Document:

ex_121646.htm

Exhibit 10.1

 

GEOVAX LABS, INC.

1900 Lake Park Drive

Suite 380

Smyrna, Georgia 30080

 

 

August 13, 2018

 

 

Mr. David A. Dodd

4464 Spring Island

Spring Island, South Carolina 29909

 

Re: Confirmation of Terms of Employment

 

Dear David,

 

I am pleased to confirm your acceptance of our offer of employment with GeoVax Labs, Inc. (the “Company”) in the position of Chairman, President and Chief Executive Officer. As we agreed, your effective start date will be September 5, 2018 and the initial terms of the position are:

 

	 	
			1.

				
			Position. During the term of your employment, you will continue to serve as a director of the Company and as Chairman of the Board of Directors. At each annual meeting of the Company’s shareholders during the term of your employment, the Board of Directors shall nominate you to serve as a member of the Board and shall designate that you will occupy the office of Chairman of the Board. You shall not receive any additional compensation for your services as a member of the Board. As the President and Chief Executive Officer of the Company, you will serve as the principal administrative and executive officer of the Company and you will have such duties, authority and responsibility as shall be determined from time to time by the Board of Directors, which duties, authority and responsibility shall be customary for persons occupying such positions in companies of like size and type. All members of the Company’s executive management team shall report directly to you. You shall, if requested to do so, also serve as an officer or director of any affiliate of the Company for no additional compensation.

			

 

	 	
			2.

				
			Compensation. Your base annual salary will be paid semi-monthly in the gross amount of $10,416.67, which is equivalent to an annual base salary of $250,000, and will be subject to all applicable deductions and withholdings as required by law and the policies of the Company. In addition to your annual base salary, you will be eligible to earn a performance-based bonus for each calendar year that is currently targeted at 65% of base annual salary. Payment of such a bonus will be contingent upon achievement of performance objectives established by the Board of Directors, after consultation with you, prior to the year in which the bonus is to be earned and approval by the Board of Directors prior to payout. Subject to meeting both contingencies, annual bonuses are typically paid by March 15 of the applicable year. You have agreed to defer receipt of cash payments of your salary and bonus for periods on and after September 5, 2018 on a basis to be determined, taking into consideration the requirements of the Internal Revenue Code of 1986, as amended, and the agreement of other executives to defer receipt of cash compensation payments.

			

 

	 	
			3.

				
			Stock Options/Grants. Upon the date of the commencement of your employment, you will receive an initial grant of options to purchase 3,000,000 shares of the Company’s common stock under the terms of the Company’s 2016 Stock Incentive Plan, which options will have an exercise price equal to the closing price of a share of the Company’s common stock on September 5, 2018 and will vest immediately upon issuance. The options will expire if not exercised prior to the September 5, 2028. You will be eligible to receive additional grants of stock options, as and when approved by the Board of Directors.

			

 

 

 

 

	 	
			4.

				
			Executive Employment Agreement. Upon the commencement of your employment, the Company will enter into with you an executive employment agreement in the form currently used for other executive officers of the Company, having terms consistent with this offer letter. The agreement will provide protection for you if there is a change in control of the Company. The agreement also will include to-be-negotiated restrictive covenants and a mandatory, binding arbitration provision.

			

 

	 	
			5.

				
			Benefits. Subject to eligibility and participation requirements and rules, you may participate in the benefit plans and polices that are maintained by the Company, including, without limitation, the Company’s standard group medical, dental, vision, life insurance and long-term disability plans and the Company’s 401(k) Plan.

			

 

	 	
			6.

				
			Vacation. You are entitled to four weeks of paid vacation leave for each full calendar year of employment in accordance with the Company’s vacation policy. You agree that exercise of the vacation benefit shall be pre-arranged and coordinated with the other executive officers of the Company so as to minimize disruption of the Company’s operations during customary vacation periods. All of the vacation benefit shall be taken during each calendar year and shall not be carried over in any amount into succeeding years. Unused vacation leave shall not be payable in cash.

			

 

	 	
			7.

				
			Business Expenses. The Company shall reimburse you, upon presentation of valid receipts or vouchers, for reasonable entertainment, travel and other business expenses, incurred on behalf of or at the request of the Company and that are in accordance with the Company’s policies and rules, provided, however (a) the amount of such expenses eligible for reimbursement in any calendar year shall not affect the expenses eligible for reimbursement in another calendar year; (b) no right to such reimbursement may be exchanged or liquidated for another benefit or payment, and (c) any reimbursement of such expenses shall be made as soon as practicable under the circumstances, but in any event no later than the end of the calendar year following the calendar year in which the related expenses are incurred by you.

			

 

	 	
			8.

				
			Employment Term. Your employment with the Company will be “at-will”, meaning that either you or the Company may terminate your employment relationship at any time, with or without notice and with or without cause. Your executive employment agreement will provide for compensation to you if you are terminated without cause or if you terminate your employment for good reason in an amount equal to three times your base salary and your target bonus. In addition, if you are terminated without cause or if you terminate your employment for good reason, all stock options issued to you will immediately vest. Your executive employment agreement will contain mutually acceptable definitions of “cause” and “good reason”. If the Company seeks to terminate you for cause, you will be given a 10-day period to cure the circumstance constituting cause. Your executive employment agreement will provide for payment compensation to your beneficiaries upon your death during the term of your employment, which provisions will be consistent with those granted to the other executive officers of the Company.

			

 

	 	
			9.

				
			Definitive Agreements. Promptly following your acceptance of this letter, the Company will commence the preparation of a definitive executive employment agreement to memorialize the employment terms summarized above. It is our mutual intention to complete the agreement so that you may sign it on the first day of your employment with the Company. The agreement will be based on those agreements in force for other executives of the Company, with such modifications as are mutually acceptable.

			

 

 

 

 

Upon your acceptance of this letter, please return it to me.

 

Sincerely,

 

 

 

	/s/ Randal Chase	 
	
			Randal Chase

			Compensation Committee Chairman

			GeoVax Board of Directors

				 

 

 

 

Accepted this 13th day of August, 2018

 

 

 

	/s/ David A. Dodd	 
	David A. DoddExhibit 10.1

 

SECOND
AMENDMENT TO MASTER EXCHANGE AGREEMENT

 

THIS
SECOND AMENDMENT is dated as of June 29, 2018 (this “Second Amendment”), and amends in part that certain MASTER
EXCHANGE AGREEMENT, as amended and restated on January 18, 2018 with effect as of January 12, 2018, and further amended by the
First Amendment thereto, dated April 30, 2018 (the “Agreement”), by and among GWG HOLDINGS, INC., a Delaware
corporation (“GWG”), GWG LIFE, LLC, a Delaware limited liability company and wholly owned Subsidiary of GWG, THE BENEFICIENT
COMPANY GROUP, L.P., a Delaware limited partnership, MHT FINANCIAL SPV, LLC, a Delaware limited liability company and wholly owned
subsidiary of MHT Financial, L.L.C., and each of the EXCHANGE TRUSTS that is a party to the Agreement (the “Seller Trusts”),
and as agreed to and accepted by Murray T. Holland and Jeffrey S. Hinkle as trust advisors to the Seller Trusts. Capitalized terms
used but not defined herein shall have the meanings assigned to such terms in the Agreement.

 

WITNESSETH:

 

WHEREAS,
the parties have entered into the Agreement; and

 

WHEREAS,
the parties have agreed in principle to a forthcoming amendment of the Agreement that will contemplate multiple closings of the
transaction, the first of which is expected to occur presently and will include the transfer of approximately $403,000,000 of
L Bonds and $150,000,000 of cash consideration, and are committed to its ultimate closing on the satisfaction of the remaining
regulatory requirements;

 

WHEREAS,
pursuant to and in accordance with Section 11.10 of the Agreement, the parties wish to amend the Agreement as set forth in this
Second Amendment.

 

NOW,
THEREFORE, in consideration of the rights and obligations contained herein, and for other good and valuable consideration, the
adequacy of which is hereby acknowledged, the parties agree as follows:

 

Section
1.Amendment to the Agreement.

 

(a) Section
10.1(b)(i) of the Agreement is hereby deleted in its entirety and replaced with the following:

 

“if
any of the conditions set forth in Article IX shall not have been, or if it becomes apparent that any of such conditions will
not be, fulfilled by July 30, 2018; provided that the right to terminate this Agreement pursuant to this Section 10.1(b)(i)
shall not be available to a party whose failure to perform any of its material obligations under this Agreement has been the
primary cause of, or primarily resulted in, such failure; or”

 

(b) All
other terms and provisions of the Agreement are hereby ratified in full and incorporated by reference herein.

 

    	 	1	 

     

    

 

Section
2.No Third Party Beneficiary. This Second Amendment shall be binding upon and inure solely to the benefit of the parties
hereto and their permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person,
any legal or equitable right, benefit or remedy of any nature whatsoever, including, without limitation, any rights of employment
for any specified period, under or by reason of this Agreement.

 

Section
3.Entire Agreement. This Second Amendment constitutes the entire agreement of the parties hereto with respect to the
subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties with respect
to the subject matter hereof Except as amended by this Second Amendment, the Agreement shall continue in full force and effect.

 

Section
4.Counterparts. This Second Amendment may be executed in counterparts (and delivered by facsimile or electronic transmission),
each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

Section
5.Governing Law. This Second Amendment, and all claims or causes of action based upon, arising out of, or related to
this Second Amendment or the transactions contemplated hereby, shall be governed by, and construed in accordance with, the Laws
of the State of Delaware, without giving effect to principles or rules of conflict of laws to the extent such principles or rules
would require or permit the application of Laws of another jurisdiction.

 

[Signature
Page Follows]

 

    	 	2	 

     

    

 

IN
WITNESS WHEREOF the parties have hereunto caused this Second Amendment to be duly executed as of the date first set forth above.

 

	 	GWG HOLDINGS, INC.
	 	 	 
	 	By:	Jon
Sabes
	 	Name:	Jon Sabes
	 	Title:	Chief Executive
Officer
	 	 	 
	 	GWG LIFE, LLC
	 	 	 
	 	By: 	Jon Sabes
	 	Name:	Jon Sabes
	 	Title:	Chief Executive
Officer

 

[Signature Page to Second Amendment
to Master Exchange Agreement] 

 

    	 	3	 

     

    

 

IN
WITNESS WHEREOF the parties have hereunto caused this Second Amendment to be duly executed as of the date first set forth above.

 

	 	THE
    BENEFICIENT COMPANY GROUP, L.P.
	 	 	 
	 	By: 	Brad
    K. Heppner
	 	Name: 	Brad K. Heppner
	 	Title: 	Chief Executive
    Officer
	 	 	 
	 	MHT
    FINANCIAL SPV, LLC
	 	 	 
	 	By: 	Murray
    T. Holland
	 	Name: 	Murray T.
    Holland
	 	Title: 	Manager
	 	 	 
	 	THE
    LT-1 EXCHANGE TRUST,
	 	 	 
	 	By:
     DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By: 	Alan
    R. Halpern
	 	Name: 	Alan R. Halpern
	 	Title: 	Vice President
	 	 	 
	 	THE
    LT-2 EXCHANGE TRUST,
	 	 	 
	 	By:
    DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	Alan
    R. Halpern
	 	Name:	Alan R. Halpern
	 	Title:	Vice President

 

[Signature Page to Second Amendment to
Master Exchange Agreement]

 

    	 	4	 

     

    

  

IN
WITNESS WHEREOF the parties have hereunto caused this Second Amendment to be duly executed as of the date first set forth above.

 

	 	THE LT-3 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not
    in its individual capacity but solely as Trustee
	 	 	 
	 	By:	Alan
    R. Halpern
	 	Name:	Alan R. Halpern
	 	Title:	Vice President
	 	 	 
	 	THE LT-4 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not
    in its individual capacity but solely as Trustee
	 	 	 
	 	By:	Alan
    R. Halpern
	 	Name:	Alan R. Halpern
	 	Title:	Vice President
	 	 	 
	 	THE LT-5 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not
    in its individual capacity but solely as Trustee
	 	 	 
	 	By:	Alan
    R. Halpern
	 	Name:	Alan R. Halpern
	 	Title:	Vice President

 

	 	THE LT-6 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	Alan R. Halpern
	 	Name:	Alan R. Halpern
	 	Title:	Vice President

 

[Signature Page to Second Amendment
to Master Exchange Agreement]

 

    	 	5	 

     

    

 

IN
WITNESS WHEREOF the parties have hereunto caused this Second Amendment to be duly executed as of the date first set forth above.

 

	 	THE LT-7 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	Alan R. Halpern
	 	Name:	Alan R. Halpern
	 	Title:	Vice President
	 	 	 
	 	THE LT-8 EXCHANGE TRUST,
	 	 
	 	By: DELAWARE TRUST COMPANY, not in its individual capacity but solely as Trustee
	 	 	 
	 	By:	Alan R. Halpern
	 	Name:	Alan R. Halpern
	 	Title:	Vice President

 

	 	MURRAY
        T. HOLLAND, as Trust Advisor
	 	 
	 	Murray T. Holland
	 	 
	 	JEFFREY
        S. HINKLE, as Trust Advisor
	 	 
	 	Jeffrey S. Hinkle

 

 

6

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