# EDGAR Filing Document

**Accession Number:** 0001414767
**File Stem:** 0001641172-25-017158
**Filing Date:** 2025-6
**Character Count:** 36076
**Document Hash:** db51a7ad4572de81c0b9016685c9e8ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-017158.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001641172-25-017158

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20250626

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

**ITEM INFORMATION**: Unregistered Sales of Equity Securities

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Netcapital Inc.
- **CENTRAL INDEX KEY:** 0001414767
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 870409951
- **STATE OF INCORPORATION:** UT
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41443
- **FILM NUMBER:** 251092515

**BUSINESS ADDRESS:**
- **STREET 1:** 1 LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111
- **BUSINESS PHONE:** (781) 925-1700

**MAIL ADDRESS:**
- **STREET 1:** 1 LINCOLN STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ValueSetters Inc.
- **DATE OF NAME CHANGE:** 20140924

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ValueSetters Corp
- **DATE OF NAME CHANGE:** 20071011

?xml version='1.0' encoding='ASCII'?

**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): June 26, 2025

**<u>NETCAPITAL INC.</u>**

(Exact name of registrant as specified in charter)

---

| | | |
|:---|:---|:---|
| **Utah** **** | **001-41443** | **87-0409951** |
| (State or other jurisdiction of incorporation) | (Commission<br> File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **1 Lincoln Street** **, Boston, Massachusetts** | **02111** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: **<u>(781)</u>** **<u>925-1700</u>**

(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, $0.001 par value per share** | **NCPL** | **The Nasdaq Stock Market LLC** |
| **Warrants exercisable for one share of Common Stock** | **NCPLW** | **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 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.**

On June 26, 2025, Netcapital Inc., a Utah corporation (the "Company") entered into a Horizon Software Agreement (the "Agreement') with Horizon Globex GmbH, a company incorporated in Switzerland ("Horizon") pursuant to which Horizon granted the Company a royalty free, paid-up, non-exclusive, perpetual, irrevocable, unrestricted license to use the Licensed Software (as defined in the Agreement) with the Company's branding and image, in the United States to provide capital-raising and secondary trading services to its clients in consideration for the issuance of 500, 0000 shares (the "Horizon Shares") of the Company's common stock, par value $0.001 per share to Horizon or its affiliate. The Agreement may be terminated by either party upon a default in the performance of any material obligation under the Agreement is not cured within 30-days after receipt of such notice. In addition, the Agreement may be terminated immediately by either party in the event the other party files or has filed against it any petition for relief under any bankruptcy statute or similar statute of any jurisdiction, or an order for relief in any bankruptcy or reorganization proceeding is entered against the other party and such order remains undischarged for a period of sixty (60) days; or a receiver is appointed for the other Party; or the other party is dissolved or liquidated, or ceases to carry on its business, or makes an assignment for the benefit of its creditors.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

**Item 3.02 Unregistered Sales of Equity Securities**

The information in Item 1.01 above is incorporated by reference into this Item 3.02. The Horizon Shares will be issued pursuant to the exemption from registration provided by Section 4(a)(2) and/or 3(a)(9) of the Securities Act of 1933, as amended. The Company did not receive any proceeds for the issuance of such Horizon Shares.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1<br> 104 | [Horizon Software Agreement](ex10-1.htm)<br> Cover Page Interactive Data File (embedded within the Inline XBRL document).<br>|

---

**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 thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Netcapital Inc.**<br> (Registrant) | **Netcapital Inc.**<br> (Registrant) |
|  | By: | */s/ Martin Kay* |
|  | Name: | Martin Kay |
|  | Title: | Chief Executive Officer |
| Dated June 30, 2025 |  |  |

---

## Exhibit 10.1

**Exhibit 10.1**

![](ex10-1_001.jpg)

**HORIZON SOFTWARE AGREEMENT**

This HORIZON SOFTWARE AGREEMENT (the "Agreement") is entered into on **26th day of June, 2025** (the "Effective Date") between Horizon Globex GmbH, a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland (hereinafter referred to as "**Company**") and Netcapital Inc., having its main office at One Lincoln Street, Boston, MA 02111, USA (hereinafter referred to as "**Netcapital**"). Both Company and Netcapital are individually referred to as Party and collectively as Parties to this Agreement.

Whereas:

&nbsp;&nbsp;&nbsp;&nbsp;A. The
 Company has developed and is distributing a regulatorily compliant blockchain-based platform, operating under the "Horizon
 Private Label" branded name (the "**Platform** "), together with a smartphone user application (the "**App** "),
 that facilitates security token offerings, real word asset (RWA) offerings, Reg D offerings, Reg A offerings and/or token **primary** offerings, as well as a **secondary-market** for token trading and issuance, collectively the "**Licensed Software** ".

B. Pursuant
 to the license and other terms set forth herein, Company will provide Netcapital with an instance of the Licensed Software with Netcapital's
 branding and image and Netcapital will have the right to use the Licensed Software to provide capital-raising and secondary trading
 services to its clients.

C. Netcapital
 is directly or through one or more of its affiliated entities ("Affiliates"), a licensed investment firm and is ready
 to use the Platform to facilitate security token offerings, Reg D offerings, Reg A offerings and/or token **primary** offerings,
 as well as a **secondary-market** for token trading and issuance in the United States.

D. The
 Company will also provide to Netcapital the additional services set forth herein and/or as set forth in additional agreements to
 be negotiated by the parties.

E. Both
 the Company and Netcapital hereby agree to the following terms and conditions in order for the Company to deliver the Licensed Software
 to Netcapital and for Netcapital to have continued use of the Licensed Software.

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

![](ex10-1_001.jpg)

It is agreed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. LICENSE
 GRANT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Company hereby grants Netcapital and its Affiliates a royalty free, paid-up, non-exclusive, perpetual, irrevocable, unrestricted
 (except as expressly set forth herein) license to use the Licensed Software for the United States ("Licensed Territory").

b. The
 Company will provide the configuration of the Licensed Software and related services for the Netcapital brand and all subsequent
 brands requested by Netcapital in the Licensed Territory to meet the requirements in Annex 1.

c. The
 Company will provide and hereby licenses to Netcapital the documentation and other technical information necessary and sufficient
 for Netcapital to use the Licensed Software in the Territory.

&nbsp;&nbsp;&nbsp;&nbsp;2. OTHER
 LICENSE TERMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This
 Agreement is within the Licensed Territory and, except with regard to affiliated entities, non-transferable, within the limits set
 forth in section 2b, license for Netcapital and its affiliates to use any parts of the Platform for its end users.

b. Subject
 to anything expressly stated to the contrary in this Agreement or a written agreement agreed between the Parties on a case-to-case
 basis, Netcapital shall have no right to disassemble, decompile reverse-engineer, alter, modify, amend, further develop and/or change
 any parts of Company's products.

c. The
 parties agree to negotiate in good faith an annual support services and maintenance agreement and a source code escrow agreement,
 if deemed necessary, on reasonable and customary terms to be effective upon delivery if Netcapital requests such services. It is
 the intent of the parties to ensure that Netcapital has the ability to ensure that it can continue to use the Licensed Software for
 its currently intended purposes, whether supported by Company or a third party, and Company shall cooperate with Netcapital in either
 event.

d. For
 any additional bespoke features and services that are requested by Netcapital, the parties will negotiate in good faith a development
 agreement on reasonable and customary terms whereby Company will provide such services for a billing rate of $500 per day.

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. As
 between the Parties, Netcapital will retain and own all right, title and interest in and to (i) any and all data, information and
 other material uploaded or delivered by or on behalf of Netcapital to Company in connection with the Licensed Software and (ii) any
 and all data, information, and other material generated from, or in connection with, Netcapital's use of the Licensed Software.
 The Company will configure the Licensed Software in the Azure cloud tenancy to logically segregate all Netcapital Data from the Company's
 information and the information of third parties.

&nbsp;&nbsp;&nbsp;&nbsp;3. TERM

This Agreement shall become binding upon its due execution, and unless terminated earlier according to its terms shall remain in force indefinitely.

The Platform shall be subject to testing and in the event the Platform does not conform to the functionalities and requirements as provided in Annex 1, Netcapital shall be entitled to terminate the Agreement with immediate effect without prejudice to its other rights pursuant to the terms of this Agreement.

For the avoidance of doubt, the Company shall not be liable for failures resulting from Netcapital's interface arrangements with third parties introduced by Netcapital.

&nbsp;&nbsp;&nbsp;&nbsp;4. COMMITMENTS
 OF THE PARTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Netcapital
 agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Work
 with the Company to configure, if necessary, Netcapital's internal IT systems or third-party API's;

ii. Provide
 branding information to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Company agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. To
 provide branding guidelines (logo and brand name) for the preparation of the Licensed Software and implementation of the branding;

ii. To
 use Netcapital's branding information solely for branding the Netcapital branded version of the Licensed Software;

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. To
 ensure the prompt delivery for the smooth and unhindered distribution of the Licensed Software by Netcapital;

iv. To
 coordinate support requirements of Netcapital with the Company's principal to ensure the smooth and continued operation of
 the Licensed Software provided to Netcapital;

v. To
 establish and maintain the organization and processes required to provide full technical support to Netcapital for the Licensed Software
 and any of the Company's products;

vi. To
 deliver the branded Licensed Software with the specifications and functionalities as described in Annex 1 Product and Service Requirements;

vii. To
 jointly conduct with Netcapital testing to ascertain the correct functioning of the Licensed Software (Acceptance Testing);

viii. That
 it (a) holds (or has licensed from the relevant third parties accordingly) all of the necessary intellectual property rights to the
 products and services to be provided under this Agreement, including the Licensed Software and documentation, and has the right to
 grant the licenses set forth herein without Netcapital being required to pay any license fees to any third parties (except for the
 Azure cloud tenancy); and (b) is a corporation duly organized and validly existing under the laws of its jurisdiction of incorporation
 and have all requisite corporate power and authority to enter into this Agreement.

ix. That
 the Licensed Software does not contain any feature that does, or with the passage of time could, in any way impair the operation
 of the Licensed Software, Netcapital's hardware and/or other software now and/or hereafter used by Netcapital. For the foregoing
 purpose, such features include (a) software locks, drop dead devices, back doors, time bombs or other software routines that may
 disable a computer program automatically with the passage of time or under the positive control of a person other than Netcapital,
 or (b) any form of virus, a trojan horse, worm or other software routines or hardware components that may (i) permit unauthorized
 access, or (ii) disable, erase, or otherwise harm software, hardware, or data.

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. That
 its electronic storage media meet the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Preserve the records exclusively in a non-rewriteable, non-erasable format;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Verify automatically the quality and accuracy of the storage media recording process;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Serialize the original and, if applicable, duplicate units of storage media, and time-date for the required period of retention the information placed on such electronic storage media; and have the capacity to readily download indexes and records preserved on the electronic storage media to any medium acceptable under this paragraph as required by all legitimate regulatory organizations of which Netcapital is a member.

&nbsp;&nbsp;&nbsp;&nbsp;5. LICENSE
 FEE

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Netcapital
 Branded Licensed Software License Fee: **500,000 shares of Netcapital common stock**, which shall be issued to Horizon
 or its affiliate, as listed on the NASDAQ stock exchange under ticker symbol NCPL, which includes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Branding
 of one Platform and App for Netcapital

ii. Initial
 configuration of Trading Platform hosted on the Microsoft Azure cloud

iii. Supply,
 publication and liaison with App Store reviewers for one branded App for Android and iOS including the creation and management of
 the Apple App Store and Google Play Store publication accounts

iv. Integration
 of a portal for KYC+AML API checks for on-boarding Platform and App users.

v. Configuration
 of Netcapital's trade execution services

vi. Payment
 shall be made in full on signing of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. CONFIDENTIALITY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Content
 of Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Each
 Party undertakes to maintain the confidentiality of the content of this Agreement as well as of the negotiations between the Parties,
 and to provide access to its personnel to the information herein to the extent necessary on a strict "need to know" basis
 only, unless otherwise provided in this Agreement. Notwithstanding the foregoing, each Party may disclose this Agreement and the
 content of the negotiations to its shareholders or as required by applicable law or regulation.

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Confidential
 Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Except
 as otherwise provided herein, each Party (the "Receiving Party") shall keep secret, shall not communicate to third parties
 and shall not use for any purpose other than the performance of this Agreement, the know-how and/or any other information provided
 by the other Party (the "Disclosing Party"), including information concerning the business, operation or Users of the
 Disclosing Party and its suppliers, which is either marked confidential or which has to be deemed confidential from the circumstances
 (the Confidential Information). The confidentiality obligation contained in this Section 6 does not apply to any information that
 the Receiving Party can prove was already known to the Receiving Party at the time of disclosure and was not disclosed to the Receiving
 Party by a third party in breach of any secrecy obligation; or is generally known by the public other than as a result of a breach
 of this section 6.b by the Receiving Party; or was received by the Receiving Party under no obligation of confidentiality from a
 third party which did not receive it directly or indirectly from the Disclosing Party; or was developed independently by the Receiving
 Party without reference to the Confidential Information. The Receiving Party may communicate Confidential Information to its employees,
 suppliers, contractors and consultants only to the extent necessary, only on a strict "need to know" basis, and only
 after such employees, suppliers, contractors or consultants, and the employees of such suppliers, contractors or consultants have
 executed a written confidentiality agreement on terms substantially equivalent to those in this Agreement. The Receiving Party may
 be required by law or the rules of a self regulatory organization to disclose Confidential Information to governmental officials
 or other regulatory bodies (if required by law or judicial process) or otherwise. In these circumstances the Receiving Party, if
 and to the extent it can lawfully do so, shall give the Disclosing Party prompt written notice of such disclosure and cooperate with
 the Disclosing Party to ensure a maximum protection of the Disclosing Party's interest with regard to the Confidential Information
 (where lawful and practical to do so).

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 obligations under Section 6.a and6.b shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;7. INDEMNIFICATIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each
 Party shall, at its own expense, defend, indemnify and hold the other harmless against any and all losses, damages, settlements,
 costs or expenses (including reasonable legal expenses), as incurred, resulting from or arising out of any misrepresentation or breach
 of warranty.

b. Further,
 Company shall, at its own expense, defend, indemnify and hold Netcapital harmless against any and all damages, losses, liabilities
 or expenses (including reasonable attorneys' fees and costs) arising from any third-party claim that the Company's products
 as used by Netcapital infringes on such third party's intellectual property right.

&nbsp;&nbsp;&nbsp;&nbsp;8. IP
 RIGHTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Nothing
 contained in this Agreement or any prior agreement between the Parties shall be construed as transferring any of the IP Rights from
 one Party to the other.

b. Any
 and all IP Rights that exists in the Company's products (including workarounds, bug-fixes, update and upgrade versions, enhancements
 and adaptations made thereto by the Company) shall be and remain being in the exclusive ownership of the Company, and Netcapital
 will not acquire any of such rights but will be entitled to use the Company's products under this Agreement in accordance with
 the terms and conditions set forth in this Agreement. All copies of the Company's products and supporting documentation in
 Netcapital's possession shall remain the exclusive property of the Company and shall be deemed to be on loan to Netcapital
 during the term of this Agreement.

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;9. GENERAL
 PROVISIONS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Notices

Any notice required or permitted by this Agreement shall be in writing and shall be sent by e-mail and/or telefax, in the latter case with a confirmation copy sent by a recognized commercial overnight courier, or mailed by registered or certified mail, addressed to the other Party. Notices shall be effective as of the date of receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Waiver

Any waiver of any right or default hereunder shall be effective only in the in- stance given and if given by writing and shall not operate as or imply a waiver of any similar right or default on any subsequent occasion. Delay in exercising or non-exercise of any such right is not a waiver of that right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Modification

No modification of this Agreement or of any provision hereof shall be effective unless in writing and signed by both Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Independent
 Contractors

In their performance of their respective obligations hereunder or otherwise in connection with this Agreement, each of the Parties shall operate as and have the status of an independent contractor and shall not act as or be partners, joint ventures, or an agent or employee of the other Party. Neither Party shall have any right or authority to assume or create any obligations of any kind or to make any representations or warranties on behalf of the other Party, whether express or implied, or to bind the other Party in any respect whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Severability

In the event any provision(s) of this Agreement (or any portion thereof) is determined by a court of competent jurisdiction or arbitral tribunal to be invalid, illegal, or otherwise unenforceable, such provision(s) (or portion thereof) shall be deemed to have been deleted from this Agreement and replaced by an enforceable provision that most closely approximates the provision so replaced, whilst the remainder of this Agreement shall remain in full force and effect and bind the Parties according to its terms in that jurisdiction.

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Entire
 Agreement

This Agreement, including the Annexes herein, constitutes the entire agreement and understanding among the parties with respect to the subject matter hereof, and shall supersede all prior oral and written agreements or understandings of the parties relating hereto. All references to this Agreement shall be deemed to include the Annexes hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Language

The official language and governing language of this Agreement shall be the English language, and all notices and other documentation provided under or pursuant to this Agreement shall be provided in the English language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. This
 Agreement may be executed in two or more counterparts, each of which when taken together shall constitute a complete version of this
 Agreement.

i. All
 of the rights and licenses granted in this Agreement to Netcapital and all of the other benefits conferred upon Netcapital in this
 Agreement, in each instance shall be deemed to include all of Netcapital affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;10. TERMINATION
 OF THIS AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Termination
 for Default

If either Party defaults in the performance of any material obligation or provision of this Agreement, the non-defaulting Party may give written notice of such default to the other Party. If any such default is not cured within thirty (30) days after receipt of such notice, then the non-defaulting Party may, at its discretion, elect to terminate this Agreement at the expiration of such thirty (30) day period by providing written notice thereof to the defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Early
 Termination for Insolvency

This Agreement may be terminated immediately by either Party in the event the other Party files or has filed against it any petition for relief under any bankruptcy statute or similar statute of any jurisdiction, or an order for relief in any bankruptcy or reorganization proceeding is entered against the other Party and such order remains undischarged for a period of sixty (60) days; or a receiver is appointed for the other Party; or the other Party is dissolved or liquidated, or ceases to carry on its business, or makes an assignment for the benefit of its creditors.

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Consequences
 of Termination

In the event of termination of this Agreement in accordance with the provisions hereof or by operation of law, the following shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Each
 Party shall return all proprietary information, documentation, software and other materials disclosed to it by the other Party within
 thirty (30) days after the termination of this Agreement; and

ii. Termination
 of this Agreement shall not affect the accrued rights and claims of any Party prior to termination of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. For
 the avoidance of doubt, the provisions in Sections 1, 7, 8 9 [and 10e] shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;11. GOVERNING
 LAW AND JURISDICTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This
 Agreement and all matters arising out of or relating to this Agreement shall be governed by and construed in accordance with the
 substantive laws of the State of New York (without regard to any applicable conflicts of law rules) and the federal laws of the United
 States. Further, neither the United Nations Convention on Contracts for the International Sale of Goods nor the Uniform Computer
 Information Transactions Act shall apply to this Agreement. With respect to this Agreement, and all matters arising out of or relating
 to this Agreement, Company consents to exclusive jurisdiction and venue in the federal courts sitting in New York, unless no federal
 subject matter jurisdiction exists, in which case Company consents to exclusive jurisdiction and venue in the state courts sitting
 in New York. Company hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection that it may now
 or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that any such proceeding brought
 in such a court has been brought in an inconvenient forum.

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

![](ex10-1_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any
 dispute arising out of or in connection with this Agreement shall, at first instance, be referred to a mediator for resolution. The
 parties shall agree upon the appointment of a mediator, upon receipt, by either of them, of a written notice to concur in such appointment.
 Each party shall pay its own costs and expenses in any such arbitration.

c. In
 case of failure of the mediation, any dispute arising in connection with this Agreement shall be subject to the exclusive jurisdiction
 of the courts of the State of New York.

Signed as Agreed

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| | |
|:---|:---|
| For Company | Netcapital Inc. |
| */s/ Brian Collins* | */s/ Martin Kay* |
| Name: Brian Collins | Name: Martin Kay |
| Title: Director | Title: Director |
| Date: June 26, 2025 | Date: June 26, 2025 |

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Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

**Annex 1 Functionalities and Requirements**

The following requirements shall form the technical and functional specifications for the **Trading Platform** and the **App**.

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| | | | |
|:---|:---|:---|:---|
| **Item Number** | **Item Number** | **Service Requirement** | **Service Requirement** |
| 1. | Branded trading App | ● | Compliant with Service Providers interpretation of the regulatory guidance for KYC and AML services |

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○ Terms & Conditions <sup>opt</sup>

○ Selfie

○ Name

○ Nationality

○ Social Security Number <sup>opt</sup>

○ Profession

○ Date of birth

○ Phone number

○ Email address

○ Postal address

○ Payment Source account in USD <sup>opt</sup>

○ Payment source of proceeds <sup>opt</sup>

○ Token destination Ethereum wallet

○ MRZ passport/ID scanner

○ Utility Bill scan

○ Liveness detection video interview

○ Official Tax Form with TAN signature <sup>opt</sup>

○ Submission content ID hash

● Publish App on Apple App Store and Google Play Store

● Trading App features

○ KYC submission + review prior to permitting user to trade using App

○ Built-in Ethereum public/private key to securely sign Ethereum transactions as user

○ Show ERC-20 trading token balance (one to one with AUD deposit at Service Provider)

○ Show live ERC-20 security token portfolio/positions for user

○ Search function for listed security tokens

○ Allow user to submit bid and ask for security token on Ethereum blockchain without user having to own/hold the Ether cryptocurrency

○ Support for Limit order (no Market orders) submission to the Ethereum blockchain

○ Support for (exchange-driven) Smart Contract Order Expiration, Cancelation, Execution and Partial Execution on the Ethereum blockchain

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland

![](ex10-1_001.jpg)

2. Branded
 back-office Portal ● Web
 Portal for Service Provider to Download the App KYC Pack submission

● Web
 Portal for Service Provider to Approve/Reject the App KYC Pack submission

● Web
 Portal for Service Provider to Issue trading tokens to the App user

● KYC-junior
 role login

● KYC-senior
 role login

● Portal
 secured by two factor authentication

● KYC-portal
 link to PEP KYC+AML check service API

3. Ethereum
 Integration ● Configure
 Service Provider Ethereum address as the blockchain ERC20 KYC provider

● Store
 App submission content ID hash on blockchain

● Store
 Service Provider KYC approval on blockchain

● Service
 Provider trading token issuance on blockchain

4. ERC20
 Smart Contracts ● Integrate
 Company KYC functions in Smart Contract Solidity source code

● Integrate
 Company Transfer Agent/Trustee custody functions in Smart Contract Solidity source code

● Integrate
 Company ERC-20 securities **quote** functions in Smart Contract Solidity source code

● Integrate
 Company ERC-20 securities **trade execution** on the exchange in Smart Contract Solidity source code

5. SMS
 Integration ● Send
 User an SMS with (authentication) TAN

6. Email
 Integration ● Email
 App User when KYC is downloaded

● Email
 App User when KYC is approved

● Email
 Service Provider when tokens issued to User on the blockchain

Horizon Globex GmbH a company incorporated in Switzerland with its main office at Bleichistrasse 8, 6300 Zug, Switzerland