) the acceptance by the Company’s Board of Directors of the draft of the Company’s Form S-1 Registration Statement in a form acceptable to be presented to the investment bankers for the
Company and filed with the SEC. Effective upon both of the foregoing milestones being met, the Fees will be further increased to US$20,000.00 per month, plus that amount paid under the Benefits Plans provisions of the Consulting Agreement (plus any
taxes payable on such Services). 
 The parties agree that the Consulting Agreement is hereby further amended to provide that for the purposes of
calculating the Consultant’s entitlement to receive a termination payment in the event of termination without Cause or for Good Reason in connection with a Change in Control pursuant to Section 15(e) of the Consulting Agreement, the
increases in the Fees provided for above will be deemed to have occurred notwithstanding that the milestones were not yet met, such that the payment to the Consultant in such circumstances will be based on the Consultant’s Fees being at least
$20,000 immediately preceding the date of termination of the Consulting Agreement. 

 Except as expressly provided herein, all other terms and conditions outlined in the Consulting Agreement
remain un-amended and in full force and effect and binding upon the parties thereto, including but not limited to, changes in Fees due to targets being met other than those set out in this amending agreement.

 This amending agreement may be executed and delivered in any number of counterparts and by different parties in separate counterparts, and by facsimile
or PDF electronic format signature, each of which when so executed and delivered shall be deemed to be an original and all of which taken together constitute one and the same instrument. Please confirm your acceptance of this amending agreement by
signing the attached copy of this letter in the space provided below and returning it to the undersigned. 
  

 

					
	 Yours very truly,
		
	 	 	AVADIM TECHNOLOGIES INC.
			
		 	Per:	 	 /s/ Steve Woody

		 		 	Name: Steve Woody
		 		 	Title:   CEO

 Acknowledged and agreed this ______ day of September, 2016. 

 

					
	        	 	PILOTAGE CAPITAL CORP.
			
		 	Per:	 	/s/ Paul Cox
		 		 	Name: Paul Cox
		 		 	Title:   President
		
		 	PAUL COX
		
		 	 /s/ Paul Cox

  
 2EX-10.11

 Exhibit 10.11 

NORTH CAROLINA 
 APRIL 1, 2016 

BUNCOMBE COUNTY 
 LEASE 

THIS LEASE is made and entered into as of this
    19th day of     April         , 2016 by and between the North Carolina
Department of Transportation (the “Department”), an agency of the State of North Carolina, by and for itself and as agent of the City of Asheville, a North Carolina municipal corporation (the “Municipality”). The Department in
both capacities mentioned above is hereinafter called to as “Lessor”, and Avadim Technologies, Inc. is hereinafter called “Lessee”. 

WITNESSETH 
 WHEREAS, the
Department is authorized in accordance with General Statues of North Carolina, Section 136-44.36 and Section 136-4 38; to administer state railroad
revitalization programs and provide state financial assistance to cities for rail revitalization; and, 
 WHEREAS, the Department and the
Municipality (Lessor) do not anticipate the need to resume active rail service in Western North Carolina or utilize the site for transportation services for at least six (6) years; and, 

WHEREAS, the Department holds a nine-tenths (9/10th) and the Municipality one-tenth (1/10th) undivided fee simple interest in the property. 

NOW, THEREFORE, in consideration of the foregoing, of the covenants, promises, and undertakings set forth herein, and for good and valuable
consideration, receipt and sufficiency of which is hereby acknowledged, the parties herby agree as follows: 
  

	 	1.	 Demise of Premises. Lessor hereby Leases to Lessee, pursuant to the provisions hereof, all that property
at 81 Thompson Street in the City of Asheville, Buncombe County, North Carolina, as described on Exhibit A attached hereto (the “Premises“), also identified as Buncombe County tax parcel # 9648-70-6712-0000 consisting of approximately 18,456 square feet of building, paved parking area and grounds (the “Premises”). 

 

	 	2.	 Use of Premises. The Premises may only be used for Office/Warehouse, manufacturing and distribution
operations and shall not be used by anyone for any other purposes without the prior written consent of Lessor. 

  

	 	3.	 Lease Term. The initial period of the lease shall be for two years, beginning May 1, 2016 and
expiring on April 30, 2018 with an option to renew for three additional one-year periods. 

  
 Page 1 of 13 

	 	4.	 Rent Commencement Date. The rent commencement date is May 1, 2016 shall be due to the
Department’s (Lessor) by that date. All subsequent payments via wire transfer shall have a due date of the first of each month for the term of this Lease. 

 

	 	5.	 Lease Termination. After the first lease year (ending April 30, 2017) either party may terminate
the lease agreement without penalty by providing written notification at least 180 days prior to desired termination date. 

  

	 	6.	 Rental Rate. As shown in the table below, rental rate is $7.00 per rentable square ft. = $129,192.00
annually, ($10,766.00 per month) during the first year of the lease, $7.75/foot = $143,034.00 annually ($11,919.50 per month) during the second year, and $8.50/foot = $156,876.00 annually ($13,073 per month) during the third, fourth and fifth years.

  

																	
	G3 MEDICAL LEASE RATES: MAY 1, 2016 THRU APRIL 30, 2020	 
	YEAR 1	 	  	YEAR 2	 	  	YEAR 3	 
	
MONTH-YR
	  	LEASE AMT.	 	  	MONTH-YR	  	LEASE AMT.	 	  	MONTH YR	  	LEASE AMT.	 
	MAY-16	  	$	10,766.00	 	  	MAY-17	  	$	11,919.50	 	  	MAY-18	  	$	13,073.00	 
	JUN-16	  	$	10,766.00	 	  	JUN-17	  	$	11,919.50	 	  	JUN-18	  	$	13,073.00	 
	JUL-16	  	$	10,766.00	 	  	JUL-17	  	$	11,919.50	 	  	JUL-18	  	$	13,073.00	 
	AUG-16	  	$	10,766.00	 	  	AUG-17	  	$	11,919.50	 	  	AUG-18	  	$	13,073.00	 
	SEP-16	  	$	10,766.00	 	  	SEP-17	  	$	11,919.50	 	  	SEP-19	  	$	13,073.00	 
	OCT-16	  	$	10,766.00	 	  	OCT-17	  	$	11,919.50	 	  	OCT-19	  	$	13,073.00	 
	NOV-16	  	$	10,766.00	 	  	NOV-17	  	$	11,919.50	 	  	NOV-19	  	$	13,073.00	 
	DEC-16	  	$	10,766.00	 	  	DEC-17	  	$	11,919.50	 	  	DEC-19	  	$	13,073.00	 
	JAN-17	  	$	10,766.00	 	  	JAN-18	  	$	11,919.50	 	  	JAN-20	  	$	13,073.00	 
	FEB-17	  	$	10,766.00	 	  	FEB-18	  	$	11,919.50	 	  	FEB-20	  	$	13,073.00	 
	MAR-17	  	$	10,766.00	 	  	MAR-18	  	$	11,919.50	 	  	MAR-20	  	$	13,073.00	 
	APR-17	  	$	10,766.00	 	  	APR-18	  	$	11,919.50	 	  	APR-20	  	$	13,073.00	 

  

	 	7.	 Late Fee. Pursuant to a directive from the North Carolina Office of the State Controller and authorized
by North Carolina General Statute 147-86.23, this account will be assessed a flat 10% penalty if not paid by 30 days from the due date. Additionally, this amount will accrue interest daily at the annual rate
as set by the N.C. Department of Revenue (Paragraph 43). The interest will accrue on the past due principal plus the 10% penalty. 

  

	 	8.	 Additional Charges. Lessee shall be responsible for payment of utilities consumed within the Premises as
well as property insurance, grounds maintenance, trash collection, janitorial service, routine HVAC maintenance and interior Premises maintenance. 

  
 Page 2 of 13 

	 	9.	 Premises Improvements. Lessor shall perform the following improvements and go through the proper bid
process. The lessor will make these improvements as soon as possible upon the execution of this Lease. These improvements will be completed in 2016. 

  

	 	A.	 Lessor proposes to provide a mechanical adjustable system equal to the “Load Hog Modular Dock Bridge”
available from Loading Dock Systems. 

  

	 	B.	 Lessor is agreeable to address any roof issues and repair roof leaks in areas of the facility.

  

	 	C.	 Lessor will repair the damaged siding on the parking side of the building. 

 

	 	D.	 Lessor will install new carpet in all general office areas, upstairs and down and contract with a supplier to
have the new carpet installed. 

  

	 	E.	 Lessor will make needed asphalt repairs to the loading dock area to correct the broken and uneven surfaces.

  

	 	F.	 Lessor will install a fabric liner material located between the metal framing throughout the Warehouse area.
The Lessor / Lessee will split the cost of this expense. 

  

	 	G.	 Lessor agrees to reimburse the Lessee the cost of installing new energy efficiency lighting as specified by the
“Duke Energy Progress Small Business Energy Saver Program” for a onetime payment of $3,669.12. Lessee shall coordinate with State Construction to verify code compliance. 

 

	 	10.	 Building Evaluation. Lessor shall perform the following tasks to be delivered to the Department. The
Department will provide copies of this section for the Lessee. 

  

	 	A.	 As built floor plan drawings for the existing Lessor Asheville building. These plans should be delivered in
hard copies (24x36) and electronic format (PDF and AutoCAD). 

  

	 	B.	 A letter from a registered Architect with his/her professional opinion of the current floor plans in relation
to the 2012 Building Code. This should include analysis of the square footage, area and occupancy calculations, distance of travel, number of exits and any other relevant information. 

 

	 	C.	 A letter from a registered Professional Engineer with his/her opinion of the current plumbing system with the
understanding that the building was built in 1985 and that additional renovations shall be analyzed for safety and Code compliance. 

  

	 	D.	 A letter from a registered Professional Engineer with his/her opinion of the current mechanical system with the
understanding that the building was built in 1985 and that additional renovations shall be analyzed for safety and Code compliance. 

  

	 	E.	 A letter from a registered Professional Engineer with his/her opinion of the current electrical system with the
understanding that the building was built in 1985 and that additional renovations shall be analyzed for safety and Code compliance. 

  

	 	F.	 A letter from a registered WET Level III with his/her opinion of the current sprinkling system with the
understanding that the building was built in 1985 and that additional renovations shall be analyzed for safety and Code compliance. 

  
 Page 3 of 13 

	 	G.	 A letter from a licensed contractor specializing in roofing construction with his/her analysis of the current
condition of the roof. The roofing contractor shall provide recommendations for returning the roof to a good state of repair including associated costs. 

  

	 	11.	 Modifications to Property. Lessor has the right to have any modular units removed at Lessee’s
expense at the termination of the lease. Lessee will reimburse the Lessor for expenses incurred for removal of any modular units, fees, etc. No structural, plumbing, mechanical, electrical or sprinkling work is to be performed without the approval
from the Lessor and the North Carolina State Construction Office. 

  

	 	12.	 Security Deposit. No security deposit is required for this lease. 

 

	 	13.	 Other. Lessee will provide a statement to Lessor within 60 days regarding the chemical storage
provisions, and shall provide to Lessor copies of Material Safety Data Sheets (MSDS) for al chemicals within the building. 

  

	 	14.	 Brokerage Fee. There will be no brokerage fees. 

 

	 	15.	 Acceptance of Premises. Lessee acknowledges that the continued act of taking possession of the Premises
shall constitute acceptance thereof and conclusive evidence that Lessee has inspected and examined the entire Premises and utility installations and that the same were, and are, in good and satisfactory condition, satisfactory for Lessee’s use,
and constitutes Lessee’s acceptance “AS IS — WHERE IS WITH ALL FAULTS”. 

  

	 	16.	 Compliance with Legal Requirements. Lessee shall comply with all legal requirements affecting the
Premises and/or its use, of every nature. Lessee shall neither create nor permit the creation of any nuisance upon, in or about the Premises, and Lessee shall not make any offensive use thereof. Lessee shall cause all trash, refuse and garbage to be
removed from the Premises in a timely manner. 

  

	 	17.	 Fire Insurance. Lessee shall carry through the Initial Period, at Lessee’s sole expense all Risk
insurance (excluding flood insurance) with fire and extended coverage insuring the Lessor against loss or damage to the Building and any Other improvements on the Premises to the maximum full replacement cost, insurable value thereof in coverages
and companies comparable to Lessor’s coverages in place at time of execution of this Lease. Lessee shall name the Lessor as additional insured. During a renewal Period Lessor shall have the right to have the Premises insured by Lessee to their
full insurable value with loss of rents coverage. Lessee shall carry, at Lessee’s expense, All Risk insurance with fire and extended coverage insuring against loss or damage to Lessee’s furnishings, fixtures, inventory, equipment and other
property situated or placed upon, in or about the Premises to the maximum, full replacement cost, insurable value thereof with a deductible amount no greater than $10,000.00. All insurance required hereby shall be kept in 

  
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force during the entire term of this Lease. Lessee shall provide evidence of such insurance to Lessor at the execution of this Lease, annually thereafter, and otherwise upon request of Lessor.

  

	 	18.	 Fire Protection System: Lessor will be responsible for costs for all inspections, testing and maintenance of
fire protections systems. Monitoring of the Fire Monitor/sprinkler system will be connected to a “Voice Over Internet Protocol” (VOIP) with Lessee’s business class internet service, and which shall be at no additional cost to Lessor
if possible. 

  

	 	19.	 Taxes and Assessments. Lessee shall not be responsible for paying property taxes on the leased building.

  

	 	20.	 Additions, Alterations, Changes and Improvements. Lessee shall not make, and shall not have the right to
make any alterations, changes or improvements structural or otherwise, in or to the Premises without Lessor’s prior written consent, provided that if such consent is given, all such alterations, changes and improvements shall be promptly made
in a workmanlike manner, be promptly paid for allowing no liens to attach either to the Premises or to Lessee’s interest therein, shall not be removed at any time without Lessor’s permission and shall become the property of Lessor at the
termination of this Lease. The exception to ownership of any improvements to the premises is the construction of the modular units. Lessor shall have the right to require Lessee to provide such assurances as Lessor shall reasonably require (such as
bonds, escrows, etc.) to protect Lessor against unpaid work. 

  

	 	21.	 Repairs. 

  

	 	A.	 Repairs by Lessor: Lessor agrees to keep in good repair the roof, foundation and structural supports of the
Premises (exclusive of all glass and exclusive of all exterior doors), except repairs rendered necessary by the negligence or intentional wrongful acts of Lessee, its employees, agents, invitees or contractors. Lessee shall promptly report in
writing to Lessor any defective condition known to it which Lessor is required to repair and failure to report such conditions shall make Lessee responsible to Lessor for any liability incurred by reason of such conditions. 

 

	 	B.	 HVAC System: Lessor will be responsible for repair costs for the HVAC system exceeding $500.00, except repairs
rendered necessary by the negligence or intentional wrongful acts of Lessee, its employees, agents, invitees or contractors. Lessee shall promptly report in writing to Lessor any defective condition known to it which Lessor is required to repair and
failure to report such conditions shall make Lessee responsible to Lessor any liability incurred by reason of such conditions. Lessee shall use only licensed contractors for repairs where such license is required. Lessor shall have the right to
approve the contractor as to any repairs in excess of $1,000. Lessee shall forward any bills in excess of $500.00 to Lessor for payment. 

  
 Page 5 of 13 

	 	C.	 Parking Lot Repairs: Lessor shall be responsible for all necessary parking lot repairs. Lessor shall determine
at its own discretion as to when parking lot repairs are necessary, but Lessor shall not unreasonably abstain from making needed repairs. 

  

	 	D.	 Premise Maintenance: Lessee shall, at Lessee’s own expense, keep and maintain the entire premise and all
parts and systems thereof, excluding those items covered by “A”, “B” and “C” above, including for the purpose of illustration (to the extent that the enumerated items exist on the Premises) and not as a limitation, all
buildings, improvements, sidewalks, utility installations and equipment, in good maintenance, replacement and repair, and property painted and decorated. All of the foregoing shall be performed in a prompt, workmanlike manner, shall be promptly paid
for by Lessee and no liens shall be allowed to attach either to the Premises or Lessee’s interest therein. Lessee shall deliver the Premises to Lessor with the electrical and plumbing systems and the HVAC in reasonably good working order on the
date this Lease terminates. 

  

	 	22.	 Safe and Sanitary Condition. Lessee shall not permit, allow or cause any act or deed to be performed
upon, in or about the premise, which shall cause or be likely to cause injury to any person or to the Premises, the building or improvements located thereon, or to any adjoining property. Lessee shall not damage or cause stoppage of any utility or
plumbing lines. Lessee shall at all times keep the Premises and the entryways, parking areas, in a neat and orderly condition and keep the Premises and the entryways, parking areas, sidewalks and delivery areas (if any) adjoining the Premises clean
and free from rubbish, dirt, snow, standing water and ice. 

  

	 	23.	 Trade Fixtures. Lessee shall be permitted to install trade fixtures on the Premises. In addition, Lessee
shall be permitted to remove said trade fixtures from the Premises upon the termination of this Lease; provided that if Lessee does remove such trade fixtures, Lessee shall return the Premises to the same condition as existed at the time of original
entry, ordinary wear and tear excepted. This provision is not intended to allow Lessee to remove approved improvements made by Lessee to the Premises. All such improvements belong to the Lessor at the termination hereof (except as noted above) and
shall not be removed nor damaged by Lessee’s removal of trade fixtures. If Lessee does not remove the trade fixtures at termination, Lessor shall have the option either to declare such fixtures abandoned and Lessor the owner thereof or to
demand Lessee remove same at Lessee’s expense returning the Premises to the condition required herein. 

  

	 	24.	 Lessor Not Liable for Damages or Injuries. The Department and the Municipality shall not be responsible
to Lessee or to any other person or entity for any damages or injuries to person or property caused, among other things, by virtue of or arising out of burst water pipes, leaks from sprinkler or air conditioning systems, leaks from the roof, or by
virtue of earthquakes, riots, windstorms, overflow of water from surface drainage, rains, water, fire or by the elements or Acts of God, or from theft, or by the neglect of any person or entity. 

  
 Page 6 of 13 

	 	25.	 Indemnification. Lessee covenants to indemnify and hold the Lessor harmless from the claims of any and
all persons and entities for personal injury or damage to property or both arising out of or in connection with Lesse s use and/or occupancy of the Premises. In addition, Lessee shall carry commercial general liability insurance in the minimum
amount of $1,000,000.00 per occurrence and $3,000,000.00 in the aggregate, and Lessee shall deliver to Lessor memorandum policies of such coverage with companies and deductibles satisfactory to Lessor and naming the Lessor as additional insured
therein. 

  

	 	26.	 Fire or Casualty. If the Premises shall be damaged or destroyed by fire or other casualty and if Lessor
deems it not practical to repair, Lessor shall have the right to cancel this Lease. If Lessor elects to cancel this Lease for the reasons set forth in this Paragraph 26 during the Initial Period, then Lessee shall pay Lessor any unpaid obligations
of the Lessee under the Lease including but not limited to taxes, insurance, maintenance, and utilities owing at the time of cancellation, to the extent such obligations exceed the Initial Period remaining rent credit calculated at the rate of
$10,766.0 per month. If during the Initial Period, said option to cancel is not exercised by Lessor, or if the improvements shall be damaged or destroyed by fire or other casualty to the extent that they can be repaired or reconstructed within 120
days of such damage or destruction and if such damage or destruction occurs prior to the commencement of the last Lease year of the Initial Period and Lessor des not deem it impractical to repair, Lessor shall, as soon as reasonably possible, effect
the required repairs and reconstruction of the Premises and to place them in substantially the same condition as existed immediately prior to such damage or destruction and for such time as said repairs or reconstruction are being made, rentals
shall abate from the date Lessee makes the entire Premises available to Lessor to effect such repairs and reconstruction, but only to the extent and in the proportion that the Premises are untenantable for the normal use thereof by Lessee.

 If, during any Period subsequent to the Initial Period, the Premises shall be damaged or destroyed by fire, and if
Lessor deems it not practical to repair, Lessor shall have the right to cancel this Lease. If said option to cancel is not exercised by Lessor, or if the improvements shall be damaged or destroyed by fire or other casualty to the extent that they
can be repaired or reconstructed within 120 days of such damage or destruction and if such damage or destruction occurs prior to the commencement of the last Lease year of the renewal Period and Lessor does not deem it impractical to repair, Lessor
shall, as soon as reasonably possible, effect the required repairs and reconstruction of the Premises and to place them in substantially the same condition as existed immediately prior to such damage or destruction and for such time as said repairs
or reconstructions are being made, rentals shall abate from the date Lessee makes the entire Premises available to Lessor to effect such repairs and reconstruction, but only to the extent and in the proportion that the Premises are untenantable for
the normal use thereof by Lessee. Notice of cancellation pursuant to the terms of this Paragraph 26 shall be given within thirty (30) days of the damage or destruction. Estimates of the Period to rebuild shall be made in good faith by Lessor.

  
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	 	27.	 Waiver of Subrogation. Neither Lessee nor anyone claiming by, through, under or in Lessee’s behalf
shall have any claim, right of action or right of subrogation against the Lessor for or based upon any loss or damages caused by fire, explosion or other insured casualty (not limited to the foregoing) relating to the Premises or to any property
upon, in, or about the Premises, whether such fire, explosion or other insured casualty shall arise from the negligence of Lessor, its agents, representatives or employees, or otherwise. 

 

	 	28.	 Lessor’s Entry. Lessor shall have the right, at all reasonable times, with reasonable notice to
Lessee, to enter the Premises for the purposes or inspection, display to prospective lenders, purchasers and/or tenants, and performance of any and all work desired to be performed by Lessor. Notwithstanding the foregoing, should an emergency occur,
Lessor may, without notice to Lessee, enter the Premises for the purposes of securing the same and seeking to minimize the damage to persons and/or property. 

  

	 	29.	 Condition of Premises Upon Termination. Lessee shall return the Premises to Lessor substantially in the
same condition as received, ordinary wear and tear and approved improvement excepted. 

  

	 	30.	 Holding Over. In the event Lessee remains in possession of the Premises after the expiration of any term
without renewal as set forth herein or the execution of a new Lease, Lessee shall not acquire any right, title or interest in or to the Premises. In such event, Lessee shall occupy the Premises as a tenant from month-to-month and shall otherwise be subject to all of the conditions, provisions and obligations of this Lease insofar as the same shall be applicable. The provisions of this Paragraph 30 are in limitation
of Lessee’s rights, and do not, in any way, entitle Lessee to occupy the Premises after the term or to extent the term in any manner. In the event of a holding over by Lessee, the monthly rental rate shall be $15,000.00 per month.

  

	 	31.	 Default. 

  

	 	A.	 Each and every one and all of the following events shall constitute an Event of Default: 

 

	 	i)	 If Lessee fails to pay any sum due from it in strict accordance with the provisions of this Lease, and does not
make the payment within five business days after written notice thereof. For the purposes hereof, all sums due from Lessee shall constitute rentals whether denominated as rentals or otherwise elsewhere herein and Lessee has absolutely no right to
offset; 

  

	 	ii)	 If Lessee fails to fully perform and comply with each and every condition and covenant of this Lease Agreement,
and such failure of performance continues for a Period of thirty days after notice thereof; 

  

	 	iii)	 If Lessee abandons the Premises; 

  
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	 	iv)	 If the interest of Lessee is transferred, levied upon or assigned to any other person, firm or corporation
whether voluntarily or involuntarily except as herein permitted; 

  

	 	v)	 If Lessor, in any three months of any Lease year, gives any notice to Lessee pursuant to subparagraphs iii) or
iv) above, notwithstanding Lessee’s cure of default within the allowable Period or Periods. 

  

	 	B.	 Upon the occurrence of any Event of Default as set forth above, Lessor shall have the right, at its option, to
utilize any one or more of the following rights: 

  

	 	i)	 To cancel and terminate this Lease and all interest of the Lessee hereunder by giving (or having given) notice
of such cancellation and termination not less than ten days prior to the effective date of such termination. Upon the expiration of said ten day Period, the Lessee shall have no further rights under this Lease (but such cancellation shall not serve
to release or discharge the damages Lessee owes to Lessor); and/or 

  

	 	ii)	 To make any payment required of Lessee herein or correct any condition required to be corrected by Lessee, and
Lessor shall have the right to enter the Premises for the purpose of correcting any such condition and to remain on the Premises until the complete correction of such condition. However, no expenditure by Lessor on behalf of Lessee shall be deemed
to waive or release Lessee’s breach hereof and Lessor shall retain all rights to proceed against Lessee as set forth herein; and/or 

  

	 	iii)	 To reenter the Premises immediately with order of court and without being guilty of trespass, remove the
property and personnel of Lessee and store such property in a public warehouse or such other location selected by Lessor, all at the expense of Lessee. After such reentry, Lessor shall have the right to terminate this Lease Agreement by giving ten
days notice of termination to Lessee, but without such notice, the reentry by Lessor shall not terminate this Lease Agreement. On termination, Lessor may recover from Lessee all damages resulting from Lessee’s breach, including the cost of
recovery of the Premises and placing them in satisfactory condition, the value of the balance of this Lease over the reasonable rental value of the Premises for the remainder of the Term, all of which sums shall be immediately payable to Lessor from
Lessee; and/or 

  

	 	iv)	 to relet the Premises or any part thereof for any term, with or without terminating the Lease, and at such
rentals and on such other terms as Lessor may elect including the right to alter and repair the Premises as Lessor deems necessary. Should Lessor relet the Premises, Lessee shall pay all expenses of reletting including brokers’ fees and such
reasonable attorney’s fees as Lessor may incur. Lessor shall apply the rent received from reletting in the following order: (1) to expenses of reletting; (2) to sums due from Lessee other than sums denominated in Paragraph 4 above as
rentals; (3) to sums denominated as rentals in Paragraph 4 above previously due; and (4) to sums which were to become due in the future; and/or 

  
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	 	v)	 All other rights and remedies provided by law to a landlord with a defaulting tenant including all such money
damages and such landlord shall be entitled pursuant to the law of damages. 

  

	 	C.	 In the event of a breach of this Lease by Lessee, the Lessor shall be reimbursed by the Lessee for the
reasonable attorney’s fees incurred by the Lessor. 

  

	 	32.	 Default, Casualty, etc. In the event of early termination of the Lease or reletting of the Premises due
to default described herein and Lessor regains possession of the Premises, then Lessee’s liability to Lessor shall be any unpaid obligation of the Lessee under the Lease including insurance, maintenance, utilities, and the amount of costs and
expenses to relet said property (including but not limited to reasonable attorney’s fees) incurred by Lessor arising from or related to the occurrence of said Event of Default and all other amounts due to Lessor herein at the time of
termination. In the event of early termination of the Lease or reletting of the Premises, then Lessee’s liability to Lessor shall be any unpaid obligations of the Lessee under the Lease including insurance, maintenance, utilities, and the
amount of costs and expenses to relet said property (including but not limited to reasonable attorney’s fees) incurred by Lessor arising from or related to the occurrence of said Event of Default and all other amounts due to Lessor herein at
the time of termination to the extent such obligations exceed the Initial Period remaining rent credit calculated at the monthly rate specified in Paragraph 7. The party to whom money is owed shall remit payment within thirty days after written
demand therefore is made. 

  

	 	33.	 Waiver. No failure by Lessor to exercise any rights hereunder to which Lessor may be entitled shall be
deemed a waiver of Lessor’s right to subsequently exercise same. Lessee shall gain no rights nor become vested with any power to remain in default under the terms hereof by virtue of Lessor’s failure to timely assert his rights. No
acceleration of rentals, regardless of how often occurring, which Lessor chooses to ignore by thereafter accepting rental or other performance by Lessee shall constitute a waiver of the right to thereafter accelerate rentals. 

 

	 	34.	 Law Applicable. This Lease is entered into in North Carolina and shall be construed under the laws,
statutes and ordinances of such jurisdiction. 

  

	 	35.	 Severability. The provisions hereof are independent covenants and should any provision or provisions
contained in this Lease be declared by a court or other tribunal of competent jurisdiction to be void, unenforceable or illegal, then such provision or provisions shall be severable and the remaining provisions hereof shall remain at Lessor’s
option in full force and effect. 

  

	 	36.	 Easements, Restrictions and Rights of Way. The Premises are demised subject to all easements,
restrictions and rights of way legally affecting the Premise. 

  
 Page 10 of 13 

	 	37.	 Binding Effect and Complete Terms. The terms, covenants, conditions and Agreements herein contained
shall be binding upon and inure to the benefit of and shall be enforceable by the Lessor and Lessee and by their respective heirs, successors and assigns. All negotiations and Agreements of Lessor and Lessee are merged herein. No modification hereof
or other purported Agreement of the parties shall be enforceable unless the same is in writing and signed by the Lessor and Lessee. 

  

	 	38.	 Notices and Written Consents. All notices and written consents required under this Lease shall be in
writing and shall only be sent by overnight carrier, such as Federal Express, or by Certified Mail, postage prepaid, return receipt requested, addressed to the party to whom directed at the following address or at such other address as may be from
time to time designated in writing: 

  

					
	To Lessor:	 	 Larry W. Wade, PE
	 	
		 	 NCDOT - Rail Division
	 	
		 	 1553 MSC, Raleigh, NC 27699-1553
	 	
			
	To Lessee:	 	 Steve Woody
	 	
		 	 Avadim Technologies, Inc.
	 	
		 	 81 Thompson Street, Asheville, NC 28803
	 	

 Notices shall be deemed served upon receipt, the day after delivery to Federal Express or other recognized
commercial overnight carrier for delivery or the third day after delivery to the US Postal Service for Certified Mail (return receipt requested) delivery, whichever first occurs. 

 

	 	39.	 Rental Payments. All rental payments, until otherwise designated in writing, shall be made via
electronic payment to (form attached): 

  

	 	40.	 Recording. This Lease shall not be recorded but a memorandum hereof shall be prepared, signed by the
parties, and recorded in the County where the Premises are located, at the expense of the party requesting the same. The aforesaid memorandum shall contain such information as is necessary to provide adequate record notice of the existence of the
Lease, including the parties, the term, the property involved and whether options to renew or purchase exit. 

  

	 	41.	 Covenant of Title and Quiet Enjoyment. Lessor covenants and warrants to Lessee that Lessor has full
right and lawful authority to enter into this Lease for the Term hereof and provided Lessee is not in default hereunder, Lessee’s quiet and peaceable enjoyment of the Premises shall not be disturbed by anyone claiming through Lessor.

  

	 	42.	 Sale of Premises. Should Lessor sell, convey or otherwise transfer its interest in the Premises, then
Lessor shall have no further liability hereunder, excepting only for any claims of Lessee against Lessor which have arisen prior to the new owner for any subsequent performance due hereunder by the Lessor hereof. Lessee by execution hereof attorns
to all such subsequent owners and no such further documents shall be required to effectuate such attornment. 

  
 Page 11 of 13 

	 	43.	 Interest. Any sums due to be paid by Lessee to or from the benefit of Lessor which are not paid when due
shall bear interests from the due date to the date of payment at the rate of five percent (5%) per annum. 

  

	 	44.	 Construction of Lease. This Lease shall not be construed more strictly against either party regardless
of which party is responsible for the preparation of the same. 

  

	 	45.	 Rules and Regulations. Lessor may establish reasonable rules and regulations from time to time, and may
modify any such rules and regulations promulgated. The Lessee and Lessee’s employees, agents, visitors, guest and licensees shall comply strictly with the rules and regulations as the Lessor may from time to time adopt. 

 

	 	46.	 Signs. No signs other than advertising material may be placed on, in, about, above or around the
Premises, the Building or the adjacent areas without the prior written consent of Lessor, which shall not be unreasonably withheld. All signs must be in compliance with all applicable ordinances. 

 

	 	47.	 Force Majeure. In the event that Lessor shall be delayed or hindered in or prevented from the
performance of any act required hereunder by reason of strikes, lock-outs, labor troubles, inability to procure materials, failure of power, 

restrictive governmental laws or regulations, riots, insurrection, war or other reason of a like nature not the fault of the Lessor in
performing work or doing acts required under the terms of this Lease, then performance of such act shall be excused for the Period of the delay and the Period for the performance of any act shall be extended for a Period equivalent to the Period of
such delay. Subsequent to commencement, no delay, hindrance or prevention of Lessee from acting shall entitle Lessee to delay the payment of rent unless authorized in another section of this Lease. Notwithstanding the foregoing, no delay in
Lessee’s payment of sums due from it hereunder is or will be excused. 
  

	 	48.	 Hazardous Substances. Lessee shall not manufacture, create, use, store nor otherwise deal in hazardous
wastes or toxic substances of any kind on the Premises. Notwithstanding the foregoing, Lessee may, in compliance with the above (Paragraph 48) permitted use, operate its business in the manner it has heretofore, so long as any toxic substances
utilized therein are stored, used and otherwise dealt with at all times in the manner required by all applicable laws and regulations. Should Lessor discover that Lessee has breached this Paragraph, it may, without advance notice thereof to Lessee,
commence all reasonable actions to abate such breach. Lessee is and shall be liable to Lessor for any damages or expenses incurred by Lessor as a result of Lessee’s breach of this Paragraph, including but not limited to, engineering and clean
up expenses, consequential damages and liability to third parties. Lessee shall indemnify Lessor against any loss or cost arising from any breach of this Paragraph, and such indemnity shall survive the termination of this Lease.

  
 Page 12 of 13 

 IN WITNESS WHEROF, the parties hereto have duly executed this Lease Agreement and have
hereunto set their seals as of the day and year first above written. 
 LESSOR: 

DEPARTMENT OF TRANSPORTATION, An agency of the State of North Carolina 

 

			
	          By:	 	 /s/ Keith H. Weatherly

		 	Keith H. Weatherly
		 	Deputy Secretary for Transit

 ATTEST/WITNESS 
  

					
	By	 	/s/ Tereca
Batts                                        
                                	  	(Department of Transportation Seal)
		 	Tereca Batts         SECRETARY TO THE BOARD	  	
		 	OF TRANSPORTATION AND	  	
		 	CUSTODIAN OF THE SEAL OF	  	
		 	THE DEPARTMENT OF TRANSPORTATION	  	

 LESSEE: 
 AVADIM
TECHNOLOGIES, INC. 
  

			
	By:	 	 /s/ Steve Woody 4/12/16

		 	Steve Woody
		 	President

 STATE OF NORTH CAROLINA 
 COUNTY
OF BUNCOMBE 
 I,     Amy J. Cohn , a Notary Public for Buncombe County, North Carolina, do hereby certify that Steve
Woody personally appeared before me this day and acknowledged the due execution of the foregoing instrument on behalf of Avadim Technologies, Inc..  

Witness my hand and official seal or stamp, this 12th day of April, 2016. 

 

	
	 /s/ Amy J. Cohn

	Notary Public

 My commission expires:     March 3, 2020  

  
 Page 13 of 13

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