Document:

Exhibit
10.6

 

CONSULTING
AGREEMENT

 

This
Consulting Agreement (the “Agreement”) is entered into as of March 11, 2020 (the “Effective Date”),
by and between Virpax Pharmaceuticals, Inc., a Delaware corporation, located at 101 Lindenwood Drive, Suite 225, Malvern, PA 19355
(“Virpax”), and Gerald W. Bruce, located at [***] (“Consultant”).

 

AGREEMENT

 

In
consideration of the covenants set forth below, the parties agree as follows:

 

	1.	Consulting
                                         Services.  Whereas Virpax is seeking to gain advice related to EVP, Commercial Operations
                                         (as further described herein) and Consultant has the knowledge, expertise and experience
                                         required to assist Virpax with the Consulting Services described herein. The Consultant
                                         agrees to perform consulting and advisory services as may be requested by Virpax, related
                                         to Virpax’s products, and as Virpax and the Consultant shall agree from time to
                                         time. The Consultant shall render services either in person at Virpax’s location
                                         or by telephone, as Virpax may reasonably request. Such Consulting Services shall consist
                                         of, but not limited to, the following duties:

 

		●	Reviewing
                                         Business Development Opportunities 
		●	Reviewing
                                         Business Analytics and Forecast modeling
		●	Establishing
                                         Market Segmentation guidelines with business analytics 
		●	Assisting
                                         with the Commercial Infrastructure, including, training, marketing, trade, market access,
                                         CRM, and sales. 
		●	Commercial
                                         Advisor to the Board of Directors
		●	Advising
                                         the President and CEO 
		●	Overseeing
                                         Contract Sales Organization (Syneos) 
		●	Advising
                                         commercial strategy with IPO 

 

If
you continue to be engaged under the Terms of this Agreement, at the time Virpax completes and Initial Public Offering (“IPO”)
or commercially launches its first product (whichever comes first), Virpax will offer you a full-time position with the compensation
to be determined at that time.

 

	2.	Compensation.
                                         In consideration of the provision of said Consulting Services, Virpax shall
                                         compensate Consultant as follows:

 

		●	As
                                         full and complete consideration for the successful completion of the Consulting Services
                                         for Virpax, Virpax shall grant Consultant stock options in Virpax equivalent to 75,000
                                         shares of Virpax stock. Such shares shall be issued within thirty (30) days following
                                         the end of the Term. The stock option will be subject to the terms of the Virpax Equity
                                         Incentive Plan and a stock option agreement to be executed by Consultant as a condition
                                         of the grant. The stock options shall be the sole compensation paid to Consultant during
                                         this Term except for the reimbursable expenses as set forth herein. 

 

		●	Consultant
                                         will submit a monthly report for all services hereunder containing a detailed description
                                         of the services performed including the dates and time spent on the Consulting Services.

 

      

     

    

 

Consulting Agreement

 

		●	Virpax
                                         will also reimburse Consultant for all reasonable, documented travel and other direct
                                         out-of-pocket expenses related to the Consulting Services, provided that Virpax has approved
                                         all expenditures in writing in advance of incurring such expenditures. A written request
                                         for reimbursement shall be forwarded monthly to Virpax listing all expenses (and related
                                         written documentation), with a description of Consultant’s activities. All requests
                                         for reimbursement shall be sent monthly to the address as follows:

 

Attn:
Accounts Payable

Virpax
Pharmaceuticals Inc.

101
Lindenwood Drive, Suite 225

Malvern,
PA 19355

Email:
accounts-payable@virpaxpharma.com

 

Virpax
shall reimburse such approved expenses within thirty (30) days of receipt of Consultant’s accurate written request
for reimbursement.

 

	3.	Term.
                                         The term of this Agreement is for one (1) year from the Effective Date. Thereafter,
                                         the Agreement may be renewed for additional periods by mutual written agreement of the
                                         parties. Notwithstanding the foregoing, either party has the right to terminate this
                                         Agreement at any time on fifteen (15) days advance written notice specifying the effective
                                         date of such termination. In the event of any such early termination, compensation will
                                         be paid solely for the unreimbursed expenses by Consultant for the period up to and including
                                         the date of such termination. Compensation of share options will only be paid upon completion
                                         of the Consulting Services as described herein. 

 

	4.	Independent
                                         Contractor Status and Compliance with Laws. Consultant will be an independent contractor
                                         and will have sole control of the manner and means of performing Consultant obligations
                                         under this Agreement. Consultant will not be considered an agent or legal representative
                                         of Virpax. Consultant shall have no authority to commit or bind Virpax in any way. Consultant
                                         will be solely responsible for withholding and paying all applicable payroll taxes of
                                         any manner, including social security and other social welfare taxes or contributions
                                         that may be due on amounts paid to Consultant hereunder. In performing the Services,
                                         Consultant agrees to comply with all applicable federal, state and local laws (“Applicable
                                         law”). Consultant is under no obligation, express or implied, to purchase, prescribe,
                                         or otherwise support Virpax products. Further Consultant shall comply with the Virpax
                                         Code of Ethics. 

 

	5.	Immigration
                                         Status. As Consultant is an independent contractor, the parties agree that Virpax
                                         is not responsible for verification of the work authorization of Consultant and/or Consultant’s
                                         employees. Consultant represents and warrants that the Consultant and any employees of
                                         the Consultant are authorized to work and are not acting and will not act during the
                                         terms of the Agreement in violation of the Immigration Reform and Control Act of 1986
                                         and its amendments and the regulations there under. Consultant will indemnify and hold
                                         Virpax harmless against all liabilities, including any fines, penalties, and or attorney’s
                                         fees incurred because Consultant and/or Consultant’s employees are not authorized for
                                         employment in the United States.

 

	6.	Absence
                                         of Conflicts. Consultant warrants that:

 

		●	Consultant
                                         is free to provide consulting services in accordance with the terms of this Agreement
                                         without violation of obligation to any third party, and by providing consultation services
                                         to Virpax Consultant will have no conflict of interest with any third party, including
                                         any employment relationships Consultant may have. 

 

		●	Consulting
                                         services will be provided on the Consultant’s personal time and not while on the
                                         premises of any employer of Consultant. Consultant further warrants that consulting services
                                         will be provided without use of any employer’s resources and facilities.

 

    Page 2

     

    

 

Consulting Agreement

 

		●	If
                                         Consultant is a member of a committee that sets formularies or develops clinical guidelines,
                                         Consultant shall disclose to such committee the existence and nature of this Agreement
                                         and his/her relationship with Virpax. This disclosure requirement to any such committee
                                         shall extend for a minimum of two (2) years beyond the termination or expiration this
                                         Agreement. Further, Consultant shall follow all procedures set forth by such committee
                                         of which he/she is a member. 

 

		●	Consultant
                                         and Consultant’s representatives, including its subsidiaries, affiliates, directors,
                                         officers, agents, employees, and contractors shall comply with Anticorruption Laws (defined
                                         below) and shall not cause the other party, its subsidiaries or affiliates (collectively,
                                         “Affiliates”) to be in violation of any Anticorruption Law. “Anticorruption
                                         Laws” mean collectively: (i) the Foreign Corrupt Practices Act (15 U.S.C.
                                         Section 78dd-1, et. seq.) as amended (the “FCPA”); (ii) any
                                         applicable legislation or regulation implementing the Organization for Economic Cooperation
                                         and Development Convention Against Bribery of Foreign Public Officials in International
                                         Business Transactions (such convention, including the rules and regulations thereunder,
                                         (the “OECD Convention”); (iii) the U.K. Bribery Act of 2010 (“Bribery
                                         Act”), and (iv) all other applicable laws, regulations, orders, judicial decisions,
                                         conventions and international financial institution rules regarding domestic or international
                                         corruption, bribery, ethical business conduct, money laundering, political contributions,
                                         gift and gratuities, or lawful expenses to public officials and private persons, agency
                                         relationships, commissions, lobbying, books and records, and financial controls.

 

	7.	Rights
                                         in Work Product. Virpax will own all right, title and interest in all data, inventions,
                                         discoveries, drug product, formulations, product designs, know-how, formulas, ideas,
                                         studies, reports, documents, publications and the like or other information conceived,
                                         prepared, or created by Consultant during the term of this Agreement in the providing
                                         of consulting services hereunder. Consultant agrees to assign and hereby assigns to Virpax
                                         its rights in all copyrights, patents, trademarks, or other intellectual property of
                                         any kind arising from the work performed under this Agreement, which will be the sole
                                         property of Virpax, including all rights to reproduce and distribute. Consultant shall
                                         promptly disclose any such intellectual property to Virpax and assist Virpax in applying
                                         for, maintaining, or otherwise securing legal protection for the same, and Consultant
                                         agrees to execute any papers, documents or letters necessary to vest title in the intellectual
                                         property in Virpax.

 

	8.	Non-compete.
                                         Consultant represents that it has disclosed, and will disclose, to Virpax any agreements
                                         that it has, or will have, to work on products that are, or will be, in direct competition
                                         with products being developed or marketed by Virpax.

 

	9.	Hiring
                                         of Virpax Employees. During the term of this Agreement and for a period of one (1)
                                         year from the termination of this Agreement, Consultant will not, directly or indirectly,
                                         solicit for employment or hire for employment any employee of Virpax with whom Consultant
                                         has had contact or who becomes known to Consultant, whether before or after the date
                                         hereof, in connection with providing the consulting services set forth herein.

 

	10.	Severability.
                                         Should any part of this Agreement be unenforceable or in conflict with the applicable
                                         laws or regulations of any jurisdiction, the invalid or unenforceable part or provision
                                         will be replaced with a provision that accomplishes, to the extent possible, the original
                                         business purpose of such part or provision in a valid and enforceable manner, and the
                                         remainder of this Agreement will remain binding upon the parties.

 

    Page 3

     

    

 

Consulting Agreement

 

	11.	Governing
                                         Law and Dispute Resolution. This Agreement shall be governed by and construed in
                                         accordance with the laws of the State of Delaware without giving effect to the principles
                                         of conflict of laws. The parties irrevocably and unconditionally consent to submit to
                                         the exclusive jurisdiction of the courts of the State of Delaware and of the United States
                                         of America located in the State of Delaware for any actions, suits or proceedings arising
                                         out of or related to this Agreement. This Agreement is deemed by parties to have been
                                         executed and delivered in Malvern, Pennsylvania.

 

	12.	Indemnity.
                                          Consultant hereby agrees to indemnify, defend and hold harmless Virpax and any of
                                         its affiliates, officers, directors and agents and employees (“Virpax Indemnitee”),
                                         from and against any and all losses, liabilities, damages, judgments, costs and expenses,
                                         including, without limitation, attorneys’ fees and court costs resulting from any
                                         claim asserted, action or suit brought by third-parties against Virpax Indemnitees due
                                         to (i) Consultant’s gross negligence or willful misconduct in connection with this Agreement;
                                         or (ii) as the result of Consultant’s breach of its obligations under this Agreement.

 

	13.	Entire
                                         Agreement, Survival of Certain Provisions and Amendments. This Agreement together
                                         with the Confidentiality Agreement dated July 9, 2017 represents the entire understanding
                                         between the parties as of the date of this Agreement with respect to the subject matter
                                         described, by and between Consultant and Virpax, and supersedes all prior agreements,
                                         negotiations, understandings, representations, statements, and writings between the parties.
                                         Sections 5-14 and the Confidentiality Agreement referenced herein shall survive any expiration
                                         or termination of this Agreement. No modification, alteration, waiver or change in any
                                         of the terms of this Agreement will be valid or binding upon the parties unless made
                                         in writing and specifically referring to this Agreement and signed by each of the parties
                                         listed.

 

	14.	Representations
                                         and Warranties. Consultant represents and warrants to Virpax that (a) Consultant
                                         will perform all services hereunder in a professional manner in accordance with all policies;
                                         (b) Consultant is not on the General Services Administrations’ List of parties
                                         excluded from Federal Programs; (c) Consultant has the full power of authority to enter
                                         into this Agreement and to perform the obligations set forth herein; (d) Consultant’s
                                         entering into this Agreement and fulfillment of Services will not infringe any third
                                         party’s contractual or intellectual property rights.

 

	15.	Assignment.
                                         Consultant shall not assign, transfer, or subcontract this Agreement or any of its
                                         obligations hereunder without the prior written consent of Virpax. Without any requirement
                                         of consent by Consultant, Virpax shall have the right to assign and transfer this Agreement,
                                         in part or in whole, to any other third party. This Agreement shall inure to the benefit
                                         of any permitted assigns, successors in business, or subsidiaries or affiliates of the
                                         parties. Any attempted assignment or transfer in contravention of this Agreement shall
                                         be null and void.

 

	16.	Debarment.
                                         Consultant represents that it has never been and, to the best of its knowledge after
                                         reasonable inquiry, its employees, if any, have never been debarred, or convicted for
                                         a crime for which a person can be debarred, under §335a (a) or (b) of the Generic
                                         Drug Enforcement Act of 1992 (“§335a (a) or (b)”), or is ineligible to
                                         receive investigational drugs under 21 CFR, Section 312.70 (an “Ineligible Person”).
                                         Consultant represents that it has never been and, to the best of its knowledge after
                                         reasonable inquiry, none of its employees, if any, have ever been threatened to be debarred,
                                         or indicted for a crime or otherwise engaged in conduct for which a person can be debarred
                                         under §335a (a) or (b). Consultant agrees that it will promptly notify Virpax in
                                         the event of any such debarment, ineligibility, conviction, threat, or indictment of
                                         either Consultant or Consultant’s employees, if any. The terms of the preceding
                                         sentence shall survive the termination or expiration of this Agreement for a period of
                                         three (3) years. Consultant acknowledges that Virpax shall have the right to terminate
                                         this Agreement immediately upon receipt of information regarding the debarment, ineligibility,
                                         conviction, threat, or indictment of either Consultant or Consultant’s employees, if
                                         any.

 

	17.	Counterparts.
                                         This Agreement may be executed in two or more counterparts, each of which shall be
                                         deemed an original but all of which taken together shall constitute one and the same
                                         instrument. Signatures to this Agreement transmitted by facsimile, email, portable document
                                         format (or .pdf) or by any other electronic means intended to preserve the original graphic
                                         and pictorial appearance of this Agreement shall have the same effect as the physical
                                         delivery of the paper document bearing original signature.

  

[SIGNATURE
PAGE TO FOLLOW]

 

    Page 4

     

    

 

Consulting Agreement

 

Agreed
and Accepted as of the first date written above:

 

	VIRPAX
    PHARMACEUTICALS, INC	 	CONSULTANT

	 	 	 
	By:	/s/
    Anthony P. Mack	 	By:	/s/
    Gerald W. Bruce
	Name:	Anthony
    P. Mack	 	Name:	Gerald
    W. Bruce
	Title	Chairman
    & CEO	 	Title:	Consultant

 

 

 

 

Page 5Exhibit 10.20

 

THIS PROMISSORY NOTE
(“NOTE”) HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”)
OR ANY STATE SECURITIES OR “BLUE SKY LAWS,” AND MAY NOT BE OFFERED FOR SALE, SOLD, ASSIGNED, TRANSFERRED, HYPOTHECATED,
OR OTHERWISE DISPOSED OF (COLLECTIVELY, A “TRANSFER”) UNLESS (I) SUCH NOTE HAS BEEN REGISTERED FOR SALE PURSUANT TO
SAID ACT AND SUCH LAWS; OR (II) THE COMPANY HAS RECEIVED AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO IT THAT SUCH TRANSFER
MAY LAWFULLY BE MADE WITHOUT REGISTRATION UNDER THE SAID ACT AND SUCH LAWS AND THE RECIPIENT OF SUCH TRANSFER EXECUTES AN AGREEMENT
WITH THE COMPANY (IN A FORM REASONABLY SATISFACTORY TO THE COMPANY) OBLIGATING IT TO ABIDE BY COMPARABLE RESTRICTIONS ON TRANSFER.

 

Promissory Note

 

PROMISSORY NOTE

 

	$500,000.00	October 1, 2018

 

Malvern, Pennsylvania

 

 

FOR
VALUE RECEIVED, the undersigned, Virpax Pharmaceutical, Inc. (the “Payor”), hereby promises to pay to
the order of Anthony Mack (the “Holder”), the principal amount of Five Hundred Thousand Dollars ($500,000.00)
(the “Principal Amount”), payable on the terms specified below.

 

1.
Payment of Principal. The principal hereof shall be paid on the earlier of (i) the first anniversary of the date of this
Note (the “Maturity Date”); or (ii) when, upon or after the occurrence of an Event of Default (as defined below),
such amounts are declared due and payable by Holder or made automatically due and payable in accordance with the terms hereof (the
events set forth in the preceding clause (i) and (ii), a “Repayment Event”).

 

2. Payment
of Interest. Interest on the outstanding portion of the Principal Amount shall accrue at a rate equal to the lesser of eleven
and nineteen hundredths percent (11.19%) per annum and the maximum non-usurious interest rate permitted by applicable law (the
“Maximum Rate”), and shall become due and payable upon the occurrence of a Repayment Event. Any overdue unpaid
Principal Amounts shall bear interest, before and after judgment, for each day that such amounts are overdue at a rate equal to
the lesser of fifteen percent (15%) per annum and the Maximum Rate. All computations of interest shall be made on the basis of
a 360-day year and 30-day month for the actual number of days occurring in the period for which such interest is payable.

 

3. Optional
Prepayments. The Payor may, at any time, prepay this Note in whole or in part without premium or penalty. Any such prepayment
shall be applied first to outstanding installments of principal and then to accrued interest if applicable.

 

     

     

    

 

4. Manner
of Payment. All payments of principal and interest if applicable shall be made at the address of the Holder for receiving notices
hereunder or at such other address as the Holder may designate for payments hereunder by notice given to the Payor.

 

5. Default;
Remedy. Upon the occurrence of an Event of Default (as hereinafter defined), the Holder may, by written demand to the Payor,
declare this Note to be in default, whereupon the entire unpaid balance of the principal hereof and all accrued interest thereon
shall become immediately due and payable. If the Payor cures an Event of Default before receipt from the Holder of a written demand
for payment, the Holder shall have no right to demand acceleration of payment as a result of such Event of Default. If after a
declaration of default the Payor shall fail to pay in full the unpaid balance of the principal hereof and all interest accrued
thereon, the Holder shall be entitled to pursue all such remedies as he, she or it may have, at law or in equity, for the enforcement
and collection hereof, and to receive in addition to such principal and interest all costs of collection (including reasonable
attorney’s fees).

 

For the purpose of this Note,
an Event of Default shall consist only of one or more of the following:

 

(a)
The Payor shall fail to make any payment of principal or interest within five (5) days after the same becomes due.

 

(b) The
Payor shall make an assignment for the benefit of creditors, file a petition in bankruptcy, be adjudicated insolvent or bankrupt,
petition or apply to any tribunal for the appointment of a receiver or any trustee for the Payor or a substantial part of the Payor’s
assets, or commence any proceedings or a case with respect to the Payor or the Payor’s assets under any bankruptcy, reorganization,
arrangement, readjustment of debt, insolvency, dissolution or liquidation law or statute of any jurisdiction, whether now or hereafter
in effect; or there shall have been filed any such petition or application against the Payor or any such proceedings shall have
been commenced against the Payor, which remain undismissed for a period of sixty (60) days or more; or the Payor by any act or
omission shall indicate his, her or its consent to, approval of or acquiescence in any such petition, application or the appointment
of a receiver of or any trustee for the payor or any substantial part of any of the Payor’s assets or shall suffer any such
receivership or trusteeship to continue undischarged for a period of sixty (60) days or more.

 

6. Representations
and Warranties of Holder. Holder represents and warrants to Payor upon the acquisition of the Note as follows:

 

(a) Binding
Obligation. This Note has been duly executed and delivered by Holder and is a valid and binding obligation of Holder, enforceable
against him in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating
to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

(b) Experience.
Holder is an “accredited investor” as that term is defined in Rule 501 under the Securities Act. Holder has substantial
experience in evaluating and investing in private placement transactions of securities in companies similar to Payor so that Holder
is capable of evaluating the merits and risks of Holder’s investment in Payor and has the capacity to protect Holder’s
own interests.

 

    -2-

     

    

 

(c) Investment.
Holder is acquiring the Note not as a nominee or agent, and not with the view to, or for resale in connection with, any distribution
thereof. Holder understands that the Note has not been registered under the Securities Act by reason of a specific exemption from
the registration provisions of the Securities Act, the availability of which depends upon, among other things, the bona fide nature
of the investment intent and the accuracy of such Holder’s representations as expressed herein and in response to Payor’s
inquiries, if any.

 

(d) Rule
144. Holder acknowledges that the Securities must be held indefinitely unless subsequently registered under the Securities
Act or unless an exemption from such registration is available. Holder is aware of the provisions of Rule 144 promulgated under
the Securities Act, which permit limited resale of securities purchased in a private placement subject to the satisfaction of certain
conditions, including, among other things, the existence of a public market for the securities, the availability of certain current
public information about Payor, the resale occurring not less than one year after a party has purchased and paid for the security
to be sold, the sales being effected through a “broker’s transaction” or in transactions directly with a “market
maker” and the number of securities being sold during any three-month period not exceeding specified limitations.

 

(e) No
Public Market. Holder understands that no public market now exists for any of the securities issued by Payor and that Payor
has made no assurances that a public market will ever exist for Payor’s securities.

 

(f) Access
to Data. As a member of the Board of Directors of Payor and its current Chief Executive Officer and President, Holder acknowledges
that Holder understands Payor’s business, management, and financial affairs.

 

(g) Brokers
or Finders. Payor has not, and will not, incur, directly or indirectly, as a result of any action taken by Holder, any liability
for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Note.

 

(h) Tax
Advisors. Holder acknowledges that Holder has had the opportunity to review with Holder’s own tax advisors the federal,
state, local and foreign tax consequences of this investment and the transactions contemplated by this Note.

 

7. Representations
and Warranties of Payor. Payor represents and warrants to Holder upon the issuance of the Note as follows:

 

(a) Organization;
Authority. Payor is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware.
Payor has the requisite power to own and operate its properties and assets and to carry on its business as now conducted and as
proposed to be conducted. Payor has all requisite corporate power to issue this Note and to carry out and perform its obligations
under this Note.

 

(b) Authorization.
The Board of Directors of Payor has approved the issuance of this Note based upon a reasonable belief that the issuance of this
Note is appropriate for Payor after reasonable inquiry concerning Payor’s financing objectives and financial situation. All
requisite action on the part of Payor and the Payor’s Board of Directors and stockholders necessary for the issuance and
delivery of this Note has been taken.

 

    -3-

     

    

 

(c) Binding
Obligation. This Note has been duly executed and delivered by Payor and is a valid and binding obligation of Payor, enforceable
against him in accordance with its terms, except as limited by bankruptcy, insolvency or other laws of general application relating
to or affecting the enforcement of creditors’ rights generally and general principles of equity.

 

(d) No
Conflicts. Payor is not in violation or default of any term of its Certificate of Incorporation or Bylaws, or of any provision
of any material contract to which it is a party or by which it is bound or of any judgment, decree, order or writ, other than such
violations that would not have a material adverse effect on Payor. The execution, delivery and performance of this Note will not
result in any such violation or be in conflict with, or constitute, with or without the passage of time and giving of notice, either
a default under any such provision, instrument, judgment, decree, order or writ or an event that results in the creation of any
lien, charge or encumbrance upon any assets of Payor.

 

8.
Miscellaneous.

 

8.1 Binding
Effect. This Note shall inure to the benefit of the Holder hereof and his, her or its personal representatives, successors
and assigns. This Note shall be binding upon the Payor and his, her or its personal representatives, successors and assigns.

 

8.2 Notices.
Any notice, request or other communication pursuant to this Note shall be deemed duly given if hand delivered or mailed by certified
or registered mail addressed, in the case of notice to the Payor at 101 Lindenwood Dr., Suite 225, Malvern, PA 19355, and in the
case of notice to the Holder at [***], or in the case of either party, to such other address as it, he or she may have designated
as its, his or her address for receiving notices hereunder by a notice given to the other party hereto in the manner herein provided.

 

8.3 Waiver
of Demand. Except as otherwise provided herein, the Payor waives presentment, demand, protest and notice of every kind in connection
with the enforcement and collection of this Note.

 

8.4 Governing
Law. This Note shall be governed by the laws of the Commonwealth of Pennsylvania, without regard to its conflict of laws principles.

 

8.5 Notice
of Business Transaction. This Note is part of a business transaction and not a personal finance or household finance obligation.

 

[signature page follows]

 

    -4-

     

    

 

IN WITNESS WHEREOF, the undersigned,
intending to be legally bound hereby, has duly executed this Note on the day and year first above written.

 

	 	PAYOR:
	 	 
	 	Virpax Pharmaceutical, Inc.
	 	 
	 	/s/ Jeffrey Gudin
	 	Jeffrey Gudin
	 	EVP, Chief Medical Officer
	 	 
	 	HOLDER:
	 	 
	 	/s/ Anthony Mack
	 	Anthony Mack

 

 

-5-

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