On May 25, 2022, Eriksen entered into standstill agreement with Nocopi Technologies Inc and according to this agreement Eriksen agreed to withdraw its nomination of Mr. Eriksen as a director, submission of a stockholder proposal related to the declassification of Company's board of directors and related proxy statement and associated intention to solicit proxies and the Company agreed to reimburse the Eriksen Group for some of the costs associated with the Eriksen's proxy solicitation in connection with the 2022 annual meeting of shareholders.