# EDGAR Filing Document

**Accession Number:** 0000829323
**File Stem:** 0000829323-23-000004
**Filing Date:** 2023-3
**Character Count:** 39072
**Document Hash:** 97eb666ced60b53f50db027c42c744af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000829323-23-000004.hdr.sgml**: 20230307

**ACCESSION NUMBER**: 0000829323-23-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230307

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230307

**DATE AS OF CHANGE**: 20230307

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Inuvo, Inc.
- **CENTRAL INDEX KEY:** 0000829323
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-ADVERTISING [7310]
- **IRS NUMBER:** 870450450
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32442
- **FILM NUMBER:** 23712986

**BUSINESS ADDRESS:**
- **STREET 1:** 500 PRESIDENT CLINTON AVE., STE. 300
- **CITY:** LITTLE ROCK
- **STATE:** AR
- **ZIP:** 72201
- **BUSINESS PHONE:** 501-205-8508

**MAIL ADDRESS:**
- **STREET 1:** 500 PRESIDENT CLINTON AVE., STE. 300
- **CITY:** LITTLE ROCK
- **STATE:** AR
- **ZIP:** 72201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INUVO, INC.
- **DATE OF NAME CHANGE:** 20090810

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** KOWABUNGA! INC.
- **DATE OF NAME CHANGE:** 20081106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** THINK PARTNERSHIP INC
- **DATE OF NAME CHANGE:** 20060315

?xml version="1.0" ? inuv-20230307

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 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)&nbsp;&nbsp;&nbsp;&nbsp;March 7, 2023

---

| |
|:---|
| **INUVO, INC.** |
| (Exact name of registrant as specified in its charter) |

---

---

| | | |
|:---|:---|:---|
| **Nevada** | **001-32442** | **87-0450450** |
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |

---

500 President Clinton Ave., Ste. 300 Little Rock AR 72201 <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code 501 205-8508

(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))

<u> Securities registered pursuant to Section 12(b) of the Act:</u>

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, $0.001 par value | INUV | NYSE American |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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.**

On March 1, 2023, Inuvo, Inc. ("Inuvo") entered into Amendment No. 1 to Loan and Security Agreement and Collateral Documents (hereinafter referred to, as amended, as the "Agreement") with Mitsubishi HC Capital America, Inc., f/k/a/ Hitachi Capital America Corp. ("MHCA").

Under the terms of the Agreement, MHCA has provided us with a $5,000,000 line of credit commitment. We are permitted to borrow up to 80% of the aggregate Eligible Accounts Receivable (which may increase to 85% if certain conditions are met), up to the maximum credit commitment of $5,000,000.

We will pay Hitachi monthly interest at the rate of 1.75% in excess of the Wall Street Journal Prime Rate. The principal and all accrued but unpaid interest are due on demand. In the event of a default under the terms of the Loan and Security Agreement, the interest rate increases to 6% greater than the interest rate in effect from time to time prior to a default. The Agreement contains certain affirmative and negative covenants to which we are also subject.

We agreed to pay MHCA an amendment fee of $10,000 on issuance of the Agreement, and thereafter an annual commitment fee of $10,000. We are also obligated to pay MHCA a quarterly service fee of 0.20% on the monthly unused amount of the maximum credit line. If we should repay the amounts due under the Agreement (i) before February 28, 2024, we are obligated to pay MHCA an exit fee of $50,000, or (ii) after February 28, 2024 but before February 28, 2025, we are obligated to pay MHCA an exit fee of $25,000.

The foregoing description of the terms and conditions of the Agreement is qualified in its entirety by reference to the agreement which is filed as Exhibit 10.1 to this report.

**Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.**

The information appearing in Item 1.01 of this report is incorporated by reference.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

10.1 <u>[Amendment No. 1 to Loan and Security Agreement and Collateral Documents dated February 18, 2023, fully executed March 1, 2023, by and among Inuvo, Inc., its subsidiaries, and Mitsubishi HC Capital America, Inc., f/k/a/ Hitachi Capital America Corp.](inuvoamendno1.htm)</u>

**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.

------

---

| | | |
|:---|:---|:---|
| | **INUVO, INC.** | **INUVO, INC.** |
| Date: March 6, 2023 | By: | /s/ Wallace D. Ruiz |
|  | Wallace D. Ruiz, Chief Financial Officer | Wallace D. Ruiz, Chief Financial Officer |

---

## Exhibit 10.1

**AMENDMENT NO. 1**

**TO**

**LOAN AND SECURITY AGREEMENT**

**AND**

**<u>COLLATERAL DOCUMENTS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;This Amendment No. 1 is made this ____ day of February 2023, to that certain Loan and Security Agreement executed the 28<sup>th</sup> of February 2020 (hereinafter referred to, as amended, as the "Agreement") and the Collateral Documents (as therein defined) by and between Mitsubishi HC Capital America, Inc., f/k/a Hitachi Capital America Corp., a Delaware corporation, having offices at 2701 Cambridge Court, Suite 325, Auburn Hills, Michigan 48326 (hereinafter referred to as "MHCA"), and and Inuvo, Inc., a Nevada corporation ("Inuvo Borrower"), whose principal address and chief executed office is located at 500 President Clinton Avenue, Suite 300, Little Rock, Arkansas 72201, Validclick, Inc., a Missouri corporation ("Validclick Borrower"), whose principal address and chief executed office is located at 500 President Clinton Avenue, Suite 300, Little Rock, Arkansas 72201, Alot, Inc., a Delaware corporation ("Alot Borrower"), whose principal address and chief executed office is located at 500 President Clinton Avenue, Suite 300, Little Rock, Arkansas 72201, Vertro, Inc., a Delaware corporation ("Vertro Borrower"),whose principal address and chief executed office is located at 500 President Clinton Avenue, Suite 300, Little Rock, Arkansas 72201, Bonfire Publishing Group, LLC, a Florida limited liability company ("Bonfire Borrower") whose principal address and chief executed office is located at 500 President Clinton Avenue, Suite 300, Little Rock, Arkansas 72201, Southern Muse Media, LLC, a Florida limited liability company ("Southern Borrower") whose principal address and chief executed office is located at 500 President Clinton Avenue, Suite 300, Little Rock, Arkansas 72201, Think Relevant Media, LLC, an Arkansas limited liability company ("Think Borrower"), whose principal address and chief executed office is located at 500 President Clinton Avenue, Suite 300, Little Rock, Arkansas 72201, Kowabunga Marketing, Inc., a Michigan corporation ("Kowabunga Borrower") whose principal address and chief executed office is located at 500 President Clinton Avenue, Suite 300, Little Rock, Arkansas 72201 and Netseer, Inc., a Nevada corporation ("Netseer Borrower" and together with Inuvo Borrower, Validclick Borrower, Alot Borrower, Vertro Borrower, Bonfire Borrower, Southern Borrower, Think Borrower and Kowabunga Borrower, the "Borrowers") whose principal address and chief executed office is located at 500 President Clinton Avenue, Suite 300, Little Rock, Arkansas 72201.

**<u>RECITALS</u>**

**&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;**The parties hereto have executed the Agreement and Collateral Documents;

**&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;**Borrowers and others are indebted and/or obligated to MHCA without offset or deduction pursuant to the Agreement and the Collateral Documents all of which are in full force and effect; and

&nbsp;&nbsp;&nbsp;&nbsp;**C**.&nbsp;&nbsp;&nbsp;&nbsp;Borrowers, MHCA, and others, as herein required, desire to modify and amend certain terms, conditions, covenants, and obligations contained in the Agreement and the Collateral Documents, including, without limitation to changes to interest rate and the line of credit loan base.

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**In consideration of the mutual promises, covenants, modifications, and agreements hereinafter made, the parties hereto agree as follows:

**&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>INCORPORATION BY REFERENCE</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All definitions and terms used in the Agreement and the Collateral Documents are hereby incorporated in this Amendment No. 1.

**&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>AMENDMENT AND MODIFICATION TO AGREEMENT AND COLLATERAL DOCUMENTS</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;Paragraph 1.10 of the Agreement is hereby deleted in its entirety, and in lieu thereof, the following is inserted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.10<u>"Eligible Account Receivable"</u>** shall mean each Account of Borrowers arising in the ordinary course of business and represented by an invoice of any of the Borrowers, which invoice is due and owing to any of the Borrowers, is free of any dispute and which invoice shall have all conditions precedent thereto completely fulfilled. Excluded from an Eligible Account Receivable is any Account which meets any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any Account that is unpaid more than ninety (90) days after the date of the invoice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)any Account which does not comply with the warranties set forth in Section 7.10;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)any Account in which the Account Debtor is a parent, subsidiary, or an affiliate of Borrowers, including each of the Borrowers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)all Accounts in excess of the lesser of thirty percent (30%) of the total outstanding Accounts of Borrowers or $3,000,000.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)all Accounts due from any one Account Debtor which MHCA determines to be in excess of an acceptable percentage of the total outstanding Accounts of Borrowers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)all Accounts due from any Account Debtor from whom twenty-five (25%) percent or more of the total accounts of said Account Debtor remain unpaid more than ninety (90) days after the date of the invoice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)any Account in which the Account Debtor is the United States government, unless the transaction is in compliance with the Assignment of Claims Act of 1940, or any foreign government, non-United States company, or a United States company located outside of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)any Account arising as a result of a sale to the Account Debtor on a bill-and-hold, guaranteed sale, C.O.D., sale-and-return, sale-on-approval, consignment, or any other situation where payment by the account debtor may be conditional;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Account which is a contra account, including but not limited to, any Account from an Account Debtor who is also any of the Borrowers' creditor or supplier, to the extent of the amount owing by Borrowers to the Account Debtor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)any Account subject to third party lien rights, including but not limited to builder's trust fund or mechanics liens; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)any Account or Account Debtor that is unacceptable to MHCA in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Paragraph 1.11 of the Agreement is hereby deleted in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;Paragraph 1.16 of the Agreement is hereby deleted in its entirety, and in lieu thereof, the following is inserted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.16&nbsp;&nbsp;&nbsp;&nbsp;<u>"Line of Credit Loan Base"</u>** shall mean a dollar amount equal to EIGHTY PERCENT (80%) of the aggregate Eligible Accounts Receivable. Provided however, that the Line of Credit Loan Base shall increase to EIGHTY-FIVE PERCENT (85%) of the aggregate Eligible Accounts Receivable once dilution, defined as the difference between the gross amount of invoices and the cash actually collected for such invoices, for the trailing 12-month average is less than seven percent per the corresponding field audits.

The Line of Credit Loan Base shall be computed daily. Ineligible Accounts Receivable are generally to be determined once per month based on the most recent Accounts Receivable Aging Report and Accounts Payable Aging Report but may be determined more frequently in MHCA's sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;D.&nbsp;&nbsp;&nbsp;&nbsp;Paragraph 2.2(a) of the Agreement is hereby deleted in its entirety, and in lieu thereof, the following is inserted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2&nbsp;&nbsp;&nbsp;&nbsp;**(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Interest Rate</u>: The interest rate for the Loan shall be at a per annum rate equal to one and three quarters percent (1.75%) in excess of the WSJ Prime Rate. The interest rate shall change with each change in the WSJ Prime Rate.

&nbsp;&nbsp;&nbsp;&nbsp;E.&nbsp;&nbsp;&nbsp;&nbsp;Paragraph 2.3 of the Agreement is hereby deleted in its entirety, and in lieu thereof, the following is inserted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Commitment Fee</u>**: Borrowers will pay to MHCA a non-refundable annual Commitment Fee in the amount of TEN THOUSAND AND 00/100 DOLLARS ($10,000) on each anniversary of this Amendment, which fee has been fully earned by MHCA. If the Borrower terminates this Agreement the any unpaid Commitment Fee shall be due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;F.&nbsp;&nbsp;&nbsp;&nbsp;Paragraph 2.5 of the Agreement is hereby deleted in its entirety, and in lieu thereof, the following is inserted:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Unused Line Fee</u>**: Borrowers shall pay to MHCA a quarterly service charge of TWO TENTHS OF ONE PERCENT (0.20%) on the monthly average unused amount of the Maximum Commitment from the preceding month as an unused line fee (the "Unused Fee") commencing on the first (1st) day of March 2023 and continuing on the first (1st) day of each month thereafter until Borrower has no Indebtedness outstanding and this Agreement is terminated as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;G.&nbsp;&nbsp;&nbsp;&nbsp;Paragraph 2.8 of the Agreement is hereby deleted in its entirety, and in lieu thereof, the following is inserted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8&nbsp;&nbsp;&nbsp;&nbsp;<u>Exit Fee</u>:** If the Indebtedness is paid with outside funds before February 28, 2024, then Borrowers shall pay to MHCA a fee equal to one percent (1%) of the Maximum Commitment. If the indebtedness is paid after February 28, 2024, but before February 28, 2025, Borrower shall pay to MHCA a fee equal to one half of one percent (0.5%) of the Maximum Commitment. Provided however that if MHCA demands payment in full prior no such exit fee shall be incurred.<br>

&nbsp;&nbsp;&nbsp;&nbsp;H.&nbsp;&nbsp;&nbsp;&nbsp;Paragraph 8.7 of the Agreement is hereby deleted in its entirety, and in lieu thereof, the following is inserted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Payment of Expenses</u>**: Pay, on demand, all pre-closing expenses incurred by MHCA in consummating this Agreement and the Collateral Documents, including reasonable attorneys' fees. Pay Interest on the date when due and any and all post-closing expenses or fees, on demand, that may arise or relate to this Agreement, the Collateral Documents or the Borrowers, including, but not limited to, reasonable attorneys' fees, unused line fees, monthly UCC and tax searches, due diligence fees, late reporting fees and closing fees.

&nbsp;&nbsp;&nbsp;&nbsp;I.&nbsp;&nbsp;&nbsp;&nbsp;Paragraph 8.12 of the Agreement is hereby deleted in its entirety, and in lieu thereof, the following is inserted:

**&nbsp;&nbsp;&nbsp;&nbsp;8.12**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Financial Covenants</u>:** Maintain a Tangible Net Worth at all times not less than One Hundred Fifty Thousand Dollars ($150,000) through December 31, 2023. Beginning January 1, 2024, the minimum Tangible Net Worth shall increase by $150,000 each calendar quarter until the loan is terminated.

**&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>AMENDMENT FEE</u>:** Borrowers shall pay to MHCA a fee ("Amendment Fee") in the amount of Ten Thousand Dollars ($10,000) for the issuance of this Amendment, which fee has been fully earned by MHCA.

&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>DOCUMENTATION FEE</u>:** Borrowers shall pay to MHCA a fee ("Documentation Fee") in the amount of Five Hundred Dollars ($500) for the issuance of this Amendment, which fee has been fully earned by MHCA.

**&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>NO WAIVER:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowers hereby acknowledge that the execution of this Amendment No. 1 shall not constitute a waiver or cure of any Default, whether matured or otherwise, if any, that has heretofore or does now exist under the Agreement or any Collateral Document. By execution of this amendment, MHCA shall not be deemed to have waived any of its rights or remedies under the Agreement or any Collateral Document.

**&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>SURVIVAL, REAFFIRMATION, AND NO DEFENSES</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each signatory hereto, by execution hereof, respectively agrees, in all capacities in which each signatory has executed the Agreement or any of the Collateral Documents as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;That, except as herein expressly modified or amended, all terms, conditions, covenants, representations, and warranties contained in the Agreement and/or Collateral Documents are true and correct, continue to be satisfied in all respects and are legal, valid, and binding obligations in full force and effect. The undersigned hereby ratify, agree to, and confirm that the Agreement and the Collateral Documents are in full force and effect, enforceable in accordance with their terms and are the binding obligations of the parties bound thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;That payment of the Indebtedness is the valid obligation of Borrowers and Guarantors and, as of the date hereof, Borrowers and Guarantors have absolutely no defenses, claims, rights of set-off or counterclaims against MHCA or the payment of the Indebtedness or the performance of Borrowers' obligations under the Agreement and/or any Collateral Document. This Amendment No. 5 shall not impair the rights, remedies and Collateral given in the Agreement and the Collateral Documents.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;That the liability of the undersigned howsoever arising or provided for in the Agreement and the Collateral Documents is hereby reaffirmed.

**&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>NO ORAL MODIFICATION</u>.** This Amendment No. 1 may only be altered or modified by written instrument duly executed by Borrowers and MHCA.

**&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF,** the parties hereto have executed this Agreement the day and year first appearing above.

**INUVO BORROWER:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIDCLICK BORROWER:**

**INUVO, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VALIDCLICK, INC**.

**a Nevada corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Missouri corporation**

By:&nbsp;&nbsp;&nbsp;&nbsp;__________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;__________________________

&nbsp;&nbsp;&nbsp;&nbsp;Richard K. Howe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard K. Howe

Its:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

&nbsp;&nbsp;&nbsp;&nbsp;

STATE OF ARKANSAS

COUNTY OF <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

I HEREBY CERTIFY that on the _____ day of February, 2023 before me, an officer duly qualified to take acknowledgments, personally appeared Richard K. Howe, as Chief Executive Officer of Inuvo, Inc., to me known to be the person described in and who executed the foregoing instrument and acknowledged before me that he executed the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notary Public, State of Arkansas

My Commission Expires:

STATE OF ARKANSAS

COUNTY OF <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

I HEREBY CERTIFY that on the _____ day of February, 2023 before me, an officer duly qualified to take acknowledgments, personally appeared Richard K. Howe, as Chief Executive Officer of Validclick, Inc., to me known to be the person described in and who executed the foregoing instrument and acknowledged before me that he executed the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notary Public, State of Arkansas

My Commission Expires:

[SIGNATURED CONTINUED ON THE FOLLOWING PAGE]

------

[SIGNATURED CONTINUED FROM THE PREVIOUS PAGE]

**ALOT&nbsp;&nbsp;&nbsp;&nbsp;BORROWER:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VERTRO BORROWER:**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**ALOT, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VERTRO, INC**.

**a Delaware corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Delaware corporation**

By:&nbsp;&nbsp;&nbsp;&nbsp;__________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;__________________________

&nbsp;&nbsp;&nbsp;&nbsp;Richard K. Howe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard K. Howe

Its:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

STATE OF ARKANSAS

COUNTY OF <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

I HEREBY CERTIFY that on the _____ day of February, 2023 before me, an officer duly qualified to take acknowledgments, personally appeared Richard K. Howe, as Chief Executive Officer of Alot, Inc., to me known to be the person described in and who executed the foregoing instrument and acknowledged before me that he executed the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notary Public, State of Arkansas

My Commission Expires:

STATE OF ARKANSAS

COUNTY OF <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

I HEREBY CERTIFY that on the _____ day of February, 2023 before me, an officer duly qualified to take acknowledgments, personally appeared Richard K. Howe, as Chief Executive Officer of Vertro, Inc., to me known to be the person described in and who executed the foregoing instrument and acknowledged before me that he executed the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notary Public, State of Arkansas

My Commission Expires:

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**BONFIRE BORROWER:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOUTHERN BORROWER:&nbsp;&nbsp;&nbsp;&nbsp;**

**BONFIRE PUBLISHING GROUP, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SOUTHERN MUSE MEDIA, LLC**

**a Florida limited liability company&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Florida limited liability company**

**By:&nbsp;&nbsp;&nbsp;&nbsp;INUVO, INC**.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**By:&nbsp;&nbsp;&nbsp;&nbsp;INUVO, INC**.

**Its:&nbsp;&nbsp;&nbsp;&nbsp;Manager&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its:&nbsp;&nbsp;&nbsp;&nbsp;Manager**

By:&nbsp;&nbsp;&nbsp;&nbsp;______________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;______________________&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard K. Howe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard K. Howe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;Its:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

STATE OF ARKANSAS

COUNTY OF <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

I HEREBY CERTIFY that on the _____ day of February, 2023 before me, an officer duly qualified to take acknowledgments, personally appeared Richard K. Howe, as Chief Executive Officer of Inuvo, Inc., the sole member of Bonfire Publishing Group, LLC, to me known to be the person described in and who executed the foregoing instrument and acknowledged before me that he executed the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notary Public, State of Arkansas

My Commission Expires:

STATE OF ARKANSAS

COUNTY OF <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

I HEREBY CERTIFY that on the _____ day of February, 2023 before me, an officer duly qualified to take acknowledgments, personally appeared Richard K. Howe, as Chief Executive Officer of Inuvo, Inc., the sole member of Southern Muse Media, LLC, to me known to be the person described in and who executed the foregoing instrument and acknowledged before me that he executed the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notary Public, State of Arkansas

My Commission Expires:

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**KOWABUNGA BORROWER:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NETSEER BORROWER:**

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**KOWABUNGA MARKETING, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NETSEER, INC**.

**a Michigan corporation&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a Nevada corporation**

By:&nbsp;&nbsp;&nbsp;&nbsp;__________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By:&nbsp;&nbsp;&nbsp;&nbsp;__________________________

&nbsp;&nbsp;&nbsp;&nbsp;Richard K. Howe&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard K. Howe

Its:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Its:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

STATE OF ARKANSAS

COUNTY OF <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

I HEREBY CERTIFY that on the _____ day of February, 2023 before me, an officer duly qualified to take acknowledgments, personally appeared Richard K. Howe, as Chief Executive Officer of Kowabunga Marketing, Inc., to me known to be the person described in and who executed the foregoing instrument and acknowledged before me that he executed the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notary Public, State of Arkansas

My Commission Expires:

STATE OF ARKANSAS

COUNTY OF <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

I HEREBY CERTIFY that on the _____ day of February, 2023 before me, an officer duly qualified to take acknowledgments, personally appeared Richard K. Howe, as Chief Executive Officer of Netseer, Inc., to me known to be the person described in and who executed the foregoing instrument and acknowledged before me that he executed the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notary Public, State of Arkansas

My Commission Expires:

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**THINK BORROWER:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**THINK RELEVANT MEDIA, LLC**

**an Arkansas limited liability company**

**By:&nbsp;&nbsp;&nbsp;&nbsp;INUVO, INC**.

**Its:&nbsp;&nbsp;&nbsp;&nbsp;Manager**

By:&nbsp;&nbsp;&nbsp;&nbsp;______________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Richard K. Howe&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;Its:&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive Officer

STATE OF ARKANSAS

COUNTY OF <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

I HEREBY CERTIFY that on the _____ day of February, 2023 before me, an officer duly qualified to take acknowledgments, personally appeared Richard K. Howe, as Chief Executive Officer of Inuvo, Inc., the sole member of Think Relevant Media, LLC, to me known to be the person described in and who executed the foregoing instrument and acknowledged before me that he executed the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notary Public, State of Arkansas

My Commission Expires:

**MHCA:**

**MITSUBISHI HC CAPITAL AMERICA, INC.,** 

**F/K/A HITACHI CAPITAL AMERICA CORP.**

**A Delaware corporation**

By:&nbsp;&nbsp;&nbsp;&nbsp;__________________________

&nbsp;&nbsp;&nbsp;&nbsp;Michael A. Semanco

Its:&nbsp;&nbsp;&nbsp;&nbsp;Division President

<br>