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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported): October 5, 2023
Aditxt, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-39336 |
|
82-3204328 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
737 N. Fifth Street, Suite 200 Richmond, VA |
|
23219 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (650) 870-1200
N/A
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
☐ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b)
of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, par value $0.001 |
|
ADTX |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 1.01 Entry into a Material Definitive
Agreement.
As previously reported on
a Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”), on February 21, 2023,
Aditxt, Inc. (the “Company”) entered into an Agreement for the Purchase and Sale of Future Receipts (the “February
Agreement”) with a commercial funding source (the “Funder”) pursuant to which the Company agreed to sell
to the Funder certain future trade receipts in the aggregate amount $2,160,000 (the “February Purchased Amount”) for
gross proceeds to the Company of $1,500,000, less origination fees of $75,000. As previously reported on a Current Report on Form 8-K
filed with the SEC, on May 30, 2023, the Company entered into an Agreement for the Purchase and Sale of Future Receipts (the “May
Agreement”) pursuant to which the Funder increased the February Purchased Amount to $2,880,000 (the “May Purchased
Amount”) for gross proceeds to the Company of $2,000,000, less origination fees of $100,000 and the outstanding balance under
the February Agreement of $1,157,142.82, resulting in net proceeds to the Company of $742,857.18. Pursuant to the May Agreement, the Company
granted the Funder a security interest in all of the Company’s present and future accounts receivable in an amount not to exceed
the May Purchased Amount. The Purchased Amount shall be repaid by the Company in 28 weekly installments of $102,857.14. The May Purchased
Amount may be prepaid by the Company via a payment of $2,680,000 if repaid within 30 days, $2,760,000 if repaid within 45 days and $2,800,000
if repaid within 60 days.
On October 5, 2023, the Company
entered into an Agreement for the Purchase and Sale of Future Receipts (the “October Agreement”) pursuant to which
the Funder increased the May Purchased Amount to $4,470,000 (the “October Purchased Amount”) for gross proceeds to
the Company of $3,000,000, less origination fees of $240,000 and the outstanding balance under the February Agreement of $1,234,460.76,
resulting in net proceeds to the Company of $1,525,539.24. Pursuant to the October Agreement, the Company granted the Funder a security
interest in all of the Company’s present and future accounts receivable in an amount not to exceed the October Purchased Amount.
The October Purchased Amount shall be repaid by the Company in 30 weekly installments of $149,000. The October Purchased Amount may be
prepaid by the Company via a payment of $3,870,000 if repaid within 30 days, $4,110,000 if repaid within 60 days and $4,230,000 if repaid
within 90 days.
The foregoing summary of the
October Agreement is qualified in its entirety by reference to the text of the October Agreement, a copy of which is filed as Exhibit
10.1 hereto and incorporated by reference herein.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
|
ADITXT, INC. |
|
|
|
Date: October 11, 2023 |
By: |
/s/ Amro Albanna |
|
|
Amro Albanna |
|
|
Chief Executive Officer |
2
Exhibit 10.1
Agreement for the Purchase
and Sale of Future Receipts
Seller’s Legal Name: |
ADITXT, INC. |
|
Form of Business Entity:
☒ Corporation; ☐ Limited Liability Company; ☐ Partnership; ☐ Limited Partnership; ☐ Limited Liability Partnership; ☐ Sole Proprietorship; ☐ Other:
Street Address: |
737
N 5TH ST |
|
City |
RICHMOND |
|
State: |
VA |
|
Zip: |
23219 |
|
|
|
|
|
|
|
|
|
|
|
Mailing Address: |
737 N 5TH ST |
|
City |
RICHMOND |
|
State: |
VA |
|
Zip: |
23219 |
Primary Contact: |
Amro Albanna |
|
Title: |
CEO |
|
Time in Business: |
6 Years |
|
Federal Tax ID: |
|
Purchase Price: |
$3,000,000.00 |
|
Purchased Amount: |
$4,470,000.00 |
|
Average Projected sales & Deposits: |
$ 4,731,211.45 |
|
Specified Percentage: 15% (Average Projected Monthly Sales an x Specified Percentage /
Average Business Days in a Calendar Month)
Initial
Weekly Amount: $149,000.00 Origination Fee: $240,000.00 (to be deducted from the Purchase Price)
Payment will be withdrawn
every Tuesday
Account for the Deposit of All Future Receipts: Bank:______________________________________________________
Account No:_____________________________________________________________________________________
Effective,
October 05 2023 Seller, identified above, hereby sells, assigns and transfers to
(“Buyer” or
“
” ), located at
without
recourse, the Specified Percentage of the proceeds of each future sale made by Seller (collectively “Future
Receipts”) until Seller has received the Purchased Amount. “Future Receipts” includes all payments made by cash,
check, ACH or other electronic transfer, credit card, debit card, bank card, charge card (each such card shall be referred to herein
as a “Payment Card”) or other form of monetary payment in the ordinary course of Seller’s business. As payment for
the Purchased Amount, Buyer will deliver to Seller the Purchase Price, shown above, minus any Origination Fee shown above. Seller
acknowledges that it has no right to repurchase the Purchased Amount from Buyer. Seller,
of Seller’s own volition, has offered and agreed to pay off the remaining Purchased Amount of future receipts in the amount of
$1,234,460.76 (the “Payoff”) in respect of the Agreement for the Purchase and Sale of Future Receipts dated May, 31,
2023 entered into by and between Seller and Buyer herein (the “May Agreement” “370840”).
After deducting the origination fee for this Agreement,
and the Payoff of the May Agreement, Seller will receive the balance of $1,525,539.24 in full satisfaction of the entire $3,000,000.00
Purchase Price in this Agreement, which Purchase Price, upon Seller receiving the $1,525,539.24 balance, shall be deemed to be fully paid
in consideration of the Purchased Amount of $4,470,000.00 that will be due and owing to Buyer in accordance withthe terms of this Agreement.
Both parties agree that the obligation of Buyer under
this Agreement will not be effective unless and until Buyer has completed its review of the Seller and has accepted this Agreement by
delivering the Purchase Price, minus any Origination Fee. Prior to accepting this Agreement, Buyer may conduct a processing trial to confirm
its access to the Account and the ability to withdraw the Initial Weekly Amount If the processing trial is not completed to the satisfaction
of Buyer, Buyer will refund to Seller all funds that were obtained by Buyer during the processing trial.
Agreement of Seller: By signing below Seller agrees to the terms and conditions contained
in this Agreement, including those terms and conditions on the following pages, and further agrees that this transaction is for business
purposes and not for personal, family, or household purposes.
Agreed to by: |
|
(Signature), its |
Authorized
Representative (Title) |
|
Agreed to by: |
|
(Signature), its |
Authorized Representative |
(Title) |
Agreed to by: |
|
(Signature), its |
|
(Title) |
Agreement
of Each Seller: Each Seller signing below agrees to the terms of the Credit Report Authorization below.
Seller: ADITXT, INC.
Agreed to by: |
|
(Signature); |
Authorized Representative |
(Title) |
Initials:_____________
1. | Delivery of Purchased Amount: Seller must deposit all Future Receipts into the single business banking
account specified above, which may not be used for any personal, family or household purposes (the “Account”) and must instruct
Seller’s credit card processor, which must be approved by Buyer (the “Processor”) to deposit all Payment Card receipts
of Seller into the Account. Seller agrees not to change the Account or add an additional Account without the express written consent of
Buyer. Seller authorizes Buyer to debit the Weekly Amount from the Account each business day by either ACH or electronic check. Seller
will provide Buyer with all required access codes and agrees not to change them without prior written consent from Buyer. Seller will
provide an appropriate ACH authorization to Buyer. Seller understands that it is responsible for either ensuring that the Weekly Amount
is available in the Account each business day or advising Buyer prior to each weekly withdrawal of a shortage of funds. Otherwise, Seller
will be responsible for any fees incurred by Buyer resulting from a rejected electronic check or ACH debit attempt, as set forth on Appendix
A. Buyer is not responsible for any overdrafts or rejected transactions that may result from Buyer’s debiting any amount authorized
under the terms of this Agreement. Seller understands that the foregoing ACH authorization is a fundamental condition to induce Buyer
to accept the Agreement. Consequently, such authorization is intended to be irrevocable. |
2. | Reconciliation and Changes to the Weekly Amount: The Initial Weekly Amount is intended to represent
the Specified Percentage of Seller’s weekly Future Receipts. For as long as no Event of Default has occurred, Buyer shall on or
about the fifteenth day of each month reconcile the Seller’s Account (“Account Reconciliation”) by either crediting
or further debiting the Seller’s Account by the difference between the actual amount debited since the date of the last Account
Reconciliation and the Specific Percentage of the actual Future Receipts collected by the Seller since the date of the last Account Reconciliation.
Failure by Buyer to make an Account Reconciliation at any time for one or more months or portions thereof shall not be deemed as a breach
of Buyer’s obligation hereunder and each Account Reconciliation shall be made for the entire period of time since the date of the
last Account Reconciliation. Buyer may, at Buyer’s sole discretion as it deems appropriate and upon Seller’s request, adjust
the amount of the then- applicable Weekly Amount due under this Agreement in order to cause such Weekly Amount to more accurately reflect
an amount which will reduce the need to credit Seller’s account on a consistently recurring basis. |
3. | Weekly Amount Upon Default. Upon the occurrence of an Event
of Default, the Weekly Amount shall equal 100% of all Future Receipts until
the Purchased Amount has been paid in full. The Seller is currently in good standing in conjunction with the May Agreement. |
4. | Sale of Future Receipts (THIS IS NOT A LOAN): Seller is selling a portion of a future revenue stream
to Buyer at a discount, not borrowing money from Buyer. There is no interest rate or payment schedule and no time period during which
the Purchased Amount must be collected by Buyer. If Future Receipts are remitted more slowly than Buyer may have anticipated or projected
because Seller’s business has slowed down, or if the full Purchased Amount is never remitted because Seller’s business went
bankrupt or otherwise ceased operations in the ordinary course of business, and Seller has not breached this Agreement, Seller would not
owe anything to Buyer and would not be in breach of or default under this Agreement. Buyer is buying the Purchased Amount of Future Receipts
knowing the risks that Seller’s business may slow down or fail, and Buyer assumes these risks based on Seller’s representations,
warranties and covenants in this Agreement that are designed to give Buyer a reasonable and fair opportunity to receive the benefit of
its bargain. By this Agreement, Seller transfers to Buyer full and complete ownership of the Purchased Amount of Future Receipts and Seller
retains no legal or equitable interest therein. Seller agrees that it will treat Purchase Price and Purchased Amount in a manner consistent
with a sale in its accounting records and tax returns. Seller agrees that Buyer is entitled to audit Seller’s accounting records
upon reasonable Notice in order to verify compliance. Seller waives any rights of privacy, confidentiality or tax payer privilege in any
such litigation or arbitration in which Seller asserts that this transaction is anything other than a sale of future receipts. |
5. | Power of Attorney Seller irrevocably appoints Buyer as its agent and attorney-in-fact with full authority
to take any action or execute any instrument or document to settle all obligations due to Buyer from Seller, or in the case of a violation
by Seller of this Agreement or the occurrence of an Event of Default under Section 15 hereof by Seller, including without limitation (i)
to obtain and adjust insurance;(ii) to collect monies due or to become due under or in respect of any of the Future Receipts; (iii) to
receive, endorse and collect any checks, notes, drafts, instruments, documents or chattel paper in connection with clause (i) or clause
(ii) above; (iv) to sign Seller’s name on any invoice, bill of lading, or assignment directing customers or account debtors to direct
payables to Buyer; (v) to file any claims or take any action or institute any proceeding which Buyer may deem necessary for the collection
of any of the remaining Purchased Amount of the Future Receipts, or otherwise to enforce its rights with respect to delivery of the Purchased
Amount; and/or (vi) to contact any Processor of Seller and to direct such Processor(s) to deliver directly to Buyer all or any portion
of the amounts received by such Processor(s) and to provide any information regarding Seller requested by Buyer. Each Processor may rely
on the previous sentence as written authorization of Seller to provide any information requested by Buyer. Each Processor is hereby irrevocably
authorized and directed by Seller to follow any instruction of Buyer without inquiry as to Buyer’s right or authority to give such
instructions. Seller acknowledges the terms of the preceding sentence and agrees not to (a) interfere with Buyer’s instructions
or a Processor’s compliance with this Agreement or (b) request any modification thereto without Buyer’s prior written consent.
Notwithstanding anything to the contrary herein, the power of attorney shall only be effected thirty (30) days after an Event of Default
under this Agreement. |
Initials:_____________
6. | Fees and Charges: Other than the Origination Fee, if any, set forth above, Buyer is NOT CHARGING ANY
ORIGINATION OR BROKER FEES to Seller. If Seller is charged another such fee, it is not being charged by Buyer. A list of all fees and
charges applicable under this Agreement is contained in Appendix A. |
7. | Credit Report and Other Authorizations: Seller and each of the Owners signing above authorize Buyer,
its agents and representatives and any credit reporting agency engaged by Buyer, to (i) investigate any references given or any other
statements or data obtained from or about Seller or any of its Owners for the purpose of this Agreement, (ii) obtain consumer and business
credit reports on the Seller and any of its Owners, and (iii) to contact personal and business references provided by the Seller in the
Application, at any time now or for so long as Seller and/or Owners continue to have any obligation owed to Buyer as a consequence of
this Agreement or for Buyer’s ability to determine Seller’s eligibility to enter into any future agreement with Buyer. |
8. | Authorization to Contact Current and Prior Banks: Seller hereby authorizes Buyer to contact any current
or prior bank of the Seller in order to obtain whatever information it may require regarding Seller’s transactions with any such
bank. Such information may include but is not limited to, information necessary to verify the amount of Future Receipts previously processed
on behalf of Seller and any fees that may have been charged by the bank. In addition, Seller authorizes Buyer to contact any current or
prior bank of the Seller for collections and in order to confirm that Seller is exclusively using the Account identified above, or any
other account approved by Buyer, for the deposit of all business receipts. |
9. | Financial Information. Seller authorizes Buyer and its agents to investigate its financial responsibility
and history, and will provide to Buyer any authorizations, bank or financial statements, tax returns, etc., as Buyer deems necessary in
its sole discretion prior to or at any time after execution of this Agreement. A photocopy of this authorization will be deemed acceptable
as an authorization for release of financial and credit information. Buyer is authorized to update such information and financial and
credit profiles from time to time as it deems appropriate. Seller waives, to the maximum extent permitted by law, any claim for damages
against Buyer or any of its affiliates relating to any investigation undertaken by or on behalf of Buyer as permitted by this Agreement
or disclosure of information as permitted by this Agreement. |
10. | Transactional History. Seller authorizes all of its banks and brokers and Payment Card processors to
provide Buyer with Seller’s banking, brokerage and/or processing history to determine qualification or continuation in this program,
or for collections upon an Event of Default. |
Initials:_____________
11. | Publicity. Seller hereby authorizes Buyer to use its name in listings of clients and in advertising and marketing materials. |
12. | Application of Amounts Received by Buyer. Buyer reserves the right to apply amounts received by it
under this Agreement to any fees or other charges due to Buyer from Seller prior to applying such amounts to reduce the amount of any
outstanding Purchased Amount. |
13. | Representations, Warranties and Covenants of Seller: |
| 13.1 | Good Faith, Best Efforts and Due Diligence. Seller will conduct
its business in good faith and will use its best efforts to continue its business at least at its current level, to ensure that Buyer
obtains the Purchased Amount. |
| 13.2 | Stacking Prohibited. Seller shall not enter into any Seller
cash advance or any loan agreement that relates to or involves its Future Receipts with any party other than Buyer for the duration of
this Agreement. Buyer may share information regarding this Agreement with any third party in order to determine whether Seller is in
compliance with this provision. |
| 13.3 | Financial Condition and Financial Information. Any bank statements
and financial statements of Seller that have been furnished to Buyer, and future statements that will be furnished to Buyer, fairly represent
the financial condition of Seller at such dates, and Seller will notify Buyer immediately if there are material adverse changes, financial
or otherwise, in the condition or operation of Seller or any change in the ownership of Seller. Buyer may request statements at any time
during the performance of this Agreement and the Seller shall provide them to Buyer within five business days. Furthermore, Seller represents
that all documents, forms and recorded interviews provided to or with Buyer are true, accurate and complete in all respects, and accurately
reflect Seller’s financial condition and results of operations. Seller further agrees to authorize the release of any past or future
tax returns to Seller. |
| 13.4 | Governmental Approvals. Seller is in compliance and shall
comply with all laws and has valid permits, authorizations and licenses to own, operate and lease its properties and to conduct the business
in which it is presently engaged and/or will engage in hereafter. |
| 13.5. | Authority to Enter Into This Agreement. Seller and the person(s)
signing this Agreement on behalf of Seller, have full power and authority to incur and perform the obligations under this Agreement,
all of which have been duly authorized. |
| 13.6. | Change of Name or Location or Sale or Closing of Business.
Seller will not conduct Seller’s businesses under any name other than as disclosed to Buyer or change any of its places of business
without prior written consent of Buyer. Seller will not sell, dispose, transfer or otherwise convey all or substantially all of its business
or assets without (i) the express prior written consent of Buyer, and (ii) the written agreement of any purchaser or transferee assuming
all of Seller’s obligations under this Agreement pursuant to documentation satisfactory to Buyer. Except as disclosed to Buyer
in writing, Seller has no current plans to close its business either temporarily, whether for renovations, repairs or any other purpose,
or permanently. Seller agrees that until Buyer has received all of the Purchased Amount Seller will not voluntarily close its business
on a temporarily basis for renovations, repairs, or any other purposes. This provision, however, does not prohibit Seller from closing
its business temporarily if such closing is required to conduct renovations or repairs that are required by local ordinance or other
legal order, such as from a health or fire inspector, or if otherwise forced to do so by circumstances outside of the control of Seller.
Prior to any such closure, Seller will provide Buyer ten business days’ notice to the extent practicable. |
| 13.7. | No Pending or Contemplated Bankruptcy. As of the date Seller
executes this Agreement, Seller is not insolvent and does not contemplate and has not filed any petition for bankruptcy protection under
Title 11 of the United States Code and there has been no involuntary petition brought or pending against Seller. Seller represents that
it has not consulted with a bankruptcy attorney within six months prior to the date of this Agreement. Seller further warrants that it
does not anticipate filing a bankruptcy petition and it does not anticipate that an involuntary petition will be filed against it. |
| 13.8. | Seller to Maintain Insurance. Seller will possess and maintain
insurance in such amounts and against such risks as are necessary to protect its business and will provide proof of such insurance to
Buyer upon demand. |
| 13.9. | Seller to Pay Taxes Promptly. Seller will promptly pay all
necessary taxes, including but not limited to employment and sales and use taxes. |
Initials:_____________
| 13.10. | No Violation of Prior Agreements. Seller’s execution and
performance of this Agreement will not conflict with any other agreement, obligation, promise, court order, administrative order or decree,
law or regulation to which Seller is subject, including any agreement the prohibits the sale or pledge of Seller’s future receipts. |
| 13.11. | No Diversion of Receipts. Seller will not permit any event
to occur that could cause a diversion of any of Seller’s Future Receipts from the Account to any other entity. |
| 13.12. | Seller’s Knowledge and Representation. Seller represents
warrants and agrees that it is a sophisticated business entity familiar with the kind of transaction covered by the Agreement; it was
represented by counsel or had full opportunity to consult with counsel. |
| 14.1 | Financing Statements Financing Statements and Security Interest.
Seller grants Buyer a security interest in all of Seller’s present and future accounts receivable in an amount not to exceed the
Purchased Amount, and in the Event of Default, not to exceed the Purchased Amount and all fees and cost contemplated under this Agreement,
wherever located, and related proceeds now or hereafter owned or acquired by Seller. Seller authorizes Buyer to file one or more UCC-1
forms consistent with the Uniform Commercial Code (“UCC”) in order to give notice of this security interest and that the
Purchased Amount of Future Receipts is the sole property of Buyer. The UCC filing may state that such sale is intended to be a sale and
not an assignment for security and may state that the Seller is prohibited from obtaining any financing that impairs the value of the
Future Receipts or Buyer’s right to collect same. Seller authorizes Buyer to debit the Account for all costs incurred by Buyer
associated with the filing, amendment or termination of any UCC filings. The Buyer will file a UCC termination within 2-3 business days
following the payment of the Purchased Amount in full by the Seller. |
| 14.2 | Right of Access. In order to ensure that Seller is complying
with the terms of this Agreement, Buyer shall have the right to (i) enter, without notice, the premises of Seller’s business for
the purpose of inspecting and checking Seller’s transaction processing terminals to ensure the terminals are properly programmed
to submit and or batch Seller’s weekly receipts to the Processor and to ensure that Seller has not violated any other provision
of this Agreement, and (ii) Seller shall provide access to its employees and records and all other items as requested by Buyer, and (iii)
have Seller provide information about its business operations, banking relationships, vendors, landlord and other information to allow
Buyer to interview any relevant parties. |
| 14.3 | Phone Recordings and Contact. Seller agrees that any call
between Buyer and Seller, and their agents and employees may be recorded or monitored. Further, Seller agrees that (i) it has an established
business relationship with Buyer, its employees and agents and that Seller may be contacted from time-to-time regarding this or other
business transactions; (ii) that such communications and contacts are not unsolicited or inconvenient; and (iii) that any such contact
may be made at any phone number, emails address, or facsimile number given to Buyer by the Seller, its agents or employees, including
cellular telephones. |
15. | Events of Default. The occurrence of any of the following
events shall constitute an “Event of Default”: (a) Seller interferes with Buyer’s right to collect the Weekly Amount;
(b) Seller violates any term of covenant in this Agreement; (c) Seller uses multiple depositary accounts without the prior written consent
of Buyer; (d) Seller changes its depositing account or its payment card processor without the prior written consent of Buyer; (e) Seller
defaults under any of the terms, covenants and conditions of any other agreement with Buyer; or (f) Seller fails to provide timely notice
to Buyer such that (i) where Seller is on a daily payment plan, two or more ACH transactions attempted by Buyer within one calendar month
are rejected by Seller’s bank, or (ii) where Seller is on a weekly payment plan, one or more ACH transaction attempted by Buyer
is rejected by Seller’s bank at any given time that such payment under the payment plan is due. |
16. | Remedies. If any Event of Default occurs, Buyer may proceed
to protect and enforce its rights including, but not limited to, the following: |
| 16.1. | The Specified Percentage shall equal 100%. The full uncollected
Purchased Amount plus all fees and charges(including legal fees) due under this Agreement will become due and payable in full immediately. |
Initials:_____________
| 16.2. | Buyer may enforce the provisions of the Guaranty of Performance
against the guarantor. Notwithstanding anything to the contrary herein, in the event that Seller receives funds, from its clients or
customers or any entity holding its receivables or otherwise (collectively, the “A/C Holder”), for which the applicable A/C
Holder for any reason is or may be responsible to make payment to Seller, then the Seller, agrees to make prompt payment of such funds
to Buyer or to reimburse A/C Holder therefore in the event the A/C Holder has made such payment to their detriment, and Seller hereby
guarantees to Buyer the prompt payment of such funds by Seller and further hereby indemnifies Buyer and any applicable A/C Holder from
and against any and all loss, cost or expense in connection therewith. |
| 16.3. | Buyer may proceed to protect and enforce its rights and remedies
by arbitration or lawsuit. In any such arbitration or lawsuit, under which Buyer shall recover Judgment against Seller, Seller shall
be liable for all of Buyer’s costs of the lawsuit, including but not limited to all reasonable attorneys’ fees and court
costs. However, the rights of Buyer under this provision shall be limited as provided in the arbitration provision set forth below. |
| 16.4. | [Intentionally Omitted] |
| 16.5. | Buyer may debit Seller’s depository accounts wherever
situated by means of ACH debit or facsimile signature on a computer- generated check drawn on Seller’s bank account or otherwise
for all sums due to Buyer |
| 16.6. | Seller shall pay to Buyer all reasonable costs associated
with the Event of Default and the enforcement of Buyer’s remedies, including but not limited to court costs and attorneys’
fees |
| 16.7. | Buyer may exercise and enforce its rights as a secured party
under the UCC. |
| 16.8. | All rights, powers and remedies of Buyer in connection with
this Agreement may be exercised at any time by Buyer after the occurrence of an Event of Default, are cumulative and not exclusive, and
shall be in addition to any other rights, powers or remedies provided by law or equity. |
17. | Modifications; Agreements. No modification, amendment, waiver
or consent of any provision of this Agreement shall be effective unless the same shall be in writing and signed by Buyer |
18. | Assignment. Buyer may assign, transfer or sell its rights
to receive the Purchased Amount or delegate its duties hereunder, either in whole or in part, with or without prior written notice to
Seller. |
| 19.1. | Notices from Buyer to Seller. Buyer may send any notices,
disclosures, terms and conditions, other documents, and any future changes to Seller by regular mail or by e-mail, at Buyer’s option
and Seller consents to such electronic delivery. Notices sent by e- mail are effective when sent. Notices sent by regular mail become
effective upon mailing to Seller’s address set forth in this Agreement. |
| 19.2. | Notices from Seller to Buyer. Seller may send any notices
to Buyer by e-mail only upon the prior written consent of Buyer, which consent may be withheld or revoked at any time in Buyer’s
sole discretion. Otherwise, any notices or other communications from Seller to Buyer must be delivered by certified mail, return receipt
requested, to Buyer’s address set forth in this Agreement. Notices sent to Buyer shall become effective only upon receipt by Buyer. |
Initials:_____________
20. | Binding Effect; Governing Law, Venue and Jurisdiction. This
Agreement shall be binding upon and inure to the benefit of Seller, Buyer and their respective successors and assigns, except that Seller
shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of Buyer which consent
may be withheld in Buyer’s sole discretion. This Agreement shall be governed by and construed in accordance with the laws of the
state of New York, without regards to any applicable principals of conflicts of law. Any suit, action or proceeding arising hereunder,
or the interpretation, performance or breach of this Agreement, shall, if Buyer so elects, be instituted in any court sitting in New
York, (the “Acceptable Forums”). Seller agrees that the Acceptable Forums are convenient to it, and submits to the jurisdiction
of the Acceptable Forums and waives any and all objections to jurisdiction or venue. Should such proceeding be initiated in any other
forum, Seller waives any right to oppose any motion or application made by Buyer to transfer such proceeding to an Acceptable Forum. |
21. | Survival of Representation, etc. All representations, warranties
and covenants herein shall survive the execution and delivery of this Agreement and shall continue in full force until all obligations
under this Agreement shall have been satisfied in full. |
22. | Interpretation. All Parties hereto have reviewed this Agreement
with an attorney of their own choosing and have relied only on their own attorney’s guidance and advice. No construction determinations
shall be made against either Party hereto as drafter. |
23. | Entire Agreement and Severability. This Agreement embodies
the entire agreement between Seller and Buyer and supersedes all prior agreements and understandings relating to the subject matter hereof.
In case any of the provisions in this Agreement is found to be invalid, illegal or unenforceable in any respect, the validity, legality
and enforceability of any other provision contained herein shall not in any way be affected or impaired. |
24. | Facsimile Acceptance. Facsimile signatures hereon, or other
electronic means reflecting the party’s signature hereto, shall be deemed acceptable for all purposes. |
25. | Confidentiality: The terms and conditions of this Agreement
are proprietary and confidential unless required by law. Seller shall not disclose this information to anyone other than its attorney,
accountant or similar service provider and then only to the extent such person uses the information solely for purpose of advising Seller
and first agrees in writing to be bound by the terms of this Section. A breach entitles Buyer to damages and legal fees as well as temporary
restraining order and preliminary injunction without bond. |
26. | Monitoring, Recording, and Solicitations. |
| 26.1. | Authorization to Contact Seller by Phone. Seller authorizes
Buyer, its affiliates, agents and independent contractors to contact Seller at any telephone number Seller provides to Buyer or from
which Seller places a call to Buyer, or any telephone number where Buyer believes it may reach Seller, using any means of communication,
including but not limited to calls or text messages to mobile, cellular, wireless or similar devices or calls or text messages using
an automated telephone dialing system and/or artificial voices or prerecorded messages, even if Seller incurs charges for receiving such
communications |
| 26.2. | Authorization to Contact Seller by Other Means. Seller also
agree that Buyer, its affiliates, agents and independent contractors, may use any other medium not prohibited by law including, but not
limited to, mail, e-mail and facsimile, to contact Seller. Seller expressly consents to conduct business by electronic means. |
27. | JURY WAIVER. THE PARTIES WAIVE THE RIGHT TO A TRIAL
BY JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION WITH OR IN ANY WAY RELATED TO THE TRANSACTIONS
OF WHICH THIS AGREEMENT IS A PART OR ITS ENFORCEMENT, EXCEPT WHERE SUCH WAIVER IS PROHIBITED BY LAW OR DEEMED BY A COURT OF LAW TO BE
AGAINST PUBLIC POLICY. THE PARTIES ACKNOWLEDGE THAT EACH MAKES THIS WAIVER KNOWINGLY, WILLINGLY AND VOLUNTARILY AND WITHOUT DURESS, AND
ONLY AFTER EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER WITH THEIR ATTORNEYS. |
Initials:_____________
28. | CLASS ACTION WAIVER. THE PARTIES WAIVE ANY RIGHT TO
ASSERT ANY CLAIMS AGAINST THE OTHER PARTY AS A REPRESENTATIVE OR MEMBER IN ANY CLASS OR REPRESENTATIVE ACTION, EXCEPT WHERE SUCH WAIVER
IS PROHIBITED BY LAW OR DEEMED BY A COURT OF LAW TO BE AGAINST PUBLIC POLICY. TO THE EXTENT EITHER PARTY IS PERMITTED BY LAW OR COURT
OF LAW TO PROCEED WITH A CLASS OR REPRESENTATIVE ACTION AGAINST THE OTHER, THE PARTIES AGREE THAT: (I) THE PREVAILING PARTY SHALL NOT
BE ENTITLED TO RECOVER ATTORNEYS’ FEES OR COSTS ASSOCIATED WITH PURSUING THE CLASS OR REPRESENTATIVE ACTION (NOT WITHSTANDING ANY
OTHER PROVISION IN THIS AGREEMENT); AND (II) THE PARTY WHO INITIATES OR PARTICIPATES AS A MEMBER OF THE CLASS WILL NOT SUBMIT A CLAIM
OR OTHERWISE PARTICIPATE IN ANY RECOVERY SECURED THROUGH THE CLASS OR REPRESENTATIVE ACTION. |
29. | ARBITRATION. IF BUYER, SELLER OR ANY GUARANTOR REQUESTS,
THE OTHER PARTIES AGREE TO ARBITRATE ALL DISPUTES AND CLAIMS ARISING OUT OF OR RELATING TO THIS AGREEMENT. IF BUYER, SELLER OR ANY GUARANTOR
SEEKS TO HAVE A DISPUTE SETTLED BY ARBITRATION, THAT PARTY MUST FIRST SEND TO ALL OTHER PARTIES, BY CERTIFIED MAIL, A WRITTEN NOTICE
OF INTENT TO ARBITRATE. IF BUYER, SELLER OR ANY GUARANTOR DO NOT REACH AN AGREEMENT TO RESOLVE THE CLAIM WITHIN 30 DAYS AFTER THE NOTICE
IS RECEIVED, BUYER, SELLER OR ANY GUARANTOR MAY COMMENCE AN ARBITRATION PROCEEDING WITH THE AMERICAN ARBITRATION ASSOCIATION (“AAA”)
OR NATIONAL ARBITRATION FORUM (“NAF”). BUYER WILL PROMPTLY REIMBURSE SELLER OR THE GUARANTOR ANY ARBITRATION FILING FEE,
HOWEVER, IN THE EVENT THAT BOTH SELLER AND THE GUARANTOR MUST PAY FILING FEES, BUYER WILL ONLY REIMBURSE SELLER’S ARBITRATION FILING
FEE AND, EXCEPT AS PROVIDED IN THE NEXT SENTENCE, BUYER WILL PAY ALL ADMINISTRATION AND ARBITRATOR FEES. IF THE ARBITRATOR FINDS THAT
EITHER THE SUBSTANCE OF THE CLAIM RAISED BY SELLER OR THE GUARANTOR OR THE RELIEF SOUGHT BY SELLER OR THE GUARANTOR IS IMPROPER OR NOT
WARRANTED, AS MEASURED BY THE STANDARDS SET FORTH IN FEDERAL RULE OF PROCEDURE 11(B), THEN BUYER WILL PAY THESE FEES ONLY IF REQUIRED
BY THE AAA OR NAF RULES. SELLER AND THE GUARANTOR AGREE THAT, BY ENTERING INTO THIS AGREEMENT, THEY ARE WAIVING THE RIGHT TO TRIAL BY
JURY. BUYER, SELLER OR ANY GUARANTOR MAY BRING CLAIMS AGAINST ANY OTHER PARTY ONLY IN THEIR INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF
OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. FURTHER, BUYER, SELLER AND ANY GUARANTOR AGREE THAT THE ARBITRATOR
MAY NOT CONSOLIDATE PROCEEDINGS FOR MORE THAN ONE PERSON’S CLAIMS, AND MAY NOT OTHERWISE PRESIDE OVER ANY FORM OF A REPRESENTATIVE
OR CLASS PROCEEDING, AND THAT IF THIS SPECIFIC PROVISION IS FOUND UNENFORCEABLE, THEN THE ENTIRETY OF THIS ARBITRATION CLAUSE SHALL BE
NULL AND VOID. |
30. | RIGHT TO OPT OUT OF ARBITRATION. SELLER AND GUARANTOR(S)
MAY OPT OUT OF THIS CLAUSE. TO OPT OUT OF THIS ARBITRATION CLAUSE, SELLER AND EACH GUARANTOR MUST SEND BUYER A NOTICE THAT THE SELLER
AND EACH GUARANTOR DOES NOT WANT THIS CLAUSE TO APPLY TO THIS AGREEMENT. FOR ANY OPT OUT TO BE EFFECTIVE, SELLER AND EACH GUARANTOR MUST
SEND AN OPT OUT NOTICE TO THE FOLLOWING ADDRESS BY REGISTERED MAIL, WITHIN 14 DAYS AFTER THE DATE OF THIS AGREEMENT: BUYER – ARBITRATION
OPT OUT, [ ]. |
Initials:_____________
31. | SERVICE OF PROCESS. IN ADDITION TO THE METHODS OF
SERVICE ALLOWED BY THE NEW YORK STATE CIVIL PRACTICE LAW & RULES (“CPLR”), SELLER HEREBY CONSENTS TO SERVICE OF PROCESS
UPON IT BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, SERVICE HEREUNDER SHALL BE COMPLETE UPON SELLER’S ACTUAL RECEIPT
OF PROCESS OR UPON BUYER’S RECEIPT OF THE RETURN THEREOF BY THE UNITED STATES POSTAL SERVICE AS REFUSED OR UNDELIVERABLE. SELLER
MUST PROMPTLY NOTIFY BUYER, IN WRITING, OF EACH AND EVERY CHANGE OF ADDRESS TO WHICH SERVICE OF PROCESS CAN BE MADE. SERVICE BY BUYER
TO THE LAST KNOWN ADDRESS SHALL BE SUFFICIENT. SELLER WILL HAVE (30) CALENDAR DAYS AFTER SERVICE HEREUNDER IS COMPLETE IN WHICH TO RESPOND.
FURTHERMORE, SELLER EXPRESSLY CONSENTS THAT ANY AND ALL NOTICE(S), DEMAND(S), REQUEST(S) OR OTHER COMMUNICATION(S) UNDER AND PURSUANT
TO THIS AGREEMENT FOR THE PURCHASE AND SALE OF FUTURE RECEIVABLES SHALL BE DELIVERED IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT
FOR THE PURCHASE AND SALE OF FUTURE RECEIVABLES. |
32.
FEE STRUCTURE.
| d. | BLOCKED ACCOUNT: $2,500.00 |
Agreed to by: |
|
(Signature) |
|
Title: |
Authorized
Representative |
|
|
Agreed to by: |
|
(Signature) |
|
Title: |
Authorized
Representative |
|
|
Initials:_____________
GUARANTY
OF PERFORMANCE
This
Guaranty of Performance (this “Guaranty”) is executed as of October 05, 2023, by ADITXT, INC. (the “Guarantor”),
for the benefit of (“Buyer”) (“Buyer”).
Capitalized
terms used herein, but not defined, shall have the meanings assigned to them in the Purchase Agreement (as hereinafter defined).
RECITALS
| A. | Pursuant
to that Agreement for the Purchase and Sale of Future Receipts (the “Purchase Agreement”),
dated of even date herewith, between Buyer and ADITXT, INC. (“Seller”),
Buyer has purchased Future Receipts of Seller. |
| B. | Buyer
is not willing to enter into the Purchase Agreement unless Guarantor irrevocably, absolutely and unconditionally guarantees prompt and
complete performance to Buyer of all of the obligations of Seller; and |
| C. | Guarantor
will directly benefit from Buyer and Seller entering into the Purchase Agreement. |
AGREEMENT
As
an inducement to Buyer to purchase the Future Receipts identified in the Purchase Agreement, and for other good and valuable consideration,
the receipt and legal sufficiency of which are hereby acknowledged, Guarantor does hereby agree as follows:
1. | Defined
Terms: All capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Purchase Agreement. |
2. | Guaranty
of Obligations: Guarantor hereby irrevocably, absolutely and unconditionally guarantees to Buyer prompt and complete performance of all
of Seller’s obligations under the Purchase Agreement |
3. | Guarantor’s
Other Agreements: Guarantor will not dispose, convey, sell or otherwise transfer, or cause Seller to dispose, convey, sell or otherwise
transfer, any material business assets of Seller without the prior written consent of Buyer, which may be withheld for any reason, until
receipt of the entire Purchased Amount. Guarantor hereby agrees to pay all costs and attorney’s fees incurred by Buyer in connection
with any actions commenced by Buyer to enforce its rights or incurred in any action to defend its performance under the Purchase Agreement
and this Guaranty. This Guaranty is binding upon Guarantor, and Guarantor’s heirs, legal representatives, successors and assigns.
If there is more than one Guarantor, the obligations of the Guarantors hereunder shall be joint and several. The obligation of Guarantor
shall be unconditional and absolute, regardless of the unenforceability of any provision of any agreement between Seller and Buyer, or
the existence of any defense, setoff or counterclaim which Seller may assert. Buyer is hereby authorized, without notice or demand and
without affecting the liability of Guarantor hereunder, to at any time renew or extend Seller’s obligations under the Purchase
Agreement or otherwise modify, amend or change the terms of the Purchase Agreement. Guarantor is hereby notified that a negative credit
report reflecting on his/her credit record may be submitted to a credit reporting agency if the terms of this Guaranty are not honored
by the Guarantor. |
Initials:_____________
4. | Waiver;
Remedies: No failure on the part of Buyer to exercise, and no delay in exercising, any right under this Guaranty shall operate as a waiver,
nor shall any single or partial exercise of any right under this Guaranty preclude any other or further exercise of any other right.
The remedies provided in this Guaranty are cumulative and not exclusive of any remedies provided by law or equity. In the event that
Seller fails to perform any obligation under the Purchase Agreement, Buyer may enforce its rights under this Guaranty without first seeking
to obtain performance for such default from Seller or any other guarantor. |
5. | Acknowledgment
of Purchase: Guarantor acknowledges and agrees that the Purchase Price paid by Buyer to Seller in exchange for the Purchased Amount is
a purchase of the Purchased Amount and is not intended to be treated as a loan or financial accommodation from Buyer to Seller. Guarantor
specifically acknowledges Buyer is not a lender, bank or credit card processor, and that Buyer has not offered any loans to Seller, and
Guarantor waives any claims or defenses of usury in any action arising out of this Guaranty.
Guarantor acknowledges the Purchase Price paid to Seller is good and valuable consideration for the sale of the Purchased Amount of Future
Receipts. |
6. | Governing
Law and Jurisdiction: This Guaranty shall be governed by, and constructed in accordance with, the internal laws of the State of New York
without regard to principles of conflicts of law. Except as provided in Section of this Guaranty, Guarantor submits to the exclusive
Jurisdiction and venue of the state or federal courts having Jurisdiction over any city/county in the State of New York of any claims
or actions arising, directly or indirectly, out of or related to this Guaranty. The parties stipulate that the venues referenced in this
Agreement are convenient. The parties further agree that the mailing by certified or registered mail, return receipt requested, of any
process required by any such court will constitute valid and lawful service of process against them, without the necessity for service
by any other means provided by statute or rule of court, but without invalidating service performed in accordance with such other provisions |
7. | JURY
WAIVER: THE PARTIES WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY COURT IN ANY SUIT, ACTION OR PROCEEDING ON ANY MATTER ARISING IN CONNECTION
WITH OR IN ANY WAY RELATED TO THE TRANSACTIONS OF WHICH THIS AGREEMENT IS A PART OR ITS ENFORCEMENT, EXCEPT WHERE SUCH WAIVER IS PROHIBITED
BY LAW OR DEEMED BY A COURT OF LAW TO BE AGAINST PUBLIC POLICY. THE PARTIES ACKNOWLEDGE THAT EACH MAKES THIS WAIVER KNOWINGLY, WILLINGLY
AND VOLUNTARILY AND WITHOUT DURESS, AND ONLY AFTER EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS OF THIS WAIVER WITH THEIR ATTORNEYS. |
8. | CLASS
ACTION WAIVER: THE PARTIES WAIVE ANY RIGHT TO ASSERT ANY CLAIMS AGAINST THE OTHER PARTY AS A REPRESENTATIVE OR MEMBER IN ANY CLASS
OR REPRESENTATIVE ACTION, EXCEPT WHERE SUCH WAIVER IS PROHIBITED BY LAW OR DEEMED BY A COURT OF LAW TO BE AGAINST PUBLIC POLICY. TO THE
EXTENT EITHER PARTY IS PERMITTED BY LAW OR COURT OF LAW TO PROCEED WITH A CLASS OR REPRESENTATIVE ACTION AGAINST THE OTHER, THE PARTIES
AGREE THAT: (I) THE PREVAILING PARTY SHALL NOT BE ENTITLED TO RECOVER ATTORNEYS’ FEES OR COSTS ASSOCIATED WITH PURSUING THE CLASS
OR REPRESENTATIVE ACTION (NOT WITHSTANDING ANY OTHER PROVISION IN THIS AGREEMENT); AND (II) THE PARTY WHO INITIATES OR PARTICIPATES AS
A MEMBER OF THE CLASS WILL NOT SUBMIT A CLAIM OR OTHERWISE PARTICIPATE IN ANY RECOVERY SECURED THROUGH THE CLASS OR REPRESENTATIVE ACTION. |
Initials:_____________
9. | ARBITRATION: IF
BUYER, SELLER OR ANY GUARANTOR REQUESTS, THE OTHER PARTIES AGREE TO ARBITRATE ALL DISPUTES AND CLAIMS ARISING OUT OF OR RELATING TO
THIS AGREEMENT. IF BUYER, SELLER OR ANY GUARANTOR SEEKS TO HAVE A DISPUTE SETTLED BY ARBITRATION, THAT PARTY MUST FIRST SEND TO THE
OTHER PARTY, BY CERTIFIED MAIL, A WRITTEN NOTICE OF INTENT TO ARBITRATE. IF BUYER, SELLER OR ANY GUARANTOR DO NOT REACH AN AGREEMENT
TO RESOLVE THE CLAIM WITHIN 30 DAYS AFTER THE NOTICE IS RECEIVED, BUYER, SELLER OR ANY GUARANTOR MAY COMMENCE AN ARBITRATION
PROCEEDING WITH THE AMERICAN ARBITRATION ASSOCIATION (“AAA”) OR NATIONAL ARBITRATION FORUM (“NAF”). BUYER
WILL PROMPTLY REIMBURSE SELLER OR THE GUARANTOR ANY
ARBITRATION FILING FEE, HOWEVER, IN THE EVENT THAT BOTH SELLER AND THE GUARANTOR MUST PAY FILING FEES, BUYER WILL ONLY REIMBURSE
SELLER’S ARBITRATION FILING FEE AND, EXCEPT AS PROVIDED IN THE NEXT SENTENCE, BUYER WILL PAY ALL ADMINISTRATION AND ARBITRATOR
FEES. IF THE ARBITRATOR FINDS THAT EITHER THE SUBSTANCE OF THE CLAIM RAISED BY SELLER OR THE GUARANTOR OR THE RELIEF SOUGHT BY
SELLER OR THE GUARANTOR IS IMPROPER OR NOT WARRANTED, AS MEASURED BY THE STANDARDS SET FORTH IN FEDERAL RULE OF PROCEDURE 11(B),
THEN BUYER WILL PAY THESE FEES ONLY IF REQUIRED BY THE AAA OR NAF RULES. SELLER AND THE GUARANTOR AGREE THAT, BY ENTERING INTO THIS
AGREEMENT, THEY ARE WAIVING THE RIGHT TO TRIAL BY JURY. BUYER, SELLER OR ANY GUARANTOR MAY BRING CLAIMS AGAINST ANY OTHER PARTY ONLY
IN THEIR INDIVIDUAL CAPACITY, AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE PROCEEDING. FURTHER,
BUYER, SELLER AND ANY GUARANTOR AGREE THAT THE ARBITRATOR MAY NOT CONSOLIDATE PROCEEDINGS FOR MORE THAN ONE PERSON’S
CLAIMS,AND MAY NOT OTHERWISE PRESIDE OVER ANY FORM OF A REPRESENTATIVE OR CLASS PROCEEDING, AND THAT IF THIS SPECIFIC PROVISION IS
FOUND UNENFORCEABLE, THEN THE ENTIRETY OF THIS ARBITRATION CLAUSE SHALL BE NULL AND VOID. |
10. | RIGHT TO OPT OUT OF ARBITRATION: SELLER AND GUARANTOR(S) MAY OPT OUT OF THIS CLAUSE. TO OPT OUT OF THIS ARBITRATION CLAUSE, SELLER AND EACH GUARANTOR MUST SEND BUYER A NOTICE THAT THE SELLER AND EACH GUARANTOR DOES NOT WANT THIS CLAUSE TO APPLY TO THIS AGREEMENT. FOR ANY OPT OUT TO BE EFFECTIVE, SELLER AND EACH GUARANTOR MUST SEND AN OPT OUT NOTICE TO THE FOLLOWING ADDRESS BY REGISTERED MAIL, WITHIN 14 DAYS AFTER THE DATE OF THIS AGREEMENT: BUYER – ARBITRATION OPT OUT, ___________
ATTENTION: LEGAL DEPARTMENT. |
11. | SERVICE
OF PROCESS. IN ADDITION TO THE METHODS OF SERVICE ALLOWED BY THE NEW YORK STATE CIVIL PRACTICE LAW & RULES (•••CPLR”),
GUARANTOR HEREBY CONSENTS TO SERVICE OF PROCESS UPON IT BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, SERVICE HEREUNDER
SHALL BE COMPLETE UPON GUARANTOR’S ACTUAL RECEIPT OF PROCESS OR UPON BUYER’S RECEIPT OF THE RETURN THEREOF BY THE UNITED
STATES POSTAL SERVICE AS REFUSED OR UNDELIVERABLE. GUARANTOR MUST PROMPTLY NOTIFY BUYER, IN WRITING, OF EACH AND EVERY CHANGE OF ADDRESS
TO WHICH SERVICE OF PROCESS CAN BE MADE. SERVICE BY BUYER TO THE LAST KNOWN
ADDRESS SHALL BE SUFFICIENT. GUARANTOR WILL HAVE (30) CALENDAR DAYS AFTER SERVICE HEREUNDER IS COMPLETE IN WHICH TO RESPOND. FURTHERMORE,
GUARANTOR EXPRESSLY CONSENTS THAT ANY AND ALL NOTICE(S), DEMAND(S), REQUEST(S) OR OTHER COMMUNICATION(S) UNDER AND PURSUANT TO THIS AGREEMENT
FOR THE PURCHASE AND SALE OF FUTURE RECEIVABLES SHALL BE DELIVERED IN ACCORDANCE WITH THE PROVISIONS OF THIS AGREEMENT FOR THE PURCHASE
AND SALE OF FUTURE RECEIVABLES. |
Initials:_____________
12. | Severability:
If for any reason any court of competent urisdiction finds any provisions of this Guaranty to be void or voidable, the parties agree
that the court may reform such provision(s) to render the provision(s) enforceable ensuring that the restrictions and prohibitions contained
in this Guaranty shall be effective to the fullest extent allowed under applicable law |
13. | Opportunity
for Attorney Review: The Guarantor represents that it has carefully read this Guaranty and has, or had a reasonable opportunity to, consult
with its attorney. Guarantor understands the contents of this Guaranty, and signs this Guaranty as its free act and
deed. |
14. | Counterparts
and Facsimile Signatures: This Guaranty may be signed in one or more counterparts, each of which shall constitute an original and all
of which when taken together shall constitute one and the same agreement. Facsimile or scanned documents shall have the same legal force
and effect as an original and shall be treated as an original document for evidentiary purposes. |
|
Corporate Guarantors (or other entities) |
|
Guarantor: (Print
Name) |
|
Print Name or Signer:___________________ |
|
Its:___________________ (Official Position) |
Initials:_____________
AUTHORIZATION
AGREEMENT
FOR
AUTOMATED CLEARING HOUSE TRANSACTIONS
ADITXT,
INC.](“Seller”) hereby authorizes (“Buyer”)(“Buyer”) to present automated clearing house (ACH)
debits to the following checking account in the amount of fees and other obligations due to Buyer from Seller under the terms of that
Agreement for the Purchase and Sale of Future Receipts (the “Agreement”) entered into between Seller and Buyer, as it may
be amended, supplemented or replaced from time to time. In addition, if an Event of Default (as defined in the Agreement) occurs, Seller
authorizes Buyer to debit any and all accounts controlled by Seller or controlled by any entity with the same Federal Tax Identification
Number as Seller up to the total amount, including but not limited to, all fees and charges, due to Buyer from Seller under the terms
of the Agreement.
Transfer Funds To/From: |
Name of Bank: |
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ABA Transit/Routing |
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Checking Account : |
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|
This
authorization is to remain in full force and effect until all obligations due to Buyer under the Agreement have been fulfilled.
Seller Information: |
Sellers Name: |
ADITXT, INC. |
|
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Signature of Authorized Representative: |
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Print Name: |
AMRO ALBANNA |
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Title: |
AUTHORIZED REPRESENTATIVE |
|
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Sellers Tax ID: |
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Date: |
|
|
[Attached
Voided Check Here]
Initials:_____________
Dear
Seller,
Please
fill out the form below with the access information for your bank account, please write legibly and indicate lower/upper case sensitivity.
Legal Name/DBA: |
Aditxt, Inc. |
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Bank portal Website: |
N/A |
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Username: |
N/A |
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Password: |
N/A |
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Security Question/Answer 1: |
N/A |
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Security Question/Answer 2: |
N/A |
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Security Question/Answer :3 |
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Security Question/Answer 4: |
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Security Question/Answer 5: |
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Security Question/Answer :6 |
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Any other information necessary to access your account: |
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Initials:_____________
THIS
FORM MUST BE FILLED OUT BEFORE FUNDING.
Dear
Seller,
Please
fill out the form below with contact information and reference.
Contact Information |
|
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|
Guarantor Name: |
No Personal Guarantee |
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Phone Number: |
N/A |
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Email: |
N/A |
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Personal Reference #1 |
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Name: |
N/A |
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Phone Number: |
N/A |
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Personal Reference #2 |
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Name: |
N/A |
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Phone Number: |
N/A |
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Business Reference #1 |
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Company Name: |
N/A |
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Contact Name: |
N/A |
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Business Phone: |
N/A |
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Business Reference #2 |
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Company Name: |
N/A |
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Contact Name: |
N/A |
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Business Number: |
N/A |
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Emergency Contact |
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Name: |
N/A |
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Relationship: |
N/A |
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Phone Number: |
N/A |
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Email: |
N/A |
|
Initials:_____________
NO
STACKING ADDENDUM
Addendum (the
“Addendum”) to the Purchase and Sale of Future Receivables Agreement (the “Agreement”) by: Seller(s):
Purchase Price: |
$3,000,000.00 |
|
$4,470,000.00 |
|
Purchased
Amount
Specified
Percentage 15%
1. | Unless
otherwise specifically defined herein, all capitalized terms in this Addendum shall have the meanings set forth in the Agreement. |
2. | Seller
agrees and understands that while an outstanding balance of uncollected Receivables with
Purchaser exists, Seller is strictly prohibited from enter into any transactions with a third
party, whether an individual, company or other entity, to sell Future Receipts, or to initiate
or accept a cash advance from any funding source without first paying off the outstanding
balance with Purchaser. Seller understands and acknowledges that doing so would place Seller
in breach of the Agreement, and ADITXT, INC. (“Seller”) and ADITXT, INC.
(“Guarantor”) will be immediately liable for the full outstanding balance
owed to Purchaser. |
3. | Seller
further agrees not to create, incur or permit to exist any lien, security interest, pledge, charge or encumbrance of any kind in respect
to Future Receivables while an outstanding balance of uncollected Receivables with Purchaser exists other than such liens in existence
as of the date hereof. In other words, Seller agrees not to use Future Receivables as collateral for any type of transaction while
an outstanding balance with Purchaser exists other than such liens in existence as of the date hereof. |
4. | Seller
and Guarantor acknowledge that any false representation in this Addendum constitutes fraud and will trigger a default under the Agreement,
entitling Purchaser to accelerate the receivable balance due and to seek any and all additional legal remedies available to the Purchaser
provided for in the Agreement. |
5. | In
further consideration of Purchaser entering into this transaction, Seller shall either (a) deliver to Purchaser all of Seller’s bank
account statements on or before the 10th day of every month during the term of the Agreement, or (b) provide Purchaser with active log
on capabilities for every bank account maintained by Seller so that Purchaser can access all information Purchaser feels is necessary
from such accounts. |
6. | In
the event that Seller breaches the terms of Paragraphs 2, 3, 4 and/or 5 above, Purchaser shall have the following remedies, any or all
of which may be exercised by Purchaser in its sole discretion: |
| (a) | The
Purchased Amount due at each payment interval set forth in the Agreement (whether daily, weekly, bi-weekly or monthly, as applicable),
shall immediately double to the sum or to the extent the collection method is a credit card split the holdback percentage will double; |
| (b) | The
entire balance of the Purchased Amount shall be immediately due and payable; |
| (c) | The
Confession of Judgment, if any, shall be immediately filed with the appropriate court of law; and |
| (d) | Purchaser
shall avail itself of all additional remedies set forth in Section 16 of the Agreement. |
Initials:_____________
7. | The
Addendum and is hereby incorporated into the Agreement by reference and constitutes part of the Agreement. Except as amended hereby,
the Agreement shall be and remain in full force and effect and is hereby ratified and confirmed by Seller and Purchaser. If the terms
and provisions of this Addendum are inconsistent with the Agreement, the terms and provisions of the Addendum shall govern to the extent
of such inconsistency. |
8. | All
written notices and consents required to be given hereunder shall be given in accordance with the notice requirements under Section 19
of the Agreement. |
9. | This
Addendum may be executed with facsimile signatures and/or in any number of counterparts, each of which shall be deemed an original and
all of such counterparts when taken together shall constitute but one and the same documents which shall be sufficiently evidenced by
such executed counterparts. |
Agreed and Accepted on behalf of Seller: |
|
|
|
|
|
|
Seller: |
ADITXT, INC. |
|
|
|
|
|
|
Agreed to by: |
|
(Signature) |
|
|
|
|
|
Name: |
AMRO ALBANNA |
|
|
|
|
|
|
Title: |
Authorized
Representative |
|
|
Initials:_____________
Date:
October 05, 2023 Business Legal Name: ADITXT, INC. RE: Pre-Payment Amendment
This
amendment (“Amendment”) to Merchant Agreement dated October 05, 2023 is made as of October 05, 2023 between and ADITXT,
INC. (the “Merchant(s)”). __________ and the Merchant are sometimes referred to herein collectively as the
“Parties “and each as a “Party.” Whereas, the Parties desire to modify certain terms of the Merchant
Agreement ADITXT, INC. dated October 05, 2023.
In
consideration of the above promises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto, intending to be legally bound, do hereby agree and amend the Agreement as follows:
Merchant
may prepay Merchant’s advance in whole using the following schedule:
Calendar Days After Funding | |
Payoff amount | |
30 Days | |
$ | 3,870,000.00 | |
60 Days | |
$ | 4,110,000.00 | |
90 Days | |
$ | 4,230,000.00 | |
If
Merchant elects to prepay the Merchant Agreement, the sum of payments made up to that point will be applied and deducted from the aforementioned
prepaid schedule of payments.
* | The
prepayment discount schedule is offered in good faith and must meet the following criteria to apply: |
| ● | The
merchant’s status must be “Performing”; |
| ● | At
no point can the merchants account reach a status of “Non-Performing, Legal, Collections, Suspended” or any other status
other than Performing. |
The
Agreement shall remain in full force and effect as modified by this Amendment. This Amendment shall be governed by and construed in accordance
with the laws of the State of New York without giving effect to the principles of conflicts of laws. This Amendment may be executed in
counterparts, all of which together shall constitute one and the same instrument. Facsimile signatures shall be deemed to be original
signatures and each party hereto may rely on a facsimile signature as an original for purposes of enforcing this Amendment.
Initials:_____________
IN
WITNESS WHEREOF, each of the undersigned has executed, or has caused to be executed, this Amendment as of the date first written above.
Merchant: |
ADITXT,
INC. |
|
Name: |
AMRO ALBANNA |
|
Title: |
Authorized Representative |
|
|
|
|
Signature: |
|
|
|
|
|
Date: |
|
|
Initials:_____________
21
v3.23.3
Cover
|
Oct. 05, 2023 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Oct. 05, 2023
|
Entity File Number |
001-39336
|
Entity Registrant Name |
Aditxt, Inc.
|
Entity Central Index Key |
0001726711
|
Entity Tax Identification Number |
82-3204328
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
737 N. Fifth Street
|
Entity Address, Address Line Two |
Suite 200
|
Entity Address, City or Town |
Richmond
|
Entity Address, State or Province |
VA
|
Entity Address, Postal Zip Code |
23219
|
City Area Code |
(650)
|
Local Phone Number |
870-1200
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Common Stock, par value $0.001
|
Trading Symbol |
ADTX
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
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Grafico Azioni Aditxt (NASDAQ:ADTX)
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