SEC Contract Filing

Filing Date: 2024-10-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.37
<SEQUENCE>2
<FILENAME>qron_ex1037.htm
<DESCRIPTION>TERM SHEET
<TEXT>
<html><head><title>qron_ex1037.htm</title><!--Document created using EDGARMaster--></head><body style="TEXT-ALIGN: justify; FONT: 10pt times new roman; MARGIN-LEFT: 7%; MARGIN-RIGHT: 7%"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:right;"><strong>EXHIBIT 10.37</strong></p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:center;">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:left;">October 16, 2024</p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">This Term Sheet describes the proposed terms and conditions under which First Person Ltd. (&#8220;FP&#8221;) and/or its affiliates enter into a definitive merger agreement with Qrons Inc. (&#8220;Qrons&#8221;) a U.S. publicly traded company trading on the OTCQB Venture Market under the trading symbol QRON. The parties agree that this Term Sheet supersedes and replaces any and all prior oral and/or written discussions or understandings between the parties hereto. </p> <p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">&nbsp;</p> <table style="border-spacing:0;font-size:10pt;text-align:justify;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;width:30%;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Item</strong></p></td> <td style="width:2%;"> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: #000000 1px solid;vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px"><strong>Description</strong></p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;text-align:center;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>1. </strong><strong>Structure</strong></p> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">FP is a privately held Alberta, Canada corporation.&nbsp; Qrons is a Wyoming corporation publicly traded in the U.S. and quoted on the OTCQB Venture Markets &nbsp;under the ticker symbol QRON and filing reports with the Securities and Exchange Commission (the &#8220;SEC&#8221;) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), and current in all such reports, shares of whose common stock were registered on a registration statement under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;); the common stock of Qrons may or may not be registered under the Exchange Act. </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">FP will enter into a reverse triangular merger with Qrons and a newly formed wholly-owned acquisition subsidiary of Qrons (the &#8220;Merger Sub&#8221;), which merger (the &#8220;Merger&#8221;) shall qualify as a tax-free reorganization under the U.S. Internal Revenue Code, and pursuant to which all of the outstanding capital stock of FP will be exchanged for shares of Qrons common stock (&#8220;Common Stock&#8221;); Merger Sub will merge with and into FP, and FP will survive the Merger and become a wholly owned subsidiary of Qrons.&nbsp; </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The anticipated closing date for the Merger (the &#8220;Closing Date&#8221;) will be on or before December 16, 2024. </p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">&nbsp;</p> <p style="font-size:10pt;font-family:times new roman;text-align:justify;margin:0px">The transactions described in this Term Sheet will hereinafter be referred to as the &#8220;Transaction&#8221; or &#8220;Transactions.&#8221;&nbsp; All references in this Term Sheet to &#8220;$&#8221; or &#8220;dollars&#8221; are to United States dollars, unless the context specifically provides otherwise.</p></td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td class="hpbhr">&nbsp;</td></tr> <tr style="height:15px"> <td style="BORDER-BOTTOM: black 1px solid; TEXT-INDENT: 0px;"></td></tr> <tr style="height:15px"> <td><p style='page-break-after: always'></p></td></tr> <tr style="height:15px"> <td>&nbsp;</td></tr></table> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p> <table style="border-spacing:0;text-align:justify;font:10pt times new roman;width:100%" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: #000000 1px solid;"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Item</strong></p></td> <td></td> <td style="BORDER-BOTTOM: #000000 1px solid;" colspan="2"> <p style="font-size:10pt;font-family:times new roman;margin:0px"><strong>Description</strong></p></td></tr> <tr style="height:15px"> <td> <p style="font-size:10pt;font-family:times new roman;margin:0px">&nbsp;</p></td> <td>