Letter of Understanding Regarding Bridge Note Investment between CytoDyn, Inc. and Alpha Venture Capital Partners, LP
This letter of understanding clarifies the terms of an investment agreement between CytoDyn, Inc. and Alpha Venture Capital Partners, LP. Alpha Venture Capital Partners, LP and its designees may invest up to $5 million in CytoDyn, Inc. under a bridge note, which includes 5% warrants and a 1.2% monthly interest rate. The investment must be made between February 6, 2015, and August 5, 2015, and is subject to the payment terms of the bridge note. The letter is signed by representatives of both parties.
Exhibit 10.2
February 10, 2015
Letter of Understanding
This letter is written to clarify certain terms of the agreement between the parties executed on February 6, 2015. This letter now accompanies the three documents signed February 6, 2015, and memorializes the transaction.
Alpha Venture Capital Partners, LP, and its designees may invest up to $5M, subject to the terms of the bridge note, which include 5% warrants and 1.2% monthly interest, if the money is invested between February 6, 2015 and August 5, 2015, subject to the payment terms of the bridge note.
This letter of understanding is mutually attested by the signatures below.
| CytoDyn, Inc. | Alpha Venture Capital Partners, LP By: Alpha Venture Capital Management, LLC | |||
| /s/ Nader Pourhassan | /s/ Carl Dockery | |||
| Nader Pourhassan | Carl Dockery | |||
| President and Chief Executive Officer | Manager | |||
| Office | ||||
| 2026 Crystal Wood Drive | Phone 863 ###-###-#### | |||
| Building #9 | P.O. Box 2477 | Fax 863 ###-###-#### | ||
| Lakeland, FL 33801 | Lakeland, FL ###-###-#### | alphaventurecapital.com |
