Document:

ex_134564.htm

Exhibit 10.4

 

Addendum No. 8 to

Contract No. 840/08625142/25/158-15 dtd. 2015.12.07

Date of signature: 14.12.2018

 

THE SELLER

Joint Stock Company «Isotope»,

(JSC «Isotope»)

 

Pogodinskaya str., 22, Moscow, 119435, Russia.

Phone: +7(499) 245-01-18, 245-13-81.

 

THE BUYER

The Company IsoRay Medical Inc.

350 Hills Street, Suite 106

Richland, WA 99354-5411 USA

 

THE BUYER and THE SELLERS have mutually agreed about the following:

 

	
			1.

				
			Validity of the present Contract is extended till December 31, 2019.

			

	
			2.

				
			Total activity of additional shipments of the Goods during Q1-Q2 2019 will not exceed [**].

			

	
			3.

				
			Until May 31, 2019 the Parties shall agree on volumes and price of the Goods, supplied during Q3-Q4 2019, and shall sign a new Contract.

			

 

Amount of the Contract increases for [**] USD and equals to [**] USD ([**] US Dollars Only).

 

The present addendum is the integral part of contract 840/08625142/25/158-15 and may be signed by E-mail.

 

All other terms and conditions are in accordance with Contract No. 840/08625142/25/158-15, Appendices 1 and 2, Addenda 1, 2, 3, 4, 5, 7.

 

	
			THE SELLER

				 	
			THE BUYER

				
			 

			
	
			 

				 	
			 

				
			 

			
	
			/s/ Boris Akakiev 

				 	
			/s/ William Cavanagh

				
			 

			
	
			Boris Akakiev

				 	
			W. Cavanagh

				
			 

			
	Advisor to Director General	 	21 Dec 2018	 
	
			JSC Isotope 

				 	
			IsoRay - COOex_134565.htm

Exhibit 10.5

 

AMENDMENT TO EXHIBIT B OF MANUFACTURING AND SUPPLY AGREEMENT

 

IsoRay Medical, Inc., a Delaware corporation with offices at 350 Hills Street, Suite 106, Richland, WA 99352 (“IsoRay”), and GT Medical Technologies, Inc., a Delaware corporation having its principal place of business at 1809 S. Holbrook Ln., Ste. 107 Tempe, AZ, 85281 (“GT Med Tech”), previously entered into a Manufacturing and Supply Agreement dated January 3, 2018 (the “Agreement''). The parties now desire to modify the pricing of Exhibit B of the Agreement as outlined on the attached page.

 

In witness whereof, the parties have caused their respective authorized representatives to execute this Amendment to Exhibit B of the Manufacturing and Supply Agreement as of December 28, 2018 (“the Effective Date”).

 

	
			GT Medical Technologies, Inc.

				 	
			IsoRay Medical, Inc.

				
			 

			
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	
			/s/ Herman Lopez Dec 28, 2018

				 	
			By:

				
			/s/ Jonathan Hunt 12/29/2018  

				
			 

			
	 	
			 

				 	
			 

				
			 

				
			 

			
	
			Name: Hernan Lopez 

				 	
			Name: Jonathan Hunt

				
			 

			
	 	 	 	 
	Title: Vice President of Operations 	 	Title: Chief Financial Officer	 

 

 

 

 

Exhibit B

Open-Book Pricing Formula & Pricing Schedule

 

	
			Open-Book Pricing Formula for GammaTile 3-pack

				 
	
			Description

				
			Price

			
	
			Materials (excluding Duragen)

				
			$111.93  

			
	
			Labor

				
			[**]  

			
	
			50% Profit Margin

				
			[**]  

			
	
			Seeds (high activity 3.5U Cesium-131 source — assumes 4 seeds per GammaTile)

				
			[**]  

			
	
			Overhead

				
			[**]  

			
	 	 
	
			Total price of each GammaTile 3-pack

				
			[**]  

			

 

	
			Open-Book Pricing Formula for Duragen Validation

				 
	
			Description

				
			Price

			
	
			Materials (excluding Duragen)

				
			$42.93  

			
	
			Labor

				
			[**]  

			
	
			50% Profit Margin

				
			[**]  

			
	
			Simulation Seeds

				
			[**]  

			
	
			Overhead

				
			[**]  

			
	 	 
	
			Total price of each Duragen Validation

				
			[**]  

			

 

 

Pass-Through Costs

	 	
			●

				
			Sterilization: Sterilization costs shall be billed either directly to GT Med Tech or invoiced as a separate line item as a pass-through cost by IsoRay. No mark-up to sterilization or other pass-through costs for the Product will be assessed by IsoRay.

			

	 	
			●

				
			Bacterial Endotoxin Testing: Bacterial Endotoxin Testing (“BET”) costs shall be billed either directly to GT Med Tech or invoiced as a separate line item as a pass-through cost by IsoRay. No mark-up to BET or other pass-through costs for the Product will be assessed by IsoRay.Exhibit 10.2

 

SECURED
TERM PROMISSORY NOTE

 

	$650,000	Advance Date:     February 11, 2019
	 	 
	 	Maturity Date:   September 30, 2019

 

FOR VALUE RECEIVED,
Ondas Holdings Inc., a Nevada corporation, for itself and each of its Subsidiaries (the “Borrower”) hereby promises
to pay to the order of Energy Capital, LLC, a Florida limited liability company, or the holder of this Note (the “Lender”)
at Lender’s address listed in Loan Agreement, or such other place of payment as the holder of this Secured Term Promissory Note
(this “Promissory Note”) may specify from time to time in writing, in lawful money of the United States of America,
the principal amount of Six Hundred Fifty Thousand Dollars ($650,000) or such lesser principal amount as Lender has advanced to
Borrower, together with interest as set forth in that certain Loan and Security Agreement dated October 1, 2018, by and among Borrower,
its Domestic Subsidiaries party thereto and Lender (as the same may from time to time be amended, modified or supplemented in accordance
with its terms, the “Loan Agreement”).

 

This Promissory Note
is the Term Note referred to in, and is executed and delivered in connection with, the Loan Agreement, and is entitled to the benefit
and security of the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement), to which reference is made
for a statement of all of the terms and conditions thereof. All payments shall be made in accordance with the Loan Agreement. All
terms defined in the Loan Agreement shall have the same definitions when used herein, unless otherwise defined herein. An Event
of Default under the Loan Agreement shall constitute an Event of Default under this Promissory Note.

 

Borrower waives presentment
and demand for payment, notice of dishonor, protest and notice of protest under the UCC or any applicable law. Borrower agrees
to make all payments under this Promissory Note without setoff, recoupment or deduction and regardless of any counterclaim or defense.
This Promissory Note has been negotiated and delivered to Lender and is payable in the State of Florida. This Promissory Note shall
be governed by and construed and enforced in accordance with, the laws of the State of Florida, excluding any conflicts of law
rules or principles that would cause the application of the laws of any other jurisdiction.

 

	BORROWER FOR ITSELF AND ON BEHALF OF ITS
SUBSIDIARIES:
	 	 	 
	 	ONDAS HOLDINGS INC.
	 	 	 
	 	By:	/s/ Eric A. Brock 
	 	 	Eric A. Brock, Chief Executive OfficerExhibit

Exhibit 10.2

ISABELLA BANK CORPORATION
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN

PARTICIPATION AGREEMENT
FOR 
NEIL MCDONNELL
(KEY EMPLOYEE)

January 23, 2019

This Participation Agreement is entered into effective as of January 23, 2019 by Neil McDonnell (the “Participant”) and Isabella Bank Corporation (together with any successors and affiliates, the “Company”) pursuant to the Isabella Bank Corporation Supplemental Executive Retirement Plan (“Plan”), as amended from time to time.  
1.    Agreement.  The Participant and the Company agree to be bound by the terms of the Plan and the terms of this Participation Agreement with respect to the Participant’s participation in and benefits under the Plan.  The terms of the Plan are incorporated into this Participation Agreement by reference.  Capitalized terms not otherwise defined in this Participation Agreement have the meaning given in the Plan.  In the event of a conflict between the terms of the Plan and the terms of this Participation Agreement, the terms of the Plan shall control except as specifically provided otherwise in the Plan or this Participation Agreement.
2.    Effective Date of Participation.  The Participant’s participation in the Plan and this Participation Agreement commence effective as of January 23, 2019. 
3.    Early Retirement Age.  The Participant’s Early Retirement Age is age 55.
4.    Normal Retirement Age.  The Participant’s Normal Retirement Age is age 65.
5.    Annual Credit.  Schedule A sets forth the Participant’s Annual Credits to be made at the end of each of the first ten (10) Plan Years commencing with the Plan Year that ends on December 31, 2018.  The Company will, on the last day of each such Plan Year, credit the Participant’s SERP Account with the Participant's Annual Credit only: (a)  if the Participant is employed as of the last day of the Plan Year by the Company, and (b) if such employment is as the Company’s Chief Financial Officer.   Notwithstanding the foregoing, after a Change in Control that occurs while the Participant is employed by the Company as its Chief Financial Officer, the Company: (a) will continue to  credit the Participant's SERP Account with uncredited Annual Credits in accordance with Schedule A if the Participant is employed as of the last day of each relevant Plan Year by the Company or its Affiliates, and (b) will credit the Participant’s SERP Account with all of the uncredited (as of a Separation from Service described below) Annual Credits that are set forth in Schedule A if the Participant incurs (after such Change in Control) either: (i) an involuntary Separation from Service without Cause, or (ii) a voluntary Separation from Service with Good Reason.
6.    Discretionary Credits.  The Board may, in its sole discretion, allocate Discretionary Credits to the Participant’s SERP Account from time to time in accordance with Section 5.2 of the Plan.
7.    Earnings.  The Participant’s SERP Account will be credited with interest pursuant to Section 5.3 of the Plan.  
8.    Vesting.  The Plan’s default vesting rules in Section 3.2 will apply to the Participant’s SERP Account.  No special vesting schedule will apply.

9.    Clawback.  In the event that the Committee determines, in its sole discretion, that a Clawback Event has occurred and that the Participant has been paid or is entitled to a benefit under the Plan or this Participation Agreement that exceeds the benefit that the Participant would have been paid or to which the Participant would have been entitled had the Clawback Event not occurred, then the Committee may require the Participant to repay and/or forfeit the portion of the benefit that the Committee determines, in its sole discretion, to have been excessive.  A “Clawback Event” has occurred if the Committee determines, in its sole discretion, that either  (a) the Company is required to prepare an accounting restatement due to the Company’s material noncompliance with any financial reporting requirement, if the Participant had knowledge of or control over the circumstances resulting in such noncompliance, (b) a financial statement, performance goal or performance metric was materially inaccurate, or (c) the Participant has materially violated any of the provisions of Section 10.13 of the Plan.  The Committee shall have sole discretion to determine whether, and to what extent, to enforce this Section 9, and may make determinations that are not uniform among the Company’s employees, and the Participant shall be bound by the Committee’s determination, which shall be final when made.
10.    Time and Form of Payment Elections.  The Plan’s default time and form of payment rules in Article VI of the Plan will apply to the Participant’s entire SERP Account, with one exception.  If payment commences upon the Participant’s Separation from Service, the form of payment shall be five (5) annual installments.  Subsequent annual installments are to be paid within 30 days of the appropriate anniversary of the date on which the first installment would have been paid disregarding any required delay under Section 6.3 of the Plan.  No other special elections are made by the Participant; provided that the Participant may modify the time and form of payment under Section 6.4 of the Plan.
11.    Beneficiary Designation.  The Participant’s initial Beneficiary designation is attached.  The Participant may update the Participant’s Beneficiary designation from time to time in accordance with the terms of the Plan.

12.    Definition of Cause.  With respect to the Participant, “Cause” for purposes of the Plan and this Participation Agreement has the meaning given in any employment agreement between the Participant and the Company, but if the Participant is not a party to an employment agreement with the Company in which “Cause” is defined, the term “Cause” means the existence of any of the following circumstances: 
a.    the conviction of the Participant by a court of competent jurisdiction of, or the Participant’s guilty plea or plea of no lo contendere to, any (1) felony or (2) crime that involves moral turpitude; 
b.    the Participant’s gross failure or gross refusal to perform the usual and customary duties of the Participant’s employment; 
c.    the Participant’s material breach of any agreement between the Participant and the Company; 
d.     the Participant’s theft, embezzlement, or misappropriation from the Company; or 
e.    conduct by the Participant that is unprofessional, unethical, immoral, dishonest, or fraudulent, or which significantly discredits the Company’s reputation.  
Notwithstanding the foregoing, a condition that is described in clauses (b), (c), or (e) of the preceding sentence shall not constitute “Cause” unless the Participant:  (i) receives written notice of the offending condition; and (ii) the Participant either (1) fails to cure the condition within 30-calendar days from receipt by the Participant of the notice, or (2) cannot cure the condition within such 30-day period, as determined by the Company.
13.     Good Reason.  The term “Good Reason” means the existence of any of the following circumstances during the six-month period that precedes a voluntary Separation from Service by the Participant:

a.    a material diminution in the Participant’s base compensation;
b.    a change by more than fifty miles in the primary geographic location at which the Participant must perform his services; or
c.    the Company’s material breach of its responsibilities and obligations set forth in any employment agreement or any other material agreement between the Participant and Company.
Notwithstanding the foregoing, a condition will not constitute “Good Reason” unless the Company: (i) receives written notice of the offending condition within a reasonable time of the Participant’s learning of the event; and (ii) the Company fails to cure the condition that constitutes “Good Reason” within a reasonable period of time to be no less than thirty calendar days from receipt by the Company of the notice.
14.    Restrictive Covenants. 
a.    General Rule.  In consideration of the crediting of amounts to the Participant’s SERP Account and the Company’s agreement to make payments under this Plan and the Participation Agreement, the Participant agrees that, until the later of (i) two (2) years after the Participant’s Separation from Service for any reason, and (ii) the date on which the Participant is paid all amounts that are owed under this Plan, the Participant will not, whether directly or indirectly as an owner, partner, limited partner, joint venturer, shareholder, member, trustee, lender consultant, officer, director, independent contractor, employee or other agent of another Person: 
i.    solicit, offer employment to, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any officer or employee of the Company to terminate his or her employment and accept employment or otherwise become affiliated with, or provide services for compensation in any capacity whatsoever to, any business whatsoever that competes with the business of the Company which has headquarters or offices within 25 miles of any location(s) in which the Company has business operations or has filed an application for regulatory approval to establish an office (the “Restricted Territory”);
ii.    solicit, provide any information, advice or recommendation, or take any other action intended (or that a reasonable person acting in like circumstances would expect) to have the effect of causing any customer of the Company to terminate an existing business or commercial relationship with the Company; or 
iii.    become an owner, partner, limited partner, joint venturer, shareholder, member, trustee, lender consultant, officer, director, independent contractor, employee or other agent of any savings bank, savings and loan association, savings and loan holding company, credit union, bank or bank holding company, insurance company or agency, mortgage or loan broker or any other entity that competes with the business of the Company, that: (i) has headquarters within the Restricted Territory, or (ii) has one or more offices, but is not headquartered, within the Restricted Territory, but in the latter case, only if the Participant would be employed, conduct business or have other responsibilities or duties within the Restricted Territory.
b.    Confidentiality.  In consideration of the crediting of amounts to the Participant’s SERP Account and the Company’s agreement to make payments under this Plan and the Participant’s Participation Agreement, the Participant agrees not to, while employed by the Company or after Separation from Service for any reason, directly or indirectly, use or furnish to anyone (except as required in the ordinary course of performing the Participant’s employment duties for the Company) any confidential information or trade secrets relating to the Company’s business (collectively “Confidential Information”), which Confidential Information includes information relating to the Company’s systems, processes, and rates; trade secrets; contracts with customers and vendors; design, production, sale, or distribution of any products and services; personnel and their compensation and employment arrangements; identity of, or products purchased by, or rates and prices paid by, customers and potential customers of the Company; and all other private matters pertaining to the Company.

c.    Construction and Relief.  If a provision in this Section 14 is found by any court with jurisdiction to be too broad in duration, scope, or otherwise, then the court is to amend the offending provision to the minimum extent necessary to make it reasonable and enforceable, and the offending provision is to be fully enforceable as amended.
d.    Remedies.  In consideration of the crediting of amounts to the Participant’s SERP Account and the Company’s agreement to make payments under this Plan, the Participant agrees that, notwithstanding any provision of the Plan or any Participation Agreement to the contrary and in addition to the Company’s other remedies at law and in equity, the Participant will forfeit the Participant’s entire interest in the Plan, including any rights to unpaid amounts credited to the Account and unpaid installment payments, effective upon the Participant’s breach of this Section 14, regardless of whether any rights or payments were previously vested.  In addition, the Company will be entitled to preliminary and permanent injunctive and other equitable relief to prevent or curtail any breach of any provision of this Section 14 by the Participant.  The Participant agrees that damages for a breach of the provisions of this Section 14 would be difficult or impossible to determine and that the Company has no adequate remedy at law for such a breach, such that enforcement by specific performance is necessary in addition to the Participant’s forfeiture and the award of any damages that are determinable.  The Participant is liable to the Company for all costs and expenses, including actual attorney’s fees, that the Company incurs in enforcing any provision of this Section 14 or other provision of this Plan against the Participant.
15.    Amendment.  The Plan’s amendment and termination provisions in Article IX apply to this Participation Agreement, as well.  In addition, the Participant and the Company may agree to amend this Participation Agreement, but in so doing shall be cognizant of the consequences of such an amendment under Code Section 409A.   

This Participation Agreement is effective as of the Effective Date upon the execution by the Participant and by a duly authorized officer of Company.

	
					
	 
	 
	 
	 
	PARTICIPANT

	 
	 
	 
	 
	 

	 Date:
	February 6, 2019
	 
	 
	/s/ Neil M. McDonnell

	 
	 
	 
	 
	Neil McDonnell

	
					
	 
	 
	 
	 
	ISABELLA BANK CORPORATION

	 
	 
	 
	 
	 

	 Date:
	January 29, 2019
	 
	By:
	/s/ David J. Maness

	 
	 
	 
	Name:
	David J. Maness

	 
	 
	 
	Title:
	Chairman of the Board of Directors

 

SCHEDULE A

	
			
	Credit Date
	Annual Credit Amount
	Total Annual Credits

	December 31, 2018
	$10,000
	$10,000

	December 31, 2019
	$12,500
	$22,500

	December 31, 2020
	$15,000
	$37,500

	December 31, 2021
	$17,500
	$55,000

	December 31, 2022
	$20,000
	$75,000

	December 31, 2023
	$25,000
	$100,000

	December 31, 2024
	$30,000
	$130,000

	December 31, 2025
	$35,000
	$165,000

	December 31, 2026
	$40,000
	$205,000

	December 31, 2027
	$45,000
	$250,000

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