Exhibit 10.86
 
 
AGREEMENT FOR
ASSIGNMENT OF CONTRACT PROCEEDS

THIS AGREEMENT FOR ASSIGNMENT OF CONTRACT PROCEEDS ("Agreement"), dated as of
May 26, 2017, ("Effective Date") from OrangeHook, Inc., a Florida corporation
("OrangeHook"), with principal offices at 319 Barry Avenue South, Suite 300,
Wayzata, MN 55391 and LifeMed ID, Inc, a California corporation ("LifeMed" and,
together with OrangeHook, individually and collectively, jointly and severally,
the "Companies") with principal offices at 3009 Douglas Boulevard, Suite 200,
Roseville, California 95661 to Dan Thompson, an individual
("Thompson"), located at [*], [*], MN [*] (collectively, the "Parties").

W I T N E S S E T H:

WHEREAS, OrangeHook seeks to borrow funds in the amount of approximately six
hundred thousand dollars ($600,000) to support its working capital needs, and
Thompson desires to lend such amount to OrangeHook; and

WHEREAS, LifeMed has entered into those certain contracts set forth on Exhibit
A hereto, calling for certain payments to be paid by End Users (as defined in
the Contracts) (each, an "End User")  to LifeMed in the amount of eight hundred
fifty thousand eighty-one ($850,081) (as they may have been amended, modified or
supplemented, collectively, the "Contract(s)"); and

WHEREAS, the Parties are entering into this Agreement to establish the Parties'
respective rights and obligations, including the assignment of the Companies'
right to receive eight hundred fifty thousand eighty-one dollars ($850,081) in
payments under the Contracts from End Users to Thompson (the "Accounts") in
consideration of the Loan.

NOW, THEREFORE, to induce Thompson to enter into this Agreement and for other
good and valuable consideration, the receipt of which is hereby acknowledged,
the Parties agree as follows:

1.       LOAN. Thompson agrees to lend $600,000 (the "Loan") to the Companies by
wire transfer to the bank account(s) in accordance with the flow of funds
attached as Exhibit D hereto on the Effective Date.

2.       ASSIGNMENT; INDEBTEDNESS.  In consideration of the Loan, the Companies
hereby sell and assign to Thompson, and Thompson hereby agrees to purchase, all
of the Companies' right, title and interest to receive payment of monies and all
claims for monies due and to become due to the Companies under the Contracts
(the "Assignment") in the amount of $850,081 (the "Obligations"), as specified
in Exhibit B hereto.

3.       PAYMENTS; PAYMENTS TO BE HELD IN TRUST; REPAYMENTS; COMPANIES TO REMAIN
LIABLE.  

(a)      Payments. The Companies shall direct the counterparties to each of the
Contracts to direct payments to the account set forth in Section 8(a) hereto. 
The Companies hereby unconditionally promise to pay to Thompson all Obligations,
in the amounts and on the dates set forth on Exhibit B hereto, as and when due,
without deduction or setoff, regardless of any defense or counterclaim, in
accordance with this Agreement. Any deficit balance with respect to any Account
shall be immediately due and payable in full, subject to the provisions of
Section 9(a) hereof, without notice or demand.
 
 
 
 
 
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(b)      Property to be Held in Trust. All checks, remittances, other items of
payment and other proceeds of Collateral shall be property of Thompson.  If any
checks, remittances, other items of payment or other proceeds of Collateral are
received by any Company, such Company shall hold the same in trust for the
benefit of Thompson and will immediately deliver the same to Thompson in the
identical form as received by such Company.  For the avoidance of doubt, any
payments received by Thompson in error from the End Users that do not relate to
the Accounts set forth on Exhibit B hereto shall be, at the Companies' option,
either returned to the Companies or applied to pay down the Obligations.

(c)      Repayments. If Thompson is required to repay, refund or otherwise
disgorge any payment received by Thompson for an Account, the Companies hereby
indemnify, save and hold Thompson harmless with respect to such payment and the
amount of the repayment by Thompson shall be part of the Obligations,
notwithstanding any termination of this Agreement.

(d)      Companies To Remain Liable. Notwithstanding anything to the contrary in
this Agreement, the Obligations shall be with full recourse to the Companies and
the Companies shall remain liable under this Agreement to repay the full amount
of the Obligations (or any outstanding portion thereof, as the case may be) to
Thompson. The Companies shall observe, perform and fulfill all of the conditions
and obligations to be observed, performed and fulfilled by them under the
Contracts, including collection efforts or filing of legal claims to obtain
payments required under the Contracts. Thompson shall not be required or
obligated in any manner to observe, perform or fulfill any of the conditions or
obligations of the Companies under the Contracts, to make any inquiry as to the
nature or sufficiency of any payment received by Thompson or the Companies, to
present or file any claim or to take any other action to collect or enforce the
payment of any amounts which may have been assigned to Thompson or to which
Thompson may be entitled hereunder at any time.

4.       SECURITY INTEREST. As security for the payment and performance of the
Obligations, the Companies hereby grant to Thompson a continuing security
interest in and lien upon all of the Companies' right, title and interest in and
to the following, whether now owned or hereafter created, acquiring or arising
(collectively, the "Collateral"):

(a)      the Accounts;

(b)      the Intellectual Property Collateral; and

(c)      all proceeds and products of each of the foregoing.

As used herein, the following terms have the following meanings;

"Intellectual Property Collateral" means collectively, with respect to each
Company, the (i) all patents issued or assigned to, and all patent applications
and registrations made by, such Company (whether issued, established or
registered or recorded in the United States or any other country or any
political subdivision thereof), (ii) all trademarks (including service marks),
slogans, logos, symbols, certification marks, collective marks, trade dress,
uniform resource locators (URL's), domain names, corporate names and trade
names, whether statutory or common law, whether registered or unregistered and
whether established or registered in the United States or any other country or
any political subdivision thereof (excluding only United States intent-to-use
trademark applications to the extent that and solely during the period in which
the grant of a security interest therein would impair, under applicable federal
law, the registrability of such applications or the validity or enforceability
of registrations issuing from such applications), (iii) copyrights (whether
statutory or common law, whether established or registered in the United States
or any other country or any political subdivision thereof, whether registered or
unregistered and whether published or unpublished), (iv) trade secrets, (v)
intellectual property licenses (other than any intellectual property license
pursuant to which the grant of a security interest therein would violate or
invalidate such license after giving effect to the applicable anti-assignment
provisions of the UCC and other applicable law and other than proceeds and
receivables thereof) and (vi) all other industrial, intangible and intellectual
property of any type, including mask works and industrial designs, including,
without limitation, the intellectual property listed on Exhibit C hereto and in
each case, all tangible embodiments of the foregoing and all registrations and
applications made by such Company, in each case, whether now owned or hereafter
created or acquired by or assigned to such Company, together with any and all
(A) rights and privileges arising under applicable law and international
treaties and conventions with respect to such Company's use of such copyrights,
(B) reissues, renewals, continuations and extensions thereof and amendments
thereto, (C) income, fees, royalties, damages, claims and payments now or
hereafter due and/or payable with respect thereto, including damages and
payments for past, present or future infringements thereof, (D) rights
corresponding thereto throughout the world and (E) rights to sue for past,
present or future infringements thereof.
 
 
 
 
 
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5.       FILINGS AND FURTHER ASSURANCES. The Companies shall at any time and
from time to time duly execute and deliver any and all such other and further
assurances and documents and take such actions as in the reasonable judgment of
Thompson may be necessary to obtain or maintain the full benefits of this
Agreement. Without limiting to the foregoing, the Companies shall take all
reasonable actions requested by Thompson from time to time to cause the
attachment and perfection of, and Thompson's ability to enforce, Thompson's
security interest in any and all of the Collateral and to ensure that Thompson's
security interest ranks at least pari passu in priority with the Companies'
other Senior Secured Indebtedness.  The Companies irrevocably and
unconditionally authorize Thompson (or Thompson's agent) to complete and file,
and the Companies ratify such filing, at any time and from time to time, such
financing statements with respect to the Collateral naming Thompson as the
secured party and one or both of the Companies as debtor, as Thompson may
require, together with all amendments and continuations with respect thereto. As
used in this Agreement, "Senior Secured Indebtedness" means the secured
indebtedness of the Companies in favor of Regal Consultancy, Signature Bank and
participants under OrangeHook's Participation and Repayment Priority Agreement.

6.       REPRESENTATIONS AND WARRANTIES.  Until the Obligations are repaid in
full, the Companies hereby represent, warrant and agree as follows:

(a)      Organization; Qualification. Each Company is duly organized, validly
existing and in good standing under the laws of the jurisdiction of its
organization. Each Company is duly qualified to do business and is in good
standing in each jurisdiction where its ownership of property or the conduct of
its business requires such qualification.

(b)      Compliance with Laws.  Each Company operates its business in material
compliance with all applicable local, state and federal laws.

(c)      Power and Authority; Consents.  Each Company has all power and
authority under the laws of such Company's jurisdiction of organization and its
articles of organization (or similar document) to conduct its business and to
enter into, execute and deliver this Agreement and each other document executed
in connection herewith and to perform its Obligations hereunder and thereunder.
The execution, delivery and performance by each Company of this Agreement and
each other document executed in connection herewith do not require consent from
any person or entity and do not violate, conflict with or cause a breach or a
default under any law applicable to such Company, any of its organizational
documents or any agreement or instrument binding on it.

(d)       Collateral.  The Companies have good title to the Collateral.  Except
pursuant to this Agreement and any lien or senior priority contractual right
granted in respect of the Senior Secured Indebtedness, no Company has assigned,
pledged or otherwise granted a security interest in or lien on the Collateral. 

(e)      Accounts.  Each Account purchased by Thompson hereunder (i) evidences
an absolute, bona fide sale of goods or services in the Companies' ordinary
course of business; (ii) is valid and enforceable against the End User obligated
thereon in the full amount set forth in the invoices evidencing such Account,
without offset, defense, counterclaim, deduction, recoupment or contra account;
(iii) is not subject to commercial dispute (real or alleged); (iv) is legally
saleable and assignable by the Companies to Thompson; (v) any invoices
evidencing such Account and all other documents delivered to Thompson in
connection therewith are genuine and valid and are not mistaken, misleading,
fraudulent, incorrect, incomplete or erroneous in any material respect; (vi)
shall not be altered or in any way modified without the prior written consent of
Thompson; and (vii) has been issued in the name of a Company.

(f)      Litigation. There are no actions or proceedings pending or, to any
Company's knowledge, threatened against or affecting any End User or the
Collateral, in which an adverse decision could reasonably be expected to cause a
material adverse change.

(g)      Contracts. Other than any amendments listed on Exhibit A hereto, there
have been no amendments, supplements or other modifications to any of the
Contracts.  None of the End Users or either Company is in material breach of any
of its respective obligations under the applicable Contract. No End User has
failed to make a payment under the Contract to which it is a party later than 60
days after the due date thereof.  Neither Company, nor any End User (to the
Companies' knowledge), is subject to a bankruptcy or other insolvency
proceeding.
 
 
 
 
 
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7.       COVENANTS.  Until the Obligations are repaid in full:

(a)      Notification of Events.  The Companies will promptly notify Thompson
upon obtaining knowledge of the occurrence of:  (i) the occurrence of any
material breach under a Contract or Account; (ii) any Event of Default; or (iii)
the commencement of a bankruptcy or insolvency proceeding with respect to any
Company or any End User.

(b)      Invoices. The Companies will send invoices to each End User with
respect to amounts due under the Accounts within 15 days of the end of each
calendar month; and (ii) use its best efforts to cause each End User to pay each
invoice within 30 days of the date due. Concurrently with delivery of each
Invoice to the End Users, the Companies shall deliver such invoices to Thompson.

(c)      Changes in Name or Status. The Companies will not, without giving
Thompson at least thirty (30) days prior written notice:  (i) change either
Company's legal name or conduct business under a fictitious, assumed or "d/b/a"
name; (ii) change either Company's type of organization; or (iii) change either
Company's jurisdiction of organization, chief executive office, mailing address
or any location of Collateral.

(d)      Fundamental Changes; Transfers. The Companies will not, at any time,
without Thompson's prior written consent: (i) merge, or consolidate or acquire
all or substantially all of the assets of any person or entity unless such
Company shall be the surviving entity of such merger or consolidation; or (ii)
grant or permit to exist any lien or otherwise transfer any other interest in
any of the Collateral to any person or entity other than Thompson or in respect
of the Senior Secured Indebtedness.

(e)      Contracts. The Companies will not, at any time, without Thompson's
prior written consent, amend, supplement, terminate or otherwise modify any
Contract or restructure, extend, amend or otherwise modify any Account in a
manner that is adverse to Thompson.

(f)      Pari-Passu.  The Companies will at all times, unless Thompson otherwise
consents in writing, cause the Obligations and the security interest created
hereunder to rank at least pari passu with all other Senior Secured Indebtedness
of the Companies.

8.       NOTATION OF ASSIGNMENT; COMPANY ACCESS TO BANK INFORMATION

(a)      The Companies agree that Thompson may, and the Companies irrevocably
authorize Thompson to, at any time, notify End Users of the assignment to
Thompson of the right to receive payments under the Accounts.  Without limiting
the foregoing, the Companies shall make a notation on each original invoice for
each Account which indicates that the right to receive payments under the
Account has been assigned to Thompson.  The notation shall be as follows:

This invoice has been assigned to and is payable to:

Dan Thompson

The Companies shall cause all payments by wire transfer or ACH to be directed as
follows:

By Wire Transfer:
Signature Bank
ABA# [*]
Beneficiary: Dan Thompson LLC
Acct # [*]
Reference:  [Name of End User]

OR

By Check:
Dan Thompson
[*]
[*], MN [*]
 
 
 
 
 
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(b)      Notwithstanding the placement or non-placement of such notation on
invoices or other documentation, the Companies shall cause all payments of
Accounts to be remitted, and shall take all necessary actions to ensure that all
End Users remit payment of Accounts, to the address or bank account, as
applicable, set forth Section 8(a) above or as otherwise directed by Thompson.

(c)      Accounting. Thompson shall either (i) make available to the Companies
an internet accessible website which will permit the Companies to view all
credits made in respect of the payments set forth in Exhibit B hereto to the
account set forth in Section 8(a) above or (ii) make available to the Companies
a monthly statement or other account information or ledger, in each case for the
purpose of ensuring that the Companies are aware of which End User payments have
been received by Thompson.  In any event, within 5 days of receipt, Thompson
shall provide notice to OrangeHook, at such notice address as OrangeHook may
specify in writing from time to time, of the date of any payment and the amount
thereof received by Thompson from an End User.

9.       EVENTS OF DEFAULT. Any one or more of the following shall constitute an
"Event of Default" hereunder:  (a) an End User or the Companies shall fail to
pay any of the Obligations within one (1) day of being due in accordance with
Exhibit B hereto and, with respect to a payment due by an End User, the
Companies fail to cause the End User to make such payment within thirty  (30)
days of the date such payment is due (the "Cure Period"); (b) any representation
or warranty made to Thompson in connection with this Agreement or any document
executed in connection herewith, shall be untrue, incorrect or misleading when
made or during the period covered thereby; provided, however, that the Companies
shall have thirty (30) days from the date hereof to cure any misrepresentation
as it relates to the information set forth on Exhibit C hereof; (c) any breach
or default by a Company of any term of this Agreement or any document executed
in connection herewith and such breach or default is not remedied within 30 days
after the occurrence of such breach or default; (d) any Company suspends or
ceases operation of all or a material portion or line of such Company's
business; (e) there shall be issued or filed against any Company any attachment,
injunction, order, writ, or judgment materially affecting the Collateral which
is reasonably likely to prevent such Company from being able to perform its
obligations hereunder (including repayment of the Obligations); or (f) any
Company becomes insolvent, makes an assignment for the benefit of creditors, or
if a receiver is appointed for any of the Collateral, or if a petition under any
provision of Title 11 of the United States Bankruptcy Code, as amended or
modified from time to time, is filed by or against any Company.

10.     Remedies.

(a)      Nonpayment of Accounts. If a payment from an End User is not received
within the Cure Period as set forth in Section 9(a) hereof, OrangeHook may make
a grant of restricted shares of OrangeHook common stock ("Restricted Share
Grant"), equivalent to the amount of such payment, or OrangeHook may, at its
sole discretion, make such late payment in lieu of making a Restricted Share
Grant (a "Cure Payment"). Any Cure Payment shall relieve OrangeHook from issuing
any common stock related to an End User's late payment. For purposes of
additional clarity, in no event shall the aggregate number of restricted shares
of OrangeHook common stock issued for purposes of the Restricted Share Grant
exceed 100,000.

(b)      UCC Remedies. Upon the occurrence of any Event of Default, Thompson
shall have all the rights and remedies of a secured party under the UCC and
other applicable laws with respect to all Collateral, such rights and remedies
being in addition to all of Thompson's other rights and remedies provided for
herein, and all of which rights and remedies may be exercised without notice to,
or consent by, Companies except as such notice or consent is expressly provided
for hereunder.  Thompson may for any reason apply for the appointment of a
receiver, ex parte without notice, of the Collateral (to which appointment the
Companies hereby consent) without the necessity of posting a bond or other form
of security (which the Companies hereby waive). Thompson may sell or cause to be
sold any or all of such Collateral, in one or more sales or parcels, at such
prices and upon such terms as Thompson shall elect, for cash or on credit or for
future delivery, without assumption of any credit risk, and at a public or
private sale as Thompson may deem appropriate.  At any such sale, Thompson may
disclaim warranties of title, possession, quiet enjoyment, merchantability and
the like and any such disclaimer shall not affect the commercial reasonableness
of the sale.  Thompson may be the purchaser at any such public sale and
thereafter hold the property so sold at public sale, absolutely, free from any
claim or right of any kind, including any equity of redemption.  The proceeds of
sale shall be applied first to all costs and expenses of, and incident to, such
sale, (including attorneys' costs, fees and expenses), and then to the payment
(in such order as Thompson may elect in its sole discretion) of all other
Obligations.  After application of the proceeds of any Collateral to the
Obligations, the Companies shall remain liable for any deficiency.
Notwithstanding anything to the contrary set forth in this Agreement, in
connection with a default under Section 9(a), Thompson will not exercise any
remedies against the Intellectual Property Collateral until the Cure Period has
expired.

(c)      Default Interest. From and after the occurrence of an Event of Default,
and at all times during its continuance, any amount then currently due and
payable to Thompson hereunder shall bear interest at a rate per annum equal to
18%.
 
 
 
 
 
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11.     GENERAL.

(a)     Payment in Full. After payment in full of the Obligations, there shall
be no further obligation by either party, and this Agreement shall terminate
automatically unless mutually extended by the Parties in writing. Upon payment
in full of the Obligations, Thompson shall execute and deliver to the Companies
such releases or other documents as the Companies may reasonably request to
evidence such termination.

(b)     Governing Law. This Assignment and the rights and obligations of the
parties hereunder shall be governed by, and construed in accordance with, the
laws of the State of Minnesota.  The parties consent to the jurisdiction and
venue of the stated and federal district courts of the State of Minnesota and
the United Stated District Court – Minnesota District located in Hennepin
County, Minnesota.  As used herein, "UCC" means the Uniform Commercial Code as
in effect from time to time in the State of Minnesota.

(c)     Power of Attorney.  In order to carry out this Agreement, the Companies
irrevocably appoint Thompson, or any person or entity designated by Thompson, as
its special attorney in fact, or agent, with power to:  (a) receive, open, read
and thereafter forward to the Companies all mail addressed to the Companies
(including any trade name of a Company) sent to Thompson's address.  Any
payments received shall be applied to the Obligations by Thompson in accordance
with this Agreement; (b) endorse the name of a Company or a Company's trade name
on any checks or other items of payment that may come into the possession of
Thompson with respect to any Account and which is a payment with respect to the
Obligations hereunder; (c) in a Company's name, or otherwise, demand, sue for,
settle, collect and give releases for any and all moneys due or to become due on
any Account; (d) sign the name of a Company on any notices to an End User of the
assignment to Thompson of the Accounts, to the extent the Companies have not
sent such notices to each End User within thirty (30) days of the Effective
Date; and (g) do any and all things necessary and proper to carry out this
Agreement. This power, being coupled with an interest, is irrevocable while this
Agreement remains in effect or any of the Obligations remain outstanding. 
Thompson, as attorney-in-fact, shall not be liable for any errors of judgment or
mistake of fact.

(d)     Successors and Assigns.  This Agreement binds and is for the benefit of
the heirs, executors, administrators, successors and assigns of the parties
hereto, except that no Company shall have the right to assign its rights
hereunder or any interest herein without Thompson's prior written consent.

(e)     Notices. Unless otherwise specified herein, all notices pursuant to this
Agreement shall be in writing and sent either (a) by hand, (b) by certified
mail, return receipt requested, or (c) by recognized overnight courier service,
to the other party at the address set forth herein, or to such other addresses
as a party may from time to time furnish to the other party by notice.

(f)     Joint and Several Obligation.  Each Company hereby acknowledges,
confirms and agrees that all Obligations arising under or in connection with
this Agreement and any document executed in connection herewith shall be joint
and several as between al Companies.

(g)     Indemnification.  Each of the Companies hereby indemnify and hold
Thompson and his respective affiliates, employees, attorneys and agents
(collectively, the "Indemnified Parties") harmless from and against any and all
suits, actions, proceedings, claims, damages, losses, liabilities and expenses
of every kind and nature (including attorneys' costs, fees and expenses) which
may be instituted or asserted against or incurred by any such Indemnified Person
with respect to the execution, delivery, enforcement, performance or
administration of, or in any other way arising out of or relating to, this
Agreement or any document executed in connection herewith, and any actions or
inactions with respect to any of the foregoing, except to the extent that any
such indemnified liability is determined pursuant to a final, non-appealable
order issued by a court of competent jurisdiction to have resulted solely from
such Indemnified Person's gross negligence or willful misconduct. No Indemnified
Person shall be responsible or liable to any Company or to any other party for
indirect, punitive, special, exemplary or consequential damages which may be
alleged as a result of the purchase of any Account or other financial
accommodation having been extended, denied, delayed, conditioned, suspended or
terminated under this Agreement or any document executed in connection herewith
or as a result of any other event or transaction contemplated hereunder or
thereunder. The obligations under this section shall survive the termination of
this Agreement and payment in full of all Obligations hereunder.
 
 
 
 

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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed and
sealed as of the Effective Date.
 
 
 

 
ORANGEHOOK, INC., a Florida corporation
                   
By: /s/   James L.
Mandel                                                                   
  Name:   James L. Mandel
Title:     CEO
       
LIFEMED ID, INC., a California corporation
        By: /s/     Kevin
Klopfenstein                                                                   
Name:     Kevin Klopfenstein   Title:       Chief Financial Officer      

 
The foregoing Agreement is hereby acknowledged and accepted as of the Effective
Date.

             
By: /s/   Dan
Thompson                                                                           
                 Dan Thompson

 
 
 
 
 

 
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Exhibit A
(Contracts)

1.
LifeMed ID End User Services Agreement for Greater Buffalo United Affordable
Healthcare Network by and between LifeMed ID, Inc. and  Greater Buffalo United
Affordable Healthcare Network, 393 Delaware Avenue, Buffalo, NY 14202, effective
December 22, 2016.

2.
End User Services Agreement by and between LifeMed ID, Inc. and Mid Coast
Hospital, 123 Medical Center Drive, Brunswick, ME 04011, effective January 16,
2013, as amended by Addendum No. 1 effective July 13, 2016 and Addendum No. 2
effective May 31, 2017.

3.
LifeMed ID End User Services Agreement for Steward Health Care System LLC by and
between LifeMed ID, Inc. and Steward Health Care System LLC and its affiliates,
111 Huntington Avenue, Boston, MA 02119 effective December 20, 2016.

 
 
 
 
 
 
 
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Exhibit B

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Exhibit D

Flow of Funds

See attached.
 
 
 
 
 
 
 
 
 
 
 
 
 
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